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Author Archives: M. Faizan

Chairman FBR Jahanzeb briefs ECC on tax collection measures

ISLAMABAD: Chairman Federal Board of Revenue (FBR) Jahanzeb Khan has briefed the  Economic Coordination Committee (ECC) on tax collection from the sugar industry and suggested that a revised mechanism be put in place to ensure that the full amount of due taxes are recovered from the industry. According to the details, the ECC directed FBR to place the matter before ... Read More »

Asad Umar directs FBR, SBP to ensure timely accomplishment of FATF action plan

ISLAMABAD: Finance Minister Asad Umar directed the Federal Board of Revenue (FBR), State Bank of Pakistan (SBP) and all concerned departments to implement the international Anti-Money Laundering and Counter Terrorism Financing standards and take all required action to strengthen the regime. Sources told Customs Today that the Finance Minister chaired a meeting to review progress on FATF Action Plan and ... Read More »

Customs I&I detects major racket involved in replacement of high value goods with low value

ISLAMABAD: Directorate-General of Customs Intelligence and Investigation has detected a major racket involved in replacement of high value/restricted goods like mobile phones, LEDs, dish receivers with low value goods transshipment destined to Sambrial Dry Port. Sources told Customs Today that Director-General Customs Intelligence and Investigation Shaukat Ali received credible information about replacement of goods. He directed to enhance vigilance on ... Read More »

Maersk ban, Member Customs takes notice of blackmailing by shipping lines

ISLAMABAD: Amid reports of ban on Maersk shipping line as Model Customs Collectorate of Preventive, Karachi issued a notice to M/s Maersk Pakistan (Pvt) Ltd and started the process to cancel license of the company for sheer violation of the Customs Act 1969 and SRO 1220(I)/2015, Member Customs Federal Board of Revenue (FBR) Muhammad Zahid Khohar has also taken up ... Read More »

SC forms committee to take action against illegal sale of DTH technology

ISLAMABAD: The Supreme Court has asked Member Customs Zahid Khokhar to identify the source of smuggling of Direct to Home (DTH) in Pakistani market. The apex court also constituted a two-member committee comprising Member Customs and Additional Director FIA to probe and take action against the illegal sale of Indian DTH technology boxes in Pakistan in the grey trafficking case. ... Read More »

Govt, FBR to introduce ‘transparent marketing system’: Asad Umar  

ISLAMABAD: Federal Finance Minister Asad Umar has completely ruled out the idea of privatization of Pakistan Steel Mills (PSM) and Pakistan International Airlines Corporation (PIAC). Talking with media persons, he said, “We are not planning to privatize PIA , Pakistan Steel Mills and other government institutions rather all-out efforts would be made to enhance efficiency in various institutions. Replying to ... Read More »

Commissioner LTU orders to restore sales tax registration of M/s Shaheen Pipe Industries

ISLAMABAD: Commissioner Inland Revenue Large Taxpayer Unit (LTU) Zulfiqar Ahmed has ordered to restore the sales tax registration of M/s Shaheen Pipe Industries Sector I/9-2 Islamabad. According to details, M/s Shaheen Pipe Industries bearing sales tax registration no: 07-01-7303-004-37 and NTN 1768714-4 was suspended vide the office No. Susp/ST/Mansoor Ahmed /CIR-Z -1/LTU/ISD/2018/109 dated 14 September 2018 under Section 21 (2) ... Read More »

Collector Adjudication Sadiqullah issues ONO to confiscate vehicle being used by British High Commission

ISLAMABAD: Collector Customs Adjudication SadiqUllah Khan has ordered in Order-in-Original No. 111 of 2018 to confiscate the tempered vehicle Toyota Land Cruiser Prado TX due to violation of Section 2(s) 16, 32, 168 and 178 of Customs Act 1969. The vehicle was under the use of the British diplomat Roger James Coventry (First Secretary) in British High Commission. According to ... Read More »

Customs I&I detects Rs189m tax evasion by M/s United Int’l Industries & M/s IAS Trading

ISLAMABAD: During a successful operation, Customs Intelligence and Investigation (I&I) seized smuggled goods worth Rs189 million from Karachi Export Processing Zone (KEPZ). According to details, Director General Shaukat Ali had received information to the effect that standard/prime quality paper products were being smuggled from Karachi Export Processing Zone to tariff area under the garb of “recovered and upgraded items from ... Read More »

Pakistan will continue to take all actions to strengthen anti-money laundering law: Asad Umar

ISLAMABAD: Federal Finance Minister Asad Umar emphasized that Pakistan will continue to take all actions required to further strengthen our anti-money laundering law and CFT regime. The APG Mutual Evaluation Assessment team headed by Gordon Hook, Executive Secretary of APG, had a courtesy meeting with the Finance Minister. The APG assessment team briefed the Finance Minister about the purpose of ... Read More »

Asad Umar to take final decision over Rs350b refunds claims of textile sector

ISLAMABAD: The Federal Board of Revenue has sent entire refunds claims to Federal Minister for Finance Asad Umer who will take a final decision on it. It has learnt through reliable sources that total amount of refunds is now more than Rs350 billion. The finance minister has decided that he would reconcile State Bank of Pakistan, FBR, textile sector and other agencies ... Read More »

TIR transport will help expand trade across borders: DG Javed Ghani

ISLAMABAD: Pakistan’s first Transports Internationaux Routiers (TIR) transport reached Kabul (Afghanistan) via Peshawar and Jalalabad on October 13. Talking with Customs Today, Director General Transit Trade Muhammad Javed Ghani said TIR system offers a solution for harmonised processes at borders across the region and “we should also keep focus on cross-border transport as transit has become much more streamlined and secured”. He ... Read More »

Customs I&I detects Rs486.5m tax evasion by M/s Baig Engineering, M/s Baig Brothers

 ISLAMABAD: A special team of Customs Intelligence and Investigations (I&I) constituted by Director General Shaukat Ali detected a very significant case of duty/taxes evasion by M/s Baig Enterprises, Islamabad and M/s Baig Brothers, Rawalpindi. The companies are allegedly involved in violation of import restriction on imported transit mixers, subsequently unlawfully converted into trucks and evaded taxes and duties amounting to ... Read More »

PTBA to extend full support to FBR for enhancing revenue collection

ISLAMABAD: The State Minister for Revenue Hammad Azhar has stressed upon Pakistanis to contribute their due share in tax revenue so that Pakistan could move ahead. Adelegation of the office-bearers and members of the Pakistan Tax Bar Association (PTBA) met Minister of State for Revenue Hammad Azhar at FBR House to ensure him full support in FBR’s efforts for enhancing ... Read More »

FBR registers 55pc increase in income tax returns till October 10

ISLAMABAD: Federal Board of Revenue (FBR) has registered a landmark 55 per cent increase in the number of income tax returns filed until 10th of October this year as compared to the corresponding period last year. Sources told Customs Today, that FBR has until 10.10.2018 received 482,275 income tax returns for the Tax Year 2018, which are 170,208 more than ... Read More »

Customs I&I seizes non-duty paid goods, vehicles worth Rs7741.6m in Sept

ISLAMABAD: The Directorate General Customs Intelligence and Investigation (I&I) has shown tremendous performance under the supervision of Director General Customs I&I Shaukat Ali during the month of September, 2018. According to details, the Directorate General I&I seized goods including non-duty paid vehicles, electronics, blankets, cloth, arms and narcotics worth Rs7741.06 million and detected evasion of duty/taxes worth Rs172.16 million. The ... Read More »

Customs Court approves judicial remand of Irfan Siddique involved in Qatari luxury vehicles scam

ISLAMABAD: Special Customs Court Judge has refused to grant seven-day physical remand of Irfan Siddique (Manager Redco Textile), co-accused person in case of Qatari vehicles scam, to Customs Intelligence officials and sent him to jail on 14 days judicial remand. Irfan siddique was under custody of Customs Intelligence from last one day. Earlier Customs Intelligence and Investigation team raided premises ... Read More »

No change in duty structure after implementation of National Tariff Plan: Abdul Razzak Dawood

ISLAMABAD: The Advisor to Prime Minister for Industries and Production, Commerce, Textile Industry and BOI, Abdul Razzak Dawood termed rapid changes in duty tariffs a major impediment for industries in Pakistan. While discussing increased duty tariffs on import of raw material, Abdul Razzak Dawood assured the Senate Committee on Industries and Production that once the National Tariff Plan is formulated ... Read More »

Asad Umar expresses dissatisfaction with FBR for not achieving revenue collection target of 1Q

ISLAMABAD: Although Federal Board of Revenue (FBR) high-ups are working hard to collect the revenue but despite all these efforts, the Board has failed to meet first quarter target of the current financial year. The FBR collected Rs836 billion during first quarter as compare to set target of Rs851 billion. Finance Minister Asad Umar has showed dissatisfaction on the performance ... Read More »

Level playing field would be given to Pakistani businessmen in CPEC projects: Asad Umar

ISLAMABAD: Federal Minister for Finance Asad Umar has said Pakistan has not yet decided to go to IMF for bailout package s the government is able to manage current economic situation. He said level playing field would be given to Pakistani business community in CPEC projects and government is committed to resolve all issues faced by importers and exporters. He ... Read More »