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Author Archives: Saleem Jadon

Dar says FBR on track to achieve its set target

ISLAMABAD: Federal Minister for Finance Ishaq Dar has reiterated his commitment to achieve FBR’s annual tax collection target of Rs2,475 billion saying, “In view of fiscal framework, it is imperative that Federal Board of Revenue (FBR) achieves its desired target of Rs2,475 billion, otherwise development spending will become victim in case of slippages on account of revenues”. No further room ... Read More »

LHC summons FBR chairman to report on arms import case

LAHORE: The Lahore High Court has summoned Federal Board of Revenue (FBR) Chairman to explain the action taken against customs officials involved in an arms import case. Justice Muhammad Khalid Mehmood Khan passed the orders on a petition filed by Sultan Ali, an arms dealer, for quashing a prohibited arms import case. Sultan through his petition submitted that he imported ... Read More »

Oman Customs officials foil diesel smuggling bid

MUSCAT: Customs officials foiled an attempt to smuggle diesel at the Wadi Jizi border post through the Kitnah area. A truck, being used at one of the crushers, off loaded the diesel to an oil tanker for sale in the black market. In another incident, two trucks loaded with diesel were also seized in the same area while the suspects ... Read More »

Azerbaijan extends more customs duties, VAT exemption for non-oil sector

BAKU: The Cabinet Ministers of Azerbaijan has doubled the validity of its Decision #17 from 25 January 2011, which amends Decision #91 from 22 April 1998 on the rates of customs duties on export & import activities and Decision #11 from 31 January 2005 on the list of VAT-exempted imported goods. Under Decision #325, the period of customs duty & ... Read More »

NZ to review customs & excise law

WELLINGTON: The New Zealand government is to review the Customs and Excise Act 1996. According to Customs Minister Maurice Williamson, the existing legislation is “restrictive.” He believes that “constant changes in the border environment mean that legislative amendments continually have to be made to authorise Customs’ use of new technology and operating methods at the border.” The aim of the ... Read More »

Lizard off the menu as HK customs seizes rare reptiles bound for dinner plates

HONG KONG: A shipment of lizards bound for dining tables on the mainland was seized in a joint anti-smuggling operation by police and customs in Tuen Mun. The 288 live reptiles, up to 1.5 metres long, were common water monitors, a protected species, and were believed to have been brought in from an Asian country, the Customs and Excise Department ... Read More »

RTO Lahore sets up 13 tax facilitation kiosks

LAHORE: Regional Tax Office (RTO) Lahore has set up 13 Tax Facilitation Kiosks to facilitate the taxpayers in filing income tax returns and statements. Sources said that the regional tax office took this step to encourage taxpayers and in this regard, the RTO Lahore has established these Kiosks on the directions of FBR. Following are the names and addresses of ... Read More »

Online taxpayers in worry

KARACHI: The government has granted exemption to the taxpayers having an annual income of less than one million rupees. However, it has not yet been updated on FBR’s official website due to which the taxpayers are facing problems in filing their income tax returns. FBR’s official website is not accepting income tax returns without wealth statement which is not required ... Read More »

APTMA, NDU share concerns over textile industry

LAHORE: An interactive session on National Economic Security has been organized by All Pakistan Textile Mills Association (APTMA) for the course participants of National Defence University (NDU) the other day at the Royal Palm Golf Country Club. On the occasion, APTMA panels made presentations on cotton production, energy crisis, international trade and interest rate regime in connection with the textile ... Read More »

Dubai Customs releases Marine Guidelines

DUBAI: The Coastal Customs Centres Department at Dubai Customs has issued a Handbook of Marine Guidelines for Traditional Vessels, within the framework of its commitment to educate traditional customers; particularly shipmasters and seamen of traditional ships travelling to and from Dubai, raise the level of safety and security for Dubai Creek visitors, and reduce the procedural offences and violations that ... Read More »

FPCCI for increased trade volume between Pakistan and India

ISLAMABAD: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) demands Most Favoured Nation (MFN) status for India. This was said by FPCCI President Malik Zubair Ahmad while addressing a round table moot on “India Pakistan Economic Relations; The Next Milestone” in New Delhi organised by the Federation of Indian Chambers of Commerce and Industry (FICCI). He further said, “I ... Read More »

SCCI concerned over new Afghan-Pakistan transit trade pact

PESHAWAR: Sarhad Chamber of Commerce and Industry has shown deep concerns over the new Afghan-Pakistan transit trade agreement and urged the government to address the issues being confronted by traders and exporters, attached with the Afghan transit trade business. SCCI President Zahidullah Shinwari expressed these views while chairing a meeting at the Chamber House. Vice President Mohammad Taimoor Shah, Pak-Afghan ... Read More »

FBR yet to implement FTO’s order

ISLAMABAD: The Federal Tax Ombudsman’s (FTO) ruling against the tax officials responsible for issuing Circular 06 of 2009 is yet to be implemented by Federal Board of Revenue (FBR). After issuance of the mentioned circular, FBR inserted clause 79 in the Second Schedule of the Income Tax Ordinance 2001 without approval of the Parliament. This was deemed by FTO as ... Read More »

Directorate General Customs I&I uncovers under-invoicing scandal

KARACHI: The Directorate General of Intelligence & Investigation (Customs) Karachi has uncovered a scandal of under-invoicing on the import of kraft liner board and sack kraft paper. Meanwhile, Directorate General of Customs Valuation Karachi has released new Customs values of above said items under section 25-A of the Customs Act, 1969 for accurate assessment of Customs duty at import stage. ... Read More »

Notification of transporters’ demands to be issued soon

ISLAMABAD: Federal Board of Revenue (FBR) will soon issue a notification regarding protesting transporters’ demands accepted by Finance Minister Ishaq Dar during negotiation with them at the Karachi House. FBR Spokesman Shahid Hassan said that the draft of agreed demands regarding concession in tax has been sent to the Finance Ministry, which would be released in coming days after ministry’s ... Read More »

Lankans arrested for gold smuggling

COLOMBO: Two Sri Lankans have been arrested at the Tiruchi airport with gold smuggled via Colombo. About 2.8kg of gold allegedly smuggled by three persons, who arrived in Tiruchi by a Sri Lankan Airlines flight from Colombo, was seized by Customs officials at the Tiruchi airport. An Indian newspaper reported that the seizure was made during checks conducted by the ... Read More »

Vegetable, fruit trade reaches $1.75b in first half of 2013: Dubai Customs

DUBAI: Dubai has bolstered its good standing in the fruit and vegetable trade by fostering growth in the international trade of these items. According to statistics issued by Dubai Customs, the emirate’s trade in these foodstuffs amounted to about AED 6.4b ($1.75b) in the first half of 2013, compared to AED 5.4b in the first half of 2012. This increase ... Read More »

Anhui, Shanghai step up cooperation in customs clearance

ANHUI: Manufacturers and traders in East China’s Anhui province will find it easier to conduct foreign trade, thanks to a cooperation network on customs clearance for the Yangtze River port cities as well as the establishment of Shanghai Free Trade Zone (FTZ). The network allows enterprises in Anhui, Zhejiang and Jiangsu provinces and Shanghai to declare to local customs before ... Read More »

Indonesia executes Pakistani drug smuggler

JAKARTA: The Indonesian authorities have executed a Pakistani man who was convicted of smuggling drugs into the country. Attorney General’s Office spokesman Setia Untung Arimuladi says Muhammad Abdul Hafeez was shot dead by a firing squad early Sunday in Banten province, west of Jakarta. The 44-year-old Hafeez was arrested in June 2001 upon arrival at Soekarno-Hatta airport after customs officers ... Read More »

Armenia to lose out three-fold on customs duties by joining Customs Union

YEREVAN: Former PM and opposition deputy Hrant Bagratyan said Armenia will lose out three-fold on customs duties by joining the Customs Union. “If Armenia has decided to join the Customs Union, then it will have to apply import duties three times higher than in Europe,” Bagratyan said during the debates on the 2014 draft budget. Thus, according to the World ... Read More »