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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

SHC seeks rely on petition filed by M/s Hamza Waqar Enterprises

KARACHI: The Sindh High Court (SHC) directed customs authority to file their comments and no action should be taken against the petitioner till next date of hearing on a constitutional petition filed by M/s Hamza Waqar Enterprises against detention and enhancement of valuation of imported sodium lauryl ether sulfate 70 percent from Indonesia. On 27 March 27, a two-member bench, ... Read More »

Lockdown: FPCCI demands deferral of CNIC condition for 6 months on sale of goods

KARACHI: Saquib Fayyaz Magoon, Convener of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) standing committee on Sales Tax and Chairman Indenters Association of Pakistan (IAOP), urged Government to pay attention on economic crises due to lockdown for prevention of coronavirus pandemic and has demanded Prime Minister to defer CNIC Condition for 6 Months on sale of goods to ... Read More »

COVID-19: SBP announces doorstep cheque collection, other facilities

KARACHI: State Bank of Pakistan (SBP) on Thursday announced various facilities for banking customers in the wake of coronavirus pandemic including doorstep and drop box cheque collection facilities. A circular issued from the state bank announced the measures aimed at limiting person-to-person interactions and providing ease of services. Announcing facilitation under the direct cheque facility amid coronavirus pandemic, it said ... Read More »

PIA facing major bankruptcy risk, claims Bloomberg

KARACHI: Pakistan International Airlines is facing a major risk of bankruptcy within the next two years as coronavirus pandemic batters global and domestic airlines across the world. The prediction was made by Bloomberg News using the Z-score method developed by Edward Altman in the 1960s to identify commercial airlines at risk of going bust. The calculations don’t take into account ... Read More »

COVID-19: PICT decides to waive import charges on essential materials

KARACHI: Pakistan International Container Terminal Limited (PICT) announced on Friday, to waive its charges on import consignments of necessary materials to combat COVD-19. “PICT continues to operate 24 hours with all possible precautionary measures and essential staff only to ensure the sustainability of Pakistan trade and its duty towards the society,” said PICT in its filing to the Pakistan Stock ... Read More »

SBP rolls out relief package for businesses, households

KARACHI: The State Bank of Pakistan (SBP) in collaboration with Pakistan Banks Association (PBA) announced a relief package on Thursday amid growing concerns about the potential economic impact of the COVID-19 pandemic. The package is aimed at helping relevant stakeholders, including households and businesses (microfinance, SMEs, corporates, commercial, retail, and agriculture), to manage their finances through this temporary phase of ... Read More »

SHC bars customs from recovery of duty, taxes from M/s Uniqui Industries

KARACHI: The Sindh High Court (SHC) restricted customs officials from recovery of Rs13, 330, 964 on account of imported LED TV panels, parts and components on a petition filed by M/s Uniqui Industries. On 24 March 2020 a two-member bench, headed by Justice Aqeel Ahmed Abbasi was hearing the matter. During the hearing, counsel for the petitioner stated in his ... Read More »

Customs Court issues NBWs against suspects in smuggling of betel nuts & sweet supari case

KARACHI: The Customs Court approved challan against absconding suspects namely Muhammad Amin, Khan Nawab, Malik Abdul Ghani and Hussain, who were allegedly involved in a case of attempting to smuggle non-duty paid Crushed betel nuts etc. On 25 March 2020, investigation officer submitted charge sheet against the above mentioned suspects and informed that on information, customs officials intercepted an Isuzu ... Read More »

Customs Court approves charge sheet of Iranian HSD oil smuggling case

KARACHI: The Customs Court approved charge sheet against suspect namely Rahimullah Khan son of Sazullah Khan against the surety of Rs100,000, who was booked in a case of attempting to smuggle non-duty paid high speed diesel. On 24 March 2020, investigation officer submitted charge sheet against the above mentioned suspect and informed that on an actionable information, a team of ... Read More »

Coronavirus-related supplies to be exempted from taxes at ports: Ali Zaidi

KARACHI: Federal Minister for Maritime Affairs Ali Haider Zaidi on Thursday said that no taxes would be charged from life-saving items, masks and sanitizers at the ports as government  beefs up efforts to improve medical supplies needed to tackle coronavirus. Talking to media, the federal minister said that they have improved the capacity at all ports to facilitate arrival of ... Read More »

SBP relaxes Foreign Exchange Regulations

KARACHI: The State Bank of Pakistan (SBP) has allowed all federal and provincial government departments, hospitals in public and private sectors, charitable organizations, manufacturers and commercial importers to make Import Advance Payment and Import on Open Account, without any limit, for the import of medical equipments, medicines and other ancillary items for the treatment of COVID-19. Further, the banks have ... Read More »

National Refinery temporarily closes all of its production 

KARACHI: The National Refinery Limited has announced that it will be temporarily closing down all of its production from March 25 as it carries sufficient inventories to meet the current requirement, said the company in a statement to the Pakistan Stock Exchange (PSX) on Thursday. The company explained that in view of the provincial government’s decision for lockdown to curtail ... Read More »

Govt directs OMCs to cancel oil import orders as demand drops

ISLAMABAD: The Ministry of Energy (Petroleum Division) has directed all oil marketing companies and refineries to cancel their planned import of motor gasoline and crude oil, as consumption has dropped significantly due to enforcement of lockdowns by provincial governments. The Petroleum Division’s Directorate General of Oil, in a letter to the Oil Companies Advisory Council (OCDC) CEO, has asked all ... Read More »

Seven employees of M/s Byco Petroleum file petition seeking after arrest bail

KARACHI: Suspects namely Muhammad Ishaq, Muhammad Yousuf, Imran-ur-Rahman, Shahbaz Khan, Maaz Bin Jawwad, Muhammad Junaid and Syed Tariq Ali Shah have moved the Sindh High Court (SHC) and filed application for after arrest bail, who were booked in a case of attempting to smuggle huge quantity of non-duty paid HSD oil and other contraband goods. It needs to be pertained ... Read More »

Gold price jumps Rs1600, reaches Rs96,100 per tola

KARACHI: Gold prices, extending an upward trend, increased by Rs1600 and was traded at Rs96,100 per tola in the domestic market. Likewise, the price of 10 grams of yellow metal increased by Rs1372 to Rs82,390. The United States (US) dollar gained to record levels in the interbank market against Pak rupee on Thursday. The US Dollar (USD) registered Rs4.90 hike ... Read More »

SBP injects Rs135bn into market

KARACHI: State Bank of Pakistan on Wednesday injected Rs. 135 billion into money market for two days as reverse repo purchase through its open market operation. Total seven bids of Rs. 135 billion were accepted. The rate of return accepted is 11.01 percentage per annum, said SBP release. Read More »

M/s A.S & Company approaches SHC against detention of consignment

KARACHI: M/s A.S & Company has approached the Sindh High Court (SHC) and filed a petition against detention of imported consignment of polyester knitted pile, laminated woven furnishing fabric due to alleged valuation. On 21 March 2020, counsel for the petitioner stated that petitioner deals in furnishing fabrics of various kinds and use of import and commodity from worldwide resources ... Read More »

Govt declares port operations, Pakistan Customs, PNSC services as essential

KARACHI: Port Operations, Customs and Pakistan National Shipping Corporation (PNSC) services have been declared as ‘essential services’ despite lock down throughout the province to avoid spread of COVID-19. According to the details, in accordance with the Government policy and the communication vide Home Department, Government of Sindh, notification no: (Jud-1)HD/8-1(04)/2020-Corona dated 22-03-2020 to prevent the spread of COVID-19, the lock ... Read More »

SBP cuts interest rate by 150bps to 11pc

KARACHI: The State Bank of Pakistan (SBP) on Tuesday slashed the benchmark interest rate by 150 basis points to 11 percent in a bid to help businesses cope with the growing challenges posed by the coronavirus pandemic. The decision was taken following a meeting of the Monetary Policy Committee (MPC) on March 17 which noted considerable uncertainty about how the ... Read More »

Lockdown: KCAA seeks extension in period for submission of duty, taxes

KARACHI: In order to facilitate the trade in general and customs agents community (service providers) in particular during the ongoing lockdown situation due to outbreak of Novol Coronavirus (COVID-19), the managing committee of Karachi Customs Agent Association under their respective capacities are performing their role and making all possible efforts for the re-dressal of grievances being faced by the members, ... Read More »