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Tag Archives: Income Tax Forms

Containers’ grounding: PICT, KICT fail to resolve issues

KARACHI: The importers and traders have been facing mismanagement and delaying tactics by administration of Pakistan International Containers Terminal (PICT) and Karachi International Containers Terminal (KICT) in grounding of containers. “Pakistan Customs’ officials use delaying tactics and give lame excuses like shortage of labour and space while grounding containers for examination” Shujaat Ahmed an importer informed Customs Today. Kamran Akhtar, ... Read More »

FBR seeks Finance Ministry to take ADRS down

ISLAMABAD: The Federal Board of Revenue asked the Finance Ministry to take down Alternative Dispute Resolution System (ADRS) due to its poor performance. The Alternate Dispute Resolution (ADRS) offers companies an opportunity to apply full force of the law efficiently and effectively. Whereas the system has no option but to apply justice through the natural course of a blocked court ... Read More »

SHC orders early release of M/s Royal Packages’ consignments

KARACHI: The Sindh High Court (SHC) in its verdict asked Pakistan Customs to release the consignment of M/s Royal Packages after submission of unpaid differential amount in share of duty. According to the details, the Research and Development (R&D) Section of Model Customs Collectorate (MCC) of Appraisement-East had identify a case of huge tax evasion of Rs308 million by M/s ... Read More »

FBR assesses legal provisions of budget 2014-15

ISLAMABAD: The Federal Board of Revenue (FBR) has started discussions on impacts of legal provisions presented in the budget for FY 2014-15. Government introduces legal provisions in the federal budget to facilitate FBR to meet the revenue collection target every year and then a process of review of impacts of legal provisions also continues throughout the year. A meeting in ... Read More »

Customs issues valuation ruling of Methylene Chloride

KARACHI: The Directorate General of Customs Valuation has issued the Customs values of Methylene Chloride through Valuation Ruling No.679/2014 under Section 25-A of the Customs Act, 1969. The said Valuation Ruling has superseded the previous Valuation Ruling No.629 regarding the Customs values of Methylene Chloride. According to the details, the Customs values of Methylene Chloride having PCT Code 2903.1200 and ... Read More »

Customs I&I seizes 120,000 litres smuggled oil

Karachi: Directorate General of Intelligence and Investigation (I&I) Hyderabad seized oil tankers carrying sixty thousand litres of smuggled oil worth Rs 10 million. As per details, DG I&I on tip of informer raided oil tankers carrying smuggled oil and seized 60,000 litres oil. Three criminals have been arrested during the seizure. It was said that oil was being smuggled to ... Read More »

Tight inspection: FBR to launch electronic monitoring system

ISLAMABAD: Federal Board of Revenue has decided to introduce electronic monitoring system SEMP to void the tax theft at manufacturing level. As per a FBR source the project of SEMP has been in preliminary stage and FBR will hire a private company who would start a pilot project very soon to implement it practically. FBR authorities were of the view ... Read More »

ANF recovers 17kg drugs, arrests 4

ISLAMABAD: Anti Narcotics Force seized 17 kg of drugs and arrested 4 culprits during its raids at airport, highways and bus stands. As per details, ANF has conducted raids in Islamabad, Faisalabad and Lahore and recovered 17kg capsules filled with charas and heroine. ANF also arrested 4 culprits and confiscated their vehicle. At main motorway tool plaza Lahore ANF, on ... Read More »