Pakistan Revenue
ISLAMABAD: The government has amended reward rules and announced that customs officials will get reward money only after realization of duty and tax involved in evasion cases. According to budget 2021/2022 documents, amendment to Customs Act, 1969 has been proposed through Finance Bill, 2021. The proposed amendment through the bill is as:“Reward to officers and […]
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The government has proposed amendments to the Customs Act, 1969, introducing monetary penalties for importers who fail to provide mandatory documents electronically.
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ISLAMABAD: Pakistan customs has been empowered to confiscate goods and block importers for one year on charges of contravening invoices and packing list inside container or consignment. According to budget 2021/2022 documents, the Finance Bill, 2021 proposed penalties for contravening invoices or packing list. At present if any person contravenes the requirement of placement of […]
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ISLAMABAD: Pakistan Customs has been authorized to appoint or license public, common and private warehouses for shifting of dutiable goods without payment of customs duty.
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ISLAMABAD: Two new directorates including national nuclear detection architecture and marine will be established in Pakistan Customs. According to budget 2021/2022 documents, the Finance Bill 2021 has proposed establishment of Directorate General of National Nuclear Detection Architecture The Directorate General of National Nuclear Detection Architecture shall consist of a Director General and as many Deputy […]
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ISLAMABAD: The government has withdrawn the mandatory requirement of profile update by all taxpayers on IRIS portal. In budget 2021/2022 speech, Finance Minister Shaukat Tarin announced to withdraw the condition. He said that taxpayers are subject to multiple compliance. Currently they are required to update their profile periodically. This requirement costs time, energy, and resources. […]
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ISLAMABAD: The federal government has withdrawn the discretionary powers of conducing inquiry in certain tax matters by Commissioners Inland Revenue. Finance Minister Shaukat Tarin while presenting budget 2021/2022 on Friday announced curtailing the discretionary power of the tax authorities. He said that the discretionary powers of the income tax authorities are proposed to be curtailed: […]
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ISLAMABAD: The government has announced to bring sugar in the third schedule of Sales Tax Act, 1990 to impose sales tax on actual retail price. Finance Minister Shaukat Tarin while presenting budget 2021/2022 on Friday announced inclusion of sugar in the third schedule. He said that sugar, although not a staple food, is still a […]
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ISLAMABAD: The domestic sellers on online platforms like Amazon and Daraz have been brought into tax net, Finance Minister Shaukat Tarin announced this while presenting budget 2021/2022 on Friday. “We have seen extraordinary sales through online marketplaces especially due to Covid-19 lockdowns.” However, contribution made by these e-commerce digital platforms in national exchequer is negligible, […]
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ISLAMABAD: The government has announced reduction in Federal Excise Duty (FED) from 17 percent to 16 percent to facilitate businesses and provide relief to the general masses. Finance Minister Shaukat Tarin while presenting federal budget 2021/2022 on Friday said the government had decided to reduce FED on telecom services. He said that to facilitate businesses […]
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