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Author Archives: Saleem Jadon

Gold import rises during July-October

KARACHI: Pakistan’s gold import has increased by 136.45 percent during July-October 2013 as compared to the same period of previous fiscal year, according to the data showed by the Pakistan bureau of statistics (PBS). PBS data revealed that gold import stood at $138.150 million during July-October 2013 as compared to $58.424 million during the corresponding period last year. In terms ... Read More »

Dastgir given portfolio of Commerce Minister

ISLAMABAD: Prime Minister Nawaz Sharif has changed the portfolio of Minister of State Khurram Dastagir Khan by taking away the portfolio of Privatisation from him. According to a notification, Dastagir has been appointed Minister of State for Commerce and Textiles. The portfolio of Privatisation is now vacant. In addition to his current portfolio, Dastagir also heads the National Assembly’s Standing ... Read More »

FBR urged to address SRO issue

KARACHI: The Pakistan Automotive Manufacturers Association (PAMA) has urged Federal Board of Revenue (FBR) to resolve the issue of SRO released in the light of Economic Coordination Committee’s (ECC) decision, which if not amended, will have severe consequences for consumers and industry as well. The DG-PAMA, in a letter to the FBR chairman, said motorcycle industry cannot afford any cost ... Read More »

Arms smuggling bid foiled near Peshawar

PESHAWAR: The law enforcement agencies have foiled a bid of arms smuggling in the outskirts of the provincial capital and arrested the accused person. As per details, the police on a tipoff that huge cache of arms and ammunitions would be smuggled out from tribal areas to the country, intercepted a truck near Mathani. Ten pistols, 11,840 rounds, one rifle ... Read More »

Putin arrives in Armenia amid protests against Customs Union

YEREVAN: Russian President Vladimir Putin has arrived in Yerevan, where some 1,000 activists protested his visit and Armenia’s plans to join a Russian-led Customs union. Putin met with Armenian counterpart Serzh Sarkisian and agreed that Russia would sell Armenia natural gas for $189 per 1,000 cubic meters, roughly half the price Russia charges countries in Europe. Putin also agreed to ... Read More »

Lebanese Customs thwarts cocaine smuggling from Brazil

BEIRUT: Customs agents at Beirut’s Rafik Hariri International Airport have thwarted an attempt to smuggle several kilograms of cocaine into Lebanon from Brazil. According to a news agency, a 37-year-old Brazilian was arrested after the agents found 6 kilos of the drugs stashed “professionally” in a briefcase with a double bottom. The suspect, who was only identified by his initials ... Read More »

Albania’s customs revenue collections exceed expectations in Nov

TIRANA: Albanian Customs Director General Elisa Spiropali has said that Albania’s customs revenues have increased significantly in November, exceeding previous revenue projections. “Over the past two months since the beginning of the Customs Administration reform, in the October-November 2013 period Customs Administration has collected a total of 2.2 billion lek ($22 million) more than it was collected during same period ... Read More »

Giant heroin haul went past checks: Vietnam customs

Hồ CHÍ MINH CITY: The 229 kilograms of heroin on board a Taiwan-bound plane went undetected at Tan Son Nhat International Airport on November 16 because the consignment was sent through a channel that does not subject goods to scrutiny, a customs official said. Tran Ma Thong, deputy chief of the Ho Chi Minh City Customs Department, told the press ... Read More »

Iran customs, tax income to hit $25.7b this year

TEHRAN: The Iranian administration has said that customs and tax income are projected to hit 640 trillion rials (about $25.7 billion) this year. The authorities have set oil price to $100 per barrel in the next year’s national budget bill. The next Iranian calendar year begins on March 21, 2014. The US dollar exchange rate has also been set to ... Read More »

MCCI asks govt to give 10-year tax relief to South Punjab

MULTAN: Multan Chamber of Commerce & Industry (MCCI) has demanded the government to declare South Punjab as tax-free zone for 10 years to attract the investors and other incentives. The entire business community of the region has also lauded the measures and package announced by Prime Minister Nawaz Sharif for economic revival. MCCI President Khawaja Muhammad Usman said that due ... Read More »

FBR Directorate of Reforms to hold a meeting on Dec 10 for induction of some modules in WeBOC

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New BoI members appointed

PESHAWER: Sarhad Chamber of Commerce and Industry President Zahidullah Shinwari and Khyber Electrical Lumps Manufacturers Company Limited Chief Executive Husnain Khurshid Ahmad have been appointed as members of Federal Board of Investment (BoI). A notification has already been issued by PM office in this regard. Read More »

Business community says no to shifting of TDAP HQs

KARACHI: Karachi Chamber of Commerce and Industry (KCCI) and the entire business community of the city have strongly opposed any attempt to move the headquarters of Trade Development Authority of Pakistan (TDAP) from Karachi to Islamabad. In a statement, the KCCI president has expressed deep concerns over reports of shifting TDAP headquarters from Karachi to Islamabad. KCCI President Abdullah Zaki ... Read More »

Seafood catch, export down

KARACHI: A plunge in fish and shrimp catch has been observed in the month of October. It is estimated that about 40 percent catch has been reduced in October as compared to corresponding month the last year. This has resulted in seafood export decline by $2.861m in October this year, exporters has said. Data from Pakistan Bureau of Statistics (PBS) ... Read More »

FBR collects Rs806b in July-Nov, misses target

ISLAMABAD: Federal Board of Revenue has collected Rs806 billion during the period between July to November 2013-14 against the target of Rs 841 billion, showing a shortfall of Rs35 billion. According to sources, FBR has collected Rs120 billion more revenue as its provisional collection has crossed Rs806 billion during first five months of the current tax year against Rs686 billion ... Read More »

Victim of Torkham Customs House blast dies

LANDIKOTAL: A victim of Torkham Customs House suicide attack has died at the Lady Reading Hospital in Peshawar, family and hospital sources said. Asadullah, 29, resident of Khogakhel area in Landikotal, had received head injuries and died after two-week treatment at the LRH. He was among the 24 victims of the November 21 attack at the Torkham Customs House. Asadullah ... Read More »

High Court issues notices to President, FBR

LAHORE: Lahore High Court (LHC) has issued notices to Federal Board of Revenue and the President of Pakistan, who have ignored the FTO’s order, in which FBR was directed to take immediate steps to stop anomalies in income tax slabs for salaried class under Finance Act, 2012. As per the order, the FTO has proposed revision in the tax slabs ... Read More »

Huge pilferage in Nato supply of POL products uncovered

KARACHI: Federal Board of Revenue (FBR) Director General Intelligence and Investigation (I&I) has uncovered massive theft of petroleum products while being supplied to Isaf and Nato forces in Afghanistan. According to official sources, the directorate has reported that several companies and contractors are transporting duty-free POL products to Afghanistan, but the supply is decanted before reaching the destination, which is ... Read More »

Kuwait rejects Pakistani consignments of seafood products

KARACHI: Pakistan’s fresh seafood consignments have been rejected by the Kuwaiti authorities due to alleged poor quality. Pakistan Fisheries Exporters Association (Pakfea) Chairman Faisal Iftikhar informed media that some weeks ago, Saudi Arabia had also rejected Pakistan’s seafood on quality grounds. He said, “Kuwait, that is one of the biggest seafood markets for Pakistan, cancelled import orders of about 15,000 ... Read More »

Soybean, palm oil import down

LAHORE: Import of edible oil in the country including soybean and palm oil witnessed decreasing trend during first four months of current financial year as compared to same period of last year. According to the data provided by Pakistan Bureau of Statistics (PBS), during the period from July-October, 2013, the import of soybean oil decreased by 20.28 percent and reached ... Read More »