FBR empowered to impose fee, service charges under Customs laws

KARACHI: Federal Board of Revenue (FBR) has been empowered to impose service charges and date of determination of rate of import duty under Customs Act 1969. Read more »

Collectors’ power to determine customs values withdrawn

KARACHI: The government has withdrawn the power of Collector of Customs in determination of customs value on his own motion through Finance Bill 2019. Read more »

MCC Appraisement East announces auction of confiscated vehicles on June 17

KARACHI: Model Customs Collectorate (MCC) Appraisement East has announced public auction of confiscated vehicles on June 17, 2019 at Anti-Smuggling Organization (ASO) Office, Ghasbandar Kemari, Karachi. Read more »

Commissioners IR empowered to conduct audit of taxpayers every year

KARACHI: Commissioners of Inland Revenue have been empowered to conduct audit of a registered taxpayer every year after removal of restriction through Finance Bill 2019. Read more »

Commercial importers to file income returns after removal of FTR

ISLAMABAD: Commercial importers will require to file return of income and statement of assets to the tax authorities after the removal of final tax regime. Read more »

Finance Bill 2019: CGT on immovable properties revamped

ISLAMABAD: The capital gain tax on the immovable properties has been revamped through Finance Bill 2019 in order to streamline taxation on gains at the time of sale of immovable properties. Read more »

Finance Bill 2019: Money withheld of persons not appearing on ATL to be treated as unexplained

ISLAMABAD: The government has taken harsh stance against persons having taxable income but not on the tax roll. Read more »

Finance Bill 2019: Law prohibits FBR officials from taking action against amnesty declarants

ISLAMABAD: The officials of Federal Board of Revenue (FBR) have been restricted from taking any action against persons, who availed tax amnesty scheme 2019. Read more »

Customs initiates examining exporters to check under-invoicing, mis-declaration

KARACHI: Pakistan Customs has initiated examination of exporters’ profiles to check mis-declaration and under-invoicing for plugging revenue leakages. Read more »

World Bank approves $518 million for Pakistan’s efforts to raise domestic revenue

ISLAMABAD: The World Bank on Friday approved a package of $518 million for two projects in support of Pakistan’s ambitious efforts to raise revenue and reduce compliance cost with a goal of... Read more »

KTBA discusses impact of SRO 1125 withdrawal

KARACHI: The tax practitioners have discussed impact of abolishing SRO 1125(I)/2011 under which sales tax zero rating was available for export sector. Read more »

FBR asks police to provide agreements of rented properties

KARACHI: Federal Board of Revenue (FBR) has issued notices to police stations to acquire information about rented residential and commercial properties located in Karachi. Read more »