Latest news with #CustomsAuthority
Business Recorder
02-07-2025
- Business
- Business Recorder
A comment on Finance Act 2025—III
Though the Finance Act, 2025 is applicable from July 1, 2025; however, these provisions would be applicable on the date as notified by the FBR. Acquisition of certain assets, etc. Concept A person, other than a public company or a non-resident shall be eligible to undertake transactions specified in this section if: A comment on Finance Act 2025—II a. The person has filed a return of income and wealth statement; and b. There are sufficient sources as per the wealth statement or the sources of investment and expenditure statement (newly introduced). Both the conditions are to be cumulatively present. The sources of investment and expenditure are there for accumulation after the last return filed. Illustration: Mr A has Rs 50 million can as per the return of income for the tax year 2025. He acquires the property in July 2025 for Rs 120 million. The difference of Rs 54 million can be presented by way of sources of investment and expenditure statements. [130 percent of 54 is Rs 70]. Sufficient resources defined: This is the amount equal to one hundred and thirty percent of the cash and equivalent assets comprising cash denominated in local or foreign currency, fair market value of gold, net realizable value of stocks, bonds, receivables or any other cash equivalent asset as may be prescribed, declared by a person either in his sources of investment and expenditure statement, or wealth statement filed for the latest tax year and in the case of a company or association of persons, cash and equivalent assets, declared in the financial Statements attached with the income tax return for the latest tax year: Constitutional validity A comment on Finance Act 2025—I The fundamental right to undertake an economic transaction under the Constitution requires an examination to decide whether any restriction can be placed in a taxing statute. The administrator of embargo The obligation to stop the transaction has been placed on the person through which such transactions are undertaken such as registration authority, banks etc. Transactions covered: Purchase or import of vehicles: Event: Booking, purchase or registration of a motor vehicle by any manufacturer of a motor vehicle or vehicle registering authority of Excise and Taxation Department; Transaction and threshold: The invoice value for locally-manufactured vehicles or import value as assessed by the Customs Authority inclusive of all applicable taxes, duties, levies and charges; Value exceeding seven million rupees. Registration of property Event: Registering, recording or attesting transfer of any immovable property such authority; Transaction and threshold: Fair value shall be the value as the Board may, from time to time, by notification in the official Gazette, determine the area or areas as may be specified in the notification. This means that it would be FBR's value, if not the market value. Value exceeding one hundred million rupees. Dealings in shares, etc. Event and transaction: Opening and maintaining an account in respect of securities, units of mutual fund or similar investment for acquisition of securities or debt securities or unit of mutual funds or money market instruments in any financial year excluding reinvestment either by liquidation of similar type of securities and or reinvestment of returns earned on already held securities Threshold: Rupees fifty million Embargo on cash withdrawal Concept The law provides that a banking company shall not allow cash withdrawal from any of the bank accounts. The law provides that this provision will trigger when there is an annual cash withdrawal limit above Rs one hundred million rupees in any (all) bank accounts. This means that each transaction in a bank account is to be taken into consideration. When the total cash withdrawal from that bank account exceeds Rs 100 million then the bank would stop the withdrawal unless the account holder provides the sources of funds in that account. Relevance This is a very important change; however, the restriction has been placed only on bank accounts maintained by individuals. A lot of businesses who deal in cash operate as a firm (association of persons); therefore, the said provision is suggested to be extended to all persons other than a public company. Certificate of exemption for capital gains A new subsection has been included in Section 159 being the section relating to issue of exemption certificates with respect to collection of advance tax on the sale of residential immovable property. The conditions are that the residential property (a) has been in the personal use for the last fifteen years; (b) has been declared by the person in his wealth statement under section 116 for the last fifteen years; and (c) appears as residence for personal use in tax record of the person: Provided that the exemption certificate under this section shall be issued once in fifteen years. The conditions are unnecessary that such certificates be available on every valid case. Exchange of banking and tax information related to high-risk persons The Board has been empowered to share information obtained from the tax declarations with scheduled banks in Pakistan, in respect of persons or classes of persons, for the purpose of cross-matching with the bank data through the data-based algorithms, as may be prescribed; and The banks have been required to provide to the Board the final results where the banking data is at variance with the algorithm. The concept of cross matching through data-based algorithms is not correct. There cannot be any action if the variance is explained even if the same is not in line with that algorithm. This is a reverse cycle. In this provision the declared position is the basis. In the correct situation it should be otherwise and information be obtained from the bank on the basis of bank accounts declared and then comparing the same with the declared position. All information received under these provisions shall be used only for tax and related purposes and kept confidential. (To be continued) Copyright Business Recorder, 2025
Saba Yemen
01-07-2025
- Business
- Saba Yemen
Customs Authority calls on Traders, importers, & citizens to boycott dairy products from American & Israeli companies
Sana'a - Saba: The Customs Authority has called on traders, importers, and citizens to adhere to the boycott of dairy products, their derivatives, and children's products affiliated with American and Israeli companies, as well as firms supporting the Zionist enemy. In a press statement, the Authority emphasized the importance of complying with the economic boycott, which includes dairy products, their derivatives, and children's products linked to American and Israeli companies or those bearing trademarks of companies supporting the Zionist enemy. The statement noted that the profits from these products contribute to supporting an entity that commits genocide against our brothers in Gaza and Lebanon. It stressed that boycotting these products is not merely a routine act but a stance in solidarity with those whom people have failed to support and a stand with those whom others have abandoned. The Customs Authority urged all traders, importers, citizens to refrain from importing or trading dairy products, their derivatives, and children's products from companies and countries that support, justify, or encourage the destruction of humanity, trees, and stones in Gaza. The statement also highlighted the importance of cooperating with the relevant authorities to report any attempts to smuggle these products. It called for supporting local alternatives or imports from neutral sources that respect the nation's causes and uphold the national stance. Whatsapp Telegram Email Print more of (Local)
Saba Yemen
30-06-2025
- Business
- Saba Yemen
Customs Authority calls on citizens to adhere to economic boycott of juices & beverages supporting zionist enemy
Sana'a - Saba: The Customs Authority has called on citizens, traders, and importers to fully comply with the economic boycott of products, juices, and beverages linked to American or Israeli companies, or those bearing brands that support the Zionist enemy. In a statement obtained by the Yemeni News Agency (Saba), the Authority clarified that the boycott is a national, religious, moral responsibility, and that purchasing or importing such products provides direct and indirect support to entities committing genocide against the Palestinian people. The Authority emphasized a ban on importing or trading any juices or beverages affiliated with countries and companies that support the enemy, warning that Customs would seize any confiscated quantities and take legal action against them. The statement noted that boycotting these products is not merely an option but a necessary stance, obliging everyone to cooperate in line with religious, humanitarian, and ethical duties. The Customs Authority stressed that the boycott makes a crucial difference, ensuring that no one becomes complicit in supporting the products of an enemy that daily perpetrates destruction and genocide against the Palestinian people. Whatsapp Telegram Email Print
Libya Observer
21-06-2025
- Libya Observer
Tripoli Port: Customs seize 36,000 cans of banned alcohol
The customs authorities have announced the seizure of a 20‑foot container carrying 36,430 cans of banned alcoholic drinks, each with a capacity of 500ml. The Customs Authority said the contraband was uncovered by its Anti‑Smuggling and Narcotics team in Tripoli, working in collaboration with colleagues at Tripoli Seaport. The container was part of a shipment of ten units imported by a local company, which had declared the goods as 'barley drinks' in its customs statement. The Anti‑Corruption Prosecution conducted further investigations, opening and inspecting all ten containers. The inspection revealed that one container had been imported from a European country under a documentary credit, in clear breach of Libya's customs laws and regulations. Crimes Tagged: Tripoli Port alcoholic drinks
Zawya
11-06-2025
- Business
- Zawya
Dubai Customs named Best Customs Authority in the Middle East 2025
Abdulla Busenad: We are strengthening Dubai's leading position on the global trade map Dubai – In a milestone achievement that reflects its unwavering commitment to excellence, leadership, and innovation—while supporting the nation's ambitious vision—Dubai Customs has been awarded the "Customs Authority of the Year 2025" at the Middle East level, as part of the Middle East Transport and Logistics Awards (TLME). This accolade was earned after receiving the highest number of votes from specialists and experts in the customs and logistics sectors via an electronic voting system. Today, Dubai Customs stands as a global benchmark for implementing the latest digital transformation technologies, with nearly 99.7% of its customs transactions conducted through digital platforms. This high level of digitalization has significantly accelerated procedures, reduced clearance times, and facilitated seamless and transparent trade flows—fully aligned with Dubai's vision and its competitiveness as a strategic global trade hub. Additionally, the Department has developed an advanced security system capable of detecting and preventing smuggling attempts and customs fraud, thereby strengthening the protection of society and the national economy. On this occasion, His Excellency Dr. Abdulla Busenad, Director General of Dubai Customs, emphasized that this accomplishment adds to the Department's extensive record of achievements. Recently, Dubai Customs also received the award for the Best Pioneering Initiative for its Cross-Border E-Commerce initiative, under the "Hamdan bin Mohammed Government Services Program." Continuing its strategic plan, the Department is dedicated to reinforcing Dubai's position as a leading global center for international trade and logistics. This supports the goals of Dubai's Economic Agenda D33 and drives future transformations in the global trade sector through the innovation and development of advanced customs services that leverage cutting-edge technology and artificial intelligence. Dr. Busenad further highlighted that Dubai Customs is committed to ongoing improvement and development by providing all the necessary elements and capabilities to increase Dubai's foreign trade volumes. This commitment ensures an exceptional experience for businesses and sectors, boosting returns on their commercial activities and attracting further foreign investments to this vital sector. Meanwhile, Eng. Adel Al Suwaidi, Director of Customs Valuation at Dubai Customs, who received the award during the ceremony, stated: 'Dubai Customs has made significant strides in automating customs procedures and reducing the time required to complete transactions. We have developed services that are among the first of their kind worldwide. The 'Seamless Inspections' project launched by the Department represents a qualitative leap in customs operations by relocating inspection procedures to an integrated system at company warehouse premises. This innovation has contributed to cutting inspection times by more than 50%.' The TLME Awards were established with a vision to transform the traditional business awards model. What sets TLME apart is its commitment to transparency, credibility, and genuine recognition from within the industry. It was among the first organizations to adopt a public electronic voting system in this field, ensuring an open and fair selection process.
