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Karachi

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

Vehicle assessment, SRO490, air cargo modules rollout in WeBOC

KARACHI: Directorate of Reforms and Automation has completed its paper work regarding the up gradation of Vehicles Assessment Module, SRO 492 and Air Cargo Module and handed over to PRAL team for software development in WeBOC. The sources confirmed that the Directorate of Reforms and Automation after conducting complete study on aforementioned modules has handed over the upgraded modules to ... Read More »

Board of Trustees for KPT approved

KARACHI: The new Board of Trustees for Karachi Port Trust has been approved by the Prime Minister’s office. The board was ineffective and important matters were pending since KPT’s board meetings had not been held since the last six months. PM’s office has forwarded a notification to the Ministry of Ports and Shipping in this regard. According to the notification, ... Read More »

SRB collects Rs3.9b, registers highest ever monthly collection

KARACHI: Sindh Revenue Board (SRB) has collected over Rs 3.9 billion in the month of April. The total collection during the first ten months of the current fiscal year has reached Rs 32 billion. This reflects a growth of 18.5 per cent as compared to fiscal year 2012-13 collection which stood at Rs 27.3 billion. In addition to this, the ... Read More »

Preventive association, club: Pak Customs Panel clean sweeps elections

KARACHI: Pakistan Customs Panel has won the elections of Preventive Services Officers Association and Preventive Customs Services Club for the year 2014-15 by clean sweeping its opponent, the United Panel. According to the details, the voting for the selection of office bearers of the Preventive Service Officers Association and Preventive Service Officers’ Club for the year 2014-15 was scheduled on ... Read More »

Business community demands ending of discretionary powers to DG I&I-IR

KARACHI: Chairman of Businessmen Group & Former President of the Karachi Chamber of Commerce and Industry (KCCI), Siraj Kassam Teli and President KCCI, Abdullah Zaki, while strongly criticizing the issuance of SRO 351 (I)/ 2014 by Federal Board of Revenue, said that the business community totally rejects this controversial SRO 351 (I)/ 2014 which has granted discretionary powers to Directorate ... Read More »

Non-operational elevators in Customs House, visitors facing hardships

KARACHI: Visitors are facing acute problems in their daily affairs due to the non-operational condition of all three visitors’ specific elevators in Customs House. Three elevators for visitors, mainly importers and clearing agents are installed at Custom House, Karachi in order to facilitate them for travelling from ground floor to 11th floor of the building; two executive elevators are allocated ... Read More »

FBR recommended to scrutinize 60 companies in particular

KARACHI: Model Customs Collectorate of Appraisement-West and the Model Customs Collectorate of Appraisement-East have recommended to Federal Board of Revenue to check the status of around 60 manufacturers’ companies. Sources in FBR informed Customs Today that both the collectorates have referred FBR to check the status of around 60 manufacturers’ companies through Inland Revenue. The companies were found suspicious on ... Read More »

Huge revenue loss due to absence of tabulation in DTRE, Appendix-I form

KARACHI: Federal Board of Revenue is facing huge revenue loss due to the absence of tabulation for determining the values in terms of customs duty, sales tax, income tax, federal excise duty and other taxes in the application form for Duty Taxes Remission on Export (DTRE), Appendix-I. Sources in FBR informed Customs Today that the non-appearance of said tabulation in ... Read More »

Budget proposals: All ports, banks, FBR offices should remain open on Saturdays

KARACHI: All Chambers of Commerce and Industry and trade associations across the country have unanimously urged the government to reduce direct and indirect tax rates in the forthcoming budget, besides implementing drastic changes in tax policy of the country in order to bring new taxpayers into the net and narrow the budget deficit. All Chambers of Commerce and trade associations ... Read More »

Pak Customs seeks verified data of petrol pumps within 48hrs

KARACHI: Pakistan Customs has directed the oil marketing companies to provide verified data of all legal petrol pumps within 48 hours to the authorities concerned. According to sources, a meeting headed by MCC Preventive Collector Syed Muhammad Tariq Huda was held at Customs House in which officials of around 10 to 12 leading oil marketing companies attended the meeting. Additional ... Read More »

RTO Karachi urges filing IT returns to avoid legal action

KARACHI: A large number of potential taxpayers are approaching the income tax department for compliance. The department has also advised to all those to whom notices have been issued to comply voluntarily by filing their income tax returns along with tax due to avoid any legal action. The Regional Tax Office (RTO) has declared that in order to streamline the ... Read More »

PRV Section of MCC Appraisement-West recovers Rs20.1m

KARACHI: Post Release Verification (PRV) Section of Model Customs Collectorate of Appraisement-West has recovered an amount of Rs 20,124,450 in the period from April 1 to May 10, 2014. The PRV Section of MCC Appraisement-West has recovered the said amount by different importers in violation of PCT, non-implementation of valuation rulings, taking wrong advantage of SROs and PCT classification. The ... Read More »

Ahmed Mujtaba Memon resumes charge as Collector Adjudication-II

KARACHI: Collector of the Customs Collectorate of Adjudication-II, Ahmed Mujtaba Memon has resumed charge as Collector, Customs Collectorate of Adjudication-II on Monday. It is pertinent to mention here that the Collector , Ahmed Mujtaba Memon was on one-month leave and Director Transit Trade, Javed Ghani had an additional charge of Collector Adjudication-II in his absence. Read More »

IOCO recommends FBR to change SROs 565,567,575

KARACHI: Input-Output Co-efficient Organization (IOCO) has forwarded recommendations to Federal Board of Revenue regarding change in concessionary regime/exemptions in SROs 565, 567 and 575. FBR sources informed Customs Today that the SRO 567 related to the pharmaceuticals, containing a description of craft paper, which may be misused by the exporters through Duty and Tax Remission on Export (DTRE), as they ... Read More »

Importers, traders irked by higher valuation, gross weight charges

KARACHI: Pakistan Customs authorities are determined to reduce the massive difference between the revenue collection and the revenue target set by the Federal Board of Revenue for the fiscal year 2013-14 through exercising all its available powers, which is badly affecting the trade and import activities in the port city. The importers and traders have expressed their deep concerns over ... Read More »

Pak-China FTA: Leather exports yet to reap benefits

KARACHI: Pakistan is not benefiting from Free Trade Agreement with China, as the leather industry is still paying around 9 per cent import duty on its export goods to China owing to non-implementation of zero-duty under FTA regime. “With a view to enhance bilateral trade, Pakistan and China, around 7 years back, had signed an FTA under which both the ... Read More »

R&D Section of MCC Appraisement-East recovers Rs15.6m

KARACHI: The Research and Development (R&D) Section of Model Customs Collectorate of Appraisement-East has recovered an amount of Rs 15,590,381 in the month of April, 2014 from different importers in cases of violation of valuation rulings, mis-declaration, wrong use of concessionary SROs and in-admissibility of SROs. According to details, the R&D Section has recovered an amount of Rs 515,965 from ... Read More »

FPCCI urges privatized customs laboratory at Karachi

KARACHI: Federation of Pakistan Chambers of Commerce & Industry (FPCCI) President Zakaria Usman while lamenting the Pakistan Customs for not upgrading its customs laboratory during the last more than 60 years has urged FBR Chairman Tariq Bajwa to either upgrade it or allow the private sector for establishment of a state of the art modern laboratory at its Karachi Station, ... Read More »

GST on security service: APSAA demands withdrawal of levy

KARACHI: All-Pakistan Security Agencies Association (APSAA) Chairman Col (r) Tauqeerul Islam and Karachi Chamber of Commerce and Industry (KCCI) Senior Vice President Muffasar A Malik have urged Sindh Chief Minister Syed Qaim Ali Shah to withdraw GST imposed on security services in the last budget. Addressing a joint press conference at KCCI, they said that the tax was imposed in ... Read More »

76 illegal petrol pumps, depots demolished in 2 days of crackdown

KARACHI: 76 illegal petrol pumps and depots in six districts of Karachi have been demolished in two days crackdown operation initiated by Pakistan Customs along with other law enforcing agencies including police and district administrations. This was revealed by Chief Collector of Enforcement-South Muhammad Nazim Saleem while addressing a press conference at Customs House Karachi. MCC Preventive Collector Syed Muhammad ... Read More »