Tuesday , January 21 2020
Breaking News
Home / Karachi


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

CIR submits FIR against M/s Paramount Industries in sales tax evasion case

KARACHI: The Customs Court directed investigation officer of Commissioner Inland Revenue Zone-I to complete investigation against Haroon Rehman Khan, owner of M/s Paramount Industries, who is nominated in a case of Rs84,988,515 sales tax evasion scam. On 20 January 2020, investigation officer submitted first information report (FIR) against the above mentioned importer and informed the court that M/s Paramount Industries ... Read More »

LaGuardia Logistic moves SHC against detention of jet fuel & oil tanker

KARACHI: LaGuardia Logistic Private Limited has approached the Sindh High Court (SHC) and filed a constitutional petition against detention of 49,125 liters jet fuel (JP-8 Type Fuel) sold by PSO to Nordic Camp Supply to be delivered to ISAF/NATO at Kandahar, Afghanistan. On 17 January 2020, counsel for the petitioner stated in its petition that petitioner undertook to transport 49,125 ... Read More »

TPL Trakker starts first container tracking services from Gwadar Port

KARACHI: TPL Trakker Ltd., a wholly owned subsidiary of TPL Corp, has kicked off container tracking services from Gwadar Port. TPL Trakker Chief Executive Officer (CEO) Sarwar Ali Khan, said, “We are proud of the Government’s ambitious blueprint for the long-term development of Gwadar Port and are looking forward to the materialization of the Gwadar Smart Port City master plan. ... Read More »

PM approves containers scanning project under Afghan Transit Trade

KARACHI: Prime Minister Imran Khan has approved a project costing €250 million to scan 100 percent imported containers shipping goods under Afghan Transit Trade project. The project would be completed in three phases by December 2020 and the pilot operation would start in April 2020. Under the project, special scanners would be installed at all crossing points and custom clearing ... Read More »

Customs Court dismisses application for transfer of case to NAB Court against M.M Trading Co

KARACHI: The Customs Court dismissed the application filed by National Accountability Bureau (NAB) seeking transfer of case from customs court to NAB court against M/s M.M Trading Co and others, who were booked in a case of attempting to evade duties and taxes on the tune of Rs40,097,627. On 18 January 2020, after the hearing, court passed order that “there ... Read More »

Tax evasion: Customs Court directs CIR to complete investigation against M/s Escord Enterprises

KARACHI: The Customs Court directed investigation officer to complete investigation against Muhammad Younus Sayani son of Muhammad Yousuf Sayani, owner of M/s Escord Industries old name Younus Enterprises and registered and un-registered accused persons, who are nominated in first information report (FIR) amounting to Rs31,312,758 sales tax evasion case. On 18 January 2020, investigation officer of Commissioner Inland Revenue Zone-I ... Read More »

Current Account Deficit narrows 80pc in December

KARACHI: Pakistan’s Current Account Deficit narrowed to $367 million in December 2019 compared to $1.88 billion in same month of the previous year, showing a massive decline of 80 percent, State Bank of Pakistan reported. On average, the current account deficit also registered a steep fall of 75 percent as it fell to $2.153 billion in first half (Jul-Dec) of ... Read More »

CIR submits FIR against M/s Oriental Chemical Industries in sales tax evasion case

KARACHI: Customs court directed investigation officer of Commissioner Inland Revenue Zone-I to complete investigation against Syed Jawad Arshad sib Syed Monawar Ali, owner of M/s Oriental Chemical Industries and others, who are booked in a case of commission of tax fraud by obtaining sales tax refund on the strength of fake and flying invoices and false zero rated supplies without ... Read More »

I&I-FBR submits challan against M/s International Business Network & others

KARACHI: The Customs Court approved charge sheet against owner/ director of M/s International Business Network, M/s Manzar International, M/s Aftab Company and others, who were absconders in a case of attempting to Rs8.814 million tax evasion. On 17 January 2020, investigation officer submitted charge sheet and stated that during the investigation, it was found that on credible sources that M/s ... Read More »

Customs ASO to hold auction of used vehicles on Jan 20

KARACHI: Collectorate of Customs Preventive, Anti-Smuggling Organization (ASO) will hold auction of non duty paid vehicles on January 20, 2020 at ASO Headquarters, NMB Wharf, Ghas Bandar, East Wharf, Karachi. Following vehicles to be presented for auction: Toyota Lexus Car – Reg No. UC-868 -Model-2006-(As per seat Belt) Chassis: JTHBG 963905034702 / Engine EMH-3 GR-FE158467 – 3485 cc. Toyota Harrier ... Read More »

Customs will provide all possible facilities to importers: Nadeem Memon

KARACHI: Collectorate of Customs Appraisement East Collector Dr. Mohammad Nadeem Memon has assured to solve the problems facing the commercial importers at the import level and also provide all possible facilities. While talking to a delegation called by Pakistan Chemicals & Dyes Merchants Association (PCDMA) Chairman and former Director of Pakistan Stock Exchange, Amin Yousuf BalgamWala. Amjad Yaqoob, Muhammad Idrees ... Read More »

SHC directs to arrange visas for India for importing medicines

KARACHI: The Sindh High Court (SHC) directed ministry for foreign affairs Government of Pakistan to arrange visas and other necessary documents for inspection of pharmaceutical manufacturing companies in India on a petition filed by several pharmaceutical importers companies against delay of several tips of medicines. On 16 January 2020, a two-member bench, headed by Justice Muhammad Ali Mazhar was hearing ... Read More »

Court extends Khursheed Shah’s judicial remand for 17 days

SUKKUR: Accountability court on Friday has extended judicial remand of PPP leader Khursheed Shah for 17 days in assets beyond income case. During the hearing, the court has allowed National Accountability Bureau (NAB) to investigate the accused regarding the case and directed to re-produce him on February 3. The anti-graft watchdog’s questionnaire based on 10 queries has also been handed ... Read More »

Pakistan gained investments worth $1.8b in six months: SBP

KARACHI: In a statement by the spokesperson of State Bank of Pakistan on Thursday, it was announced that the rate of investment in the country saw an increase of 68 percent from July till December. The statement further read that foreign investment in Pakistan was recorded at 1.34 billion dollars in the past six months. The performance of the Pakistan ... Read More »

SHC extends Ziaul Hassan Lanjar interim bail

KARACHI: Sindh High Court (SHC) has extended interim bail of former Sindh minister for law Ziaul Hassan Lanjar in a case pertaining to assets beyond means . On 16 January 2020, SHC summoned report on next hearing pertaining to filing reference. Ex Sindh minister appeared in the SHC. NAB law officer said that investigation is complete against Ziaul Hassan Lanjar ... Read More »

SBP reserves jump $82m to $11.58b

KARACHI: The State Bank of Pakistan’s (SBP) net reserves increased by $82.3 million to $11.58 billion during the week ending January 10. According to the data released by the central bank, the country’s total foreign reserves stood at $18.12 billion. The break-up of the foreign reserves position is as under: Foreign reserves held by the State Bank of Pakistan: $11.58 ... Read More »

NAB Court extends remand of two builders in FHSK case

KARACHI: An accountability court extended the remand of two detained builders for 14 more days in connection with a probe into reports of fraud in the Fazaia Housing Scheme Karachi (FHSK). On 15 January 2020, the court was informed about how the land was acquired in the name of ‘shuhada (martyrs) and war heroes’, but hardly any units were allotted ... Read More »

Customs Court seeks arguments in Bahria Town bullet proof vehicles smuggling case

KARACHI: The Customs Court directed counsel for the customs department and suspect to file their comments, reply and arguments in Bahria Town new Toyota Land Cruiser bullet proof vehicles smuggling case. On 14 January 2020, counsel for both sides appeared before the court and sought time to prepare their arguments, after the hearing, court directed them to make sure filing ... Read More »

Renowned lawyer Nadeem Mirza passes away

KARACHI: Renowned lawyer Nadeem Ahmed Mirza of M/s Nadeem and Company breathed his last at early hours of today. He was 60. He leaves behind two widows, three daughters and four sons to mourn his death. Talking with Customs Today his son Obaydullah Mirza who is also a lawyer said that late Nadeem Ahmed Mirza spent his entire career as ... Read More »

First ship with cargo for Afghanistan anchored at Gwadar Port

GWADAR: Afghan Transit Trade has been started from Gwadar Port with a ship with cargo for Afghanistan anchored at the port. The ship carrying first consignment of fertilizer for Afghanistan reached the port, Gwadar port sources said. A batch of the students of local girls college welcomed the port call of the first ship of Afghan transit trade. Pakistan in ... Read More »