April 20, 2024

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Pakistan Revenue

Day: October 16, 2019

Business community demands Pakistan Customs to launch Authorized Economic Operator certification
Oct 16
Trade & Industry

Business community demands Pakistan Customs to launch Authorized Economic Operator certification

KARACHI: The business community has demanded Pakistan Customs of launching Authorized Economic Operators (AEO) certification program, which will enable business and industrial units to become trustworthy member of international supply chain. In view of its significance and importance, it is imperative that Pakistan Customs, being member of the World Customs Organizations, should immediately launch the […]

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Rupee gains four paisas on improved economic sentiments
Oct 16
Money & Banking

Rupee gains four paisas on improved economic sentiments

KARACHI: The Pak Rupee gained four paisas against dollar on Wednesday owing to inflows of export receipts and improved economic sentiments. The rupee ended Rs156.02 against dollar from previous day’s closing of Rs156.06 in interbank foreign exchange market. Currency dealers said that crackdown launch by tax authorities against exchange companies besides positive response from IMF […]

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SBP directs banks to verify trade price before approving import, export forms
Oct 16
Money & Banking

SBP directs banks to verify trade price before approving import, export forms

KARACHI: State Bank of Pakistan (SBP) has directed banks, exchange companies to verify trade prices before approving import or exports forms. The central bank issued instructions to the authorized dealers in foreign exchange related to Framework for Managing Risks of Trade Based Money Laundering and Terrorist Financing. The SBP said that the Authorized Dealers (ADs) […]

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Pakistan’s exchange rate reflecting actual economic conditions: IMF
Oct 16
Finance

Pakistan’s exchange rate reflecting actual economic conditions: IMF

KARACHI: International Monetary Fund (IMF) on Wednesday said that exchange rate in Pakistan reflecting actual economic conditions. Gian Maria Milesi‑Ferretti, Deputy Director, Research Department, IMF in question/answer said that Pakistan had started implementing an ambitious program with the IMF. “And we think there are good signs on the confidence front, with increased demand for local […]

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Open account, advance payments considered as higher risk transactions for trade based money laundering
Oct 16
Money & Banking

Open account, advance payments considered as higher risk transactions for trade based money laundering

KARACHI: State Bank of Pakistan (SBP) has advised financial institutions dealing foreign exchange to enhance due diligence on higher risk transactions to stop trade based money laundering. The SBP on Tuesday issued Framework for Managing Risks of Trade Based Money Laundering and Terrorist Financing and said that banks and financial institutions should ensure that high […]

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Customs to secure deferential duty, taxes on provisional assessment
Oct 16
Pakistan Customs

Customs to secure deferential duty, taxes on provisional assessment

KARACHI: Importers are liable to deposit bank guarantee against deferential amount assessed provisionally by customs authorities on those consignments, which required further examination. The Federal Board of Revenue (FBR) issued Customs Act, 1969 updated till June 30, 2019 incorporating changes brought through Finance Act, 2019. The updated act explained through Section 81 the security of […]

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