Day: August 17, 2019

  • FBR starts verifying imported goods in spot checking of markets, shopping plazas

    FBR starts verifying imported goods in spot checking of markets, shopping plazas

    ISLAMABAD: Federal Board of Revenue (FBR) has decided to launch mega crackdown against smuggled goods and in this regard joint teams of the revenue body will visit markets and shopping plazas in major cities of the country from September 01, 2019.

    The FBR on Saturday issued a notification related to anti-smuggling drive, which highlighted the adverse impact of smuggled goods on the economy in general and industrial activities in particular.

    The FBR said that it had started phased program, which included verification of imported documents of foreign goods available in the market.

    “With effect from September 01, 2019 special joint teams of the FBR may be visiting major shopping areas especially large retailers in major cities to check the import documents the imported goods available for sale to ensure compliance to various requirement of the law,” it said.

    The FBR clarified that such checking would not be called ‘raid’. “All teams will be conducting respective identification as being officially designated and the team will be headed by a senior person.”

    It further said that in case a retailer/shopkeeper had not documents at the time of checking then the team would provide adequate opportunity to submit the document in respective offices/shops after reasonable time.

    The FBR said that all relevant persons are expected to cooperate with the FBR personnel during this exercise which is being undertaken to ensure compliance of laws and discourage sale of smuggled goods.

    The FBR asked Member Customs (Operations) and Member (IR-Operations) to supervise the activity and provide complete assistance to the joint team wherever required.

    The FBR also directed Director General (I&I) and Director General (I&I) Inland Revenue to constitute joint teams under intimation to this office and concerned Member Operations keeping in view the scope of the activity on countrywide basis.

  • Karachi traders criticize FBR for not including in consultative committee

    Karachi traders criticize FBR for not including in consultative committee

    Traders associations from Karachi have strongly criticized the Federal Board of Revenue (FBR) for excluding representatives of small traders and shopkeepers from Pakistan’s commercial capital in its newly formed consultative committee on the fixed tax scheme.

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  • Foreign exchange reserves increase by $557 million to $15.577 billion

    Foreign exchange reserves increase by $557 million to $15.577 billion

    KARACHI: The foreign exchange reserves of the country have increased by $557 million to $15.577 billion by week ended August 09, 2019 as compared with $15.02 billion a week ago, State Bank of Pakistan (SBP) said on Saturday.

    The foreign exchange reserves held by the central bank were increased by $535 million to $8.264 billion by August 09 as compared with $7.729 billion a week ago.

    The increase in central bank’s reserves is mainly due to inflow of $500 million received from Asian Development Bank (ADB), the SBP said.

    The reserves held by commercial banks also increased by $22 million to $7.313 billion as compared with $7.291 billion.

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  • FBR constitutes consultative committee for fixed tax scheme

    FBR constitutes consultative committee for fixed tax scheme

    ISLAMABAD: The chairman of Federal Board of Revenue (FBR) on Friday constituted a committee to finalize fixed tax scheme and simplified tax procedure for traders.

    The committee has been constituted comprising following members:

    01. Ms. Nausheen Amjad, Member (TPA) – Convener

    02. Faheem ul Haq, Member, Accounting

    03. Ms. Seema Shakeel, Member (IR-Operations)

    04. Dr. Hamid Ateeq Sarwar, Member (IR-Policy)

    05. Ashfaque Tola, Chartered Accountant

    06. Abid Shaban, Advocate

    07. Naeem Mir, All Pakistan Anjuman-e-Tajiran

    08. Khawaja Sulaiman Siddique, Tanzeem-e-Tajran Pakistan

    09. Malik Khalid, Qaumi Tajir Ittehad, Pakistan

    10. Mohammad Ali Mian, Pakistan Traders Alliance

    11. Ashraf Bhatti, Anjuman-e-Tajran (Bhatti Group)

    12. Kashif Chaudhry, Tanzeem-e-Tajran Pakistan.

    The FBR said that the committee would discuss the various aspects of the draft of fixed tax scheme for small traders / shopkeepers and simplified tax procedure for traders and shall come up with finalization of the same in the present or amended form after through discussion and consultation.

    Member (IR-Policy), FBR shall act as secretary to the committee.

    The committee shall submit its recommendations not later than August 25, 2019 to the office of the chairman FBR.

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