ISLAMABAD: Faisal Mehmood has recently joined TCL Global Pakistan as Country Director, said a statement issued on Friday.
(more…)Category: National
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Pakistan to announce new petroleum prices on Feb 28
Pakistan is set to announce new prices of petroleum products on February 28, 2023 for next fortnight amid rupee appreciation and sales tax rate hike.
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FBR issues new rates of duty, taxes under Finance (Supplementary) Act 2023
ISLAMABAD: Federal Board of Revenue (FBR) on Thursday issued new rates of duty and taxes under Finance (Supplementary) Act, 2023, after President Dr. Arif Alvi signed the bill following approval from both the houses.
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Mini budget applies as President Alvi signs Finance Supplementary Bill 2023
ISLAMABAD: The newly introduced mini-budget on Thursday became applicable as the President of Pakistan Dr. Arif Alvi signed the Finance Supplementary Bill 2023.
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Ishaq Dar, Donald Blome discuss Pakistan challenging economic environment
ISLAMABAD: Finance Minister Ishaq Dar and Ambassador of the US to Pakistan Donald Blome on Wednesday discussed challenging economic environment of Pakistan.
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MoU signed to facilitate Afghan refugees in Pakistan
ISLAMABAD: A memorandum of Understanding (MoU) has been signed to facilitate Afghan refugees in Pakistan for accessing to health and essential services.
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FBR continues imposition of higher additional customs duty till March 31
ISLAMABAD: Federal Board of Revenue (FBR) has continued the application of additional customs duty on import of luxurious and non-essential items till March 31, 2023.
The FBR issued SRO 206 (I)/2023 dated February 20, 2023 to continue the additional customs duty on a number of imported goods till March 31, 2023.
The FBR previously imposed additional customs duty at the rate of 35 per cent on import of motor vehicles under various HS Codes.
The FBR issued SRO 1572(I)/2022 dated August 22, 2022 to notify amended rates of additional customs duty on import of various items. Through the instant SRO, the revenue body amended SRO 967(I)/2022 dated June 30, 2022.
READ MORE: Pakistan keeps 100 pc regulatory duty on car imports
According to the latest SRO 1572(I)/2022, the FBR said thirty-five per cent additional customs duty on vehicle falling under PCT codes 8703.2323, 8703.2329, 8703.2490, 8703.3223, 8703.3225, 8703.3229, 8703.3390 and 8703.9000.
The FBR said that the notification would take effect on and from August 22, 2022 till 21st day of February 2023.
Through previous SRO 967(I)/2022 the additional customs duty was imposed at 2 per cent on cars, jeeps, light commercial vehicles in CKD condition exceeding 1,000 CC and heavy commercial vehicles in CKD condition.
READ MORE: Active Taxpayers List expires on February 28, 2023: FBR
The FBR imposed the additional customs duty in order to discourage luxury imports into the country in order to save foreign exchange.
It is worth mentioning that the government on May 19, 2022 through imposed a complete ban on import of luxury and non-essential items in order to stop depletion in foreign exchange reserves as well as stop free fall in rupee value.
READ MORE: FBR plans facilitation at taxpayers’ doorstep
However, on August 20, 2022, the government reversed its decision and allowed import of luxury and non-essential items despite the fact the foreign exchange reserves were declined drastically and the rupee value also registered massive fall against the US dollar.
Alternate to allowing import of luxury and non-essential items, the government increased regulatory duty and additional customs duty on import of various goods.
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Pakistan keeps 100 pc regulatory duty on car imports
ISLAMABAD: Pakistan has kept the 100 per cent regulatory duty on car imports till March 31, 2023.
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