SHC adjourns FED petitions until March 22
KARACHI: A divisional bench of High Court of Sindh (SHC) comprising Justice Munib Akhtar and Justice Abdul Mali Gaddi hearing 28 identical petitions against levy of Federal Excise Duty and…
PCA Karachi makes remarkable performance in February
KARACHI: The Directorate of Post Clearance Audit has made remarkable performance in the month of February 2016 and detected 43 cases involving revenue of Rs340.577 million. Post Clearance Audit headed…
Budget Proposals: Pakistan Stock Exchange (PSX) seeks softened & rational taxation regime
KARACHI: Pakistan Stocks Exchange (PSX) has presented its proposals for the Federal Budget 2016-17 directed towards providing an impetus to create an investment friendly environment, spur investment, enhance industrial activity…
PCA Karachi detects revenue leakge of Rs531 million
KARACHI: The Directorate of Post Clearance Audit has made remarkable performance in the month of January 2016 and detected 48 cases involving revenue of Rs531 million. Post Clearance Audit headed…
Customs tribunal vacates show cause notices against Philip Morris
KARACHI: The Customs Appellate Tribunal , Bench I headed by Muhammad Nadeem Qureshi vacated the show cause notices issued to the Philip Morris (Pakistan) Ltd while deciding three identical appeals…
Stocks brokers demand penal action against RTO Zone-1
KARACHI: The KSE Brokers Association has demanded penal action against Regional Tax Office (RTO) Zone-1 for demanding illegal duty from tax complaint stocks brokers. Yasin Lakhani, president of the association,…
Tax officers advised to properly implement revised FED regime
KARACHI: The Federal Board of Revenue has advised the field formations to ensure that the revised regime of Federal Excise Duty (FED) is properly implemented and the duty is charged…
Appraisement South surpasses all revenue collection targets
KARACHI: The Customs Appraisement South comprising MCC Appraisement East, MCC Appraisement West and MCC Port Qasim has surpassed all revenue collection targets for the month of June 2015. Overall collection…
FED not applicable on telecommunication services
KARACHI: In budget 2014/2015, it is proposed that federal excise duty (FED) will not be applicable on telecom sector if provincial sales tax (PST) payable to the tax machinery however,…
Harsh duties imposed on locally produced cigarettes
KARACHI: The Revenue Division has imposed quite lofty federal excise duty (FED) on locally produced cigarettes to be collected on fixed basis. According to SRO No. 422(I)/2014 issued by Federal…
Revenue collection of MCC Appraisement surges by 12 percent in seven months
KARACHI: The net contribution of Model Customs Collectorate (Appraisement) to the national kitty has increased by 12 percent to Rs86.316 billion in the first seven months of the current fiscal…