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Tag Archives: taxes

FBR collects Rs750b revenue, records 17% growth

ISLAMABAD: Federal Board of Revenue (FBR) has collected Rs750 billion during July-October this year against Rs661 billion in corresponding period of 2013-14. Sources said that during July to October 2014, FBR collected Rs265 billion as direct taxes, Rs355 billion as sales tax, Rs47 billion as federal excise duty and Rs86 billion customs duty. During the month of October this year, ... Read More »

9,569 used vehicles imported in Q1 of FY14; hybrid cars’ rates soar

LAHORE: Pakistan Association of Automotive Parts and Accessories Manufacturers (PAAPAM) Chairman Siddique Misri has said that the import of used cars is increasing in the country and as many as 9,569 used vehicles were imported in the first quarter of financial year 2014-15 as compared to 5,863 units in the same period last year, reflecting a growth of 63pc. Siddique ... Read More »

Customs trains Wagha Border staff on WeBOC

LAHORE: The Land Freight Unit, Wagha Border, Lahore is likely to start operating Web Based One Customs (WeBOC) automation software soon. An official told that staff has been trained on new software WeBOC in two weeks long workshop. He added that all preparations regarding the launch of the software have been completed. He said that all procedures will be shifted ... Read More »

FBR to deal fake ‘refund claiming’ companies with iron hands

ISLAMABAD: Federal Board of Revenue (FBR) has decided to launch action against the sales tax registered companies and traders who have obtained refund running in millions of rupees on the basis of fake receipts of blacklisted companies. FBR has issued directives to inland revenue authorities to issue sales tax notices to registered companies and traders who have filed sales tax, ... Read More »

Punjab Revenue Authority likely to collect Rs40b taxes in FY14

LAHORE: Punjab Revenue Authority (PRA) will likely to collect Rs40 billion taxes during the current fiscal year as compared to Rs16 billion in FY2013 and Rs6 billion in FY2012. This was revealed by PRA Chairperson Iftikhar Qutab during a meeting with Lahore Chamber of Commerce and Industry (LCCI) President Ijaz A Mumtaz. Executive committee members of the chamber and representatives ... Read More »

FPCCI demands FBR to charge 10% uniform tax on rental income

KARACHI: President FPCCI Zakaria Usman urged that the government and FBR should adopt a policy of uniform tax rate of 10% on rental income instead of placing the taxpayers in different tax slabs. He said that different slabs introduced in budget 2013-14 should be abolished because these slabs have opened a window for mis-declaration, corruption and tax evasion. The government ... Read More »

Automobile assemblers urge FBR to collect tax on used vehicles

KARACHI: The automobile assemblers have urged Federal Board of Revenue to collect withholding tax on used cars as the government had to bear loss of Rs100 million in first quarter of FY14 owing to non-collection of tax on used vehicles. Pakistan Automobile Assemblers Dealer Association (PAMADA) Chairman Iqbal Shah termed this ‘irresponsibility’ a serious blow to the national exchequer that ... Read More »

Auto part makers flay Customs’ 400pc concession to importers

LAHORE: Pakistan Customs, through ruling No 685/2014, has reevaluated the Import Trade Prices (ITPs) for Chinese motorcycle parts and gave commercial importers huge 400 per cent concession against the values determined for OEMs. However, Pakistan Association of Automotive Parts and Accessories Manufacturers (PAAPAM) has censured the Customs for reducing valuation of Chinese motorcycle parts and said that such ‘illogical’ valuation ... Read More »

Samsung Galaxy Note 4 offers unique wearables, Gear S

MUMBAI: Samsung launched new Galaxy Note 4 in India on Tuesday, offering unique smart wearables and Gear S which will further set a new standard in the mobile communication space. The new product features a 5.7-inch Quad HD Super AMOLED. Galaxy Note 4 also comes with an advanced multi-window feature. The Galaxy Note 4 sports a 16 megapixel rear-facing camera ... Read More »

Q-Mobile seeks adjournment in Rs 772 million tax evasion case

KARACHI: The M/s Digicom (Pvt) Limited and M/s New Allied Electronics (Pvt) Limited, the authorized dealers of Q-Mobile (cellular company) have sought another adjournment from the Collectorate of Customs Adjudication-I in the hearing of tax evasion case of Rs772 million. The sources informed Customs Today that the Collectorate of Customs Adjudication-I has fixed the hearing date of the case in ... Read More »

ANF gets convictions for 306 drug traffickers in 8 months

ISLAMABAD: Anti Narcotics Force (ANF) could get convictions for total 306 convicts for their involvement in drugs trafficking in first eight months of the current year. The Supreme Court of Pakistan and High Courts disposed off total 314 appeals related to the drug trafficking in first eight months of the current year. The available documents reveal that only one alleged ... Read More »

Shams-ul-Qayyum joins Bank of Khyber as MD & CEO

PESHAWAR: Shams-ul-Qayyum, a seasoned banker, has joined The Bank of Khyber (BOK) as Managing Director & CEO. Prior to joining BOK he was Senior Regional Chief for Khyber Pakhtunkhwa Province in Habib Bank Limited. Shams-ul-Qayyum has been associated with banking profession for the last 40 years. He has done his MSc Economic from University of Peshawar. He started his career ... Read More »

Pak, Denmark need to enhance trade ties: Danish Minister

ISLAMABAD: Danish Minister for Trade and Development Mogens Jensen has said that Denmark and Pakistan can enhance trade ties with mutual efforts. He said this while calling on a delegation of seven Pakistani companies in Denmark. Jensen said that Pakistan needs to apply new innovations in all the fields including education, technology and moreover in business and Denmark can help ... Read More »

Hong Kong Customs seizes 71 iPhones

HONG KONG: Hong Kong Customs intercepted a 7-passenger vehicle at Shenzhen Bay Control Point and seized 67 iPhone 6s, 4 iPhone 6 Plus and 60 used phone monitors hidden behind the dashboard and underneath the window switches. Hong Kong customs apprehended the 31-year-old driver who can face $2 million fine and seven years in jail. Read More »

Agro exports

Pakistan imports $456 million soya bean oil from Argentine, China and India annually to meet the country’s requirements of cooking oil. The price of soya bean oil in the international market ranges from $560 to 580 per metric ton. An effort has been made to cultivate soya bean in Pakistan. In the first stage, the crop has been cultivated at ... Read More »

Appraisement-West to collect duty, taxes till 10pm today

KARACHI: The Model Customs Collectorate (MCC) of Appraisement-West has extended its office timings on Monday (29-09-2014) and Tuesday (30-09-2014 for the collection of duty/taxes. According to the circular issued by the Office of the Assistant Collector (Establishment), Muhammad Akbar Jan, the collection of duty/taxes would be conducted by the authorized branches of State Bank of Pakistan (SBP), National Bank of ... Read More »

Businessmen call for urgent removal of SSP Islamabad

ISLAMABAD: The business community of Islamabad led by Munawar Mughal, Vice President FPCCI and Shaban Khalid, President ICCI staged a big demonstration outside Kohsar Police Station to condemn the police brutality on traders’ leader Ajmal Baloch and called for urgent removal of Asmatullah Junejo, SSP Islamabad. They also demanded for immediate withdrawal of police FIR against Ajmal Baloch. They chanted ... Read More »

Customs Today posts Historical Customs Clearance Evidence Data

ISLAMABAD: After great success of valuation rulings and other important gadgets, now Customs Today website has uploaded very crucial Historical Customs Clearance Evidence Data to facilitate the importers. Initially three months –June to August –data is posted, however, this will be updated every month on regular basis. Historical Customs Clearance Evidence Data is easily searchable and separated in sections. Everyone can sort ... Read More »

Challenge to contain current account deficit

A State Bank of Pakistan report says that the country was facing $58 million current account deficit during the first two months, July and August, of the last financial year which increased to $1.372 billion during the current financial year. However, the current account deficit during the first six months of the current fiscal year, could increase to $1.58 billion ... Read More »

FBR fails in issuing tax cards

ISLAMABAD: The Federal Board of Revenue (FBR) has failed in meeting the deadline of September 15 for the issuance of 0.850 million tax cards to tax payers. The tax cards were scheduled to be provided at the doorsteps of those taxpayers by mid-September who had filed their tax returns by 2013 and tax cards will have validity up to March, ... Read More »

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