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Michael to set example in drought affected areas

KARACHI: Federal Minister for Ports and Shipping Kamran Michael shall go to Thar Desert’s drought affected area and distribute food and medicine and oversee the remedial activities there. Federal Minister has given his pay of this month in the fund collected by Ministry of Ports and Shipping. More so he has directed officials of Karachi Port Trust to donate a ... Read More »

Pakistan Customs doing its best to curb smuggling: Yahya

KARACHI: Chief Collector Enforcement-South Muhammad Yahya has said that Pakistan Customs has been doing its utmost efforts in curbing smuggling due to which the smuggling activities have been reduced to some extent and that their efforts will be continuing. He said this in a meeting with office bearers of Federation of Pakistan Chambers of Commerce & Industry during a visit ... Read More »

FBR links special allowance with Crest utilization

ISLAMABAD: The Federal Board of Revenue (FBR) is set to withdraw special pay package/allowance of the officials who will fail to utilise the Computerised Risk-Based Evaluation of Sales Tax (Crest) for detecting discrepancies in the sales tax returns/statements and refund claims. As per details, the issue of Crest was discussed during the Chief Commissioner conference held at the FBR House. ... Read More »

Revised target for 4th quarter: Bajwa for steps to meet challenge

ISLAMABAD: Federal Board of Revenue (FBR) Chairman Tariq Bajwa asked Chief Commissioners of Large Taxpayer Units (LTUs) and Regional Tax Offices (RTOs) to take steps on war footing to achieve the revised revenue collection target of Rs775 billion for last quarter (April-June) of the current fiscal year. According to details, the issue of achieving revised revenue collection target of Rs2,345 ... Read More »

FBR, SRB and PRA ink MoU on cross adjustment of ST

ISLAMABAD: The Federal Board of Revenue (FBR), Sindh Revenue Board (SRB) and Punjab Revenue Authority (PRA) signed a memorandum of understanding (MoUs) to ensure cross adjustment of sales tax on goods and services levied by the federal and provincial governments. The MoU signing ceremony was held at the FBR House in the presence of Finance Minister Ishaq Dar. The MoUs ... Read More »

KCCI welcomes refunding of ST by mid April

KARACHI: Karachi Chamber of Commerce and Industry President Abdullah Zaki has warmly welcomed the Federal Finance Ministry’s decision to settle refund claims of 26,000 cases by April 15, 2014 whose refund claims are less than Rs 1 million. Abdullah Zaki pointed out that a total of 36,000 cases pertaining to refund claims were lying pending at Federal Board of Revenue, of ... Read More »

ST refunds up to Rs1m to be cleared by mid April

ISLAMABAD: Federal Minister for Finance Ishaq Dar has directed Federal Board of Revenue to refund sales tax refunds up to Rs 500,000 in three weeks and up to Rs 1 million by April 15. Dar was addressing the Annual Chief Commissioners Conference while he announced payments of sales tax refunds to clear the backlog. He directed FBR for immediate payments ... Read More »

Customs values of computer leads, networking cables issued

KARACHI: The Customs values of computer leads and networking cables have been determined by the Directorate General of Customs Valuation Department through Valuation Ruling No 643/2014 under Section 25-A of the Customs Act, 1969. According to details, the customs value of computer leads from China having Pakistan Customs Tariff (PCT) code 8544.4210 and proposed PCT code for WeBOC 8544.4210.1000 has ... Read More »

Rupee, economic indicators are proof of govt’s sincerity: Malik

LAHORE: Depreciation in dollar prices and growth in economic indicators are an ample proof that the government is making all out efforts to put economy back on track. These views were expressed by the Member of National Assembly Pervez Malik while talking to a delegation of businessmen at his office. He said that Prime Minister Nawaz Sharif and Finance Minister ... Read More »

Opposition, objections: Plan for tax stamps/labels on cigarettes hits snag

ISLAMABAD: Bowing down to resistance from multinational companies and objections of small manufactures and Transparency International Pakistan, the Federal Board of Revenue (FBR) has halted its plan for implementation of high-security tax stamps/labels on cigarettes. According to details, the FBR is now trying to introduce a foolproof mechanism for implementing high security Tax stamps/labels combined with state-of-the-art Track & Trace ... Read More »

Boosting trade priority: Bajwa reiterates resolve to abolish SROs

ISLAMABAD: Federal Board of Revenue (FBR) Tariq Bajwa has reiterated the resolve to do away with all concessionary Statutory Regulatory Orders (SROs) over the next three years to provide maximum relief to business community and boost trade in the country. Speaking during his visit to Khyber Pakhtunkhwa Chamber of Commerce and Industry (KPCCI), the FBR boss said the government had ... Read More »

Privilege & Honour Card: FBR seeks top taxpayers’ details by March 16

ISLAMABAD: The Federal Board of Revenue (FBR) has asked top taxpayers to provide computerised national identity card numbers (CNICs) and name of nominee (Director/Member), (NTNs and name of company/AOP till March 16 to finalize the process for Privilege and Honour Card Scheme. According to the FBR, the list of top taxpayers qualifying for Privilege and Honour Card Scheme, under the ... Read More »

Value of rupee was low due to speculations: Dastgir

LAHORE: Federal Minister for Commerce Engineer Khurram Dastgir has said that previously the value of rupee had gone down due to speculations in the market but now it has risen again to normal level. Dastgir said that people were speculating that the government had a deal with the International Monetary Fund (IMF) devalue rupee down to the level of Rs ... Read More »

Appreciation of rupee earns govt Rs800bn: Ishaq Dar

ISLAMABAD: Federal Finance Minister Ishaq Dar has said that depreciation of dollar against Pakistani rupee has profited Rs 800 billion to country’s economy. Addressing a press conference at his office, finance minister said that there was a significant increase in GDP ratio in last eight months. He added that economic development ratio will remain 4.5 per cent in the ongoing fiscal ... Read More »

2pc extra-ST: Vending industry cheers up Dar’s assurance

MULTAN: The vending industry of Southern Punjab has welcomed Federal Finance Minister Ishaq Dar’s assurance regarding withdrawal of 2 percent extra tax from  vending industry and termed it a step forwards for the survival of the sector, which he described as backbone of the engineering industry in the country. In a statement issued here, MCCI’s sub-committee on engineering Convener Mian ... Read More »

LSE gains 1.77 points

LAHORE: Lahore Stock Exchange has witnessed bullish trend by gaining 1.77 points, as the LSE Index-25 opened with 5083.80 points and closed at 5085.57 points. The market’s overall situation, however, did not correspond to an upward trend as it remained at 3.190 million shares to close against previous turnover of 3.556 million shares, showing a downward slide of 366,500 shares. While, out ... Read More »

FBR may down revenue target: Provinces urged to go by revised target

ISLAMABAD: Federal Board of Revenue (FBR) Chairman Tariq Bajwa has taken finance secretaries of all the four provinces into confidence over the impending revision to the annual revenue target and urged them to prepare financial plans in the light of revised revenue collection target for the remaining period of 2013-14. According to details, in a meeting the FBR chairman informed ... Read More »

DGTT determines its top most priorities

KARACHI: Directorate General of Transit Trade (DGTT) has determined its top most priorities and challenges in order to facilitate trade, importers and other stakeholders, it is learnt here. According to a senior officer, the directorate is determined to play its role to complete the roll-out of pending WeBOC modules, installation of trackers on reverse, loose and bulk cargo, installation of ... Read More »

R&D Section of MCC-Appraisement (East) recovers Rs23m in Feb

KARACHI: The Research and Development (R&D) Section of the Model Customs Collectorate of Appraisement-East has recovered Rs 23,256,795 in the month of February by detecting 37 cases of tax evasion, mis-declaration and under-invoicing. R&D Section of MCC-Appraisement (East) has detected cases of incorrect classification, incorrect application of valuation rulings, non-implementation of valuation guideline, non-application of Scan prices, inadmissible concession of ... Read More »

FBR outlines Tax Advisory Council for budget proposals

ISLAMABAD: Federal Board of Revenue has announced the awaited Tax Advisory Council to give proposals for the upcoming Budget 2014-15. In this regard, a notification has been issued. According to the notification, Tax Advisory Council and its functions are defined. The Council encompasses all stakeholders including chartered accountants, academia, senior tax consultants, retired senior officers of Pakistan Customs and Inland ... Read More »