KARACHI: The anti-smuggling drives launched by Pakistan Customs have never been successful in eradicating the illegitimate trade due to several reasons including shortage of human resource, involvement of officers and patronage by political influential. PTI government increased the manpower at the disposal of Pakistan Customs, but still there is shortage… Continue reading
KARACHI: The Senate Committee on Customs has come forward in support of traders reportedly involved in smuggling, and recommended action as well inquiries against Customs officials spearheading the anti-smuggling campaign. In a report, Senate Committee criticized procedure to make surprise visit by Custom authorities on the business community (importers/exporters), especially… Continue reading
KARACHI: Karachi Customs Agents Association (KCAA) informed that in order to resolve certain issues relating to exports & imports, the delegation of Karachi Customs Agents Association led by its President Wasiq Hussain Khan, General Secretary Mehmood ul Hasan Awen, Former President and Chief Coordinator Export Mr. Mohammad Amin Essani and… Continue reading
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
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
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
KARACHI: The government through the Tax Laws (Second Amendment) Ordinance, 2019, notified the rate of minimum tax under Section 113 of Income tax Ordinance for tax year 2020 will be 0.5 percent in the case of traded having turnover up to Rs100 million. Trader shall mean an individual engaged in… Continue reading
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
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
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
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