Tuesday , September 29 2020
Breaking News
Home / Latest News (page 2918)

Latest News

News updates
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

FBR yet to implement FTO’s recommendation

ISLAMABAD: Federal Tax Ombudsman’s (FTO) recommendation regarding the data disclosure of a complainant is awaiting implementation by the Federal Board of Revenue. It was held that any person who, in contravention of section 216 of Income Tax Ordinance, 2001 discloses any particulars of taxpayer’s assessment record is guilty of an offence, which is punishable, on conviction, with fine and/or imprisonment. ... Read More »

MCC-Appraisement (West) retrieves its allotted examination space at KICT

KARACHI: Model Customs Collectorate (MCC) of Appraisement (West) has got back its allotted space of the examination area from the authorities of Karachi International Container Terminal (KICT). According to the details, the KICT administration had used the allotted space of the examination area of the MCC-Appraisement (West) at KICT for grounding and dumping the empty containers, since long. Collector MCC-Appraisement ... Read More »

MCC-Appraisement (East) tax collection well ahead of targets: Collector Abdur Rashid

KARACHI: Model Customs Collectorate (MCC) of Appraisement-East is well ahead of its revenue targets set by Federal Board of Revenue in first and second quarter of the fiscal year 2013-14. According to details, MCC-Appraisement (East) under the supervision of Collector Abdul Rashid Shaikh has successfully collected the revenue more than the set targets in all heads except customs duty by ... Read More »

FBR for clearance of filed GDs on same day

KARACHI: Federal Board of Revenue has issued clear directives to all officials of the Collectorates of Pakistan Customs to clear the Goods Declarations (GDs) filed by the importers on the same day and also upload the same in the system by the end of the day. Sources in Customs House informed Customs Today that FBR is redressing the issues and ... Read More »

ICCI, Bahria varsity to conduct joint research activities

ISLAMABAD: Islamabad Chamber of Commerce & Industry (ICCI) has signed a Memorandum of Understanding with Bahria University to promote academia-industry linkages and to conduct joint research activities that would facilitate the advancement and innovation in industry. ICCI President Shaban Khalid and Bahria University Rector retired Vice Admiral Shahid Iqbal HI (M) signed the MoU. Both organizations agreed to enhance mutual ... Read More »

‘Efficient’ Gwadar MCC team reshuffled

ISLAMABAD: The entire team of Customs officials posted at Model Gwadar Customs Collectorate (MCC) including Collector and Additional Collector has been reshuffled and the posting of a new team has been notified. According to a notification of the Federal Board of Revenue (FBR), Customs Directorate Reforms and Automation Director Syed Tanveer Ahmad has been transferred and posted as Collector MCC ... Read More »

SBP downs PQA in President’s Trophy fixture

KARACHI: The Port Qasim Authority (PQA) faced a miserable opening day in its President’s Trophy fixture against State Bank of Pakistan as the team was bowled out for 189 here at National Stadium. SBP, who are currently battling to avoid relegation, made life tough for PQA after stand-in captain Usman Arshad won the toss and opted for fielding first on ... Read More »

Lawmakers to get NTNs by 31st: Dar

ISLAMABAD: Federal Minister for Finance Senator Ishaq Dar vehemently dispelled the impression that the parliamentarians did not pay taxes, saying that Federal Board of Revenue had been directed to ensure issuance of National Tax Numbers (NTNs) to parliamentarians by January 31. Speaking in Senate, Ishaq Dar declared income tax was regularly being deducted from the salaries of all parliamentarians be ... Read More »

Reduction in import duties on 340 items lauded

LAHORE: Pakistan-India Chamber of Commerce President SM Muneer has appreciated government’s decision for reducing import duties of 340 items from SAARC countries. “Trade between Pakistan and India should be increased. Due to trade between SAARC countries, poverty and unemployment will be reduced in the subcontinent and this would cast positive effects on people”. He said this over the decision of ... Read More »

Luxury cars: FBR bracing for targeted swoop on individuals

ISLAMABAD: The Federal Board of Revenue has decided to tighten noose around ‘big fishes’ who have made huge investments in luxury cars and failed to mention or disclose their actual income or source of investment in the income tax returns. In the first phase of the countrywide campaign, the individuals having made huge investment in luxurious vehicles and never filed ... Read More »

FBR swings into action to clear export consignment of wood products

ISLAMABAD: The Federal Board of Revenue has swing into action to clear the export consignment, comprising finished wood products withheld by the Customs Department in Karachi. The board has issued directives to and sough comment from MCC Karachi and MCC Port Qasim on the request of the Climate Change Division (CCD) to allow export of the consignment. It is to ... Read More »

Fossil smuggling: American pleads guilty

CHEYENNE, CHINA: An American citizen has been pleaded guilty of conspiring to smuggle fossils including Tyrannosaurus skull of Mongolian origin from China into the United States. Federal officials of China and a lawyer representing the government of Mongolia said that the prosecution marks a continuing push to crack down on fossil smuggling. Rick Rolater aged 69 entered the plea before ... Read More »

Sniffer dog prevents smuggling worth Rs75m

JOHANNESBURG: The air intelligence unit of South African customs arrested a woman for allegedly attempting to smuggle out goods worth over Rs 75 million from the city airport with the help of a sniffer dog Anju, a star performer for the authorities since the past couple of years. The arrested is an MBA degree holder and had been twice to ... Read More »

Transfer of six PCS officers announced

ISLAMABAD: Federal Board of Revenue has announced transfer of officers in Pakistan Customs Service through a notification. Following are the names and previous and new posting destinations of the officers: Syed Tanveer Ahmad (BS-20) has been transferred from Director, Directorate of Reforms and Automation (Customs), Karachi to Collector, Model Customs Collectorate, Gwadar. He will hold additional charge of the post ... Read More »

PIA to pay taxes on leased aircrafts in instalments

ISLAMABAD: Economic Co-ordination Committee of the Federal Cabinet has allowed Pakistan International Airlines to pay taxes on leased aircraft on monthly instalment, official sources said. Sources said the ECC in its meeting on December 3, 2013 regarding critical liquidity condition of PIA, was informed that the corporation has bought 10 narrow body aircraft, at a cost of $64.8 million, including ... Read More »

Gwadar to be foundation of Pakistan’s future development

ISLAMABAD: The newly developed port of Gwadar can serve as cornerstone of the country’s economic development and change plight of the people of Balochistan if its real potential is exploited to bolster trade in the region. This was stated by retired Colonel Maqbool Afridi, Chairman Standing Committee, Gwadar Promotion and Development of Federation of Pakistan Chambers of Commerce and Industry. ... Read More »

Govt officials cannot avail amnesty scheme: Asad

KARACHI: The amnesty scheme recently launched by Federal Board of Revenue (FBR) to whiten undeclared money will not be available for the holders of public offices and government officials, FBR’s official spokesperson Shahid Hussain Asad has said. “The incentive scheme is offered to general public but it is not for government officials, as they are already submitting their assets on ... Read More »

PTEA pleas for refunds

FAISALABAD: Pakistan Textile Exporters Association has demanded the government intervention for the release of huge amounts of textile exporters, stuck up in refund regimes and also sought to allow zero rating on textile exports. PTEA Chairman Sheikh Ilyas Mahmood and Vice Chairman Adil Tahir termed the liquidity crunch as major hurdle in promotion of exports. The textile industry had been ... Read More »

Govt reiterates its commitments to IMF

ISLAMABAD: Government of Pakistan has reiterated its commitments to International Monetary Fund through a letter of intent recently published by IMF. According to the Letter of Intent dated December 5, 2013 available on the IMF website, the government said that it remained committed to the plan to broaden the tax net through elimination of most tax exemptions and loopholes granted ... Read More »

PM appoints new BoI chairman

ISLAMABAD: Prime Minister Nawaz Sharif has appointed Miftah Ismail as Chairman Board of Investment on an honorary basis. This was issued by the Cabinet Division in a notification. Miftah Ismail is a Karachi based businessman and belongs to the Candyland Group. He has his PhD in Public Finance and political economy from Wharton School of Business, in University of Pennsylvania, ... Read More »