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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

Gezhouba Group shows interest in completing K-IV water project

KARACHI: Chinese company Gezhouba Group has penned down a letter to Sindh Chief Minister Murad Ali Shah showing keen interest in completing the bulk water supply project, K-IV, in Pakistan. Company’s executive general manager Shi Yu expressed: “[We] noticed that … things are not going smoothly due to the infeasible design.” Gezhouba Group expressed the importance of the project, and ... Read More »

M/s Naveed Impex approaches SHC against enhancement of valuation

KARACHI: M/s Naveed Impex has approached the Sindh High Court (SHC) and filed a petition against enhancement of valuation of its imported consignments comprising citric acid monohydrate/ anhydrous on unit value of $1.00 per kg instead of US$ 0.55 per kg under the garb of impugned valuation ruling no 1015/2017. On 23 January 2020, counsel for the petitioner stated that ... Read More »

Customs Court approves bail of suspect in gold and foreign currency smuggling case

KARACHI: The Customs Court approved after arrest bail of suspect Muhammad Islam son of Muhammad Ishaque in a case of smuggling 04.4 kg gold, $450,000 and AED255 from Sukkur to Karachi. On 22 January 2020, during the hearing, investigation officer of customs preventive submitted charge sheet against the above mentioned suspect and argued that on an actionable information, customs preventive ... Read More »

Textile exports grow 3.94pc in 1H of FY2020

ISLAMABAD: Pakistan’s textile exports have recorded growth of 3.94 percent in first six months (July to December) of the ongoing financial year (FY20) mainly due to cash support to various sectors and currency depreciation. According to Pakistan Bureau of Statistics (PBS), the country has exported textile commodities worth $6.91 billion in July-December period of FY20 as compared to $6.64 billion ... Read More »

SBP reserves rise to $11.7b

ISLAMABAD: Foreign exchange reserves held by the State Bank of Pakistan (SBP), during the week ending January 17, increased by $146 million to $11.73 billion. According to the data released by the central bank, the total liquid foreign reserves held by the country stood at $18,271 million on 17th of this month. The break-up of the foreign reserves position is ... Read More »

Customs Court approves charge sheet against M/s Royal Impex & M/s Cosmos Trading

KARACHI: The Customs Court approved charge sheet against Muhammad Muhtasim Mirza, Faizan, directors of M/s Royal Impex Private Limited and Muhammad Abdullah partner of M/s Cosmos Trading Development booked in a case of evasion of duty and taxes in the tune of Rs10,976,946. On 21 January 2020, investigation officer of Customs Export Port Muhammad Bin Qasim submitted charge sheet and ... Read More »

I&I-IR submits progress report against M/s Gharvi Enterprises

KARACHI: Customs Court approved progress report against several importers, their associates, staff members, who are nominated in a scam of fake and flying invoices and filed sales tax returns and evasion duty and taxes to the national exchequer. On 21 January  2020, investigation officer submitted charge sheet against suspects namely Jameel Ahmed Baloch, Muhammad Shoaib, Sajid Mehmood, Pervaiz Sadiq, Farhatullah ... Read More »

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 »