FBR likely to introduce tax stamps on cigarette packs
KARACHI: The Federal Board of Revenue (FBR’s) likely initiative to introduce tax stamps on cigarette packs and other goods would not only help tightening noose around the unbridled non-tax paid…
Builders’ meeting with Ishaq Dar and Haroon Akhtar postponed till Thursday
KARACHI: The meeting of Finance Minister Ishaq Dar and Advisor to the Prime Minister Haroon Akhtar with 13-members committee of the builders and developers has been postponed till tomorrow (Thursday)…
Cotton prices ease
KARACHI: Cotton prices eased on Thursday in line with correction in New York Cotton Exchange, brokers said. Prices after crossing Rs7,000/maund, early this week, eased by around Rs200 and the…
Pakistan can save $2.5bn by encouraging edible oil sector
KARACHI: Pakistan is wasting millions of dollar in the import of Edible oil and its seeds by ignoring this sector in the budget 2016-17. The consumptions of Edible oil are…
Total exports slides by 12.11% in 2015-16, imports 2.32%
KARACHI: Despite an effort of the government to enhance exports in 2015-16, the country’s goods export declined by 12.11 per cent to $20.802 billion in (July-June) 2015-16 from $23.667 billion…
Valuation of property; ABAD, realtors reject amendment to Income Tax Ordinance
KARACHI: The Association of Builders and Developers of Pakistan (ABAD) and the real estate sector have outrightly rejected amendment in the Income Tax Ordinance 2001 (ITO) and addition of a…
PPL announces discovery at Hadi X-1A, Gambat South Block
KARACHI: Pakistan Petroleum Limited the operator of Gambat South Block with 65 percent working interest (WI) along with its joint venture partners, Government Holdings Private Limited and Asia Resources Oil…
FBR given revenue collection target of Rs 3.601trn while LTUs to collect Rs 1.243trn in 2016-17
KARACHI: The federal government has given Federal Board of Revenue (FBR) a new tax collection target of Rs 3.601 trillion in the upcoming fiscal year (2016-17) while the Large Tax-Payer…
Prices of kitchen items, medicine and other to increase one per cent from Friday
KARACHI: After increasing one per cent Customs Duty of above 1400 products, the prices of medicine, tea, green tea, rice and other kitchen item would be increased from tomorrow (Friday)…
Government rationalizes additional customs duty
KARACHI: The federal government has announced to reduce additional customs duty to 11 percent from 16 percent earlier on import of a large number of goods. According to SRO 484(I)/2016,…
APTMA expresses great concern over increase in custom duty
KARACHI: APTMA has expressed great concern over the callous attitude of the government in increasing the duty on import of raw cotton from 2 per cent to 3 per cent…
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…
Sales tax deduction to be made through automated system from 1st July
KARACHI: Federal Board of Revenue (FBR) has developed a software for automated verification of Sales Tax Registration Number (STRN) and deduction of applicable rates of sales tax from the vendors’…
APTMA demands for removal of 3% duty on cotton import
KARACHI: The Chairman of All Pakistan Textile Mills Association Tariq Saud urged that the 3 per cent import duty on raw cotton be immediately removed and urgent measures to be…
APBF protests return of power outages on industrial feeders
KARACHI: All Pakistan Business Forum President Ibrahim Qureshi on Mondaystrongly protested against the return of massive power outages, crippling the business activities. He called upon the government to resolve the…
Government given three days to recover Owais Shah
KARACHI: Joining hands and giving three days to recover the abducted lawyer Owais Shah, lawyer bodies threatened to bring the entire government at stand still after expiry of the period.…
Government notifies customs duty exemption/concessions on raw material imports
KARACHI: The government of Pakistan has notified customs duty exemption and concessions on raw materials used for a number of products. SRO 474(I)/2016 has amended the table of earlier SRO…
Government rationalizes additional customs duty
KARACHI: The government of Pakistan has imposed 1.0 percent additional customs duty on import of various products. SRO 476(I)/2016 has notified amendments in SRO 1178(I)/2015. Accordingly, exemption from additional customs…
Duty exemption on machinery import withdrawn
KARACHI: The government has withdrawn duty and tax exemption available on machinery and equipment if imported by textile industrial units. Vide SRO 478(I)/2016, government has rescinded SRO 809(I)/2009. SRO 809(I)/2009…
Tractor manufacturers demand reduction in import duty on raw material
KARACHI: Tractor manufacturers have urged the government that raw material imports should be taxed at zero-rate or maximum at 5.0 percent in line with CBU import. Shahid Hussain, CEO &…