Under-invoicing cases to be processed under money laundering laws

under-invoicing cases to be processed under money laundering laws

KARACHI: The Directorate of Post Clearance Audit (PCA) has initiated scrutiny and analysis of last five year data comprising FIRs lodged for under-invoicing, mis-declaration and over-invoicing, Order-in-Originals and Contravention Reports served on importers and traders. The cases of under-invoicing, mis-declaration and over-invoicing would now be processed under Anti-Money Laundering Act also. First case has been lodged against M/s Megaplus Pakistan, wherein the authorities are determining the means of illegal transfer of funds from Pakistan. Ministry of Finance has reportedly assigned Directorate of Post Clearance Audit (PCA) and its high profile…

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ECC bans wheat export from Pakistan

ISLAMABAD: The federal government on Wednesday decided to impose a ban on export of wheat and wheat flour amid rising concern over the price hike trend of roti and other wheat products in the wake of low wheat production in the country. The cabinet’s Economic Coordination Committee (ECC), headed by Adviser to Prime Minister on Finance and Revenue Dr Hafeez Shaikh, took the decision at a meeting. During the Rabi season 2018-19, the ministry of national food security and research recorded 24.12 million tonnes of wheat production against the projected…

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Tax rate for token payment & registration of cars not changed

KARACHI: Federal Board of Revenue (FBR) has strongly rebutted the perception that rate of tax has been changed in the Financial Budget-2019 for the token payment and registration of cars. After verification it was noticed that this misperception was due to a typographical mistake which was rectified in the Finance Act-2019. The rate of tax for the token payment and registration of cars is the same that was charged in the previous year. There is no enhancement or reduction in the tax rate. FBR further added that no tax has…

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Sales Tax 17% applied on Export Shipments from Pakistan

The government Tuesday abolished sales tax zero-rating regime for five export-oriented sectors i.e. textile, leather, carpets, sports goods and surgical goods and imposed 17 percent sales tax on items covered under SRO 1125(I)/2011. Senior FBR officials said that the FBR will generate revenue Rs 80-90 billion from imposition of sales tax on textile, leather, carpets, sports goods and surgical goods during 2019-20. “We have accepted the biggest challenge for timely payment of refunds to the textile sector by abolishing sales tax zero-rating regime for five export-oriented sectors. The abolition of…

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Pakistan Customs plans crackdown on import, distribution of counterfeit products

under-invoicing cases to be processed under money laundering laws

KARACHI: Customs Enforcement South has launched a campaign against import, distribution and sale of counterfeited products in the country in a bid to support Intellectual Property Rights (IPR) and deter trade in counterfeit goods.Chief Collector Enforcement South Wasif Memon has advised the field formation to keep strict vigilance on the import of such goods as well as identify the places from where such goods are distributed and sold to the consumers. Collector Preventive Dr. Fareed Iqbal Qureshi has assigned Deputy Collector Muhammad Faisal to undertake a campaign against IPR violations.…

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