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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

Mis-declaration scam: Customs court directs owner of M/s Arsalan & others to join probe

KARACHI: The Customs Court granted interim pre-arrest bail to suspect namely Arsalan Akram son of Akram Rasheed owner of M/s Arsalan Company and others and directed them to join investigation, who were nominated in first information report (FIR) for mis-declaration and concealment of actual description, specifications and constituent material to deceive application of correct assessable value. On 21 January 2021, ... Read More »

Aruna Hussain, Soren, Maersk face FIA probe for hacking Customs Today website

KARACHI: The management of the Customs Today newspaper has decided to move the Federal Investigation Agency (FIA) for an investigation into the hacking of its website. It is apparent that the news website has been hacked at the behest of Maersk Pakistan officials, including Aruna Hussain, Søren Skou and others, as Customs Today has carried a number of stories to ... Read More »

SBP issues clarification on ATM withdrawal exceeding Rs1000

KARACHI: State Bank of Pakistan (SBP) categorically rejected a message doing rounds on social media, claiming that the central bank had placed any restrictions on ATM withdrawal exceeding Rs 1000. In a series of messages posted on Twitter, the SBP said that it categorically rejects the false message on social media attributing to it that cash withdrawal limit is restricted ... Read More »

M/s Dany Technologies moves SHC against detention of its imported consignments of mobile accessories

KARACHI: M/s Dany Technologies has approached The Sindh High Court (SHC) and filed a constitutional petition against detention of its imported consignments of mobile accessories of low-end brand assorted brands including computer data cable, earphone unpacked form, mobile speaker, multimedia tower speaker 2.0 MP3 mini remote etc seized by customs department. On 21 January 2021, counsel for the petitioner stated ... Read More »

SHC declares SRO 1125(I)/ 2011 as ultra vires the constitution on 25 importers’ petitions

KARACHI: A division bench of the Sindh High Court (SHC) declared SRO 1125(I)/ 2011 as ultra vires the constitution and restrained customs officials from demanding any duty from the petitioners on several constitutional petitions filed by Al-Razzaq Fibers and other 25 importers. On 19 January 2021, court released a details judgment in which court observed that “accordingly for the reasons, ... Read More »

KCCI, SFIC ink MoU for establishing long term ties, setting up joint working group

KARACHI: The Karachi Chamber of Commerce & Industry (KCCI) has achieved a significant milestone by signing a Memorandum of Understanding (MoU) with Shanghai Federation of Industry & Commerce (SFIC) for establishing and maintaining long term ties, setting up a joint working group and building a platform for economic and trade exchanges and cooperation between Karachi and Shanghai. The MoU, which ... Read More »

SHC calls comments on petition filed by M/s Unique Industries seeking refund of RD

KARACHI: A division bench of the Sindh High Court (SHC) issued notices to the customs officials and directed them to file their respective para wise comments on a constitutional petition filed by M/s Unique Industries seeking an order for refund of its amount of Rs9,291,342 in respect of regulatory duty allegedly illegally recovery by the respondent against the goods declarations. ... Read More »

SBP maintains policy rate unchanged at 7pc

KARACHI: The State Bank of Pakistan (SBP) Monetary Policy Committee has kept the policy rate unchanged at 7 percent for the next two months on Friday. Addressing media on Friday, Governor State Bank of Pakistan Dr Reza Baqir said that the MPC looked into the yearly inflation rate is projected to remain at 7-9pc as previously announced. There could be ... Read More »

Tax evasion: Customs court approves charge sheet against M/s Victory International & others

KARACHI: The customs court approved progress report against suspects namely Abdul Aziz, owner of M/s Victory International and others, who were nominated in the first information report (FIR) for f tax fraud by falsifying sales tax invoices. On 22 January 2021 investigation officer of Commissioner Inland Revenue Zone-IV, Regional Tax Office-I, Karachi submitted challan and informed the court that during ... Read More »

SBP directs banks to facilitate taxpayers in e-payment of duty, taxes

KARACHI: The State Bank of Pakistan (SBP) directed banks to facilitate taxpayers in their payments of duty and taxes through digital/electronic (e-payment) system. The SBP said that the collection of Federal Board of Revenue (FBR) taxes and duties through Alternate Delivery Channels (ADC) was initiated in March 2018 in parallel to the traditional paper based manual system. The ADC mechanism ... Read More »

Customs I&I submits FIR against M/s Sas Pvt Ltd & M/s Sarhad Logistics for smuggling of contraband goods

KARACHI: Investigation officer of Directorate General, Intelligence & Investigation-Customs has submitted first information report (FIR) before the customs court against owner/ partner of M/s Sas Pvt Ltd, owner/ partner of M/s Sarhad Logistics Pvt Ltd and others, who were nominated in a case of smuggling of non-duty paid foreign origin cloths and betel nuts. On 19 January 2021, investigation officer ... Read More »

Pakistan’s Current Account records deficit of $662m in Dec

KARACHI: The State Bank of Pakistan (SBP) has shared monthly numbers of Balance of Payments noting current account of Pakistan has turned red after bleeding US$ 1.1 billion in December alone. The Current Account Balance is a ledger of payments that takes into accounts all the bills the country has to pay and all payments it has to receive. The ... Read More »

YMA demands to abolish VAT, impose uniform WHT, removal of RD on PFY

KARACHI: Pakistan Yarn Merchants Association (PYMA), has asked the Federal Board of Revenue (FBR) to abolish 3pc value added tax on commercial importers at import stage, impose uniform Withholding tax for industrial & commercial importers, and abolish regulatory duty, additional customs duty on polyester filament yarns, and reduction of tax rate on POY. In this regards, the delegation led by ... Read More »

Tax collection from motor vehicle registration enhances by 62pc

ISLAMABAD: Advance tax collection from registration of new motor vehicles has surged by 62 percent during first half (July – December) of the current fiscal year (1HFY21). The collection of advance tax increased to Rs730 million during the first half of the current fiscal year as compared with Rs450 million in the corresponding half of the last fiscal year, sources ... Read More »

SBP to announce monetary policy on Friday

KARACHI: The Monetary Policy Committee of the State Bank of Pakistan (SBP) will meet on Friday, January 22 at SBP Karachi to decide about monetary policy for the next two months. Governor State Bank of Pakistan, Dr. Reza Baqir will unveil the policy statement at a press conference at SBP main Building, according to a statement released by the central ... Read More »

Importers move SHC seeking concession under Pak-China FTA on imports of paper products

KARACHI: The Sindh High Court (SHC) directed customs officials to file their respective para wise comments on a constitutional petition filed by M/s Barry Industries Private Limited, M/s The Time Press Limited, M/s Abbas Traders, M/s A. Wahab Traders, M/s Junaid Traders and M/s International Business Management seeking 4 percent concession under Pak-China FTA of their imports of 2/S coated ... Read More »

Customs Court grants bail to suspects in fabric smuggling case

KARACHI: The customs court granted bail to suspects namely Zakir Ullah, Bakhtiar Muhammad and Muhammad Yasir against surety of Rs200,000, who were nominated in first information report (FIR) FOR smuggling of foreign origin fabric. On 18 January 2021, counsel for the above mentioned accused persons appeared before the court and argued that his clients are innocent and have been falsely ... Read More »

Renowned businessman Aftab Ahmad Vohra passes away

KARACHI: Aftab Ahmad Vohra son of late Muhammad Umer  and uncle of renowned businessman and former vice-president of Federation of Pakistani Chambers of Commerce and Industry (FPCCI) Khurram Ijaz died today due to cardiac arrest. He was 72. Late Aftab Ahmad Vohra was a cancer patient and was admitted in Ziauddin Hospital from last few weeks. He left behind a ... Read More »

Aruna Hussain, Soren Skou, Maersk consider themselves above law, throw SRO 1220 in the bin

KARACHI: Traders and importers have castigated Maersk Pakistan, other shipping lines and authorities for not complying with government directives to facilitate them, causing huge financial losses to them and the country. Businesspeople also expressed dismay at the government for its failure to enforce laws aimed at boosting trade and improving the national economy. They say Aruna Hussain, Maersk and other ... Read More »

NAB IW2 Director Hafeez Siddiqui playing vital role in elimination of corruption: Mirza Ikhtiar Baig

KARACHI: Noted businessman Mirza Ikhtiar Baig has said the National Accountability Bureau (NAB) Karachi, under the leadership of Chairman Justice (retd) Javed Iqbal, Director-General Najaf Mirza, IW2 Director Hafeez Siddiqui and Deputy Director Salahuddin Mughal, is playing a vital role in eliminating corruption from society and extending complete support to the business community. In a letter, Mirza Ikhtiar Baig said ... Read More »