Jan 9

E-payment made mandatory for duty, taxes above Rs one million for customs clearance

KARACHI: Pakistan Customs has announced that payment of duty and taxes above Rs one million will only be made electronically (Alternate Deliver Channels). According to an announcement on Saturday, consignments through WeBOC system will be cleared on e-payment of duty and taxes above Rs one million. The payment threshold shall apply from January 15, 2021. […]

by Mrs. Anjum Shahnawaz

Customs valuation issued for Afghan origin goods

Jan 9

Pakistan Customs

Customs valuation issued for Afghan origin goods

KARACHI: The Directorate General of Customs Valuation has issued valuation advice for Afghan origin goods on recommendations received from Peshawar and Quetta collectorates. Previously a valuation advice was issued on December 12, 2020 in the light of values worked out and recommendations by MCC (Appraisement and Facilitation), Peshawar and Quetta, for Afghan origin goods imported […]

by Mrs. Anjum Shahnawaz

Federal Budget 2021/2022 to be announced during first week of June

Jan 9

Budget 2021-2022, Finance

Federal Budget 2021/2022 to be announced during first week of June

ISLAMABAD: The government on Saturday said it will present the federal budget 2021/2022 before the Parliament during the first week of June 2021. According to the budget call circular issued by the finance ministry, the presentation of budget to the cabinet and the parliament would be in the first week of June 2021. The finance […]

by Mrs. Anjum Shahnawaz

Three years imprisonment for sales tax registration failure

Jan 9

Taxation

Three years imprisonment for sales tax registration failure

ISLAMABAD: A person who makes taxable supplies but fails to get sales tax registration shall be liable to pay fine and penalties besides the person is also liable to imprisonment up to three years. Sources in the Federal Board of Revenue (FBR) said that the tax offices had launched operations to identify persons making taxable […]

by Mrs. Anjum Shahnawaz

Jan 9

Stock & Commodity

Weekly Review: Bull Run likely to continue

KARACHI: The bull-run in the market to continue during the next week especially developments on the vaccine front and its gradual roll-out across the world likely to keep interest in equities afloat. Analysts at Arif Habib Limited said that expectations of healthy corporate profitability during the outgoing quarter particularly across cyclical sectors should keep sentiment […]

by Mrs. Anjum Shahnawaz