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KPT ships movement, cargo handling report Nov 24

KARACHI: Following were the movements of ships and cargo handling at the Karachi Port Trust (KPT) during the last 24 hours, ending at 0700 hours on Tuesday. SHIPS BERTHED: Marianne Danica General Cargo Sichem Singapore Tanker Crown Voyager Clinkers Oel Kedarnath Container Ship Cma Cgm Moliere Container Ship SHIPS SAILED: Arrow Lady Esperanza N X-Press Guernsey Sti Memphis Cma Cgm ... Read More »

Customs valuation enhanced for garments on EDE data variations

KARACHI: Pakistan Customs has enhanced the imported low-end brand garments from China and other destinations after identifying data variations in Electronic Data Exchange (EDE). The directorate general of customs valuation has issued valuation ruling No. 1484/2020 dated November 06, 2020 to enhance the values of import garments for determination duty and tax payment at customs stage. The customs authorities have ... Read More »

China supports Gwadar Port’s greater role in regional cooperation on trade, goods

BEIJING: Expressing happiness over start of international transit activities at the Gwadar Port, Chinese Foreign Ministry’s Spokesperson Zhao Lijian on Tuesday said that China supported the greater role of the port, an important component of China Pakistan Economic Corridor (CPEC) flagship project, in the regional cooperation on trade and goods. “We are glad to see the new progress. We support ... Read More »

Cutlery export increases 23.82oc in 4 months

ISLAMABAD: The cutlery exports from the country witnessed an increase of 23.82 percent during the first four months of current financial year (2020-21) as compared to the corresponding period of last fiscal year. The country exported cutlery worth US $39.060 million during July-October (2020-21) against the exports of US $31.547 million during July-October (2019-20), showing growth of 23.82 percent, according ... Read More »

LCCI forms committee on parking plazas & encroachments

LAHORE: Lahore Chamber of Commerce and Industry (LCCI) tasked its executive committee member Khadim Hussain with construction of new parking plazas in city’ s centers where space is available on public and private basis. The two time EC member is basically belong to marble business but has strong command over trading class issues. Mian Tariq Misbah the president, LCCI took ... Read More »

SC admits Zardari’s plea for transfer of NAB cases to Karachi

ISLAMABAD: The Supreme Court on Tuesday admitted for hearing a plea of former president Asif Ali Zardari seeking transfer of corruption cases filed against him in Islamabad’s accountability courts to Karachi. After an initial hearing in his chamber, Justice Umar Ata Bandial set aside the SC registrar office’s objections to the plea. The SC judge ordered that the case be ... Read More »

Collector AIIA Azmat Tahira distributes work among deputy, assistant collectors

LAHORE: Collectorate of Customs Allama Iqbal International Airport (AIIA) Azmat Tahira has issued office order for distribution of work among following officers with immediate effect and until further orders:- Usman Tariq, Deputy Collector assigned work at H.Q, MIS-I, Group-III ICG assessment, ICG examination, law, I&P, ACCU Saqib-ur-Rehman, Deputy Collector, assigned work at airport (traffic), accompanied baggage, state warehouse, export, adjudication, ... Read More »

Phone SMS included as mode of service for tax notices

ISLAMABAD: Federal Board of Revenue (FBR) expanded the scope of service tax notices and included mobile phone SMS as valid service of documents. The FBR issued SRO 1250(I)/2020 on Monday to issue draft amendment to Rule 74 of Income Tax Rules, 2002. The Rule 74 deals with legal requirement for serving of documents electronically. As per the draft rules, the ... Read More »

FBR grants CD, RD & ACD exemption on import of medical equipments for treatment of COVID

ISLAMABAD: Federal Board of Revenue (FBR) exempted customs duty, regulatory duty and additional customs duty on import of medical instruments and equipments for prevention and treatment of COVID pandemic. The FBR issued SRO 1251(I)/2020 dated November 23, 2020 to exempt whole of customs duty, regulatory duty and additional customs duty on import of around 61 items. The exemption has been ... Read More »

Coronavirus resurgence: FBR decides to cut staff strength to half

ISLAMABAD: Federal Board of Revenue (FBR) on Monday directed all the tax offices to cut the staff (BS-1 to BS-15) by 50 percent with immediate effect in the wake of resurgence of coronavirus. In a circular issued by the FBR, stated that due to resurgence of COVID-19 and keeping in view the NCOC decision, the directions/instructions to reduce the staff ... Read More »

Asia stocks lifted as Biden gets White House access

HONG KONG: Most Asian markets rose Tuesday as news that Donald Trump’s team will now work with Joe Biden to begin his transition into the White House built on optimism that vaccines could soon be rolled out around the world. However, the mood on trading floors continues to be tinged by surging virus infections and deaths that have forced governments ... Read More »

Mutilation may be re-examined of imported iron & steel re-roll able scrap from Hong Kong, SHC order

KARACHI: A division bench of the Sindh High Court (SHC) directed customs officials that the request of the petitioner for mutilation may be re-examined in accordance with law on a constitutional petition filed by Muhammad Khaliq son of Muhammad Sadiq, representative of M/s Shaban Steel Industry. On 22 November 2020 during the hearing, Dr Shahab Imran Advocate has filed vakalatnama ... Read More »

Customs court seeks progress report of mis-declaration case

KARACHI: The Customs Court directed investigation officer of Directorate of Intelligence & Investigation-Customs to complete investigation and submit progress report against suspects who are involved in mega mis-declaration of goods under the garb of ministry of foreign affairs’ exemption certificates. On 22 November 2020, investigation officer informed the court that on a credible information regarding smuggling of liquor in the ... Read More »

SECP decides to formulate digital assets law

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has decided to formulate laws related to the establishment of digital assets in the country. This was revealed by SECP Information System & Technology Director Abdul Rahim and Primary Market Approvals & Securities Market Division Additional Director Najia Ubaid during a media briefing on digital assets. Abdul Rahim said that the ... Read More »

Karachi traders reject Sindh govt’s latest coronavirus measures

KARACHI: The Karachi Electronics Dealers Association on Tuesday rejected Sindh government’s latest coronavirus measures to contain the outbreak. The provincial government has restricted markets and business centre opening hours to 6:00am to 6:00pm on weekdays and ordered it to remain shut on weekends. However, the association’s president, Muhammad Rizwan Irfan, pointed out that opening up shops at 6:00am would not ... Read More »

CDNS achieves collection of Rs27b

ISLAMABAD: The Central Directorate of National Savings (CDNS) has achieved a collective net target of Rs 27 billion by November 18 of fiscal year 2020-21. The CDNS has set Rs249 billion annual collection target for the year 2020-21 as compared to Rs352 billion for the previous year’s 2019-20 to enhance savings and promote saving culture in the country, senior official ... Read More »

PSX loses 554.66 points to close at 39,632 points

ISLAMABAD: The KSE-100 index of the Pakistan Stock Exchange (PSX) on Monday closed at 39,632 points against 40,187 points on the last working day, with negative change of 554.66 points (1.38%). A total 195,467,730 shares were traded during the day compared to the trade of 189,857,102 shares the previous day whereas the price of shares stood at Rs7.476 billion against ... Read More »

NAB notices issued to flour mills owners being held in abeyance: Justice Javed Iqbal

ISLAMABAD: Justice Javed Iqbal Chairman National Accountability Bureau (NAB) said that NAB has great regard for the valuable services of the business community in the progress and prosperity of the country. Talking to a delegation of Pakistan Flour Mills Association led by Asim Raza Khan, Chairman Punjab Flour Mills Association comprising of Muhammad Riaz, former Chairman Punjab, Muhammad Jamil, former ... Read More »

SBP maintains policy rate at 7pc

ISLAMABAD: The State Bank of Pakistan (SBP) Monday decided to maintain the policy rate at 7 percent, according to statement issued by the bank. The Monetary Policy Committee (MPC) of the bank during its meeting noted that since the last meeting in September, the domestic recovery has gradually gained traction, in line with expectations for growth of slightly above 2 ... Read More »

LHC restrains FBR in Tareen’s sugar mills audit case

LAHORE: A bench of Lahore High Court on Monday issued stay order against the Federal Board of Revenue (FBR) notices to JDW Sugar Mills of Jahangir Tareen. The sugar mills has approached the high court challenging its selection for audit by the Inland Revenue department of the FBR. Justice Jawad Hassan heard the petition of the sugar mills against the ... Read More »