Saturday , June 6 2020
Breaking News
Home / Karachi (page 585)

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

Exporters calls for fragmentation of payment, refund system of sales tax

KARACHI: Pakistan Apparel Forum and the zero-rated export sectors have called for fragmentation of the payment and refund system of sales tax for exports to save precious time. Furthermore, exporters have stressed for continuity and reforms in supply of gas, water and power, instant tax refunds and implementation of 27 conventions required by EU among other demands. In their recommendations ... Read More »

No refund claims on exports to Afghanistan

KARACHI: Federal Board of Revenue has rejected all refund claims generated against export proceeds to Afghanistan by invoking certain provisions of the Export Policy and Procedures Order 2000. According to sources in the Regional Tax Office (RTO) Karachi, any refund created against sales tax paid on local purchases and subsequent supplies provided to buyers in Afghanistan and via Afghanistan to ... Read More »

PICT waives off demurrage caused by transporters’ strike

KARACHI:  Pakistan International Container Terminal (PICT) has announced 100 percent waiver on demurrage charges of shipments which remained stuck at the port due to 12-day long strike by goods transporters. Karachi Chamber of Commerce and Industry President Abdullah Zaki has warmly welcomed the decision. Zaki said that this waiver has been announced by PICT after a detailed meeting between PICT Chief ... Read More »

Yahya for running Hyderabad dry port with full capacity

HYDERABAD: Chief Collector Customs (South) Muhammad Yahya has said that the Customs Department fully desired to run Hyderabad Dry Port with full capacity. However, there is a need to ensure availability of required facilities. He said this while addressing the members of Hyderabad Chamber of Commerce and Industry. He said that trade and customs are two wheels of a same ... Read More »

Break-bulk cargo module for ATT to be completed by month end

KARACHI: The team of Directorate of Reforms and Automation will complete the ‘break-bulk cargo’ module for Afghan Transit Trade (ATT) pilot project by the end of current month, it has been learnt. Sources privy to the development told Customs Today that work on break-bulk cargo module was almost completed and it would be inducted into the ATT pilot project by ... Read More »

Contrabands, narcotics to be destroyed on Int’l Customs Day

KARACHI: The Model Customs Collectorate (MCC) Preventive is going to hold a ceremony for the destruction of contrabands and narcotics on Sunday, 26 January in connection with International Customs Day. According to details, the ceremony is scheduled at Neelum Point, Hawkesbay at 12.00pm in the afternoon. Chief Collector (Enforcement) Muhammad Yahya will be the chief guest on the occasion. Collector ... Read More »

Youswani likely to take charge as PD Directorate Reforms & Automation

KARACHI: Majid Youswani, Additional Collector-I of the Model Customs Collectorate (MCC) Port Muhammad Bin Qasim is likely to take charge as Project Director (PD) Directorate of Reforms and Automation. Reliable sources informed Customs Today that after the transfer and posting of Tanveer Ahmad as Collector MCC-Gwadar, FBR is likely to assign charge of PD Directorate of Reforms and Automation to ... Read More »

Customs values of contact lenses issued

KARACHI: The Directorate General of Customs Valuation has determined the customs values of contact lenses through a Valuation Ruling No.633 under Section 25-A of the Customs Act, 1969. According to the VR No.633, the Customs values of Contact Lenses from China Origin having PCT heading 9001.3000 and proposed PCT for WeBOC is 9001.3000.1000 has fixed at US$3.5per pair; the Customs ... Read More »

Chinese buyers order trial import of rice worth $4m from Pakistan

KARACHI: Rice exporters from Pakistan have obtained orders worth $ 4 million from China during a recent visit. Shipment of these orders will start from second week of next month. Rice Exporters Association of Pakistan (REAP) senior Vice Chairman Chela Ram said that the visit of 25-member delegation to China for further exploration of rice market was successful initially, as ... Read More »

2,000 vehicles stuck due to confusion over SRO

KARACHI: Around 2,000 imported vehicles are denied clearance by Pakistan Customs due to technicality of SRO issued by the Commerce Ministry. The vehicles, manufactured in 2009, were shipped in September 2013 and imported under personal baggage scheme. They are held at the port on the grounds that they have exceeded the age limit of three years. All Pakistan Motor Dealers ... Read More »

Paper units faced the music for fake refunds claims

KARACHI: The Federal Board of Revenue (FBR) blacklisted sales tax registration of around 25 units in paper/packaging industry for obtaining refunds on fake invoices. These companies, registered with the Regional Tax Office (RTO) Karachi, had claimed around Rs870 million during the tax year 2012-13. However, the post-refund audit detected discrepancies in their transactions which also exposed the inefficiency of the ... Read More »

Values of MDF Board, iron & steel wire and printing ink re-determined

KARACHI: The Directorate General of Customs Valuation has re-assessed the Customs values of Medium Density Fiber Board (MDF Board), Galvanized/un-Galvanized Iron & Steel Wire Rope and printing ink under Section 25-A of the Customs Act, 1969. The Customs Valuation Department has issued Valuation Ruling No.631/2013 for MDF Board which supersedes the previous VR No.344/2011 on 23rd June, VR No. 632/2013 for ... Read More »

Luxury vehicles being misused by former ports officials

ISLAMABAD: The former minister of Ports and Shipping and former chairman Karachi Port Trust are reportedly found to be misusing luxury vehicles bought particularly for foreign consultants working on different ministry projects. A well-placed source in the ministry has informed that despite leaving the charge of the ministry last year a former minister for Ports and Shipping is still using ... Read More »

Gwadar to be developed for trade and tourism alike

ISLAMABAD: Government is keen to develop Gwadar and several projects are in process of completion to provide modern facilities to the people visiting this area for trade and tourism activities alike. This was stated by Gwadar Deputy Commissioner M Sajjad. He said that an international standard airport would be functional in near future to facilitate the passengers travelling to this ... Read More »

Values of instant milk powder, other products re-determined

KARACHI: Directorate General of Pakistan Customs Valuation has re-determined the customs values of instant milk powder with fat, formic acid, methylene chloride and textile lining material through the Valuation Ruling Nos. 626/2013, 627/2013, 629/2013 and 630/2013 under Section 25-A of the Customs Act, 1969 accordingly. According to details, Valuation Ruling No.626/2013 of instant milk powder with fat has superseded the ... Read More »

Afghanistan to get WeBOC access

KARACHI: Government of Pakistan has agreed upon extending access of WeBOC to Afghan Commerce Ministry. An official of Federal Board of Revenue told Customs Today that a meeting has been held recently between officials of FBR and Commerce Ministry of Afghanistan in which it was agreed to grant access of WeBOC to Afghan Commerce Ministry. He further informed that the ... Read More »

FBR Chairman, Member Customs hold marathon session of meetings with customs officials

KARACHI: Federal Board of Revenue Chairman Tariq Bajwa and Member Customs Nisar Muhammad have held a series of meetings with Customs officials at Custom House, it is learnt here. In the first meeting, FBR Chairman and Member Customs held meeting with the high officials of Pakistan Customs including Chief Collector-Appraisement (South) Nasir Masroor Ahmed, Collector MCC-Appraisement (East) Abdul Rashid Shaikh, ... Read More »

Bajwa seeks speedy recovery against fake ST refunds

KARACHI: Federal Board of Revenue Chairman Tariq Bajwa has directed officers of Inland Revenue Services (IRS) to make sure that the recovery of refunds released against fake invoices, official sources said. The directives have been issued at a meeting of chief commissioners of tax offices, which was chaired by Tariq Bajwa at Karachi. The recovery of refunds released on fake ... Read More »

Absence of link between depts depriving exporters of refunds

KARACHI: The absence of an electronic link between the provincial sales tax departments and the Federal Board of Revenue (FBR) has been depriving the exporters of refunds for two years against sales tax on services. It is to be noted that after the passage of 18th Amendment, collection of sales tax on services became a provincial subject from 2010 and ... Read More »

Used vehicles import halves

KARACHI: Import of used cars has fallen to 4,974 units in the first half of the current fiscal year as compared to 10,174 units in the corresponding period of last fiscal year. This depicts more than 51 per cent decline in import of used cars. All Pakistan Motor Dealers Association (APMDA) Chairman H. M. Shahzad attributed the big drop to ... Read More »