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FY2014-15: Gujranwala Excise surpasses revenue target by Rs 43m

SIALKOT: The Excise and Taxation Department of Gujranwala region has achieved its official recovery target of Rs 1.63 billion fixed for the fiscal year 2014-15 and collected Rs 1.67 billion. According to Director Excise and Taxation Gujranwala, Rao Shakilur Rehman, as many as 22 special recovery teams collected Rs 801 million in wake of property tax, Rs 5.6 million as ... Read More »

19 FBR, customs officials to take 18th Senior Management Course in August

KARACHI: At least 19 officials of BPS-19 of the Federal Board of Revenue and Pakistan Customs have been nominated for the 18th Senior Management Course scheduled for August, at the National Management College Lahore and the National Institute of Management Karachi, Customs Today learnt. In this regard, Customs-I Management Secretary Hassan Saqib Sheikh forwarded a letter No 14(16)/2002-M.I. asking for ... Read More »

ANF seizes drugs worth Rs 440 million, arrests five accused

ISLAMABAD: The Anti-Narcotics Force (ANF) has successfully seized 160kg drugs worth of Rs 440 million and arrested five accused during different operations in Rawalpindi, Peshawar and Turbat. According to details, the Anti-Narcotics Force conducted different operations in Rawalpindi, Peshawar and Turbat and seized 160kg drugs worth of Rs 440 million. Sources said that during the operation on GT Road Rawalpindi ... Read More »

PFMA rejects 0.6 percent WHT and 7 percent sales tax on wheat bran

LAHORE: The Pakistan Flour Mills Association has rejected tax on banking transactions and heavy tax on wheat bran. The Pakistan Flour Mills Association announced a country-wide strike for an indefinite period from July 11 against the tax on banking transactions and 7 percent sales tax on wheat bran. Addressing a press conference, central leader of association Asim Raza Ahmad gave ... Read More »

Karachi traders threaten to observe shutter-down against withholding tax on transactions

KARACHI: The traders of the city have warned the federal government of holding a shutter down strike against the imposition of 0.6 percent withholding tax on all banking transactions for non-filers if the levy is not immediately withdrawn. In this regard, a large number of traders of Karachi Tajir Ittehad, Small Traders Association, Karachi Wholesale Grocers Association, Alliance of Arambagh ... Read More »

Rawalpindi Excise to computerise record of property tax

ISLAMABAD: The Excise and Taxation Department Rawalpindi has decided to make the property tax record online and to introduce computerised challan forms for the property tax. According to the details, Rawalpindi Excise will issue computerized challan form of property tax to the citizens in the running fiscal year. Officials said that computerization of the property tax branch would bring ease ... Read More »

UBL Funds wins two awards at IPO Market Development Summit

LAHORE: UBL Fund Managers Limited (UBL Funds) received two awards at the IPO Market Development Summit organized by South Asian Federation of Exchanges Pakistan (SAFE)at a ceremony held here. UBL Fund Managers, one of the leading asset management companies in Pakistan and a subsidiary of UBL Bank, claimed their awards in two major categories at the summit. The first category ... Read More »

LHC suspends coal power plant construction till further orders

LAHORE: The Lahore High Court (LHC) on Tuesday has stopped the construction of coal power plant till further orders. During the hearing, plaintiff’s counsel Azhar Siddiq informed the court that government is planning to install coal power plant near BRB canal. For this purpose, they have also started process of  acquiring land nearby. He said that no authority can construct ... Read More »

Sialkot FIA detains 89 human traffickers in June 2015

SIALKOT: The Federal Investigation Agency (FIA) has arrested as many as 89 human traffickers, including proclaimed offenders (POs) during a crackdown against them in Gujranwala division in June 2015. Deputy Director FIA Gujranwala, Sikandar Hayyat Malik said that the FIA has also recovered as many as Rs 24 million from these human traffickers, which they had extorted from the innocent ... Read More »

Ministry of Commerce dismisses plea against LCCI elections

LAHORE: The Commerce Ministry has dismissed allegations of irregularities during the LCCI polls 2014, exonerating the present management of the Lahore Chamber of Commerce and Industry of all allegations. In the order, Ministry of Commerce said, “After hearing the parties at length, perusing the relevant record and relevant provisions of law and rules, it is held that the elections of ... Read More »

Court adjourns bail plea in Rs 500 million tax evasion case

LAHORE: The Special Federal Court of Customs Taxation and Anti-Smuggling has adjourned the bail plea of accused Amjad Amin who is allegedly involved in tax evasion of Rs 500 million. The Special Court had already approved his physical remand two times. Now the court has sent him jail on judicial remand. According to well informed sources of Customs Today accused Amjad ... Read More »

 PRA recovers Rs 5 billion in last month of fiscal year 2014-15

LAHORE: The Punjab Revenue Authority has created a history by successfully collecting Rs 5 billion in June, the last month of fiscal year of 2014-15. Sources told Customs Today that the Punjab Revenue Authority has collected this revenue in one month which is a record. Recovery of PRA in the wake of sales tax is huge part of this collection ... Read More »

Auto parts body demands withdrawal of 0.6pc tax on bank transactions.

 LAHORE: All Pakistan Auto Spare-parts Importer and Dealers Association has strongly rejected levy of 0.6 percent tax on banking transactions.. Talking to Customs Today, the executive body member Nasir Hameed Khan said that imposition of tax will cause pressure on businessmen as they need banking transaction for business purposes. He said that due to deduction of tax, the business community ... Read More »

Multan traders observe shutter down strike against withholding tax‏

MULTAN: Multan Traders Association observed strike against imposition of 0.6 percent withholding tax on banking transactions of Rs 50,000 for non-filers in the budget 2015-16. The All Pakistan Anjuman-e-Tajiran have staged protest against unfriendly business measures of the present government, observing shutter down strike separately in different and major business hubs of Multan. All Pakistan Anjuman-e-Tajiran chairman Khawaja Shafiq, president ... Read More »

Businessmen, technocrats for cautious approach towards trade with India

LCCI holds seminar on “The Pros and Cons of Trade Relations with India” LAHORE: Pakistan must weigh the risks and benefits of opening trade with India. This was upshot of the speeches delivered at a seminar on “The Pros and Cons of Trade Relations with India”, jointly organized by the Institute for Policy Reforms and the Lahore Chamber of Commerce ... Read More »

Trader divides over strike against 0.6pc WHT on banking transactions

LAHORE: Traders in Punjab and especially in big cities of the province failed to adopt a unified strategy to hold a complete and shutter down strike against 0.6 percent tax on banking transactions worth over Rs 50, 000. While All Pakistan Anjuman-i-Tajaran President Khalid Pervaiz and its Lahore chapter president Maqsood Butt announced a strike, Anjuman-i-Tajiran Pakistan chief Ashraf Bhatti ... Read More »

Customs Tribunal dismisses case of Basfa Textile

LAHORE: Customs Appellate Tribunal dismissed case of Basfa Textile versus Customs Adjudication Lahore. Tribunal Judge Khawaja Omer Mehdi  Member Technical Bench-I issued judgment that the appellant has failed to produce any illegality in impugned order passed by the Collector of Customs (Adjudication) and appeal has been dismissed. According to details, Basfa Textile imported consignment of Indian raw cotton and sought ... Read More »

Excise and Taxation Multan achieves revenue target set for FY-2014-15

MULTAN: Excise and Taxation Multan have successfully collected more than 100% tax collection from the assigned target in the Multan district during the fiscal year 2014-15. Excise and Taxation Multan Division was assigned the target of Rs 1.13 billion during previous fiscal year 2014-15. At the end of fiscal year 2014-15 Excise and Taxation Department Multan have been managed to ... Read More »

All Pakistan Motor Dealers Association protests against imposition of tax on bank transactions

KARACHI: All Pakistan Motor Dealers Association completely rejected imposition of 0.6 percent withholding tax on banking transactions. Members of the association observed shutter down strike in Garden, Tariq Road, Guru Mandar, Landhi and Sabzi Mandi areas. At least 600 show rooms which are situated at Sabzai Mandi remained closed due to strike.  Motor Dealers also stage rally and changed slogans ... Read More »

NAB recommends proposals to curb corruption, mismanagement in KPK

PESHAWAR: To curb corruption and mismanagement in Khyber Pakhtunkhwa, the National Accountability Bureau chairman has approved recommendations of the prevention committee to reform the provincial public health engineering, water and sanitation, irrigation and the local government departments. NAB Peshawar chapter Spokesman Saadullah Khan informed Customs Today that recommendations will now be sent to the Khyber Pakhtunkhwa Chief Minister for implementation. ... Read More »