Persons committing fiscal fraud liable to 10 years jail under Customs laws

KARACHI: A person is liable to jail punishment up to 10 years in case of committing fiscal fraud under Customs Act, 1969. Read more »

Customs officers authorized business access for audit

KARACHI: Customs officers have been authorized under customs laws to enter business premises to access records necessary for the purpose of audit. Read more »

Any person can takeover imported goods by offering higher customs value

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... Read more »

Determination of values for imports and exports under Customs Act

KARACHI: Federal Board of Revenue (FBR) has issued Customs Act, 1969 updated up to June 30, 2019 incorporating changes brought through Finance Act, 2019. Read more »

Customs duty to apply on re-importation of goods manufactured in Pakistan

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. Read more »

FBR explains treatment of duty, taxes on goods imported under foreign trade agreements

KARACHI: Federal Board of Revenue (FBR) has explained treatment of duty and taxes on goods imported under trade agreements with foreign countries. Read more »

FBR explains dutiable goods imported into Pakistan

KARACHI: Federal Board of Revenue (FBR) has defined dutiable goods imported into Pakistan under Customs Act, 1969. Read more »

FBR lists prohibited items for import, export

KARACHI: Federal Board of Revenue (FBR) has issued list of items that are prohibited for clearance of import or export under Customs Act, 1969. Read more »

FBR proposes retaining machinery for five years by EPZ investors for duty, tax free disposal

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. Read more »

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. Read more »

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. Read more »

Finance Bill, 2019: 10 years imprisonment for money laundering through foreign trade

KARACHI: The government has taken harsh stance on money laundering through foreign trade and proposed 10 years imprisonment for persons involved besides confiscating consignments. Read more »