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Tag Archives: Valuation Ruling

Dastgir seeks local, foreign experts’ help to double exports

ISLAMABAD: Federal Minister of Commerce Engineer Khuram Dastgir has decided to appoint local and foreign commerce experts who will assist the government to double the trade volume of the country. Local experts include two former Governors of State bank Dr Ishrat Hussain and Shahid Kardar along with local economic analysts. Federal Minister has asked them to assist government with their ... Read More »

Buoyant Cruise: All set for Karachi-Dubai Speedy Boat Service

ISLAMABAD: The preparations have been completed for launching speedy boat service between Karachi and Dubai to increase Pakistani exports. The main objective of speedy boat service was to export perishable edible items, fruits, vegetables, meat and others to Dubai on cheaper rates, almost half than air service. A speedy boat equipped with air conditioned container will cruise at the speed ... 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 »

State Life to have new Chairman soon: Dastgir

ISLAMABAD: Federal Minister of Commerce Engineer Khurram Dastgir has assured the administration of State Life Insurance Corporation Limited that decision on appointment of Chairman and board members will be taken soon on priority basis. As per details, Federal Minister Khurram Dastgir during a meeting to examine the half-yearly performance of State Life Insurance Corporation Limited said that Corporation needs to ... Read More »

RDA finalizes draft of revised textile bill

ISLAMABAD: The Research Development and Advisory cell of textile ministry has prepared a bill envisaging wide-ranging measures to encourage value-addition in textiles and to give rights to Textile Ministry for legislation about promotion of textile exports. The bill enabled the ministry to raise standards, store and enhance exports quality of textile goods of country. Previously, RDA prepared an act for ... Read More »

FBR directs RTOs, LTUs to collect data of potential taxpayers

ISLAMABAD: The regional tax offices and large taxpayer units (LTU) on directions from Federal Board of Revenue (FBR) has covertly started to collect and computerize details about potential tax payers to increase the tax base. As per details, FBR has directed all regional offices to collect details about source of income, property and tax payments of residents in their jurisdiction. ... Read More »

Multan Customs registers 19 cases in July, recovers Rs13.74m

Multan: Customs Intelligence and Investigation has registered total 19 seizure cases involving Rs 13.74 duty evasion in July 2014. As per details, Multan customs Intelligence and Investigation registered 13 cases in the range office Multan, 2 cases in Dera Ghazi Khan and one case in Sadiqabad respectively. Moreover, total duty and taxes recovered in these raids estimated at Rs13.74 million. ... Read More »

Minhajul Quran petition against FBR notices disposed of by LHC

LAHORE: The Lahore High Court has disposed of a petition filed by Minhajul Quran challenging the audit notice by the Federal Board of Revenue (FBR). The single bench comprising Justice Abid Aziz Sheikh was hearing the matter. Earlier, the petitioner submitted to court that Minhajul Quran was a welfare organization therefore has exemption from tax. He was of the view ... Read More »

Customs officers demand FBR to organize training sessions

KARACHI: The officers of Pakistan Customs demanded Federal Board of Revenue (FBR) to organize effective training courses, programmes and seminars for Customs officers. They were of the view that the working of Pakistan Customs has been affecting due to the absence of latest and contemporary techniques in the several departments. One of the senior officers of Pakistan Customs informed Customs ... 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 »

ICCI urges govt to improve tax structure

ISLAMABAD: Islamabad Chamber of Commerce & Industry (ICCI) has demanded the government to improve tax structure for developing business and investment. The acting President, Islamabad Chamber of Commerce & Industry Muhammad Ali Mirza said that the existing tax structure discourages investment and encourages rent seeking. “A better tax system would help to improve economic growth of the country, but unfortunately, ... Read More »

Dastgir briefs Parliament on trade ties with India

ISLAMABAD: Minister for Commerce Engineer Khurram Dastgir Khan told the Lower House of the Parliament that the government has been addressing the reservations and concerns of business sector regarding granting the most favorite nation (MFN) statute to India. “Overall normalization of trade ties with India will be in favor of Pakistan both in short term and long term basis” he ... Read More »

Customs seizes non-PVC cable worth Rs 10 million

LAHORE: Customs Investigation and Intelligence (I&I) Lahore has seized a container of non-PVC cable worth Rs 10 million from a warehouse. Sources said that the cable container was confiscated as the owners failed to produce its documents. They said that the cable was imported by an importer for Peshawar in raw form which is 100 percent duty free but the ... Read More »

Discount facility ended on car token tax

Multan: The discount facility on the token tax of motor cars by Excise and Taxation Department has ended during Eid holidays and now motor car owners have to pay double fee of token tax as fine. The token tax of motor vehicles has been an important source of levy collection for Tax and Excise Department. It brings considerable revenue and ... Read More »

Vehicle amnesty scheme: FBR yet to take action against culprits

Multan: The Federal Board of Revenue (FBR) has failed to take action against the Customs officials involved in clearing thousands of Vehicles through vehicle Amnesty Scheme despite of the fact that court canceled the said scheme. According to detail, FBR has yet not taken any action against customs officials involved in illegal clearance of more than 52000 vehicles through vehicles ... Read More »

Customs to introduce X-Series for air traffic

KARACHI: Pakistan Customs is going to introduce latest X-Series by the beginning of the year 2015 for making the connectivity between airports and Pakistan Customs more effective in terms of filing Import General Manifest (IGMs). A FBR sources confirmed Customs Today that the Pakistan Customs with the collaboration of Emirates Airlines and International Air Transport Association (IATA) will start its ... Read More »

Mobilink served show cause notice for tax evasion

KARACHI: The Collectorate of Customs Adjudication-I has served show cause notice to M/s Pakistan Mobile Communication Limited (Mobilink) for its alleged involvement in mis-declaration and huge evasion of customs duty and other taxes. The company evaded about Rs 6.99 million in share of customs duty, sales tax, additional sales tax, regulatory duty and withholding tax. According to details, the Model ... Read More »

FBR withdrawal of duty on steel sheet plunges fans’ price

PESHAWAR: The prices of electric homemade room coolers and fans in Peshawar dropped after Federal Board of Revenue (FBR) has withdrawn 10 percent Customs duty on the import of electrical silicon steel sheet. Afghan refugees who were residing in Peshawar Khyber Pakhtun-khwa have also developed their local industry of electric rooms coolers which were widely popular on low rates as ... Read More »

Gujranwala region: FBR to bring 10,000 evaders under tax net

SIALKOT: Federal Board of Revenue (FBR) has decided to bring about 10,000 small traders and businessmen under the tax net and to collect tax from 85000 inactive NTN holders in Gujranwala region. As per details, the FBR has formulated six special teams for each of the six districts, Sialkot, Narowal, Gujrat, Mandi Bahaud Din, Hafizabad and Gujranwala which were going ... Read More »