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Author Archives: M Hayat

Action against smuggling of Iranian petrol lauded

LAHORE: Lahore Chamber of Commerce and Industry (LCCI) Standing Committee on FMCG Sector’s Convener Mohammad Ijaz Tanveer while lauding the steps taken by the Prime Minister Imran Khan to curb the smuggling of Iranian petrol, has demanded similar steps for eradicating the smuggling of imported food items. Talking to newsmen, he said that the entire business community not only appreciated ... Read More »

Govt mulling cut in duties on raw materials: Razak Dawood

LAHORE: Advisor to Prime Minister on Commerce & Investment Abdul Razak Dawood has said that Regulatory Duty and Additional Duty on those raw materials will be abolished which are not being produced locally. He was talking to the LCCI President Mian Tariq Misbah, Senior Vice President Nasir Hameed Khan, LCCI former Presidents Mian Misbah-ur-Rehman and Ch. Zafar Iqbal during an ... Read More »

FBR urged to withdraw SRO 924

LAHORE: Sarafa Jewellers Association while expressing its deep reservations on SRO 924 has urged the Federal Board of Revenue (FBR) to withdraw it immediately. Chairman Muhammad Ahmad said that the Jewellers community is all out with the present government’s efforts to pull the country out of crisis being seen in wake of FATF conditionalties. Nevertheless, he said that zargar (jewellery ... Read More »

Faisalabad Customs seizes 143 cartons of foreign liquor, vehicle worth Rs35.568m

FAISALABAD: Collectorate of Customs anti-smuggling squad has seized 143 cartons of foreign origin liquor which were tactfully hidden under crates of tomatoes. Sources told that after receiving credible information, customs anti-smuggling squad intercepted a vehicle which was loaded with 143 cartons of foreign origin liquor concealed under crates of tomatoes”. Sources further said that 1,504 liquor bottles were seized which ... Read More »

Mali is good export potential market for Pakistan: envoy

LAHORE: Agriculture sectors of Mali and Pakistan are rich with resources and abilities. Both countries should work together in agriculture sector and avail benefit from each other’s experience. These views were expressed by the Ambassador of Mali Dianguina Dit Yaya Doucoure while speaking at the Lahore Chamber of Commerce & Industry. LCCI President Mian Tariq Misbah presented the address of ... Read More »

Payment of duties & taxes to be made electronically from Jan 20: Collector Mohsin Rafiq

LAHORE:  Mohsin Rafique, Collector of Customs Appraisement has said that from January 20, 2021 (today) all duties and taxes exceeding rupees one million will be paid only through the system of e-payment. He announced this at a seminar at APTMA Punjab, Lahore. Mr. Abdul Rahim Nasir, Chairman APTMA, Mohammad Raza Baqir, Secretary General, APTMA and a large number of member ... Read More »

Governor Punjab Sarwar lays foundation stone of training & quality management institute

LAHORE: Governor Punjab Chaudhary Mohammad Sarwar visited FIEDMC along with Chairman Mian Kashif Ishfaq. Both laid down foundation stone of training and quality management institute which is affiliated with Punjab University. Speaking on the occasion, Chaudhary Sarwar thanked chairman FIEDMC Mian Kashif Ishfaq for the cooperation in development works in Alama Iqbal Industrial City. Sarwar further said that until or ... Read More »

Customs I&I Lahore sepoy blackmails cargo worker

LAHORE: A sepoy of Directorate of Customs Intelligence & Investigation(I&I) has been collecting money from a cargo worker by blackmailing him in the name of top officers, sources told Customs Today. The owner of the cargo office at the Shubra Hotel has paid Rs20,000 to the Customs Intelligence sepoy by being blackmailed by the sepoy, a CCTV footage of the ... Read More »

Tax refunds claim on fake and flying sales tax invoices gets momentum

LAHORE: Fraudulent activities of claiming tax refunds based on fake and flying sales tax invoices are taking place across the country, official sources said. Tax authorities have taken serious notice of the situation and decided to place necessary checks in the system of claiming tax adjustments within the entire supply chain. Following the withdrawal of sales tax zero-rating facility on ... Read More »

Tax collectors must refrain from harassing businessmen: LCCI VP Tahir Manzoor Ch.

LAHORE: Tax collectors must refrain from harassing the members of the business community instead it would be better to take the chambers and association on board before initiating any direct action that earns bad name for the country. The incumbent government is undoubtedly taking strong measures to make the country economically strong but it is the bureaucracy that does not ... Read More »

Pakistan Customs seizes over 100 illegal petroleum outlets in Punjab

LAHORE: Pakistan Customs Monday seized over 100 illegal / un-authorised petroleum outlets in collaboration with local administration in Punjab recovering millions of litres of Petrol and HSD from these outlets. Pakistan Customs under the auspices of the Ministry of Interior and active collaboration of the Provincial government, police, law enforcement agencies (LEAs) and intelligence agencies successfully launched its counter-smuggling operation ... Read More »

Govt focused towards technology development: Fawad Chaudhary

LAHORE: Federal Minister Science and Technology Fawad Chaudhary said that the PTI government focused towards technology development and uplift of the backward and ignored areas including South Punjab. In a meeting with renowned businessman, CEO of Excel Cables Salman Zafar Chadhury who called him the minister here, the minister said that in the direction of the the Prime Minister vision, ... Read More »

Govt urged withdrawal of exorbitant increase in auto parts valuation

LAHORE: The Lahore Chamber of Commerce & Industry has urged the Director General Customs Valuation to withdraw the huge increase in valuation of the import of tractor parts while keeping in view the ground realities. Sudden increase of around five hundred per cent in valuation of the imported tractor parts would hit the tractor industry hard which is already finding ... Read More »

Raids in night time at godowns prohibited: Collector Basit Maqsood Abbasi

LAHORE: Raids during night time at the godowns have been prohibited while consignments of those importers are not being confiscated who have all legal documents. This was stated by Collector Customs Enforcement & Compliance Basit Maqsood Abbasi on Thursday. He was speaking at the Lahore Chamber of Commerce & Industry. LCCI President Mian Tariq Misbah and Senior Vice President Nasir ... Read More »

PRA collects Rs73.7b from July to December 2020

LAHORE: The Punjab Revenue Authority (PRA) collected Rs73.7 billion from July to December 2020 registering a phenomenal growth of 41.6 percent over the Rs.52.1 billion collected in the first half of the previous financial year. This performance is all the more remarkable in view of the unprecedented tax relief package given by the Punjab Government through the Finance Act, 2020 ... Read More »

Customs E&C impounds illegal vehicles, goods worth Rs2467m in 1H of FY21

LAHORE: Collectorate Customs Enforcement and Compliance during the first six months of the current financial year made a total value of seizures worth Rs2,467 million which is a 270% and 315% higher as compared to the seizures made during the same period of the financial year 2019-20 and 2018-19 respectively. In pursuance of the directions from the Chairman FBR Javed ... Read More »

Customs I&I makes 26 seizures worth Rs464.5m in December

LAHORE: Directorate of Customs Intelligence and Investigation (i&i) has made seizures worth Rs464.5 million by framing 26 seizures during the month of December 2020, comprising of both Range Office Lahore and Gujranwala. It is necessary to mention here that the anti-smuggling performance of the Directorate during the current Financial Year surpasses all previous achievements by framing total 133 seizures involving ... Read More »

Pakistan Customs seizes smuggled goods worth Rs30b

LAHORE: During the first six months of the current Fiscal Year, Pakistan Customs has seized smuggled goods worth Rs30 billion as compared to seizures of Rs22 billion during the corresponding months of 2019. On the other hand, FBR has collected a net revenue of Rs2.204 trillion, reflecting a shortfall of Rs6 billion of its six-monthly target of Rs2.210 trillion for ... Read More »

Extension in fixed tax regime, non-disclosure of source to attract more investment in construction sector

LAHORE: Business community while hailing extension in construction sector amnesty plan said it will not only boost the confidence of investors but also further stimulate economic activities in the country. Founder Chairman Pak-US Business Council and Chairman United Business Group (UBG) veteran trade leader Iftikhar Ali Malik said its new year gift of Prime Minister Imran Khan to the nation ... Read More »

FTO directs to auction non-cleared stranded vehicles at Karachi Port

LAHORE: Federal Tax Ombudsman (FTO) has directed Federal Board of Revenue (FBR) to expedite the auction of a substantial number of non-cleared stranded vehicles at Karachi Port, which were imported in violation of SRO issued by the Ministry of Commerce. The subject vehicles were imported under Personal Baggage, Transfer of Residence, or under Gift Schemes. Federal Tax Ombudsman’s own motion ... Read More »

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