FBR sends notices to parents paying Rs 2 lakh per year

LAHORE: The Federal Board of Revenue (FBR) is desperately looking for potential taxpayers these days and is aggressively digging the record of Pakistani citizens who, at some stage, have come under prominent sections of the Income Tax Ordinance. According to media, recently, the tax collecting agency has dispatched letters to parents, who are paying an annual fee of Rs200,000 to the educational institutes where their children are studying, asking them to declare their hidden assets and become a tax return filer. “Data available with the FBR reveals that advance tax…

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MCC Peshawar seizes smuggled mobile phones worth 5.0 million.

MCC-Peshawar-Pakistan

KARACHI: MCC Peshawar has seized 180 smart phones of Samsung and LG brands, which a passenger Mohammad Waqas Javed coming from Dubai attempted to smuggle into the country. Information was received through Collector Peshawar Gul Rehman that attempt would be made to smuggle mobile phones. Subsequently, strict vigilance was kept at Bacha Khan International Airport. The accused coming from Dubai via Emirates Airline was spotted and upon checking 180 mobile phones worth Rs5.0 million approximately were recovered from his luggage. A case has been lodged and investigations are under way.

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TRANSPOSITION OF HS 2012 TO HS 2017

KEEPING IN VIEW THE HS 2012 TO HS 2017 TRANSPOSITION OF THE FIRST SCHEDULE TO THE CUSTOMS ACT,1969 WHEREBY AROUND 1200 HS CODES ARE GOING TO BE CHANGED IN TARIFF IN THE UPCOMING BUDGED 2017-18, ALL THE IMPORTERS/CLEARING AGENTS ARE ADVISED TO EXAMINE THE TRANSPOSITION LIST AND CHECK THEIR RELEVANT PCT HEADING AS TO WHETHER THE SAME ARE GOING TO BE CHANGED OR NOT. AFTER IDENTIFICATION OF THE PCTS EXPECTED TO BE CHANGED, THE IMPORTERS/CLEARING AGENTS ARE ADVISED TO GET THEIR IN-BONDED CONSIGNMENTS CLEARED BEFORE 30TH JUNE, 2017. AS THE…

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Chinese investment is Rising

According to media reports, Chinese companies are taking keen interest in snapping up businesses opportunities in Pakistan after signing two major deals in the recent months. The firms are interested in cement, steel, energy and textile sectors, as part of global trade network under Beijing’s One Belt, One Road project. Pakistan has emerged the key player of the Chinese government’s road network and investment plan. Beijing has bought 40 percent stakes in the Pakistan Stock Exchange and the Shanghai Electric Power has acquired K-Electric for $1.8 billion. The Pakistani firms…

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China begins freight train service to London

BEIJING: China has begun its first freight train service to London from Yiwu, a famed wholesale market town in the eastern province of Zhejiang, the Xinhua news agency reported. The train will travel for 18 days over more than 7,500 miles (12,000 km) to reach Britain from China, Xinhua said. It will pass through Kazakhstan, Russia, Belarus, Poland, Germany, Belgium and France before arriving in London. Former British Prime Minister David Cameron raised some eyebrows with allies by pitching Britain as the pre-eminent gateway to the West for investment from…

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