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Tag Archives: KTBA

KTBA, PTBA hold ‘Full Court Reference’ for retiring ATIR Chairman

KARACHI: The Karachi Tax Bar Association (KTBA), in collaboration with the Pakistan Tax Bar Association (PTBA), held a “Full Court Reference” on the occasion of retirement of Chairman Appellate Tribunal Inland Revenue (ATIR) of Pakistan. In the ceremony, office-bearers of all major tax bar associations including Naeem Qureshi, President Karachi Bar Association (KBA), Sauqib Masood of Institute of Chartered Accountants ... Read More »

KTBA rejects FBR’s directives of submitting ECs through IRIS

KARACHI: FBR issued directives for submission of Exemption Certificates through IRIS system to Karachi Tax Bar Association. KTBA rejected the directives by sending a letter to FBR telling that these directives have no legal sanction or support as neither Income Tax Ordinance 2001 nor Income Tax Rules 2002 laid down such rules. KTBA said that this new rule is introduced ... Read More »

KTBA writes to FBR about 34% tax rate for companies in e-filing portal

KARACHI: The Karachi Tax Bar Association (KTBA) has written a letter to FBR Chairman Tariq Bajwa regarding 34 percent tax rate for companies in e-filing portal. According to law, banks are supposed to pay 35 percent tax. Karachi Tax Bar Association President Waseem Hashmi has requested the FBR chairman to resolve the issue as soon as possible. The Karachi Tax ... Read More »

FBR urged to extend date for filing of tax returns

  KARACHI: The Karachi Tax Bar Association (KTBA) has once again requested the Federal Board of Revenue (FBR) to extend the date of filing of tax returns up to 31 December to facilitate the taxpayers. In a letter, KTBA General Secretary Muhammad Aleem requested the FBR to extend the deadline from 31 October to 31 December.   Read More »

Govt asks civil servants to declare assets

ISLAMABAD: The Establishment Division has issued a circular to employees of all ministries and institutions asking them to declare their assets details. It is obligatory for all civil servants to declare their assets after the start of new fiscal year; however except from FBR, other employees of different ministries and institutions have not yet declared their assets despite passing more ... Read More »

Importers demand adequate seating arrangement in Appraisement-West

KARACHI: The importers and Customs agents have demanded proper seating arrangements in Model Customs Collectorate (MCC) Appraisement-West for the hearing of their cases. As per details, importers and customs agents have complained that they have to wait in long queues from morning to evening for the hearing of their cases as there was no proper seating arrangement in hearing halls. ... Read More »

Tug-of-war: FPCCI Office turns a battlefield among VPs

ISLAMABAD: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Office has become battleground as clashes abrupt between companions of vice presidents and other officials on occupying the office room for vice president. A source told Customs Today that the main cause of the clashes was political nature as central leaders of FPCCI used the forum as political tool ... Read More »

Appraisement-East registers FIR against Cosmos Enterprises

KARACHI: The Research and Development (R&D) Section of Model Customs Collectorate (MCC) of Appraisement-East has registered an FIR against Cosmos Enterprises in its alleged involvement in tax evasion by clearing two consignments of miscellaneous goods from warehouse without paying the legitimate duty/taxes. The FBR sources informed Customs Today that the R&D Section of MCC Appraisement-East has nominated Abdullah, a clearing ... Read More »

Auditor General Pakistan starts expenditure audit of MCC Lahore

LAHORE: Auditor General of Pakistan (AGP) has started annual audit of expenditure of Model Customs Collectorate (MCC) Lahore. The AGP officials will conduct audit of expenditures of the MCC Lahore funds including petrol, maintenance of the vehicles expenditure, expenditures of the building, newspaper receipts, gas, electricity and waters bill. The audit officers of AGP office will complete audit report of ... Read More »

Customs Adjudication-I to issue 47 show-cause notices to fabric importers

KARACHI: The Collectorate of Customs Adjudication-I is going to issue 47 show-cause notices (SCNs) to fabric importers who involved in mis-declaration. According to details, the Office of the Collector, Collectorate of Customs Adjudication-I has to issue three show-cause notices to the importers and remaining show-cause notices to be issued by the offices of Additional Collector, Deputy Collector and Assistant Collector ... Read More »

Hyderabad Customs collects Rs 382.51m in July

KARACHI: The Model Customs of Collectorate (MCC) Hyderabad has collected an amount of Rs 382.51million in the month of July-2014 in share of Customs Duty (CD), Sales Tax, Federal Excise Duty (FED) and Withholding tax. According to details, the Hyderabad Collectorate has collected an amount of Rs 64.81 million in share of Customs Duty with the decrease of 56 per ... Read More »

MCC Export skips revenue target in July

KARACHI: The Model Customs Collectorate (MCC) of Export has failed to collect desirable revenue in July, first month of current fiscal year 2014-15. The FBR sources informed Customs Today that the MCC Exports had also missed revenue targets during the last fiscal year 2013-14 and now after claiming new efforts it missed the first month target of current fiscal year. ... Read More »

FIR against appraiser: Customs I&I not on board with probing committee

KARACHI: The 6-member committee formed to investigate the aspects of First Information Report (FIR) lodged by the Directorate General of Customs Intelligence and Investigation against the appraiser Sarfaraz Bangash Zai in MCC Appraisement-West on his alleged involvement in clearing the consignments of oil by using unfair means, has yet to start its working due to absence of basic information of ... Read More »

Fisheries export up 15.68% to US$3.67m during FY 2013-14

ISLAMABAD: The Fish and fishery products saw an increase of 15.68% during last FY2013-14 which was 12.25 % higher than the FY2012-13. This record increase in export of fish and fishery products from Pakistan had made export earnings of US$ 367.472 million which were above the target of US$340.00 million fixed by Marine Fisheries Department. According to Ministry of Ports ... Read More »

IOCO issues 50 provisional certificates to importers

KARACHI: The Input-Output Co-efficient Organization (IOCO) has issued around 50 provisional certificates during a month, in which it allows the local importers to import raw material for manufacturing the products of local industries under concessionary regime with relaxation in customs duty related to the SRO 565(I)/2014. A FBR sources informed Customs Today that the list of the importers has yet ... Read More »

Karachi Customs Collectorates collect Rs 49.5 billion revenue in July

KARACHI: The Model Customs Collectorates (MCCs) of Appraisement-East, West and Port Qasim have collected Rs 49.5 billion revenue in first month of current fiscal year. As per details, the Model Customs Collectorate (MCC) of Appraisement-East has collected total revenue of Rs 13457 million in the first month of FY2014-15 in share of customs duty, sales tax, income tax and federal ... Read More »

Job undone: Dar to face IMF next week

ISLAMABAD: Pakistan’s economic team lead by Finance Minister Ishaq Dar is likely to face criticism by International Monetary Fund (IMF) in Dubai next week on its failure to broaden the tax base in last fiscal year. A source from FBR told Customs Today that the talks with the IMF going to begin next week in Dubai and economic team may ... Read More »

Govt to re-shuffle FBR’s top officials

KARACHI: The federal government has been mulling over to reshuffle the top bureaucracy of Pakistan Customs, Inland Revenue Services (IRS), Regional Tax Offices (RTOs) and Directorate General of Customs Intelligence and Investigation. A source told Customs Today that the changes would be on cards at chief collector, collector and commissioner and director level. He said that the federal government was ... Read More »

Customs seeks court to summon Royal Packages

KARACHI: Model Customs Collectorate of Appraisement-East has requested the Sindh High Court (SHC) to summon M/s Royal Packages (Pvt) Limited for hearing in August. It is pertinent to mention here that the M/s Royal Packages has moved court against the charges of tax evasion in terms of customs duty, sales tax and income tax through claiming of inadmissible benefit of ... Read More »

Committee formed to probe allegations against appraising officer

KARACHI: The Appraising Officials Association of Pakistan Customs in its meeting at customs house has decided to form a committee in order to probe the real aspects behind registering an FIR against an appraising officer by the Directorate General of Customs Intelligence and Investigation I&I. According to details, a committee comprising Shaheen Farooqui, Javed Akhtar, Mir Mansoor, Dost Muhammad and ... Read More »