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Author Archives: Saleem Jadon

3,249kg gold imported during July

LAHORE: During the first month of current fiscal year, about 3,249 kilogram of gold worth of $134.92 million was imported which showed an increase of 1,119.88 per cent against the same period of last year. According to Pakistan Bureau of Statistics (PBS) data, about 199kg of gold worth $11.06 million was imported in July 2012. The import of gold also ... Read More »

Mobile imports drop in June-July

LAHORE: The mobile phone imports into the country decreased by 15.16 per cent and 34.87 per cent during the months of June and July as compared to the imports during the same period last year respectively. According to Pakistan Bureau of Statistics (PBS) data, the imports of mobile phones into the country during July 2013 were recorded at $44.678 million ... Read More »

PRA serves notice to KFC, OCS for ST on service recovery

LAHORE: Punjab Revenue Authority (PRA) has served notice to KFC and OCS courier service for the recovery of sales tax on services. Official sources said that both KFC and OCS have been served notices for recovery of Rs 10 million and Rs 5.0 million respectively. Sources said that KFC and OCS have been evading tax for the last three months. ... Read More »

LSE to hold corporate briefing programme for OGDCL on 12th

LAHORE: Lahore Stock Exchange (LSE) Limited is scheduled to hold Corporate Briefing Programme (CBP) for Oil and Gas Development Company Ltd (OGDCL) on September 12 at the LSE Auditorium. The representatives of OGDCL will inform investors about company’s financial statements and short term as well as long term projects. The CBP is an opportunity for investors to better understand the ... Read More »

Govt urged to invest in oil exploration to control POL prices

LAHORE: Lahore Chamber of Commerce and Industry (LCCI), expressing concern over recent price hike in petroleum products, has urged the government to make more investment in oil exploration projects as new discoveries will help tackle the oil price issue. In a statement issued here, LCCI President Farooq Iftikhar said that the government would not be able to put economy back ... Read More »

47 candidates to vie for LCCI polls

LAHORE: A total of 47 candidates have filed their nominations for the upcoming Lahore Chamber of Commerce and Industry (LCCI) polls. 21 candidates filed papers for Corporate Class while 26 submitted nominations for Associate Class seats. LCCI Secretary General Syed Muhammad Saqlain received the nomination papers. Final list of candidates will be issued on September 19 while polls for Corporate ... Read More »

Govt urged to abolish 2% GST from zero-rated sectors

KARACHI: Council of All Pakistan Textile Associations (Capta) Chairman Zubair Motiwala has urged the federal government to abolish 2% GST from the zero-rated sectors to ease their financial positions. He, leading the scores of representatives from different value-added textile associations, held a meeting with Federal Secretary Commerce Qasim M Niaz at PHMA House to discuss the key obstacles to the ... Read More »

FBR likely to endorse new Audit Policy for 2012

ISLAMABAD: Federal Board of Revenue (FBR) is likely to endorse new Audit Policy for 2012 in the meeting of Board-in-Council for carrying out income tax and sales tax audit of returns filed in Tax Year 2012. Sources said that after approval of the policy, the FBR would make separate parameters for selection of cases relating to income tax (corporate and ... Read More »

CNG sector exempted from registration requirement

ISLAMABAD: The compressed natural gas (CNG) sector has been exempted from the registration requirement as Finance Minister Ishaq Dar approved a summary in this regard. Though the notification for exemption has not yet issued, Federal Board of Revenue (FBR) has directed the gas utility companies not to charge additional 6 per cent taxes from the CNG stations until the issuance ... Read More »

FBR for addressing KCAA issues regarding WeBOC

ISLAMABAD: Federal Board of Revenue (FBR) has taken action on issues raised by Karachi Customs Agents Association (KCAA) regarding clearance of imported consignments under the Web Based One-Customs (WeBOC). FBR has ordered the relevant customs collectorates to resolve the issues pointed out by KCAA, sources revealed. The Board has examined KCAA complaints, which include a number of issues relating to ... Read More »

Seema Majid appointed as DG WHT in FBR

ISLAMABAD: Federal Board of Revenue (FBR) has appointed Seema Majid (Inland Revenue Service/BS-20) as new Director General Withholding Taxes FBR Islamabad. According to a notification, Sajjad Haider Afzal Cheema (Inland Revenue Service/BS-21) has been posted as Director General, Directorate General of Internal Audit (Inland Revenue), Islamabad. Seema Majid has been transferred from Commissioner Inland Revenue (WHT), Regional Tax office, Islamabad ... Read More »

Thailand seizes 100kg of ivory from Africa

BANGKOK: Thai customs said they had arrested two Vietnamese air passengers after finding more than 100kg of ivory in their luggage on a flight from Angola. The haul, which included whole tusks, ivory beads and shaped cubes which could be used for carving, was worth around $500,000, customs. It was found in luggage belonging to a Vietnamese man and woman ... Read More »

Kyrgyz, Azerbaijani customs services to expand ties

The customs services of Kyrgyzstan and Azerbaijan vow to expand and strengthen cooperation. This became clear during a meeting between the head of Kyrgyzstan’s Customs Service Adamkul Junusov and Azerbaijan’s ambassador to Kyrgyzstan Hidayat Orujov. The parties mentioned their active multilateral cooperation, which is carried out under the CIS Council of heads of customs services, World Customs Organization – via ... Read More »

Sri Lankan customs makes largest drug bust in South Asia

ORUGODAWATTA: Sri Lankan customs officials have made largest-ever drug bust of South Asia by seizing more than 100kg of heroin. It is believed the container loaded with drugs had been brought down from Pakistan. Meanwhile, police said two suspects who allegedly imported the container have been arrested. It added the drug bust was the result of a two month long ... Read More »

Suriname president’s son held on US drug smuggling charges

A son of Suriname’s president has been arrested in Panama and sent to New York to face charges of smuggling cocaine into the United States. An indictment against Dino Bouterse filed in a federal court in the Southern District of New York, alleges the 40-year-old imported more than five kilograms of cocaine into the United States between December 2011 and ... Read More »

‘Sino-Pak corridor to benefit 3 billion people’

ISLAMABAD: Ahsan Iqbal, Minister for Planning and Development, has said that building of Pak-China corridor and intra-regional linkages among Asia, Central Asia, Middle East and Iran will benefit about three billion people. He stated this at a lecture delivered by the visiting China’s National Development and Reform Commission (CNDRC) Vice Chairman Zhang Xiaoqiang at Planning Commission. The CNDRC vice chairman ... Read More »

Govt urged to reform ports to improve ranking

KARACHI: The shipping and communications experts have urged the government to start reforms at ports as soon as possible in order to improve the country’s ranking in international ports. The experts, speaking at a world conference and an exhibition of Multi-Modal Transportation and Logistics – INTERTRANS 2013 at a local hotel, urged the government to increase trade with other countries ... Read More »

Five held in Australia’s largest anti-smuggling raids

SYDNEY: Five men from Iran, Pakistan and Afghanistan have been arrested and accused of facilitating the passage of up to 132 asylum-seekers boats in Australia’s largest-ever people-smuggling sting, police said. The men – an Iranian, 21, a Pakistani national, 46, and three Afghans aged 40, 34 and 33 – were detained in a major nationwide operation bringing together 12 months ... Read More »

Four charged with scorpion smuggling in NZ

QUEENSTOWN: Four people have been charged with smuggling live scorpions into Queenstown from Australia. Ministry of Primary Industries investigators charged the men with breaches of the Biosecurity Act after six black rock scorpions were allegedly smuggled from Australia through Christchurch International Airport and then into Queenstown. The four-month biosecurity investigation started in April and was codenamed Operation Rock. Three defendants ... Read More »

Yemen smugglers disguise explosives as fruit juice

SANA’A: Yemen police have stopped potential terrorist attacks by foiling an attempt to smuggle explosive materials through Sana’a airport. An anonymous security source said that police at Sana’a airport had confiscated a package of explosives disguised as juice and soft drink. The source boasted that the country’s biggest airport managed to discover the items that passed through many other international ... Read More »