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Pakistan’s first in-depth newspaper that presents balanced news reports, analysis and reviews regarding Customs, Federal Board of Revenue (FBR) and Sales/Income Tax Departments beside covering import and export sectors comprehensively. Up-to-the-minute news bulletins regarding Customs and FBR departments are also displayed regularly on both website and face book for the interest of common people

Proprietor of M/s Khalil Hnif Impex approaches SHC for removal of name from ECL

KARACHI: Khalil-ur-Rehman, proprietor of M/s Khalil Hnif Impex approached the Sindh High Court (SHC) for removal of his name from Exit Control List (ECL) which was placed due to his alleged involvement for illegal benefit obtained through refund of tax. On November 14, 2019, counsel for the petitioner filed constitutional petition and argued that petitioner is doing export business and ... Read More »

Customs Court approves remand of accused involved in mobile phones smuggling case

KARACHI: The Customs Court sent suspects namely Saad son of Abdul Samad and Abdullah Khan son of Iqbal Ahmed Khan on physical remand who were booked in a case of attempting to smuggle foreign mobile phones. On November 14, 2019, investigation officer customs preventive produced the above mentioned suspects before the court and informed that suspects were coming from Dubai ... Read More »

LTU detects tax evasion of Rs100b from July to October of FY2019-20

KARACHI: The country’s corporate sector has been found involved in at least Rs100 billions of tax evasion and avoidance during the last four months, senior Large Taxpayers Unit (LTU) revealed on Thursday. Inland Revenue Commissioner Zulfiqar Memon and Girdhari Mal while addressing a press conference said that Large Taxpayers Unit (LTU) Karachi, unearthed Rs100 billion worth of tax fraud in ... Read More »

Tax evasion: Customs Court seeks charge sheet against M/s Iffat Enterprises & M/s Akhtar & Sons evasion case

KARACHI: The Customs Court directed investigation officer to complete investigations and submit charge sheet against Hassan Raz, proprietor of M/s Iffat Enterprises and owner/ partners of M/s Akhtar & Sons and other to be ascertained during the course of investigation, who were booked in a case of evasion of duties and taxes in the tune of Rs6,825,718. On November 12, ... Read More »

Mobile phones commercial imports increase by 110pc

KARACHI: The successful implementation of the new mobile phone registration system, introduced by the Pakistan Telecommunication Authority, has resulted in a significant increase in commercial imports of mobile phones. According to statistics available with the media, commercial import of mobile phones has increased by 110 per cent in one year. In the year 2018, 9,564,424 mobile phones were imported, whereas ... Read More »

SBP’s reserves rise $40m to $8.39b

KARACHI: The State Bank of Pakistan’s (SBP) reserves increased by $40 million to $8.39 billion during one week ending on November 8. According to the central bank, the total liquid foreign reserves held by the country stood at $15.50 billion. The break-up of the foreign reserves position is as under: Foreign reserves held by the State Bank of Pakistan: $8.39 ... Read More »

Customs Court approves remand of suspects booked in HSD oil smuggling case

KARACHI: The Customs Court approved physical remand of seven suspects and sent them to customs lock-up who were arrested in a case of attempting to smuggle 10112 liters high speed diesel through wooden lunch. On November 13, 2019, investigation officer produced the suspects namely Ibrahim Shah, Rahim Sajeed, Abdul Latif, Asif Khan, Rahmat Khan, Amroz Khan and Sabir Rahim and ... Read More »

DGTT to withdraw requirement of 0.25pc premium of duty/taxes to get insurance against transit cargos

KARACHI: Directorate General Transit Trade (DGTT) reportedly agreed to withdraw its mandatory requirement of depositing 0.25 percent premium of duty and taxes to obtain insurance guarantee against goods declarations (GD) of transit cargos. The decision was made at a meeting held at DGTT here on Tuesday. The meeting was attended by the representatives of all major insurance companies and office-bearers ... Read More »

Customs ASO impounds 16 tons of smuggled goods from Jodia Bazar

KARACHI: Collectorate of Customs Preventive Anti-Smuggling Organization (ASO) recovered huge quantity of smuggled goods including betel nuts from warehouses at Jodia Bazar Karachi. According to sources Collector Preventive Saquib Saeed received credible information about storage of huge quantity of non-duty paid goods in Jodia Bazar. Sources told that the collector immediately constituted an anti-smuggling squad under the supervision of Iftikhar ... Read More »

Petition filed by Atlas Honda challenges SROs 630/2018 & 670(1)/2019

KARACHI: The Sindh High Court (SHC) directed customs officials to file their para wise comments on a constitutional petition filed by Atlas Honda Limited against imposition of additional customs and other duties under the garb of impugned SROs 630/2018 & 670(1)/2019 within 5 years period on its imported items. On 12 November 2019, a two-member bench headed by Justice Aqeel ... Read More »

Customs Court approves charge sheet against M/s Hamdan Trading

KARACHI: The Customs Court approved interim charge sheet against Hayatullah, proprietor of M/s Hamdan Trading who violated the import policy and imported restricted goods comprising used auto parts, EDU toilet perfume, used petrol/diesel engine, etc. On 12 November 2019, investigation officer of Customs Appraisement West submitted interim charge sheet and informed the court that on an actionable information the consignment ... Read More »

SBP denies discontinuation of Rs5000 currency notes

KARACHI: The State Bank of Pakistan (SBP) has rejected the reports regarding the discontinuation of Rs5,000  currency notes, according to media. “SBP has not submitted any such proposal which could result in discontinuation of the 5,000 Rupees banknote. Such news items are baseless,” said spokesperson of SBP. SBP further clarified that any such action is announced well in advance and ... Read More »

Exporters play vital role in national economy: SBP governor

KARACHI: The Governor of the State Bank of Pakistan (SBP), Reza Baqir, said on Tuesday that exporters play an important role in the national economy which primarily reduce the poverty level of any country, according to media. Reza Baqir, while detailing the economic improvements during a press briefing, said that the financial institutions are working on strategies to open doors ... Read More »

SHC connects several petitions regarding lodging FIRs against M/s Ali & Co, others

KARACHI: The Sindh High Court (SHC) connected several constitutional petitions regarding lodging first information reports (FIRs) against clearing agents of M/s Ali & Co and others, who were nominated in mega tax evasion scam. On 11 November 2019, a two-member bench, headed by Justice Aqeel Ahmed Abbasi also directed officials of customs department to file their comments on next date ... Read More »

Overseas workers’ remittances rise 14.46pc to $2b in October

KARACHI: Overseas Pakistanis remitted $7.47 billion in the first four months (July to October) of FY20, compared with $7.61 billion received during the same period in the preceding year, according to official data released by the State Bank of Pakistan (SBP) on Tuesday. During Oct this year, the central bank said, the inflow of remittances amounted to $2 billion, which ... Read More »

Customs Court approves remand of suspects booked in mobile phones smuggling case

KARACHI: The Customs Court sent suspects Muhammad Jawaid and Irshad Khan to customs lock-up on physical remand who are booked in a case of attempting to smuggle non-duty paid foreign origin mobile phones etc. On November 11, 2019, investigation officer of Customs Collectorate Jinnah International Airport, Karachi produced them before the court and informed that on actionable information, the above ... Read More »

Habibullah Khan and 65 officials of QICT under NAB radar: Executive board approves inquiry

KARACHI: The National Accountability Bureau (NAB) has approved an inquiry against Habibullah Khan, alleged owner of the Qasim International Containers Terminal (QICT) and other 65 officials, in country’s biggest Ports and shipping scandal. NAB’s Executive Board meeting was held under the Chairmanship of Justice (r) Javed Iqbal in Islamabad where five inquiries were approved including inquiries against Habibullah Khan of ... Read More »

Sarfraz Warriach’s DGTT detects replacement of transit goods by M/s E-Movers

KARACHI: Directorate General of Transit Trade (DGTT) Director General Sarfraz Wrriach detected replacement of high tariff goods with low value goods of consignment en-route to Afghanistan. According to sources, the Directorates of Quetta and Peshawar were advised by the Director General Sarfaraz Warraich to tighten vigilance at Customs Station Chaman and Torkham to countering the pilferage attempt. Collector MCC Preventive ... Read More »

M/s Iffat Enterprises, M/s Akhtar & Sons approach SHC against lodging of FIR

KARACHI: M/s Iffat Enterprises and M/s Akhtar & Sons has approached the Sindh High Court (SHC) against lodging first information report (FIR) and show cause notice issued by Customs Collectorate Appraisement East for charges of evasion of duty and taxes amounting to Rs4,350,579. On November 9, 2019, counsel for the petitioner filed constitutional petition and informs the court that petitioner ... Read More »

SHC calls comments on petition filed by M/s Nusrat Corporation

KARACHI: The Sindh High Court (SHC) directed customs department and deputy attorney general to file their para wise comments on a constitutional petition filed by M/s Nusrat Corporation challenging valuation ruling no 1352/2019 and seeking provisional release of its consignment comprising chlorinated paraffin (kanachlor OPT). On November 8, 2019, a two-member bench, headed by Justice Aqeel Ahmed Abbasi heard the ... Read More »