Alternators to be assessed at value up to $26/KW
KARACHI: Pakistan Customs has revised the valuation of Chinese origin alternators up to $26 per kilowatt for the collection of duty and taxes on import of such item. The Directorate…
Valuation Ruling No.531/2013 amended
KARACHI: Directorate General of Customs Valuation has made amendments to the Valuation Ruling No.531/2013, notification said on Tuesday. The following amendments have been made in pursuance of Model Customs Collectorate…
DG amends Valuation Ruling No.421/2012
KARACHI: Directorate General of Customs Valuation on Tuesday amended the Valuation Ruling No. 421/2012, a circular said. The following amendments have been made under Section 25-A of the Customs Act,…
Non-submission of ACRs; a number of Customs officials might be denied promotions
KARACHI: A number of Customs officials ranging from Grade-1 to Grade-15 might be deprived of the promotion and up-gradation as they could not be able to submit their Annual Confidential…
FBR notifies transfers/postings of IRS officers BS-21
KARACHI: Federal Board of Revenue (FBR) on Monday notified transfers and postings of Inland Revenue Service (IRS) Officers of BS-21 with immediate effect. According to the notification the following officers…
IRS officers promoted to BS-21
KARACHI: The Federal Board of Revenue (FBR) on Monday issued a promotion list of Inland Revenue Service Officers; who are promoted to BS-21 from BS-20. The following IRS officers are…
Budget proposal 2014-2015: STWH rules be withdrawn or one percent tax rate recommended
KARACHI: The business community has recommended that either Sales Tax Withholding (STWH) rules should be withdrawn for all the taxpayers or to reduce the tax rate to one percent from…
Green Star Social Marketing disciplined for availing undue tax benefits
KARACHI: The Collectorate of Customs Adjudication-I has penalized M/s Green Star Social Marketing Pakistan for availing undue benefit of exemption from whole of the sales tax and income tax under…
Budget proposal 2014-2015: certificate of tax deduction or collection sufficient to obtain tax credit
KARACHI: The Pakistan Business Council (PBC) has advocated the government that law of certificate of tax deduction or collection should be restored as it is sufficient evidence to obtain the…
Budget proposals 2014-2015: law for collection of advance tax from wholesalers, retailers must be repealed
KARACHI: The business industry has recommended the tax machinery to repeal the law of collection of advance tax under section 236G by which manufacturers and commercial importers are collecting 0.1…
Budget proposals 2014-2015: remittances amount be restricted to $25,000
KARACHI: The private sector has suggested the government to amend the law of ‘unexplained income and assets’ just to restrict amount of remittances to $25,000 even for investment in industrial…
Budget proposals 2014-2015: benchmark advanced tax be reduced to 80 percent
KARACHI: The business community has proposed an amendment in the law of ‘advance tax paid by the taxpayer’ to slash the advance tax rate to 80 percent from the current…
Budget proposal 2014-2015: One percent advance tax on imports recommended
KARACHI: The industry experts have urged the government to cut the advance tax on imports to one percent from the existing rate of five percent because manufacturers are facing hardships…
Importer, clearing agent penalized for mis-declaration, under-invoicing
KARACHI: The Customs Adjudication has penalized one M/s Khuwaja Flat Glass Industries (Pvt) Ltd and a clearing agent M/s RIL Logistics (Pvt) Ltd for mis-declaration/under-invoicing and depriving national exchequer of…
DG I&I arrests Q-Mobile official for tax fraud, recovers Rs40 million
KARACHI: The Directorate General of Intelligence and Investigation, Karachi has arrested an official of leading mobile phone company – Q-Mobile – on Wednesday and raids were carried for arrest of…
Budget proposals 2014-2015: 25 percent corporate tax rate advocated
KARACHI: The private sector has demanded the government to reduce the corporate tax rate to 30 percent from existing 35 percent and further reduce it to 25 percent in next…
QMobile Manager(Operation) Arrested on tax fraud
Karachi: QMobile Manager(Operation) Arrested on tax fraud Mr. Babar Sultan, Manager (Operation) of famous cellphone brand QMOBILE has been arrested in tax fraud case by Intelligence and Investigation-Inland Revenue. Raids…
Budget proposals 2014-2015: PBC calls for improved monitoring on APTTA
KARACHI: The Pakistan Business Council (PBC) has stressed the need to improve monitoring of transit trade by ensuring the provision of submission of bank guarantee. It is suggested that Pakistan…
FBR receives nominations for vacancies at World Customs Organization
KARACH: Federal Board of Revenue (FBR) has received nomination of officers from different collectorates against the five posts at World Customs Organization Secretariat (WCO). The posts at the WCO are…
FPCCI proposes single digit sales tax with elimination of refunds claims/adjustment
KARACHI: Syed Mazhar Ali Nasir, Acting President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Monday demanded for reform in existing Sales tax regime. He emphasized…