Monday , September 28 2020
Breaking News
Home / Latest News (page 60)

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

SHC seeks comments on petition filed by M/s R.A Agency  

KARACHI: A division bench of the Sindh High Court (SHC) called comments on maintainability of the petition and also issued notices to customs officials and deputy attorney general for July 14, 2020 on a constitutional petition filed by M/s R.A Agency in fake importer’ remittance certificate matter. On 9 July 2020, a two-member bench, headed by Justice Khalid Hussain heard ... Read More »

Customs Court extends bail of Aslam Singapuri in Rs28.57m tax evasion case 

KARACHI: The Customs Court extended pre-arrest bail of suspect namely Aslam Khan allies Aslam Singapuri, sitting MNA 254 Karachi, belonged to PTI, booked in a case of mis-declaration and evading the duty and taxes in the tune of Rs28.57 million to the national exchequer. On 9 July 2020, suspect Aslam Khan aka Aslam Singapuri appeared before the court along with ... Read More »

Eradication of corruption NAB top priority: Chairman Javed Iqbal

ISLAMABAD: Justice Javed Iqbal, Chairman National Accountability Bureau (NAB) has chaired a meeting to review overall performance of NAB at NAB headquarters. He said that corruption is the mother of all evils. Eradication of corruption and logical conclusion of mega corruption cases is the top most priority of NAB. NAB is the focal organization of Pakistan under United Nations Convention ... Read More »

Asif Mehmood Jah condition stable now: Doctors

LAHORE: Chief Collector Customs North Region Dr. Asif Mehmood Jah is recovering fast nowadays and is condition is stable now. “I am recovering well now. Millions salutes to the credible Pakistani doctors who successfully treated me in the great public, Mayo Hospital, Lahore. Allah bless you all,” Jah said in massage to his friends. Asif Mehmood Jah, chief Collector of ... Read More »

Raw cotton worth $17.005m exported in 11 months of last FY

ISLAMABAD: Raw cotton exports from the country during first 11 months of fiscal year ended on June 30, 2020 registered an decreased of 9.93 percent as compared the exports of the corresponding period of last year. During the period from July-May, 2019-20, about 12,776 metric tons of raw cotton worth$17.005 million exported as compared the exports $18.879 million of the ... Read More »

Punjab govt decides to put seven areas in Lahore under complete lockdown

LAHORE: Punjab government on Wednesday has decided to impose complete lockdown in seven localities in Lahore following significant surge in coronavirus cases. According to details, the areas that will be sealed after 12:00 am tonight include Wapda Town, EME, A2 block in Township, Johar Town C Block and main bazaar in Chungi Amar Sadhu. Earlier on July 1, Punjab government ... Read More »

Govt set to introduce Public-Private Partnership Ordinance 2020

ISLAMABAD: The government is likely to introduce the Public-Private Partnership Ordinance 2020 in a bid to ensure competition and transparency in the award of big projects. According to sources, the Ministry for Planning, Development and Special Initiative, through a summary, had solicited the approval of the federal cabinet for the proposed Public-Private Partnership Ordinance 2020. The planning ministry, in its ... Read More »

Discrepancies in declarations: FBR blacklists M/s Azmi Plastic Works

MULTAN: The Federal Board of Revenue (FBR) Regional Tax Office (RTO) Islamabad has blacklisted the M/s Azmi Plastic Works after observing abnormal behavior of taxable in the Sales tax returns. Chief Commissioner Inland Revenue Regional Tax Office Islamabad Manzoor Ali Jokhio has examined the available date at Federal Board of Revenue e-portal in respect of M/s Ghulam & Sons located ... Read More »

FBR appreciates services rendered by Ms. Nausheen Javaid Amjad

ISLAMABAD: The senior officers of Federal Board of Revenue (FBR) on Tuesday appreciated the services of Ms. Nausheen Javaid Amjad as FBR chairperson. Ms. Nausheen Javed was transferred from the post of FBR chairperson last Saturday. A FBR statement said that a special Board-in-Council meeting was held in the honour of outgoing Chairperson Nausheen Javaid Amjad. The meeting was attended ... Read More »

FBR extends deadline for stock position filing for sales tax refunds to July 31

ISLAMABAD: The Federal Board of Revenue (FBR)  allowed taxpayers to submit details of their stock position for the period from July 2019 to January 2020, by July 31, in order to claim sales tax refunds under the new verification and issuance system. In an official statement, the FBR extended the time limit for the filing of Annexure–H,  a statement for ... Read More »

Pak rupee strengthens against US dollar in interbank

KARACHI: The exchange rate of Pakistani rupee strengthened by Rs0.10 against the US dollar at the start of intra-day trading. According to forex dealers, the greenback is currently trading at 166.85 against the domestic currency at the interbank foreign exchange market. The dollar had finished at Rs166.85 against the local unit the other day. The price of gold remained stable ... Read More »

Customs North Region surpasses revenue target of FY2019-20 by 12pc

ISLAMABAD: Customs North Region achieved anti smuggling as well as auction target which was allocated for the financial year 2019-20. According to details the annual revenue target was Rs1330 million whereas the North Region achieved 12 percent more than the target assigned despite the fact that due to lock down and 144 orders the auctions were not regularly held, however ... Read More »

SBP extends deferment of principal amount facility till Sept 30

ISLAMABAD: In order to facilitate small and medium sized businesses and households amid COVDI-19 pandemic, the State Bank of Pakistan has decided to extend the deferment of principal amount facility till 30th of September. In a statement, SBP said that this facility will however be available for small & medium enterprise financing, consumer financing, housing finance, agriculture finance and micro ... Read More »

M/s Agroten Traders approaches SHC against detention of consignment imported from KSA

KARACHI: Muhammad Nasir Irshad, proprietor of M/s Agroten Traders has approached the Sindh High Court (SHC) and filed petition against seizing of its imported monoethyllene glycol (MEG) from Saudi Arabia under the garb of VR 1311/2018 On 7 July 2020, counsel for the petitioner stated that petitioner is engaged in the import and supply of monoethyllene glycol (MEG) from Saudi ... Read More »

Wealth statement cannot be revised after 5 years from date of filing IT return

ISLAMABAD: A wealth statement cannot be revised after the expiry of five years from the date of filing of income tax return. According to sources, the amendment has been approved by the National Assembly by passing the Finance Act, 2020. The amendment has been introduced in sub-section 3 of Section 116 to Income Tax Ordinance, 2001. The sources said that ... Read More »

Owners of M/s Ajwa Enterprises & Tollar Enterprises seeks pre-arrest bail

KARACHI: The Customs Court issued notices to the special prosecutor for customs department and investigation officer on petition filed by Muhammad Javed son of Abdul Razzaq, owner of M/s Ajwa Enterprises and Muhammad Saleem son of Abdul Razzaq, owner of M/s Tollar Enterprises, who were nominated in first information report (FIR) in contraband goods smuggling scam. On 7 July 2020, ... Read More »

Bank deposits reach record high at Rs16.23tr

KARACHI: The deposits of banking systems have reached record high at Rs16.23 trillion by end of June 30, 2020, according to data released by State Bank of Pakistan (SBP) on Tuesday. The deposits of baking system registered 12.24 percent growth by end of June 2020 as compared with Rs14.46 trillion by end of same month last year. Analysts explained that ... Read More »

EOBI pensioners to get Rs 2.4b arrears in August with increased annuity: Chairman

ISLAMABAD: The Employees’ Old-Age Benefits Institution (EOBI) would pay three-moth arrears amounting to Rs 2.4 billion to around 400,000 registered pensioners with increased annuity in the next month, its Chairman Azhar Hameed said. “Each retired employee registered with the EOBI will get increased pension of Rs 8,500 coupled with Rs 6,000 arrears of three months (April, May and June). In ... Read More »

CRTO to hold e-Katcheri on July 10

KARACHI: Corporate Regional Tax Office (CRTO) Karachi to conduct public e-Katcheri for efficient service delivery and ensure public trust, sources said on Wednesday. The program has been launched in compliance with the directive of the prime minister to conduct E-Khuli Katcheri to stay in contact with the public by all available means and provide them accessible platform to raise their ... Read More »

USA, China, UK top three destinations of Pakistani exports: SBP

ISLAMABAD: The United States of America (USA) remained the top export destinations of the Pakistani products during the eleven months of current financial year (2019-20), followed by China and United Kingdom (UK). The total exports to the USA during July-May (2019-20) were recorded at US $ 3588.819 million against the exports of US $ 3727.390 million during July-May (2018-19), showing ... Read More »