SHC dismisses WTC filed by Income Tax Department
KARACHI: An old case of Wealth Tax pertaining to year 1997-98 finally came to an end when an Income Tax Appellate bench of High Court of Sindh finally ruled against…
Government likely to increase regulatory duties, Customs duties
KARACHI: Government recently took measures to ban import of luxury items to curtail outflow of foreign exchange reserves of the country. Analysts believe that given our rising Balance of Payment…
Key taxation measures expected in FY23 Budget
KARACHI: Pakistan Federal Budget FY23 Preview with tax revenue target of Rs7.25trn for FY23, analysts expect new taxation measures across various sectors in the upcoming budget. Supertax: FBR is mulling…
Government to set tax revenue collection target of Rs7.25trn for FY23
KARACHI: Government is likely to set tax revenue collection target of Rs7.25trn for FY23 (9.2% of GDP), which is up 19% from the revised target of Rs6.1trn (9% of GDP)…
Budget outlay for FY23 is estimated at Rs9-9.5trn
KARACHI: Government is expected to announce Federal Budget FY23 on June 10, 2022. Pakistan is eyeing revival of an IMF program and it is likely that the upcoming budget will…
SHC restrain customs from encashing security in fabric Valuation case
KARACHI: Pakistan Customs was restrained from encashing bank guarantee/security sumbitted by a dozen importers of fabric from China. The order came from a custom appellate bench of High Court of…
Violation of Transshipment Rules at MCC Appraisement Lahore identified
KARACHI: Sharjeel Jamal of Utrade Logistics has identified violation of Transshipment Rules at MCC Appraisement Lahore, which is causing loss to the national exchequer. In a letter to Chief Collector…
I&I Gwadar recovers smuggled Gutka
GWADAR: Customs Intelligence Gwadar (I&I Gwadar) has seized 18 bags of shekhar gutka (50 packets each) which was dumped at Jewani crossing. Total Value of gutka is approximately Rs1.8 million.…
Customs Gwadar seizes narcotics worth millions of rupees
GWADAR: In a successful operation at Khurkera check post, Customs Gwadar recovered smuggled goods worth millions of rupees from a truck coming from Quetta to Karachi. Information was passed through…
The Government and SBP refute baseless claims circulating on social media regarding Foreign Currency Accounts, Roshan Digital Accounts and Safety Deposit Lockers
The Government of Pakistan and the State Bank of Pakistan assure all account holders maintaining Foreign Currency Accounts (FCA), Roshan Digital Accounts (RDA) and Safety Deposit Lockers in banks in…
CDC ITMinds Limited signs an agreement with Pak Qatar Asset Management Company Limited and Pak Qatar Family Takaful Limited for Back Office service provisioning
Karachi: ITMinds Limited (ITMinds), a wholly owned subsidiary of Central Depository Company of Pakistan Limited (CDCPL), has entered into outsourcing arrangement with Pak Qatar Asset Management Company Limited (PQAMCL) &…
SHC orders formation of Steel Committee to decide nature of consignments
KARACHI: Hearing a constitutional petition filed by Mian Saeed & Sons, importers of Iron and Steel goods, the custom appellate bench of High Court of Sindh ordered authorities of Pakistan…
SHC dismisses SCRA filed by Hyderabad Custom Collectorate
KARACHI: A custom appellate bench of High Court of Sindh (SHC) dismissed a Special Customs Reference Application filed by Model Collectorate of Customs Hyderabad impunging an order passed by Special…
SHC disposes petition involving classification dispute, release ordered
KARACHI: Hearing a constitutional petition filed by Messers Axiom Trading Incorporated, Karachi, a custom appellate bench of High Court of Sindh allowed the request made by the petitioner company. Earlier…
I&I Quetta seizes smuggled goods
QUETTA: Customs Intelligence Quetta (I&I) Quetta seized a passenger bus near Lackpass Tunnel on Quetta-Karachi Road and recovered large quantity of smuggled goods worth Rs24.4 million. Information was passed through…
Transfers/postings of PCS officers
KARACHI: The Federal Board of Revenue has notified transfers and postings of BS-18 and Bs-17 officers of Pakistan Customs Service (PCS) with immediate effect. Imran Afzal (BS-18) is transferred from…
I&I Gwadar seizes smuggled goods worth Rs21.3mn
GWADAR: Customs Intelligence Gwadar has seized large quantity of smuggled goods along with a passenger bus carrying the same worth Rs21.3 million. On the directives of Director Gwadar Agha Saeed,…
FBR transfers Collector Enforcement Multan and Director I&I Multan
KARACHI: The Federal Board of Revenue has notified transfers and postings of three BS-20 officers and one BS-19 officer of Pakistan Customs Service (PCS) with immediate effect. Mr. Asif Abbas…
SBP unveils Easy Data, in a move aimed at supporting economic research and enhancing transparency
Efficient, timely and reliable data dissemination is a core undertaking of central banks across the world. Open data availability supports informed decision-making by households, firms, governments, academics, and other stakeholders,…
City Court turned into a battle ground
KARACHI: the work at City Court complex Karachi came to a grinding halt as staff and lawyers fought a pitched battle with injuries on both sides. According to details District…