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Punjab to tax big houses, luxury items in budget

LAHORE: The Punjab government will impose a new tax on big houses and luxury items in the next fiscal year, and rates of route permit and fitness certificate of vehicles will be increased with aim to enhance revenue. Punjab Finance Minister Mujtaba Shujaur Rehman expressed these views while presiding over a resource mobilisation committee meeting. MPAs – Sheikh Allauddin, Dr ... Read More »

Budget to set the pace: FBR gearing up for phasing out SROs

ISLAMABAD: The Federal Board of Revenue (FBR) is likely to withdraw sales tax, income tax and customs duty exemptions granted through statutory regulatory orders (SROs) in budget (2014-15) including major amendments to SRO 1125(I)/2011 dealing with lower rates of sales tax (2 to 5 percent) on five leading export-oriented sectors – textile, leather, carpets, surgical and sports goods. According to ... Read More »

FBR does’t on board: NA body okays tariff structure for auto industry

ISLAMABAD: The National Assembly Standing Committee on Industries and Production worked out a five-year new tariff regime for auto sector, presumably to bringing down rates imported and locally assembled cars, without taking Federal Board of Revenue (FBR) on board. Presided over by PTI lawmaker Asad Umar, the committee also recommended reduction in GST on tractors from 16 to 10 percent ... Read More »

Deemed income of taxpayer: Tribunal rules out Section 111 interpretation

LAHORE: The Appellate Tribunal Inland Revenue Lahore ruled out the tax department’s interpretation of Section 111 of the Income Tax Ordinance 2001 and termed that making addition to the income of a taxpayer by wrongly applying accounting principles and interpretation of fiscal laws was unjust. As per details, in a landmark verdict, the tribunal also overthrew the department’s applicability of ... Read More »

Amid concerns, SCCI demands SRO 351 withdrawal

SIALKOT: Sialkot Chamber of Commerce and Industry (SCCI) President Dr Sarfraz Bashir expressed great concern on issuance of SRO 351 (I) 2014 and said that it will create multiply problems for business community. In press communiqué issued here, he said that the business community was unable to understand logic of the issuance of SRO 351 that had created a parallel ... Read More »

PRV Section of MCC Appraisement-West recovers Rs20.1m

KARACHI: Post Release Verification (PRV) Section of Model Customs Collectorate of Appraisement-West has recovered an amount of Rs 20,124,450 in the period from April 1 to May 10, 2014. The PRV Section of MCC Appraisement-West has recovered the said amount by different importers in violation of PCT, non-implementation of valuation rulings, taking wrong advantage of SROs and PCT classification. The ... Read More »

Ahmed Mujtaba Memon resumes charge as Collector Adjudication-II

KARACHI: Collector of the Customs Collectorate of Adjudication-II, Ahmed Mujtaba Memon has resumed charge as Collector, Customs Collectorate of Adjudication-II on Monday. It is pertinent to mention here that the Collector , Ahmed Mujtaba Memon was on one-month leave and Director Transit Trade, Javed Ghani had an additional charge of Collector Adjudication-II in his absence. Read More »

IOCO recommends FBR to change SROs 565,567,575

KARACHI: Input-Output Co-efficient Organization (IOCO) has forwarded recommendations to Federal Board of Revenue regarding change in concessionary regime/exemptions in SROs 565, 567 and 575. FBR sources informed Customs Today that the SRO 567 related to the pharmaceuticals, containing a description of craft paper, which may be misused by the exporters through Duty and Tax Remission on Export (DTRE), as they ... Read More »

Importers, traders irked by higher valuation, gross weight charges

KARACHI: Pakistan Customs authorities are determined to reduce the massive difference between the revenue collection and the revenue target set by the Federal Board of Revenue for the fiscal year 2013-14 through exercising all its available powers, which is badly affecting the trade and import activities in the port city. The importers and traders have expressed their deep concerns over ... Read More »

Zulfiqar Ahmad Malik posted as Collector Appeals

ISLAMABAD: Federal Board of Revenue has announced transfers and postings of Grade 19 and Grade 20 officers of Pakistan Customs Service. Dr. Zulfiqar Ahmad Malik of Pakistan Customs Service (BS-20) has been transferred from the post of Director, Directorate of Post Clearance Audit, Karachi to the post of Collector, Collectorate of Customs (Appeals), Karachi. Pervez Esbhani of Pakistan Customs Service ... Read More »

Pak-China FTA: Leather exports yet to reap benefits

KARACHI: Pakistan is not benefiting from Free Trade Agreement with China, as the leather industry is still paying around 9 per cent import duty on its export goods to China owing to non-implementation of zero-duty under FTA regime. “With a view to enhance bilateral trade, Pakistan and China, around 7 years back, had signed an FTA under which both the ... Read More »

FTO turns down FBR’s review petition

ISLAMABAD: The Federal Tax Ombudsman (FTO) while rejecting the FBR’s review petition against its earlier orders, ruled that the compensation amount was to be reckoned from the date of deemed assessment and not from the date of any order for issuance of refund passed belatedly by the department. As per details, in a review petition FBR contends that the FTO ... Read More »

Customs violating LHC’s directives

LAHORE: By weighing essential packing in the assessable value of consignments, the Customs Department has been flouting the directives of Lahore High Court (LHC). As per details, the LHC in its order of April 30, 2014, directed the customs department to ensure assessment of consignments as per the letter of November 4, 2011 with reference to its earlier letter of ... Read More »

Sugar mills evading tax on steel production

LAHORE:At least 10 sugar mills, which are simultaneously producing steels through their melting units of 5 to 15 million tonnes capacity, have been evading tax of billions of rupees since their installation. There is no account of the number of units produced by the sugar mills, as the steel melting units of sugar mills are operating on electricity generated through ... Read More »

Sost dry port closed down by protestors

GILGIT: While registering their protest, traders of Gilgit-Baltistan have closed down Sost Dry Port for any kind of exports and imports. The protest came in the aftermath of unjustified taxes and unfriendly business approaches of the federal government. Traders have closed the port for indefinite time also announcing the closure of business till their demands are met. Former president of ... Read More »

ST on services: SECP proposes amend to FED Act

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has proposed amend to the Federal Excise Duty Act, 2005 and related rules which are still applicable to service sector including insurance companies despite introduction of Sales Tax on services laws by the Sindh and Punjab and other provinces. According to the SECP budget proposals submitted to the FBR, after the ... Read More »

Boosting oil & gas sector: Cut in minimum turnover tax proposed

ISLAMABAD: The Federal Board of Revenue (FBR) is mulling a budget proposal over, seeking reduction in minimum turnover tax in the upcoming budget for 2014-15 to boost the oil and gas sector. As per details, the Finance Division has forwarded the budget proposal of the Sub-Group of the Economic Advisory Council (EAC) on Energy to the FBR for consideration in ... Read More »

R&D Section of MCC Appraisement-East recovers Rs15.6m

KARACHI: The Research and Development (R&D) Section of Model Customs Collectorate of Appraisement-East has recovered an amount of Rs 15,590,381 in the month of April, 2014 from different importers in cases of violation of valuation rulings, mis-declaration, wrong use of concessionary SROs and in-admissibility of SROs. According to details, the R&D Section has recovered an amount of Rs 515,965 from ... Read More »

FPCCI urges privatized customs laboratory at Karachi

KARACHI: Federation of Pakistan Chambers of Commerce & Industry (FPCCI) President Zakaria Usman while lamenting the Pakistan Customs for not upgrading its customs laboratory during the last more than 60 years has urged FBR Chairman Tariq Bajwa to either upgrade it or allow the private sector for establishment of a state of the art modern laboratory at its Karachi Station, ... Read More »

India asks Pakistan to raise LoC trade protocols items from 21 to 40

LAHORE: Indian Government has requested the Pakistani Government to increase the number of items allowed under the Line of Control (LoC) trade protocols from 21 to at least 40. Cross border trade between India and Pakistan continues to flourish peacefully. Recently, more than 25 truckloads of bananas from India and ten truckloads of dry fruits from Pakistan crossed over, facilitating ... Read More »