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Pakistan’s first in-depth newspaper that presents balanced news reports, analysis and reviews regarding Customs, Federal Board of Revenue (FBR) and Sales/Income Tax Departments beside covering import and export sectors comprehensively. Up-to-the-minute news bulletins regarding Customs and FBR departments are also displayed regularly on both website and face book for the interest of common people

FBR for clearance of filed GDs on same day

KARACHI: Federal Board of Revenue has issued clear directives to all officials of the Collectorates of Pakistan Customs to clear the Goods Declarations (GDs) filed by the importers on the same day and also upload the same in the system by the end of the day. Sources in Customs House informed Customs Today that FBR is redressing the issues and ... Read More »

‘Efficient’ Gwadar MCC team reshuffled

ISLAMABAD: The entire team of Customs officials posted at Model Gwadar Customs Collectorate (MCC) including Collector and Additional Collector has been reshuffled and the posting of a new team has been notified. According to a notification of the Federal Board of Revenue (FBR), Customs Directorate Reforms and Automation Director Syed Tanveer Ahmad has been transferred and posted as Collector MCC ... Read More »

Gwadar to be foundation of Pakistan’s future development

ISLAMABAD: The newly developed port of Gwadar can serve as cornerstone of the country’s economic development and change plight of the people of Balochistan if its real potential is exploited to bolster trade in the region. This was stated by retired Colonel Maqbool Afridi, Chairman Standing Committee, Gwadar Promotion and Development of Federation of Pakistan Chambers of Commerce and Industry. ... Read More »

Govt officials cannot avail amnesty scheme: Asad

KARACHI: The amnesty scheme recently launched by Federal Board of Revenue (FBR) to whiten undeclared money will not be available for the holders of public offices and government officials, FBR’s official spokesperson Shahid Hussain Asad has said. “The incentive scheme is offered to general public but it is not for government officials, as they are already submitting their assets on ... Read More »

Michael announces to upgrade Marine Academy to university

KARACHI: Federal Minister for Ports and Shipping Kamran Michael has announced the up-gradation of Pakistan Marine Academy (PMA) to a university status. He said this while addressing media at Pakistan Marine Academy after a passing-out ceremony for 170th PMA course. Addressing the passing-out ceremony as chief guest, he said that the academy status will be upgraded to a university to ... Read More »

Misuse of concessions: FBR halts ST exemption to export goods manufacturers

KARACHI: The facility of zero-rating on gas supply extended to 52 companies, manufacturing export goods and registered with the Regional Tax Office (RTO) Karachi, has been halted The Federal Board of Revenue (FBR) in an order issued here, suspended the facility available to the companies on ‘charges’ of misusing the facility and not filing sales tax returns on a monthly ... Read More »

Customs fixes new value of betel nut

KARACHI: To assess duty accurately, the Customs Valuation Directorate General, under Section 25-A of the Customs Act, 1969, has fixed new customs value between $0.85 and $1.10 per kg on import of betel nuts from Indonesia, Malaysia and Thailand. The step has been taken on the request of Model Customs Collectorate (MCC) Appraisement (East) to determine fair value of duty ... Read More »

Chief Collector directs officials to step up efforts to increase revenue

KARACHI: A series of meetings were held at the office of Chief Collector-Appraisement (South) in recent days soon after the end of 2nd quarter of the fiscal year 2013-14. The sources informed Customs Today that the Chief Collector-Appraisement (South) Nasir Masroor Ahmed held meetings with the high officials of all three collectorates i.e. MCC-Appraisement (East), MCC-Appraisement (West) and MCC-Port Muhammad ... Read More »

Trade bodies concerned over working scenario in collectorates

KARACHI: The trade bodies including importers and Customs agents have expressed deep concern over the current working scenario in all three collectorates i.e. MCC-Appraisement (East), MCC-Appraisement (West) and MCC-Port Muhammad Bin Qasim. The trade bodies were of the view that despite the fact that the importers and Customs agents are following the orders issued by Chief Collector (Appraisement), Nasir Masroor ... Read More »

Forex reserves increase by $431 million

KARACHI: The country’s liquid forex reserves posted an increase of $431 million during last week, mainly due to inflows of Extended Fund Facility. According to the State Bank of Pakistan (SBP) weekly forex report, the country’s forex reserves surged to $8.521 billion as on December 27, 2013 compared to $8.09 billion as on December 20, 2013. During the week, the ... Read More »

FBR tightens the noose around under-reported real estate businesses

KARACHI: Federal Board of Revenue is considering forced acquisition of properties where under-reporting against fair market value is detected and exchequer has been deprived of due share of revenue, official sources have said. The officials said that huge discrepancy was detected in the sale and purchase of properties across the country where immense undeclared money was invested and declared on ... Read More »

MCC Gwadar shows exceptional growth in tax collection

ISLAMABAD: Model Customs Collectorate (MCC) Gwadar has made tax collection of Rs 8.4 billion during first half of the current fiscal year against assigned target of Rs 3.5 billion, showing a growth of 236.47 percent. Sources said that Federal Board of Revenue has received the performance report of the MCC Gwadar for the first half of the ongoing fiscal year, ... Read More »

Rs18,773,388m FED on edible oils recovered till end of Dec

KARACHI: The Research and Development (R&D) Section of Model Customs Collectorate MCC-Appraisement (East) has collected an amount of Rs18,773,388 million in head of Federal Excise Duty (FED) on import of edible oils, PCT 15.13 at 16 percent ad valorem tax, by the end of December, 2013. According to details, acting on a tip-off that some unscrupulous elements had evaded FED ... Read More »

MCC Port Qasim collects Rs108,517m in 2nd quarter

KARACHI: The Model Customs Collectorate (MCC) Bin Qasim Port failed, for the second consecutive quarter, to achieve the targeted revenue as it collected a total of Rs108,517 million altogether in the heads of Customs Duty, Sales Tax, Income Tax and Federal Excise Duty in the second quarters of the current fiscal year 2013-14, ended on December 31. According to details, ... Read More »

Import of edible oils: Customs blows the lid off huge tax evasion

KARACHI: Pakistan Customs has blew the lid off of a tax evasion scam in the import of edible oils, causing a huge loss of almost Rs90 million to the national exchequer, it has been learnt reliably. The authorities claimed to have unearthed some cases whereby the national kitty has been deprived of huge tax money on the import of edible ... Read More »

DCAs in Customs House Karachi to launch protest

KARACHI: Data Controlling Assistants (DCAs) in Computer Bureau Department, Customs House Karachi are going to launch a protest against non-compliance of their promotion orders given by FTA in the year 2013. One of the DCAs informed Customs Today that a meeting in this regard would be held next week, in which a strategy would be evolved in order to launch ... Read More »

Land for transshipment hub: PIFFA, Bahria varsity sign MoU

KARACHI: A Memorandum of Understanding (MoU) in order to allot a piece of land for constructing transshipment hub in Karachi, has been signed between Pakistan International Freight Forwarders Association (PIFFA) and Bahria University. This was revealed by Chairman PIFFA, Abdul Majeed Paracha while talking to Customs Today. Paracha confirmed that a 20-acre piece of land near Northern Bypass is to ... Read More »

Corporate tax: KTBA seeks extension in date of filing returns

KARACHI: Karachi Tax Bar Association (KTBA) has urged Federal Board of Revenue to extend the last date for filing of income tax returns by corporate entities for at least one month due to heavy workload. KTBA has sent a letter to FBR chairman in which it has pleaded that association members are tied up in the preparation and filing of ... Read More »

Export consignments held with fake exemption documents

KARACHI: Pakistan Customs has seized consignments of export goods with fake exemption documents at a green channel facility according to a press release. Model Customs Collectorate of Exports has revealed that it had received information regarding unscrupulous elements trying to export goods against fake export documents. On this information, the Export Intelligence Branch mounted vigilance on all outgoing suspected consignments ... Read More »

26th installment under IMF’s SBA repaid

KARACHI: Pakistan has paid the 26th installment to the International Monetary Fund under the Stand-By Arrangement (SBA) facility worth $109 million, as announced by the State Bank of Pakistan. Pakistan has repaid a total amount of $6,361 million to the IMF since July 2011 out of which $5,513 million were paid against SBA. After the current repayment, the remaining amount ... Read More »