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Finance

Drive to broaden tax base from August 1

ISLAMABAD (July 23 2005): The Central Board of Revenue (CBR) will shortly launch a countrywide drive to broaden the tax base and replace the old management system of income tax circles with the new functional-based organisational setup under the restructuring plan from August 1, 2005. Taking a bold step to broaden the tax-base, the Commissioners of Income Tax (CITs) will ...

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PPL files appeal against collector's decision

LAHORE (July 24 2005): Pakistan Petroleum Limited (PPL) has challenged the decision of the Collector (Adjudication) Hyderabad, declaring company's move of adjustment/setting off the amount of Rs 28.708 million owed to it by the department against the payment of central excise duty (CED). PPL has recently filed an appeal before the Appellate Tribunal Customs, Central Excise and Sales Tax, Karachi, ...

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Duty-free fabrics import to be stopped

ISLAMABAD (July 21 2005): The Central Board of Revenue (CBR) has decided to amend the ''Temporary Importation Scheme'' to stop duty-free import of fabrics/cloth under SRO 410(I)/2001. As per decision, the tax officials would exclude fabrics/cloth from the list of importable items under this notification and restrict SRO 410 to import of accessories only. Recently, the import of fabrics has ...

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Licences of non-functional warehouses to be cancelled

ISLAMABAD (July 21 2005): The Central Board of Revenue (CBR) has decided to cancel the licences of all non-functional bonded warehouses, after comprehensive audit and physical stock-taking of the bonded goods. Official sources told Business Recorder on Wednesday that the CBR has decided to computerise all bonded warehouses. However, the licences of non-functional bonded warehouses would be cancelled on the ...

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Duty relief on computer parts restored

ISLAMABAD (July 21 2005): The Central Board of Revenue (CBR) has restored the exemption of customs duty on import of computer parts, withdrawn in 2005-06 budget. According to a notification issued on Wednesday the zero-percent customs duty would be applicable on the import of processor, motherboard, hard drive, CD rom drive, floppy disk drive, key board, mouse, flash drive, RAM, ...

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Pakistan-Switzerland sign convention for avoidance of double taxation

ISLAMABAD (July 20 2005): Pakistan and Switzerland on Tuesday signed a Convention for Avoidance of Double Taxation to promote trade and business activities between the two countries. Central Board of Revenue (CBR) Chairman M. Abdullah Yusuf signed the convention on behalf of the Government of Pakistan and Ambassador of Swiss Confederation Denis Feldmeyer signed it on behalf of the Swiss ...

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Seven categories covered under Customs amnesty scheme

ISLAMABAD (July 20 2005): Seven categories of cases have been covered under the amnesty scheme for availing exemption from fine and penalty on payment of principal amount of custom duty by the business community up to July 31, 2005. Explaining the contents of SRO (I)/2005 of July 7, 2005, official sources told Business Recorder that exemption of fine/penalty is available ...

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CBR begins desk audit of four sectors

ISLAMABAD (July 20 2005): The Central Board of Revenue (CBR) has started desk audit of four sectors, which include commercial importers, customs house agents, retailers and steel smelters, to ascertain actual payment of sales tax. Official sources told Business Recorder on Tuesday that CBR would carry out desk audit, without visiting the business premises of these taxpayers, on the basis ...

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Additional collectors to adjudicate all cases

ISLAMABAD (July 19 2005): The Central Board of Revenue (CBR) has given extensive powers to additional collectors to adjudicate all cases from August 1, 2005, saving both time and money of the taxpayers. Official sources told this scribe on Monday that CBR decision to abolish all collectorates of adjudication, customs, sales tax and central excise and transfer these powers to ...

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Karachi Stock Exchange introduces COT freeze system

KARACHI (July 19 2005): The board of directors of Karachi Stock Exchange (KSE) has started a system for freezing total outstanding COT positions to Rs 12 billion, irrespective of individual scrip. According to a notice issued by the KSE on Monday, the governing board of directors of the Exchange in its meeting on July 16 reviewed the SECP directive, capping ...

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