07282016Thu
Last update: Thu, 28 Jul 2016 04am

Taxation

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All valuation rulings of the Directorate General of Customs Valuation Karachi have been timely uploaded on the Web-Based One Customs (WeBOC) clearance system on the same day of issuance for accurate assessment of customs duty on the imported items. Sources said on Tuesday that the DG of Customs Valuation Karachi has informed the FBR in this regard.
The Economic Co-ordination Committee (ECC) of the Cabinet has granted exemption from customs duties, levies and other relevant taxes on import of equipment and construction material for the completion of two early harvest projects of Karakoram Highway (KKH) phase II (Thakot to Havelian section) and Karachi-Lahore Motorway (Sukkur to Multan Section) under the China Pakistan Economic Corridor (CPEC).
Taxpayers are facing immense difficulties as all three Regional Tax Offices (RTOs) in Karachi have refused issuing exemption certificates for tax year 2017, following jurisdictional changes to be effective from August 1, 2016. The issue was raised by the Karachi Tax Bar Association (KTBA) in a letter sent to all chief commissioners of all three tax offices. According to the letter, taxpayers are facing serious difficulties in obtaining exemption certificates for tax year 2017, ending on June 30, 2017.
Directorate General Customs Valuation Karachi has revised customs values of dozens of imported items under the massive exercise to develop valuation database where declarations of importers do not correctly reflect values of the items traded in the international market. In this regard, the Federal Board of Revenue (FBR) has received new values of a number of items during the ongoing valuation exercise.
The Federal Board of Revenue (FBR) has transferred and posted Syed Zulfiqar Ali Shah Kazmi, Collector, Collectorate of Customs (Appeals), Islamabad as Member Technical Customs Appellate Tribunal, Bench-I, Karachi.
The world''''s major economies need to deepen co-operation on tax collection as companies seek to minimise the amount they pay to governments, finance ministers said Saturday. The issue has become controversial in many countries, with multinational firms from Google to Starbucks facing accusations of not contributing appropriately to the economies where they make their money, and multi-billion-dollar merger proposals being partly driven by tax considerations.
Dismissing 30 identical petitions challenging vires of Section 3 (8) of the Sales Tax Act 1990 as incorporated by the Ordinance of 2014, the Supreme Court directed CNG station owners to approach the Federal Board of Revenue (FBR) for refund of input tax, if available to them. A three-member bench led by Justice Azmat Saeed Sheikh, comprising Justice Mushir Alam and Justice Dost Muhammad Khan had reserved the judgement on June 2, 2016 in response to CNG stations'' appeals filed against Sindh High Court judgement of October 06, 2015 in the matter.