SHC adjourns hearing in Rupees 5.8 bln Sales Tax evasion case
KARACHI: A division bench of High Court of Sindh (SHC) comprising Justice Sajjad Ali Shah and Justice Junaid Ghaffar on Monday adjourned hearing of a plea by New Horizon Computers…
Lower commodity prices affect revenue collection
KARACHI: The Customs duty collection by Pakistan Customs surged by 0.5 percent to Rs61.413 billion in the quarter (Jul-sep 2015) as compared with the collection of Rs61.051 billion in same…
Sales tax raised on furnace oil, diesel
KARACHI: The government has raised rate of sales tax on furnace oil in a bid to increase its revenue collection, which had a hit due to declining global oil prices…
Member Customs rules guidelines for sales tax assessment of cell phones
KARACHI: Member Customs Nisar Mohammad Khan has advised all the formations to assess the mobile phones according to the category in which majority of the features fall. There are three…
Revenue body selects corporate and non-corporate taxpayers for audit of 2013-14
KARACHI: The Federal Board of Revenue (FBR) has issued the list of cases selected for audit for tax period July 2013 to June 2014 and tax year 2014 to ensure…
Post Clearance Audit detects duty/tax evasion of Rs29.305 million by Fatima Fertilizer
KARACHI: Directorate of Post Clearance Audit has detected evasion of customs duty and other taxes by M/s Fatima Fertilizer Company Limited to the tune of Rs29.305 million on account of…
Post Clearance Audit Karachi makes record performance in July
KARACHI: The Directorate of Post Clearance Audit has made remarkable performance in the month of July 2015 and detected 25 cases involving revenue of Rs62.888 million. Post Clearance Audit headed…
Government increases sales tax on import, supply of petroleum products
KARACHI: The Federal Government has revised the rate of sales tax on import and supplies of petroleum products with effect from August 01, 2015. According to SRO 720(I)/2015, sales tax…
FBR high-ups reach Dubai to discuss tax policy issues with IMF
KARACHI: Chairman Federal Board of Revenue (FBR) Tariq Bajwa has left for Dubai on Friday to attend the meeting with IMF, Member Customs Nisar Mohammad Khan is already in Dubai…
Tax, Customs officials advised to ensure tax is charged at revised rates under SRO 1125(I)/2011
KARACHI: The Federal Board of Revenue (FBR) has advised all the Customs Collectorates as well as Large Taxpayers Units (LTUs) and Regional Tax Offices (RTOs) to ensure that sales tax…
FBR issues summary of sales tax measures
KARACHI: The Federal Board of Revenue (FBR) has issued brief summary of Sales Tax measures for guidance and ease of understanding along with actions required to be taken by the…
Federal government revises rate of sales tax as envisaged in SRO 1125(I)/2011
KARACHI: The Federal government through amendments in SRO 1125(I)/2011 has notified revised rate of sales tax on import and supply of goods usable as industrial inputs as well as finished…
Customs duty collection surges by 22.5 percent in FY 15
KARACHI: The Customs duty collection by Pakistan Customs surged by 22.5 percent to Rs247.323 billion during the fiscal year ended June 30, 2015 as compared with the collection of Rs201.775…
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…
No income tax, sales tax on businesses importing goods for consumption in FATA, PATA
KARACHI: The Peshawar High Court has directed the federal government to take appropriate steps ensuring that persons carrying on business in Federally Administered Tribal Area (FATA) and Provisionally Administered Tribal…
Revenue collection by Pakistan Customs surges in 11 months
KARACHI: The Customs duty collection by Pakistan Customs surged by 22.5 percent to Rs223.598 billion during first 11 months ended May 31, 2015 as compared with the collection of Rs182.526…
Import of motor vehicles surge by 19.4 percent; Appraisement South processes vehicles worth Rs53.93 billion
KARACHI: The import of motor vehicles in Pakistan has surged by 19.4 in terms of value as vehicles worth Rs53.931 billion were imported during first ten months of the current…
Customs duty collection up by 23 percent in ten months
KARACHI: The Customs duty collection by Pakistan Customs surged by 23 percent to Rs202.375 billion during ten eight months ended April 30, 2015 as compared with the collection of Rs163.1…
Customs duty collection surges by 22 percent to Rs180.206 billion in nine months
KARACHI: The Customs duty collection by Pakistan Customs surged by 22.44 percent to Rs180.206 billion during nine months ended March 31, 2015 as compared with the collection of Rs147.441 billion…
Internal Audit questions non-realization of Rs220.485 million by Group-IV Appraisement West
KARACHI: The Directorate of Internal Audit (Customs) has made an observation underlining non-realization of revenue to the tune of Rs220.485 million in respect of Group-IV of MCC Appraisement West. The…