Pkrevenue.com

Day: May 26, 2020

  • Public auction of vehicles on June 04 at Gaddani

    Public auction of vehicles on June 04 at Gaddani

    KARACHI: Model Customs Collectorate (MCC) Gwadar announced public auction of confiscated vehicles to be held on June 04, 2020 at Custom House, Gaddani.

    Following vehicles will be presented for auction:

    1. BMW Car, Model 2002, Chassis No. WBAGL42020DD-78677
    2. Toyota Land Cruiser, Model 1998, Chassis No. BJ-60-020679
    3. Toyota Land Cruiser, Model 1991, Chassis No. HZJ-770002489
    4. Toyota Land Cruiser, Model 1985, Chassis No. BJ-61-003506
    5. Mitsubishi Pajero, Model 1985, Chassis No. LO48G-3005856
    6. Land Cruiser, Model 1989, Chassis No. HJ61-013994
    7. Toyota Hilux Surf SSR-X, Model 2000, Chassis No. RZN185-9036661
    8. Toyota jeep Land Cruiser, Model 1989, Chassis No. SJ40-371932
    9. Toyota Mark-X, Model 2005, Chassis No. GRX120-0016870
    10. Toyota X Corolla Car, Model 2007, Chassis No. NZE121-0009339
    11. Toyota X Corolla Car, Model 2005, Chassis No. NZE120-3008546
    12. Toyota Mark-X, Model 2007, Chassis No. GRX121-3001923
    13. Toyota Land Cruiser, Model 1993, Chassis No. LJ78-0039971
    14. Toyota Probox Car, Model 2004, Chassis No. NLP51-0006233
    15. Toyota Passo Car, Model 2005, Chassis No. QNC10-0025058
    16. Honda Civic Car, Model 2002, Chassis No. ESI-1600827
    17. BMW, Model 2002, Chassis No. WBAGL62090DJ92594
    18. Toyota Prado, Model 2000, Chassis No. VZJ90-0004977
    19. Toyota Land Cruiser, Model 1996, Chassis No. FZJ-800102056
    20. Toyota Land Cruiser, Model 1992, Chassis No. PZJ-70-0002960
    21. Toyota Surf, Model 1993, Chassis No. KZN130-9032504
    22. Toyota Premio Car, Model 2002, Chassis No. ZZT2400040257
  • Banks to open selected branches on May 27

    Banks to open selected branches on May 27

    KARACHI: Banks likely to open selected branches on Wednesday, May 27, 2020 to facilitate their customers in wake of long holidays for Eid ul Fitr.

    It is pertinent to mention that the government announced six holidays for Eid-ul-Fitr from May 22 – 27, 2020 (Friday – Wednesday).

    Tomorrow i.e. Wednesday May 27, 2020 is the last day of ongoing holidays. Due to closure of financial institutions for the long period, people are facing cash problems for their day to day transactions.

    The State Bank of Pakistan (SBP) on May 20, 2020 already granted approval for banks for opening of selected branches on May 27, 2020.

    The SBP said: “In order to ensure the availability of limited banking services to public at large during the extended holidays on the occasion of Eid‐ul‐Fitr, it has been decided that banks / MFBs may open their selected branches on Wednesday, May 27, 2020 at their own discretion in various business centers / commercial hubs etc. across Pakistan.

    “However, it may be noted that RTGS System and Clearing through NIFT will not be available on the above‐mentioned date.

    “Accordingly, NIFT will collect Financial Instruments from branches on Thursday, May 28, 2020 for clearing purposes.

    “For this purpose, banks / MFBs should ensure the deployment of minimal number of staff necessary to carry out smooth working at their selected branches on the above date.”

  • Reverse charge should only be levied on service providers located outside Pakistan

    Reverse charge should only be levied on service providers located outside Pakistan

    KARACHI: Sindh Revenue Board (SRB) has been advised that reverse charge should be restricted to such cases where service providers are located outside Pakistan.

    (more…)
  • FPCCI proposes duty free import of used cars for subsequent export

    FPCCI proposes duty free import of used cars for subsequent export

    KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has proposed duty free import of used cars and their subsequent export after repair.

    The apex trade body in its proposals for budget 2020/2021 said that the UAE had developed Export Processing Zone (EPZ) for duty free import of used cars, their repair and subsequent export to different countries especially those of Africa.

    “On similar pattern a ‘Used vehicles EPZ’ be set up in Karachi, Port Qasim or Gwadar and import of both right hand and left-hand drive vehicles may be allowed under this EPZ for their export to different countries. Because of its more feasible sea route to Africa and land route to Central Asian markets, cheap labour, painters and mechanics, the proposed EPZ may turn out to more attractive than the ones in UAE.”

    The FPCCI also highlighted issue of import of stock lot and job lot goods. The apex trade body said that despite the fact that stock lot and job lot goods are available in the world at lower prices, but for the protection of local industry, their import is banned.

    Maintaining the ban for home consumption, permission may be granted for import of stock lot and job lot goods under Export Facilitation Schemes on 100 percent export basis.

    The FPCCI also said that import of used clothing and their exports after sorting, repair, washing and packing is allowed to exporters operating in EPZ.

    However, this facility is not allowed under DTRE scheme and is denied under other Export Facilitation schemes too. If the same is allowed, Pakistan can capture a bigger share because of its cheap labour.

    The FPCCI said that the global warehousing market is more than $ 1.0 trillion and is growing at a very fast pace. The Export Policy Order vide para 9(g) allows export of imported goods in same state – unprocessed form from bonded warehouse and the imported goods already cleared from home consumption.

    The FPCCI said that this is not in line with this global business practice. “Singapore, Malaysia, Sri-Lanka and a number of other countries allows such export, which helps in earning FE and generates employment,” it added.

    The issue is that re-export of imported goods in the same state is allowed but there is no procedure which allows refund of duty and taxes paid, neither such imports are covered under DTRE or any other export facilitation scheme (manufacturing bond, temporary imports, export oriented unit etc).

    No importer can import goods, ware house it and re-export after payment of import duty and taxes. He can re-export to mitigate his loss but cannot adopt it as a business to utilize cheap warehousing in Pakistan.

    It proposed the Ministry of Commerce and FBR to allow import for re-exportation under DTRE Rules subject to value addition of 5percent or 10 percent.

  • Manufacturers demand domestic supplies against FE should be treated as exports

    Manufacturers demand domestic supplies against FE should be treated as exports

    KARACHI: Manufacturers have urged the government to treat goods booked abroad on which foreign exchange (FE) has been transferred should be treated as export.

    Federation of Pakistan Chambers of Commerce and Industry (FPCCI) in its proposals for budget 2020/2021, said that some manufacturers (like Dawlance etc.) are demanding that overseas Pakistanis may be allowed to send foreign exchange to manufacturers through banking channel for delivery of goods to their blood relations / relatives in Pakistan, which may be treated as export.

    Some stores outside Pakistan have contacted the manufacturers for delivery of goods in Pakistan. These stores in foreign countries will make consolidated payment in FE through banking channel to manufacturers in Pakistan.

    They have requested the manufacturers in Pakistan to send samples for booking of orders. The issue is that after payment of duty and taxes the goods made in

    Pakistan become more expensive.

    The Pakistanis expatriates abroad then prefers to purchase smuggled goods from the open market or send goods in baggage (better quality and less cost) declaring it as old and used goods after removing its packing etc.

    Store owners abroad have shown keen interest in booking Pakistani manufactured goods to be delivered in Pakistan.

    “It is, therefore, proposed that such goods, where orders are booked from abroad and foreign exchange is sent in Pakistan through banking channels, may be treated as exported goods and may be exempted from local duty and taxes or partial exemption may be given in the form of fixed duty drawback / rebate of tax to be notified.”