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Amount for refund claims doubled: FBR to rope in 0.1m new taxpayers annually: Bajwa

FAISALABAD: Federal Board of Revenue Chairman Tariq Bajwa reiterated the government’s resolve to expand tax net by bringing in new taxpayers, saying that at least 100,000 new taxpayers will be brought into the net annually. Addressing the second All Pakistan Chambers Presidents Pre-Budget Conference at Faisalabad Chamber of Commerce and Industry (FCCI), Bajwa appreciated the FCCI endeavour for holding this ... Read More »

ONO issued against M/s Shaikh Tube Mills on mis-declaration; Rs7,764,732 due taxes to be paid

KARACHI: The Collector of Customs, Adjudication-I has issued an Order-in-Original (ONO) No. 520/2013-14 against M/s Shaikh Tube Mills and its clearing agent M/s Javaid Umar Enterprises on mis-declaration  of description of alloyed prime hot rolled steel sheets in coils imported vide GD IGM No.5549. According to the details, the case was instituted by the Model Customs Collectorate (MCC) of Appraisement-West ... Read More »

Importers hail Yahya’s appointment as DG Customs Valuation

KARACHI: Importers, traders and other stakeholders expressed their contentment over the appointment of Muhammad Yahya as Director General (DG) Customs Valuation by Federal Board of Revenue (FBR). Talking to Customs Today, importers and other stakeholders were of the view that the issues faced by them through issuance of ‘unfair’ valuation rulings could be redressed properly under the leadership of newly ... Read More »

Maritime silk route to boost connectivity between Asia-Pacific

BEIJING: China’s new initiative to build a maritime silk route to boost connectivity between the Asia-Pacific region and the Indian Ocean will prioritise building ports and improving infrastructure in littoral countries like Bangladesh and Sri Lanka, according to official reports. China is also keen to establish free trade zones to boost its economic presence in Indian Ocean countries under the ... Read More »

The issue of valuation guidelines

FBR has placed valuation guidelines for selected 136 imported items for all over the country with the objective to discourage mis-declaration throughout the country. But the business community has been continuously expressing its concerns that these valuation guidelines would promote smuggling and increasing trade in the guise of Afghan Transit Trade and smuggling back of goods into Pakistan. The tax ... Read More »

A historic return to int’l bond market

ISLAMABAD: After pause of seven years, Pakistan has again appeared on the radar screen of global investors by launching $2 billion bonds for next five and ten year period. Initially, the government intended to float a Euro bond worth $500 million but keeping in view highest subscription up to $6 billion, the country’s economic managers took a decision in consultation ... Read More »

Installation of scanners for reverse Afghan cargo in the offing: Javed Ghani

KARACHI: Pakistan has enormous potential for becoming the hub of regional transit trade and Prime Minister’s initiative to build 2,000 kilometre Gwadar-Kashgar trade corridor will go a long way in developing local infrastructure, creating jobs and revolutionising intra-regional connectivity. Transit Trade Director Muhammad Javed Ghani expressed the views during in an exclusive interview with Customs Today at his office. Javed ... Read More »

Contract of LNG terminal construction at Port Qasim granted

KARACHI: The contract for construction of LNG terminal at Port Qasim, Karachi, has been granted to Elengy Terminal Pakistan Limited with a condition of its construction to be completed within one year of grant of its contract. Chief Executive Officer of ETPL, Sheikh Imran ul Haq while commenting on the approval of LNG terminal construction at Port Qasim, Karachi said that ... Read More »

Indian officials arrive next week to discuss cross-LoC trade

NEW DELHI: Pakistan and Indian officials will meet next week in Islamabad for continuing uninterrupted cross-Line of Control (LoC) trade and solving problems of traders in this regard. According to Indian media, an Indian delegation would be travelling to Islamabad next week to sort out obstacles and try to gain consensus on several issues and form a mechanism to ensure ... Read More »

100,000 taxpayers to be brought into net within current FY

ISLAMABAD: Federal Board of Revenue has planned to bring one hundred thousand individuals and businesses in the tax net before the end of the current fiscal year. According to sources within FBR it has been decided to ensure that the tax collections are equal to at least 12 per cent of the GDP at the end of the current fiscal year. ... Read More »

FBR staff performance evaluation: Integrity Management to figure high

ISLAMABAD: The Federal Board of Revenue (FBR) has decided to attach performance evaluation of all taxation employees with Integrity Management by taking into account Annual Confidential Reports (ACRs), complaints if any, disciplinary proceedings and corruption cases against the tax machinery. The FBR’s Integrity and Performance Management Unit (I&PMU) has been assigned the task of linking the performance evaluation with Integrity ... Read More »

Revision of tax collection target needs economic managers’ attention

LAHORE: Downward revision in the tax collection target should be a concern for the economic managers who are already sacrificing expenditures towards poverty reduction, education and health due to increased spending on law and order, a survey released by Sustainable Development Policy Institute (SDPI) said. The survey highlights that two immediate reforms needed to kick-start economic growth and create jobs. ... Read More »

Majority of Customs & Excise Group covets PCS

ISLAMABAD: Majority of officers from BPS 1 to 16, numbering 6,517, belong to the Customs and Excise Department have coveted Pakistan Customs Service (PCS) while only 412 officers opted for Inland Revenue Service (IRS). The board has obtained the option of the employees of the Customs and Excise Group for joining PCS or IRS. In this regard, the FBR has ... Read More »

Collectorate of Adjudication-I issues 14 ONOs

KARACHI: Customs Collectorate of Adjudication-I has issued 14 Orders-in-Original (ONOs) in four days i.e. from 14 April to 17 April, it is learnt here. Three ONOs have been issued by the office of Additional Collector of the Collectorate of Adjudication-I, seven ONOs have been issued by the office of the Deputy Collector of Adjudication-I and four ONOs have been issued ... Read More »

FTO orders FBR to take action against officials for highhandedness

ISLAMABAD: Federal Tax Ombudsman Abdul Rauf Chaudhry has directed Federal Board of Revenue to take action against certain tax officials after taking serious notice of gross maladministration by the officials who have been deliberately blocking refunds of a foreign company for more than 13 years. However, no action has so far been taken despite lapse of nearly one year. The ... Read More »

ECNEC meeting: Dar approves projects worth Rs62b

ISLAMABAD: Federal Minister for Finance, Senator Mohammad Ishaq Dar chaired the meeting of the Executive Committee of the National Economic Council (ECNEC) at Prime Minister’s Office on Friday and approved the “Establishment and Operation of Basic Education Community Schools in the Country” project with a rationalized cost of Rs.4282.059 million. The community schools in the project will spread all over ... Read More »

Rupee appreciation: govt urged to compensate leather garments exporters

LAHORE: Major (R) SH. M. Rafique Sethi Chairman PLGMEA (NZ) has urged the govt. to review the grave situation of devaluation of US dollar — which has crushed the exporters financially — and take immediate effective bold steps to formulate pragmatic policies to compensate the exporters appropriately against the badly suffered losses by fixing US$ rate minimum at PKR 105/- ... Read More »

Guideline values of Base Oil reviewed

KARACHI: Customs Valuation Department has reviewed the customs guideline values of different grades Base Oil being used for lubricating and petroleum companies. According to the details, the Base Oil of Grade SN500, used for lubricating companies having HS Code 2710.1993 from Middle East origin has fixed at US$0.90per kilogram. The Base Oil of Grade N500, used for petroleum companies having ... Read More »

ANF Lahore arrests 5 drug smugglers

LAHORE: Anti-Narcotics Force arrested five drug smugglers and recovered drugs including charas and opium from their possession.  According to details, ANF Lahore arrested Farzana Bibi r/o Peshawar and recovered 4.8 kg charas from her possession. The accused was arrested from Lahore. Accomplice of the accused Abdul Rehman Rasheed r/o Lahore managed to escape taking advantage of rush hours. In another ... Read More »

Increased reliance on foreign debt termed country’s mortgage

ISLAMABAD: Economists and former in office politicians have warned that the future of Pakistan’s economy is being mortgaged the way government is increasing its reliance on foreign debt. While exclusively talking to Customs Today, former commerce minister Jehangir Tareen, former finance minister Salman Shah and Chairman Institute of Policy Studies, Islamabad Professor Khurshid Ahmed expressed their deep concerns on this ... Read More »