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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

Value for Chinese formic acid refixed

KARACHI: To reflect the current prices prevailing in the international market, Directorate General of Customs Valuation has fixed $0.90-98 per kg as new customs value on the import of formic acid from China. According to valuation ruling, the customs values of Formic Acid were determined under Section 25-A of the Customs Act, 1969, vide Valuation Ruling No 469/2012 dated 03-09-2012. ... Read More »

Toffees, confectioneries to be assessed at revised value

KARACHI: To ensure precise assessment of customs duty, the Directorate General of Customs Valuation through a ruling issued under section 25-A of the Customs Act, 1969, revised values on the import of toffees, candies and sugar confectionery from China, Middle East, Turkey, Europe, USA and Far Eastern countries. As per the ruling, revised customs value, candy, toffee, compound chocolate, lollypop, ... Read More »

Forex reserves to touch $20b within 3 years: Dar

KARACHI: The PML-N government is vigorously pursuing its manifesto to steering the country out of the prevailing crises through the promotion of good governance, transparency and elimination of corruption. The government is committed to sparing no effort to put the country on the path to progress and prosperity. Federal Minister for Finance Ishaq Dar stated this while addressing the business ... Read More »

FBR does not have authentic data of non-taxpayers: Tariq Bajwa

KARACHI: Federal Board of Revenue (FBR) does not have any authentic and verified data of non-taxpayers. This was stated by Chairman FBR Tariq Bajwa during a question-answer session at a programme organized by KCCI with the theme of “My Karachi, the oasis of harmony” at a local hotel on Wednesday. Speaking on the occasion, Bajwa informed that FBR has collected ... Read More »

Exports shoot up, import bill comes down: SBP annual report

KARACHI: Exports have shot up and import bill has come down, while tax net remained restricted to the few being taxed already, State Bank of Pakistan’s annual report on the state of economy for the year 2012-13 has revealed. In addition to this domestic debt has increased to Rs 1.9 trillion. The report said global commodity prices’ downward trend helped contain ... Read More »

Customs value for textile lining material revised

KARACHI: Directorate General of Customs Valuation Karachi has announced new customs value on import of textille lining material from China. The new Valuation Ruling has superseded the previous one fixing the customs value of the material from China at $3 per kg. It was earlier determined vide Valuation Ruling No 483/2012, dated 25-10-2012. Earlier, various representations were received, including representations ... Read More »

Release of stuck-up imported vehicles to generate Rs3b revenue

KARACHI: About 1,000 imported vehicles are stuck at port as Pakistan Customs is yet to clear them since November 2013. The vehicles have been imported under the scheme of personal baggage, gift and transfer of residence and government can collect revenue of about Rs 3 billion by releasing these vehicles. In February last year, the ministry of commerce through an ... Read More »

Jewellery, gems export declines

KARACHI: Pakistan’s export of jewellery in the current fiscal year has fallen by over 77 percent which is $201.336 million during the period from July to November according to Pakistan Bureau of Statistics. During the period, the country’s export of jewellery fell to $690.681 million from $892.017 million, the PBS data revealed. Export of gems also posted a registered growth ... Read More »

Attempt of drugs smuggling thwarted at Karachi airport

KARACHI: Pakistan Customs Drug Enforcement Cell at Jinnah International Airport thwarted an attempt to smuggle 3200 grams of heroin out of Pakistan to UK. According to Pakistan Customs spokesperson, Customs Drug Enforcement Cell’s staff of Jinnah International Airport, Karachi, intercepted a Pakistan born British passenger Zahid Maqsood when he reached airport to board Emirates Airlines flight EK-601 for Birmingham via Dubai. When the passenger ... Read More »

Transporters irritated over road users’ tax suggestions

KARACHI: Transporters have showed discontent over the recommendation that road users’ tax shall be collected through additional levies on CNG, diesel and petroleum goods. President, Karachi Transport Action Committee, Mohammad Ashraf Banglori has said that people including vehicle owners and transporters were already paying wide range of taxes including road users as for example in the form of toll taxes. ... Read More »

Unisame showers govt with praise

KARACHI: The Union of Small and Medium Enterprises (Unisame) has appreciated the Finance Ministry decision on shifting payments against exports to Afghanistan from rupee to dollar, saying that the government should also disallow imports payments facility for Afghanistan traders from Pakistan. In a statement issued here, Unisame President Zulfikar Thaver said the Finance Ministry and State Bank of Pakistan (SBP) ... Read More »

Remittances up by $1.5b

KARACHI: Remittances by overseas Pakistanis have registered a growth of 9.46 per cent over the previous fiscal year. $7.79 billion remittances have been sent in the first half of the ongoing fiscal year, according to a report by State Bank of Pakistan. The half-yearly total of remittances in FY 2012-13 was $ 6.3 billion. The details of the State Bank ... Read More »

Rajpar stresses revival of shipping industry on war footing basis

KARACHI: The Pakistan Ship’s Agents Association (PSAA) strongly backs enhanced bilateral trade with India as it is imperative for the economic growth of the country. This is stated by the Chairman Pakistan Ships Agents Association, Mohammed A. Rajpar during an exclusive interview with Customs Today at his office. Rajpar while sharing his views said that privatization of the institutions and ... Read More »

Shortage of manpower in PRAL hinders WeBOC modifications

KARACHI: The Directorate of Reforms and Automation has completed the planning of the Land Customs Station, Afghan Transit Trade (ATT) and Export Processing Zone Authority (EPZA) modules in WeBOC. However, due to the shortage of manpower in Pakistan Revenue Automation private Limited (PRAL) Department, the software development and installation of those modules in shape of programmes in WeBOC have not ... Read More »

MCC-Appraisement (West) detects 16 cases of tax evasion in Dec

KARACHI: The Research and Development (R&D) section of Model Customs Collectorate (MCC) Appraisement (West) has detected 16 cases of mis-declaration, inadmissible claim of FTA and benefit of sales tax SRO, incorrect application of valuation rulings and inadmissible claim of customs duty in the month of December 2013 and recovered an amount of Rs 3,032,822. According to details, R&D Section of ... Read More »

Revenue leakage: DGI&I-IR to deal strictly with ship-breakers, gold importers

KARACHI: Syed Ijaz Hussain, Director General of Intelligence and Investigation, Inland Revenue (IR) has decided to deal strictly with ship-breakers, gold importers and others to plug revenue leakage. He made this decision during his recent visit to Karachi. Sources said that Director General had convened a meeting with the officials of Inland Revenue and directed them to expedite the process ... Read More »

Rs9b scam: FBR out to lasso guilty firms

KARACHI: Against the backdrop of Rs9 billion sale tax refund scam, the Federal Board of Revenue (FBR) has launched a crackdown on 153 units involved the scam. The board has sprung into action after the RTO-II Karachi detected huge embezzlement of refund issuance of around Rs9 billion on fake invoices, involving a major company and other 153 firms for assisting ... Read More »

MCC-Appraisement (East) detects 266 cases of tax evasion

KARACHI: The Research & Development (R&D) section and Examination department of the Model Customs Collectorate (MCC) of Appraisement (East) has detected 266 cases of mis-declaration, tax evasion and under-invoicing altogether during first and second quarter of the Fiscal Year 2013-14 and recovered an amount of Rs 168.45 million till December 31. According to details, R&D section of MCC-Appraisement (East) has ... Read More »

Privatization of state-owned enterprises vital for boosting economy: Chairman PSAA

KARACHI: Chairman Pakistan Ships’ Agents Association (PSAA) Muhammed A. Rajpar said that it was imperative to privatize state-owned enterprises in order to boost economy of the country. Talking to Customs Today at his office, Rajpar said that the present government should take effective measures in order to decrease external trade deficit. Highlighting the performance of labour pool in Karachi Dock ... Read More »

Slash in ST on fabric imports; govt violates commitment with IMF

KARACHI: The Federal Board of Revenue (FBR) issued statutory regulatory orders (SRO), reducing sales tax to three percent from five percent on import and local supplies of fabric, violating its own commitment with International Monetary Fund (IMF). As per details, the government through a memorandum on economic and financial policies for 2013-16 presented to the IMF for the latest loan ... Read More »