August 30, 2013: Brief Tax News: Draft IT return form, wealth statement: tax experts pinpoint certain critical errors, legal issues: Tax experts have detected certain errors and legal issues in the draft income tax return form and wealth statement issued for individuals and Association of Persons (AOPs) for Tax Year 2013. In this regard, former FBR Member Habib Fakhruddin has written a letter to the Member Inland Revenue (Policy), Federal Board of Revenue highlighting issues in the proposed income tax return form and wealth statement for Tax Year 2013. 2). Cumbersome procedure: consignments facing delays at AFU: Consignments at Air Freight Unit (AFU) of Pakistan Customs are facing long delays in clearance, due to cumbersome procedure and inadequate number of appraisers. According to Tariq Siddiqui, former president of Karachi Customs Agents Association (KCAA), the purpose to clear import consignments at AFU was nothing but speedy clearance just to avoid demurrages that escalated the cost of business.
Posted on: Fri, 30 Aug 2013 05:25:57 +0000