All sales tax refund claims to be processed through risk management system

ISLAMABAD: Federal Board of Revenue (FBR) has said that every refund claim of sales tax refund shall be processed through Risk Management System of the FBR’s computerized system. The FBR amended the Sales Tax Rules, 2006 through SRO 918(I)/2019 to make mandatory the routing of refund claims through RMS of the FBR’s computerized system. Based […]

by Mrs. Anjum Shahnawaz

Abolition of SRO 1125 does not affect income tax concessions

Aug 31

Taxation

Abolition of SRO 1125 does not affect income tax concessions

KARACHI: The abolition of SRO 1125(I)/2011 has not taken away concessions available under income tax laws, the ministry of law and justice said in its opinion. The SRO 1125(I)/2011 has been rescinded through Finance Act, 2019 and all the benefits available under this such as zero-rating of sales tax and reduced rates of sales tax […]

by Mrs. Anjum Shahnawaz

Customs stops goods removal from EPZ without authority

Aug 31

Pakistan Customs

Customs stops goods removal from EPZ without authority

KARACHI: Pakistan Customs has stopped removal of goods from export processing zones by customs agents without authority letter of investors or importer of the EPZ. Through a Public Notice 01 issued by Model Customs Collectorate of Exports Port Muhammad Bin Qasim, Export Processing Zone, it intimated to the investors/importers of the EPZ that they or […]

by Mrs. Anjum Shahnawaz

Aug 31

Stock & Commodity

Weekly Review: Bulls likely return on attractive levels

KARACHI: The stock market may witness bullish trends during the next week after bears dominated the current week, analysts said. Analysts at Airf Habib Limited said expect that the market to remain positive in the upcoming weeks since valuations have opened up to attractive levels. Moreover, the government intends to issue Rs200 billion Sukuks so […]

by Mrs. Anjum Shahnawaz

FBR lists prohibited items for import, export

Aug 31

Pakistan Customs

FBR lists prohibited items for import, export

KARACHI: Federal Board of Revenue (FBR) has issued list of items that are prohibited for clearance of import or export under Customs Act, 1969. The FBR issued Customs Act, 1969 updated till June 30, 2019 (incorporating changes brought through Finance Act, 2019) and explained Section 15 related to prohibition. Section 15 Prohibitions:- No goods specified […]

by Mrs. Anjum Shahnawaz