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Tag Archives: Pakistan rupee exchange rate

FBR to devolve powers to act against ‘black sheep’

ISLAMABAD: The Board in Council of the Federal Board of Revenue (FBR), on suggestion of Member Customs Nisar Muhammad Khan, has decided to give authority of institutional punitive measures to field formations, chief collectors and chief commissioners. After the said decision, heads of the field formations will be authorised to take action against corrupt officers on mismanagement and corruption. The ... Read More »

Bajwa directs tax officers to recover Rs 70 billion from SM Foods

MULTAN: The Federal Board of Revenue Chairman Tariq Bajwa has directed the subordinates to present the comprehensive report on Rs 70 billion tax evasion by a famous businessman of Multan City. As per details, FBR chairman asked regional tax officers of Multan to recover Rs 70 billion rupees tax from a businessman evaded in last two years. The accused Saim ... Read More »

PRA seeks audited copy of accounts from taxpayers

LAHORE: The Punjab Revenue Authority (PRA) has asked the registered persons and businesses in corporate sector to submit a copy of annual audited accounts along with tax payments’ propriety certificate from auditors. The authority said that the main provisions relating to maintenance and production of records for the purpose of Punjab sales tax are available under sections 31 and 32 ... Read More »

India to frame law to protect Pakistani investors

ISLAMABAD: The Ministry of Commerce, in a report, sent to the government stated that the Indian Parliament is planning legislation to provide financial and non-financial protection to those Pakistani investors who are interested to invest in India. “Therefore, Pakistani government must also take such an initiative to attract more investment from foreign investors and legislate to protect the foreign investors,” ... Read More »

FBR Chairman Bajwa chairs board-in-council meeting today

ISLAMABAD: The Federal Board of Revenue (FBR) has changed the time for board-in-council meeting to 2:30pm which was scheduled at 11am on Wednesday. As per details, FBR Chairman Tariq Bajwa will preside the meeting in which policy decisions about audit policy will be taken. FBR Member Inland Revenue Policy Shahid Asad, Member Inland Revenue Muhammad Ashraf Khan, Member Admin Shahid Hussain Jatoi, ... Read More »

ANF seizes tons of contrabands in Khyber Pakhtunkhwa

ISLAMABAD: The Regional Directorate Anti-narcotics Force (ANF) Khyber Pakhtunkhwa recovered smuggled drugs worth billions of rupees in August, which were several times more than the quantity of drugs recovered during July. According to the available data, the ANF seized 27.6kg heroin, 460kg hashish, 50,400kg sulfuric acid and 2.5kg amphetamine in August. Statistics revealed that ANF arrested 20 accused for their alleged involvement ... Read More »

Potential taxpayers served show-cause notices in Lahore

LAHORE: The Lahore Broadening of Tax Base (LBTB) has issued 1,500 show-cause notices to the potential taxpayers and enterprises Under Section 122C of the Income Tax Ordinance 2001. The notices have also been served on such individual and enterprises which were declared as potential taxpayers on the bases of the assessment of their properties or they had conducted taxable transactions. ... Read More »

Lahore roads blockade causes Rs60m loss to traders

LAHORE: Importers and exporters have suffered losses of millions of rupees as government confiscated containers full of different perishable goods to block the roads across the country. The Lahore Clearing Agents Association president Agha Iftikhar said that now after one week of containers confiscation the commodities have been rotten and no one will ready to bear the damages. “Traders of ... Read More »

Imran’s civil disobedience call: KSE drops 65 points

KARACHI: Karachi Stock Exchange 100-index went sliding down by 65.60 points (-0.23 per cent)  to stand at 28852.15 points after the call of civil disobedience from Pakistan Tehreek-e-Insaf Chairman Imran Khan. After its closure on weekend KSE 100-index has lost 211 points in first forty minutes trading touching bottom line of 28681.31 points, however, it gains 250 points in next two hours ... Read More »

Chinese delegation visits LCCI President

LAHORE: A two member Chinese delegation led by Vice Chairman Sub Council of Chinese Chemical Industry Ma Chunyan called on LCCI President Engineer Sohail Lashari and briefed him about CAC Pakistan Summit and Pak-China Agro Chemical Expo scheduled from August 5-6 at Lahore Expo Center. LCCI Senior Vice President Mian Tariq Misbah and Coordinator of the exhibition Jawed Salim Qureshi ... Read More »

FBR to tighten the noose around Swiss depositors

ISLAMABAD: Federal Board of Revenue has decided to tighten the noose around Pakistanis having black money in Swiss banks and to retrieve money back into Pakistan. The FBR acting Chairman Shahid Hussain Asad told Customs Today that a team of FBR experts will visit Switzerland 24th of this month to pursue Pakistan’s efforts to recover untaxed billions of dollars of ... Read More »

FBR exceeds revenue target by Rs 1 billion in July

ISLAMABAD: The committed work of field formation officers under new acting Chairman helped the Federal Board of Revenue (FBR) in exceeding the revenue collection target in July 2014 by one billion rupees as it collected Rs 138 billion during the month of July against Rs 137 billion target. Acting Chairman of FBR Shahid Hussain Asad while talking to Customs Today ... Read More »

FBR acting Chairman to visit Karachi Customs House next week

KARACHI: The Federal Board of Revenue acting Chairman Shahid Hussain Asad is likely to visit Karachi Customs House next week. The FBR sources confirmed Customs Today that the acting chairman Shahid Asad would expected to visit customs house next week where he will hold meetings with the Customs officers. It further informed this scribe that the agenda of the meeting ... Read More »

IOCO starts listing genuine importers

KARACHI: The Input-Output Co-efficient Organization (IOCO) of Federal Board of Revenue (FBR) has started to compile the list of genuine importers, who has been granted concessionary regime by Pakistan Customs on their imports of raw materials according to the amended SRO565 (I)/2014. The FBR sources informed Customs Today that the IOCO after conferring the powers of dealing with SRO565 (I)/2014 ... Read More »

Chief Collector Nazim Saleem to hold meetings at Quetta today

KARACHI: Chief Collector Enforcement-South Muhammad Nazim Saleem left for Quetta for holding meetings with officers of Quetta Collectorate. As per details, the Chief Collector Enforcement-South will also visit the check-posts of Pakistan Customs established at the entry and exit points of the Quetta city. A source from FBR told Customs Today that the Chief Collector Enforcement-South will hold meetings regarding ... Read More »

Multan customs registers 129 cases in FY 2013-14

MULTAN: Multan Customs Intelligence and Investigation (I&I) has registered 129 seizure and revenue cases from July 2013 to July 2014. As per details, Customs I&I has registered five cases of vehicle seizure worth Rs 4.2 million, seven cases of miscellaneous goods worth Rs 226.83 million in July. According to a report from Multan Customs, June was the month in which ... Read More »

Multan Customs I&I seizes smuggled cloth

MULTAN: Multan Customs Intelligence and Investigation (I&I) has seized two trucks loaded with imported cloth near Khanewal toll plaza here on the other day. As per details, Haji Sadiq Achakzai was attempting to smuggle two trucks loaded with imported cloths. Additional Director Customs I&I Nisar Ahmad on tip of informer has taken action and with his special team members Sheikh ... Read More »

DTRE scheme: Customs to recover millions from Lucky Cement

KARACHI: The Federal Board of Revenue (FBR) has asked Pakistan Customs to recover tax worth millions of rupees from M/s Lucky Cement Limited as company found guilty of tax evasion in duty and tax remission for exports (DTRE) research report. The sources informed Customs Today that the FBR authorities during the DTRE research study had observed that facility granted to ... Read More »

Dastgir calls on Bhutan’s Minister for economic affairs

ISLAMABAD: Minister of Commerce, Engineer Khurram Dastgir Khan called on Economic Affairs Minister of Kingdom of Bhutan Lyonpo Norbu Wangchuk, on the sidelines of the 8th South Asian Free Trade Agreement (SAFTA) ministerial council meeting in Thimphu. In the meeting, two Ministers insisted on deepening the good relations that the two countries already enjoyed. They also discussed on enhancing present ... Read More »

Eid holidays: Exchequer likely to suffer Rs25-30b loss

ISLAMABAD: National exchequer may suffer Rs25-30 billion loss due to long holidays of Eid-ul-Fitr. Due to which revenue target of the first month of FY2014-15 could not be achieved. Acting FBR Chairman Shahid Hussain Asad told Customs Today that closure of businesses during Eid holidays will certainly affect the revenue collection. “At least Rs 6 billion revenue is being collected ... Read More »