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, principally designed for the transport of persons. [the_ad id=”31605″]Through Finance Supplementary Second Amendment Act 2019 FED on cars 1700 cc… Continue reading

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. [the_ad id=”32940″]Vegetable ghee and cooking oil are subject to FED only. Manufacturers only pay Rs1 per kg on value addition and Rs 40 per kg… Continue reading

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 Quetta Collectorate generated Rs5.9 billion during the first quarter of financial year 2018-19. The amount collected during the quarter was… Continue reading

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 Clearance Audit under the leadership of Director Gul Rehman and Deputy Director Sajid Baloch detected cases pertaining to short payment… Continue reading

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 Finance Bill 2017. According to proposed budget for year 2017-18, WHT or income tax for telecom services is reduced from… Continue reading

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 assessment. Despite the fact PCA plays an instrumental role in securing government revenue, this directorate is the most ignored by… Continue reading

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 export of 5420 MT of sugar to Afghanistan. The above mentioned 5420 MT of sugar, which supposedly had been exported… Continue reading

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 they do not defend its cases before the Commissioners or Tribunals which causes loss of cases worth millions of rupee… Continue reading

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 country from July 1, 2015. The owners of cement companies have announced on Tuesday through different channels that the prices… Continue reading

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 a 50 kg bag but it will also increase the Sales Tax in absolute terms as Sales Tax is being… Continue reading