Ministry notifies forex condition on clearance of imported vehicles under concessionary scheme

ISLAMABAD: The ministry of commerce has issued a notification making it mandatory the clearance of new/used imported vehicles under concessionary schemes through payment in foreign exchange.       The ministry issued... Read more »

MCC Preventive auctions confiscated vehicles on January 18

KARACHI: Model Customs Collectorate (MCC) Preventive will conduct public auction of confiscated vehicles on January 18, 2019 to be held at Headquarters of Anti-Smuggling Organization (ASO), Ghasbandar, Karachi. Read more »

Advance tax on domestic, international air tickets adjustable

KARACHI: The advance tax rates have be prescribed on domestic and foreign air tickets to be collected from purchaser of the tickets. Read more »

FBR to issues assessment notices of last ten years to potential taxpayers

KARACHI: Federal Board of Revenue (FBR) to issue assessment notices of last ten years to potential taxpayers or those who failed to file return any of last five years. The FBR recently... Read more »

FBR notifies transfer, postings of 17 IRS officers

ISLAMABAD: Federal Board of Revenue (FBR) on Monday notified transfers and postings of Inland Revenue Service (IRS) officers of BS-17-19 with immediate effect and until further orders.       The FBR... Read more »

Income Tax Ordinance, 2001: Commissioner IR can issue assessment order on day return filed

KARACHI: Federal Board of Revenue (FBR) has empowered Commissioner Inland Revenue (IR) to issue assessment order against a return even on the date the return is filed. Read more »

Auction of confiscated vehicles on Jan 23 by Rawalpindi Customs Intelligence

ISLAMABAD: Directorate of Intelligence and Investigation – Customs, Rawalpindi has announced public auction of confiscated vehicles on January 23, 2019 to be held at State Warehouse, located at Kashmir Highway, Islamabad. Read more »

FBR issues updated withholding tax card for Tax Year 2019

ISLAMABAD: Federal Board of Revenue (FBR) has issued updated rate card of withholding tax for Tax Year 2019 incorporating amendments made through Finance Supplementary Act, 2018. Read more »

Campaign against tax defaulting vehicles to continue till January 15

KARACHI: Sindh Minister for Excise and Taxation & Narcotics Control and Parliamentary Affairs Mukesh Kumar Chawla has warned the owners of the tax defaulting vehicles to pay their due taxes to avoid... Read more »

Mazda Titan Trucks to be assessed for customs values on MSRP

KARACHI: Pakistan Customs has said that Mazda Titan Trucks will be assessed and cleared on the values prescribed as per manufacturer’s suggested retail price or available valuation ruling. Read more »

Inward remittances above Rs10 million per year require to explain source

KARACHI: The source of foreign remittances are now under questioning by Federal Board of Revenue (FBR) if inward transfer is above Rs10 million to a recipient in a year. Read more »

Complete VAT system planned under medium term fiscal framework

ISLAMABAD: The government has decided to eliminate special procedures and reduced rate taxation for moving towards complete Value Added Tax (VAT) regime under medium term fiscal framework, sources told Read more »