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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

Schedule for advance tax collection on cars booking issued

KARACHI: The authorised car dealers have issued schedule for collection of advance income tax, declaring different amounts for both the filers and non-filers of income tax, at the time of booking of cars and jeeps. Dealers will collect the advance income tax on behalf of their assemblers as per decision taken in the federal budget 2014-2015. The assemblers will then ... Read More »

First shipment of 110,000mt of coal berthed at Port Qasim

KARACHI (INP): Mega Ocean carrying 55,000 metric tonnes of Metallurgical Coal from Australia berthed at Pakistan Steel Mills Jetty, Port Qasim on Friday. Another ship Mega Lohori, carrying 55,000mt of Metallurgical Coal from Australia has also reached at the outer anchorage of Port Qasim. It is pertinent to mention here that this is the first shipment of 110,000mt of Metallurgical ... Read More »

R&D Section of MCC-Appraisement (East) recovers Rs26.6m in June

KARACHI: The Research and Development (R&D) Section of the Model Customs Collectorate of Appraisement (East) while following the special directives of the Collector MCC-Appraisement (East) Najeeb-ur-Rehman Abbasi has recovered an amount of Rs26,612,517 in the month of June, 2014 from importers who are involved in violation of PCT/classification, valuation ruling, mis-declaration of value and wrong use of SROs. According to ... Read More »

Interception of infested-mango consignments worries exporters, farmers

HYDERABAD: The interceptions of fruit fly-infested mango consignments which originated from Sindh have worried mango producers of the province, for they have gone extra-mile to improve their farm management practices. Sindh’s mango orchard owners have worked hard with their Australian counterparts and the management of the United States Agency for International Development (USAID) over the past four years to ensure ... Read More »

$556m IMF tranche up forex reserves

KARACHI: Pakistan has received $556 million as the fourth tranche from the International Monetary Fund (IMF) under the Extended Facility Fund (EFF) approved by the fund last year. “We have got the $556 million into our foreign exchange reserves now,” a State Bank of Pakistan spokesman confirmed. Pakistan was granted the $6.8 billion IMF bailout package last year to help ... Read More »

Selling spree downs KSE to 9-month low

KARACHI: Stock market remained dull throughout the day, which saw volume shrunk 45pc to 73m shares, recording a 9-month low. Trading value fell to Rs4 billion which was at 14 months low. The KSE-100 index managed to claw up by 20.99 points to 29,697.79. While local institutions and individuals were on the sell side, the market received support from foreign ... Read More »

PRV Section of MCC Appraisement-West recovers Rs16.5m in June

KARACHI: Post Release Verification (PRV) Section of Model Customs Collectorate of Appraisement-West has recovered an amount of Rs 16,511,643 by issuing 70 demand notices to different importers in the month of June, 2014. The PRV Section has recovered an amount of Rs 346,069 through goods declaration (GD) No.119239; Rs 365,919 through GD No.90910; Rs 510,095 through GD No.137133; Rs 230,722 ... Read More »

Customs values of UPS units determined through valuation ruling no.677/2014

KARACHI: Directorate General of Customs Valuation has determined the customs values of Uninterruptable Power Supply (UPS) units through valuation ruling no. 677/2014 under section 25-A of the Customs Act, 1969. The Valuation Ruling No.677/2014 regarding the UPS has superseded the previous valuation ruling no. 447/2012. Customs value of Line-Interactive UPS up to 500 VA with batteries having HS Code 8504.4010 ... Read More »

Customs I&I seizes 8000 whisky bottles, beer cans; customs agent, company official arrested

KARACHI: Directorate of Intelligence and Investigation-Customs, Karachi has thwarted an attempt of smuggling contraband items including foreign brand whisky and beer in a raid at Pakistan International Container Terminal (PICT), East Wharf. A team of Directorate of Intelligence and Investigation-Customs, Karachi on a tip-off raided PICT, East Wharf and halted consignments of paper. After thorough examination, 5000 bottles of Black ... Read More »

MCC-Appraisement-West collects Rs20.8b against Rs30.3b in June

KARACHI: Model Customs Collectorate of Appraisement-West has collected an amount of Rs 20,776 million against the target of Rs 30,357 million, set by the Federal Board of Revenue for the month of June, 2014. The collectorate has fallen short of its target by Rs 9,581 million. MCC Appraisement-West has collected an amount of Rs 10,766 million in share of customs ... Read More »

June’14: MCC-Appraisement-East collects Rs16.1b against target of Rs28b

KARACHI: Model Customs Collectorate of Appraisement-East has collected an amount of Rs 16,113.5 million against the target of Rs 28,037.7 million, set by the Federal Board of Revenue for the month of June, 2014. The collectorate has fallen short of its target by Rs 11,924.2 million. According to the statistics, MCC Appraisement-East has collected an amount of Rs 5,003.4 million ... Read More »

MCC Port Qasim collects Rs26.5b against Rs36.8b in June’14

KARACHI: Model Customs Collectorate of Port Muhammad Bin Qasim has collected revenue amounting Rs 26,480 million by the end of June, 2014 against its target of Rs 36,759 million set by the Federal Board of Revenue for the last month of the Fiscal Year 2013-14. MCC Port Qasim despite all out efforts in order to meet the revenue target for ... Read More »

Top most priority to issue visas to Pak importers: Chinese Consul General

KARACHI: The top most priority of Chinese government is to ensure speedy release of the visas to the commercial importers of Pakistan. This was stated by Chinese Consul General, Zhang Jianxin during a meeting with a 10-member delegation of Pakistan Chemicals and Dyes Merchants Association (PCDMA). The PCDMA delegation was led by its Chairman Shaukat Riaz. Chinese Consul General said ... Read More »

FBR to confer special powers on SPS soon

KARACHI: The Federal Board of Revenue (FBR) is mulling over to increase the work jurisdiction of the Superintendents of Preventive Services (SPS) in the Model Customs Collectorate (MCC) of Preventive.  The FBR sources informed Customs Today that the Superintendents of Preventive Services (SPS) will distribute the assignments/coursework of the assistant collectors in Preventive Services after they are promoted from Grade ... Read More »

MCC Hyderabad makes dozens of seizures in past 3 months

HYDERABAD: In its campaign to check and curb the menace of smuggling of various items, Model Customs Collectorate of Hyderabad has made a total number of 38 seizures of various smuggled items during the last three and half months worth over Rs 100 million. During the period from mid March to June 30, different items including vehicles/motorcycles, cloth, tyres and ... Read More »

Customs seizes Rs60m smuggled cigarettes

KARACHI: A team of the Customs Intelligence and Investigation in collaboration with Pakistan Rangers recovered huge quantity of smuggled cigarettes of foreign brands including Pine, Ashima, Oris, Marlboro, Dunhill and Ruub. The seizure was made during a joint raid on a warehouse in Chanti Gali near Bolton market. As per details, acting on a tip-off, a team of the Customs ... Read More »

Selling, scrapping without permission: Customs registers FIR against airline

KARACHI: Pakistan Customs has registered a case against Shaheen Air International while seizing its twelve aircraft. The airline has been barred from selling or scrapping the planes until it owes hundreds of millions of rupees to the national exchequer. The airline was selling and scrapping its twelve aircraft parked idle at Karachi airport for long. In addition to the 12 ... Read More »

IOCO to deal with SRO 565(I)/2006 from now onwards

KARACHI: Federal Board of Revenue has now authorized and conferred Input-Output Co-efficient Organization (IOCO) of Pakistan Customs for the implementation of Statutory Regulatory Order (SRO) 565(I)/2006. FBR has decided to confer powers relating to the SRO 565(I)/2006 to IOCO. Earlier, Model Customs Collectorate of Appraisement-West was dealing with the said SRO. The SRO 565(I)/2006 deals with the prime obligations linked ... Read More »

Tax officials bemoan non-promotion

KARACHI: The officers of the Federal Board of Revenue (FBR) bemoaned the dropping of their names from the list of promotion from BS-19 to BS-20. They contended that some elements in the PM Secretariat were giving wrong information about the integrity of the officials. Most of the officers belonging to Inland Revenue Service (IRS), Pakistan Customs Service (PCS), Karachi tax ... Read More »

Fate of fabric importers to be strictly tied to lab reports: Collector Saleem

KARACHI: Model Customs Collectorate of Appraisement-West Collector Muhammad Saleem has made it clear that the fate of fabric importers, involved in mis-declaration in the consignments of textile fabric would be decided strictly according to laboratory reports. He stated this while talking to Customs Today exclusively. On the occasion, Collector of MCC Appraisement-West confirmed that around 50 consignments were still in ... Read More »