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Kinno export to be jacked up to $1b

LAHORE: It is the vision of Punjab Chief Minister to increase Kinno export from existing $ 200 million to $1000 million and strenuous efforts have been made to enhance the production and export of citrus. Punjab Agricultural Secretary Ejaz Munir stated while addressing a Citrus seminar here at village Kot Shahnawaz, Sargodha the other day. He informed that the Punjab ... Read More »

Amends to customs baggage rules on the cards to honour taxpayers

ISLAMABAD: The government has decided issuance of Taxpayers Privilege Cards (TPC) to top taxpayers and granting them incentives through amendment to the customs baggage rules to enhance baggage allowance from $500 to $2,500. The move is said to be part of the PM’s multi-pronged tax incentive package to broaden the taxpayers net and the Federal Board of Revenue (FBR) has ... Read More »

Import of edible oils: Customs blows the lid off huge tax evasion

KARACHI: Pakistan Customs has blew the lid off of a tax evasion scam in the import of edible oils, causing a huge loss of almost Rs90 million to the national exchequer, it has been learnt reliably. The authorities claimed to have unearthed some cases whereby the national kitty has been deprived of huge tax money on the import of edible ... Read More »

DCAs in Customs House Karachi to launch protest

KARACHI: Data Controlling Assistants (DCAs) in Computer Bureau Department, Customs House Karachi are going to launch a protest against non-compliance of their promotion orders given by FTA in the year 2013. One of the DCAs informed Customs Today that a meeting in this regard would be held next week, in which a strategy would be evolved in order to launch ... Read More »

Tea imports down 26.57pc in 5 months

LAHORE: The tea imports witnessed sharp decrease of 26.57 percent during the first five months of the current fiscal year as against the same period of last year. The tea imports during July-November (2013-14) were recorded at $108.476 million against the imports of $147.726 million recorded during July-November (2012-13), according to the latest data of Pakistan Bureau of Statistics (PBS). ... Read More »

FBR collects Rs1020b in 6 months; shortfall remains Rs80-85b

ISLAMABAD: Federal Board of Revenue has recorded a huge revenue shortfall of Rs80-85 billion in the first two quarters of the current fiscal year 2013-14. FBR has collected Rs1,020 billion against the set target of Rs1,100 billion. FBR Official Spokesman Shahid Hussain Asad said that the tax collection recorded a growth of 17 percent over the same period of the ... Read More »

Land for transshipment hub: PIFFA, Bahria varsity sign MoU

KARACHI: A Memorandum of Understanding (MoU) in order to allot a piece of land for constructing transshipment hub in Karachi, has been signed between Pakistan International Freight Forwarders Association (PIFFA) and Bahria University. This was revealed by Chairman PIFFA, Abdul Majeed Paracha while talking to Customs Today. Paracha confirmed that a 20-acre piece of land near Northern Bypass is to ... Read More »

ECNEC approves ten projects totalling Rs. 218.554 billion

ISLAMABAD: A meeting of the Executive Committee of the National Economic Council (ECNEC) was held at the Prime Minister’s Office, with the Finance Minister Senator Mohammad Ishaq Dar in chair. ECNEC in its meeting approved ten projects totaling Rs.218.554 billion which include irrigation, water, power, infrastructure, education and a project for distribution of 100000 laptops under the Prime Minister’s Scheme ... Read More »

TCP short of target for sugar procurement

KARACHI: Trading Corporation of Pakistan is yet to procure 40,000 tons of sugar from local mills against the targeted quantity of 50,000 tons after domestic mills refused to accept the price matching offer. TCP had procured only 10,000 tons of sugar through previous tender. Sources said that in this regard TCP is seeking guidelines from the Ministry of Commerce. In ... Read More »

High profile real estate investors without NTN identified

ISLAMABAD: Directorate General of Intelligence and Investigation Inland Revenue has identified investors in DHA Islamabad doing business without obtaining any National Tax Number. According to the details, the Directorate General I&I-IR has initiated various projects aimed at digging out large scale tax evasion and non-compliance in the different sectors of the economy. One such project is the collection of information ... Read More »

Corporate tax: KTBA seeks extension in date of filing returns

KARACHI: Karachi Tax Bar Association (KTBA) has urged Federal Board of Revenue to extend the last date for filing of income tax returns by corporate entities for at least one month due to heavy workload. KTBA has sent a letter to FBR chairman in which it has pleaded that association members are tied up in the preparation and filing of ... Read More »

VRs for laptop adopters/chargers revised

ISLAMABAD: Directorate General of Customs Valuation Karachi has amended valuation ruling regarding fixation of custom values on import of adopters/chargers for laptops from China. It is learnt on Monday that the directorate has issued order-in-review No 365/2013 under section 25-D of the Customs Act, 1969 against Valuation Ruling No. 606/2013 dated 06-11-2013. According to the order of the directorate, the ... Read More »

Drastic cut in FED on sugar export

ISLAMABAD: Government has announced reduction on Federal Excise Duty on the export of sugar from 8 to 0.5 per cent. Federal Board of Revenue has issued SRO.1072 (I)/2013 in this regard. Sources said that through the SRO concession would only be available to the mills engaged in export of additional quantity of 500,000 tonnes of sugar as per specified quota. ... Read More »

Export consignments held with fake exemption documents

KARACHI: Pakistan Customs has seized consignments of export goods with fake exemption documents at a green channel facility according to a press release. Model Customs Collectorate of Exports has revealed that it had received information regarding unscrupulous elements trying to export goods against fake export documents. On this information, the Export Intelligence Branch mounted vigilance on all outgoing suspected consignments ... Read More »

26th installment under IMF’s SBA repaid

KARACHI: Pakistan has paid the 26th installment to the International Monetary Fund under the Stand-By Arrangement (SBA) facility worth $109 million, as announced by the State Bank of Pakistan. Pakistan has repaid a total amount of $6,361 million to the IMF since July 2011 out of which $5,513 million were paid against SBA. After the current repayment, the remaining amount ... Read More »

PIAF sees 2014 as year of economic revival

LAHORE: Pakistan Industrial and Traders Associations Front (PIAF) has hoped that the year 2014 would prove a year of economic revival. According to a PIAF report, GSP Plus Status, work on hydle power projects, incentives to the businessmen through withdrawal of harsh budgetary measures and government resolve to strengthen public-private sectors consultation had already laid the foundation for putting the ... Read More »

Govt to accord non-discriminatory access status to India: Dastgir

ISLAMABAD: The Minister of State for Commerce and Textile Khurram Dastgir said that rather than MFN status, the government is going to accord Non- Discriminatory Access (NDA) status to India. Talking to media persons in the Parliament House, Khurram Dastgir said that India has already given MFN status to Pakistan, however it has not given access to its market. While ... Read More »

MCC Lahore Preventive undertakes large scale reshuffling at LFU Wagha

LAHORE: Model Customs Collectorate (MCC) Lahore has undertaken a large scale reshuffling at the Wagha LFU (Land Freight Unit) which comes under MCC Lahore Preventive. At least 85 officials including additional collectors of customs, inspectors and other officials have been transferred. According to details, Dr Asif Mahmood Jah, additional collector customs, AFU has been transferred from air freight unit and ... Read More »

PM directs FBR high-ups to reform taxation system

ISLAMABAD: Prime Minister Nawaz Sharif has said that FBR should reform the taxation system to facilitate the taxpayers. He also directed FBR officials to decrease the rates of Income tax, Sales tax and other duties. The Prime Minister said this while chairing a meeting on reforms in FBR and measures to provide relief to the taxpayer at the PM House. ... Read More »

FTO rejects re-review application by FBR

ISLAMABAD: Federal Tax Ombudsman has rejected the re-review application filed by Federal Board of Revenue wherein it was implored that FTO was not justified in questioning the exercise of powers given by the statute and holding FBR responsible for the issuance of the SRO 1003(I)/2011. Sources said that FBR’s re-review petition against the order passed by FTO in review 12/2012 ... Read More »