Pakistan Revenue
KARACHI: Federal Board of Revenue (FBR) has proposed retaining period of machinery to five years imported by exporters for disposing of without duty and taxes. The FBR through SRO 805(I)/2019 proposed amendments to Customs Rules, 2001 and proposed to enhance the retaining period of machinery for manufacturers having facility within Export Processing Zones to five […]
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KARACHI: The Finance Bill 2019 has proposed to shift the powers to form Customs Appellate Tribunal from the federal government to the Prime Minister.
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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. […]
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KARACHI: In a determined effort to combat money laundering through foreign trade, the government has unveiled strict measures, including up to 10 years imprisonment for offenders and the confiscation of implicated consignments. These proposed reforms are detailed in the Finance Bill 2019, aiming to amend the Customs Act, 1969.
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KARACHI: The government has put a check on exporters related to unpaid amount of duty and taxes at the time of export clearance and amended law to recover the same. Through Finance Bill 2019, it is proposed to amend Section 32(3)(A) of Customs Act, 1969 to apply this check on exporters. Sub-section (3A) of Section […]
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KARACHI: The government has withdrawn the power of Collector of Customs in determination of customs value on his own motion through Finance Bill 2019. The Finance Bill 2019 proposed to withdraw the powers of the collector of customs to determine customs valuations on his motion under Section 25A(1) and Section 25A(3) of Customs Act, 1969. […]
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KARACHI: Importers, exporters and other stakeholders related to international trade are required to maintain transactions record for at least past five years. According to Customs Act, 1969 the stakeholders of international trade are required to maintain record under the following section: Section 211: Maintenance of record Sub-Section (1): All importers, exporters and claimants of duty […]
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Islamabad – The Federal Board of Revenue (FBR) has taken a significant step towards accessibility and transparency by launching the first Urdu version of the Customs Act, 1969.
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KARACHI: In a move aimed at enhancing accessibility and understanding of customs laws among taxpayers, Pakistan Customs has issued an Urdu version of customs valuation under the Customs Act, 1969.
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Islamabad: In a move aimed at enhancing accessibility and understanding of tax regulations among traders and the business community, the Federal Board of Revenue (FBR) has unveiled the first-ever Urdu version of the Customs Act, 1969.
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