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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

Containers’ grounding: PICT, KICT fail to resolve issues

KARACHI: The importers and traders have been facing mismanagement and delaying tactics by administration of Pakistan International Containers Terminal (PICT) and Karachi International Containers Terminal (KICT) in grounding of containers. “Pakistan Customs’ officials use delaying tactics and give lame excuses like shortage of labour and space while grounding containers for examination” Shujaat Ahmed an importer informed Customs Today. Kamran Akhtar, ... Read More »

SHC orders early release of M/s Royal Packages’ consignments

KARACHI: The Sindh High Court (SHC) in its verdict asked Pakistan Customs to release the consignment of M/s Royal Packages after submission of unpaid differential amount in share of duty. According to the details, the Research and Development (R&D) Section of Model Customs Collectorate (MCC) of Appraisement-East had identify a case of huge tax evasion of Rs308 million by M/s ... Read More »

Gold drops Rs252 per tola

KARACHI: Gold price went down on Tuesday by Rs 251 per tola to reach Rs48,340 per tola while the yellow metal dropped Rs 216 per ten grams to close at Rs 41,488 per ten grams. The gold price remained in correction phase, as leading traders in international and domestic markets were cautious on future output. The general buyers remained on ... Read More »

KSE sheds 11.14 points after three days consecutive bullish spell

KARACHI: Karachi Stock Exchange witnessed slight fall on Tuesday as KSE 100-share index dropped just 11.14 points to close at 30402.09 points on second business day of the week. Higher trades were seen in second and third tier stocks on reports for dismal current account deficit, deteriorating geo-political situation, dismal fertilizer sales data. KSE-All Share index shed 15.24 points or 0.07 ... Read More »

Customs issues valuation ruling of Methylene Chloride

KARACHI: The Directorate General of Customs Valuation has issued the Customs values of Methylene Chloride through Valuation Ruling No.679/2014 under Section 25-A of the Customs Act, 1969. The said Valuation Ruling has superseded the previous Valuation Ruling No.629 regarding the Customs values of Methylene Chloride. According to the details, the Customs values of Methylene Chloride having PCT Code 2903.1200 and ... Read More »

Customs I&I seizes 120,000 litres smuggled oil

Karachi: Directorate General of Intelligence and Investigation (I&I) Hyderabad seized oil tankers carrying sixty thousand litres of smuggled oil worth Rs 10 million. As per details, DG I&I on tip of informer raided oil tankers carrying smuggled oil and seized 60,000 litres oil. Three criminals have been arrested during the seizure. It was said that oil was being smuggled to ... Read More »

KSE hits all-time high of 30413.23 points

Karachi Stock Exchange (KSE) closed at 30413.23 all time high amid higher trades after SBP mentioned improving economic conditions. KSE 100 index end the day at 30413.23 points compared to 30224.89 points of the last working day on Friday. Moreover, with an immense increase of Rs 42 billion, total capital of market cross Rs 7.100 trillion, and trade share was ... Read More »

Customs Appellate Tribunal dismisses MCC-Exports appeal against M/s Cresox

KARACHI: The Customs Appellate Tribunal, Bench-III has dismissed the appeal filed by the appellants i.e. Deputy Collector of Customs, Model Collectorate of Customs (Exports) against the Order-in-Original (ONO) No.26 issued by Collector (Adjudication) against M/s Cresox (Pvt) Limited. According to the details, the Customs Appellate Tribunal directed the authorities concerned of MCC-Exports to renew the license of the respondents upon ... Read More »

ASO confiscates smuggled ceramics tiles worth Rs2.5m

KARACHI: A team of Anti-Smuggling Organization (ASO) of the Directorate General of Customs Intelligence and Investigation-FBR during a raid confiscated smuggled ceramics tiles weighing 35505kg and costing Rs2.5 million from Super Highway. According to the details, an ASO team comprising its Incharge Haji Muhammad Aslam, Intelligence Officers Akmal Hashmi, Pervez Zardari, Qasim Alvi and others on a tip-off reached at ... Read More »

Officials of APL Shipping Company booked for torturing customer

KARACHI: Four officials of APL Shipping Company booked in their alleged involvement in torturing a customer during office hours, it is learnt here. According to the details, First Information Report (FIR) against the four officials namely Nadeem Shaikh (Manager), Asim Raza, Aziz Bin Tuha and Muhammad Shahzad of APL Shipping Company have been booked in Docks Police Station in pretext ... Read More »

Customs denies smuggling under ‘official patronage’

HYDERABAD: The Model Customs House Jacobabad has denied the news item regarding “smuggling of contraband under official patronage” published in a section of english press. In a press release issued by the Customs House Jacobabad clarified that Customs staff at Jacobabad check-post were not involved in any kind of smuggling as per the strict instructions from FBR Member (Customs) and ... Read More »

Mobilink exposed: Customs blows the lid off another tax fraud

KARACHI: Country’s top telecom company Mobilink has been caught evading millions of rupees taxes and customs duty by mis-declaration in the import of DC Cabinet Air Conditioners while using Green Channel facility at Port Qasim. Customs Collectorate of Port Qasim has made contravention report against M/s Mobilink for deleberately mis-declaring the description and wrongly mentioning the PCT to avail Green ... Read More »

SBP policy rate remains unchanged at 10pc

LAHORE: State Bank of Pakistan (SBP) has kept the policy rate unchanged at 10.0 percent for next two months. Governor SBP, Ashraf Mahmood Wathra announced the Monetary Policy Statement (MPS) for the next two months at a press conference on Saturday. Central Board of Directors of SBP chaired by the Governor SBP took this decision after detailed meeting. In recent ... Read More »

Forex reserves fall to $14.5b

KARACHI: Pakistan’s foreign exchange reserves decreased to $14.513 billion, from $14.637 billion the previous week, said State Bank of Pakistan (SBP). According to the SBP report, the reserves held by the SBP stood at $9.486 billion from $9.602 billion the previous week, a decrease of $116 million. During the week, the State Bank received $22 million from multilateral and bilateral ... Read More »

Incomplete Gwadar stands out among world’s big sea ports: Dostain Jamaldini

GWADAR: Gwadar Port Authority Chairman Dostain Khan Jamaldini described Gwadar Port as a game changer, saying that it is set to turn Pakistan into an economic hub of the region. He informed that the sea front area of partially-completed Gwadar port was more than 50 kilometres. So far only 1.4 percent of the Gwadar project could be completed mainly due ... Read More »

Deliberate delay: KICT Customs assures importers of assistance

KARACHI: Pakistan Customs officials have assured that the problems of importers and custom agents will be solved without delay at KICT and officers involved in deliberate delay will be sacked from their position. The importers and Customs agents have shown their grave concerns over the delaying tactics of staff of Karachi International Container Terminal (KICT) while grounding the containers for ... Read More »

Customs seizes cigarettes, gutka, sheesha worth Rs 66m

KARACHI: Directorate of Customs Intelligence Karachi and Pakistan Rangers Sindh in a joint operation recovered huge quantity smuggled cigarettes, Indian gutka and flavor sheesha worth Rs 66million at Bolton Market Karachi. As per details, foreign cigarettes, gutka and sheesha in a huge quantity have been illegally stored in different areas of Bolton Market Karachi. A team of Customs Intelligence officials ... Read More »

KSE achieves another milestone on last day

KARACHI: Karachi Stock Exchange further added 47.78 points on Friday to close the week on another highest mark of 30,224.89 points for second consecutive day. KSE-100 index gained 906 points, or 3.09pc, over the earlier week and settled at an all-time high of 30,224 points. Volumes this week were higher by 120pc week-on-week to average 131m shares. Wyeth Pak Ltd ... Read More »

KTBA proposes reforms to “wealth statement form”

KARACHI: The Karachi Tax Bar Association (KTBA) in its recent move has presented a proposal to the Federal Board of Revenue (FBR) regarding the “Wealth Statement Form”. The proposal pertaining Agricultural land and other property requested that the wealth statement form should be simple for taxpayers and practitioners so that they could communicate in better way for required information adding ... Read More »

MCC Appraisement-West orders suspension of 5 customs officials

KARACHI: The Model Customs Collectorate (MCC) of Appraisement-West has issued directives of suspension for Principal Appraiser Abdul Shakoor Sheikh, Upper Division Clerks Muhammad Saeed and Zafar Imam and placed two sepoys Muhammad Yaseen and Fawwad Saad off-duty with immediate effect. As per details, Abdul Shakoor Sheikh, has allegedly failed to maintain discipline in FTA Cell. The MCC Appraisement-West has received ... Read More »