Pakistan Revenue
KARACHI: An importer in case of failure to pay import duty or other taxes within specified time then the importer shall be liable to pay surcharge at the rate of KIBOR + 3 percent on the due charges. According to Customs Act, 1969 updated June 30, 2019 issued by Federal Board of Revenue (FBR), the […]
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KARACHI: Federal Board of Revenue (FBR) has included illegal transfer of funds through mis-declaration into the list of punishable offences. The FBR issued Customs Act, 1969 updated June 30, 2019 incorporating changes brought through Finance Act, 2019. The customs officials said that a new section 32C was introduced to Customs Act, 1969 through Finance Act, […]
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KARACHI: A person is liable to jail punishment up to 10 years in case of committing fiscal fraud under Customs Act, 1969.
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KARACHI: Customs officers have been authorized under customs laws to enter business premises to access records necessary for the purpose of audit. Federal Board of Revenue (FBR) issued Customs Act, 1969 updated up to June 30, 2019 incorporating amendments introduced through Finance Act, 2019. The Section 26B of the Act authorizes customs officers to access […]
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KARACHI: In order to prevent under-invoicing and mis-declaration the customs authorities have powers to accept offer from any person to allow clearance at higher value than the declared by an importer for the same consignment. The Customs Act, 1969 has authorized the customs officials to allow such offer under Section 25C of the Act to […]
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The Federal Board of Revenue (FBR) has recently issued updates to the Customs Act, 1969, incorporating changes introduced through the Finance Act, 2019. The amendments primarily focus on the determination of customs values for the collection of duties and taxes on imports or exports of goods under Section 25 of the Customs Act.
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KARACHI: Federal Board of Revenue (FBR) has said that customs duty shall be applied on re-importation of goods that are manufactured and exported from Pakistan. The FBR issued Customs Act, 1969 updated June 30, 2019 and explained re-importation of goods produced or manufactured in Pakistan under section 22 of the Act. Section 22: Re-importation of […]
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The Federal Board of Revenue (FBR) has provided comprehensive details regarding the taxes for goods imported under trade agreements with foreign countries.
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KARACHI: Federal Board of Revenue (FBR) has defined dutiable goods imported into Pakistan under Customs Act, 1969. The FBR issued Customs Act, 1969 updated June 30, 2019 and explained goods dutiable under Section 118 of the Act. Section 18: Goods dutiable (1) Except as hereinafter provided, customs duties shall be levied at such rates as […]
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KARACHI: Federal Board of Revenue (FBR) has issued list of items that are prohibited for clearance of import or export under Customs Act, 1969. The FBR issued Customs Act, 1969 updated till June 30, 2019 (incorporating changes brought through Finance Act, 2019) and explained Section 15 related to prohibition. Section 15 Prohibitions:- No goods specified […]
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