Customs Appellant Tribunal charges auto parts importer of mis-declaration

KARACHI: The Customs Appellate Tribunal has charged Sunstar Corporation for mis-declaration origin, classification and value of the goods with the intention of depriving the exchequer of its legitimate revenue of Rs3.378 million. Sunstar Corporation, an importer of auto parts, filed goods declaration (GD) electronically for imports of goods declared as… Continue reading

Show Cause Notice against Coca Cola set aside

KARACHI: The Customs Appellate Tribunal has set aside the order in appeal of Collector (Appeals) that established the charge against Coca Cola Beverages Ltd for unlawfully obtaining benefit of SRO 575(I)/2006 and defrauding the exchequer of an amount of Rs31,030,950. The Tribunal remanded the matter to the learned Adjudicating Officer… Continue reading

Customs Valuation Ruling (VR) leave no room for value dispute requests

KARACHI: The Chief collector of Customs (South) has made it clear that the customs value of any imported commodity determined by the Director Customs Valuation in the form Valuation Rulings (VR) is binding and in its presence no request for section 81 ibid on account of value dispute shall be… Continue reading

Fauji Cement asked to bank guarantee 50pc of demand created by Customs

KARACHI: The Customs Appellate Tribunal has suspended the recovery notice issued by Collector of Customs to the Fauji Cement Company (FCC) as their appeal against the said notice was lying pending before the tribunal and ordered FCC to submit a bank guarantee equal to 50 percent of the demand created… Continue reading

Supreme Court admits Additional Commissioner IRS competent to issue notice under section 122(5A) of Income Tax Ordinance, 2001

KARACHI: The Supreme Court of Pakistan has admitted Additional Commissioner Inland Revenue (IRS) as the competent authority to issue notice a taxpayer under section 122(5A) of the Income Tax Ordinance 2001. The Supreme Court has dismissed the petition for leave to appeal submitted by Ms Oceans Pakistan Limited and upheld… Continue reading

Tax officials consume 86pc of annual travelling funds in just five months

KARACHI: The Federal Board of Revenue (FBR) has negated the government drive of austerity measures in government departments as officials of revenue collecting machinery have consumed 86 percent of allocated traveling allowance in just five months of current fiscal year. According to an official notification, the funds amounting to Rs9.6… Continue reading

Customs staff stun over Collector Appeal decision in case of removing goods illegally

KARACHI: Customs officials are stunned over a decision of collector appeals by declaring ‘misunderstanding’ in a number of cases where officials detected unscrupulous persons removing the goods illegally and without paying taxes in connivance of terminal staff and other stakeholders. In a case the collector appeal had not only minimized… Continue reading