Spark plugs import: FIRs lodged against several traders/importers

KARACHI: MCC Port Qasim has lodged several FIRs against various traders/importers for mis-declaration and concealment of actual description, specifications and constituent material to deceive application of correct assessable value of spark plugs. This practice had caused a considerable revenue loss to the national exchequer. The importers had declared the plugs… Continue reading

Traders willing to import COVID-19 test kits, but government fails to facilitate these imports  

KARACHI: Producers in U.S. and China have begun shipping 10-minute Test Kit for COVID-19 virus exposure, and local traders want to import these testing kits but government has not notified the regulatory framework and exemptions in this regard. A trader said that the test kits, which are as easy to… Continue reading

Medium sized traders not required to withhold taxes: FBR

ISLAMABAD: A tax law amendment has absolved medium-sized traders from the responsibility of withholding taxes, the Federal Board of Revenue (FBR) said on Saturday. The FBR said the tax amendment ordinance made corrections in the law to accommodate reasonable demands of traders. “Since CNIC (computerised national identity card) disclosure of… Continue reading

KTBA seeks opening of system for submitting “Amnesty”

KARACHI: Karachi Tax Bar Association requested Chairman FBR to open the system for businessmen willing to file returns under Amnesty scheme in order to increase the number of filers. IT wrote a letter to the chairman FBR  the text of which is as follows: To, Syed Muhammad Shabbar Zaidi  Chairman… Continue reading

Delayed clearance of imported consignments irks importers and traders

KARACHI: The clearance of imported consignments particularly of scrap (all kinds) is subjected to a well planned designed technical delay causing huge loss to importers and taking toll on clearing agents since over a month, traders claimed. The examination staff of Pakistan Customs posted at Port Muhammad Bin Qasim and… Continue reading

Pakistan plans an across country crackdown on markets housing smuggled goods; separate operation against trade leaders

KARACHI: Government and Federal Board of Revenue (FBR) have devised a strategy to implement the taxation and budgetary measures to the letter, sources said assuring that there would be no more protests and strikes, as this has been taken care of. Several traders and market associations observed a shutter down… Continue reading

All major markets in Karachi closed as traders observe shutter down strike

KARACHI: Traders in Karachi observed a token shutter-down strike on Saturday against excessive taxation and harsh regulatory conditions, as all the major markets remained closed. This coincides with the strikes being observed by various federal level trade associations. Atiq Mir, President All Karachi Tajir Ittehad, said all the major markets… Continue reading

Businessmen, traders rush to court as tax collectors raise demands

KARACHI: The appellate bench of High Court of Sindh hearing cases of income tax etc was seized with dozens of fresh petitions against tax departments particularly Sindh Revenue Board which issued notices for tax recovery to businessmen and traders giving them short notice in some cases of just two days.[the_ad… Continue reading

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