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The Economic Co-ordination Committee (ECC) of the Cabinet has withdrawn a 5 percent exemption on cotton yarn import and lifted ban on the import of gold. The ECC meeting chaired by Finance Minister Ishaq Dar on Thursday decided to withdraw SRO 15(I)/2010 that exempted cotton yarn import from customs duty of 5 percent to check the increasing cotton import as the cotton yarn industry has begun to suffer from a liberal tariff regime, said a statement issued after the meeting.

The Federal Board of Revenue wants to collect 19.5 percent Federal Excise Duty (FED) on telecom services under the relevant Schedule of Federal Excise Act despite the fact the levy is already being collected by provinces after the 18th Amendment at the rate of 19.5 percent of the gross value of services. The FBR sources told Business Recorder on Wednesday that they are following the FED law in letter and spirit till now under the relevant entry of the Schedule of Federal Excise Act 2005.
Regional Tax Office-II (RTO) Karachi has issued notices to the ghee and cooking oil units for submission of certificates to avoid recovery of withholding tax under section 148 of the Income Tax Ordinance, 2001 on the import of edible oil by industrial concerns.
Karachi Electronic Dealers Association (KEDA) President Muhammad Idrees, who is also Vice President of Karachi Chamber of Commerce and Industry (KCCI), has urged the Federal Board of Revenue (FBR) Chairman to take notice of the harassment of computer dealers and importers.
In order to enhance revenue collection, Sindh Revenue Board (SRB) has decided to exempt penalty amount and 95 percent of amount of default surcharge, payable on the principal amount of arrears of tax, it was learnt on Thursday. In this regard, SRB issued a notification (exclusively available with Business Recorder).
Pakistan Coast Guards (PCG) and Pakistan Customs officials on Wednesday seized 19,000 litres of petrol and diesel on RCD Highway and Baba Island Keamari, Karachi. During joint raid with Pakistan Customs, PCG recovered about 15,000 litres Irani petrol from a Hina Mazda truck on RCD Highway and 4,000 litres Irani diesel from a launch at Baba Island Keamari. The market value of seized petroleum was Rs 20 million. Further investigation and legal process was underway.
Federal Investigation Agency (FIA) has identified 28 customs officials, reportedly involved in the clearance of 308 luxury vehicles under the guise of ambulances that inflicted a Rs 775 million financial loss on the national kitty; it is learnt here on Wednesday.


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Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
Trade Balance $-1.433 bln
Exports $2.167 bln
Imports $3.600 bln
WeeklyApril 14, 2014
Reserves $9.713 bln