Valuation ruling for ready-made garments implemented to promote under-invoicing, misdeclaration

KARACHI: Serious irregularities have been detected in the new valuation ruling for customs duty on import of ready-made garments as it has open the doors for corruption and incurring huge monetary losses to public exchequre. Customs sources said that the Valuation Ruling No. 489/2012 dated November 07, 2012 was implemented… Continue reading

World Customs Organisation updates commercial fraud typologies summary

KARACHI: World Customs Organisation (WCO) has updated ‘Commercial Fraud Typologies Summary’ to provide the member countries, including Pakistan, better ideas of common methods particularly to the respective nature of commercial fraud offences linking both together.The WCO said that the revenue implication of commercial fraud for members around the world is… Continue reading

Date extended for payment, filing of returns of sales tax and federal excise duty

KARACHI: The Federal Board of Revenue (FBR) has extended the last date for payment of taxes/duty and filing of sales tax / federal excise duty returns for the period April 2013 for all registered persons. In a notification issued Wednesday, the FBR extended the date of payment and filing of… Continue reading

FBR decides to recover Rs807 million duty and taxes from Port Qasim Authority; exemption on import of three tugs disallowed

KARACHI: The Federal Board of Revenue (FBR) has decided to recover Rs807 million as concealed amount of duty and taxes including additional surcharge on import of three tugs acquired by Port Qasim Authority. The FBR examined the available exemptions under Merchant Shipping Ordinance, 2001 and clarified that exemption of customs… Continue reading

Pakistan Customs holds press conference on seizure of Indian Gutka

KARACHI: Pakistan Customs hold a press conference to share the huge recovery of contraband Indian Gutka worth Rs129.24 million with the print and electronic media on Wednesday. Chief Collector (South) Mohammad Yahya, Collector PaCCS Amer Ahmed, Deputy Collector Shahab Imam, Principal Appraiser Shafiullah and Principal Appraiser Shahid Rizvi and other… Continue reading

Billions of rupees recovery at stake as FBR top brass intervenes to shelter corrupt elements

KARACHI: The recovery of billions of rupees in cases of misusing exemption regime has been put at stake as top brass of Federal Board of Revenue (FBR) is sheltering the officials involved in corrupt practices, sources said. Recently, Pakistan Customs has unearthed billions of rupees scam under which traders grossly… Continue reading