FBR sets up Finance Bill 2019 anamoly committee

Jun 18

2019-2020, Budget

FBR sets up Finance Bill 2019 anamoly committee

ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday constituted an anamoly committee comprising tax professionals to identify legal flaws in Finance Bill 2019. Ashfaq Tola has been nominated chairman of the committee. Hamid Atiq Sarwar, Member IR Policy, FBR has been nominated as vice chairman. Other members of the committee are included: Abid Shaban, Zia […]

by Faisal Shah

Powers to form Customs tribunal shifted to Prime Minister

Jun 18

2019-2020, Budget, Pakistan Customs

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. According to interpretation by EY Ford Rhodes Chartered Accountants Firm, the Finance Bill 2019 sees to substitute Section 194 of Customs Act, 1969, which empowers the federal government to form, regulate […]

by Faisal Shah

Adjudicating monetary limits of principal appraisers, superintendents enhanced

Jun 17

2019-2020, Budget, Pakistan Customs

Adjudicating monetary limits of principal appraisers, superintendents enhanced

KARACHI: The government has enhanced monetary threshold of principal appraisers and superintendents for adjudication with condition of reducing time limit to 90 days for deciding cases. Through Finance Bill 2019, it has been proposed to redefine the monetary threshold of the officers of customs for adjudication. The bill also proposed to abolish the power of […]

by Faisal Shah

Finance Bill 2019: GD filing limit reduced to 10 days

Jun 17

2019-2020, Budget, Pakistan Customs

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. 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. […]

by Faisal Shah

Finance Bill 2019: reduced duty rates proposed for various imported goods

Jun 17

2019-2020, Budget, Pakistan Customs

Finance Bill 2019: reduced duty rates proposed for various imported goods

KARACHI: The government has announced reduction in customs duty on import of various goods. The reduction in duty has been proposed through Finance Bill 2019. According to A F Ferguson & Co. Chartered Accountants Firm, by virtue of amendment in First Schedule and Fifth Schedule, reduction in customs duty has been proposed for the following […]

by Faisal Shah

Finance Bill 2019: duty exemptions on various imported goods proposed

Jun 17

2019-2020, Budget, Pakistan Customs

Finance Bill 2019: duty exemptions on various imported goods proposed

KARACHI: The government has proposed exemptions from customs duty on import of various goods through Finance Bill 2019. According to A. F. Ferguson & Co. Chartered Accountants Firm the Finance Bill 2019 has proposed exemption from customs duty is proposed on following items: – Various industrial inputs / raw materials – Pharmaceutical products – Plastic […]

by Faisal Shah

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

Jun 16

2019-2020, Budget

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. The Finance Bill, 2019 proposed Section 32C to the Customs Act, 1969 related to mis-declaration of value for illegal transfer of funds abroad. The Finance Bill 2019, proposed to insert a […]

by Faisal Shah

Customs law amended to recover unpaid amount from exporters

Jun 16

2019-2020, Budget, Pakistan Customs

Customs law amended to recover unpaid amount from exporters

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 […]

by Faisal Shah

FBR empowered to impose fee, service charges under Customs laws

Jun 16

2019-2020, Budget, Pakistan Customs

FBR empowered to impose fee, service charges under Customs laws

KARACHI: Federal Board of Revenue (FBR) has been empowered to impose service charges and date of determination of rate of import duty under Customs Act 1969. The Finance Bill 2019 has proposed delegation of powers from federal government to the FBR, which included: levy of fee and service charges; date of determination of rate of […]

by Faisal Shah

Collectors’ power to determine customs values withdrawn

Jun 16

2019-2020, Budget, Pakistan Customs

Collectors’ power to determine customs values withdrawn

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. […]

by Faisal Shah