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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

IFC to invest $2.5m in Sarmayacar to ‘boost entrepreneurship’ in Pakistan

ISLAMABAD: The International Finance Corporation (IFC), a sister organisation of the World Bank, will be investing $2.5 million in Sarmayacar — a venture capital firm for tech startups — in order to “boost entrepreneurship and spur economic growth” in Pakistan, a press statement said. “The early stage of local venture capital ecosystems is often the most crucial building block for ... Read More »

Govt should stop Maersk, QICT from taking extra demurrage, detention charges :Advocate Mian Imran

FAISALABAD: Government should stop M/s Maersk Pakistan Pvt Ltd and Qasim International Containers Terminal from taking extra demurrage and detention charges to clear legally imported consignments. Advocate Main Muhammad Imran associated with District Court Faisalabad told Customs Today in an interview that Maersk Pakistan and QICT violated SRO 1220 and section 14A of Customs Act 1969 by taking extra demurrage ... Read More »

Customs Court acquits suspect in mis-declaration case

KARACHI: The Customs Court awarded imprisonment and fine to suspect namely Tauseef Mirza and acquitted suspect namely Saqib Raza, who were nominated in a case of evading the payment legitimate revenue of the tune of Rs16,726,891 by mis-declaring the value in customs copy of goods declaration. On July 29, 2019, court announced verdict and awarded imprisonment to suspect namely Tauseef ... Read More »

Customs Court extends remand of suspect in betel nuts smuggling case

KARACHI: The Customs Court extended physical remand of suspect namely Nadeem Ahmed son of Noor Bux and directed investigation officer to arrest absconding suspects, who were allegedly involved smuggling of 16,000 kilograms crushed betel nuts valuing of Rs8,000,000. On July 29, 2019, investigation officer produced the above mentioned suspect before the court and informed that on an actionable information, customs ... Read More »

NAB sends legal notice to PSP Chairman Mustafa Kamal

KARACHI: The National Accountability Bureau (NAB) on Tuesday sent a legal notice to former Karachi mayor and Pak Sarzameen Party (PSP) Chairman Mustafa Kamal for using inappropriate language against the institution. The accountability watchdog in its statement said, “NAB to approach the court for legal action against Mustafa Kamal.” The accountability watchdog further said, the PSP chairman needs to tender ... Read More »

Rains paralyse business in Karachi

KARACHI: Trading activities remained almost paralysed on Tuesday as majority of shopping malls, wholesale and retail shops kept their business shut owing to incessant rain coupled with accumulated water on the roads. However, factory output showed mixed trend as power breakdown in many industrial units had ruined production activities despite large attendance of workers, while supply chain was also hit ... Read More »

SRB keeps ‘criminal silence’ over huge ST evasion by QICT, Maersk: Advocate Abdul Basit

PESHAWAR: Sindh Revenue Board’s criminal silence over sale tax evasion by M/s Maersk Pakistan Private Limited inflicted at least Rs 20170 billion loss on the national exchequer. Sale tax evasion by M/s Maersk shipping line in connivance with Qasim International Containers Terminal (QICT) operator and some officials of Sindh Revenue Board caused serious loss to the national exchequer. Advocate at Peshawar ... Read More »

Appraisement East thwarts mis-declaration attempt

KARACHI: Collectorate of Customs Appraisement East thwarted an attempt to evade customs duty and taxes though mis-declaration worth millions of rupees. According to the details, the Collectorate foiled an attempt to evade duty and taxes through mis-declaring cold steel sheets but actually importing electro-light tin plates, inflicting millions of rupees loss on the country. The media officer of Customs Preventive ... Read More »

Customs Port Qasim relieves 10 appraising officers

KARACHI: In pursuance of Federal Board of Revenue’s transfer/posting order issued on July 12, 2019, Collectorate of Customs Port Qasim has relieved 10 appraising officers. The Appraising Officers relieved by Customs Port Qasim includes Anees ur Rehman, S.M Fahad, Qaiser Nadeem Chatha, Aamir Shuja, Syed Hammad, M. Ibrahim Kurd, Imdad Ali Bozdar, Mirza Irfan Baig, Miskeen Shah and Aurung Ali ... Read More »

Customs Court awards jail term to suspects in liquor smuggling case

KARACHI: The Customs Court awarded imprisonment and fine to seven suspects, who were nominated in a case of attempting to smuggle contraband foreign origin liquor through boat/ launch. On July 27, 2019, suspects namely Basham, Sakhi Dad, Niaz Ali, Noor Bakhsh, Shah Faisal, Yar Muhammad and Shakir appeared before the court and left themselves on the mercy of the court, ... Read More »

Zardari got Rs1.5b loans from NBP through fraud : NAB

ISLAMABAD: An accountability court on Monday issued copies of Park Lane reference against former president Asif Zardari which states that the Asif Zardari had taken Rs 1.5 billion loan from National Bank of Pakistan (NBP) in the name of fake company Parthenon. NAB said it was proved during the investigation of the case that PPP leader had done corruption and ... Read More »

M/s Shamim Agencies approaches SHC seeking release order of consignment

KARACHI: M/s Shamim Agencies Private Limited approached the Sindh High Court (SHC) seeking release order of cold rolled-TMBP steel sheet’s consignment detained by customs department due to mis- declaration. On July 27, 2019, counsel for the petitioner stated in his constitutional petition that petitioner is seriously aggrieved and prejudiced by the unlawful, illegal and arbitrary actions of the customs officials, ... Read More »

Appraisement West thwarts tax evasion attempt at KICT

KARACHI: Collectorate of Customs Appraisement West in a successful raid foiled a bid to evade duty and taxes worth millions of rupees at Karachi International Container Terminal (KICT). According to the details, on the tip-off by higher authorities, the team pf Appraisement West intercepted a TP container at KICT and examined the legal documents. The said TP container was destined for ... Read More »

M/s G’ Five Mobile approaches SHC against enhancement of valuation

KARACHI: The Sindh High Court warns that if no comments are filed provisional release of the subject consignments shall be ordered after securing financial interest of the department/ national exchequer on a constitutional petition filed by M/s G’ Five Mobile Pvt Ltd, M/s Bellco Trading Company Pvt Ltd, M/s IG Innovation Gresso Pvt Ltd against enhancement of valuation of consignments ... Read More »

Customs Court awards jail term to suspect in currency smuggling case

KARACHI: The Customs Court awarded imprisonment and fine on suspect namely Sami Ullah Shaikh son of Shamuddin, who was booked in a case of attempting to smuggle foreign currency worth millions of rupees during raid at Jinnah International Airport Karachi On July 26, 2019 the above mentioned suspect appeared before the court along with his counsel and moved application for ... Read More »

Sindh govt set to invite bids for Dhabeji SEZ

KARACHI: The Sindh government is all set to invite developers to participate in competitive bidding for the Dhabeji Special Economic Zone (SEZ). Talking to media, Sindh Economic Zones Management Company (SEZMC) CEO Abdul Azeem Uqaili said “Sindh government has completed all the homework for inviting private investors to work on one of the three SEZs of the country, which will ... Read More »

Appraisement East distributes work among principal appraisers & appraising officers

KARACHI: Collectorate of Customs Appraisement East Deputy Collector Muhammad Arslan Majeed Rana issued office order no. 23/2019 (East) dated 26.7.2019 for distribution of work amongst principal appraisers and appraising officers with immediate effect and till further orders:   Read More »

M/s YSK Pharma Private Limited approaches SHC seeking release order for consignment

KARACHI: M/s YSK Pharma Private Limited approached the Sindh High Court (SHC) seeking release order for consignment of citric acid monohydrate 8-40 mesh and citric acid monohydrate 8-40 mesh detained by customs officials due to allegedly non-payment of duty and taxes. On July 25, 2019, counsel for the petitioner stated that the petitioner imported a consignment of citric acid monohydrate ... Read More »

Foreign exchange reserves down by $387m to $14.486b

KARACHI: The liquid foreign exchange reserves of the country have declined by $387 million to $14.486 billion by week ended July 19, 2019 as compared with $15.249 billion a week ago, State Bank of Pakistan (SBP) said. The reserves held by the central bank fell by$389 million to $7.612 billion by week ended July 19, 2019 as compared with $8.001 ... Read More »

SHC approves Mustafa Kamal protective bail in NAB case

KARACHI: The Sindh High Court (SHC) on Friday approved Pak Saarzameen Party (PSP) leader Mustafa Kamal’s request for protective bail. On June 22, the National Accountability Bureau (NAB) had filed a reference against Kamal and others regarding the alleged illegal allotment of around 5,500 square yards of commercial land to Bahria Town for a multi storey building. Following this, an ... Read More »