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Nepal endorses $360m investment from China’s Hongshi Holdings

BEIJING: Nepal has endorsed Foreign Direct Investment (FDI) proposal worth $360 million made by China’s Hongshi Holdings Limited to establish a cement plant in Nepal in partnership with Nepal’s Shivam Cement. A meeting of the Investment Board of Nepal (IBN) chaired by Prime Minister Sushil Koirala took such a decision on Tuesday in Kathmandu, a statement issued by the IBN ... Read More »

Revised ‘Advance Tax’ rates on motor vehicles registration, transfer of ownership notified

KARACHI: The Federal Board of Revenue (FBR) has notified revised rates of withholding tax for Section 231-B of the Income Tax Ordinance, 2001 effective from July 01, 2015. The notification stated that ‘advance tax’ on purchase, registration and transfer of motor vehicles under Section 231B shall be collected as per the following schedule: Advance Tax will be Rs 10, 000 ... Read More »

FBR urged to expedite registration process

LAHORE: The Federal Board of Revenue has been asked to expedite the process regarding the issuance of national tax number to facilitate the business community. Talking to Customs Today, traders said that small taxpayers can file their tax returns in form of hard copy but large taxpayers are required to register through website with FBR to file tax returns online. ... Read More »

DG Lutfullah Virk outlines various measures to curb smuggling in FY 2015-16

ISLAMABAD: Directorate General Investigation and Intelligence, Customs has developed advanced strategies to overcome the menace of smuggling in the country during current fiscal year 2015-16. As per details, Customs Intelligence called directors’ conference which was headed by Director General Customs Intelligence, Lutfullah Virk here at headquarters in Islamabad. Virk outlined various measures to curb smuggling. All directors of the country participated ... Read More »

China’s BYD inks agreement with London to provide zero-emission buses

BEIJING: Chinese automotive company BYD signed a 19 million pound ($30 million) deal here the other day to provide London with its first large-scale, zero-emission, single deck bus fleet. The deal was signed between BYD and the UK bus and coach builder Alexander Dennis Limited, and together the two companies will build 51 emission-free, pure electric buses, all of which ... Read More »

FBR revises advance income tax on vehicles payable with token tax

LAHORE: The Federal board of Revenue (FBR) has ordered to pay advance income tax with the payment of motor vehicle tax on private motor vehicles. The FBR revised the rate of advance tax as it has been reduced for filers but increased for non-filers. According to the revised rates, the filers will pay Rs 800 on vehicles up to 1000CC, ... Read More »

Hyderabad ASO confiscates cigarettes, cloth worth Rs 1.2m

HYDERABAD: The Customs Anti-Smuggling Organisation (ASO) Hyderabad has seized 24 cartons of cigarettes and 255 kilograms of cloth worth Rs 1.2 million involving duty/taxes amounting to Rs 85,400. According to the details, ASO team following the instruction of Collector Model Customs Collectorate Hyderabad Dr. Ahmed Mujtaba Memon conducted raid in the region to curb smuggling. Under the supervision of Additional ... Read More »

Faisalabad ASO impounds truck worth Rs 2m

FAISALABAD: The Customs Anti-Smuggling Organization (ASO) Faisalabad has impounded a non-duty paid Hino truck worth Rs 2 million in Faisalabad. As per details, the ASO team, following the instruction of Model Customs Collectorate, Faisalabad Collector Tauseef Ahmed Qureshi, conducted a raid near Motorway Chowk, Sargodha Road, Faisalabad to hold the smuggled vehicle. The ASO team intercepted a truck bearing Registration ... Read More »

17 Customs inspectors transferred in major reshuffle in Sialkot

SIALKOT: As many as 17 senior inspectors of  Model Customs Collectorate Sialkot have been transferred and posted at different seats during a major reshuffle in MCCS here. According to the Deputy Collector Customs Asdaq Afzal, inspector  Khalid Pervaiz has been transferred to Rebate Branch from Bonds, inspector Sarfraz Ahmed from Import Examination Branch to Export Branch, inspector Syed Akmal Hussain ... Read More »

Faisalabad Excise auctions 37 attractive registration numbers

FAISALABAD: The Excise and Taxation Faisalabad has held an auction of attractive registration numbers of new series for motor vehicles. As per details, the auction process was completed at excise office with low interest of the citizens and resultantly it remained almost fail to earn revenue through auctions of attractive numbers. However, registration number ‘7’ was auctioned against Rs 17,200, ... Read More »

Property tax: Excise starts issuing PT 10 forms to property owners in Gujranwala

SIALKOT: Excise and Taxation Department has started issuing as many as 10000 computerized PT 10 forms to the property owners for the collection of the property taxes with 10 percent increase in Gujranwala city, as the Excise and Taxation Department has declared Gujranwala city’s two circles as model. According to the Excise and Taxation Officer Fiza Shah, this time the Excise ... Read More »

Withholding tax: FBR’s committees to hold sessions today

ISLAMABAD: The meeting of special committee tasked to negotiate with trade representatives of the country on withdrawal of withholding tax will be held today. These meeting will be presided over by chairman FBR Tariq Bajwa. It is pertinent to mention here, that traders community already rejected these committees, but on the other hand government is going to adopt a comprehensive ... Read More »

FIA to launch advertisement campaign against human-traffickers

SIALKOT: The Federal Investigation Agency (FIA) has decided to launch a vigorous advertisement campaign against the notorious human traffickers-turned-proclaimed offenders in Gujranwala Division’s all the six districts — Sialkot, Narowal, Gujrat, Mandi Bahaud Din, Hafizabad and Gujranwala — besides, vowing to make all out efforts to ensure their early arrest. Deputy Director FIA Gujranwala Khalid Anees told Customs Today that ... Read More »

Customs Court hears 19 cases on Thursday

LAHORE: The Special Court of Customs Taxation and Anti-Smuggling heard 19 important cases on Thursday including pre-arrest bail pleas as well. During hearing a bail plea of four accused Customs Court adjourned their pleas till further hearings. Cases which were scheduled for hearing including tax evasion, customs, smuggling and narcotics. Cases of pre-arrest bail pleas were also scheduled in the ... Read More »

Majority of FBR officials fails to submit assets’ details

ISLAMABAD: The Federal Board of Revenue has announced July 31 as the last date for the officials to submit the details of assets. The deadline is going to expire today, but still a majority of the FBR officials has failed to submit the same. Sources told Customs Today, that a few months ago, the FBR had asked its officials to submit details of ... Read More »

4000 alcohol permits renewed in Punjab

LAHORE: The Punjab Excise and Taxation Department has renewed 4000 alcohol permits in Punjab. These permits were issued to the Christian community for sale and purchase of alcohol. According to an official of the Excise Department, there are 10,000 permits holders in Punjab and all these permits are expired from June 30. The department issues these permits on specific terms and conditions to ... Read More »

WeBOC system still not functioning properly, complain importers

KARACHI: WeBOC system is still not functioning well despite passage of three and half years. A delegation of importers and exporters, while talking to Customs Today, has said that when WeBOC system was launched it was believed that this particular system will extend all out facilities to the importers and exporters. This system is semi-automated and still there is no audit conducted ... Read More »

Sialkot exporters seek proper mechanism to use Export Development Fund

SIALKOT: Trade Development Authority of Pakistan (TDAP) Chief Executive SM Muneer has said that the Sialkot exporters have been playing an instrumental role in strengthening and boosting of the country’s exports by earning precious foreign exchange and they were in dire need of encouragement and patronization by the government. He said that the TDAP would help and encourage the Sialkot exporters at ... Read More »

Customs authorities seek court permission to arrest money laundering suspect

ISLAMABAD: The Directorate General of Customs Intelligence and Investigations has got solid proofs against accused Ejaz Baig who was arrested at the Benazir Bhutto International Airport Islamabad on the charges of money laundering, sources said. Sources said that  Ejaz Baig has travelled 23 times abroad while Customs Intelligence and Investigations has got solid proofs against him about money laundering and ... Read More »

IT companies strongly reject 8pc tax

ISLAMABAD: The companies dealing in Information Technology have showed reservations on the imposition of 8 percent tax on IT sector and asked government to withdraw the tax immediately. According to details, Pakistan Software House Association for IT and ITES has sent a letter to  Federal Finance Minister Ishaq Dar in which it showed reservations on the imposition of 8 percent tax ... Read More »