KARACHI: Pakistan Customs has assured commercial importers of eliminating import barriers and improve facilitations through online system WeBOC. Dr. Mohammad Nadeem Memon, Collector of Customs, has assured to solve the problems facing the commercial importers at the import level and also provide all possible facilities. He was talking to a delegation called by Pakistan Chemicals […]
ISLAMABAD: The gap of duty and tax rates between commercial importers and industrial importers will be eliminated under newly proposed tariff policy. The National Tariff Policy 2019-2024 has proposed following measures for enforcement: (i) These policy recommendations will be implemented in a period of five years starting from the Budget 2020-21; (ii) The tariff slabs […]
KARACHI: Karachi Chamber of Commerce and Industry (KCCI) has assured commercial importers of taking up their issues with the Federal Board of Revenue (FBR) for resolving amicably. President KCCI Agha Shahab Ahmed Khan, in a statement on Tuesday, assured Pakistan Chemicals & Dyes Merchants Association (PCDMA) that the chamber will approach the FBR and other […]
ISLAMABAD: Commercial importers will require to file return of income and statement of assets to the tax authorities after the removal of final tax regime. Tax authorities said that the commercial importers would require to submit details of imports and source of payment for opening the letter of credit (LCs) through their returns. According to […]
KARACHI: Federal Board of Revenue (FBR) has been suggested to abolish Final Tax Regime (FTR) for commercial importers and other segment of the economy in order to make the taxation system equitable. FBR sources said that suggestions had been received from business community and large business houses to eliminate the FTR and presumptive tax regime. […]
KARACHI: Pakistan Business Council (PBC) – the advisory forum of large corporate entities – has said that commercial importers are involved in massive under-invoicing and they are destroying the domestic industry. In its budget proposals for 2019/2020, the PBC recommended measures for documentation of economy to providing level playing field for domestic manufacturing. The PBC […]
KARACHI: The business association of multinational companies (MNCs) has strongly criticized the proposed restoration of Final Tax Regime (FTR) for commercial importers. The Pakistan Business Council (PBC) recommended the government to review this decision. Commenting on Finance Supplementary (Second Amendment) Bill, 2019, it expressed disappointments at the restoration of the Full and Final Tax Regime […]