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Pakistan tax systme facing structural problems

ISLAMABAD: The Pakistan’s taxation system suffers serious structural problems manifested in a tax to GDP ratio that is the lowest in the region, it is learnt here. Sources told Customs Today that multifarious ailments in the economy and systemic weaknesses are a few causes of poor revenue generation. The economy is largely non-documented where most economic transactions disappear without leaving a trace. ... Read More »

FBR asks Post Office Department to explain levy of extra taxes on filers

ISLAMABAD: The Federal Board of Revenue (FBR) has asked the Post Office Department to explain levy of extra taxes instead of withholding tax on filers. According to the sources, the FBR has received several complaints from taxpayers that the post offices are charging  extra withholding tax from filers and tax returns copies are being demanded from taxpayers for checking their names ... Read More »

Excise Punjab recovers Rs 220m excise duty in three months

LAHORE: The Punjab Excise and Taxation Department has recovered Rs 220 million excise duty up to September 28 which is 18 percent extra than the same period of the last year. According to financial data available to Customs Today, the department received Rs 220 million excise duty during the first three months of the fiscal year 2015-16 which is 18 percent ... Read More »

Collectors, Deputy Collectors resume duty after Eid

ISLAMABAD: Customs House has been re-opened after Eidul Azha holidays and now all officials have started their routine work. Collector, Customs collectorate Islamabad Zeba Hai, Additional Collector MCC Islamabad Waheed Ulaah Marwat, Deputy Collector MCC Islamabad Yawar Nawaz have also resumed their duties.On the other hand, Collector Adjudication MCC Islamabad Muhammad Ali Raza, Deputy Collector Adjudication Kaukab Farooq have also joined ... Read More »

ICCI calls for extension in deadline for filing of tax returns‏

ISLAMABAD: Islamabad Chamber of Commerce and Industry called upon the Federal Board of Revenue to extend the deadline of September 30, 2015 for e-filing of income tax returns up to 31st October 2015 to facilitate the taxpayers. Muzzamil Hussain Sabri, president, Islamabad Chamber of Commerce and Industry said that many taxpayers were out of the country for performing Hajj and ... Read More »

Customs Quetta seizes smuggled fertilizers worth Rs 12m

KARACHI: The Directorate of Customs Intelligence and Investigation Quetta has confiscated a huge quantity of smuggled fertilizers during a crackdown. According to the sources, Customs director Iqbal Bhowana received a secret information after which he formed a raiding team in Pasni area. During checking of two trucks and a van, the raiding team found 1745 sacks of smuggled fertilizers. After ... Read More »

Customs Court adjourns 16 cases on Monday

LAHORE: In the Special Federal Court of Customs Taxation and Anti-Smuggling 16 different cases were scheduled on Monday. No proceeding was made on Monday regarding any case because a number of lawyers and concerned parties were not present in the court. It was the first working day after Eidul Azha so attendance of the staff was also low. It seems ... Read More »

Dubai Customs launches Authorised Economic Operator

DUBAI: Dubai Customs launched the Authorized Economic Operator (AEO), which contributes drastically to the establishing of strategic partnerships that ensure better security and facilitation of global supply chains via Mutual Recognition Agreements, as per the WCO SAFE Framework of Standards to Secure and Facilitate Global Trade (SAFE Framework). The move is in line with Dubai Customs’ vision to be “The ... Read More »

China’s industrial profit falls 8.8% in Aug

BEIJING: Profits of China’s major industrial firms fell 8.8 percent year on year in August, sharply down from 2.9 percent decline posted in July, the National Bureau of Statistics (NBS) said on Monday. Profits at industrial companies with annual revenues of more than 20 million yuan (about US$3.1 million) totaled 448.1 billion yuan in August. Industrial profits of these firms ... Read More »

China’s IoT surges 18.46% to $90bn in 2014

NANJING: The value of China’s Internet of Things (IoT) industry reached 580 billion yuan ($90 billion) in 2014, a yearly increase of 18.46 percent, said a report issued here the other day. The IoT, which connects traditional devices, including home appliances, to the Internet, has become a powerful driving force of innovation and economic growth in China, said the report ... Read More »

China’s Longmay to cut 100,000 coal jobs to reduce its losses

BEIJING: The largest coal mining group in Northeast China is cutting 100,000 jobs within the next three months to reduce its losses – one of the biggest mass layoffs in recent years. Heilongjiang Longmay Mining Holding Group Co Ltd, which has a 240,000 workforce, said a special center would be created to help those losing their jobs to either relocate ... Read More »

LinkedIn inks strategic cooperation agreement with Didi Kuaidi

SHANGHAI: LinkedIn, the world’s largest professional social network, signed a strategic cooperation agreement here on Saturday with Didi Kuaidi, car service Uber’s major rival in China, hoping to seize a bigger market share. The agreement was signed during the 8th US-China Internet Industry Forum in Seattle. In China, Didi’s social ride-sharing service Didi Hitch will let users connect to the ... Read More »

Bank of China forecasts 7% growth rate in fourth quarter

BEIJING: The Chinese economy will hopefully stabilize in the fourth quarter as government policies continue to take effect, said researchers with Bank of China Ltd (BOC) here on Saturday. They forecast that China’s gross domestic product will increase by 6.8 percent in the third quarter and 7 percent in the fourth quarter of 2015. GDP growth for the whole year ... Read More »

China to lower 12 admin fees to relieve firms, individuals

BEIJING: China’s economic planner announced here the other day that it will lower 12 administrative charges, estimating the cuts will save enterprises and individuals 4 billion yuan (nearly $630 million). Effective from Oct 15, fees including those for property transfers, trademark registration and software copyright applications will be lowered, according to a statement of the National Development and Reform Commission ... Read More »

Chief Collector Rashid Shaikh asks officials to keep offices open for extended time

KARACHI: Chief Collector Appraisement South Abdul Rashid Sheikh has instructed Model Customs Collectorates Appraisement West and East Collectors to ensure collection of duties/taxes on September 29 and 30, 2015 till 8pm as per the decision of the Federal Board of Revenue. According to an official order, all Model Customs Collectorates falling in Appraisement South, will remain open on Tuesday, September 29 ... Read More »

FBR to conduct audit of 33 official vehicles

ISLAMABAD: An audit team of the Federal Board of Revenue (FBR) will conduct audit of 33 official vehicles being used by Model Customs Collectorate (MCC) Islamabad. Sources told Customs Today that petrol and maintenance expenditures will be audited. On the other hand, some staff members of the  MCC Islamabad are trying to maintain the record but it will take some time to ... Read More »

Hyderabad Customs Intelligence confiscates items worth Rs 4.7m

HYDERABAD: The Customs Investigation and Intelligence’ Field Investigation Unit (FIU) Hyderabad seized smuggled contraband goods and a Toyota Corolla vehicle worth Rs 4.7 million during the different operation in Hyderabad. Sources said that FIU on the strict instructions of Customs Intelligence Karachi Director Asif Marghoob Saddiqui took action against the smuggling in the region and The customs officials intercepted a ... Read More »

Multan ASO seizes smuggled chocolates worth Rs 500,000

MULTAN: The Customs Anti-Smuggling Organization (ASO) Multan has seized imported chocolates on non-payment of customs duty in an operation. According to the details, the ASO has seized chocolates of various brands during the vigilance near the location of Delhi Gate. Smuggled chocolates were loaded on a truck which was coming from Quetta. Customs recovered almost 70 cartons of chocolates including ... Read More »

Adjudication-II: Deputy Collector M Aftab orders M/s Iqbal to pay evaded tax on carpet yarn import

KARACHI: The Collectorate of Customs Adjudication-II has issued an Order-in-Original (ONO) against M/s Iqbal and Co Karachi for evading duty/taxes to the tune of Rs 368,823 by taking undue benefits under SRO 1125(I)/2011. According to details, the Directorate of Post Clearance Audit (PCA), Customs Karachi, while scrutinizing the data of importers regarding the claiming of admissible/inadmissible concessions in taxes, found ... Read More »

’80pc of 712 invested in UAE real estate are non-taxpayers’

ISLAMABAD: As many as 712 people have invested in property projects abroad, while 80 percent of them are non-taxpayers as they have no any national tax number and sales tax registration, it is learnt. Sources said that 648 persons have invested in a UAE-based project of Damac Properties, while 64 have invested in the project of NSHAMA Properties. They revealed that ... Read More »