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Tag Archives: taxes

Fixing oil prices – Pakistani style

The prices of Brent crude has fallen below $98 a barrel in the international market which is a 17-month low for the sixth straight session, thanks to oversupply and weak demand for the oil in the region. Earlier, the North Sea crude oil reached $115 a barrel after Islamic States of Iraq and Syria took control of several oilfields, when ... Read More »

Pakistan – a promise land for startups

Pakistan’s population is increasing at a fast rate, so are the business opportunities. More are the people — more you need houses, more you need cloths, more you need food, and more you need luxuries and necessities of life. One may argue that quality of life is more important, but quantity of people is equally important. If you want to ... Read More »

R&D registers FIR against Sundus Fertilizers, clearing agent

KARACHI: The Research and Development (R&D) Section of MCC Appraisement (East) has registered an FIR against owners, directors, partners of M/s Sundus Fertilizers & Chemicals Pakistan (Pvt) Ltd and M/s Al-Rehmat Trading, clearing agent against mis-declaration of description and value, as the importers tried to import Cartap Hydrochloride Tech 98 per cent min, B No 20140408 packed in 25 kgs ... Read More »

Inter-collectorates reshuffling likely after Member Customs Nisar’s visit

KARACHI: Inter-collectorates re-shuffling of the Pakistan Customs Services officers from Grade 17-19 including additional collectors, deputy collectors and assistant collectors is on the cards. Well informed sources in FBR confirmed Customs Today that the inter collectorates transfers & postings of additional collectors, deputy collectors and assistant collectors would likely to be started by mid of September, 2014. Sources further revealed ... Read More »

Clarion call by FBR chief

Federal Board of Revenue Chairman Tariq Bajwa has claimed that hundreds of thousands of people are out of tax net in the country and serious efforts are required to persuade them to pay taxes. He says that every individual who pays tax is just like a client for his department and the government officials are supposed to take care of ... Read More »

FBR to adopt effective mechanism for tax refunds: Tariq Bajwa

MULTAN: Federal Board of Revenue will adopt effective method of tax refund to overcome the hurdles of taxpayers, said Chairman Tariq Bajwa here on Monday. While addressing the Multan Tax Bar Association, Chairman FBR Tariq Bajwa said that taxpayer is our client and there is close link between bar and bench for the tax affairs. He said that tax bar ... Read More »

Corruption as faux pas

LAHORE: There is much hype in the electronic and print media about corruption in Pakistan, but this menace persisted even before the independence and is not a new phenomenon. Once during his speech to a general public meeting, Quaid-e-Azam had said that the policeman still not had stopped taking four ana bribe from vendors and the policemen on the occasion ... Read More »

Closing: Karachi stocks show 8.75 points increase on Thursday

KARACHI: The Karachi Stocks Exchange 100-index gained only 8.75 points on Thursday to reach 29604.30 mark as political standoff still prevails in Islamabad. The KSE 100-index opened at 29523.78 and total trade volume remained 128,676,320 shares. The highest increase witnessed in price of Fauji Cement, Telecard Limited, Jah sidd Company and Engro Corporation while the Unilever Pakistan, Siemens Pakistan, Shield ... Read More »

Midday: KSE gains 128 points as upward rally goes on

KARACHI: Bullish trend continued at the Karachi Stocks Exchange and the 100-index added another 128.09 points to reach 29723.64 until midday on Thursday. Political standoff still prevails in Islamabad, but the government and the opposition parties in the assembly are making frantic efforts to break the deadlock after negotiating with the protesting Pakistan Tehreek-e-Insaf (PTI) of Imran Khan and Pakistan ... Read More »

R&D Section of Appraisement-East recovers Rs 24.46m

KARACHI: The Research and Development (R&D) Section of the Model Customs Collectorate of Appraisement (East) has recovered Rs 24.46 million from 22 cases in August, 2014. According to details, the R&D Section has made the recovery of Rs 3,676,281 on the commodity (perfumery items) against the charge of mis-declaration of value and PCT. It has recovered an amount of Rs ... Read More »

Customs court summons ex-TCS chief, others on 10th in smuggling case

ISLAMABAD: Investigations into the TCS smuggling case reveal that the address mentioned in the agreement between TCS and Smart Zone company was not physically existed. Shahidullah Jan, deputy director customs intelligence Rawalpindi Directorate who is investigating the case, has also confirmed to Customs Today that there was no such office in Peshawar. On the other hand, Customs Special Court has ... Read More »

Mis-declaration: ONO issued against Saima Packaging

KARACHI: The Collectorate of Customs Adjudication has issued Order-in Original (ONO) against the importer, Saima Packaging (Private) Limited for its alleged involvement in concealing the actual description of the imported goods through mis-declaration. According to details, the Model Customs Collectorate of Appraisement (East) detected a case in which the Saima Packaging tried to pay 10 percent duty on the goods ... Read More »

Economy suffers as Qadri takes sit-in into Red Zone

ISLAMABAD: Imran Khan’s call for civil disobedience has sparked anger amongst the business community as economy has already suffered billions of rupees losses in a few days of political standoff. The Karachi Stock Exchange lost 222 points on Tuesday as panic and fear gripped the shareholders. On another note, Tahirul Qadri’s call to his die-hard supporters to march towards Red ... Read More »

Customs seizes Rs 7m illegal vehicles in Lahore

LAHORE: Customs anti-smuggling unit on Thursday confiscated three vehicles worth Rs 7 million involving duty and taxes of Rs3.4 million. Official sources said that the anti-smuggling seized three vehicles including Toyota Estima, Toyota Surf and Suzuki Every at various places in the city including DHA, Mozang and Ghung. They said that under the instruction of collector of customs adjudication, anti-smuggling ... Read More »

Ports, terminals to remain shut on first day of Eid, NBP branches from 29-31

KARACHI: The ports and terminal activities would remain suspended on first day of Eid-ul-Fitr. The consignments would be handled and cleared from the second day of Eid-ul-Fitr. Similarly, the National Bank of Pakistan (NBP), Customs House Branch and all its other branches would remain closed during Eid-ul-Fitr holidays from 29 July to 31 July, 2014. The customs duty and taxes ... Read More »

Customs Appellate Tribunal dismisses MCC-Exports appeal against M/s Cresox

KARACHI: The Customs Appellate Tribunal, Bench-III has dismissed the appeal filed by the appellants i.e. Deputy Collector of Customs, Model Collectorate of Customs (Exports) against the Order-in-Original (ONO) No.26 issued by Collector (Adjudication) against M/s Cresox (Pvt) Limited. According to the details, the Customs Appellate Tribunal directed the authorities concerned of MCC-Exports to renew the license of the respondents upon ... Read More »

FBR takes back notices issued to Misbah, Hafiz, Akmal, Azhar

LAHORE: FBR has taken back notices issued to national cricket players including Captain Misbah-ul Haq as an outcome of their meeting with Finance Minister Ishaq Dar recently. As per details, FBR issued notices to cricket players due to non-payment of their taxes but after fruitful meeting with Finance Minister Ishaq Dar, the Board decided to reverse the notices of cricketers ... Read More »

Collection of duties, taxes: Banks to remain open for extended hours till 30th

ISLAMABAD: In order to facilitate the taxpayers in depositing their duties and taxes during the last few days of the current financial year, the State Bank of Pakistan, on request of FBR has decided to keep authorized branches of State Bank of Pakistan, National Bank of Pakistan, Commercial Banks and National Institute of Facilitation Technologies (NIFT) open for extended hours. ... Read More »

FBR recovers Rs18.52m from Eden Housing

LAHORE: Federal Board of Revenue (FBR) Tuesday recovered Rs 18.52 million from Eden Housing Limited for tax year 2011 by seizing their bank account. Sources said that total due tax is Rs 73 million. They said that FBR Lahore office recovered Rs 18.52m by seizing their account at Habib Bank Limited, Mall Road branch. Read More »

Time is running out

After passing first seven and a half month, the FBR has been left with no other option but to take corrective measures without wasting any time for making last ditch efforts for achieving highly challenging tax collection target of Rs 2475 billion on June 30, 2014. Chairman FBR Tariq Bajwa has jolted the bureaucracy of tax collection machinery in recent ... Read More »