KARACHI: The National Assembly of Pakistan has rejected a proposal to grant final tax regime for commercial importers. The proposal was made part of Finance Bill, 2022 under which the government proposed to bring commercial importers under the ambit of final tax regime. READ MORE: Mechanism revamped for tax dispute resolution Previously, PTI government after […]
KARACHI: The Pakistan Business Council (PBC) has informed the higher authorities that the massive under-invoicing, especially by commercial importers, is destroying domestic industry. In its proposals for budget 2021/2022 the PBC pointed out that across the board massive under invoicing and dumping of imported products has been increasing. Information regarding values at which various custom […]
KARACHI: Commercial and non-commercial importers are required to get registered with Pakistan’s online WeBOC system for clearance of consignments. In order to access the online Customs portal WeBOC, the person would first have to register themselves with Federal Board of Revenue (FBR). WEBOC EXTERNAL USER REGISTRATION FORM NTN Number * STRN * Business Name * […]
KARACHI: Commercial importers have demanded the government of abolishing condition of Computerized National Identity Card (CNIC) and restoring Final Tax Regime (FTR) in order to save businesses from adverse impact of COVID-19. Amin Yousuf Balgamwala, Chairman Pakistan Chemical Dyes and Merchants Association (PCDMA) and former Director of Karachi Stock Exchange has appealed to Prime Minister […]
KARACHI: Karachi Chamber of Commerce and Industry (KCCI) has sought fair treatment on collection of withholding tax for commercial importers on import of industrial raw material. KCCI in its budget proposals submitted to the Federal Board of Revenue (FBR), said that under Section 148(1) of Income Tax Ordinance, 2001, 6 percent withholding income tax is […]
KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has recommended to allow immunity to commercial importers from audit. In its proposals for budget 2020/2021, the FPCCI said that under the last year’s audit policy, the commercial importers who pay advance value added Sales Tax at 3 percent at customs stage were exempted from […]
KARACHI: Commercial importers and individual traders are required to file income tax return and maintain complete records of transactions, a tax analyst said. Murtaza Qurban, Executive Manager, EY Ford Rhodes highlighted the application of minimum tax on commercial importers and individual traders in an event recently organized by Karachi Tax Bar Association (KTBA). He said […]
ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Wednesday allowed import of controlled chemicals through commercial importers. The ECC which met under the chair of Adviser to Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh allowed import of controlled chemicals through commercial importers. The chemicals will includes acetone, anthracitic acid, ethyl […]
KARACHI: Federal Board of Revenue (FBR) will examine transaction records of commercial importers as they are no more under Final Tax Regime (FBR), Badaruddin Ahmed Qureshi, Chief Commissioner Inland Revenue (CCIR), Regional Tax Office (RTO)-II Karachi said. He was addressing a seminar on ‘Minimum Tax Implications After the Finance Act, 2019’ organized by Karachi Tax […]
KARACHI: Federal Board of Revenue (FBR) has directed customs authorities to provide details of commercial importers who made clearance during first half of current fiscal year. The FBR sources on Thursday said that the collector of customs is required to collect income advance tax at the rate specified as withholding agent from commercial importers. Under […]