Pkrevenue.com

Category: 2019-2020

You can go through stories related to budget 2019-2020. The stories are about changes in taxation, customs, sales tax and federal excise.

  • FPCCI may opt harsh decisions against proposed budgetary measures

    FPCCI may opt harsh decisions against proposed budgetary measures

    KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on has announced to take harsh decision against duty and tax measures proposed through Finance Bill, 2019.

    At a pressing briefing on Wednesday, Engineer Daroo Khan, President, FPCCI said that the decision would include closure of business and trade activities in protest.

    He said that the business community would share its reservations with the government. If the government declines to accept demands then option to protest is open, he added.

    The FPCCI president said that budgetary measures had would create hardship for all including business community as well as general public.

    The national chamber has identified many reservations on the budget 2019/2020. The apex chamber has constituted a committee on the Finance Bill, 2019.

    Engr. Daroo Khan demanded the government to restore sales tax zero-rating for export sector. Further, he pointed out that hike in tariff of gas and electricity would also make difficult for business to continue.

    He suggested the government that if it had been decided to abolish the zero rate regime then there must be assurance of releasing refunds.

    He also demanded the government to restore provision of audit once in three years as Finance Bill proposed to empower tax officials to conduct audit of a taxpayer any or every year.

    S M Muneer, leader of business community, however, said that the business community would not protest without meeting with government authorities.

    He said that a delegation of FPCCI would hold talk with Dr. Abdul Hafeez Shaikh, advisor to Prime Minister on Finance and Revenue on June 20.

    Muneer said that massive depreciation of Pak Rupee had created difficulties for businesses.

    Zubair Tufail, former FPCCI president, said that the proposed budget would encourage smuggling of goods.

    He said that banks should be asked for instant processing of refunds in case the zero-rating was abolished.

    Mirza Ikhtiar Baig, business leader, said that the business community was meeting with people in the government and opposition.

    He said that a delegation of Pakistan Peoples’ Party headed by its chairman Bilawal Bhutto Zardari was visiting FPCCI on June 22, 2019. But we are meeting first with the government tomorrow (June 21), he added.

  • Law proposed to end corruption in Pakistan Customs

    Law proposed to end corruption in Pakistan Customs

    KARACHI: The government has decided to take stern action against officials of Pakistan Customs, who are involved in corruption or corrupt practices.

    A new section 156A to the Customs Act, 1969 has been proposed through Finance Bill, 2019 to initiate criminal proceedings against officials involved in accepting bribe or corruption.

    According to EY Ford Rhodes Chartered Accountants Firm said that the Finance Bill 2019 seeks to insert a new Section 156A in the Act whereby the FBR may prescribe rules to initiate criminal proceedings against its officials who willfully and deliberately commits or omits an act which results in personal benefit or undue advantage to the officials or the taxpayer or both.

  • Businessmen taken onboard to remove anomalies in Finance Bill 2019

    Businessmen taken onboard to remove anomalies in Finance Bill 2019

    ISLAMABAD: Federal Board of Revenue (FBR) has constituted an anomaly committee comprising members from business community to give their input in removing irritants in the Finance Bill, 2019.

    The FBR issued an office order in this regard on Tuesday to identify and remove the technical and legal anomalies in the Finance Bill 2019. The committee shall be comprised of the following members:

    Muhammad Ali Tabba, Chairman

    Muhammad Javed Ghani, Member Customs – Policy, Co-Chairman.

    Following members are also the part of the committee:

    President FPCCI

    CEO Pakistan Business Council

    Secretary General OICCI

    Chairman APTMA

    President KCCI

    President LCCI

    President KPK Chamber

    President Quetta Chamber

    Ali Habib

    Anjum Nisar, Former President KCCI

    Ziad Bashir

    The committee will review the anomalies identified and submitted; and to advise FBR on removal of anomalies.

    Technical and legal anomalies can be submitted on or before June 21, 2019

  • FBR sets up Finance Bill 2019 anamoly committee

    FBR sets up Finance Bill 2019 anamoly committee

    ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday constituted an anamoly committee comprising tax professionals to identify legal flaws in Finance Bill 2019.

    Ashfaq Tola has been nominated chairman of the committee. Hamid Atiq Sarwar, Member IR Policy, FBR has been nominated as vice chairman.

    Other members of the committee are included: Abid Shaban, Zia Awan, Muhammad Awais, Asif Haroon, Abdul Qadir Memon, Amer Javed, Iftikhar Taj and Muhammad Rafique.

    The committee shall it’s report on June 21, 2019.

  • Powers to form Customs tribunal shifted to Prime Minister

    Powers to form Customs tribunal shifted to Prime Minister

    KARACHI: The Finance Bill 2019 has proposed to shift the powers to form Customs Appellate Tribunal from the federal government to the Prime Minister.

    (more…)
  • Adjudicating monetary limits of principal appraisers, superintendents enhanced

    Adjudicating monetary limits of principal appraisers, superintendents enhanced

    KARACHI: The government has enhanced monetary threshold of principal appraisers and superintendents for adjudication with condition of reducing time limit to 90 days for deciding cases.

    Through Finance Bill 2019, it has been proposed to redefine the monetary threshold of the officers of customs for adjudication. The bill also proposed to abolish the power of assistance collector in adjudicating matters.

    According to budget commentary of EY Ford Rhodes, the following powers of adjudication have been proposed as compared with existing powers:

    Power of adjudication

    Under Section 179 of Customs Act, 1969

    (i) Collector: No limit – No change in present power

    (ii) Additional Collector: Not exceeding three million rupees – No change in present power

    (iii) Deputy Collector: Not exceeding one million rupees – No change in existing power

    (iv) Assistant Collector: Not exceeding five hundred thousand rupees: the power of assistance collector proposed to be deleted

    (v) Superintendent: Not exceeding fifty thousand rupees: proposed that it should not exceeding one hundred thousand rupees

    (vi) Principal Appraiser: Not exceeding fifty thousand rupees: it is proposed it should not exceeding one hundred thousand rupees.

    The Finance Bill further seeks to reduce the time period to decide the cases within ninety days instead of existing one hundred and twenty days.

  • Finance Bill 2019: GD filing limit reduced to 10 days

    Finance Bill 2019: GD filing limit reduced to 10 days

    KARACHI: The government has reduced the goods declaration filing limit from 15 days to 10 days by proposing amendment to Section 79 of Customs Act, 1969.

    The Finance Bill 2019 has proposed reduction in time limit of filing GD from 15 days to 10 days.

    Presently Section 79 of Customs Act, 1969 is as:

    79. Declaration and assessment for home consumption or warehousing or transshipment

    (1)The owner of any imported goods shall make entry of such goods for home consumption or warehousing or transshipment] or for any other approved purposes, within fifteen days of the arrival of the goods, by,-

    (a) filing a true declaration of goods, giving therein complete and correct particulars of such goods, duly supported by commercial invoice, bill of lading or airway bill, packing list or any other document required for clearance of such goods in such form and manner as the Board may prescribe; and

    (b) assessing and paying his liability of duty, taxes and other charges thereon, in case of a registered user of the Customs Computerized System:

    Provided that if, in case of used goods, before filing of goods declaration, the owner makes a request to an officer of customs not below the rank of an Additional Collector that he is unable, for want of full information, to make a correct and complete declaration of the goods, then such officer subject to such conditions as he may deem fit, may permit the owner to examine the goods and thereafter make entry of such goods by filing a goods declaration after having assessed and paid his liabilities of duties, taxes and other charges:

    Provided further that no goods declaration shall be filed prior to ten days of the expected time of arrival of the vessel.

    Explanation.- For the purposes of this clause, the assessment and paying of duty, taxes and other charges in respect of transshipment shall be at the port of destination.

    (2) If an officer, not below the rank of Additional Collector of Customs, is satisfied that the rate of customs duty is not adversely affected and that there was no intention to defraud, he may, in exceptional circumstances and for reasons to be recorded in writing, permit, substitution of a goods declaration for home consumption for a goods declaration for warehousing or vice versa.

    (3) An officer of Customs, not below the rank of Assistant Collector of Customs, may in case of goods requiring immediate release allow release thereof prior to presentation of a goods declaration subject to such conditions and restrictions as may be prescribed by the Board.

    The Bill, however, also proposed the penalty for non-filing of the declaration within the stipulated time is proposed to be amended from Rs15,000 to Rs5,000 per day for the initial five days of default and at a rate of Rs10,000 per day for each day of default thereafter.

  • Finance Bill 2019: reduced duty rates proposed for various imported goods

    Finance Bill 2019: reduced duty rates proposed for various imported goods

    KARACHI: The government has announced reduction in customs duty on import of various goods. The reduction in duty has been proposed through Finance Bill 2019.

    (more…)
  • Finance Bill 2019: duty exemptions on various imported goods proposed

    Finance Bill 2019: duty exemptions on various imported goods proposed

    KARACHI: The government has proposed exemptions from customs duty on import of various goods through Finance Bill 2019.

    According to A. F. Ferguson & Co. Chartered Accountants Firm the Finance Bill 2019 has proposed exemption from customs duty is proposed on following items:

    – Various industrial inputs / raw materials

    – Pharmaceutical products

    – Plastic film medical grade

    – Fertilizers

    – Plant and machinery for setting up Hydrocracker plants for oil refining

    – Raw skins and hides

    – Machinery parts and items relating to textile industry

    – Solar air water generator

    – Raw material for paper industry

    – Wood

    – Certain raw materials used in manufacture of home appliances subject to certain conditions

    – Raw material and components for local manufacture of Hemodialyzer, used in hydrolysis equipment by kidney failure patients

  • Finance Bill, 2019: 10 years imprisonment for money laundering through foreign trade

    Finance Bill, 2019: 10 years imprisonment for money laundering through foreign trade

    KARACHI: In a determined effort to combat money laundering through foreign trade, the government has unveiled strict measures, including up to 10 years imprisonment for offenders and the confiscation of implicated consignments. These proposed reforms are detailed in the Finance Bill 2019, aiming to amend the Customs Act, 1969.

    (more…)