Pakistan can save $2.5bn by encouraging edible oil sector
KARACHI: Pakistan is wasting millions of dollar in the import of Edible oil and its seeds by ignoring this sector in the budget 2016-17. The consumptions of Edible oil are…
MCC Islamabad seizes 20kg heroin
KARACHI: Customs staff of MCC Islamabad at Islamabad Airport seized a huge consignment of 20Kg refined heroin worth Rs200 million artfully concealed in 136 embroidered Ladies stitched suits from a…
Date extended
KARACHI: The Federal Board of Revenue (FBR) has notified 7-day extension in the date of filing withholding tax (WHT) statements for the tax year 2016 till July 22, 2016. “FBR…
Vehicle auction case: SHC fix Aug 18 as date of hearing
KARACHI: A division bench of High Court of Sindh (SHC) comprising Justice Iraf Saadat Khan and Justice Arshad Hussain on Friday fixed Aug 18 to hear a petition against alleged…
Face Power, Face, Skin Cream, Lotions, Tooth Paste import Valuation Ruling: Hearing adjourned till next Monday
KARACHI: The hearing of a constitutional petition challenging assessment of Tooth Paste, Face Powder, Face and Skin Creams, Lotions etc under new Valuation ruling (VR) 848 of 2016 dated 6-5-2016…
Total exports slides by 12.11% in 2015-16, imports 2.32%
KARACHI: Despite an effort of the government to enhance exports in 2015-16, the country’s goods export declined by 12.11 per cent to $20.802 billion in (July-June) 2015-16 from $23.667 billion…
Government withdraws RD exemption on cocoa powder, cotton yarn, iron & steel
KARACHI: The Federal Government has withdrawn regulatory duty (RD) exemption available on the import of cotton yarn, iron and alloy steel, which would now be subject to statutory rate of…
Valuation of property; ABAD, realtors reject amendment to Income Tax Ordinance
KARACHI: The Association of Builders and Developers of Pakistan (ABAD) and the real estate sector have outrightly rejected amendment in the Income Tax Ordinance 2001 (ITO) and addition of a…
FBR extends deadline
KARACHI: The Federal Board of Revenue (FBR) has notified extension in the date for submission of sales tax returns and federal excise returns for the tax period of June 2016.…
Workers’ remittances rise 6.38 percent to $19.9 billion in FY16
KARACHI: Overseas Pakistani workers remitted $19.9 billion in FY16, showing a growth of 6.38 percent compared with $18.719 billion received during FY15. During June 2016, the inflow of workers’ remittances…
PPL announces discovery at Hadi X-1A, Gambat South Block
KARACHI: Pakistan Petroleum Limited the operator of Gambat South Block with 65 percent working interest (WI) along with its joint venture partners, Government Holdings Private Limited and Asia Resources Oil…
License of clearing agent M/s Basathia Impex suspended
KARACHI: Collector Appraisement West Dr. Fareed Iqbal Qureshi has suspended the license of M/s Basathia Impex and their user ID in the WeBOC system has also been blocked. According to…
KTBA seeks extension in deadline for WHT statements and ST return filing
KARACHI: The Karachi Tax Bar Association (KTBA) has approached Federal Board of Revenue (FBR) requesting extension in the deadline for filing of monthly income tax withholding statements and sales tax…
Rare meeting, rare demand as SHC judges hold ‘Full Court’ meeting
KARACHI: The judges of High Court of Sindh in a rare full court meeting held Thursday at SHC in a rare demand asked Prime Minister and President to enhance security…
Customs seizes electronic items worth Rs 15mln from Karachi Airports
KARACHI: The customs officials have confiscated the valuable goods worth Rs 15 million during Tuesday–Wednesday night at Karachi Airport from the custody of two accused coming from Dubai through Emirate…
Intel Security Innovation Alliance Continues to Expand Partner Ecosystem
KARACHI: Intel Security today announced the expansion of its extensive partner ecosystem through the Intel Security Innovation Alliance, welcoming 24 new partners and broadening its portfolio of tightly integrated security…
Customs Valuation start issuing valuation guidelines to discourage under-invoicing
KARACHI: Directorate General of Customs Valuation has circulated certain valuation guidelines for the notice of all formations about the prevailing international price trend of several importable goods in the first…
Customs valuation recommends suspension of license of M/s Basathia Impex
KARACHI: Director Customs Valuation Karachi Wasif Memon has written a letter to MCC Appraisement West recommending to suspend the license of Clearing Agents M/s Basathia Impex (License No.786), as he…
MCC Peshawar seizes narcotics
KARACHI: MCC Peshawar has seized significant quantity of ‘charas’ and ‘afeem’ worth millions of rupees from the secret compartments of a trailer, which was bringing back an empty container from…
Construction Machinery cases: Hearing adjourned till Aug 02
KARACHI: A divisional bench of High Court of Sindh (SHC) comprising Justice Irfan Saadat Khan and Justice Arshad Hussain on Wednesday adjourned hearing of two petitions filed by Haji Ihsanullah…