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Above 120,000 income tax returns added to ATL during lockdown: FBR

ISLAMABAD: Federal Board of Revenue (FBR) have received above 120,000 income tax returns since launch of new Active Taxpayers List (ATL) on March 01, 2020 and during ongoing lockdown to prevent spread of coronavirus, according to updated list issued June 01, 2020. The updated ATL for tax, around 120,000 taxpayers filed their annual returns for tax year 2019 since March ... Read More »

FBR extends date for POS integration up to June 30

ISLAMABAD: Federal Board of Revenue (FBR) on Thursday extended the date for integration of Point of Sale (POS) by high volume retailers up to June 30, 2020. The last date for integrating the POS for Tier-1 retailers was April 30, 2020. The FBR said that only those retailers can integrate their POS by June 30 who submit their intention to ... Read More »

Gwadar Customs announces auction of vehicles on 3 June

KARACHI: Model Customs Collectorate (MCC) Gwadar announced auction of confiscated vehicles on 3 June and 10 June 2020 at the Customs House Gwadar. A notification issued by the Collectorate stated that vehicles old and used of different make and model and launch without engine would be presented at first auction to be held on June 03, 2020 and in second ... Read More »

FPCCI demands withdrawal of discretionary powers of tax officials

KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has demanded withdrawal of discretionary powers of tax officials including multiple selection of audit and entering business premises. Mian Anjum Nisar, President and Zakaria Usman, Convener, Budget Advisory Council of the FPCCI urged the FBR to withdraw the discretionary powers vested with the tax officials to avoid their misuse, provide ... Read More »

10th National Finance Commission constituted

ISLAMABAD: The President of Pakistan on Tuesday constituted the 10th National Finance Commission (NFC) consisting members of federal and provincial governments. The finance commission has been constituted with effect from April 23, 2020, consisting following members: 01. Minister for Finance, Government of Pakistan: Chairman 02. Minister For Finance, Government of the Punjab: Member 03. Minister for Finance, Government of Sindh: Member ... Read More »

DG Valuation issues customs values of engine parts vide VR 1446/2020

KARACHI: Directorate of Customs Valuation Shafiq Ahmad Latki has issued customs values of engine parts (replacement auto parts) vide Valuation Ruling No. 1446/2020. Consequent upon issuance of CGO No. 15/2019 dated 13.3.2019, Unit of Measurement (UoM) of number of engine parts (replacement auto parts) was changed from kilogram to per unit and accordingly, the UOM was revamped vide Valuation Ruling ... Read More »

ECC approves sales tax subsidy on locally manufactured tractors

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet has approved a multi-billion agriculture package to provide the farmers subsidy on fertilizers, reduction in bank mark-up on agriculture loans, subsidy on cotton seed and white fly pesticides and sales tax subsidy on locally manufactured tractors. The agriculture package is part of the Rs 100 billion earmarked out of the Rs ... Read More »

Private terminal operators agree to extend free time, assures KPT chairman

KARACHI: Chairman Businessmen Group, Vice Chairman KPT and Former President KCCI Siraj Kassam Teli, has expressed profound gratitude and deep appreciation for the support and cooperation extended by the Chairman Karachi Port Trust (KPT) Rear Admiral Jamil Akhtar to the business community in resolving the complex issue of waiver of demurrage on import consignments charged by the private terminal operators. ... Read More »

ASO seizes non-duty paid goods worth Rs37m near Tank

PESHAWAR: Collectorate of Customs Preventive Anti-Smuggling Organization (ASO) of Dera Ismail Khan seizes huge quantity of smuggled goods worth Rs37 million. Sources told that Collector Khalil Yousafani received credible information about smuggling attempt through Dera Ismail Khan. He immediately directed Deputy Collector Khayal Muhammad to enhance patrolling in the jurisdiction to thwart the attempt. Subsequently, the staff of ASO Dera ... Read More »

Proper Covid-19 measures implemented at Customs House Karachi, NBP branch to open on Saturdays  

KARACHI: With joint efforts of FPCCI Vice President Khurram Aijaz and Karachi Customs Agents Association (KCAA), Customs Department fully implemented proper measures to ensure social distancing at Customs House Karachi and inside the National Bank of Pakistan (NBP) branch to avoid spread of Covid-19. Customs Today reported yesterday morning at 9am about huge rush in the building even after directives ... Read More »

ASO Jhang seizes smuggled goods worth Rs 46.39 millions

FAISALABAD: The Collectorate of Customs Preventive ASO Jhang has seized miscellaneous smuggled Contrabands goods Worth Rs 46.39 Millions involving duty and taxes Rs 9.4 Millions during Raid with assistance of Local police. Additional Collector Ghulam Nabi Kamboh While talking with Customs Today as smugglers are taking advantage of current COVID-19 situation in the region. Whereas Collector Fiaz Anwar directed his ... Read More »

Customs I&I seizes smuggled goods worth Rs39m from Super Parcel Goods train   

KARACHI: Directorate of Customs Intelligence and Investigation (I&I) team recovered huge quantity of smuggled goods which were being transported from Lahore to Karachi. According to sources, Director I&I Irfan Javed received credible information regarding transportation of huge quantity of smuggled goods from Lahore to Karachi through Railways goods train taking the advantage of ongoing countrywide lockdown, the team of Customs ... Read More »

Govt orders halt to fishing related activities at Karachi harbour to stem virus

KARACHI: The Government of Sindh ordered that all fishing related activities will remain suspended at Karachi Fish Harbour till further orders to contain the spread of the coronavirus. “There has been no observance of SOPs for social distancing and there has been an increase in the number of Corona Virus cases (COVID-19) in Sindh, which are expected to rise expeditiously, ... Read More »

NAB Karachi recovers Rs 16b from PAF, Maxim Group in mega corruption case: Director Hafeez Siddiqui

KARACHI: PAF management and JV Partner Ch Tanvir Builder of Maxim Group have surrendered before NAB investigation and agreed to refund the claims of 6000 affectees by paying more than Rs 16 billions to them with immediate effect. Due to untiring/relentless efforts of NAB team headed by Director Hafeez Siddiqui under the close supervision of DG NAB Sindh Dr Najaf ... Read More »

ADB announces $20b virus rescue package

ISLAMABAD: The Asian Development Bank said Monday it will roll out a massive $20 billion package to help developing member nations weather the economic fallout from the coronavirus pandemic. The fund represents the tripling of a package announced just a month ago, which the ADB decided to boost as the scale of the contagion’s impact has mushroomed. Nearly simultaneous shutdowns ... Read More »

Chief Collector Wasif Memon reviews safety measures at Customs House

KARACHI: Collectorate of Customs Enforcement and Facilitation Chief Collector Wasif Memon presided over a meeting to review measures against coronavirus at Customs House after an employee was tested positive. The meeting was also attended by collectors and additional collectors and other relevant officials. During the meeting it was decided that the State Bank of Pakistan will be approached to facilitate ... Read More »

ECC approves formation of PNC for TAPI Gas Pipeline Project

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet approved four technical supplementary grants worth Rs13,811.212 million during the current fiscal year (2019-20), the Ministry of Finance here Thursday said. The statement said the ECC had also given approval to the constitution of Price Negotiation Committee for Turkmenistan-Afghanistan-Pakistan-India (TAPI) Gas Pipeline Project. The committee approved an amount of Rs160 million ... Read More »

FBR promotes 42 IRS officers to BS-20, BS-21 with immediate effect

ISLAMABAD: Federal Board of Revenue (FBR) issued orders for promotions of Inland Revenue Service (IRS) officers to BS-20 and BS-21. The following BS-20 officers of Inland Revenue Service are promoted to BS-21 on regular basis with immediate effect and until further orderst:- Dr. Farrukh Ansari Sajidullah Siddiqui Dr. Aftab Imam Dr. Tauqeer Ahmad Memon Shahid Iqbal Baloch Ahmad Shuja Khan ... Read More »

SBP to limit person-to-person interaction in wake of COVID-19

KARACHI: State Bank of Pakistan (SBP) has decided to facilitate customers in wake of COVID-19 pandemic by limiting person-to-person interactions and to provide ease of services to the customers, banks/MFBs are allowed to provide the following services to their customers: Direct Cheque Deposit Facility under which: a) A crossed cheque may be presented by payee/beneficiary directly into the paying/drawee bank, ... Read More »

Nikkei gains most since 2016 on hopes for BOJ buying; SoftBank Group jumps

SYDNEY: Japan’s share benchmark Nikkei climbed more than 7% on Tuesday, logging its biggest one-day surge in more than four years, boosted by hopes for massive buying by the Bank of Japan (BOJ) and public pension funds. The Nikkei average surged 7.1%, its biggest daily gain since February 2016, to finish at 18,092.35, its highest close in 1-1/2 weeks. The ... Read More »