PTI government proposes to rescind SRO 1125
KARACHI: PTI government has proposed to rescind SRO 1125(I)/2011, thus restoring standard rate of 17 percent on import of raw materials by five value added export oriented sectors. SRO 1125(I)/2011…
Misuse of SRO. 1125(I)/2011: Customs Intelligence detects evasion of Rs31.43 million
KARACHI: Customs Intelligence & Investigation Karachi has booked M/s M.A. Textiles for evasion of duty and taxes worth Rs31.43 million on import of polyester/viscose textured yarn through claim undue benefit…
Non-updating of WeBOC system delays clearance of textile raw material
KARACHI: As the Federal Board of Revenue (FBR) has been unable to incorporate the recently notified amendments in the WeBOC system, the imported consignments of textile industry raw material are…
Taxpayer to be audited only once in three years
KARACHI: Finance Bill 2018 seeks to impose a restriction that sales tax and federal excise audit of a registered person can be conducted only once in three years. The Bill…
FIA initiates inquiry into misuse of SRO 1125
KARACHI: Federal Investigation Agency (FIA) – Anti-corruption-circle – has initiated an inquiry regarding misuse of concessionary SRO 1125(I)/2011 and approached Chief Collector Appraisement South seeking complete record of imports on…
Inland Revenue conducts inquiry into misuse of SRO 1125
KARACHI: Commissioner Regional Tax Office-III, Karachi has taken notice of misuse of SRO 1125(I)/2011 by fake importers and manufacturers. The investigation and prosecution branch of RTO-III is conducting investigation against…
MCC Appraisement West detects misuse of SRO 1125(I)/2011
KARACHI: MCC Appraisement West has detected misuse of benefit of sales tax for import of styrene butadiene rubber under SRO 1125(I)/2011. Information was received through Collector MCC Appraisement West Shahnaz…
Appraisement South suspends implementation of SRO 1125(I)/2011
KARACHI: Customs Appraisement South has temporarily suspended implementation of concessionary SRO 1125(I)/2011 for a large number of importers including Service shoes industry. Collector Appraisement West Shahnaz Maqbool found that SRO…
Customs Appraisement takes up to streamline SRO 1125 use
KARACHI: Collector Appraisement West Shahnaz Maqbool has approached Federal Board of Revenue (FBR) seeking clarifications pertaining to various provisions of SRO 1125(I)/2011, as the confusion created by over a dozen…
Sales tax rationalized to increase government revenue
KARACHI: In order to arrest the declining revenue trends, the federal government has proposed to revise and raise incidence of sales tax on various imports and sectors. Steel sector is…
Diaper importers found misusing concessionary SRO
KARACHI: MCC Appraisement East has detected evasion of Rs47.46 million, which certain diaper importers committed by availing inadmissible benefit under SRO 1125(I)/2011. MCC Appraisement East has so far recovered Rs7.39…
Tribunal extends benefit of SRO 1125(I)/2011 to bulk needles
KARACHI: Member Judicial Customs Appellate Tribunal Karachi, Muhammad Nadeem Qureshi has struck down the adjudication order as well as order-in-appeal against M/s silver Surgical complex Pvt Ltd and extended the…
Tribunal strikes down penalties and recovery against chemical importer
KARACHI: The Customs Appellate Tribunal has struck down the penalties and recoveries imposed against an importer M/s King chemicals Corporation declaring the case was void ab-initio, as the entire scheme…
FBR amends SRO 1125
KARACHI: The Federal Board of Revenue (FBR) has notified zero-rate sales tax on supplies by export oriented sectors. The FBR issued SRO 491(I)/2016 amending SRO 1125(I)/2011. As per the notification…
Nisar Muhammad Khan assumes the office of Chairman FBR
KARACHI: Nisar Muhammad Khan has assumed the office of Chairman Federal Board of Revenue (FBR) on November 17, 2015 while postings of Nasir Masroor as Member Customs FBR, Rehmatullah Wazir…
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…
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…
Appellate Tribunal strikes down additional demand, penalty imposed on yarn, fabric importer
KARACHI: The Customs Appellate Tribunal has struck down the additional demand created by Customs Appraisement against a fabric and yarn importer and also struck down the penalty imposed. According to…
Admissibility of SRO 1125(I)/2011; LTU seeks clarification from Member IR Operations of FBR
KARACHI: The MCC Appraisement East has framed contravention cases to the tune of Rs1.046 billion against those who misused SRO 1125(I)/2011. Importers of raw and ginned cotton filed various petitions…