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Home / Author Archives: M Arshad (page 50)

Author Archives: M Arshad

Long marches inflict Rs 300b loss on national economy: Dastgir

ISLAMABAD: While terming long march as economical murder of the country, the Commerce Minister has said that ongoing long marches have inflicted a loss of at least Rs 300 billion to national economy. “Both the domestic and foreign investors are reluctant to invest in the country under the threat of marchers,” stated the Minister here. Engr. Khurram Dastgir said that long ... Read More »

Ports Ministry to develop mechanism for coal supply to IPPs

ISLAMABAD: The Federal Ministry of Ports and Shipping Secretary Babar Yaqoob Fateh Muhammad has held series of meetings with Punjab Chief Minister Mian Shahbaz Sharif to develop a mechanism for the transportation of imported coal through sea ports to Independent Power Producers (IPPs) located in Punjab. A source from ports and shipping told Customs Today that Punjab CM Shahbaz Sharif ... Read More »

Tug-of-war: FPCCI Office turns a battlefield among VPs

ISLAMABAD: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Office has become battleground as clashes abrupt between companions of vice presidents and other officials on occupying the office room for vice president. A source told Customs Today that the main cause of the clashes was political nature as central leaders of FPCCI used the forum as political tool ... Read More »

Halal Food Authority to boost exports to Middle East: Dastgir

ISLAMABAD: The Federal Minister for Commerce Engineer Khurram Dastgir Khan said that the draft for Pakistan Halal Food Authority has prepared by the Ministry of Science and Technology in consultation with Ministry of Commerce and other relevant institutions and will be presented to the Parliament soon. He said that approval of draft will resolve the issue of certification of Pakistani ... Read More »

19 State Owned Enterprises earn Rs 246b profit: Finance Ministry

ISLAMABAD: Out of 32 state owned enterprises on the list of privatisation, 19 of them have earned nearly Rs 246 billion profit during the previous financial year. The Federal Finance Ministry’s documents available with ‘Customs Today’ reveal that these enterprises have been showing a steady increase in the volume of their profit for the last five years — 2009-2013. It is important to mention here that the current and ... Read More »

FBR detects 3 fake refund cases worth Rs160.947m

ISLAMABAD: The Federal Board of Revenue has registered three illegal refund claiming cases during last year as strict actions by the revenue agency avoided issuance of cheques. Sources revealed to Customs Today that due to the strict measures taken by the current government, no major fake refund case has surfaced during last year. “Only three new cases of illegal refund ... Read More »

FBR seizes contrabands worth Rs15734m in last 3years

ISLAMABAD: The Federal Board of Revenue (FBR) has confiscated smuggled items worth Rs 15734 million during last three years (2010-2013) in anti smuggling operations in different areas. The FBR has also arrested a total 639 smugglers for their alleged involvement in cases of smuggling during last three years. Sources told Customs Today that FBR had been carrying out anti smuggling ... Read More »

Govt to impose 5% tax on Solar Panels by September

ISLAMABAD: The federal government has been planning to impose 5% tax on import of solar panels and related equipment by September this year. However, Parliamentary Secretary for Finance, Revenue, Economic Affairs, and Statistics & Privatization Rana Muhammad Afzal Khan said that government has not yet imposed any tax on solar panels import but it is expected after completion of assessment ... Read More »

Govt to revise tax structure, investment policy

ISLAMABAD: After lots of complaints from business community and investors the Government has finally decided to revise existing complex tax structure with aiming to simplify and rationalize the tariff structure to facilitate traders and business community. The measures would have also been taken to revise investment policy to attract Foreign Direct Investment (FDI) in the country. According to well placed ... Read More »

PNSC to sign MoU with Sri Lankan ports authority

ISLAMABAD: A memorandum of understanding (MoU) will be signed between the Pakistan National Shipping Corporation (PNSC) and Sri Lankan Ministry of Highways, Ports & Shipping during upcoming visit of Sri Lankan President Mahinda Rajapaksa to Pakistan. The Sri lankan Minister of Highways, Ports & Shipping Rajapaksa is due to visit Pakistan from August 21. Under the said MoU the Sri ... Read More »

Buoyant Cruise: All set for Karachi-Dubai Speedy Boat Service

ISLAMABAD: The preparations have been completed for launching speedy boat service between Karachi and Dubai to increase Pakistani exports. The main objective of speedy boat service was to export perishable edible items, fruits, vegetables, meat and others to Dubai on cheaper rates, almost half than air service. A speedy boat equipped with air conditioned container will cruise at the speed ... Read More »

Fisheries export up 15.68% to US$3.67m during FY 2013-14

ISLAMABAD: The Fish and fishery products saw an increase of 15.68% during last FY2013-14 which was 12.25 % higher than the FY2012-13. This record increase in export of fish and fishery products from Pakistan had made export earnings of US$ 367.472 million which were above the target of US$340.00 million fixed by Marine Fisheries Department. According to Ministry of Ports ... Read More »

Dastgir briefs Parliament on trade ties with India

ISLAMABAD: Minister for Commerce Engineer Khurram Dastgir Khan told the Lower House of the Parliament that the government has been addressing the reservations and concerns of business sector regarding granting the most favorite nation (MFN) statute to India. “Overall normalization of trade ties with India will be in favor of Pakistan both in short term and long term basis” he ... Read More »

Rupee devalues by 47.1pc against dollar from 2008-13

ISLAMABAD: Pakistani Rupee devalued approximately 47.1% against US Dollar during period from 2008 to 2013. Rupee met with the worst depreciation in the fiscal year 2009 when it was devalued up to 16.0% and the lowest was in 2011 which was 0.5% only. Official documents available with Customs Today show that Pak rupee was victim of depreciation against dollar in ... Read More »

Finance Ministry all set for amending FERA Act, repealing EPFO

ISLAMABAD: The Ministry of Finance has made full preparations to introduce Bill to amend the Foreign Exchange Regulation Act, 1947. Similarly, Ministry is also all set to introduce another bill to repeal the Equity Participation Fund Ordinance, 1970. Both the bills had been very effective in the past and had been introduced with the purpose of streamlining economic sector in ... Read More »

Mobile phone companies deposit Rs162,149m GST in five years

ISLAMABAD: Mobile phone companies have deposited Rs 162,149 million on account of GST during the last five years. Cellular companies paid highest Rs 43,202 million in 2011 and the lowest Rs 16,930 in 2013. According to official data available with this scribe, cellular operators deposited total Rs 162,149 on account of GST during last five years up to April 2014. ... Read More »

Senate seeks FIA to report on tax evasion in oil import

ISLAMABAD:Senate Standing Committee on Planning and Development has asked Director General Federal Investigation Agency to submit a report on adulterated oil import and tax evasion during those imports. Federal Investigation Authority (FIA) likely to be given charge of examination of adulterated oil and of investigations in possible tax evasion by oil importers. As per details, Director General FIA would brief ... Read More »