Tax officers raid Saima Group’s business premises
KARACHI: Continuing its drive against big fishes, the Federal Board of Revenue (FBR)’s wing, Directorate of Intelligence & Investigation-Inland Revenue (I&I-IR) Karachi has raided the big name...
View ArticleFIA Anti-Corruption lodges FIR against Ahmed Mujtaba Memon Collector MCC...
KARACHI: The FIA Anti-corruption circle Karachi has lodged an FIR accusing Ahmed Mujtaba Memon Collector MCC Hyderabad of corruption and various other violations of rules and laws. According to the...
View ArticleCustom Court rejects Faraz Memon’s bail plea
KARACHI: The Federal Special Court of Customs Taxation and Anti-Smuggling has rejected the bail application of a prime suspect of multi-million bogus refund scam Faraz Haroon Memon. According to...
View ArticleCrackdown in the offing against corrupt elements in judiciary
KARACHI: It seems that the bureaucracy and the judiciary are the next in line to face the music and pay for their wrong doings. The arrest of Finance Secretary Mushtaq Raeesani and recovery of huge...
View ArticleDate extended
KARACHI: The Federal Board of Revenue (FBR) has notified 7-day extension in the date of filing withholding tax (WHT) statements for the tax year 2016 till July 22, 2016. “FBR has extended the date of...
View ArticleFBR unearths a number of unregistered units in cigarette manufacturing sector
KARACHI: The Federal Board of Revenue (FBR)’s wing, Directorate of Intelligence & Investigation-Inland Revenue (I&I-IR) has exposed several unregistered business units in cigarette...
View ArticleClik here to view.
Maritime security agency seizes narcotics worth Rs1.2 billion
KARACHI: On the instructions of D.G PMSA Rear Admiral Jamil Akhtar, Pakistan Maritime Security Agency in coordination with Pakistan Customs Intelligence seized narcotics worth Rs1.2 billion....
View ArticleChairman FBR Nisar Mohammad Khan retires, next to be announced on January 25th
KARACHI: Member FBR Dr. Irshad has assumed the look after charge of the office of Chairman Federal Board of Revenue (FBR) as Nisar Mohammad Khan has retired on January 18, 2017. The announcement for...
View ArticleM/s V.N Lakhani & Co. clarifies its position in M/s Googan Steel Traders case
KARACHI: Clearing Agent M/s V.N. Lakhani & Co., has criticized Directorate of Customs Intelligence & Investigation, Karachi for naming them as a conniver in a case whereby M/s Googan Steel...
View ArticleRegulatory duty of 60 percent proposed on new vehicles above 1800cc
KARACHI: In order to facilitate trade and secure government’s legitimate revenue, MCC Appraisement East has recommended certain changes in Customs Rules and several SROs in their proposals for the...
View ArticleMCC Appraisement East recommends streamlining of duty structure
KARACHI: MCC Appraisement East in its proposals for the Federal Budget 2017-18 has recommended increasing rate of customs duty on certain importable goods as a revenue measure as well as uniform...
View ArticleStatutory rate of additional customs duty increased to 2.0 percent
KARACHI: The Federal Budget 2018-19 announced by Advisor to PM on Finance Miftah Ismail proposes to increase the statutory rate of Additional Customs Duty to 2.0 percent from existing 1.0 percent....
View ArticleFederal Budget 2018-19 proposes tariff rationalization measures, imposes RD...
KARACHI: Federal Budget 2018-19 has proposed several revenue measures including rationalization of custom duty on several importable items along with imposition and increase in regulatory duty on...
View ArticleGovernment undertaking reforms that under climate change initiatives
KARACHI: Finance Division and Ministry of Climate Change are leading reforms which also involve federal ministries/divisions that undertake climate change initiatives. These reforms are aimed at...
View ArticleSales tax exemptions on LNG, plant & machinery, computer parts’ import
KARACHI: The Finance Bill 2018 proposes to waive the value addition tax of 3.0 percent chargeable on import of LNG under Rule-58B of Sales Tax Special Procedure Rules, 2007. It also proposes to provide...
View ArticleTaxpayer to be audited only once in three years
KARACHI: Finance Bill 2018 seeks to impose a restriction that sales tax and federal excise audit of a registered person can be conducted only once in three years. The Bill also proposes exemption from...
View ArticleSales tax increased on finished articles
KARACHI: Finance Bill 2018 proposes that the rate of sales tax on import and supply of finished articles of leather and textile sector is being increased to 9.0 percent. However, all those branded...
View ArticleFederal Budget seeks to institutes tax reforms in the real estate sector
KARACHI: The Federal Budget 2018-19 seeks to institute tax reforms in the real estate sector. Widespread tax reforms have been envisaged for streamlining the issues related to the real estate sector....
View ArticleIncome tax relief announce for corporate sector
KARACHI: The Federal Budget 2018-19 has introduced a number of income tax rationalization measures to provide relief to corporate sector and businessmen, which include gradual reduction in super tax...
View ArticleTax on banking transactions reduced
KARACHI: Federal Budget 2018-19 has proposed reduced rate of advance tax on banking transactions by non-filers. Under section 236P of the Ordinance banks are obliged to collect advance tax at the rate...
View Article