FBR implements automatic selection of cases for audit
KARACHI: The Federal Board of Revenue (FBR) has been equipped with automatic selection of cases for audit that do not fulfill certain conditions. Under the provisions 8 of Section 214D,…
Pakistan Customs, Tax, Shipping & Business News Resource
KARACHI: The Federal Board of Revenue (FBR) has been equipped with automatic selection of cases for audit that do not fulfill certain conditions. Under the provisions 8 of Section 214D,…
KARACHI: The Federal Board of Revenue (FBR) has introduced progressive tax regime for profit on debt in case of non-corporate taxpayers. The rationale for introducing progressive tax rates is that…
KARACHI: The Federal Board of Revenue (FBR) has issued explanation regarding new withholding tax provisions applicable to banking companies. Banking instruments and channels are used to acquire assets and incur…
KARACHI: The Federal Board of Revenue (FBR) has introduced mobile SMS service ‘9966’ for verification of status on active taxpayers list to facilitate taxpayers and withholding agents. FBR has recently…
KARACHI: The Federal Board of Revenue (FBR) as part of the mission to eliminate corruption in the revenue body has developed a code of conduct. This would discourage officers avoiding…
KARACHI: The accused arrested for their involvement in the pilferage of US Army cargo could not secure bail as the Customs Court has extended the date of bail hearing. The…
KARACHI: Dr. Sayed Yahya Akhlaqi, Director of International Transit of Afghanistan is coming to Karachi on an official trip from July 27 to July 31, 2015 and visit the transit…
KARACHI: The Directorate General of Intelligence & Investigation (I&I) Customs has submitted the seizure report for adjudication proceedings, nominating several persons as accused in the unauthorized pilferage and removal of…
KARACHI: M/s Khurram Gulzar & Co has approached Customs Appellate Tribunal for the second time seeking withdrawal of penalties imposed by Customs Adjudication and requesting classification of Titanium dioxide cotiox…
KARACHI: MCC Port Qasim has approached Customs Appellate Tribunal challenging the order of Collector Appeals Dr. Zulfiqar Malik in the case of import of old and used trucks by M/s…
KARACHI: The Securities and Exchange Commission of Pakistan (SECP) has revoked the license of Rawalpindi-Islamabad Customs Agents Association for not complying with the rules of law. The Commission has also…
KARACHI: Despite the imposition of additional tax measures, including increase in sales tax rate on petroleum products, imposition of regulatory duties, and sending notices to prospective taxpayers, the Federal Board…
KARACHI: The Federal Board of Revenue (FBR) desires that the advance tax collected by banks on all transactions should be deposited into the government treasury by July 31, 2015. According…
KARACHI: Federal Board of Revenue (FBR) on Thursday notified transfers of BS-18 officers of Inland Revenue Service (IRS). According to details, Mian Muhammad Majid Hayat has been transferred to the…
KARACHI: The KSE Brokers Association has demanded penal action against Regional Tax Office (RTO) Zone-1 for demanding illegal duty from tax complaint stocks brokers. Yasin Lakhani, president of the association,…
KARACHI: Federal Board of Revenue (FBR) is all set to notify large-scale transfers and postings of senior officers of Pakistan Customs Service (PCS). The reshuffling is being done in consultation…
KARACHI: The Customs Appellate Tribunal has reduced the penalty of Rs3.0 million imposed on M/s Limsa Agencies Bonded Carrier to Rs1.0 million as it was involved in aiding and abetting…
KARACHI: The Customs Appellate Tribunal has advised the Customs Appraisement to forward representative samples of the consignment – imported by M/s Bismillah Industry – to Kahota Research Laboratory to confirm…
KARACHI: The Federal Board of Revenue (FBR) has extended the scope of Duty and Tax Remission for Exports (DTRE) facility for the manufacturers cum exporters of vegetable ghee. The FBR…
KARACHI: There has been a drastic change in the import pattern on Afghan Transit Trade during the fiscal year ended June 30, 2015 as imports of several goods almost doubled…