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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

COVID-19; Sindh waives off multiple taxes for three months

KARACHI: The government of Sindh on Thursday announced to waive off multiple taxes for three months as part of its relief to the people amid the coronavirus-hit economy. The provincial government “has exempted payment of property tax, professional tax, motor vehicle tax, and entertainment duty for a period of 3 months from 1st April to 30th June, 2020”, Sindh government ... Read More »

KPT directs to implement free period from 5 days to 15 days

KARACHI: Karachi Port Trust (KPT) directed to implement decision regarding implementation of free period from 5 days to 15 days with immediate effect. A letter addressed to president, Karachi Chamber of Commerce and Industry (KCCI), All Pakistan Customs Agents Association, All Pakistan Shipping Association, Karachi Customs Agents Association, Pakistan Ships Agents Association, and Karachi Export Processing Zone and  secretary, Pakistan ... Read More »

M/s Byco Petroleum files petition challenging recovery notice

KARACHI: M/s Byco Petroleum Private Limited has approached the Sindh High Court (SHC) against deposit of pay order for purported recoverable amount of Rs 552,688 million as sales tax and petroleum levy on HSD issued by high officials of Federal Board of Revenue. On 22 April 2020, counsel for the petitioner submitted a constitutional petition and argued that petitioner is ... Read More »

M/s Tuwairqi Steel Mills moves SHC against freezing bank account

KARACHI: M/s Tuwairqi Steel Mills Limited (TSML) has approached the Sindh High Court (SHC) against seizing its bank accounts in the garb of show cause notice for recovery of Rs184,027,206 issued by Federal Board of Revenue . On 20 April2020, counsel for the petitioner stated in his petition that petitioner is engaged in lawful business and always fulfils all the ... Read More »

Current account deficit drops by 74pc in nine months: SBP

KARACHI: The current account deficit in first nine months of the fiscal year dropped by 74 %, the State Bank of Pakistan (SBP) reported. According to details, the current account deficit in March stood around six million dollars and was 2.768 billion dollars during July 2019 to March 2020. Comparatively, the current account deficit during July 2018 to March 2019 ... Read More »

Customs House Karachi follows proper social distancing after coverage by Customs Today

KARACHI: Customs Department has ensured proper measures and social distancing at Customs House Karachi and inside the National Bank of Pakistan (NBP) branch there to avoid spread of Covid-19, after Customs Today reported this morning at 9am about huge rush in the building even after directives issued by the high-ups. After Customs Today news got viral on social media and ... Read More »

Covid-19 disaster: Huge rush at Customs House Karachi puts lives of Customs Officials at risk

KARACHI: A large number of customs officials, agents and public is seen at Customs House Karachi even during Covid-19 disaster. Attendance at Customs House Karachi should have been kept minimal for 3-4 weeks to avoid further spread of Coronavirus among Customs officials who are lifeline of the economic activity in the country. According to details, a PRAL employee Imran Khan ... Read More »

Work redistributed among 12 Appraising Officers at Port Qasim

ISLAMABAD: Assistant Collector Headquarters Tariq Hussain redistributed work among 12 appraising officers at Port Qasim Collectorate with immediate effect. Appraising Officers include: Haris Ahmed Khan, Wasiullah Sheikh, S. Raza Abbas, Muhammad Nadeem, Ashfaque-ur Rehman, Bashir Ahmed Seehar, Gohan Hussain, Raja Shakeel Ahmed, Khaleequr Rehman, Safdar Zaman Munnan, Maqsood Ahmed and Taha Sher Behan.   Read More »

SBP confirms receipt of $1.39b in IMF aid for fight against coronavirus

KARACHI: State Bank of Pakistan on Wednesday confirmed it had received US$1.39 billion from the International Monetary Fund (IMF) under the Rapid Financing Instrument to address the economic impact of the coronavirus. “SBP has received $1.39bn under Rapid Financing Instrument by the IMF,” said the central bank in a statement on Twitter. Pakistan has recorded over 200 deaths and experts ... Read More »

Customs ASO recovers huge quantity of smuggled goods from Bolton Market

KARACHI: Collectorate of Customs Preventive, Anti-Smuggling Organization (ASO) recovered huge quantity of non-duty paid goods during successful operations in the last four days. According to sources, Collector Preventive Saquif Saeed received credible information that huge quantity of smuggled goods had been dumped at warehouses in Chati Lane Bolton Market. He immediately constituted anti-smuggling squad who conducted a successful raid at ... Read More »

SHC rejects Khurshid Shah’s bail plea in assets case

KARACHI: Sindh High Court on Wednesday has rejected the bail plea of Khurshid Shah in assets beyond income case. While announcing the reserved verdict, the court has also turned down the bail plea of Shah’s son MPA Farukh Ahmed Shah. However, other accused in the reference have been granted bails. On Sept 18, the NAB arrested Syed Khursheed Shah in ... Read More »

FPCCI VP Khurram Aijaz plays key role to get 15 free days period at ports by KPT

KARACHI: In view the hardship being faced by businesses due to Covid19, Karachi Port Trust (KPT) has allowed 15 working days as free period instead of 5, applicable from 25 March to 30 April, 2020. FPCCI Vice President Khurram Aijaz played important role to get this relief for importers and traders. FPCCI Vice President Khurram Aijaz in his letter on ... Read More »

NAB asked to arrest QICT CEO Junaid Zameer, GM Cyrus Khursigara and benaami Habibullah

KARACHI: According to a complaint lodged with the National Accountability Bureau (NAB), immediate arrest was sought of DP World / Qasim International Containers Terminal (QICT) high-ups including CEO Junaid Zameer, GM Cyrus Khursigara and its alleged benaami owner Habibullah Khan. Acting on the complaint, NAB is said to have expedited inquiry against Habibullah Khan and other 65 officials of QICT ... Read More »

Customs Court seeks final charge sheet in Rs1.261b tax evasion and money laundering case

KARACHI: The Customs Court extended pre-arrest bail to suspect namely Zor Talab Khan and others, who were booked in a case of using 6 benami accounts to conduct business and evade taxes of more than Rs 1 billion. They were also involved in money laundering. On 18 April, 2020, counsel for above-mentioned suspects appeared before the court, special prosecutor for ... Read More »

Consignment of knitted pile, woven furnishing fabrics may release on bank guarantee: SHC

KARACHI: The Sindh High Court (SHC) directed customs officials to release consignment of importer comprising on knitted pile, woven furnishing fabrics and other goods on provisional release as bank guarantee which was seized by customs officials due to disputed valuation. While hearing of petition, a two-member bench, headed by Justice Aqeel Ahmed Abbasi also issued notices to the customs officials ... Read More »

SBP sets Zakat nisab at Rs46,329 for 2020

KARACHI: State Bank of Pakistan (SBP) issued instructions to banks related to deduction of Zakat on amount above Rs46,329 maintained in saving bank accounts. The SBP said that Administrator General Zakat had notified the ‘Nisab of Zakat’ for the Zakat Year 1440-41 AH at Rs46,329. No deduction of Zakat at source shall be made, in case the amount tanding to ... Read More »

Three factories sealed in Karachi for violating SOPs issued by Sindh govt

  KARACHI: The provincial authorities on Monday sealed three factory units in Karachi for violating standard operating procedures (SOPs) issued by the Sindh government to contain the spread of COVID-19. Spokesman to the provincial government Murtaza Wahab all three factories have been sealed in the Korangi area of Karachi for not following the SOPs set down by the government amid ... Read More »

Sindh waives NOC condition for businesses exempted from lockdown

KARACHI: The Sindh government has provided another relief by waiving non-objection certificate (NOC) condition for all industrial and business activities which are exempted from the coronavirus lockdown. According to details, those associated with the aforementioned businesses do not even require approval from the district administration to resume their activities. However, all sectors must ensure that the standard operating procedures (SOPs) ... Read More »

Radium Silk Factory moves SHC against enhancement of valuation on imported consignments

KARACHI: M/s Radium Silk Factory has approached the Sindh High Court (SHC) and filed a petition against enhancement of valuation and detention of its consignments of polyester filament under the valuation ruling no 1387/2019. On 16 April 2020, counsel for the petitioner argued in his petition that petitioner is engaged in the lawful import of the above mentioned goods and ... Read More »

PCDMA asks to allocate funds for importers by SBP

KARACHI: Amin Yousuf Balgamwala, Chairman PCDMA & former Director of Karachi Stock Exchange has appealed Reza Baqir, Governor State Bank of Pakistan to give relaxation to importers for the payment of their documents of imports against letter of credits and collection in their banks. Amin Yousuf Balgamwala while appreciating the initiative taken by the State Bank of the refinance scheme ... Read More »