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Smuggled goods case: Collectorate of Adjudication issues ONO, recovers Rs1.4 crore

KARACHI: The Collectorate of Adjudication-I has issued Order-in-Original (ONO) No.545/2013-14 against Bismillah, son of Muhammad Shah, resident of Gatta Bagh Ajram Sir Garh Post Office Saranan & District Pasheen in case of seizure of smuggled/contraband goods along with Hino Truck bearing Registration No. LSA-7741 and recovered an amount of Rs14,054,750. The case was constituted by Pakistan Coast Guards, Headquarters on ... Read More »

Production of counterfeit cigarettes: Rapid deployment force in the making to curb business

ISLAMABAD: The DG Intelligence and Investigation (I&I) Inland Revenue (IR) has decided to establish a Rapid Deployment Force (RDF), comprising police commandos for swift raids on and sealing of factories producing counterfeit/non-duty paid brands of cigarettes. The DG I&I-IR has requested FBR Chairman Tariq Bajwa, seeking resources for carrying out raids on cigarette factories involved in manufacturing counterfeit/non-duty paid cigarettes. ... Read More »

FBR yet to probe smuggling of Iranian POL products

ISLAMABAD: The Federal Board of Revenue (FBR) has appeared to be indifferent towards the ongoing smuggling of Iranian POL products from Balochistan to protect Customs officers who are ‘reportedly’ hand in glove with the smugglers The board has announced constitution a high-level committee to investigate the smuggling of Iranian petroleum products after a collision between two passenger coaches and a ... Read More »

Broadening tax net: FBR collects Rs100m from unregistered persons

ISLAMABAD: The Federal Board of Revenue has collected approximately Rs100 million from over 25,000 unregistered persons who received notices under the broadening tax base (BTB) exercise. The FBR issued over 81,000 notices to undocumented persons under the BTB exercise with only 25,000 actually received by the taxpayers’ actually resident in the available residential/business addresses. The remaining are under process of ... Read More »

SRO 15(1)/2010 withdrawn: Cotton yarn import no more duty-free

ISLAMABAD: In view of the threat to the local cotton yarn industry due to the rising import of cotton yarn, the Federal Board of Revenue (FBR) has withdrawn SRO 15(1) 2010, slapping 5 percent custom duty on the import of cotton yarn. The Economic Coordination Committee of the Cabinet was informed that cotton yarn import rose to 9.2 million bales ... Read More »

EDF to be utilized only for viable projects: Dastgir

ISLAMABAD: Federal Commerce Minister Khurram Dastgir has stressed that the money collected under the Export Development Fund (EDF) should be used only to support the commercially viable projects and strict checks and balances would be put in place to monitor the allocation, disbursement and utilization of the fund. The minister said this while chairing the 65th meeting of the Board ... Read More »

Body set up to probe tax non-payment by MPs

ISLAMABAD: National Assembly Speaker Sardar Ayaz Sadiq has constituted a 10-member special committee to investigate the non-payment of taxes by members. The special committee has been tasked with investigating allegations of non-payment of taxes by the members and submit its report to the House within 90 days. The speaker has constituted the special committee under rule 244(B), Rules of Procedure ... Read More »

Dar directs FBR to develop master plan for integrated transit trade system

ISLAMABAD: The Federal Minister for Finance Senator Mohammad Ishaq Dar directed Federal Board of Revenue to chalk out a comprehensive master plan for implementing Integrated Transit Trade Management System (ITTMS) for both land and sea ports. In the first meeting of the Steering Committee on Integrated Transit Trade Management System (ITTMS) on Friday, the Finance Minister directed the committee to ... Read More »

Phasing out concessionary regime: Withdrawal of SROs likely in budget

ISLAMABAD: The government is likely to announce withdrawal of Statutory Regulatory Orders (SROs) and allow reduced duty/tax rate across the board for selected sectors or commodities in the federal budget 2014/15. The committee formed by the Finance Ministry to phase out the SRO culture has recommended the withdrawal of the notifications where about 80 percent of imports of specific sector ... Read More »

Islamic Mode of Financing: PBA for amend to 7th Banking Schedule

ISLAMABAD: The Pakistan Banks Association (PBA) has proposed amendment to Seventh (Banking) Schedule of the Income Tax Ordinance, 2001 to treat Musharakah, Modaraba, Murabaha, Musawama, Ijarah, Istisna and Salam as financing transactions and not trading activities, i.e sale/purchase transactions. In its proposals for budget 2014-15, the PBA said that the State Bank of Pakistan (SBP) has approved Musharakah, Modaraba, Murabaha, ... Read More »

17pc sales tax: Low tax-to-GDP ratio may not allow ST rate slash

ISLAMABAD: Low tax-to-GDP ratio has left the government with no option but to keep the sales tax rate, the major source of revenue collection, at the current 17 percent. The Federal Board of Revenue (FBR) has reportedly conveyed to the parliamentarians in writing that in view of existing tax-to-GDP ratio, no decrease in the sales tax rate could be made ... Read More »

Gwadar ‘free port’ to be a game changer for whole region: Nawaz

GAWADAR: Prime Minister Nawaz Sharif on Thursday said the current government plans to develop Gwadar as a ‘free port’ on the lines of Dubai, Singapore and Hong Kong ports. The Planning Commission has been tasked with an exercise to hire international consultants for this purpose. The Prime Minister said the government had a broad-based plan for the development of Gwadar ... Read More »

Govt withholds Rs97b refunds, admits FBR chief

ISLAMABAD: The top taxman of the country admitted on that the government was withholding Rs97 billion refunds of taxpayers – an amount if extracted from latest collection brings actual growth in revenues to a level that is even below the nominal rate of national output. “The total payable refunds to taxpayers are Rs97 billion,” said Federal Board of Revenue (FBR) ... Read More »

PM visits Gwadar port today

ISLAMABAD: Prime Minister Nawaz Sharif will reach Gwadar today to review progress on the deep-sea port, located at the apex of the Arabian Sea and at the mouth of the Persian Gulf. The premier will also chair a high-level meeting in the province for reviewing the economic corridor at Gwadar. Chairing a federal cabinet meeting recently, Prime Minister Nawaz Sharif had ... Read More »

Dar takes credit for success: 3G, 4G auction fetches $1.1b

ISLAMABAD: The government raised more than $1.1 billion in its long-delayed auction of next-generation telecommunications licences, snapped up by the country’s four existing mobile network providers. The government sold off four licences to provide 3G services, which allow broadband-speed internet on mobile phones, and one for superfast 4G connections. The total is close to the $1.2 billion estimated for the ... Read More »

17pc ST being charged on CNG supply: Bajwa

ISLAMABAD: Federal Board of Revenue (FBR) Chairman Tariq Bajwa said that the government was charging 17 percent sales tax on supply of CNG to consumers. He informed the Senate Standing Committee of Finance that the government was charging supply of CNG at the general sales tax rate of 17 percent of value of supply of CNG to consumers instead of ... Read More »

Wizards fail to woo MPs: Senate body rejects ST Amend Bill

ISLAMABAD: Sensing violation of the Supreme Courts orders, the Senate Standing Committee on Finance rejected Sales Tax (Amendment) Bill 2014, saying that it will put additional sales tax burden on consumers through CNG stations. The committee chaired by Senator Nasreen Jalil decided not to recommend tabling of the Sales Tax (Amendment) Bill 2014 in the National Assembly. The committee members ... Read More »

Rs 58m sales tax fraud: Q Mobile clears Rs40m after accountant’s arrest

ISLAMABAD: FBR Official Spokesperson and Member Inland Revenue Shahid Hussain Asad has confirmed that Q Mobile accountant was apprehended during a raid by Directorate of Intelligence and Investigation-Inland Revenue, Karachi in a sales tax fraud of Rs 58 million. Giving further details about the arrest and recovery made by the directorate, Shahid Hussain Asad revealed that Q Mobile accountant, whose ... Read More »

Fruit export volume can be enhanced by following int’l standards: Dastgir

ISLAMABAD: Federal Commerce Minister Khurram Dastgir has said that Pakistani fruit exporters can enhance export volume of fruits if they follow international standards. For this purpose, he emphasised the need for launching an awareness campaign for mango farmers in particular. He said this while chairing a meeting on mango export at the Ministry of Commerce. Federal Minister for National Food ... Read More »

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