KARACHI: State Bank of Pakistan (SBP) has issued framework for financial institutions outsourcing to cloud service providers (CSPs). The SBP said that to BPRD Circular No. 05 of 2017 on ‘Enterprise Technology Governance and Risk Management Framework for Financial Institutions (FIs)’ and BPRD Circular No. 06 of 2019 on ‘Framework for Risk Management in Outsourcing Arrangements by Financial Institutions’.
(more…)Month: September 2020
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Ministry issues procedure for imports under personal baggage, transfer of residence, gift scheme
ISLAMABAD: The ministry of commerce and issued procedure for imports and customs clearance under schemes including personal baggage, gift and transfer of residence.
The ministry of commerce issued SRO 902(I)/2020 dated September 25, 2020 and notified Import Policy Order 2020 while repealing the previous Import Policy Order, 2016.
The ministry through the policy order issued procedure for import under personal baggage, gift scheme and transfer of residence schemes.
Procedure for import
(1) Personal baggage: Filing of Goods Declaration under section 79 of the Customs Act, 1969 accompanied with the following documents namely:
a) Purchase receipt;
b) Bill of Lading dated not later than 120 days from the date of arrival in Pakistan of the applicant; and
c) Attested photocopy of passport or Pakistan Origin Card (original passport or Pakistan Origin Card required .to be checked by customs at the time of clearance)
(2) Gift Scheme: Filing of Goods Declaration under section 79 of the Customs Act, 1969 accompanied with the following documents namely;-
a) NIC of donee;
b) Purchase receipt;
c) Bill of Lading (showing name and address of consignee);
d) Attested photocopy of passport or Pakistan Origin Card; and
(3) Transfer of Residence: Filing of Goods Declaration under section 79 of the Customs Act, 1969 accompanied with the following documents namely;-
a) Purchase receipt;
b) Attested photocopy of passport or Pakistan Origin Card (original passport or Pakistan Origin Card may be required to be checked by the customs at the time of clearance);
c) Bill of Lading (dated not later than 120 days from the date of arrival of applicant.
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Policy to import used/old cars under various schemes unveiled
ISLAMABAD: The ministry of commerce has unveiled the policy to import new and old/used cars under Import Policy Order, 2020. The ministry issued SRO 902(I)/2020 dated September 25, 2020 to notify the Import Policy Order, 2020 and explain the policy to import motor cars under various schemes.
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Letter to FBR chairman: PTBA explains timeline for filing return under tax law
ISLAMABAD: Pakistan Tax Bar Association (PTBA) on Saturday demanded the tax authorities to extend the last date for filing income tax return for at least three months as provided under the law.
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MCC Quetta auctions 118 seized motor vehicles on September 28
KARACHI: Model Customs Collectorate (MCC) Quetta has announced an auction of a huge number of motor vehicles that were confiscated during recent against non-duty paid and smuggled vehicles.
The collectorate will present 118 motor vehicles at the auction. The auction has been scheduled for September 28, 2020 to be held at MCC Quetta.
Following motor vehicles have been listed for the auction:
S.No. Case No. Description Parked At 1 81-Cus/Seiz/Lakpass/2019 Toyota Vitz Car Chassis No.NCP91-5006310 Model 2005 Engine No.1NZFE 1500 CC Lakpass 2 129-Cus/Seiz/Sheela Bagh/2018 Toyota Mark X, Chassis NO. GRX121-1001408, Engine Type: 3GR-FSE, Model 2004, 3000-CC, Colour White Sheela Bagh 3 124-Cus/Seiz/Sheela Bagh/2018 Toyota Mark X, Chassis No. GRX120-0037293, Engine Type: 4GR-FSE, Model 2005, 2500-CC, Colour White Sheela Bagh 4 200-Cus/Seiz/MS/2018 Toyota Mark X Chassis No. GRX121-1005373, Engine No. 3GRFSE, Model 2005 Colour P/White (3000 CC) Lakpass 5 9-Cus/Seiz/CMN/18 Toyota Mark X Chassis No. GRX121-1002699, Engine Type: 3GR-FSE, Model 2004, Colour White, 2994-CC Chaman 6 80-Cus/Seiz/CP-Bolan/2018 Toyota Mark X, Chassis NO. GRX120-3001981, Engine 4GR-FSE, Model 2004, Colour Silver, 2500-CC Kolpur 7 79-Cus/Seiz/CP-Bolan/2018 Toyota Mark X Car, Chassis No. GRX120-0037473, Engine No. 4GR-FSE, Model 2005 Colour White, 2500-CC Kolpur 8 110-Cus/Seiz/Manikhawa/2018 Nissan X Trail Jeep, Chassis No. NT30-020555, Model 2001, Colour White Manikhawa 9 122-Cus/Seiz/MS/18 Nissan X Trail Jeep Chassis No. NT30-077946, Engine No. QR20(DE), 1998-CC, Model 2003, Colour Golden Lakpass 10 202-Cus/Seiz/MS/2018 BMW Car (02-Door), Chassis No. WBACH72050LD11045, Engine Type: M44, Model 1998 Colour Silver Lakpass 11 203-Cus/Seiz/MS/2018 BMW Car, Chassis No. WBADD42090BV14330, Engine Type: M52 Model 1997, Colour Black Lakpass 12 116-Cus/Seiz/Manikhawa/2018 Toyota Probox DX, Chassis No. NCP51-009164, Model 2003, Colour White Manikhawa 13 19-Cus/Seiz/Yaroo/2019 Toyota Vitz Car, Chassis No. SCP13-0007375, Engine Type: 2SZ-FE, Model 2003 (1300 CC) Yaroo 14 67-Cus/Seiz/Sheela Bagh/2017 Nissan Car (Automatic), Chassis No. QG10-011435, Engine NO. DG18-347228, Model 2000 Sheela Bagh 15 289-Cus/Seiz/Yaroo/2018 Kawasaki Motorcycle, Chassis No. 8945A-1, Engine No. ZRT00DEO14545, Model 2007, HP 1000-CC Colour Black FC 16 57-Cus/Seiz/Manikhaw/18 DX Corolla Binjo Chassis NO. CE107-0006474, Engine NO. NTA, Model 2000 Colour Silver Manikhawa 17 303-Cus/Seiz/MS/2017 Toyota Litace, Chassis No. CM30-0012463, Engine No. 2CT-080945, Model 1987 Lakpass 18 53-Cus/Seiz/DBN/2018 Car Saracha (RHD), Chassis No. AE100-0197878, Engine No. SHC194187, Model 1996 Colour Trim Dalbandin 19 06-Cus/Seiz/CMN/2018 Saracha Car, Chassis No. GT196-0005336, Engine Type: NTA Chaman 20 UNHCR/12 Toyota Crona Car Chassis No.TT141-4015451 Model 1983 UNHCR 21 01-Cus/Seiz/TFN/2019 Toyota Pickup Single Cabin (LHD) Chassis No.YN57-0020059 Model 1984 Taftan 22 39-Cus/Seiz/Bln-Darakhshan/2019 Toyota Premio X Car (F/origin), Reg No. AVY-765 (FAKE), Chassis No. ZZT240-0109563, Engine No. 1ZZ-FE, H/p. 1794cc, Model. 2005 as per seat belt, Color Code. 073 (Pearl White) Darakshan 23 37-Cus/Seiz/Bln-Darakhshan/2019 Toyota Premio X Car (F/origin), Reg No. Nill, Chassis No. ZZT240-0142249, Engine No. 1ZZ-FE, H/p. 1794cc, Model. 2007cc as per seat belt, Color Code. 073 (Pearl White) Darakshan 24 31-Cus/Seiz/Bln-Darakhshan/2019 Toyota Premio X Car (F/origin), Reg No. AVL-756 (Fake), Chassis No. ZZT240-0126271, Eng No. 1ZZ-FE, Horse Power. 1794cc, Model. 2006 (As per seat belt), Color Code. 073 (Pearl White) Darakshan 25 86-Cus/Seiz/Bli/2019 Toyota Premio Car Chassis No.ZZT240-0139308 Engine Type 1ZZFE 1797 CC Model 2007 Baleli 26 30-Cus/Seiz/Yaroo/2019 Toyota Vitz Car (NCP), Reg No. Nil, Chassis No. KSP90-5005349, Eng No. 1KR0292759, Model. 2005 as per seat belt, Color. Silver, H/p. 1000cc as per trim plate Yaroo 27 28-Cus/Seiz/Yaroo/2019 Toyota Probox Car, Reg No. AZA-229 (FAKE), Chassis No. NCP58-0035251, Eng No. 1RZ8358229, Model. 2004 as per seat belt, Color. Silver, H/p. 1500cc as per trim plate Yaroo 28 37-Cus/Seiz/Lakpass/2019 Toyota Altis Chassis No.MRO53ZEE106113129 Model 2008 Engine No. 3ZZFE 1600 CC Lakpass 29 84-Cus/Seiz/CP-Bolan/2018 Toyota Mark X, Chassis NO. GRX120-0003526, Engine NO. NTA, Model 2004, Colour White, 2500-CC Kolpur 30 33-Cus/Seiz/CMN/2018 DOtson, Chassis No.LL41-0005007 Engine Type: NTA, Model NTA as per corrigendum issued vide C.No.33-Cus/seiz/cmn/18/22579 dated 20.03.2019 Chassis No.LN41-0005007 Chaman 31 35-Cus/Seiz/Bln-Darakhshan/2019 Toyota Indus Corolla Car (F/origin), Reg No. AZV-855 (Fake), Chassis No. AE100-3298914, Engine No. 5A-FE, H/p. 1498cc, Model. 1995 as per seat belt, Color Code. 040 (White) Darakshan 32 92-Cus/Seiz/CP-Kolpur/2018 Toyota Hilux Surf, Chassis No. LN130-7032057, Engine NO. NTA, Model 1993, 2446-CC, Colour Maroon Kolpur 33 71-Cus/Seiz/Lakpass/2019 Toyota Mark X Chassis No.GRX120-0044423 Model 2005 Engine 4GR-FSE 2500 CC Lakpass 34 97-Cus/Seiz/Bli/2019 Toyota X-Corolla Car, Reg No. AXV-791 (Fake), Chassis No. NZE121-3023514, Eng Code. 1NZFE, Model. 2000 as per web, Color. White 1500cc Baleli 35 128-Cus/Seiz/Manikhawa/2018 Toyota X Premio Car Chassis No.ZZT240-0124761 Engine 1ZZ-FE Model 2006 Manikhawa 36 96-Cus/Seiz/Lakpass/2019 Toyota X Corolla Car Chassis No.NZE121-3029984 Model 2001 Engine 1NZ A-126024 1500 CC Lakpass 37 34-Cus/Seiz/Lakpass/2019 Suzuki Kei Car, Chassis No. HN21S-634346, Engine No. 660cc, Model. 2000, Color. Dark Green Lakpass 38 127-Cus/Seiz/Manikhawa/2018 Toyota Surf Chassis No.RZN185-9033286 Engine 3RZFE 2700 CC Model 2000 Manikhawa 39 45-Cus/Seiz/BLN-Darakshan/2019 Toyota Premio Car Chassis No.ZZT240-0130956 Model 2006 Engine 1ZZFE 1800 CC Darakshan 40 76-Cus/Seiz/Bli/2019 Toyota premio Car, Reg Plate No. AZY-071 (Sindh) Fake, Chassis No. ZZT240-5044084, Engine Code. 1ZZFE, Model. 2005 as per Web, Color. Pearl White, 1794cc Baleli 41 114-Cus/Seiz/Yaroo/2019 Hino Truck (06-Wheeler) Chassis No.FD3HLA-33154 Model 1992 Yaroo 42 49-Cus/Seiz/NKI/2018 Toyota Pickup S/Cabin (LHD), Chassis No. YN55-0003868, Engine No.2Y-0351680, Model 1984 Noshki 43 33-Cus/Seiz/Lakpass/2019 Toyota Vitz Car Chassis No.NCP13-0021250 Model 2001 Engine 1NZFE 1500 CC Lakpass 44 105-Cus/Seiz/Yaroo/2019 Toyota X Fielder Car Chassis No.NZE121-0306197 Model 2004 Engine 1NZFE Yaroo 45 320-Cus/Seiz/S.Bagh/2019 Toyota Probox Suceed Chassis No.NCP58-0033279 Model 2004 Sheela Bagh 46 25-Cus/Seiz/CMN/2018 Hino Truck, Chassis NO. FD1JPE-10576, Engine No. NTA, Model 2001 Chaman 47 97-Cus/Seiz/Sheela Bagh/2018 Toyota Mark X, Chassis No. GRX130-6040658, Engine Type: 4GR-FSE, Model 2011, 2500-CC, Colour Black Sheela Bagh 48 66-Cus/Seiz/Lakpass/2019 Toyota G Corolla Car Chassis No.NZE121-3043122 Engine No.1NZFE 1500 CC Model 2001 Lakpass 49 101-Cus/Seiz/Bli/2019 Suzuki Alto Car Chassis No.HA23S-708711 Model 2003 Engine K6A 660 CC Baleli 50 165-Cus/Seiz/Bli/2019 Toyota Premio Car Chassis No.ZZT240-5038300 Model 2005 Engine 1ZZFE 1800 CC Baleli 51 09-Cus/Seiz/CMN/2018 Trailer 14 Wheeler, alongwith 2 x Containers, Chassis No. 0688058, Engine Type: 32233 Chaman 52 79-Cus/Seiz/Lakpass/2019 Toyota Vitz Car Chassis no.SCP10-0468440 Model 2004 Engine 1SZFE 1000 CC Lakpass 53 57-Cus/Seiz/Manikhaw/2019 Toyota Axio Car Chassis No.NZE141-6039263 Model 2007 Engine 1NZFE 1500 CC Manikhawa 54 99-Cus/Seiz/Yaroo/2019 Hino Truck (06-Wheeler) Chassis No.GKJUH-10015 Engine No.HOBCTL-17224 Model 1998 Yaroo 55 43-Cus/Seiz/MS/2019 Daihatsu Mira Chassis No.LA300S-0015592 Model 2012 MTO 56 83-Cus/Seiz/Manikhawa/2019 Suzuki Swift Car Chassis No.ZC72S-133065 Engine K12B Model 2011 Manikhawa 57 13- Cus/Seiz/(P)/CMC//2019 Toyota Coaster, Chassis No.XZB50-0052601, Engine No.N04C, Model-2007 (4009cc) Chaman 58 63-Cus/Seiz/Manikhawa/2019 Toyota Fielder Car Chassis No.NZE121-3350390 Model 2005 Engine 1NZ-FE 1500 CC Manikhawa 59 62-Cus/Seiz/Manikhawa/2019 Toyota Fielder Car Chassis No.NZE141-9093165 Model 2008 Engine 1NZ-FE 1500 CC Manikhawa 60 66-Cus/Seiz/Manikhawa/2019 Toyota Fielder Car Chassis No.NZE121-93355538 Model 2005 Engine 1NZ-FE 1500 CC Manikhawa 61 72-Cus/Seiz/Lakpass/2019 Toyota Corolla Altis, Chassis No.MR053ZEE106126143, ENGINE No.3ZZ-FE, Model No.2008 Lakpass 62 03- Cus/Seiz/CMC(P)/2020 Toyota Axio Car, Chassis No.NZE141-6062909, ENGINE No.1NZFE (1500 CC), Model 2007 Chaman 63 38-Cus/Seiz/CMN/2018 Tractor with Trolley, Chassis No.1436-89, engine No.CE9706520610114K Chaman 64 67-Cus/Seiz/Manikhawa/2019 Toyota Vitz Car, Chassis No.SCP13-0037472, Engine No.2SZFE, Model No.2004 Manikhawa 65 68-Cus/Seiz/Manikhawa/2019 Toyota Fielder Car, Chassis No.NZE121-0286382, Engine No.1NZ-B-142399, Model 2004 (as per web) Manikhawa 66 13-Cus/Seiz/Manikhawa/2020 Toyota Premio Car, Chassis No.ZZT240-0052728, Engine No. Nil, Model 2002 Manikhawa 67 78-Cus/Seiz/Lakpass/2019 Toyota Hilux Surf, Chassis No.TRN215-0018085, Engine No.2TR-FE, Model 2007 Lakpass 68 42-Cus/Seiz/CMC(P)/2019 Toyota Prius Car Chassis No.ZVW30-1206755 Engine 2ZRFXE 1800 CC Model 2010 Chaman 69 91-Cus/Seiz/Yaroo/2019 Mercedez Benz Car 02 Door Chassis No.041173 Engine 15486372 3975CC Model 1977 Yaroo 70 76-Cus/Seiz/Yaroo/2019 Suzuki Alto Car Chassis No.HA25S-802202 Engine K6A Model 2011 Yaroo 71 44-Cus/Seiz/Darakshan-Bln/2019 Toyota Corolla X Car Chassis No.NZE121-3382580 Engine 1NZFE 1500 CC Model 2006 Darakshan 72 326-Cus/Seiz/Sheela Bagh/2019 Suzuki Kei Car Chassis no.HN22S-669488 Engine K6A Model 2005 Chaman 73 325-Cus/Seiz/Sheela Bagh/2019 Toyota Vitz Car Chassis No.SCP13-0017069 Engine 2SZFE Model 2003 Chaman 74 27-Cus/Seiz/Darakshan-Bln/2019 Toyota Corolla X Car Chassis No.NZE121-3377816 Model 2006 Darakshan 75 11- Cus/Seiz/MNK/2020 Toyota Aqua Car Chassis No.NHP10-6030548 Engine No. Nil Model 2012 Manikhawa 76 95-Cus/Seiz/Lakpass/2019 Toyota Mark X Chassis No.GRX130-6009736 Engine 4GR0633086 Model 2009 2500CC Lakpass 77 11-Cus/Seiz/CMC(P)/2019 Toyota Coaster Chassis No.XZB50-0052457 Engine N04C Model 2006 Chaman 78 02-Cus/Seiz(P)/CMN/2019 Toyota Vitz Car Chassis no.KSP130-2075228 Engine 1KRFE Model 2013 Chaman 79 169-Cus/Seiz/Bli/2019 Hino Truck 06-Wheeler Chassis No.FD1JKE-11941 Engine JO8CUG-12489 Model 2002 Baleli 80 08-Cus/Seiz/CMC(P)/2019 Toyota Premio Car Chassis No.ZZT240-0136608 Engine 1ZZFE Model 2007 Chaman 81 06-Cus/Seiz/Manikhawa/2020 Toyota Alto Car Chassis No.HA35S-182756 Model 2014 Manikhawa 82 73-Cus/Seiz/Darakshan-Bln/2019 Suzuki Jimny Chassis No.JB33W-113653 Engine G13B 1298 CC Model 1998 Darakshan 83 38-Cus/Seiz/CMC(P)/2019 Toyota Axio Fielder X Chassis No.NZE141-9082253 Engine 1NZFE 1500CC Model 2008 Chaman 84 39-Cus/Seiz/MS/2019 Toyota Premio Car Chassis No.ZZT240-0143960 Model 2007 Lakpass 85 59-Cus/Seiz/Darakshan-Bln/2019 Toyota Land Cruiser Chassis No.UZJ200-4016488 Model 2008 Darakshan 86 81-Cus/Seiz/Manikhawa/2019 Toyota Premio Car Chassis no.ZRT260-3004179 Engine A28303 Model 2007 Manikhawa 87 04-Cus/Seiz/Manikhawa/2020 Toyota Aqua Car Chassis No.NHP10-6042955 Model 2012 Manikhawa 88 75-Cus/Seiz/Lakpass/2019 Hino Mazda Truck w/o body, Chassis No.WEL4T-407119, Model 1989 Lakpass 89 73-Cus/Seiz/Lakpass/2019 Hino Mazda Truck w/o body, Chassis No.FD3HLA-18091, Model 1990 Lakpass 90 74-Cus/Seiz/Lakpass/2019 Hino Mazda Truck w/o body, Chassis No.FD8JJF-10313, Model 2005 Lakpass 91 19-Cus/Seiz/Manikhawa/2020 Toyota Vitz Car Chassis No.SCP90-5176750 Model 2010 Manikhawa 92 87-Cus/Seiz/Manikhawa/2019 Toyota Prius Car Chassis No.ZVW30-1065825 Engine 2ZR-2541406 Model 2009 Manikhawa 93 21-Cus/Seiz/Manikhawa/2020 Toyota Premio Car Chassis No.ZZT240-0138503 Model 2007 Manikhawa 94 127-Cus/Seiz/Bli/2019 Toyota Aqua Car Chassis No.NHP10-2229551 Engine 6793661 1500 CC Model 2013 Baleli 95 59-Cus/Seiz/CMC(P)/2019 Toyota Vitz Car Chassis No.SCP13-0034410 Engine 2SZFE Model 2004 Chaman 96 82-Cus/Seiz/Manikhawa/2019 MR Wagon Chassis No.MF22S-220814 Engine K6A Model 2008 Manikhawa 97 13-Cus/Seiz/CMC(P)/2019 Toyota Coaster Chassis No.XZB50-0052601 Engine N04C Model 4000 CC 2007 Chaman 98 78-Cus/Seiz/Yaroo/2020 Toyota Axio Car Chassis No.NZE121-6067104 Engine 1NZFE Model 2007 Yaroo 99 76-Cus/Seiz/Manikhawa/2019 Toyota Fielder Car Chassis No.NZE121-0151729 Engine A-473275 Model 2002 Manikhawa 100 85-Cus/Seiz/Manikhawa/2019 Toyota Vitz Car Chassis No.SCP13-0042741 Engine 92301 Model 2004 Manikhawa 101 90-Cus/Seiz/Manakahwa/2019 Toyota Aqua Car Chassis no.NHP10-2163755 Engine 1NZ6614643 Model 2013 Manikhawa 102 09-Cus/Seiz/Manikhawa/2020 Toyota Axio Car Chassis No.NZE141-6015266 Model 2006 Manikhawa 103 54-Cus/Seiz/Manikhawa/2020 Toyota X Corolla Car Chassis No.NZE121-3321470 Engine 1NZ-B790810 Model 2005 Manikhawa 104 62-Cus/Seiz/Manikhawa/2020 Toyota Premio Car Chassis no.ZRT260-3023200 Engine 2ZRFE Model 2007 Manikhawa 105 97-Cus/Seiz/Yaroo/2019 Toyota Land Cruiser Prodo Chassis No.VZJ121-0008477 Engine 5VZFE 3400 CC Model 2003 MTO 106 03-Cus/Seiz/ Manikhawa Toyota Axio Car Chassis No.NZE141-6008132 Engine 1NZFE 1500 CC Model 2006 Manikhawa 107 79-Cus/Seiz/Manikhawa/2019 Toyota Vitz Car Chassis No.KSP130-2031517 Engine 1264297 Model 2011 Manikhawa 108 78-Cus/Seiz/Manikhawa/2019 Toyota G Corolla Car Chassis No.NZE121-3154144 Model 2002 Manikhawa 109 70-Cus/Seiz/Manikhawa/2019 Toyota Fielder Car Chassis No.NZE121-0170027 Engine 1NZ-2428747 Model 2002 Manikhawa 110 73-Cus/Seiz/Manikhawa/2019 Toyota X Corolla Car Chassis No.NZE121-3392419 Engine C301557 1500 CC Model 2006 Manikhawa 111 74-Cus/Seiz/Manikhawa/2019 Toyota X Fielder Car Chassis No.NZE121-0341903 Engine B-636236 Model 2005 Manikhawa 112 86-Cus/Seiz/Manikhawa/2019 Toyota Vitz Car Chassis No.KSP90-2050700 Engine 1KR-FE Model 2008 Manikhawa 113 39-Cus/Seiz/Manikhawa/2020 Toyota Corolla G Car Chassis No.NZE121-3288874 Engine 1NZFE Model 2004 Manikhawa 114 35-Cus/Seiz/Manikhawa/2020 Toyota Prius Car Chassis No.ZVW30-1031343 Engine 2ZR-FXE1797 Model 2009 Manikhawa 115 26-Cus/Seiz/CMC(P)/2020 Toyota Corolla G Car Chassis No.NZE121-3133142 Engine 1NZFE 1500 CC Model 2002 Chaman 116 76-Cus/Seiz/CMC(P)/2019 Toyota Probox Car Chassis No.NCP51-0105133 Model 2005 Chaman 117 188-Cus/Seiz/Bli/2019 Hino Truck Chassis No.FD1JLE-10433 Model 2001 Baleli 118 12-Cus/Seiz/Yaroo/2019 Toyota Fielder Car Chassis No.NZE141-9110737 Model 2009 Yaroo -
Policy issued for import of petroleum products
ISLAMABAD: The ministry of commerce has issued policy for import of petroleum products through under the new Import Policy Order, 2020.
The ministry issued SRO 902(I)/2020 dated September 25, 2020 to notify the import policy order.
01. Under the policy, petroleum oils and oils obtained from bituminous minerals crude shall only be importable by oil refineries.
02. Motor spirit including aviation spirit, kerosene, including kerosene type jet fuel (JP-1, JP-4), other medium oils and preparations/light diesel oil, gas oils/high speed diesel oil and other fuel oils shall be importable by approved oil marketing companies.
Provided that oil refineries shall be allowed to import higher octane products (95/97 RON) for blending purposes only.
03. Furnace oil shall be importable by oil marketing companies, WAPDA, KESC, IPPs and industrial consumers for self-consumption:-Provided that furnace oil shall be importable by commercial importers subject to clearance from Oil Companies’ Advisory Committee (OCAC) of the Ministry of Petroleum and Natural Resources, Government of Pakistan.
04. For finished lubricants, the import of automotive engine oils of quality level (API) SC/CC and above and automotive gear oils of (API) GL-4 and above shall be imported by commercial importers, lubricants blending companies, lube/oil marketing companies and refineries having valid registration with the Oil and Gas Regulatory Authority (OGRA) under the rules.
05. Residues of petroleum oils shall be importable by industrial manufacturers only subject to NOC from the Ministry of Climate Change.
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Import Policy Order 2020: Goods from India, Israel remain on banned list
ISLAMABAD: Goods from India and Israel shall remain on the banned list for import into Pakistan, according to Import Policy Order, 2020 issued by the ministry of commerce.
The ministry issued SRO 902(I)/2020 to notify the updated policy for the goods to be imported into Pakistan.
According to the policy order following are banned, namely:
(a) goods of Indian or Israeli origin or imported from India or Israel:
Provided that the provisions of this clause to the extent of India shall not apply to therapeutic products regulated by the Drug Regulatory Authority of Pakistan (DRAP).
(b) import of live animals, i.e. cattle, buffalo, sheep and goats and meat & bone meal (MBM) and feed ingredients of animal origin are banned from countries classified by the Word Organization of Animal Health (OIE) in the latest edition of Terrestrial Animal Health Code as Controlled Bovine Spongiform Encephalopathy (BSE) Risk and Undetermined BSE Risk.
(c) counterfeit products; and
(d) import of all rough diamonds from, ‘Cote’d Ivoire’.
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Weekly Review: turmoil in international market to impact on local bourse
KARACHI: The local bourses may under pressure during next week owing to turmoil in international market, analysts said.
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FBR’s technical committee invites stakeholders’ suggestions to promote tax culture
ISLAMABAD: The Chairman of Technical Committee of Federal Board of Revenue (FBR), which was constituted by the Advisor to the Prime Minister on Finance and Revenue to create a taxpayer friendly environment, has invited suggestions for improving various functions of the tax machinery.
Abid Shaban, Chairman, FBR’s Technical Committee, in a communication on Friday said that the government placed great importance on taking measures, which would boost exports, speed up the process of industrialization, encourage local manufacturing, wealth creation and promote a tax culture in the country.
Facilitating taxpayers, ensuring tax compliance and enabling greater ease in compliance, and increasing the collection of legitimate tax revenues for the development of the country are high priority for the government, he said.
The chairman sought suggestions from stakeholders on the Terms of Reference (TOR) while stating problems, proposing a solution to the problem and listing possible benefits (including cost benefit) of the suggestions / ideas.
The TOR of the technical committee are:
(i) Identify distortion, anomalies and inequalities in the taxation system which cause difficulties for taxpayers, or which discourage investment, industrialization and documentation, and propose solutions.
(ii) Propose measures to reduce the dependence on withholding taxes, minimum tax, advance tax etc.
(iii) Propose measures for simplification of all taxation procedures, in a manner which does not compromise revenue collection and documentation.
(iv) Propose improvement in the temporary importation and manufacturing bond schemes in order to enhance their scope and facilitate direct and indirect exporters throughout the value chain.
(v) Identify issues hindering smooth processing of refund claims through the FASTER system. Propose amendments in the procedures or threshold to sales tax refund of various sub-sectors of exporters, and
(vi) Propose remedies for issues relating to adjustment of input tax paid against services subjected to sales tax by the provinces.
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Ministry releases Export Policy Order 2020
ISLAMABAD: The ministry of commerce on Friday issued Export Policy Order 2020 while making several changes to the old policy.
The ministry issued SRO 901(I)/2020 to release the export policy order.
The export policy order shall come into force at once, the ministry said.