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

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2 years ago

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  • 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.

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Business

China Contributes 43 New Foreign Firms to the 6% Growth in SECP Registrations

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23 hours ago

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The Securities and Exchange Commission of Pakistan has registered 2,617 new firms this year, a 6% increase from 2023, with assistance from the Special Investment Facilitation Council. This increases the overall number of businesses that are registered to 231,111.

Non-profits, trade associations, and public unlisted firms make up 4% of these, while private limited corporations make up 55% and single-member companies 41%. It is noteworthy that 99.8% of the registrations were done online, demonstrating SECP’s attempts to digitise.

Real estate has 237 new businesses, services has 306, and trade has 377 new businesses. These are the main sectors exhibiting growth. While the healthcare and textile industries each had 49 new businesses, the education sector saw 101.

China contributed the most, adding 43 new companies, out of the 61 new companies that were registered as a result of foreign investment.

These recently registered businesses are anticipated to decrease imports, increase domestic production, and contribute to closing the trade deficit.

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Business

PSX reaches an all-time high as the KSE-100 Index surpasses 86,000 points.

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23 hours ago

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The Pakistan Stock Exchange (PSX) has achieved a significant milestone, as the benchmark KSE-100 Index has attained an unprecedented peak.

On Tuesday at midday, the index ascended by 788 points, attaining a record high of 86,846 points. Following the ratification of the constitutional amendments, the stock market has increased by 1500 points over a span of two days.

Earlier today, the KSE-100 Index increased by 683 points, attaining a value of 86,741 points, before concluding at this new apex.

The bullish trend was apparent from the commencement of the trading session, with the index rising an additional 555 points to reach 86,612 points throughout the day. The reinstatement of the 86,500-point threshold signifies robust market performance.

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Business

In three months, Pakistan’s IT exports increased by 33.54 percent.

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23 hours ago

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During the first three months of FY 2024-25 (July to September), Pakistan’s IT export remittances hit US$ 876 million, a notable 33.54 percent rise from US$ 656 million during the same period previous year (FY 2023-24).

In a statement, Minister of State for IT and Telecommunication Shaza Fatima Khawaja stated that the amount of money sent home by the export of ICT services was US$ 292 million in September 2024, a 41.7% increase from US$ 206 million in the same month the previous year.

She stated that efforts to make it easier for businesses to conduct business in the nation are the reason why IT exports are rising and that actions are being taken to increase them.

In response to the Prime Minister’s directions, Shaza Fatima stated that the Ministry of IT and Telecommunication, the Pakistan Software Export Board, and the IT industry are dedicated to boosting IT exports with the full assistance of the Special Investment Facilitation Council (SIFC).

A trade surplus of US$ 764 million was recorded by the IT & ITeS sector in the first three months of FY 2024–25, accounting for 87.21 percent of all ICT export remittances.

Over the same period last year, this surplus represents a 36.67 percent gain over US$ 559 million. The services industry as a whole, however, experienced a trade deficit of US$ 699 million during this period.

The largest of all service sectors, ICT export remittances from July to September 2024, were US$ 656 million, followed by “other business services” at US$ 374 million.

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