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Author Archives: Shahid Minhas

Govt increases customs duty on auto parts from 1pc to 16pc

ISLAMABAD: The federal government has increased additional customs duty from 1 percent to 16 percent on the import of auto parts. According to details, federal government has increased the additional customs duty from 1 percent to 26 percent on tractors, excluding agricultural tractors and additional customs duty has been increased from 1 percent to 31 percent on non-CNG buses while the federal ... Read More »

Customs Intelligence recovers drugs, goods worth millions of rupees

ISLAMABAD: As the government has launched a grand operation against smugglers and drugs mafia in big cities of the country, smugglers and drugs mafia have also changed their strategies. Sources told Customs Today that the Customs Intelligence and Investigation has successfully recovered drugs and smuggling stuff worth millions of rupees from Peshawar, Hyderabad, Quetta and Karachi. Now the department has received information that smugglers and ... Read More »

Rawalpindi Customs collects Rs 1.2b customs duty during July-Nov

ISLAMABAD: The Model Customs Collectorate Rawalpindi collected Rs 1.242 billion in terms of customs duty during July-November, 2015. According to the details, the Rawalpindi Customs showed a minor decline as it had collected Rs 1.836 billion during same corresponding period of the last year, 2014. On the other hand, the Islamabad Customs collected Rs 660.51 million, as customs duty during ... Read More »

Cars to be more expensive after imposition of 10% extra duty

ISLAMABAD: The Government has made harder for consumers to buy vehicles due to imposition of 10 percent extra duty on imported vehicles, market experts said. Market experts told to Customs Today that government has imposed 10 percent duty on imported vehicles on the demand of some powerful industrialists. Experts further told that this decision has made to fulfill the need ... Read More »

FBR decides to conduct special audit of regular tax evaders

ISLAMABAD: The Federal Board of Revenue (FBR) has decided to conduct special audit of regular tax evaders. According to details, board will conduct the special audit of people, firms and companies whose expenses exceeded their income and who have properties abroad. Sources added that the FBR has proposed amendments in the income tax ordinance, and with the proposed amendments, every Inland Revenue (IR) ... Read More »

Govt to include GST under value added tax

ISLAMABAD: The federal government would include general sales tax (GST) in the value added tax, it is learnt here. Sources said that International Monetary Fund (IMF) and the World Bank have emphasized Pakistan to impose GST to bring all supply-chain networks into the tax net. It may be mentioned here that the government has already tried to introduce value added ... Read More »

Army Welfare Trust seeks 100pc tax credit

ISLAMABAD: The Army Welfare Trust has demanded the Federal Board of Revenue (FBR) give 100 percent tax credit to it, sources said. According to the sources, the trust has sent a letter to FBR. In the letter, Managing Director Lt General (r) Khalid Rabbani has given reference of meeting with Finance Minister Ishaq Dar and said that according to Section ... Read More »

Authorities ready to file case against Prism Estate Builders for alleged tax evasion

ISLAMABAD: Directorate General Inland Revenue (IR) Intelligence and Investigation (I and I) has found billion of rupees transaction of Prism Estate and Builders accounts, it is learnt here. According to sources, the Directorate IR has revealed that owner of Prism Estate and Builders Islamabad Masood ul Hassan Alvi has a large scale business and living a luxury life, but he ... Read More »

Withholding tax issue to be resolved soon

ISLAMABAD: The issue of withholding tax between government and traders will soon be resolved, it is learnt here. According to sources, the FBR has made it clear to the non-filer traders that withholding tax will not be withdrawn as parliament has also approved it. While the last option for the exemption to withholding tax is to submit yearly income tax returns. On the ... Read More »

SC accepts application from Kohinoor Mills for hearing

ISLAMABAD: Supreme Court of Pakistan (SC) has accepted the application from the Kohinoor Mills and 35 industries for hearing and asked the FBR and Industries advocates to argue in next hearing. According to details a full bench of Supreme Court of Pakistan under the chairmanship of Chief Justice Anwer Zahir Jamali heard the application registered by the Kohinoor Mills and ... Read More »

Army Welfare Trust seeks exemption from federal excise duty on chartered flights

ISLAMABAD: The Army Welfare Trust has sent a letter to the Federal Board of Revenue (FBR), asking for 16 percent federal excise duty exemption for the chartered flights. According to sources, managing director of the Army Welfare Trust, Khalid Rabbani, has asked in his letter that 16 percent duty has been imposed on chartered flights under the federal excise act while hajis and ... Read More »

Smuggling may increase, as regulatory duty changes

ISLAMABAD: The increase of regulatory duty on imported items will increase more smuggling in the country, experts and traders said. Talking to Customs Today,  experts and traders said that in Pakistan every big city markets are full of smuggled goods. Smugglers are attracted to those items which customs duty is high and they used illegal ways to import the items. Experts ... Read More »

Federal govt imposes 1pc additional customs duty on import

ISLAMABAD: The federal government has imposed 1.0 percent additional customs duty on import of goods. According to sources, the federal government has imposed this additional customs duty on the imported goods according to the first schedule which mentioned in Customs Act 1969. While import of seeds and spores for sowing Plant and machinery used in manufacture or production of goods ... Read More »

Customs intelligence Peshawar seizes smuggled goods  

ISLAMABAD: Directorate Customs Intelligence and Investigation Peshawar has seized two containers loaded with smuggled goods near GT road Peshawar and arrested two accused on the spot. According to details customs Intelligence and Investigation Peshawar has received about an attempt of smuggling could be made so the staff intercepted two containers during checking on the GT road having Rs 35 millions of ... Read More »

National Exchequer faces at least $2.6 billion revenue loss yearly due to goods smuggling: FBR

ISLAMABAD: National Exchequer faces at least $2.6 billion revenue loss yearly due to smuggling of goods, Federal board of Revenue (FBR). According to research report prepared by Harward Univeristy with the collaboration of FBR 11 important smuggled goods are pointed out. These items are including Cloths, Tea, Cigarettes, Tyre-tubes, Iranian diesel, Plastic crush, Electronic items, and Non duty paid vehicles, ... Read More »

Excise committee to review reports of misappropriation in taxes today

ISLAMABAD: The Excise and Taxation’s departmental committee meeting will be held today (Tuesday). According to the details, the departmental committtee will review the 47 audit papers prepared by the external auditor for the fiscal year 2014-15. Sources told Customs Today that during the audit of the said year the external auditor observed misappropriation of billions of rupees in term of ... Read More »

FBR scrutinising subsidy claims filed by power companies

ISLAMABAD: The Federal Board of Revenue (FBR) has started scrutiny of tariff differential subsidy claims filed by power distribution companies. Sources said that the FBR has sent these claims to the Inland Revenue (IR) Operations for checking the claims and also compare the amounts claimed by the companies with the due sales tax. The board has also directed the IR ... Read More »

Rawalpindi Customs recovers Rs 195,000 from passenger

RAWALPINDI: Customs Rawalpindi authorities has recovered Rs 195,000 Pakistani currency from a passenger at Benazir Bhutto International Airport Islamabad and arrested him. According to details accused Aamir Shehzad ,who is a resident of Rawalpindi, was going to Jeddah through Saudi Arabian flight No SV 727 from Islamabad. During the checking process of the customers, customs authorities recovered extra money from the ... Read More »

Tax evasion: FBR conducted raid at Fort Associates F-10

ISLAMABAD: Intelligence and investigation of Inland Revenue (I and I) Federal Board of Revenue (FBR) has started campaign against the tax defaulters and has raided to arrest the owners of the Fort Associates Islamabad. According to details on the direction of Special Customs Judge Rana Aftab Husain the IR department has raided on the branches of Fort Associates F-10, F-8 ... Read More »

FBR likely to increase fixed tax rate on used vehicles’ import

ISLAMABAD: Federal Board Revenue (FBR) would increase the fixed rate for the clearance of imported used vehicles, instead of raising the tax on locally made cars and other commercials vehicles, it is learnt. Source said that FBR has decided not to increase tax rates on cars and other commercial vehicles, which are produced in Pakistan. According to the details, FBR ... Read More »