Total foreign investment up 124.8% to $113.9m
KARACHI: Despite the downward trend in Direct Investment, the country’s total foreign investment enhanced by 124.8 per cent to $113.9 million owing to the higher inflows of portfolio investments in…
Customs values of Aluminum Composite Panels revised
KARACHI: Director Customs Valuation Wasif Memon has revised the customs values of Aluminum Composite Panels vide Valuation Ruling No.909/2016. Customs values of Aluminum Composite Panels were earlier notified vide valuation…
Customs values of water dispensers revised
KARACHI: Director Customs Valuation Wasif Memon has revised the customs values of hot & cold water dispensers vide Valuation Ruling No.910/2016. Customs values of hot & cold water dispensers were…
Inland Revenue Tribunal strikes down audit proceedings against M/s Ahmed Medicose
KARACHI: Inland Revenue Appellate Tribunal Muhammad Javed Zakarya has set aside the order of DC Inland Revenue who had rejected 25 percent of the claim of purchases in the trading…
Inland Revenue Tribunal strikes down penalty imposed for non-filing of WHT statement
KARACHI: Inland Revenue Appellate Tribunal comprising Muhammad Javed Zakarya has set aside the penalties imposed on M/s Resilience Xpert Pvt Ltd by Commissioner Inland Revenue for non-filing of withholding tax…
SHC adjourns Dumper Trucks case till Aug 24 as response from Commerce Ministry awaited
KARACHI: An appellate bench of High Court of Sindh (SHC) on Monday adjourned hearing of two identical petitions filed by Haji Ihsanullah of Ihsanullah Construction Company till Aug 24. The…
SHC disposes of SCRA, declares penalty illegal
KARACHI: An appellate bench of High Court of Sindh (SHC) comprising Justice Aqeel Ahmed Abbasi and Justice Abdul Malik Gaddi on Monday disposed of a Special Customs Reference Application (SCRA)…
Indian Granite import case: SHC hears contempt application against Collectors, Assistant, Deputy Collectors West, East
KARACHI: Justice Salahuddin Panwhar of High Court of Sindh (SHC) hearing a contempt of court application in a suit filed by Amer Saeed, importer of Granite from India adjourned hearing…
KTBA seeks extension in monthly statement filing date
KARACHI: The Karachi Tax Bar Association (KTBA) has approached Federal Board of Revenue (FBR) seeking extension in the date for filing monthly statements. In a letter to chairman FBR, President…
Tribunal strikes down adjudication order against M/s Waterlink Pakistan
KARACHI: The Customs Appellate Tribunal, comprising Mohammad Nazim Saleem Member Technical-II and Tahir Zia Member Judicial-II, has struck down the fines and penalties imposed on M/s Waterlink Pakistan Pvt Ltd…
SHC fixes SCRA’s by NLC for hearing on Sept 26
KARACHI: A divisional bench of High Court of Sindh (SHC) comprising Justice Aqeel Ahmed Abbasi and Justice Abdul Malik Gaadi admitting nine identical Special Custom Reference Applications (SCRA) filed by…
SHC issues notices to APL, KICT for Aug 16 in petition by Syscom International
KARACHI: A divisional bench of High Court of Sindh (SHC) comprising Justice Munib Akhtar and Justice Anwar Hussain issued notices to Chief executives of Karachi International Container Terminal and American…
Readymade garment importers seek revision in Valuation Ruling No. 886/2016
KARACHI: The readymade garment importers have approached Director General Customs Valuation Syed Tanveer Ahmed praying revision in the values of low-end readymade garments determined vide Valuation Ruling No. 886/2016. The…
DG Transit trade expresses satisfaction on enhanced coordination between entry & exit stations
KARACHI: Director General Transit Trade Muhammad Javed Ghani chaired a meeting of regional directors of Transit Trade and expressed satisfaction on the steps taken to ensure enhanced coordination between entry/exit…
Enemies of Pakistan trying to ruin CPEC: DG Rangers
KARACHI: Director General Rangers Major General Bilal Akbar Saturday said that the enemies of Pakistan, specially India is trying to sabotage the China Pakistan Economic Corridor (CPEC) to weaken the…
Order-in-revision: values of frozen French fries re-determined
KARACHI: The Director General Customs Valuation Syed Tanveer Ahmed has issued order-in-revision No. 230/2016 re-determining the values of Frozen French Fries earlier determined vide valuation ruling No.842/2016. The petition was…
Vacuum flasks importers’ revision petition rejected
KARACHI: The Director General Customs Valuation Syed Tanveer ahmed has rejected the petition of vacuum flasks importers against Valuation Ruling No.864/2016. The importers including M/s NFS Traders and others of…
FBR’s incompetency affecting its cases in Courts and Tribunals Losing billions of rupee cases in Tribunal as it didn’t follow it properly
KARACHI: The Ministry of Finance through Federal Board of Revenue (FBR) spends millions of rupee for improving tax recovery system and appoints commissioners, assistant commissioners and tax specialist lawyers, but…
SHC adjourns identical petitions till Aug 22 against Custom valuation
KARACHI: A divisional bench of High Court of Sindh (SHC) comprising Justice Munib Akhtar and Justice Anwar Hussain on Friday adjourned hearing of two identical petitions challenging assessment of consignments…
Copper rod or Copper wire: SHC issues notice for Aug 22
KARACHI: A divisional bench of High Court of Sindh (SHC) comprising Justice Munib Akhtar and Justice Anwar Hussain on Friday issued notice to the DG Custom Valuation and others for…