FTO recommends large-scale reforms in FBR

KARACHI: Federal Tax Ombudsman (FTO) has said that corruption had peaked in the country and recommended large scale reforms in the Federal Board of Revenue (FBR). Talking to business community at Pakistan Hosiery Manufacturers Association (PHMA) House on Tuesday, FTO Dr. Shoib Saddal said that until and unless the ministers,… Continue reading

FBR might assess possible in-appropriation in withholding and deposit of taxes by cell Cos

KARACHI: The disparity between the revenues of telecom companies particularly the cellular service providers and deposit of withholding tax has compelled the Federal Board of Revenue (FBR) to consider assessment of the records of telecom companies, it has been reliably learnt. The number of cellular subscribers and the sales revenues… Continue reading

Customs collects Rs 58.121 million from Karachi Airport arrivals

KARACHI: The staff of Pakistan Customs of internationals arrivals Jinnah International Airport made a record revenue collection of Rs. 18 million in respect of duty & taxes which is 573 percent higher than the correspondence period of the previous year. In their continuous efforts to curb the menace of ‘khepia’… 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

Customs concessionary regime only admissible on air-conditioners’ CKD

KARACHI: The Federal Board of Revenue (FBR) has directed all Collectors of Customs that concessionary rate of customs duty on raw material, components and sub-components for the manufacturing of air-conditioners is only admissible in CKD condition and not in SKD condition. The directives came after it was noticed that SKD… Continue reading

Amendment in Customs General Order 12/2002

KARACHI: The Federal Board of Revenue has substituted the para 116 of Customs General Order No.12/2002. According to the new para, vehicles to be treated as ambulances must have the following specifications: 1. Rear panel and rear step. 2. Stretcher of 8ft length minimum in case of hiace type vehicles… Continue reading

FBR asks transport operators to prepare carrier‚ manifest

KARACHI: The Federal Board of Revenue (FBR) through amendments in Customs Rules 2001, has made it mandatory for the transport operator that the operator after taking delivery of goods from the port and loading thereof on the conveyance shall prepare carrier’s manifest in quadruplicate having security features as specified by… Continue reading

Customs identifies habitual evader; causing huge losses through misdeclaring chemical import

KARACHI: The customs authorities have identified habitual evaders who incurred huge losses to exchequer through misdeclaration on chemical imports. An FIR has been lodged against the importer Zeeshan Trading Company and investigation has been initiated to arrest persons involved in the scam. Model Customs Collectorate (MCC) of PaCCS retrieved the… Continue reading

MCC PaCCS resents FTO order on stolen, encashment of pay order

KARACHI: Model Customs Collectorate (MCC) PaCCS has resented the order passed by the Federal Tax Ombudsman (FTO) in a stolen and subsequently encashed of a financial instrument saying the department had already sent a communication to National Bank of Pakistan (NBP) regarding involvement of its staff in the crime. In… 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