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Customs vigilant in averting flight of foreign currency

KARACHI: Pakistan Customs has initiated an effective onslaught against flight of foreign currency through passengers and has so far been successful in recovering a substantial amount during its operation, official sources said. A customs official said that airport staff is ensuring the filing of the currency declaration form at departure. This is followed by a physical inspection in case of ... Read More »

Fake claim: Company gets millions in ST refunds

KARACHI: A civil construction company has reportedly obtained sales tax refunds worth millions of rupees from Federal Board of Revenue through tax reforms projects on fake claims, official sources said. A Housing Enterprise had availed of zero–rated sales tax on services provided to the revenue body and other government departments and obtained refunds of Rs 133 million by presenting its ... Read More »

Chinese officials take assessment trip to Gwadar port

GWADAR: A high-level Chinese delegation under the leadership of Yang Zan Director General of Department of International Cooperation Ministry of Transport visited Gwadar and discussed the possibilities of linking the port through road and rail with China and other regional countries to make it fully functional for future trade and economic activities. In the meeting between the delegation headed by Yang ... Read More »

FBR wants amends to procedure for ST registration

ISLAMABAD: The Federal Board of Revenue is likely to notify amended sales tax registration procedure once the Law and Justice Division cleared the proposed amendments after vetting. It is to be noted that comprehensive amendments to the special procedure for sales tax registration have been proposed by the FBR to do away with existing faulty system. The prevailing system lacks ... Read More »

PM’s incentive scheme: New taxpayers held out an olive branch

ISLAMABAD: Holding out an olive branch to the new taxpayers under Prime Minister’s Incentive Scheme, the Federal Board of Revenue allowed new taxpayers to file income tax returns manually in case of Income Tax Return Form IT-6 for Tax Years 2008-12 under SRO 1065(I)/2013. To facilitate the new taxpayers, the FBR has defined different modes for submission of returns/statements including ... Read More »

MPs to get NTNs on a par ECP data

ISLAMABAD: The Federal Board of Revenue (FBR) the FBR will issue National Tax Numbers (NTNs) to parliamentarians by taking into account details mentioned in nomination papers filed by the contesting candidates in general elections-2013 with the ECP. As per details, the FBR has collected CNICs from the nomination papers of all the winning candidates of general election-2013. Following these details, ... Read More »

Duty collection: MCC-Appraisement (South) for evolving effective strategy

KARACHI: Chief Collector Appraisement (south) Nasir Masroor Ahmed held a series of meetings with Collectors of all three collectorates. Sources told Customs Today that the Chief Collector recently held the meeting with the MCC-Appraisement (West) Collector Muhammad Saleem, MCC-Appraisement (East) Collector Abdul Rashid Shaikh and MCC-Port Qasim Collector Dr Agha Owais Jawwad. Sources further informed that the Chief Collector-Appraisement (South) ... Read More »

Importers, customs agents facing hardships in hearing of their cases

KARACHI: The importers and Customs agents are facing immense hardships in hearing of their cases, due to shortage of Pakistan Customs officers at Additional Collectors (ADCs) and Deputy Collector (DCs) level. Importers and other stakeholders were of the view that they have to stand in long queues outside the offices of ADCs and DCs for hours, but no one entertained ... Read More »

Man found in possession of huge foreign currency

KARACHI: The Customs Drugs Enforcement Cell has arrested a man with huge sum of foreign currency here at Jinnah Terminal Airport. As per details, Customs DEC officials recovered 31,000 Saudi Riyal and 87,000 UAE Dirham, equivalent to $32,000 or Rs3.4 million from socks and shoes a passenger. The man identified as Saeed Ahmed Sheikh, a resident of Hyderabad, was going ... Read More »

FBR moves for review of verdict on fuel levy

ISLAMABAD: The Federal Board of Revenue (FBR) moved a petition in the Supreme Court, seeking review of its Dec 10, 2013, verdict against the government’s attempt to validate the collection of general sales tax (GST) on petroleum products and compressed natural gas (CNG) since July 1, 2007. A bench headed by former chief justice Iftikhar Muhammad Chaudhry had struck down ... Read More »

ECC takes up vital projects today

ISLAMABAD: Finance Minister Ishaq Dar has convened a meeting of Economic Coordination Committee (ECC) of the Cabinet on Wednesday (today) to consider a proposal of Petroleum Ministry on sale of gas to Engro Fertilizer Limited (EFL). However, the issue of Pakistan Steel Mills (PSM) is not part of the agenda of the meeting. The ECC will approve inclusion of PET-COKE ... Read More »

Govt committed to taking federating units along: Dar

ISLAMABAD: Finance Minister Senator Ishaq Dar has declared that the PML-N government is striving hard to resolve all issues with the federating units in a spirit of understanding and consensus to promote national cohesion. He was presiding over a meeting of a committee constituted by the Council of Common Interests to rename the Ministry of Education, Training and Standards in ... Read More »

Customs impounds smuggled goods worth Rs5m

LAHORE: Customs authorities seized non-duty paid goods and articles worth Rs 5 million from various places in Lahore. Sources said that customs officials confiscated ten tonnes of wire rope, auto parts and foreign cloth worth Rs 2 million on the Ravi Road. Similarly, the anti smuggling wing impounded 750 tonnes cloth worth Rs 0.7 million on the Circular while 2000 ... Read More »

Indo-Pak Commerce Secy level talks to start from Jan 15

ISLAMABAD: Commerce secretary level talks between India and Pakistan would be held on January 15-16 in New Delhi to put trade ties back on track between the two countries. India has agreed on talks titled “meeting for review of previous round of setting of fresh timelines” without any precondition. “During commerce secretary level talks, Pakistan will give commitment on facilitation ... Read More »

Man caught smuggling woman in a suitcase

NOGALES: An American citizen was caught by authorities who found a woman stuffed in his suitcase at the Port of Nogales in the United States of America. U.S. Customs and Border Protection officials said that officers stopped the 56 year old man to inspect his vehicle. Customs and Border Patrol spokeswoman Edith Serrano said when officers opened a suitcase in ... Read More »

NATO military cargo handling reduced at KPT

KARACHI: Karachi Port has experienced a reduced cargo handling activity for the last two years due to reduction in NATO and US military supplies. This was revealed by Karachi Port Trust officials before the National Assembly Standing Committee on Ports and Shipping. The committee met with Syed Ghulam Mustafa Shah in the chair where briefing was given on the performance ... Read More »

PIAF lauds govt’s 1000MW electricity import project

LAHORE: Pakistan Industrial & Traders Associations Front (PIAF) has welcomed the government’s initiative to get 1000 megawatt electricity from Iran and hoped that the project would be completed in shortest possible time. PIAF Chairman Malik Tahir Javed has urged the Prime Minister Mian Nawaz Sharif not to compromise on this mega project as 1000 MW electricity would give a new ... Read More »

Gold imports up 87.02pc in July-November 2013

LAHORE: Gold imports during the first five months of fiscal year 2013-14 have surged by 87.02 per cent as against the same period of last year. According to data revealed by Pakistan Bureau of Statistics, during the period under review, 3,427 kg of yellow metal worth of $139.921 million was imported as compared to the import of 1,380 kg valuing $74.815 ... Read More »

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 »