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
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
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
KARACHI: The web based customs clearing system (WeBOC) shut down on Tuesday noon throughout the country and has not been restored until the filing of this report. The WeBOC system collapsed at 3:30pm on Tuesday stopping all import and export clearances. The system was restored later in the evening for… Continue reading
