ISLAMABAD: The Federal Board of Revenue (FBR) will constitute local valuation committee for customs valuations of goods imported or exported from Afghanistan and Iran. Through SRO 1352 (I)/2021 dated October 14, 2021, the FBR issued draft amendments for local valuation committee rules under Section 25A of the Customs Act, 1969. The proposed amendments would be […]
ISLAMABAD: Federal Board of Revenue (FBR) on Saturday assured the traders of providing all facilities for the clearance of goods at the Pak-Afghan border. Chairman Federal Board of Revenue, Dr. Muhammad Ashfaq Ahmad accompanied by Syed Tariq Huda Member(Customs Operations) and Saeed Jadoon Member (Customs Policy) on Saturday visited Torkham Border and reviewed the pace […]
ISLAMABAD: Finance Minister Shaukat Tarin on Friday said that Pakistan Single Window (PSW) will facilitate trade by reducing cost, time and complications. Shaukat Tarin presided over the first meeting of Governing Council of PSW held at the Finance Division. The finance minister appreciated the progress and stated that PSW will reduce time, cost and complications […]
ISLAMABAD: Federal Board of Revenue (FBR) strongly rebutted the reports of currency smuggling from Pakistan to Afghanistan. In a statement issued on Friday, the FBR categorically rebutted the unfounded, malicious intent and misleading in content propaganda being advanced by some irresponsible elements that there was a huge flight of dollars from Pakistan. It is further […]
ISLAMABAD: Federal Board of Revenue (FBR) on Thursday issued draft rules for Uzbekistan-Pakistan Transit Trade (UPTT). The FBR issued SRO 1256(I)/2021 dated September 20, 2021 to propose amendment in Customs Rules, 2001. The revenue body invited suggested or objections to the draft rules within 15 days from the issuance of the SRO. The draft rules […]
ISLAMABAD: Importers will not be allowed to avail of the facility of provision valuation for goods declaration when the valuation of such goods is already in the field. An important amendment has been made into Customs Act, 1969 through Tax Laws (Third Amendment) Ordinance, 2021, which was promulgated through presidential order on September 15, 2021. […]
ISLAMABAD: The customs authorities have been restricted to reopen the assessment of consignment clearance within three years on the basis of incorrect information. Through Tax Laws (Third Amendment) Ordinance, 2021, which was promulgated through presidential order on September 15, 2021, an amendment has been made in this regard. The amendment has been made to subsection […]
ISLAMABAD: Member Customs has been given powers to annul or modify the order passed by the director-general of customs valuation. An amendment has been introduced through Tax Laws (Third Amendment) Ordinance, 2021. A new proviso has been inserted to Section 25D of the Customs Act, 1969. Section 25D deals with a review of the value […]
ISLAMABAD: The Federal Cabinet on Tuesday approved the reduction of additional customs duty on import of auto parts from seven percent to two percent. The decision has been taken to promote indigenous production of vehicles in the country. This was disclosed by Minister for Information and Broadcasting Chaudhry Fawad Hussain at a press conference. He […]
ISLAMABAD: The Federal Board of Revenue (FBR) has decided to allow a single vehicle owner to transport goods under transshipment rules. In this connection, the FBR issued SRO 1129(I)/2021 on Friday to notify draft rules. The tax authorities proposed an amendment to Customs Rules, 2001. A new rule 328A has been proposed for allowing a […]