ISLAMABAD (March 14, 2010): The Federal Board of Revenue (FBR) has introduced 24-25 new terminologies in the proposed Federal Value-Added Tax (VAT) 2010 and Provincial VAT Bills, 2010. Sources told Business Recorder here on Saturday that Pakistan's VAT law has been made compatible with the international laws.

ISLAMABAD (March 14, 2010): The Federal Board of Revenue has revised downward total strength of the Pakistan Revenue Automation Limited (Pral), the technical arm of the FBR, from 1,527 positions to 1,393 positions due to rising number of e-filing of tax returns/statements.

ISLAMABAD (March 14, 2010): The government has restored 25 percent regulatory duty (RD) on export of waste and scrap of aluminium and copper along with bars, rods, ingots, slabs and billets etc till June 30, 2010, official sources told Business Recorder. The Federal Board of Revenue (FBR) on March 9, 2010 said that the Economic Co-ordination Committee (ECC) of the Cabinet, with the objective of meeting demand of local industry, imposed regulatory duty (RD) at 25 ad valorem.

KARACHI (March 14, 2010): Pakistan customs has foiled a bid to import huge quantity of banned items in the garb of 'diplomatic cargo'. Sources in Model Customs Collectorate (MCC) told Business Recorder on Friday that action has been taken by Nisar Ahmad Khan, Collector, MCC, in pursuance of information from Munir Qureshi, Member, Customs. Reacting on the information, the R&D wing of the collectorate detained some four containers, booked as 'Diplomatic Cargo', by a consulate, they said.

KARACHI (March 14, 2010): Customs duty collection increased by 3 percent during eight months of current fiscal year as compared to the corresponding period of last year. According to the statistics of Model Customs Collectorate (MCC) of PaCCS, the department collected Rs 32.57 billion customs duty, against Rs 31.57 billion in the corresponding period of last year.

KARACHI (March 14, 2010): Karachi Regional Tax Office (RTO) witnessed 11 percent growth during 8-month period of current fiscal year as compared to last year's corresponding period. According to provisional statistics made available to Business Recorder on Saturday. Karachi RTO collected Rs 69.518 billion on account of direct taxes during July-February period of 2009-10 as compare to Rs 62.85 billion in corresponding period of last year.

ISLAMABAD (March 14, 2010): Federal government has appointed Federal Board of Revenue's former member Customs, Shahid Raheem Sheikh as Additional Secretary Ministry of Commerce with immediate effect. Sources told Business Recorder here Saturday that the Executive Director has issued a notification in this regard.

ISLAMABAD (March 14, 2010): The Federal Board of Revenue (FBR) has transferred and posted Farhat Qayum, Income Tax Group (BS-18), Additional Commissioner Inland Revenue (OPS), Regional Tax Office, Abbottabad, as Additional Commissioner Inland Revenue (OPS) Regional Tax Office, Peshawar with immediate effect, according to a notification issued here on Saturday.

KARACHI (March 13, 2010): Pakistan customs have raised the import trade price (ITP) of three steel products by 60 percent, or $241 per ton, on the back of rising steel prices in the world market, sources said. The ITP/values are determined under section 25A of Customs Act, 1969, for implementation.

ISLAMABAD (March 13, 2010): Japan International Co-operation Agency (JICA) has decided to train Pakistani customs officials to enhance their capacity for detection of fiscal frauds and duties/taxes evasion during clearance of imported consignments under automated clearance system like Nippon Automated Cargo Clearance System (NACCS) of Japan.