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Author Archives: M Hayat

Pakistan Customs lauded for linking steel scrap value with London Metal Bulletin

  LAHORE: Pakistan Association of Large Steel Producers has lauded the Pakistan customs’ decision to link the value of steel scrap with London Metal Bullet (LMB) in a bid to avoid confusion at the time of goods clearance at ports. The Directorate General of Customs Valuation-Karachi had recently revised custom values on the import of iron and steel scrap. The ... Read More »

Regulatory duty on LPG imports removed

LAHORE: The Federal Board of Revenue (FBR) has removed regulatory duty on LPG imports. Earlier, the government imposed regulatory duty on LPG imports, which was later withdrawn. The current distortion in liquefied petroleum gas (LPG) prices may continue as the proposed regulatory duty on LPG imports has been withdrawn at the last moment from the new LPG policy draft. At ... Read More »

FPCCI signs partnership accord with Greater Manchester Chamber of Commerce

LAHORE: The Pak-UK Business Council of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) had signed a partnership agreement with Greater Manchester Chambers of Commerce, which has over 5,000 registered British businesses based in the Greater Manchester region of UK. Speaking at the virtual meeting, Pak-UK Business Council Chairman Imran Khalil Naseer briefed the participants on the benefits ... Read More »

FBR going to miss its annual tax collection target

LAHORE: The Federal Board of Revenue (FBR) is also going to miss its annual tax collection target by a wide margin and the International Monetary Fund (IMF) has agreed to reduce the target by about Rs263 billion, said the sources. In an alarming development, the number of active taxpayers has declined by 30% or 935,000 to just under 2.2 million, ... Read More »

Punjab Revenue Authority collects Rs10.1b in Feb

LAHORE: According to provisional collection figures, the Punjab Revenue Authority has collected Rs10.1 billion in the month of February 2021, compared to Rs.9.2 billion in February 2020. This is the first time that the Authority has crossed the ten billion mark in the month of February. PRA’s total collection for the first eight months of the financial year 2020-21, according ... Read More »

Traders tax & other issues to be resolved on priority basis

LAHORE: PIAF delegation led by PIAF Chairman Mian Noman Kabir for feedback on traders’ problems and determination to solve them. Road and Urdu Bazaar and adjoining markets. Khamis Saeed Butt, Bao Mohammad Bashir, Mohammad Ajmal, Malik Ahad Amin, Zeeshan Sohail Malik, Hassan Raza Sheikh from Ganpat Road and hundreds of traders from the market and President of Anjuman-e-Tajiran Pakistan Khalid ... Read More »

Govt should refrain from imposing new taxes and duties: Nasir Hameed Khan

LAHORE:  The government should refrain from imposing new taxes and duties under an agreement with the IMF, otherwise trade and industry will suffer. The Pakistani businessmen are the backbone of the economy and their role is very important for the development of the country. The government should provide them facilities and incentives and free them from the burden of unnecessary ... Read More »

Govt manages economy with timely & correct decisions: Hammad Azhar

LAHORE: Federal Minister for Industry and Commerce Hamad Azhar has said that despite inherited issues like mountain and corona epidemic, the government managed the economy with timely and correct decisions. The PML-N government has applied cosmetics on the economy. It happened and the people had to suffer the consequences. We had the option not to report on the Corona epidemic ... Read More »

Poor cellular services creating hurdles for businessmen: Mian Tariq Misbah

LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) urged the Pakistan Telecommunication Authority (PTA) to look into the poor quality of services provided by cellular companies. At a meeting with PTA Director Salman Baig, LCCI President Mian Tariq Misbah, Senior Vice President Nasir Hameed Khan and Vice President Tahir Manzoor Chaudhry said mobile phone had become an unavoidable tool ... Read More »

Rahat Fateh Ali Khan gets reprieve on secret bank accounts issue

LAHORE: Pakistani singing powerhouse Ustad Rahat Fateh Ali Khan has gotten some reprieve on the issue of secret bank accounts. According to sources, the Federal Board of Revenue (FBR), after conducting an income tax audit, passed the order to impose zero tax on Rahat Fateh Ali Khan. Intelligence Inland Revenue had sent the details of singer Rahat Fateh Ali Khan’s ... Read More »

Pakistan Tax Bar Association holds “Anti-Money Laundering” seminar

LAHORE: A seminar was held under the auspices of Pakistan Tax Bar Association titled “Anti-Money Laundering”. Prominent among those who attended the seminar include Federal Board of Revenue Director Intelligence and Investigation (I&I) Ahmad Kamal, Pakistan Tax Bar patron Abdul Qadir Memon, President Aftab Hussain Nagra, Senior Vice President Habibur Rehman Zubai, Arshad Nawaz, Syed Umair Bokhari, General Secretary Farhan ... Read More »

PRA seeks budget proposals from stakeholders by March 3

LAHORE: Punjab Revenue Authority (PRA) has requested that all of its stake holders propose suggestions for the upcoming budget 2021/22. According to the PRA the suggestions should focus towards removing ambiguity, broadening of tax base, simplifications in process, ease of doing business, facilitation of taxpayers, etc. The PRA has requested that all suggestions are submitted to the authority by March ... Read More »

Pak exports could be increased manifolds if export warehouses established abroad. Iftikhar Ali Malik

  LAHORE: President SAARC Chamber of Commerce and Industry Iftikhar Ali Malik said Pakistan export could be increased manifolds if export warehouses were established abroad on priority  in line with quickly emerging new trend of global marketing. Talking to a delegation of leading exporters led by Ms Chaudhary Minahal Akbar Arain, he said that new trend has emerged worldwide that ... Read More »

Pakistan & Tajikistan strike agreement on cooperation in customs matters

LAHORE: Pakistan and Tajikistan  have struck a land mark agreement on cooperation and Mutual Assistance in Customs Matters. The agreement has been signed in Dushanbe, Tajikistan by Imran Haider, Ambassador of the Islamic Republic of Pakistan to Tajikistan and Mr. Karimzoda K. Chairman, Customs Service, Republic of Tajikistan signed the said agreement on behalf of their respective governments. Pakistan Customs ... Read More »

‘Govt will pay handsome amount to affectees of Ravi city’

LAHORE: The Punjab govt will pay a handsome amount to the affectees of Ravi city for compensation’s and exemption affectees gave us their written proposal in 2 days. This was stated by SM Imran spokesman’s Ravi Urban Development Authority the occasion of Special meeting for affectees. On Rashid Aziz Chairman RUDA directions a special meeting was held in Assistant Commissioner ... Read More »

PCA orders audit of M/s MG import records

LAHORE: The Federal Board of Revenue (FBR) has ordered an audit of M/s Morris Garages (MG) Pakistan import records by Post Clearance Audit. The FBR has reviewed the issue of under-invoicing of M/s MG Motors on imported vehicles. The declared value and sale price of the vehicle do not indicate under-invoicing. It also mentioned that an audit of the importer’s ... Read More »

Govt losing huge legitimate tax

LAHORE: The public exchequer has been losing a huge legitimate tax, which the Federal Board of Revenue (FBR) ought to have collected, wherever applicable. In an investigation it has been found that most of the withholding agents, who are on NTN, are non-filers of withholding tax statements that they are required to submit under Section 165 of the Ordinance. The ... Read More »

Govt establishing cannabis farms as alternative to cotton: Fawad Chaudhry

LAHORE: Federal Minister for Science and Technology Chaudhry Fawad Hussain has said that farms for cannabis production are being established in Jhelum, Peshawar, Chakwal and Islamabad, highlighting that cannabis was an alternative to cotton and its production would immensely benefit Pakistan’s economy. Addressing the inaugural ceremony of the Lahore Chamber of Commerce and Industry (LCCI) app for apple IOS and ... Read More »

FBR proposal for restoration of zero-rating regime declined

LAHORE: The Federal Board of Revenue (FBR) proposal’ for the textile sector for the restoration of zero-rating regime for five export-oriented sectors has been declined due to faster payments of refunds, sources said The Ministry of Industries and Production and the Commerce Ministry had proposed the restoration of the zero-rating regime for the five leading export sectors. Exporters have approached ... Read More »

Dawood assures industrialists import of cotton and yarn from Wagah Border

LAHORE: Abdul Razzaq Dawood Advisor for Commerce and Textiles and Investment assured the industrialists in a zoom meeting to release the import of cotton and yarn from Wagah border. He said that the value added textile sector was facing a severe crisis due to the shortage of yarns and therefore the Prime Minister of Pakistan Imran Khan would be allowed ... Read More »