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Tag Archives: Valuation Ruling

FBR detects 3 fake refund cases worth Rs160.947m

ISLAMABAD: The Federal Board of Revenue has registered three illegal refund claiming cases during last year as strict actions by the revenue agency avoided issuance of cheques. Sources revealed to Customs Today that due to the strict measures taken by the current government, no major fake refund case has surfaced during last year. “Only three new cases of illegal refund ... Read More »

FBR seizes contrabands worth Rs15734m in last 3years

ISLAMABAD: The Federal Board of Revenue (FBR) has confiscated smuggled items worth Rs 15734 million during last three years (2010-2013) in anti smuggling operations in different areas. The FBR has also arrested a total 639 smugglers for their alleged involvement in cases of smuggling during last three years. Sources told Customs Today that FBR had been carrying out anti smuggling ... Read More »

Sialkot Dry Port chairman calls for amicable solution to political crisis

SIALKOT: Sialkot Dry Port Trust (SDPT) has suspended all the transport services across the country following the prevailing political unrest in the country. Sialkot Dry Port Trust (SDPT) Chairman Muhammad Ishaq Butt told Customs Today that the SDPT has suspended its transport services in a bid to avoid the damages and losses to the containers carrying the export and import ... Read More »

Hyderabad Customs collects Rs 382.51m in July

KARACHI: The Model Customs of Collectorate (MCC) Hyderabad has collected an amount of Rs 382.51million in the month of July-2014 in share of Customs Duty (CD), Sales Tax, Federal Excise Duty (FED) and Withholding tax. According to details, the Hyderabad Collectorate has collected an amount of Rs 64.81 million in share of Customs Duty with the decrease of 56 per ... Read More »

MCC Export skips revenue target in July

KARACHI: The Model Customs Collectorate (MCC) of Export has failed to collect desirable revenue in July, first month of current fiscal year 2014-15. The FBR sources informed Customs Today that the MCC Exports had also missed revenue targets during the last fiscal year 2013-14 and now after claiming new efforts it missed the first month target of current fiscal year. ... Read More »

Islamabad Dry Port collects Rs166m in July

ISLAMABAD: Islamabad Dry Port has collected Rs 166 million revenue in July which was double than the same period of last fiscal year. Sources from port authority told the Customs Today that Islamabad Dry Port had collected revenue of Rs 70 million during July, 2013; however, this year in July revenue authorities of port managed to collect double than previous ... Read More »

Traders shrug off Imran, Qadri marches amid tax evasion charges

LAHORE: The traders and business community have expressed concern over prevailing political instability and accused Pakistan Tehreek-e- Insaf Chairman Imran Khan and Pakistan Awami Tehreek Chief Dr Tahirul Qadri of evading tax amounting to millions of rupees. They said that deteriorating political and economic situation have been completely ignored by Imran Khan and Tahirul Qadri merely for their political gains. ... Read More »

Azadi march ‘mania’ hampering foreign investment: Dastgir

ISLAMABAD: Federal Minister of Commerce Engineer Khurram Dastgir has warned the politicians that unconstitutional acts like long march may hampered foreign direct investment in country which will cost billions of loss to national exchequer. In a statement issued, he said that if trade representatives and investors who had invested in 16,000 MW power projects withdrew their investment ahead of political ... Read More »

Long marches, political upheavals demolish FBR’s efforts: Shahid Asad

LAHORE: Acting Chairman of Federal Board of Revenue (FBR) Shahid Hussain Asad has expressed his grave concern over long marches and political upheaval ahead of FBR’s efforts to broadening the tax net for strengthening the economy. He said that these impediments could cause huge loss to the national exchequer as local business across the country shut down in result. Acting ... Read More »

Delivering the goods: BTB brings over 12,232 evaders under tax net

LAHORE: Lahore Broadening of Tax Base (BTB) has brought 12,232 potential taxpayers under tax net which will add Rs 175-180 million to national exchequer during FY2014-15. According to details, Lahore BTB issued 18,000 notices to the potential taxpayers who have not been filing their returns evading huge taxes. Moreover, the BTB department created total tax demand of Rs 2 billion ... Read More »

MCC Preventive collects Rs7913.34m in July

KARACHI: The Model Customs Collectorate (MCC) of Preventive has collected a sum of Rs 7913.34 million in the month of July in share of Customs Duty (CD), sales tax, Federal Excise Duty (FED) and Withholding Tax (WHT). According to details, the MCC Preventive has collected an amount of Rs 867.58 million in share of customs duty in July with increase ... Read More »

PRV Section of MCC Appraisement-West recovers Rs11.84m in July

KARACHI: The Post Release Verification (PRV) Section of Model Customs Collectorate (MCC) of Appraisement-West has recovered Rs 11.84 million during the month of July from different importers in violation of valuation rulings, concessionary SROs and classification of Pakistan Customs Tariff (PCT). According to details, the PRV Section has recovered an amount of Rs 6.01 million through GD No 166797, recovered ... Read More »

Govt to impose 5% tax on Solar Panels by September

ISLAMABAD: The federal government has been planning to impose 5% tax on import of solar panels and related equipment by September this year. However, Parliamentary Secretary for Finance, Revenue, Economic Affairs, and Statistics & Privatization Rana Muhammad Afzal Khan said that government has not yet imposed any tax on solar panels import but it is expected after completion of assessment ... Read More »

Customs to issue show-cause notices to fabric importers

KARACHI: The Collectorate of Customs Adjudication-I and II has been going to issue show-cause notices (SCNs) from the next week to the importers of textile fabric, involved in mis-declaration and tax evasion. The FBR sources informed Customs Today that the Collectorate of Customs Adjudication has prepared show-cause notices which will probably being issued to the parties from Tuesday. It further ... Read More »

Govt to revise tax structure, investment policy

ISLAMABAD: After lots of complaints from business community and investors the Government has finally decided to revise existing complex tax structure with aiming to simplify and rationalize the tariff structure to facilitate traders and business community. The measures would have also been taken to revise investment policy to attract Foreign Direct Investment (FDI) in the country. According to well placed ... Read More »

Customs high-ups alleged of nepotism in incentive distribution

KARACHI: The Pakistan Customs officials below Grade-16 have asked Federal Board of Revenue to take action on possible nepotism in distribution of incentive among officials. They blamed that some officers were given favoritism out of the way by some high-ups. Expressing their deep concerns over the distribution of rewards/incentives among the officials of Pakistan Customs, they alleged that the rewards ... Read More »

TCS, Smart Zone case: Customs submits challan against Hamdani, Shakirullah

ISLAMABAD: The Customs Intelligence and Investigation (I&I) has submitted the challan in customs court against TCS CEO Saqib Hamdani and Smart Zone Company owner Shakirullah, declaring them accused of smuggling, in their initial investigations. As per details, during the hearing of TCS and Smart Zone Company smuggling case in customs court of Islamabad customs judge Muhammad Ahmad Farooqui yesterday, Smart ... Read More »

FBR asks customs officers to declare assets

Multan: The Federal Board of Revenue (FBR) has directed Inland Revenue officers and Customs officers to declare their assets details before August 15. As per details, FBR issued a notification to all regional tax offices and custom offices on July 24 to declare their assets before July 30 but due to Eid ul Fitr holidays the date extended further to ... Read More »

FIR against appraiser: Customs I&I not on board with probing committee

KARACHI: The 6-member committee formed to investigate the aspects of First Information Report (FIR) lodged by the Directorate General of Customs Intelligence and Investigation against the appraiser Sarfaraz Bangash Zai in MCC Appraisement-West on his alleged involvement in clearing the consignments of oil by using unfair means, has yet to start its working due to absence of basic information of ... Read More »

Corruption charges: Govt stops FPCCI funding; NAB,TDAP launch probe

ISLAMABAD: The federal government has stopped funding of the Apex chamber, following the corruption allegations of Rs 250 million in construction of FPCCI Capital Office building and ordered National Accountability Bureau to investigate the matter. After getting evidence of corruption from Federation of Pakistan Chambers of Commerce and Industry (FPCCI) former vice president Mirza Abdul Rehman, the Federal Secretary Commerce ... Read More »