Karachi, March 27, 2025 – Philip Morris (Pakistan) Limited (PMPK) has reported a significant 32% decline in its annual profit after tax for the financial year ending December 31, 2024.
(more…)Author: Shahnawaz Akhter
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Pakistan Revises Customs Valuation for Iron and Steel Kitchenware
Islamabad, March 26, 2025 – The Government of Pakistan has announced a revised customs valuation for iron and steel kitchenware and utensils, updating previous rulings to reflect current market conditions.
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KCAA Raises Alarm Over Consignment Clearance Review Delays
Karachi, March 26, 2025 – The Karachi Customs Agents Association (KCAA) has voiced serious concerns over the persistent delays in the review process for Goods Declaration (GD) filings related to consignment clearance.
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Cashew Nut Valuation in Pakistan Revised by Customs Authority
Karachi, March 26, 2025 – The Directorate General of Customs Valuation in Pakistan has issued a revised ruling on the customs valuation of cashew nuts, aiming to standardize import duties and taxes.
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Nestlé Pakistan Attributes CY24 Revenue Decline to Higher GST
Karachi, March 26, 2025 – Nestlé Pakistan has attributed its revenue decline for the calendar year 2024 to the higher rate of General Sales Tax (GST). The company cited the increased tax burden as a key factor impacting its financial performance.
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Finance Ministry Foresees Inflationary Pressures in Coming Months
Islamabad, March 25, 2025 – The finance ministry has projected an increase in inflation over the coming months, attributing it to persistently high core inflation and rising costs in key sectors such as food and energy.
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LTO Karachi Seals Collectibles Outlets Over Sales Tax Fraud
Karachi, March 25, 2025 – The Large Taxpayers Office (LTO) Karachi has taken decisive action against M/s. Collectibles, a well-known luxury watch retailer, by sealing four of its registered outlets over alleged sales tax fraud.
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FBR Establishes STRAW, Transfers 11 BS-21 IRS Officers
Islamabad, March 25, 2025 – The Federal Board of Revenue (FBR) has announced the establishment of the Strategic Tariff and Revenue Analysis Wing (STRAW) and has subsequently transferred 11 senior Inland Revenue Service (IRS) officers in BS-21 to this newly created division.
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FBR Issues Methodology for Settlement of Classification Disputes
Karachi, March 25, 2025 – The Federal Board of Revenue (FBR) has introduced a revised methodology to streamline the resolution of classification disputes in the customs domain.
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FBR’s Tax Collection Window to Close for Eid-ul-Fitr Holidays
Islamabad, March 25, 2025 – The Federal Board of Revenue (FBR) has announced that its tax collection window will remain closed during the public holidays declared by the federal government for Eid-ul-Fitr.
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