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Author Archives: Saleem Jadon

FBR announces relieving exceptions in tax audit

ISLAMABAD: Federal Board of Revenue will exclude cases from selection process for audit of current Tax Year, where taxpayers would pay 25 percent more tax for the current fiscal year against tax paid or assessed previous year, official sources said. However, this facility would not be applicable on the cases selected for audit for Tax Year 2012, sources added. The ... Read More »

No FBR access to taxpayers’ bank accounts

KARACHI: The government has guaranteed the business community that FBR will not have access to the bank accounts of regular taxpayers, an official has said. Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Zubair Ahmed Malik has confirmed that the prime minister had earlier agreed to give relaxation of bank account access by FBR in the cases of ... Read More »

Balochistan Customs seizes 7,000 litres of smuggled Iranian diesel

KARACHI: Balochistan Directorate of Intelligence & Investigation (DI&I) have seized 7,000 litres of smuggled Iranian diesel from Zero Point area. DI&I Director Iqbal Bhawana, on a tip-off, deployed an anti-smuggling team at Zero Point area that intercepted two buses and recovered 7,000 litres of diesel. The department, after registering a case against the accused person, has started investigation. It is ... Read More »

Engineering goods exports up by 42.44pc in four months

LAHORE: The exports of engineering goods of the country have grown by 42.44 per cent during first four months of current financial year as compared to the same period of previous fiscal year. According to Pakistan Bureau of Statistics data, engineering goods worth $110.95 million have been exported during the period from July-October, 2013, as against exports of $77.89 million ... Read More »

PEC flays Customs valuation guidelines

KARACHI: Pakistan Economic Forum Chairman Arshad Jamal has alleged that the stakeholders are facing trouble during the clearance procedure of containers at ports just because of valuation guidelines issued by Pakistan Customs. Arshad Jamal said that these valuation guidelines could not be practically applied. He said these directives would further add woes to traders’ problems and would not only put ... Read More »

PM’s investment package lauded

ISLAMABAD: Experts and businessmen from across the country have lauded Prime Minister’s recently announced tax-incentive package. Former finance minister Dr Salman Shah has said that the amnesty package announced by the PM allowing investment without any question about the source of income is suitable to restrain increasing unemployment and improve growth course. He added that this would help tackle severe ... Read More »

US Customs finds rare insect in truckload of cucumbers from Mexico

TEXAS: US Customs and Border Protection agriculture specialists in Progreso discovered a rare pest seen only for the third time in the US. The tominotus hogenhoferi was found last Wednesday in a commercial shipment of cucumbers. While examining the floor of the trailer, a CBP officer found the live insect. The bug had only been intercepted twice before in the ... Read More »

Malaysian Customs disposes of 53 tonnes of contraband cigarettes

JOHOR BARU: The state Royal Customs Department have disposed of 53 tonnes of contraband cigarettes valued at about RM4.14 million ($1.3m) that were seized so far this year. Malaysia’s Johor Customs Director Datuk Ramli Johari said the seized contraband cigarettes, comprising 58.7 million sticks of kretek and white cigarettes, involved unpaid taxes totalling RM28.1 million. “The cigarettes were disposed of ... Read More »

Indian Customs seizes over 100kg smuggled gold in 8 months

THIRUVANANTHAPURAM: In an illegal gold rush in Kerala, over 100 kg smuggled gold has been seized in the past eight months after the Centre’s checks on gold imports and close to 60 smuggling cases have been registered. In the past eight months, Kerala’s airports have emerged key entry points for smuggled gold. “The present spurt in gold smuggling cases has ... Read More »

MCCI urges govt to provide traders safe environment

MULTAN: President of Multan Chamber of Commerce and Industry (MCCI), Khawaja Muhammad Usman has said that it is the government’s responsibility to provide a safe and favourable environment for business community to help them generate maximum revenue. The government must focus on creating an enabling environment for local investors so that they could stop shifting their businesses abroad, he added. ... Read More »

FBR directs special bodies to probe into smuggling, under-invoicing

LAHORE: Federal Board of Revenue (FBR) has directed two special bodies comprising top FBR officials and LCCI representatives to resolve the issues of steel industry and overcome the challenges of smuggling, under invoicing and refunds. The Special Committees, constituted vide FBR notification (C No 1(1) Chief (Automation & ST)/2013, would meet soon to chalk-out plans to deal with the above-mentioned ... Read More »

LTBA seeks further extension in last date for filing TR till Dec 31

LAHORE: Lahore Tax Bar Association (LTBA) has asked Federal Board of Revenue to extend the date of filing of income tax returns by December 31, 2013 as the e-portal of the board is not working properly thus causing hardships to the taxpayers. The demand was raised by LTBA President Qari Habib-ur-Rehman Zuberi at a meeting of the association. He was ... Read More »

Saudi ambassador enquires after Dar’s health

ISLAMABAD: Saudi Ambassador H.E. Abdul Aziz Bin Ibrahim Al-Ghadeer has enquired after Finance Minister Senator Ishaq Dar’s health at Punjab House, Islamabad. The Ambassador conveyed the best wishes and prayers of the Saudi Royal Family for his full recovery. Abdul Aziz remained with the Finance Minster for some time and wished him an early recovery. The Finance Minster asked the ... Read More »

Pak-India trade can be enhanced to $25b

KARACHI: Southern Gujarat Chamber of Commerce and Industry (SGCCI) President Kamlesh Yagnik has said that total trade volume between Pakistan and India can be increased to $25 billion by reducing informal trade. In a meeting with the Karachi Chamber of Commerce and Industry (KCCI) members, Yagnik said that direct trade, circular trade and informal trade (smuggling) have been taking place ... Read More »

LCCI signs MoU with Taiwanese trade council

LAHORE: Taiwan External Trade Development Council (TAITRA) and the Lahore Chamber of Commerce and Industry (LCCI) have signed a Memorandum of Understanding (MoU) according to which both trade bodies would work together for increase in private sector investments. According to MoU, the both sides would take steps to exchange information available from either or both countries regarding trade, market and ... Read More »

Complete audit by Feb ’14: FBR directs tax auditors

KARACHI: Federal Board of Revenue has directed tax auditors to complete the audit by February 2014, the officials said. The tax auditors have been directed to complete the audit by the prescribed timeline and warned that no slackness and inefficiency would be tolerated, they added. In addition to this, FBR has directed tax auditors to get bank statements of the ... Read More »

Dastgir slams hurdles in exports enhancement

ISLAMABAD: Minister of State for Commerce and Textile Engineer Khurram Dastgir has resented the inconsistent economic policies of the country which, according to him, is the main obstacle to enhance exports. He said this at a meeting of the Senate Standing Committee on Commerce, presided by Senator Haji Ghulam Ali. “There is no predictability in Pakistan’s economic policies. One day ... Read More »

Australian Customs to trial automated departures

SYDNEY: Brisbane Airport is set to host a pilot of new technology enabling automated departures for Australian and New Zealand travellers. If successful, the pilot will form the model for the rollout of automated technology to all Australian airports. The pilot, according to Robyn Miller, national manager of passenger policy and practice at the Australian Customs and Border Protection Service, ... Read More »

FBR Members given new responsibilities

ISLAMABAD: Federal Board of Revenue, revising job description of all the FBR Members, has given them new responsibilities and powers under various statutes and FBR Act, 2007. According to sources, FBR has delegated the new responsibilities and powers to Member Customs, Member Inland Revenue-Policy, Member Inland Revenue-Operations, Member Legal, Member Administration, Member SPR&S, Member Accounting, Member Facilitation and Taxpayer Education ... Read More »

Gwadar Customs seizes smuggled ATT goods

KARACHI: Gwadar Customs has launched a huge anti-smuggling campaign especially to monitor Afghan Transit Trade through intelligence-based information. Sources said that Model Customs Collectorate (MCC) Gwadar, in a successful anti-smuggling operation, has seized huge quantity of smuggled ATT goods, including tyres, cloths, auto parts and gutka, etc. In another raid, Gwadar Customs authorities have recovered smuggled Afghan Transit Trade goods ... Read More »