Hyderabad, January 9, 2025 – The Model Customs Collectorate (MCC) Hyderabad has officially announced the auction of several Non-Duty Paid (NDP) vehicles, set to take place on January 14, 2025. This auction presents an opportunity for potential buyers to acquire various vehicles that are no longer in regular customs clearance, providing a wide range of models for public bidding.
(more…)Author: Shahnawaz Akhter
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FBR Ends Substandard Cargo Tracking, Initiates New Process
Karachi, January 9, 2025 – The Federal Board of Revenue (FBR) has exposed significant failures in a company’s ability to monitor and track transit cargo destined for Afghanistan, leading to the termination of its license. In a detailed statement, the FBR addressed concerns raised by recent media reports, clarifying the rationale behind its actions and highlighting measures taken to ensure effective cargo monitoring during the interim period.
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RTO-I Karachi Cracks Down on Six More Wedding Halls
Karachi, January 9, 2025 – The Regional Tax Office (RTO-I) Karachi has extended its crackdown on tax defaulters by taking action against six additional wedding halls. This move comes as part of the ongoing efforts to enforce compliance with tax laws and broaden the tax net.
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PBC Criticizes Termination of Transit Cargo Satellite Tracking
Karachi, January 9, 2025 – The Pakistan Business Council (PBC) has raised serious concerns regarding the Federal Board of Revenue’s (FBR) decision to terminate satellite tracking of transit cargo containers destined for Afghanistan. In a detailed letter addressed to the FBR chairman, the PBC highlighted the potential risks and adverse consequences of this policy change.
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Pakistan’s Net Forex Reserves Dip $31 Million on Weekly Basis
Karachi, January 9, 2025 – Pakistan’s net foreign exchange (forex) reserves experienced a decline of $31 million during the week ending January 3, 2025, according to the State Bank of Pakistan (SBP). This reduction highlights ongoing pressures on the country’s external account as inflows and outflows continue to fluctuate.
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PSX Suffers 1,510-Point Drop Amid Absence of Tax Relief
Karachi, January 9, 2025 – The Pakistan Stock Exchange (PSX) experienced a steep decline on Thursday, as the benchmark KSE-100 index plunged by 1,510 points. The market closed at 112,688 points, down from the previous day’s closing of 114,148 points. This significant drop came after the government announced its decision not to provide any tax relief under the newly introduced Tax Laws (Amendment) Bill, 2024.
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Harsh Penalties Announced for Obstructing FBR Officials
Karachi, January 9, 2025 – The Federal Board of Revenue (FBR) has issued a stern warning against obstructing its officials during the performance of their duties, emphasizing that such actions could lead to severe penalties, including imprisonment.
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Karachi Shares 46% of FBR Total Revenue Collection in FY24
Karachi, January 8, 2025 – Karachi, Pakistan’s commercial and financial powerhouse, has once again proven its pivotal role in the national economy, contributing a significant 46% to the Federal Board of Revenue’s (FBR) total revenue collection in the fiscal year 2023-24.
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PM Shehbaz Launches Faceless Customs Assessment System
Karachi, January 8, 2025 – Prime Minister Muhammad Shehbaz Sharif launched the Faceless Customs Assessment System at the Karachi Port on Wednesday, marking a significant milestone in Pakistan’s customs operations. This innovative system, part of the Federal Board of Revenue’s (FBR) modernization efforts, was introduced under Shehbaz’s leadership and aims to streamline customs clearance procedures.
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FBR Reports Alarming Rise in Sales Tax Refund Delays
Karachi, January 8, 2025 – The Federal Board of Revenue (FBR) has highlighted a concerning rise in delays for processing sales tax refunds, signaling inefficiencies in the system despite an increase in processed claims.
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