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Sindh High Court (SHC) on Monday restored the status of All Pakistan Customs Agents Association (APCAA). According to details, a division bench of SHC in its order disposed of petition (D-2947-2010), filed by Customs Agent Association (CAA) to annul the license of APCAA. However, following the court's Monday's decision, the APCAA's status which was suspended during hearing of the petition, has now been restored.

Afghan authorities and Nato's International Security Assistance Force (ISAF) have furnished in writing that they have received all their goods and nothing was found missing. When the issue of missing containers scam was raised by members at the inter-ministerial committee meeting for bilateral and Afghan Transit Trade held in Islamabad recently, FBR Officials informed that no Afghan authority or importer or ISAF complained that they had not received their goods.
The Federal Board of Revenue (FBR) is still not collecting any anti-dumping or countervailing duties on behalf of National Tariff Commission (NTC), as the commission has not yet communicated any decisions/orders to the customs for collection of such duties for the last five months. Sources told Business Recorder on Monday that the Model Customs Collectorates (MCCs) of the FBR have the legal authority to collect anti-dumping or countervailing duties from the importers.
The Federal Board of Revenue (FBR) is analysing the practice adopted by the customs department at ports for checking/random sampling during imports and exports of jewellery to propose amendments to the relevant procedure to the Ministry of Commerce. In this regard, the FBR has directed all Collectors of Customs here on Monday to check the existing practice adopted by the customs officials during imports and exports of jewellery.
The Federal Board of Revenue (FBR) has registered around 300 retailers, during first quarter (July-September) 2014-15, under the new scheme, out of 11,000 retailers identified to be registered with sales tax department. Sources told Business Recorder here on Monday that the FBR has conveyed its displeasure to the field formations over low number of retailers registered under the new scheme for collection of sales tax as per sub-section 9 of section 3 of the Sales Tax Act, 1990 read with SRO 608(1)12014 dated 02.07.2014 and STGO No 66/2014 dated 21.07.2014.
President, Karachi Chamber of Commerce and Industry (KCCI), Iftikhar Ahmed Vohra, has urged Chairman Federal Board of Revenue (FBR) to continue the old system for filing income tax returns. He said that many faults had been detected in IRIS system introduced by FBR for filing tax returns electronically, which were creating difficulties for taxpayers in filing their tax returns and wealth statements through web portal. The FBR has so for not removed the faults, he added.
The President has endorsed the verdict of Federal Tax Ombudsman (FTO) that the orders of the Alternative Dispute Resolution Committees (ADRCs) commonly known as ''out-of-court settlement'' on disputed tax related matters are not confidential under Freedom of Information Ordinance, 2002.

 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyAugust
Trade Balance $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklyOctober 20, 2014
Reserves $13.436 bln