Pakistan approves budget with higher tax on new motor vehicles
The National Assembly of Pakistan has approved the budget for the fiscal year 2023-24, which includes a provision to impose up to 10 percent advance tax on new motor vehicles.…
Pakistan Customs, Tax, Shipping & Business News Resource
The National Assembly of Pakistan has approved the budget for the fiscal year 2023-24, which includes a provision to impose up to 10 percent advance tax on new motor vehicles.…
KARACHI: In an effort to overcome the impasse in securing a loan program from the International Monetary Fund (IMF), Pakistan has imposed an additional tax burden of Rs215 billion on…
KARACHI: The National Assembly of Pakistan has passed the budget for the fiscal year 2023-24, introducing new tax rates for salary income. These rates will be applicable for the upcoming…
KARACHI: Customs Appellate Tribunal has ordered recovery of Rs491.29 million from M/s Nestle Pakistan, which the multi-national company had evaded through mis-declaration of PCT heading of the imported goods. Information…
KARACHI: The State Bank of Pakistan (SBP) on Friday announced withdrawal of all restrictions on imports to facilitate the industrial sector. In December last year, the SBP asked banks to…
QUETTA: A group of Baluchistan assembly members and ministers are planning to meet Prime Minister next week and ask him to provide relaxation to smugglers and to transfer Customs Enforcement…
LAHORE: The Directorate of Intelligence & Investigation (Inland Revenue) Lahore has detected sales tax evasion worth billions of rupees by a reputed company. The company had issued illegal credit notes…
Karachi: A scuffle broke out between customs officers and Airport Security Force (ASF) staff at Jinnah International Airport (JIAP) Karachi on 18th and 19th June 2023, resulting in injuries and…
KARACHI: Chief Collector South Ashad Jawad has commissioned an exercise to check the misuse of Electronic Import Form (EIF) and the mis-declaration of PCT code thereof of the imported consignments.…
KARACHI: I&I Karachi has recovered thousands of cartons of smuggled food items and confectionary from a warehouse at M.T Khan Road. Information was received to the effect that some unscrupulous…
KARACHI: Customs Enforcement Karachi has recovered large quantity of smuggled betelnut and Indian origin Gutkha. Total value of the seized goods comes to Rs133.6 million. Information was received through Chief…
KARACHI: State Bank of Pakistan has issued revised Regulations for Electronic Money Institutions (EMIs) with the aim to enhance outreach and scope of these innovative fintech-enabled payment companies. The updated…
KARACHI: Value-Added Textile Exporters are highly perturbed and dissatisfied over proposed imposition of “Additional Tax on income, profits and gains” u/s 99D and have rejected it by terming “harsh” and…
Rawalpindi: General Sahir Shamshad Mirza, Chairman Joint Chiefs of Staff Committee (CJCsSC), is on an official visit to China from 18-22 June 2023 as head of delegation for Pakistan-China Defence…
QUETTA: In line with the directive of Member Customs Mukaram Jah Ansari and Chief Collector Baluchistan Mohammad Saleem, Customs Quetta is pursuing a rigorous anti-smuggling drive. The intensified efforts have…
KARACHI: The latest data from the National Electric Power Regulatory Authority (NEPRA) shows that the total power generation in May 2023 was recorded at 12,284GWh, reflecting a 23% increase on…
KARACHI: Pakistan posted a Current Account surplus of USD 255mn for the month of May’23 compared to a deficit of USD 1,506mn during May’22. This is the third consecutive monthly…
KARACHI: Sharjeel Jamal, Convener of the FPCCI Committee on Trade and Regulatory Laws, has expressed concerns over the modules prepared and being implemented by the Pakistan Single Window (PSW), a…
In line with the directive of Member Customs Mukaram Jah Ansari and Chief Collector Baluchistan Mohammad Saleem, Customs Quetta has launched a major operation to curb smuggling activities involving edible…
KARACHI: Sharjeel Jamal, the Convener of the FPCCI Committee on Trade Laws and Regulations, has urged for the immediate rationalization of the Electronic Import Forms (EIF) module, aligning it with…