Friday , November 27 2020
Breaking News
Home / Latest News (page 2948)

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

PRA seeks identification of unregistered, non-compliant businesses

LAHORE: Punjab Revenue Authority (PRA) has asked the province’s civil administration to identify all unregistered and non-compliant businesses under their jurisdiction besides persuading them towards compliance of the sales tax. PRA has also urged the administration to encourage such businesses for voluntary liquidation of arrears with effect from the date of the relevant service has been brought under tax net. ... Read More »

German customs detect heroin woven into rugs

LEIPZIG: German customs officials have found 45 kilograms of heroin woven into a shipment of Iranian rugs. Officials said that the nine carpets, which had arrived in Germany after being shipped from Iran, raised the suspicions of customs officials at airport because they seemed heavier than normal. X-rays of the shipment revealed that highly refined heroin worth several million dollars ... Read More »

Duty waived: FBR allows steel exporter to shift raw material

ISLAMABAD: The Federal Board of Revenue has allowed a Lahore-based exporter of iron and steel products to transfer raw materials from a public bonded warehouse to manufacture finished goods to be exported without payment of duties and taxes. The FBR directed Collectors Customs that the issue of transfer of material as per rule 355/356 of the Customs Rules 2001 and ... Read More »

LCCI forms valuation committee

LAHORE: The Lahore Chamber of Commerce & Industry has formed Valuation Committee to deal with the valuation issues. The Committee will be headed by the former LCCI President Mian Anjum Nisar while its members are Khawaja Khawar Rasheed, Muhammad Ibrar, Nasir Hameed and Zeeshan Khalil. The decision to form the committee was taken at a meeting held at the LCCI ... Read More »

Dar pins hopes on body for sagacious review of SROs

ISLAMABAD: Finance Minister Ishaq Dar reiterated the resolve to review the Statutory Regulatory Orders (SROs) with the aim to make decisions with collective wisdom in national interest. He was chairing the first meeting of the Committee constituted by PM Nawaz Sharif to review concessionary regime (SROs). The Finance Minister pointed out that the PM constituted the committee comprising representatives of ... Read More »

GSP Plus: Dastgir urges industrialists to opt for value-addition in all sectors

MULTAN: About possible import of electricity from India, Federal Minister for Commerce Engineer Khurram Dastgir Khan has said that the government would avail all resources from every corner whether east or west to overpower energy crisis. He was addressing the business community at Multan Chamber of Commerce and Industry. He further said that talks with India were focused on linking ... Read More »

Growth in trade directly linked to Customs performance: Bajwa

LAHORE: Pakistan Customs performance is linked to creation of a level playing field for business, trade and industry within the country. This was stated by Federal Board of Revenue Chairman Tariq Bajwa after the flag hoisting ceremony on International Customs Day at Customs House, Lahore. He said that absence of proper communication system badly affects overall performance of an organization. ... Read More »

Hundreds of used vehicles stuck up at Karachi ports given waiver by ECC

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet decided to grant one-time waiver for clearance of used vehicles by importers of cars manufactured in the year 2009. The executive body also allowed the Trading Corporation of Pakistan (TCP) to purchase 75,000 tonnes of sugar from mills in the first month and 50,000 tonnes in the subsequent months. The ECC ... Read More »

Customs values of almonds re-determined

KARACHI: Directorate General of Customs Valuation has re-determined the customs values of almonds under section 25-A of the Customs Act, 1969 through a Valuation Ruling No. 635/2014, which superseded the previous VR No. 604/2013 of almonds issued on November 4, 2013. According to details, customs value of almonds in shells (soft cover) from all origins excluding Iran and Afghanistan, having ... Read More »

Dutch customs find 1.2 tonnes of heroin concealed in tomato cans

NETHERLANDS: Dutch customs have found 1.2 tonnes of heroin worth € 21.5 million hidden in tins of tomato cans at the German-Dutch border. Officials stopped two trucks from Germany crossing into the Dutch town of Venlo and used a bloodhound to check for drugs. The dog was drawn to the cargo which consisted of 1,720 cans of tomato purée, some ... Read More »

KCCI expresses reservations, demands stringent measures to curb lawlessness

KARACHI: Karachi Chamber of Commerce and Industry President Abdullah Zaki, while reviewing the overall security situation of Karachi, has stated that the ongoing Karachi operation has failed to achieve the desired results so far as instead of improving, the law and order situation of Karachi has deteriorated drastically which is matter of grave concern and needs to be reviewed. Speaking ... Read More »

ANF captures 150kg hashish, 14kg opium

KARACHI: The Anti-Narcotics Force (ANF), Karachi Region recovered 150-kg of hashish and 14-kg of opium in a search operation near Hub Chowki at Northern Bypass and arrested two drug peddlers. According to details, the accused identified as Rasool Bakhsh and Muhammad Qasim were attempting to transport the drugs in a jeep (BC-7374) from Noshki, Balochistan to Hyderabad. On a tip-off, ... Read More »

PAMA slams increase in used cars’ import

KARACHI: Pakistan Automotive Manufacturers Association (PAMA) Director General has expressed serious concerns at the rapidly increasing import of used cars, a press statement issued by the association said. He said that it was alarming that in the first half of FY 2012-13 the figure of imported units was 5,512 and in the second half it had more than doubled to ... Read More »

Dar to lead Pakistan in EFF review on Feb 1

ISLAMABAD: Optimistic Pakistani team led by Finance Minister Ishaq Dar will conduct the second quarterly review with the International Monetary Fund staff under the ongoing three-year Extended Fund Facility in Dubai on February 2, 2014. Finance Secretary Dr Waqar Masood Khan is schedule to reach Dubai a day earlier (on February 1) to hold technical parlays. Deputy Governor (Banking) Ashraf ... Read More »

1pc ‘further tax’ draws concerns

ISLAMABAD: Experts and industrialists have raised eyebrows over the Federal Board of Revenue decision to charge one percent ‘further tax’ on supplies of textile and leather finished goods to unregistered persons including government departments, having Free Tax Numbers (FTNs). They termed the board’s recent clarification as legally unjust, citing that further  1 percent tax on the government departments having FTNs ... Read More »

LCCI asks govt for revival of tractor industry

LAHORE: Lahore Chamber of Commerce and Industry President Sohail Lashari has expressed concerns at the closure of tractor manufacturing units while asking the government to make efforts for the revival of tractor industry. Due to increased rate of sales tax the tractor industry is running at 30 percent of its installed capacity. He said this while talking to a delegation ... Read More »

Cement industry asked to pay 17pc ST on retail price basis

ISLAMABAD: In pursuance of Finance Act 2013, the FBR directed the Chief Commissioners of Large Taxpayer Units (LTUs) and Regional Tax Offices (RTOs) to collect sales tax from cement industry at the rate of 17 percent on retail price basis with effect from June 13, 2013. The board has also conveyed to cement manufacturers to pay sales tax at the ... Read More »

Seafood export to Middle East declines

KARACHI: Pakistan’s export of seafood to Middle East, particularly to Kuwait and United Arab Emirates has reduced by 40 per cent because of low catch and growing fishing cost. Sources said that fishermen have demanded the government to give subsidy on oil fuel to offset the growing expenses. Fall in fresh fish export has hit the country’s fisheries exporters since ... Read More »

Dar fine-tunes trading of govt securities on bourse

ISLAMABAD: Finance Minister Ishaq Dar appreciated the close cooperation among key national financial regulatory institutions which, he said, enabled and facilitated the rapid placement of necessary infrastructure for secondary market trading of government securities which include Treasury Bills (T-Bills), Pakistan Investment Bond (PIB) and Government of Pakistan Sukuk. He was presiding over a meeting attended by representatives of Capital Market ... Read More »

Customs Day seminar: Appreciation certificates awarded to customs officers

KARACHI: The Pakistan Customs on Monday organized a seminar with the theme of “Communication, Sharing Information for better coordination at the Directorate General of Training and Research (DGTR) Building in connection with International Customs Day. Chief Collector Enforcement (South) Muhammad Yahya was the chief guest on the occasion, while Chief Collector-Appraisement (South) Nasir Masroor Ahmed, Collector MCC-Preventive Syed Muhammad Tariq ... Read More »