Last update: Wed, 26 Oct 2016 03am



Collectorate of Customs (Adjudication) has issued Order-IN-Original (ONO) to an importer for evading Rs 35.23 million in the imports of renewable energy products. According to the ONO, the case was established by the Directorate General of Post Clearance Audit (Customs) Karachi against the importer after the scrutiny of import data.
Ministry of Commerce (MoC) on Monday has won the case against Chairman National Tariff Commission (NTC) Abbas Raza in Lahore High Court (LHC). Kausar Zaidi, Joint Secretary (Admin) , Commerce who had been summoned by the Chief Justice Lahore High Court in person told Business Recorder that Chief Justice LHC dismissed the petition of Chairman NTC after examining documentary evidence and hearing arguments of Commerce Ministry . The new Chairman NTC Qasim Niaz - a former Secretary Commerce who left charge after the entry of Abbas Raza will resume charge soon.
The Directorate General of Intelligence and Investigation Inland Revenue (IR) Islamabad Saturday conducted a raid on largest wholesaler of ladies and gents cloths in twin cities of Rawalpindi and Islamabad on charges of tax fraud. The directorate of I&I IR Islamabad conducted a raid on the godown of Grace Emporium in Kahuta Triangle Industrial Area, Islamabad with the help of police.
The Federal Board of Revenue (FBR) and Association of Builders and Developers (ABAD) Monday mutually agreed to streamline mechanism for collection of tax under sections 7C and 7D of the Income Tax Ordinance 2001 from builders and developers. Sources told Business Recorder that a meeting was held between senior FBR officials and the ABAD representatives from all major cities of the country.
China's state news agency Xinhua denounced various domestic media for reports saying the government planned to increase income tax for the country's "high income" population, citing multiple official sources in a weibo post on Monday. Speculation was rife over the weekend that China would levy heavier tax for the "high income group" whose annual wages exceed 120,000 yuan ($17,722), after the state cabinet released a document on income distribution reform, noting it would use taxation to narrow the income gap between different groups.
The Federal Board of Revenue''s (FBR) electronic system of "IRIS" is not accepting claims of income tax refund for the Tax Year 2016.
Switzerland''s attorney general''s office said Sunday it had unblocked accounts holding some $140 million, which were frozen more than a decade ago to assist Italy in a tax fraud probe of the Mediaset broadcaster.