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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

American Business Council seeks early end to political crisis

KARACHI: The ongoing political impasse will only add further uncertainty to the future outlook of the businesses, hence a speedy resolution is imperative to alleviate the growing concerns of the business community. This was expressed by the participants of American Business Council (ABC) in the roundtable meeting of the year. The participants said that the first half of FY 2014 ... Read More »

Stealing NATO containers: M/s Water Link served final notice

KARACHI: The Collectorate of Customs Adjudication-I has issued final hearing notice to M/s Water Link for presenting its view point before the competent authorities of Pakistan Customs-FBR in smuggling case of NATO/ISAF retrograde containers. The sources informed Customs Today that the Collectorate of Customs Adjudication-I has fixed August 25, 2014 the final date for hearing the case of M/s Water ... Read More »

Appraisement (East) set to start clearance of vehicles through WeBOC

KARACHI: The Model Customs Collectorate-MCC of Appraisement (East) has decided to allow the clearance of vehicles from September 1, 2014 through “Vehicle Assessment Module” under baggage/gift/TR scheme. Collector, MCC-Appraisement (East) Najeeb-ur-Rehman Abbasi through a Public Notice No.6/2014 has given go-ahead for the assessment of vehicles under baggage/gift/TR scheme through WeBOC, automated system. The Collector, MCC-Appraisement (East) also informed Member Customs-FBR ... Read More »

KSE adds 45.78 points, closes at 28911.03

KARACHI: Karachi Stock Exchange (KSE) 100-index gained 45.78 points to close at 28911.03 points despite the confusion still prevailed in the Red Zone after the cancellation of talks between PTI and PML (N) committees. Financial experts were of the view that there will be no prediction about future stocks till the situation normalized in the capital where Imran Khan and ... Read More »

Appraisement-East clarifies procedure for prior examination

KARACHI: Model Customs Collectorate (MCC) Appraisement (East) Collector Najeebur Rehman Abbasi, through a public notice no 4/2014 (A), clarified procedure for prior examination permission to owner/authorized clearing agent under 1st provision to Sub-Section(1) of the Section 79 of Customs Act, 1969. According to details, the MCC-Appraisement (East), to facilitate trade and streamline procedure with regard to permission to owner (or ... Read More »

Foreign reserves of SBP fall below $9b

KARACHI: Foreign exchange reserves of the State Bank of Pakistan (SBP) have fallen below $9 billion after three months while the private banks succeeded in maintaining their foreign reserves. In its report, the SBP announced that its reserves dropped to $8.902 billion during the week ended on August 15, 2014. Its reserves touched 10-year low at $3.18 billion in January ... Read More »

Pak-China Customs data sharing committee declared invalid

KARACHI: The Federal Board of Revenue (FBR), through a letter to Karachi office, has declared a recently formed committee invalid, which was formed to discuss and share trade data between customs authorities of Pakistan and China. Sources confirmed Customs Today that FBR has made the recently formed committee invalid by stating that a committee on developing Electronic Data Interchange (EDI) ... Read More »

KSE rises by 200 points amid thaw in political impasse

KARACHI: Amid signs of thaw in the prevailing political impasse that have gripped Pakistan for the past one week, stocks witnessed a sharp rise on Thursday as Karachi Stock Exchange 100-index rose by 200.41 points and crossed the level of 28865.25. On the other hand, in inter-bank market, the dollar fell to Rs 100.90 as it saw a slight decline ... Read More »

FBR asked to simplify e-filing of sales tax returns

KARACHI: The Karachi Tax Bar Association (KTBA) has urged the Federal Board of Revenue (FBR) to remove certain flaws from the amended tax laws to make e-filing of sales tax returns hassle-free. Taxpayers failed to e-file their returns for July through FBR’s web-portal because of amendments in the Finance Act 2014. The tax bar pointed that it was because some ... Read More »

KCAA announces annual polls on Sept 25

KARACHI: The Karachi Customs Agents Association (KCAA) has announced date for holding of its annual general elections for the year 2014-15. According to details, the elections of Karachi Customs Agents’ Association (KCAA) would be held on September 25, upon completion of the one-year tenure of the incumbent KCAA body. KCAA General Secretary Faisal Mushtaq confirmed to Customs Today that the ... Read More »

Shaheen Air allegedly evades over Rs 4b taxes

KARACHI: The Collectorate of Customs Adjudication-I has revealed that a total of alleged tax evasion amount against Shaheen Air International Limited is calculated at Rs 4.145 billion from 2008 to 2014. Sources informed Customs Today that the total evaded duty/taxes by Shaheen Air during the period of 2008 to 2014 have been calculated at Rs 3.943 billion against 26 aircrafts. ... Read More »

Hyderabad Collector Memon declares crackdown on oil smuggling

HYDERABAD: Hyderabad Model Customs Collectorate Collector Dr Wasif Ali Memon has declared crackdown against illegal trade of smuggled Iranian diesel and ordered subordinates to demolish petrol pumps involved in illegal selling of smuggled oil. Anti-smuggling squad has also been established under supervision of MCC Preventive Assistant Collector Imanullah Khan Tareen to curb the menace of smuggling in Hyderabad. Sources told ... Read More »

KSE gains 34 points amid signs of respite in Red Zone

KARACHI: Karachi Stock Exchange (KSE) 100-index has gained 34.72 to reach 28664.84 points mark as the Prime Minister vows to ease the tension between government and protesting parties, deciding to woo PTI Chief. The KSE, the other day, witnessed bearish trend, losing 222 points to reach the level of 28,630 points due to the announcement of march on Red Zone ... Read More »

Collector Saleem transfers 22 officers within collectorate

KARACHI: Model Customs Collectorate Appraisement-West Collector Muhammad Saleem has made internal transfers of 22 customs officers within the collectorate. As per notification, Abdul Qayyum from Group-VI has been transferred to AIB/R&D, Tahir Hussain from AIB/R&D to West Wharf, Rafiullah from West Wharf to Group-I, Ahmad Nawaz from Group-I to Group-II, Tariq Aziz from Group-II to Group-VI and Saleh Kalhoro has ... Read More »

Imran, Qadri marches: Rupee continues to lose value against dollar

KARACHI: Pakistani rupee continued to lose value as it plummeted 70 paisas against US dollar in the inter-bank market as later touched the Rs 101.10 mark. Traders and businessmen are worried due to this political standoff because this situation would further curtail the value of local currency against dollar. Analysts reflected that if the current political scenario continued to prevail ... Read More »

ANF seizes 80kg heroin at Port Qasim

KARACHI: The Anti-Narcotics Force (ANF) Sindh Region claimed to have seized a big cache of fine quality heroin from a container at Port Muhammad Bin Qasim. On a tip-off, an ANF team searched the container parked at the port and found a cache of fine quality heroin — weighing 80 kilogrammes — concealed in the vehicle. According to the ANF ... Read More »

Chinese company gives buses to Gwadar schools

QUETTA: The China Overseas Port Holding Company has donated three buses to schools in the port city of Gwadar. Chinese Consul General in Karachi Ma Yoau, Gawadar Port Authority Chairman Dostain Khan Jamaldini, Provincial Education Secretary Ghulam Ali Baloch and Makran Division Commissioner Abdul Fateh attended a ceremony in which the buses were handed over to the schools. Read More »

Customs Adjudication-I decides 211 cases of Rs 22.15b

KARACHI: The Collectorate of Customs Adjudication-I has decided 211 cases involving Rs 22.15 billion evaded customs duty and taxes during the time period from November 12 to May 14. According to the details, three collectors served as Collector of Customs Adjudication-I during November 12 to May 14. In the reign of Collector Abdul Rasheed Shaikh (Nov 12 to Jan 13), ... Read More »

Appraisement-West to launch Queue Management System

KARACHI: The Model Customs Collectorate (MCC) of Appraisement-West is going to launch “Queue Management System” (QMS) in the Collectorate by the end of this month (August) for the facilitation of importers and clearing agents. This was informed by the Collector, MCC-Appraisement (West) Muhammad Saleem while talking to Customs Today exclusively at his office. Highlighting the characteristics of QMS, Collector Muhammad ... Read More »

Imran’s march on Red Zone: KSE sheds 222 points

KARACHI: The prevailing political turmoil continued to take toll on all sorts of economic activities across the country as stocks saw a huge fall as Karachi Stock Exchange-100 Index declined by more than 222.03 points and reached the level of 28,630 in today trading session. Analysts reflected that if the current political scenario prevailed, the situation in stocks would also remain ... Read More »