Pakistan Revenue
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 […]
Continue Reading
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.
Continue Reading
KARACHI: The government has withdrawn the power of Collector of Customs in determination of customs value on his own motion through Finance Bill 2019.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. […]
Continue Reading
KARACHI: Pakistan Customs has issued valuation of 234 different brands and models of mobile phones for the purpose of determination of duty and taxes at clearance stage. The Directorate General of Customs Valuation issued valuation advice in order to make it easy for the clearance of mobile phones of different brands and models. The directorate […]
Continue Reading
A high-level meeting on Customs Valuation was held on Friday at the Commerce Division, chaired by Abdul Razak Dawood, Advisor to the Prime Minister on Commerce, Textile, Industries & Production, and Investment. The meeting focused on improving valuation mechanisms and addressing the persistent issue of under-invoicing in imports.
Continue Reading
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.
Continue Reading