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Author Archives: mahmood idrees

Faisalabad Customs Intelligence seizes smuggled tyres Rs 2.4m

FAISALABAD: The Customs Intelligence and Investigation has seized foreign origin smuggled tyres of different brands and sizes worth Rs 2.4 million involving duty and taxes to the tune of Rs 1.4 million during a successful raid. Customs Intelligence Additional Director Asif Abbas Khan received information regarding smuggling of tyres on which he formed a team comprising Deputy Director Muhammad Riaz ... Read More »

Customs values of Euro cakes revised

KARACHI: The Directorate General of Customs Valuation has determined fresh customs values of various types of Euro cake vide Valuation Ruling No 946/2016 under Section 25-A of the Customs Act, 1969. Earlier, the customs values of Euro cakes were determined vide Valuation Ruling No. 305/2011 April 24, 2011. Since the said valuation was 5 years old and needed revision in ... Read More »

IHC reserves verdicts in Pak Telecom’s Rs 498m income tax case

ISLAMABAD: The Islamabad High Court (IHC) on Monday reserved a decision on a tax matter filed by M/s Pak Telecom Mobile Limited, challenging a tax recovery claims amounting to Rs 498.56 million issued by the Large Taxpayers Unit (LTU), Islamabad. A single bench of the IHC comprising Justice Miangul Hassan Aurangzeb heard the case. After hearing the arguments and submission ... Read More »

Faisalabad ASO seizes shampoo, Mazda truck worth Rs 2.6m

FAISALABAD: The Customs Anti-Smuggling Organization (ASO) has confiscated 445 cartons of smuggled Loreal Shampoo and a Mazda Truck being used for the transportation of the smuggled items during worth Rs 2.692 million. Following credible information, Deputy Collector Muhammad Falik Shair formed a team comprising Superintendent Saeed Joyia, Inspector Masood Saeed Chohan, Abdul Jabbar, Safdar Ali, Sepoy Muhammad Naeem, Muhammad Javid, ... Read More »

FBR barred from action against M/s Al–Rehman until final verdict

KARACHI: The Sindh High Court on Friday restrained the tax authorities from taking any coercive action or making any demand from M/S Al-Rahman Cotton Ginning Pressing Factory and Oil Mills. The SHC single-judge comprising justice Munib Akhter also issued notices to Revenue secretary, Inland Revenue chief commissioner and deputy commissioner directing them to submit their comments on next hearing. Earlier ... Read More »

Customs Adjudication-I serves notice on M/s Zaghum Enterprises for evading taxes

KARACHI: Customs Adjudication-I Collector Abdul Basit Chaudhary has issued a show-cause notice to M/s Zaghum Enterprises on allegedly evading around Rs 200,000 by availing undue benefits of SRO 659(I)/2007 on import of uncoated polyester film. The notice stated that during the audit of import clearances made under different concessionary SROs, it has been found that M/s Zaghum Enterprises imported consignment ... Read More »

Pakistan on the track of economic stability: Dastgir

SIALKOT: Federal Minister for Commerce and Industry Engineer Khurram Dastgir Khan has said that now the economical and political stability is rapidly growing in Pakistan. He stated this while addressing the participants of annual prize distribution ceremony of Pakistan Electric Fans Manufacturers Association (PEFMA) held at Gujrat. PEFMA Chairman Ammad Rafiq, Gujrat Chamber of Commerce and Industry (GCCI) President Mian ... Read More »

Pakistan, Turkey seek closer collaboration in railways sector

ANKARA: Pakistan and Turkey have reaffirmed the commitment to strengthen cooperation in the field of Railways. In this context, Ambassador of Pakistan to Turkey, Sohail Mahmood, held separate meetings with key Turkish officials in Railways sector including Omer Yildiz, Head of the Turkish State Railways (TCDD), Mehmet Hamdi Yildrim, Acting Undersecretary of Ministry of Transport, Maritime Affairs and Communication and ... Read More »

Pakistan to be among top 25 economies till 2025: Ahsan

KARACHI: Federal Minister for Planning, Development and Reforms, Ahsan Iqbal has said that Pakistan is on the path of economic revival and will be among top 25 world economies till 2025. He said it was the need of hour that we all move ahead with unanimity on government decisions in the better interest of the country. Ahsan Iqbal expressed these ... Read More »

Customs Intelligence DG Imtiaz Ahmed for finalising strategy against smuggling

KARACHI: Custom Intelligence and Investigation Director General Imtiaz Ahmed has reached Karachi and had meetings with Director Asif Marghoob Siddiqui and Additional Director Nadeem Ahsan to finalize the grand crackdown against smuggling. D.G Custom Intelligence Imtiaz Ahmed also will meet with Chief Collector Appraisement South Abdul Rasheed Shaikh, Chief Collector Enforcement South Zahid Khokhar and Collector Preventive Tariq Huda. These ... Read More »

CPEC is a greatest gift from Chinese president: CM Punjab

LAHORE: Punjab Chief Minister Shahbaz Sharif said that China Pakistan Economic Corridor (CPEC) is the greatest gift for Pakistani nation by Chinese president; the friendship has been turned into beneficial economic relations between both countries. CM met China’s Council General in Lahore, where they exchanged views over matters of mutual interest, the promotion of Pakistan-China relations and to enhance cooperation ... Read More »

BISP, SCCI to provide technical training to 300 marginalised families

SIALKOT: Benazir Income Support Programme (BISP) has chalked out a multi-phased plan to give the necessary training of various advanced industrial skills to as many as 300 BISP beneficiary families in Sialkot district in active collaboration with Sialkot Chamber of Commerce and Industry (SCCI) here. Director BISP Gujranwala Division Nadeem Alam Butt stated this while talking to the newsmen here ... Read More »

Canadian companies being encouraged to visit Karachi: Heather Cruden

KARACHI: High Commissioner of Canada Heather Cruden has said that Canadian companies were being encouraged to visit Karachi in order to explore trade and investment opportunities in this region. Exchanging views during her visit to KCCI, Canadian High Commissioner sounded fairly optimistic about the security situation of Karachi city which has been improving and was much better as compared to ... Read More »

FBR collects Rs 814 billion during four months of FY2105-16

ISLAMABAD: The Federal Board of Revenue (FBR) has collected net taxes of more than Rs 814 billion during first four months (July-October) of the current fiscal year as against net collection of Rs 725 billion made last year during the same period showing an increase of 12 percent. According to the provisional figures, the FBR made a net collection of more ... Read More »

RTO-I seizes record of factory owned by ex-minister’s daughter

LAHORE: Federal Board of Revenue (FBR), Regional Tax Office-I (RTO-I) has seized the record of ‘Elaan Dress Designing’ factory following the charges of tax evasion of millions rupees. As per details, a team of RTO-I’s Zone-III following the directions of Commissioner Sadia Sadaf Gillani, raided the office of the factory located in Gulberg-III. The team seized the record of the ... Read More »

Customs Court seeks track record of suspects of gold smuggling worth Rs 35b

KARACHI: The Special Court of Customs Taxation and Anti-Smuggling on Friday directed Karachi Central Jail’s superintendent to file a report whether two suspects of gold smuggling worth Rs 35 billion are involved in any other criminal cases. The court was hearing two bail applications of suspects Muhammad Zubair and Wajahat Minhas, who moved the court seeking their release on bail. ... Read More »

Shipping activity at Port Qasim

KARACHI: Five ships carrying containers, chemical, clinker bulk and edible oil were berthed at Qasim International Containers Terminal, Engro Vopak Terminal, Multi Purpose Terminal and Liquid Cargo Terminal respectively Wednesday. Meanwhile six more ships carrying Containers, LNG Rape Seed, Furnace Oil and Edible Oil also arrived at outer anchorage of Port Qasim (PQ) during last 24 hours. Berth occupancy was ... Read More »

KP govt saved Rs 5b per annum owing to premature retirement of federal loans

PESHAWAR: The KP Government has allocated Rs 8.637billion for debt servicing in year 2015-16 in order to prematurely retire federal loans and foreign exchange loans, said an official paper. Realizing the heavy debt servicing liabilities on the provincial budget, the KP Government has decided as part of its debt management strategy to retire expensive loans of the federal government. The ... Read More »

Mercedes-AMG C63 loudest, fastest and most powerful version of Mercedes C-Class

BERLIN: The Mercedes-AMG C63 is a deeply desirable, beautifully made and significantly redeveloped performance saloon that should almost be considered a totally separate model, rather than, simply, a faster, more powerful C-Class. Rivals such as the Audi RS4 and BMW M3 may offer more dynamic precision, but this is one hugely characterful brute that has an altogether more rebellious charm. ... Read More »

Mercedes-Benz introduces its new ‘Coupe’ version of GLC SUV at Shanghai Auto Show

BEIJING: Mercedes-Benz introduces its new ‘Coupe’ version of GLC SUV at Shanghai Auto Show. Due to be unveiled in the coming hours, the new GLC Coupe ‘Concept’ will enter as a smaller companion to the big GLE Coupe that debuted late last year. Just as its larger stablemate was introduced to rival BMW’s X6, the new midsized Mercedes will take ... Read More »