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Tag Archives: Customs Today

Karachi Tax Bar seeks removal of flaws in IT return form

KARACHI: The Karachi Tax Bar Association (KTBA) has written to the Federal Board of Revenue (FBR), asking it to remove flaws in new income tax return form for tax year 2014. In its letter, the KTBA pointed out that the board has uploaded the income tax returns along with allied annexure and wealth statement on its web portal without the ... Read More »

Kh Asif sheds light on Chinese investment, projects

ISLAMABAD: Federal Minister for Water and Power Khawaja Asif said that China intends to invest 34 billion dollars in Pakistan as Foreign Direct Investment (FDI) and not as a loan. “Chinese companies aim to invest $34 billion in different projects, while Chinese banks EXIM and China Development Bank would finance these companies,” Asif said while addressing a press conference called ... Read More »

Midday: Stocks keep on rallying amid devastating flood

KARACHI: Cautious optimism kept the stocks racing forwards as Karachi Stock Exchange KSE 100-index gained another 59 points or 0.20 percent to 29787 points in midday trading. Although the enormity and severity of crises have worsened with the ongoing flash flood, the stock exchange seems to have chosen the middle way. The market plunged to 29712.11 in the opening hours ... Read More »

Holder of taxpayer card to get numerous benefits: Bajwa

MULTAN: Federal Board of Revenue (FBR) Chairman Tariq Bajwa disclosed that Nadra had designed a ‘distinction’ card for the taxpayers and holders of this card will get numerous benefits. Addressing members of Multan Chamber of Commerce and Industry (MCCI), Bajwa pointed out that holders of this card would be entitled to pay concessional tax on the purchase of cars and ... Read More »

Islamabad-Geneva sign treaty on avoidance of double taxation

ISLAMABAD: Three days visit of the Pakistani delegation to Switzerland ended in signing a revised treaty on avoidance of double taxation. The treaty will also help Islamabad seek information about the money deposited by Pakistani nationals in Swiss banks for tax purposes. The documents were inked at the conclusion of talks held in Geneva to renegotiate the July 2005 Convention ... Read More »

Rs107m recovery: Tribunal turns down PSO appeal

KARACHI: The Customs Appellate Tribunal dismissed a Pakistan State Oil (PSO) appeal against the recovery of Rs107 million by the Customs authorities the former had not paid in the head of development surcharge on supply of POL products. It is verdict, the tribunal observed that the appellant could not be allowed to manipulate the provisions of Customs Act, 1969 and ... Read More »

Midday: KSE builds on overnight tempo, adds 271 points

KARACHI: Stocks steadily built on the overnight gains and rose by 271.59 points or 0.92 percent to take the Karachi Stock Exchange benchmark KSE-100 to 29857.19 points, shrugging off several pressing problems the country has been grappling with at different fronts, in the midday trading on Tuesday. The KSE-100 opened on an upbeat note and kept on upwards march aggressively, ... Read More »

Multan Dry Port generates Rs 1.218 billion revenue

MULTAN: The Multan Dry Port Trust generated revenue to the tune of Rs1.218 billion from handling exports and imports in the month of August. As per details, the MDPT received import consignments consisted of auto spare parts, oil, lubricants, machinery, chemical, iron and steel, worth Rs376 million in the month of July. While, the import consignments handled in the month ... Read More »

Strategy to promote tax culture in the offing

MULTAN: New strategy will be applied for collection of taxes and list of active taxpayers will be updated twice a month to promote tax culture. The Federal Board of Revenue has decided to issue active list of taxpayers to promote tax culture which will not only be a tribute to the current taxpayers but also motivate others to pay their ... Read More »

FBR revises Unified CPF Rules, constitutes CCPFB

KARACHI: The Revenue Division, Federal Board of Revenue (FBR) has revised the Unified CPF Rules through constitution of a Central CPF Board (CCPFB) at FBR Headquarters in Islamabad. The revised Unified Rules have been issued in the supersession of the Unified CPF Rules on April 18, 2006. According to details, the Central Common Pool Fund Board (CCPFB) consists of officers ... Read More »

Collector Saleem suspends PA for mismanaging FTA certificates

KARACHI: Different trade organizations have expressed deep concerns over the apathy and negligence of the officials working in the FTA Cell at Customs House, Karachi and demanded steps to improve its working. According to details, the trade organisations were of the view that the officials concerned in FTA Cell were not making the use of automated system for the convenience ... Read More »

Senate body calls for promoting religious tourism in Pakistan

ISLAMABAD: The Senate Standing Committee on Commerce has recommended to the government that local business community must not be harassed through law which unnecessarily increases cost of doing business and makes the country’s investment climate uncompetitive. “Companies having paid-up capital of around Rs 5,000,000 should be bound to retain a legal adviser,” stressed the draft recommendations prepared by the Senate ... Read More »

ANF seizes 47-kg drugs, 120,000 Psychotropic tablets

LAHORE: The Anti-Narcotics Force (ANF) recovered 39 kgs of Charas, 120,000 Psychotropic tablets, six kgs of Opium and 1.3 kgs of heroin in six raids conducted in Islamabad, Mianwali, Lahore, Haripur and Peshawar. The force also arrested 11 persons and seized 1 vehicle during the raids. In Mianwali, the ANF intercepted a car near Hamza Cotton Mills on MM Road ... Read More »

Excise Police seizes heroin worth Rs10m

GHOTKI: The Excise Police seized 12 kgs of heroin from a truck at Sindh-Punjab border in Ubauro. According to Excise and Taxation Officer Hassan Ali Dashti, the truck was coming from Peshawar and it was to deliver the consignment in Karachi. “The packets of narcotics were hidden in the spare tyre,” he said. The official informed that driver Musharraf Ali ... Read More »

ANF captures 186 heroin filled capsules

ISLAMABAD: The Anti-Narcotics Force (ANF) has recovered 186 heroin filled capsules from a person here at Benazir International Airport. According to details, ANF Rawalpindi arrested Sajjad Hussain, resident of Sargodha at airport and recovered 186 heroin filled capsules, weighing 1.3 kgs, tactfully concealed in a box containing sweets. He was scheduled to take off for Dubai through Shaheen Airline Flight ... Read More »

E&T unearths embezzlement of Rs15m

Bahawalpur: Two officers of the Excise and Taxation Department embezzled more than Rs15 million of motor registration fees and other provincial taxes while the department has registered a case against the accused. According to details, Excise and Taxation Officer (ETO) Muhammad Ahmad Khan, during inspection of the Motor Vehicle Branch, found embezzlement to the tune of more than Rs15 million ... Read More »

FBR body puts off 85 babus’ promotion for third time

ISLAMABAD: The Federal Board of Revenue (FBR) promotion committee put off the promotion cases of 85 officers for the third time in this week due to the prevailing uncertainty and political impasse in the wake of sit-ins in front of the Parliament House. The officers, whose promotions have been consistently delayed, belong to the Inland-Revenue and Customs wings of the ... Read More »

MDP Customs duty collection up by Rs704m in August

MULTAN: The Multan Dry Port (MDP) generated Rs873.300 million in the head of Customs duty during the month of August of current fiscal year 2014-15. The revenue collected in the month of August increased Rs704 million against Rs169 million collected in the month of July of the current fiscal year. Similarly, the monthly collection of Sales Tax on import in ... Read More »

Closing: KSE stands ground, up by 335 points

KARACHI: The Karachi Stock Exchange KSE-100 index on Wednesday continued its buoyant mood and added to its gains, taking the points tally to 335.26 to reach 29595.55 points as consensus between major political stakeholders to protect the parliament and democracy brought confidence in market. The KSE-100 index, opened at 29260, kept on marching upward and taken the total trade volume ... Read More »

Midday: Bull run continues as KSE-100 index gains 302 points

KARACHI: The Karachi Stock Exchange KSE-100 index on Wednesday continued its buoyant mood and added to its gains, taking the points tally to 302 or 1.3 percent to reach 29,562 in the midday trading. The market opened with positive sentiments and kept on marching upward amid flurry of hectic politicking in the federal capital to end the weeks-long standoff. Though ... Read More »

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