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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

Revenue leakage: DGI&I-IR to deal strictly with ship-breakers, gold importers

KARACHI: Syed Ijaz Hussain, Director General of Intelligence and Investigation, Inland Revenue (IR) has decided to deal strictly with ship-breakers, gold importers and others to plug revenue leakage. He made this decision during his recent visit to Karachi. Sources said that Director General had convened a meeting with the officials of Inland Revenue and directed them to expedite the process ... Read More »

Rs9b scam: FBR out to lasso guilty firms

KARACHI: Against the backdrop of Rs9 billion sale tax refund scam, the Federal Board of Revenue (FBR) has launched a crackdown on 153 units involved the scam. The board has sprung into action after the RTO-II Karachi detected huge embezzlement of refund issuance of around Rs9 billion on fake invoices, involving a major company and other 153 firms for assisting ... Read More »

MCC-Appraisement (East) detects 266 cases of tax evasion

KARACHI: The Research & Development (R&D) section and Examination department of the Model Customs Collectorate (MCC) of Appraisement (East) has detected 266 cases of mis-declaration, tax evasion and under-invoicing altogether during first and second quarter of the Fiscal Year 2013-14 and recovered an amount of Rs 168.45 million till December 31. According to details, R&D section of MCC-Appraisement (East) has ... Read More »

Privatization of state-owned enterprises vital for boosting economy: Chairman PSAA

KARACHI: Chairman Pakistan Ships’ Agents Association (PSAA) Muhammed A. Rajpar said that it was imperative to privatize state-owned enterprises in order to boost economy of the country. Talking to Customs Today at his office, Rajpar said that the present government should take effective measures in order to decrease external trade deficit. Highlighting the performance of labour pool in Karachi Dock ... Read More »

Slash in ST on fabric imports; govt violates commitment with IMF

KARACHI: The Federal Board of Revenue (FBR) issued statutory regulatory orders (SRO), reducing sales tax to three percent from five percent on import and local supplies of fabric, violating its own commitment with International Monetary Fund (IMF). As per details, the government through a memorandum on economic and financial policies for 2013-16 presented to the IMF for the latest loan ... Read More »

Efforts on to make WeBOC amendments soon: Tanveer Ahmad

KARACHI: The entire team of Web Based One Customs (WeBOC) is working tirelessly in order to complete amendments in WeBOC, computerised system and install all modules of One Customs into WeBOC for facilitating all the stakeholders including importers and exporters. This was stated by Project Director (PD) Directorate of Reforms and Automation, Syed Tanveer Ahmad in an exclusive interview with ... Read More »

MCC-Appraisement (West) lags behind the set target

KARACHI: Model Customs Collectorate (MCC) of Appraisement (West) has collected Rs 45,611 millions in share of customs duty, sales tax, withholding tax and federal excise duty by the end of second quarter of fiscal year 2013-14 on December, 31 against the target of Rs 65,402 million. According to details, MCC-Appraisement (West) has collected a sum of Rs 17,468 million in ... Read More »

DGI&I (IR) detects discrepancy in past 2 years gold import

KARACHI: Directorate General of Intelligence and Investigation (DGI&I)-Inland Revenue (IR), Karachi has detected grave inconsistencies in import of gold worth more than Rs 9 billion under Entrustment Scheme through the past two years. According to sources, DGI&I (IR) has inquired into alleged abuse of the Entrustment Scheme by gold exporters where bulk quantity of gold/jewellery was imported without fulfilling gold ... Read More »

Customs vigilant in averting flight of foreign currency

KARACHI: Pakistan Customs has initiated an effective onslaught against flight of foreign currency through passengers and has so far been successful in recovering a substantial amount during its operation, official sources said. A customs official said that airport staff is ensuring the filing of the currency declaration form at departure. This is followed by a physical inspection in case of ... Read More »

Fake claim: Company gets millions in ST refunds

KARACHI: A civil construction company has reportedly obtained sales tax refunds worth millions of rupees from Federal Board of Revenue through tax reforms projects on fake claims, official sources said. A Housing Enterprise had availed of zero–rated sales tax on services provided to the revenue body and other government departments and obtained refunds of Rs 133 million by presenting its ... Read More »

Chinese officials take assessment trip to Gwadar port

GWADAR: A high-level Chinese delegation under the leadership of Yang Zan Director General of Department of International Cooperation Ministry of Transport visited Gwadar and discussed the possibilities of linking the port through road and rail with China and other regional countries to make it fully functional for future trade and economic activities. In the meeting between the delegation headed by Yang ... Read More »

Duty collection: MCC-Appraisement (South) for evolving effective strategy

KARACHI: Chief Collector Appraisement (south) Nasir Masroor Ahmed held a series of meetings with Collectors of all three collectorates. Sources told Customs Today that the Chief Collector recently held the meeting with the MCC-Appraisement (West) Collector Muhammad Saleem, MCC-Appraisement (East) Collector Abdul Rashid Shaikh and MCC-Port Qasim Collector Dr Agha Owais Jawwad. Sources further informed that the Chief Collector-Appraisement (South) ... Read More »

Importers, customs agents facing hardships in hearing of their cases

KARACHI: The importers and Customs agents are facing immense hardships in hearing of their cases, due to shortage of Pakistan Customs officers at Additional Collectors (ADCs) and Deputy Collector (DCs) level. Importers and other stakeholders were of the view that they have to stand in long queues outside the offices of ADCs and DCs for hours, but no one entertained ... Read More »

Man found in possession of huge foreign currency

KARACHI: The Customs Drugs Enforcement Cell has arrested a man with huge sum of foreign currency here at Jinnah Terminal Airport. As per details, Customs DEC officials recovered 31,000 Saudi Riyal and 87,000 UAE Dirham, equivalent to $32,000 or Rs3.4 million from socks and shoes a passenger. The man identified as Saeed Ahmed Sheikh, a resident of Hyderabad, was going ... Read More »

MCC-Appraisement (West) retrieves its allotted examination space at KICT

KARACHI: Model Customs Collectorate (MCC) of Appraisement (West) has got back its allotted space of the examination area from the authorities of Karachi International Container Terminal (KICT). According to the details, the KICT administration had used the allotted space of the examination area of the MCC-Appraisement (West) at KICT for grounding and dumping the empty containers, since long. Collector MCC-Appraisement ... Read More »

MCC-Appraisement (East) tax collection well ahead of targets: Collector Abdur Rashid

KARACHI: Model Customs Collectorate (MCC) of Appraisement-East is well ahead of its revenue targets set by Federal Board of Revenue in first and second quarter of the fiscal year 2013-14. According to details, MCC-Appraisement (East) under the supervision of Collector Abdul Rashid Shaikh has successfully collected the revenue more than the set targets in all heads except customs duty by ... Read More »

FBR for clearance of filed GDs on same day

KARACHI: Federal Board of Revenue has issued clear directives to all officials of the Collectorates of Pakistan Customs to clear the Goods Declarations (GDs) filed by the importers on the same day and also upload the same in the system by the end of the day. Sources in Customs House informed Customs Today that FBR is redressing the issues and ... Read More »

‘Efficient’ Gwadar MCC team reshuffled

ISLAMABAD: The entire team of Customs officials posted at Model Gwadar Customs Collectorate (MCC) including Collector and Additional Collector has been reshuffled and the posting of a new team has been notified. According to a notification of the Federal Board of Revenue (FBR), Customs Directorate Reforms and Automation Director Syed Tanveer Ahmad has been transferred and posted as Collector MCC ... Read More »

Gwadar to be foundation of Pakistan’s future development

ISLAMABAD: The newly developed port of Gwadar can serve as cornerstone of the country’s economic development and change plight of the people of Balochistan if its real potential is exploited to bolster trade in the region. This was stated by retired Colonel Maqbool Afridi, Chairman Standing Committee, Gwadar Promotion and Development of Federation of Pakistan Chambers of Commerce and Industry. ... Read More »

Govt officials cannot avail amnesty scheme: Asad

KARACHI: The amnesty scheme recently launched by Federal Board of Revenue (FBR) to whiten undeclared money will not be available for the holders of public offices and government officials, FBR’s official spokesperson Shahid Hussain Asad has said. “The incentive scheme is offered to general public but it is not for government officials, as they are already submitting their assets on ... Read More »