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Tag Archives: FBR

FBR collects Rs63b ‘more’ revenue in July-Sept

ISLAMABAD: Federal Board of Revenue (FBR) has collected Rs563 billion in July-September of current fiscal year as compared to last year’s Rs500 billion, showing growth of 12 per cent. However, there is Rs20 billion shortfall as FBR collected Rs563 billion during the first quarter FY 2014 against the target of Rs583 billion. Sources said that despite the ongoing political turmoil, ... Read More »

Customs PCA unearths Rs 3.3 million tax evasion by importer    

LAHORE: The Customs Post Clearance Audit has deducted evasion of duty and taxes to the tune of Rs 3.3 million on import of machinery and equipment. The Customs Post Clearance Audit conducted an audit of the data from December 2010 to February 2011.  It was observed that M/s Owais & Shoaib Associates (PVT), Gulberg, Lahore imported two consignments consisting of ... Read More »

AIB recommends 100pc examination of stainless steel consignments   

KARACHI: The Appraising Intelligence Branch (AIB) of the Model Customs Collectorate-MCC of Appraisement (West) has sent recommendations to the authorities concerned of the Collectorate for conducting 100 per cent examination of the stainless steel consignments having declaration of 200 series. The sources confirmed Customs Today that the AIB on the directives of Collector-MCC Appraisement (West) Muhammad Saleem has scrutinized the ... Read More »

Closing: KSE takes mammoth jump of 235 points

KARACHI: The Karachi Stock Exchange (KSE) 100-index opened with positive sentiments on first day of trading, Monday, to balance the slow trading of after Eid days, gained 235.78 points to reach 30394.41 points and volume of 123,546,050 shares. Earlier, KSE started the trading week on Monday with positive note and gained 94.50 points to stand at 30253.13 at 10:30am. In ... Read More »

FBR likely to miss revenue collection target due to floods

KARACHI: Revenue collection target has become difficult for the Federal Board of Revenue this year due to floods in the country, said sources in the FBR. Further, agriculture development target will not be achieved this year. Tax collection was Rs 4 billion less in September due to floods and Rs 230 billion were collected against the target of Rs 234 ... Read More »

PIA gets 2 Airbus A320 aircrafts on lease

ISLAMABAD: Bulgaria has handed over two A-320 Airbus aircrafts on lease to Pakistan. A PIA spokesman said the planes were received after following all the international rules and regulations of lease. The Airbus planes will be used for domestic and international flights. Read More »

Collectors, Deputy Collectors resume duty after Eid

KARACHI: Most of Collectors, Deputy Collectors and other staff of the Customs Department attended office on Monday after Eid holidays. However, some officers did not attend office even on Monday.  The Customs sources said that office of Assistant Collector of IOCO remained locked on Monday. The sources said that ADC Appraisement (West) Aalia, ADC Afghan Trade Chaudhry Akbar and some ... Read More »

Shelving Gem and Jewels Park

Pakistan is the land of gems and jewels due to their vast reserves in Khyber Pakhtunkhwa, Kashmir and Gilgit-Baltistan, but the precious stones are exported in kilos — unfinished — having worth not more than grits. Ironically, the same gems are imported back to the country from Korea, Thailand and Singapore in the form of finished products at the cost ... Read More »

FBR to resolve issues of Directorate of Internal Audit: Rubina Wasti

KARACHI: The Directorate General of Internal Audit of Federal Board of Revenue (FBR) has been facing acute shortage of manpower, logistics and infrastructure. Sources in directorate informed Customs Today that the directorate is facing shortage of 41 percent of the total strength of staffers, adding that lack of logistics including vehicles and other resources were also affecting the performance of ... Read More »

ECC likely to slash customs duty in new Auto Policy 2014

ISLAMABAD: Economic Co-ordination Committee (ECC) of the Cabinet is likely to slash the tariff for auto sector after review of the draft of Auto Development Policy (ADP) 2014. According to a report, a committee led by Minister for Water and Power Khawaja Asif has reviewed the draft of Auto Development Policy 2014 recommending some changes in duty and tariff. In ... Read More »

ICCI welcomes Pak, Afghan electricity transit fee pact

ISLAMABAD: The Islamabad Chamber of Commerce and Industry has welcomed the signing of agreement between Pakistan and Afghanistan on electricity transit fee and termed it an encouraging development as it will help Pakistan to cope with the serious problem of energy shortage by importing electricity from the Central Asia. Islamabad Chamber of Commerce and Industry President Muzzamil Hussain Sabri said ... Read More »

LCCI seeks early issuance of Income Tax Exemption Certificates by FBR

LAHORE: The Lahore Chamber of Commerce & Industry has demanded of the Federal Board of Revenue to expedite process of issuance of Income Tax Exemption Certificates under section 148 of the Income Tax Ordinance 2001 on imports.  “When the tax is being collected in advance than why exemption certificates are being issued in parts?” In a statement issued here Monday, ... Read More »

Historical Customs Clearance Evidence Data of Sept available now

ISLAMABAD: After great success of valuation rulings and other important gadgets, Customs Today website has started uploading very crucial Historical Customs Clearance Evidence Data to facilitate the importers. Initially three months –June to August –data was posted, however, it was promised to update this data every month on regular basis. Now Customs Today has fulfilled its commitment and posted the ... Read More »

Warid Telecom to get $500 million financing from Shaikh Nahyan

LAHORE: Warid Telecom will get $500 million financing from its sole shareholder the Abu Dhabi Group, headed by Shaikh Nahayan Mabarak Al Nahayan, in a period of next five years. “We will not get any financing from outside financers. Our principal investor will be Shaikh Nahyan,” Tariq Gulzar, Warid Telecom chief financial officer, told a newspaper on the sidelines of ... Read More »

Collector Adjudication Ranjha to hear Land Cruisers case today

MULTAN: Collector Customs Adjudication Saleem Ahmad Ranjha will hear the case of two imported Land Cruisers worth Rs 15 million today. The registration numbers of both vehicles are Y–720 and B-111 respectively. Both the Land Cruisers are of same model of 2001 and seized due to nonpayment of customs duty. The worth of one seized Prado Jeep is worth 7.5 ... Read More »

Additional Collector Amjad to hear case of 80,000 liters HSD on 15th

MULTAN: Additional Collector Customs Adjudication Amjad-ur Rehman will hear the case of 80,000 liters High Speed Diesel on 15 October. The Iranian 80,000 High Speed Diesel oil was seized from Dera Ghazi Khan Region in the month of August. Additional Collector Customs Adjudication has already served show cause notice on the owners for further proceeding. Read More »

ANF captures drug traffickers with 280kg hashish in special operation

MULTAN: Anti Narcotics Force has thwarted the attempt of drug traffickers and capturing 280kg hashish in a special operation. Multan Anti Narcotics Force on a tip-off conducted special operation with its team near Khanewal Road Multan and arrested two persons with 280 kilograms of hashish loaded in a Corolla vehicle. The hashish sample was sent to the laboratory for chemical ... Read More »

PAJCCI demands expansion of AfPak Transit Trade Agreement

ISLAMABAD: Representatives of traders’ community of Pakistan and Afghanistan are desirous expanding the jurisdiction of Afghanistan-Pakistan Transit Trade Agreement (APTTA) beyond Afghanistan. Pakistan and Afghanistan signed the APTTA 2010 on October 28, 2010 and this agreement replaced the previous Transit Trade Agreement of 1965. The APTTA 2010 was operationalized on June 12, 2011. Under the pressure and demand of the ... Read More »

Importers demand 10pc fixed customs duty on spare parts

Karachi: Pakistan Automobile Spare Parts Importers and Dealers Association Central Chairman Qamar Ahmad has demanded cut in customs duty to 10 percent. Talking exclusively to Customs Today, he said the association had demoded Customs authorities to reduce duty as it was too high and was benefitting smugglers. “The smugglers are selling their products with ease but importers are in trouble”. ... Read More »

FBR decentralises promotion authority in Customs, Inland Revenue

LAHORE: The Federal Board of Revenue (FBR) has delegated powers to secretaries, chief collectors, commissioners, collectorate directors and commissioners to promote and appoint employees between BPS-1 and BPS-17 in the Customs and Inland Revenue departments, sources said. According to details, the revenue division secretary will continue to appoint and promote officials between BPS-17 and BPs-19. FBR Member Administration Shahid Hussain ... Read More »