Pakistan allows tax exemption on tomato, onion imports

Sep 1

Finance, National, Taxation, Top stories

Pakistan allows tax exemption on tomato, onion imports

ISLAMABAD: Pakistan on Wednesday granted exemption of income tax and sales tax on imports of tomato and onion during next four months. In this regard, the Federal Board issued notifications in this regard. The FBR issue SRO 1639(I)/2022 to allow withholding income tax exemption on import of tomato and onion imported till December 31, 2022. […]

by Mrs. Anjum Shahnawaz

FBR increases customs valuation for Afghan coal by 69%

Aug 26

Pakistan Customs, Taxation

FBR increases customs valuation for Afghan coal by 69%

KARACHI: Federal Board of Revenue (FBR) has increased the customs valuation of imported coal of Afghanistan origin by 69 per cent to $140 per metric ton.

by Faisal Shahnawaz

Clearance of banned cars, phones allowed on 100% surcharge

Aug 20

Automotive, Finance, IT & Telecom, Ports and Shipping

Clearance of banned cars, phones allowed on 100% surcharge

ISLAMABAD: The government has allowed clearance of stuck up consignments of cars and mobile phones on payment of 100 per cent surcharge. The ministry of commerce on Friday issued an office memorandum regarding prohibition / complete quantitative restrictions on import of non-essential and luxury items. READ MORE: Pakistan lifts ban on import of cars, phones, […]

by Mrs. Anjum Shahnawaz

Pakistan lifts ban on import of cars, phones, luxury items

Aug 20

Finance, National, Ports and Shipping, Top stories

Pakistan lifts ban on import of cars, phones, luxury items

ISLAMABAD: Pakistan on Friday lifted ban on all import of luxury and non-essential items amid serious foreign exchange crisis. The ministry of commerce issued SRO 1562(I)/2022 for lifting the ban on luxury and non-essential items, including motor vehicles, mobile phones and home appliances. The government on May 19, 2022 through a circular No. 598 (I)/2022 […]

by Mrs. Anjum Shahnawaz

SBP relaxes cash margin restriction on import

Aug 6

Money & Banking, Top stories

SBP relaxes cash margin restriction on import

KARACHI: The State Bank of Pakistan (SBP) has relaxed restriction on cash margin requirement on imported items. According to a circular issued on August 05, 2022, the SBP said that banks were required to maintain 100 percent cash margin against certain items of import (HS codes), regardless of the mode of payment. READ MORE: SBP […]

by Hamza Shahnawaz

Pakistan decides to lift ban on imported goods

Jul 29

Automotive, Finance, Ports and Shipping, Top stories

Pakistan decides to lift ban on imported goods

ISLAMABAD: Pakistan on Thursday decided to lift the ban imposed on imported goods except for Completely Built Unit (CBU) of motor vehicles, mobile phones and home appliances. A review meeting was held to review the ban after two months owing to serious concerns raised by major trading partners on the imposition of ban and considering […]

by Mrs. Anjum Shahnawaz

Suzuki Motors warns plant shutdown in Pakistan

Jul 28

Automotive, Corporate, Top stories

Suzuki Motors warns plant shutdown in Pakistan

KARACHI: Suzuki Motors Co. Ltd. on Thursday warned shutting down its production plant in Pakistan due to import restrictions. In a communication sent to Pakistan Stock Exchange (PSX), the auto manufacturer said that State Bank of Pakistan (SBP) had introduced a mechanism for prior approval for import under HS Code 8703 category (including CKD) vide […]

by Hamza Shahnawaz

15% surcharge imposed for clearance of banned items

Jul 26

Finance, Ports and Shipping, Top stories

15% surcharge imposed for clearance of banned items

ISLAMABAD: Pakistan has imposed surcharge up to 15 per cent for clearance of consignments stuck up at ports and were banned for saving foreign exchange. The ministry of commerce issued an office memorandum dated July 22, 2022 pursuance to the federal cabinet decision to release the consignments of prohibited items. READ MORE: Pakistan allows release […]

by Mrs. Anjum Shahnawaz

Minimum tax for commercial importers enhanced: FBR

Jul 24

Budget 2022-2023, Taxation

Minimum tax for commercial importers enhanced: FBR

ISLAMABAD: The Federal Board of Revenue (FBR) said that withholding tax for commercial importers has been enhanced to 3.5 per cent from 2 per cent. The FBR issued Income Tax Circular No. 15 of 2022/2023 to explain important amendments introduced through Finance Act, 2022 to the Income Tax Ordinance, 2001. READ MORE: Tax through electricity […]

by Mrs. Anjum Shahnawaz

Pakistan allows release of banned items stuck up at ports

Jul 6

Finance, Ports and Shipping, Top stories

Pakistan allows release of banned items stuck up at ports

ISLAMABAD: Pakistan Tuesday allowed one-time release of consignment carrying imported goods that were banned by the government on May 19, 2022 and stuck up at ports. The country through SRO 598(I)/2022 imposed a ban on import of luxury and non-essential items in order to discourage outflow of dollars and support balance of payment. Due to […]

by Mrs. Anjum Shahnawaz