May 30

Banned items: FBR deputes officers 24X7 to facilitate passengers

ISLAMABAD: The Federal Board of Revenue (FBR) on Monday deputed senior Customs officers at all the international airports of the country to facilitate passengers related to imported items that are banned by the government. The FBR through an order nominated focal persons at all the airports of the country. It said that in wake of […]

by Anjum Shah

Import ban not to apply on L/C issued before May 19, 2022

May 22

Finance, Top stories

Import ban not to apply on L/C issued before May 19, 2022

ISLAMABAD: The ministry of commerce on Saturday issued a clarification stating that the import ban will not be applicable on Bill of Lading (B/L) or Letter of Credit (L/C) issued prior to ban decision. In order to address the balance of payments (BOP) situation in the country resulting from the increase in current account deficit […]

by Anjum Shah

Iran, Afghan shipments to require certificate of origin

Aug 28

Pakistan Customs

Iran, Afghan shipments to require certificate of origin

ISLAMABAD: Pakistan Customs has drafted law to make mandatory the certificate of origin on shipments originated from Iran and Afghanistan. According to information received on Saturday, Pakistan Customs has proposed amendments to Customs Rules, 2001 related to imports. It is proposed that it would be made mandatory for shipments originating from Iran and Afghanistan and […]

by Anjum Shah

Import bill falls by over 10 percent in October; export witnesses 2.1 percent growth

Nov 3

Finance

Import bill falls by over 10 percent in October; export witnesses 2.1 percent growth

ISLAMABAD: The country’s import bill has witnessed decline by 10.3 percent to $4.07 billion in October 2020 as compared with $3.65 billion in the same month of the last year. Meanwhile, the exports have witnessed an increase of 2.1 percent to $2.06 billion in October 2020 as compared with $2.02 billion in October 2019. To […]

by admin

Finance Bill proposes significance amendments to income tax at import stage

Jun 22

Budget 2020-2021, Taxation

Finance Bill proposes significance amendments to income tax at import stage

KARACHI: The Finance Bill 2020 has proposed significant amendments related to income tax at import stage in Section 148 of Income Tax Ordinance, 2001 as it was described by BDO Pakistan Audit Consultancy and Tax Advisory Firm. Following are the changes proposed by the Finance Bill, 2020 in Section 148: 148(1): The bill seeks to […]

by admin

Mobile phone import climbs up by 79.46% in seven months

Feb 18

IT & Telecom

Mobile phone import climbs up by 79.46% in seven months

KARACHI: The import of mobile phones has surged by 79.46 percent during first seven months (July – January) of current fiscal year owing to reduction in tax rate by the government to promote digital economy. The import of mobile phones increased to $760.58 million during first seven months of current fiscal year as compared with […]

by Anjum Shah

Pakistan imports mobile phones worth Rs26 billion; up 52.4pc in July – August

Sep 23

IT & Telecom

Pakistan imports mobile phones worth Rs26 billion; up 52.4pc in July – August

KARACHI: Pakistan has imported mobile phones worth Rs26 billion during first two months of current fiscal year, which is 52.4 percent higher when compared with Rs16.98 billion in the same period of the last fiscal year. The higher import of mobile phones can be attributed to massive depreciation of Pak Rupee during the comparative year […]

by Anjum Shah

Pakistan cuts trade ties with India; notifications issued

Aug 9

Exclusive, Finance, National

Pakistan cuts trade ties with India; notifications issued

ISLAMABAD: Pakistan has completely cut trade ties with India as the ministry of commerce issued notification for banning import and exports with the neighboring country. The ministry of commerce on Friday issued SRO 927(I)/2019 and SRO 928(I)/2019 to impose ban on trade with India. Through SRO 927 (I)/2019, the ministry of commerce amended Import Policy […]

by Anjum Shah

All measures will be taken against infiltration of commodity based diseases into Pakistan: Quarantine Department

Jan 22

Trade & Industry

All measures will be taken against infiltration of commodity based diseases into Pakistan: Quarantine Department

KARACHI: Director General (Quarantine), Department Plant Protection Dr. Falak Naz on Tuesday said that all measures will be taken to save country from infiltration of any disease into Pakistan. Addressing a meeting at Karachi Chamber of Commerce and Industry (KCCI) he said: “DPP has to ensure quality imports and quality exports at any cost. Therefore, […]

by Hamza Shah

Collection of withholding tax at import stage under Income Tax Ordinance 2001

Jan 17

Taxation

Collection of withholding tax at import stage under Income Tax Ordinance 2001

KARACHI: The collector of customs has been empowered to collect advance tax from every importer of goods on the value of goods. The power has been given under Section 148 of Income Tax Ordinance, 2001. The Federal Board of Revenue (FBR) recently issued updated Income Tax Ordinance, 2001, which explained Section 148 as: Section 148: […]

by Anjum Shahnawaz