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.
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Tag: import
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, […]
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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 […]
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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 […]
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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 […]
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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 […]
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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 […]
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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 […]
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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 […]
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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 […]
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