SHC strikes down section 5 of the Income Tax Ord 2001

KARACHI: An appellate bench of High Court (SHC) struck down section 5(A) of the Income Tax Ordinance 2001 for being ultra vires of the Constitution. The bench in its judgment declared that insertion of section 5A in the Income Tax Ordinance 2001, including amendments thereto from time to time, does… Continue reading

Ministry of Industries advised to expedite cotton cess recovery from textile mills

KARACHI: The Economic Coordination Committee (ECC) has assigned Ministry of Industries and Production to take measures for recovery of cotton cess from textile mills so as to give impetus to cotton promotion activities, which are to be funded through the cess. Ministry of National Food Security & Reasarch was directed to… Continue reading

SHC admits appeal against single judge order

KARACHI: An appellate bench of High Court of Sindh (SHC) comprising Justice Aqeel Ahmed Abbasi andJustice Nazar Akbar admitted appeals against order/decree issued by a single judge of SHC who decreed in favor of textile mills and others holding that exemption is available to them on operating generators. The suit… Continue reading

Customs values of Ring Travelers revised

KARACHI: Directorate of Customs Valuation has revised the values of Ring Travelers vide Valuation Ruling No. 959/2016. Ring travelers are used in textile mills around the world to process yarn. Customs Values of Ring Travelers were earlier determined vide Valuation Ruling No.400/2011. The Ruling required revision in line with the… Continue reading

APTMA strongly rejects Regulatory Duty on import of Cotton from India

KARACHI: The owners of All Textile Mills throughout the country have rejected the proposals of the Senate Standing Committee on National Food and Securities and Research to impose Regulatory Duty on import of Cotton from India through Wagha Border. Tariq Saud, chairman APTMA said the recommendation of Senate Committee is… Continue reading