Jun 19

Karachi Chamber opposes CNIC condition on supplies

KARACHI: Karachi Chamber of Commerce and Industry (KCCI) has opposed the requirement of Computerized National Identity Card (CNIC) details to be provided by suppliers of unregistered buyers. In a statement issued on Wednesday, the KCCI said that through an amendment to Section 8 (Sub-Sec.1, Clause M) of Sales Tax Act 1990, it is now mandatory […]

by Mrs. Anjum Shahnawaz

FPCCI may opt harsh decisions against proposed budgetary measures

Jun 19

2019-2020, Budget, Trade & Industry

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 […]

by Faisal Shahnawaz

Law proposed to end corruption in Pakistan Customs

Jun 19

2019-2020, Budget, 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 […]

by Mrs. Anjum Shahnawaz

Businessmen taken onboard to remove anomalies in Finance Bill 2019

Jun 18

2019-2020, Budget

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 […]

by Mrs. Anjum Shahnawaz

FBR sets up Finance Bill 2019 anamoly committee

Jun 18

2019-2020, Budget

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 […]

by Faisal Shahnawaz

Powers to form Customs tribunal shifted to Prime Minister

Jun 18

2019-2020, Budget, Pakistan Customs

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. According to interpretation by EY Ford Rhodes Chartered Accountants Firm, the Finance Bill 2019 sees to substitute Section 194 of Customs Act, 1969, which empowers the federal government to form, regulate […]

by Mrs. Anjum Shahnawaz

Adjudicating monetary limits of principal appraisers, superintendents enhanced

Jun 17

2019-2020, Budget, Pakistan Customs

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 […]

by Mrs. Anjum Shahnawaz

Finance Bill 2019: GD filing limit reduced to 10 days

Jun 17

2019-2020, Budget, Pakistan Customs

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. […]

by Mrs. Anjum Shahnawaz

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

Jun 17

2019-2020, Budget, Pakistan Customs

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. According to A F Ferguson & Co. Chartered Accountants Firm, by virtue of amendment in First Schedule and Fifth Schedule, reduction in customs duty has been proposed for the following […]

by Mrs. Anjum Shahnawaz

Finance Bill 2019: duty exemptions on various imported goods proposed

Jun 17

2019-2020, Budget, Pakistan Customs

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 […]

by Mrs. Anjum Shahnawaz