FBR Board meeting focuses on customs reorganization
KARACHI: The second meeting of the Board was held on Tuesday, October 8, 2024, at the Federal Board of Revenue (FBR) headquarters in Islamabad. The meeting, presided over by Chairman…
Appellate Tribunal up helds order-in-original; Pak Suzuki to pay evaded revenue
KARACHI: Customs Appellate Tribunal has upheld the Customs adjudication judgement in the case of M/s Pak Suzuki Motor ordering the company to pay the evaded government revenue and penalties thereof.…
SHC dismisses four identical petitions by Cocoa Powder importer
KARACHI: Four identical constitution petitions filed by M/s Youngs (Pvt) Ltd importer of Cocoa Powder were dismissed by custom appellate bench of High Court of Sindh comprising Justice Muhammad Junaid…
Regulatory duty on 350 items including 1800cc cars gone
KARACHI: Pakistan has completely abolished regulatory duties on the import of used cars of up to 1,800cc. It also cut duty rates for new cars, mobile phones and other range…
SHC allows appeal by DC IR
This appeal challenges the Judgment and Decree passed in Suit No. 1663 of 2009 where the core issue as to whether the colouring compounds commercially known as “Masterbatches” locally manufactured,…
SHC to hear petition by EPZ Industrialists, investors on March 29 regarding imposition of GST at import stage
KARACHI: High Court of Sindh (SHC) will hear a petition on March 29, filed by Modern Plastic Industries and 30 other industrial units licensed in Karachi Export Processing Zone (KEPZ)…
SHC allows petitions by pipe millers, quashes show cause notices
KARACHI: The dozens of constitution petitions filed by pipe mills against denial of exemption under SRO 565 (i) of 2006 dated 05-06-2006 and pursuant show cause notices were allowed by…
SECP aims to liberalize Non-Bank financial sector through promoting self-regulation
ISLAMABAD: In pursuance of its reforms agenda for reforming the non-bank financial services, the Securities and Exchange Commission of Pakistan (SECP) has issued draft Self-Regulatory Organizations (Registration) Regulations, 2021 for…
SECP Reviews Stock Market Situation with SROs
Islamabad: The Securities and Exchange Commission of Pakistan’s (SECP) team lead by the Chairman SECP and Commissioner (SM) held a detailed meeting with the CEOs of Pakistan Stock Exchange, National…
Pakistan Customs files appeal against SHC order UNFIT Indian sugar for Afghanistan under APTTA
KARACHI: The Directorate General of Transit Trade , Pakistan Customs has filed an appeal before Supreme Court of Pakistan assailing judgment of Custom Appellate bench of High Court of Sindh…
FBR collection target rationale or else
KARACHI: The federal government has set an ambitious target for FBR including custom duty, sales tax collection at rupees 1,000,500,000 for the fiscal year 2019-20 with a projected required growth…
Foot wear importers case SHC restrains department from en-cashing security deposits
KARACHI: Hearing more than a hundred petitions filed by the importers of foot wear, a customs appellate bench of High Court of Sindh headed by Justice Aqeel Ahmed Abbasi restrained…
LED lights importer penalized for misusing concessionary regime
KARACHI: Collector Customs Adjudication Chaudry Mohammad Jawaid has penalized M/s Orient Electronics Pvt Ltd and M/s Rahmani Traders for misusing concessionary SROs to evade government’s legitimate revenue. According to details,…
Pakistan Customs revenue collection surge 1.5 percent
KARACHI: The overall revenue collection by Pakistan Customs in the fiscal year so far i.e. three months (July-September 2016) has surged by 1.5 percent to Rs246.165 billion as against Rs242.552…
Judgment reserved in suits filed by Umar Spining Mills, Sunrays Textile
KARACHI: Justice Muhammad Shafi Sidsdiqui of High Court of Sindh (SHC) on Thursday reserved order in two identical suits filed by Umar Spinning Mills and Sunrays Textile after a detailed…
Footwear importers recommend scrutiny of the affairs of M/s Service, M/s Bata
KARACHI: A delegation of footwear importers including as well as representatives of M/s Bata and M/s Service met with Director of Customs Valuation Wasif Memon to press downward revision in…
PCA serves Audit Observations on aerosol spray paint importers
KARACHI: The Directorate of Post Clearance Audit (PCA) Karachi has served Audit Observations on five importers who evaded government revenue through claiming inadmissible benefit of concessionary SROs on the import…
Continuity of Raheel Sharif as COAS critical for country: Nation
KARACHI: The sacking of 11 officers of Pakistan Army on corruption charges sent a clear and strong message to all power sharing quarters of the country that “Men in Uniform”…
M/s Popular Spinning Mills denied injunctive relief by SHC
KARACHI: The Sindh High Court has dismissed the application filed by M/s Popular Spinning Mills Pvt Ltd seeking injunctive relief regarding customs duty collection at the rate of 15 percent…
WeBOC shuts down again
KARACHI: The Customs Computerized Clearing System (WeBOC) shut down throughout the country on Saturday stopping all the imports clearance. This is the second shutdown in 30 days. Sources said the…