Appraisement-East foils bid to import used cooking oil
KARACHI: The MCC Appraisement-East has foiled a bid to import used cooking oil through mis-declaration in the name of soap and gum stock; the import of used cooking oil in…
FIR lodged for mis-declaration through submission of fake Form-E
KARACHI: The Model Customs Collectorate of Exports has lodged an FIR against an importer and others for committing mis-declaration through submission of fake Form-E fraudulently to avoid realization of foreign…
Budget proposals 2014-2015: amendments sought to make sales tax audit meaningful
KARACHI: The Large Taxpayers Unit (LTU) has proposed to make the sales tax audit meaningful by an Inland Revenue Officer for imposing penalty and default surcharges besides conducting composite audit…
Budget proposals 2014-2015: FPCCI suggests to impose regulatory duty on imported items under FTA/PTA
KARACHI: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has recommended that regulatory duty should be levied on items which are being imported under free trade agreement (FTA)…
Customs Appraisement proposes rationalization of duty on steel products under PCT chapter 72
KARACHI: The Customs Appraisement has proposed that the customs duty on steel sheets/rolls under PCT chapter 72 should be rationalized to avoid chances of misdeclaration and duty evasion. It may…
Smuggled goods worth Rs4.5 million seized
KARACHI: The Customs Intelligence and Investigation (I&I) in two separate raids on Monday has recovered huge quantity of foreign-origin perfumes and para-shoot cloth worth Rs4.5 million approximately, which was being…
Customs holds clearance of 100 vehicles including 50 concrete mixers; physical examination ordered
KARACHI: The Model Customs Collectorate of Appraisement-West has stopped the clearance of over 100 vehicles including 50 concrete mixers, which were imported by the same person already under custody for…
FBR promotes Grade-16 officers in Grade-16
KARACHI: The Federal Board of Revenue (FBR) has played a practical joke with the Grade-16 officers of Preventive Collectorate as 37 BS-16 officers have been promoted to BS-16. According to…
Budget proposals 2014-2015: federation suggests to slash income tax on rental income to 10 percent
KARACHI: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has proposed an idea to slash income tax on rental income to 10 percent as final settlement of tax…
Customs suspends clearance of liquor imported by foreign companies operating in Pakistan
KARACHI: The Model Customs Collectorate of Appraisement-East has hold the clearance of foreign liquor imported by companies for their foreign employees and a reference has been sent to Federal Board…
Budget proposals 2014-2015: apex body urges to enhance turnover limit of cottage industry to 10 million, utility limit to 1.2 million
KARACHI: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has urged the tax machinery to enhance turnover limit of cottage industry to Rs 10 million from existing rate…
Importing older vehicles on forged documents, MCC Appraisement lodges FIR against importers/agents
KARACHI: The Model Customs Collectorate of Appraisement-West has lodged First Information Report (FIR) against several importers and clearing agents while one clearing agent has also been arrested for committing fraud…
Revenue leakage through misuse of SRO No. 1125 detected
KARACHI: The Customs Intelligence Unit (CIU) of MCC Port Qasim has detected revenue leakage to the tune of Rs7.0 million through misuse of SRO No. 1125(I)/2011. According to details, a…
CIU of MCC Port Qasim detects revenue leakage of Rs 79.45 million
KARACHI: The Customs Intelligence Unit (CIU) of MCC Port Qasim has detected 11 cases of mis-declaration of description/weight, which would result in additional revenue on account of detection to the…
Budget proposals 2014-2015: FPCCI suggests carry forward of unabsorbed tax credit
KARACHI: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has proposed the concept of carry forward of unabsorbed tax credit for newly established industrial undertaking. At present under…
Preventive Service Officers Association holds election on May 15, 2014
KARACHI: The Preventive Service Officers Association, one of three Associations active at Customs House, is having their elections to elect the officer bearers and body on May 15, 2014. Two…
Budget proposals 2014-2015: 16 percent GST for mobile telecommunication industry advocated
KARACHI: The business community has advocated the government to reduce general sales tax (GST) of heavily taxed mobile telecommunication industry to 16 percent from current rate of 19.5 percent. Another…
Effective rate of customs duty collection marginally declines in July-April 2013-14
KARACHI: Pakistan Customs has collected customs duty to the tune of Rs162.58 billion against the dutiable imports of Rs1.478 trillion during the ten-month period ended April 30, 2014 translating into…
Budget proposals 2014-2015: zero percent sales tax for pharmaceutical inputs recommended
KARACHI: The private sector has proposed the tax machinery to charge pharmaceutical products, raw materials and packaging materials on zero rating for sales tax purpose and should be removed from…
Customs demolishes 64 petrol-pumps in two-day campaign
KARACHI: The Pakistan Customs in a joint operation with City Administration and Police has demolished as many as 64 fuel stations, which were selling smuggled petrol/diesel causing loss to national…