Will IMF allow tax reduction on cigarettes and beverages
The tobacco industry has placed two major demands before the government ahead of the upcoming budget: the introduction of a third tax tier with a reduced rate of Rs2,525 per…
Massive KEPZ Fraud Unveiled: Export Collectorate at PMBQ Exposes Fiscal Fraud and Smuggling Racket Worth Rs. 825 Million
Karachi: In an unprecedented crackdown, the Export Collectorate of Port Muhammad Bin Qasim (PMBQ) has uncovered a staggering fiscal fraud and smuggling scheme amounting to Rs. 825 million. The First…
Immediate Steps Needed to Stop Tax Evasion by Illicit Cigarette Sector, PMPKL
Islamabad, Pakistan: Philip Morris Pakistan Limited (PMPKL) has underscored the urgency for immediate measures to tackle the escalating presence of low-priced non-tax-paid cigarettes, which has resulted in a loss of…
Industry rejects increase taxes on juices
The increase in Federal Excise Duty (FED) on juices from 10% to 20% in the Federal budget amendments is a severe blow to the juices industry. Due to the effects…
Struggling Beverages Industry Pleas For The Reduction Of 7% FED To The Senate Committee
Islamabad: The aerated beverages industry’s representatives appeared before the Senate Standing Committee on Finance and Revenue and Chairman of the Federal Board of Revenue (FBR) to seek a reduction in…
Heavy Taxes on Cigarettes Will Facilitate Illicit Manufacturers
The tobacco sector has been at the hit list for the government’s increasingly higher revenue collection needs, by paying higher taxes. The fresh massive strike of around 153 percent Federal…
SHC disposes petition by Havelet Gas with direction to Member IRS
KARACHI: A constitutional petition filed by Havelet Gas Private Limited against Federal Board of revenue and Inland Revenue Service (IRS) was disposed of here on Wednesday by an income tax…
PRESIDENT UPHOLDS FEDERAL TAX OMBUDSMAN’S DECISION ON REFUND OF EXCESSIVE TAX TO MIDDLE INCOME BUYERS OF SUZUKI VEHICLES
KARACHI: Twenty four Complaints were filed against FBR Islamabad and Pak Suzuki Motor Company Limited, in terms of Section 10(1) of the Federal Tax Ombudsman Ordinance, 2000 (FTO Ordinance) for…
FED in range of 2.5% to 7.5% imposed on locally assembled cars
KARACHI: The Federal Budget 2019-20 has proposed Federal Excise Duty (FED) in the range of 2.5% to 7.5% on locally manufactured or assembled motor cars, SUVs and other motor vehicles,…
FED at the rate of 17 percent proposed on edible oils, ghee
KARACHI: The Federal Budget 2019-20 announced on Tuesday has proposed Federal Excise Duty (FED) at the rate of 17 percent on edible oil and ghee. Vegetable ghee and cooking oil…
MCC Quetta surpasses revenue collection target by 42 percent
KARACHI: The Model Customs Collectorate (MCC) Quetta exceeded its tax collection target for July-September by 42 percent comparing to the corresponding period of 2017-18. Collector MCC Quetta Ashraf Alt said…
PCA detects possible revenue evasion of Rs368.55 million
KARACHI: The Directorate of Post Clearance, Karachi Audit has made remarkable performance in the month of July 2017 and detected 20 cases involving revenue of Rs368.555 million. Directorate of Post…
Tax on mobile phone services reduced
KARACHI: Government of Pakistan has decided to reduce taxe on mobile phone service usage as a reduction of withholding tax and Federal Excise Duty on telecom services is proposed through…
PCA Karachi makes remarkable performance
KARACHI: Gul Rehman is the best thing that ever happened to the Directorate of Post Clearance Audit (PCA) as he truly made the Directorate a watchful eye over the Customs…
Sugar export subsidy scam; M/s Chaudry Sugar Mills challenges Adjudication order
KARACHI: M/s Chaudry Sugar Mills has approached Appellate Tribunal appealing against the order of Collector Customs Adjudication, which charged the sugar mill for making fake export GDs and making paper…
FBR’s incompetency affecting its cases in Courts and Tribunals Losing billions of rupee cases in Tribunal as it didn’t follow it properly
KARACHI: The Ministry of Finance through Federal Board of Revenue (FBR) spends millions of rupee for improving tax recovery system and appoints commissioners, assistant commissioners and tax specialist lawyers, but…
Cement prices increase by Rs 35-40/bag owing to FED
KARACHI: Owing to the rising Federal Excise Duty (FED) through the finance bill 2016, the cement prices would be increased by Rs 35-40/bag or around 7 per cent throughout the…
Imposed FED to dampen cement industry’s growth
KARACHI: The government’s decision to increase Federal Excise Duty (FED) on Cement from five per cent to Rs 50 on a 50-kilogram bag, will not only increase Rs 22 on…
PCA detects duty/tax evasion of Rs455.37 million in April
KARACHI: Directorate of Post Clearance Audit Karachi has detected duty/tax evasion and short payment of Rs455.37 million in the month of April 2016 by various companies and traders. The Directorate…
SHC issues notice to Coca Cola company in SCRA filed by Customs
KARACHI: An appellate bench of High Court of Sindh comprising Justice Munib Akhtar and Justice Abdul Malik Gaddi on Friday issued notices to Coca Cola Export Corporation (pvt) Limited in…