Last update: Tue, 30 Aug 2016 09am



Conflict between the Directorate General of Customs Valuation (DGCV) and the importers over new valuation rulings is likely to be resolved on August 31, 2016; it was learnt. Sources said that Abdur Rasheed, acting Director General, Valuation has called importers and their clearing agents for last hearing on August 31, 2016.
The Federal Board of Revenue (FBR) has uploaded Management Information System (MIS) reports pertaining to cross verification of input tax adjustment for all sales tax registered taxpayers under new return filing system.
The Ordinance expected to be approved by thefederal cabinet meeting, to be held on August 31 (Wednesday) for restoration of input tax adjustment to provinces, may be applicable retrospectively from July 1, 2016.
The Federal Board of Revenue (FBR) has decided to recruit scanning image readers for the Directorate General, Transit Trade and Model Customs Collectors to carry out scanning process of consignments in a professional manner at ports.
Finland's government will honour a promise to cut taxes, a minister said on Monday, after unionised employees overwhelmingly agreed to work harder for less money to help kick-start an economy that surveys showed remains in the doldrums.
Egypt's parliament approved on Monday a long-awaited law introducing a value-added tax of 13 percent, rising to 14 percent in the next fiscal year, a key part of the government's plan to reform the economy and cut its deficit.
President of Pakistan as an appellate authority under Federal Tax Ombudsman Ordinance, 2000 has issued four different orders on the same issue of Minimum Taxation under Section 153(1)(b) of the Income Tax Ordinance, 2001.