Monday , September 28 2020
Breaking News
Home / Tag Archives: SROs

Tag Archives: SROs

Zero-rating of sales tax granted on textile machinery import

ISLAMABAD: The Federal Board of Revenue has granted zero-rating of sales tax on import of textile machinery. The FBR allowed zero-rating on textile machinery (not manufactured locally and imported by the unit registered with Ministry of Textile Industry as specified in Part IV of the Fifth Schedule to the Customs Act, 1969, subject to same conditions as specified therein)  through ... Read More »

Aptma demands zero-rating facility for machinery imports

LAHORE: The All Pakistan Textile Mills Association (Aptma) urged the caretaker government on Tuesday to immediately notify zero rating facility of sales tax on import of machinery. The request from the textile association came as 200 containers are stranded at customs ports and incurring unjust demurrages. “The facility had expired on June 30 and the machinery imported for BMR and ... Read More »

PCA detects Rs6m tax evasion by M/s Alam Fayyaz & Sons & Landhi

KARACHI: The Directorate of Customs Post Clearance Audit (PCA) on Thursday detected duties and tax evasion of Rs 6 million by M/s Alam Fayyaz and Sons, Landhi, Karachi and sent report of concern to adjudication, it is learnt here. Sources told Customs Today that M/s Alam Fayyaz and Sons, Landhi, Karachi imported two consignments of imported dinner sets, included fancy dinner ... Read More »

Sources: FBR ready to issue another SRO to levy 5pc sales tax on petroleum products

ISLAMABAD: In a bid to collect more revenue from petroleum products, the Federal Board of Revenue (FBR) has made all necessary arrangements for issuance of another SRO to levy 5% more sales tax on petroleum products. FBR issued SRO 1152 (I) 2014 in December to make up for some of the shortfall in sales tax revenue due to falling prices ... Read More »

Internal audit-customs awaits reply to audit paras from Port Qasim collectorate

KARACHI: The Model Customs Collectorate of Port Muhammad Bin Qasim has not yet replied comprehensively against the audit paras sent by the Directorate General of Internal Audit-Customs. A reliable source informed Customs Today that the authorities concerned of MCC Port Muhammad Bin Qasim have not yet replied against the audit paras established by Internal Audit-Customs in violation of SROs in ... Read More »

IHC to hear Controversial Statutory Regulatory Order case today

ISLAMABAD: A single member bench of Justice Aamer Farooq will hear the petition filed by Muhammad Mazhar Qayyum today at Islamabad High Court. The petitioner has challanged the Statutory Regulatory Order (SRO) issued by Federal Government on December 30, 2014 under which General Sales Tax (GST) on petrolium products has been increased by five percent. The petitioner has made Federation ... Read More »

Weak audit and un-documented economy fails USAS in Pakistan: FBR

ISLAMABAD: Senior Member Federal Board of Revenue and Inland Revenue Policy Shahid Hussain Asad said that the Universal Self Assessment Scheme is not successful in Pakistan due to un-documented economy and absence of strong audit, USAS requires documentation and exemplary audit to make self assessment a success. Talking to Customs Today Spokesperson FBR said income declared under the USAS is ... Read More »

MCC Lahore to train deputy superintendents, inspectors in Customs Act, laws

LAHORE: The Model Customs Collectorate Lahore has decided to train deputy superintendents of customs and inspectors of preventive collectorate. They will be taught about Customs Act, rules, Import CGOs, SROs, import, export policy and procedures, related laws, English writing abilities and Pakistan customs tariffs in order to get command on assessment and appraisement procedures. The interested deputy superintendents and inspector ... Read More »

LCCI urges govt to withdraw SRO 412

LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) has demanded the government withdraw SRO 412(1)2014 issued by Drug Regulatory Authority of Pakistan (DRA). The demand was raised by LCCI Vice President Syed Mahmood Ghaznavi while talking to a delegation of the Pakistan Cosmetics Manufacturers Association (PCMA) led by its Chairman Sheikh Abdul Hameed here at the LCCI. Other members ... Read More »

Dar determined to cut public debt ratio to 55pc, deplores $4.5b loss

LAHORE: Federal Minister for Finance Ishaq Dar has said the government was committed to bring the fiscal deficit from 8.8 per cent to 4 per cent in the next three to four years. Addressing the participants of the 101st session of National Management College Lahore here, Ishaq Dar said the foremost challenge facing the government today was reducing the fiscal ... Read More »

Imports under SROs affect local industry: Pak Steel Mills CEO

ISLAMABAD: The Pakistan Steel Mills (PSM) Karachi, Chief Executive Officer (CEO) General (R) Zaheer Ahmad has complained against the misuse of SROs which was creating problems for local industry. He said that rival parties imported cheaper iron and other related products under the umbrella of SROs and inflicts losses on PSM as well as to national kitty. “SROs not only ... Read More »

Issue of sales tax on retailers

Khalid Pervez, president of the All Pakistan Anjuman-e-Tajran, has rejects SRO 608 on behalf of the traders’ community, threatening a countrywide protest campaign against the new law. The Federal Board of Revenue (FBR) had enforced sales tax on retailers, requiring the registered retailers to issue invoices through the Fiscal Electronic Cash Register (FECR) with real-time access to the FBR officials ... Read More »

Illegal import of 119 vehicles: Appraisement (West) submits reply

KARACHI: The Model Customs Collectorate of Appraisement (West) has submitted a written reply and requisite documents asked by the Secretary Customs Tariff-III, Federal Board of Revenue (FBR) in connection with the illegal import of 119 vehicles under amnesty scheme. The sources informed Customs Today that Additional Collector Fayyaz Rasool, on the directives of Collector MCC-Appraisement (West) Muhammad Saleem, provided required ... Read More »

Rs 333 million goods imported from India via Wagha Border

LAHORE: Pakistan has imported items worth Rs 333 million between September 15 and 21 from India via the Wagha border. According to available documents, the major items were potatoes, tomatoes, garlic, cake-oil, polyethylene and cotton yarn. The documents also read Pakistan imported potatoes worth Rs 19.8 million during the last week. No duty has been imposed on the import of potatoes from India ... Read More »

Importers lament theft incidents at PICT

KARACHI: Traders and importers have expressed their deepest concerns over growing theft incidents at the Pakistan International Containers Terminal (PICT) during last few months. Sources told Customs Today that traders and importers were of the view that these incidents are now testing their nerves as customs authorities were not taking any action. On the other hand, they said, delay in ... Read More »

Streamlining of Customs processes reduces clearance time

KARACHI: The Pakistan Customs is in the process of evolution mainly due to the induction of the Web Based One Custom (WeBOC) Customs clearance system. The WeBOC provides real time integration of agents, brokers, terminal operators, cargo handlers and customs officials for the clearance of trade consignments and collection of duties and allied taxes. The system is in the process ... Read More »

2,000 containers supply ATT goods from Karachi ports

KARACHI: Pakistan is constantly losing its share of the Afghan Transit Trade (ATT), the primary beneficiary of which is Iran. There are no statistics available but it is estimated that Iran’s share in total Afghan Transit has increased to 70 percent while Pakistan’s share has declined to just 30 percent; a high placed official said while talking to Customs Today ... Read More »

Importers wary of smuggling via ATT, discriminatory valuation guidelines

  KARACHI: Importers have once again expressed deep concerns over significant decline in trade activities due to alleged discriminatory implementation of valuation guidelines. The importers of Karachi, while sharing their views with Customs Today, said that the shifting of trade from Karachi port to dry ports in other cities is continued due to a significant difference in the customs values of ... Read More »

Court issues non-bailable warrants for arms smuggler

KARACHI: The Customs and Taxation Court Special Judge Soofia Latif issued non-bailable warrants for Javed Sami, accused of smuggling arms and ammunition at Jinnah International Airport Karachi last month. Sami was caught with arms and ammunition in his personal baggage and remanded to FIA custody. Sources informed Customs Today that customs has recovered 25 parts of pistol and 97 magazines from ... Read More »

Chief Collector Nasir Masroor terms under-invoicing dilemma

KARACHI: Customs Chief Collector Appraisement-South Nasir Masroor Ahmed has said that the customs authorities issued valuation guidelines because principal appraisers and appraisers of the Pakistan Customs Services were not applying the customs values of commodities in proper way. He visited Karachi Chamber of Commerce and Industry (KCCI) on Wednesday. Collector MCC Appraisement-West Muhammad Saleem, Collector, MCC Appraisement-East Najeeb-ur-Rehman Abbasi, Collector ... Read More »