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Tag Archives: Karachi Region

Tuesday 24 June – Monday June 30, 2014

Tuesday 24 June - Monday June 30, 2014

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Balochistan plans tax net expansion through BRA

QUETTA: The Balochistan government has decided to form a revenue authority as it intends to expand its tax base, said Adviser to Chief Minister on Finance Mir Khalid Langove. Addressing post-budget press conference along with Secretary Finance Mushtaq Ahmed Raisani, he said he hoped the body, the Balochistan Revenue Authority (BRA), would help to improve sales tax collection. To a ... Read More »

Slash in ST to boost tractors’ sales

KARACHI: With the reduction in General Sales Tax (GST) back to 10% in budget 2015, tractor industry sales are expected to rebound over the next year. AKD Securities, a brokerage house, predicted that the sales of Millat tractors in fiscal year 2015 might touch 32,000 units while the Al-Ghazi tractors sales may reach 25,000 in 2015. The government had reduced ... Read More »

Tuesday June 17 -Monday June 23, 2014

Tuesday June 17 -Monday June 23, 2014

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CRPC stresses decrease in telecom taxes

KARACHI: The Consumer Rights Protection Council of Pakistan (CRPC) has urged the Finance Ministry to provide some relief to consumers by reducing the rate of taxation on telecom services as the masses are already overburdened with heavy taxation in all sectors. Addressing a press conference here CRPC President Shakeel Baig said that the low-income workforce – masons, plumbers, rickshaw drivers ... Read More »

Palpa up against ‘unfair’ taxation policy

KARACHI: The Pakistan Airline Pilots’ Association (Palpa) has said that pilots will refuse to fly if the Pakistan International Airlines management did not review its “unfair and unjust” taxation policy. In a statement issued here, Palpa Chief Amir Hashmi said that while the pilots were being unjustly and unfairly taxed, the PIA had hired a couple of people at a ... Read More »

Bears rule KSE amid military operation concerns

KARACHI: Stocks battered amid thin trade at Karachi Stock Exchange over concerns for outcome of Pak Army military operation against foreign and local terrorists. The equity market benchmark 100-share index shed 79.82 points or 0.27 percent to close the day at 29651.04 points. Analyst Ahsan Mehanti at Arif Habib Corp said that economic uncertainty, ISIS advance in Iraq and US ... Read More »

DG-I&I seizes smuggled black tea worth Rs25m

KARACHI: The Directorate General, Intelligence and Investigation (DGI&I) raided a warehouse situated here in Judia Bazaar and seized 48 tonnes of smuggled black tea, worth said to be more than Rs25 million in the market. According to a press release, the Directorate General, Intelligence and Investigation (DGI&I) was tipped off that a huge quantity of smuggled black tea had been ... Read More »

EU standards: Govt adopts strict quality control for mangoes exports

KARACHI: Keeping in view the tough European Union (EU) criterion and its ban on Indian mango exports, the government has adopted stringent measures to ensure quality standards are meet in the export of ‘king of the fruits’ mango to the EU market. The government is caught between the devil and the deep blue sea as it can neither afford a ... Read More »

SRB sets to achieve ST target with 25pc increase

KARACHI: The Sindh Revenue Board (SRB) will meet its sales tax collection target of Rs42 billion for the outgoing fiscal year, showing an increase of 25 percent against the last year’s collection of Rs33.6 billion. As per details, experts see the increase in tax collection through SRB as a welcome sign, but they are of the view that the Sindh ... Read More »

FPCCI urges Sindh to slash ST on services to single digit

KARACHI: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has urged the Sindh government to bring down sales tax on services to single digit and improve tax collection on agriculture. In its budget 2014-15 proposals for Sindh budget, the FPCCI suggested that the provincial government should gradually focus on increasing non-tax revenue through collection of user charges and ... Read More »

Customs confiscates 58 tonnes of smuggled black-tea in two raids

KARACHI: Pakistan Customs has confiscated 58 tonnes of smuggled black tea worth millions of rupees in two separate raids conducted by the Anti-Smuggling Organization (ASO) of Model Customs Collectorate of Preventive and the Directorate of Customs Intelligence and Investigation, Karachi. A team of ASO headed by Assistant Collector, Headquarters-I, Muhammad Wasif Malik raided Bolton Market and its adjacent streets in ... Read More »

Post-budget seminar: Experts term revenue target difficult, but achievable

KARACHI: The CPE Committee of the Karachi Tax Bar Association organised a post budget seminar to discuss and deliberate on the possible consequences of the Federal Budget 2014-15. The revenue collection target of Rs2.81 trillion assigned to the Federal Board of Revenue (FBR) for the fiscal year 2014-15 is difficult but achievable, considering projected economic growth, a senior tax official ... Read More »

Charging 17pc ST: Import consignments likely to pile up at ports

KARACHI: The charging of 17 percent sales tax on clearance of imported leather and textile goods likely to result in piling up of consignments at ports although Pakistan Customs is supposed to collect 17 percent sales tax imposed in budget 2014-15 from July 1. According to details, the government in the new budget has increased sales tax on the import ... Read More »

OICCI terms budget pro-business

KARACHI: The Overseas Investors Chamber of Commerce and Industry (OICCI) showered the government with praise for announcing a business-friendly budget. In a press statement issued here, OICCI President Asad Jafar said that bringing fiscal deficit below 5 per cent, enhancing tax collection by 24pc and increasing Public Sector Development Plan (PSDP) by 25pc would have positive impact on overall economy. ... Read More »

Budget Speech 2014 2015 English

Budget-20140-15

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Revenue target: Sindh E&T to woo staff with Rs100m package

KARACHI: The Excise and Taxation (E&T) Department has envisaged Rs100 million incentive package for its employees to motivate them achieve the revenue target. In this regard the department has submitted a summary to Sindh Chief Minister for approval. As per details, as many 6,500 employees/officials are working to collect 16 different taxes. The Sindh E&T has set Rs32 billion revenue ... Read More »

Forex reserves steady at $13.43b

KARACHI: The total liquid foreign reserves held by the country stood at $13,439.5 million on 23 May 2014. The break-up of the foreign reserves position is as: foreign reserves held by the State Bank of Pakistan: $8,649.5 million. Net foreign reserves held by banks: $4,790.0 million. Total liquid foreign reserves: $13,439.5 million. During the week ending 23 May 2014, SBP’s ... Read More »

Pak can cope with Indian market’s size thru export potential: Dastgir

HYDERABAD: Regional markets including India offer huge opportunities and can help Pakistan boost its exports, said Commerce Minister Khurram Dastgir Khan on Thursday. Addressing a gathering of growers arranged by Sindh Abadgar Board (SAB), the minister said there was no need to be fearful of Indian market’s size as Pakistan has huge export potential. “We shouldn’t be apprehensive of India’s ... Read More »

APBUMA bemoans hike in ST on exports

KARACHI: All-Pakistan Bedsheets and Upholstery Manufacturers Association (APBUMA) has expressed concern over the proposed increase in sales tax on exports from two to five percent, saying that increase in the rate of sales tax will affect the country’s fragile exports adversely and leave a negative impacts on value-added sector. According to APBUMA Senior Vice Chairman Khawaja Muhammad Mehr Ali and ... Read More »