Connect with us

Business

FBR ‘categorically denies’ news of tax exemption for import of bulletproof vehicles

Published

on

  • FBR says cabinet had allowed such facility in 2019 but no notification to this effect has been issued so far.
  • PM’s aide Salman Sufi says there is no question of allowing any duty-free imports to any official.
  • It was reported FBR has exempted senior army officers from all taxes on import of bulletproof vehicles.

ISLAMABAD: The Federal Board of Revenue (FBR) on Saturday “categorically denied” issuance of any Statutory Regulatory Order (SRO) that allows ex-military officers to import duty and tax-free bulletproof vehicles.

“FBR categorically denies reports appearing in some sections of media that it has issued an SRO allowing duty-free import of bulletproof vehicles,” the revenue board said in a brief statement.

The tax collection body added that the federal cabinet had allowed such a facility in 2019, however, no notification to this effect has been issued so far.

In a separate statement, PM’s aide Salman Sufi said that there is no question of allowing any duty-free imports to any official.

“Everyone shall pay their fair share of duty when importing any vehicle,” he tweeted.

It was earlier reported that after getting approval from the federal cabinet, the FBR exempted senior army officers from payment of all duties and taxes on the import of bulletproof vehicles of up to 6,000cc after their retirement and a notification will be issued soon.

The report said that the FBR’s Member Customs Policy signed an official notification to this effect on Friday but it was not yet placed on the official website.

However, top official sources confirmed to The News on Friday night that the exemption of Customs Duty, Sales Tax, Withholding Tax and Federal Excise Duty (FED) would be applicable on the import of bulletproof vehicles up to 6,000cc by retired military officials, including Lieutenant Generals, services chiefs, Chief of the Army Staff and Chairman Joint Chiefs of Staff Committee (CJCSC).

The sources confided to The News that the FBR might place the concerned notification on its website any time soon and that all formal requirements were fulfilled after seeking permission from the federal cabinet for allowing this kind of tax exemption.

However, there will be certain conditions attached to this permission. The FBR will allow the exemption of duties and taxes on the import of such vehicles by the said officials on their retirement on the recommendations of the Ministry of Defence.

All four-star generals are permitted to import two vehicles after retirement, according to the report.

The owners of the vehicles would be required to obtain the prior permission of the FBR for the sale of such vehicles after their import.

If the vehicle is disposed of before a five-year period, the FBR will recover all duties and taxes applicable at the time of import of such vehicles, it added.

Business

An investigation was “launched” into PTA’s inability to get Rs. 78 billion back from Telcos

Published

on

By

The PTA has reportedly been instructed to reply to NAB by July 29. According to the enquiry, the national exchequer has suffered losses as a result of the delay in collecting dues.

The PTA has been asked to provide NAB with information about any pertinent records, court proceedings, and overdue bills. The NAB Karachi has summoned the PTA officials to appear with all pertinent documentation.

All of the principle sum has to be paid by the LDI firms, according to sources. But due to judicial stay orders, the collection of dues has been impeded.

These sources further state that a steering group has been established by the Ministry of IT to supervise the issue of dues recovery.

In a previous event, the tariffs levied on importing cell phones from outside were clarified by the Pakistan Telecommunication Authority (PTA).

Contrary to what some internet reports claim, PTA clarified in response to recent news regarding the tariffs on mobile phone imports that there hasn’t been a formal decision to remove these levies in Pakistan.

the PTA.Pakistanis living abroad will be the only ones free from these levies, according to the PTA. A SIM card can be inserted and the phone restarted to temporarily register a device for non-PTA mobile subscribers.

Continue Reading

Business

Weekly inflation in Pakistan increased by 0.17 percent.

Published

on

By

The SPI for the week under review in the aforementioned group was reported at 321.95 points, as opposed to 321.40 points during the previous week, according to the PBS statistics.

The SPI for the combined consumption group saw a 20.09 percent increase in the week under review compared to the same week the previous year.

The weekly SPI includes 51 necessary items for every spending group and 17 urban areas, with a base year of 2015–16 = 100.

The SPI for the lowest consumption category, which is up to Rs 17,732, grew by 0.08 percent from 311.97 points to 312.22 points this past week.

0.18 percent,The index of consumption for the lowest consumption groups, which are Rs 17,732-22,888, Rs 22,889-29,517, Rs 29,518-44,175 and above Rs 44,175; increased by 0.13 percent, 0.15 percent, 0.18 and 0.19 percent, respectively.

Nineteen (37.25%) of the fifty-one commodities had price increases over the week, eight (15.69%) had price decreases, and twenty-four (47.06%) had unchanged pricing.

On a weekly basis, the following commodities saw significant price decreases: tomatoes (9.19%), onions (2.14%), LPG (1.04%), bananas (0.53%), wheat flour (0.35%), potatoes (0.17%), pulse masoor (0.16%), and bread (0.05%).

Chicken (4.80%), garlic (2.01%), pulse gramme (1.87%), eggs (1.71%), beef (0.93%), gur (0.89%), pulse moong (0.84%), fresh milk (0.45%), firewood (0.23%), and cigarettes (0.12%) were among the items whose average prices increased significantly week over week.

The commodities that saw a year-over-year decline were: wheat flour (31.75%); cooking oil (13.44%); vegetable ghee 2.5 kg (10.42%); vegetable ghee 1 kg (9.85%); mustard oil (8.33%); eggs (5.82%); rice basmati broken (4.15%); and tea package (2.52%).

Gas prices for Q1 (570.00%), onions (96.01%), pulse gramme (40.39%), powered milk (39.11%), garlic (34.61%), pulse moong (29.77%), men’s sandals (25.01%), beef (23.52%), salt powder (23.28%), pulse mash (22.50%), and energy saver (17.96%) were among the commodities whose average prices increased year over year.

Continue Reading

Business

The price of gold has drastically dropped in Pakistan.

Published

on

By

As per the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the cost of 24-karat gold per tola decreased by Rs 2,300, standing at Rs 250,500.

A kilogramme of 24-karat gold costing Rs1,972 less at the local market, making it worth Rs2114,763. Ten grammes of 22-karat gold had a price decrease to Rs196,866 as well.

After losing a significant $43 during the day, the rate per ounce of gold on the international market also decreased. It currently stands at $2,370.

On Thursday, the price of 24-karat silver also experienced a decline, falling by Rs60 to settle at Rs2,860 petal.

Continue Reading

Trending