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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

Land for transshipment hub: PIFFA, Bahria varsity sign MoU

KARACHI: A Memorandum of Understanding (MoU) in order to allot a piece of land for constructing transshipment hub in Karachi, has been signed between Pakistan International Freight Forwarders Association (PIFFA) and Bahria University. This was revealed by Chairman PIFFA, Abdul Majeed Paracha while talking to Customs Today. Paracha confirmed that a 20-acre piece of land near Northern Bypass is to ... Read More »

Corporate tax: KTBA seeks extension in date of filing returns

KARACHI: Karachi Tax Bar Association (KTBA) has urged Federal Board of Revenue to extend the last date for filing of income tax returns by corporate entities for at least one month due to heavy workload. KTBA has sent a letter to FBR chairman in which it has pleaded that association members are tied up in the preparation and filing of ... Read More »

Export consignments held with fake exemption documents

KARACHI: Pakistan Customs has seized consignments of export goods with fake exemption documents at a green channel facility according to a press release. Model Customs Collectorate of Exports has revealed that it had received information regarding unscrupulous elements trying to export goods against fake export documents. On this information, the Export Intelligence Branch mounted vigilance on all outgoing suspected consignments ... Read More »

26th installment under IMF’s SBA repaid

KARACHI: Pakistan has paid the 26th installment to the International Monetary Fund under the Stand-By Arrangement (SBA) facility worth $109 million, as announced by the State Bank of Pakistan. Pakistan has repaid a total amount of $6,361 million to the IMF since July 2011 out of which $5,513 million were paid against SBA. After the current repayment, the remaining amount ... Read More »

Significant decrease in smuggling activities in Dec: AC Wasif Malik

KARACHI: There is a significant decrease in the smuggling activities carried out from other parts of the country to Karachi by using land routes in the month of December. This was stated by Muhammad Wasif Malik, Assistant Collector Model Customs Collectorate (MCC) Preventive while talking to Customs Today at his office. He said that the strict security and vigilance by ... Read More »

Suspects of ISAF containers case get bail

KARACHI: Six persons arrested on Dec 7 for allegedly stealing ISAF containers at a private yard at Port Qasim, have got bail from Customs Courts and Sindh High Court. One of the senior officials of Pakistan Customs informed Customs Today that the challan against the owner of the private company has been presented before the court and further investigation is ... Read More »

Transforming Pakistan into a transshipment hub vital for growth: Chairman PIFFA

KARACHI: Transforming Pakistan into a transshipment hub is imperative for growth and development of the country. This was stated by Pakistan International Freight Forwarders Association (PIFFA) Chairman Abdul Majeed Paracha in an exclusive interview with Customs Today at his office. He aimed that it is one of his top most priorities to work for making the country a transshipment hub. ... Read More »

VRs of coated paper, milk for infants and confectionery items issued

KARACHI: The Directorate of Customs Valuation Department has issued three more valuation rulings, numbered 623, 624 and 625 under Section 25-A of the Customs Act, 1969. The Customs values of Art card coated paper and light weight coated paper, milk preparations for infant use and confectionery items have been determined under VR numbers 623/2013, 624/2013 and 625/2013 respectively. The Customs ... Read More »

Risk of stealing ISAF containers still high

KARACHI: The risk of stealing of ISAF containers on reverse cargo route from Torkhum and Chaman to Karachi is still high due to absence of security scanners, it is learnt here. One of the senior officials on condition of anonymity told Customs Today that the Pakistan Customs had sent a proposal to Federal Board of Revenue a month ago for ... Read More »

All types of ATT cargo to be cleared through WeBOC

KARACHI: Web-based One Customs (WeBOC) online clearance system for clearance of transit trade shall include International Security Assistance Force (ISAF) military cargos as well as Pak-Afghan transit trade to prevent pilferage of goods inside Pakistan, official sources said. Notice issued by the Directorate General of Transit Trade reads that the processing and clearance of all types of transit trade cargos, ... Read More »

VRs of solar panels, CCTV cameras, iron and stainless steel wires issued

KARACHI: Directorate General of Customs Valuation Department has issued three more Valuation Rulings No. 620, 621 and 622 under Section 25-A of the Customs Act, 1969. The Valuation Ruling No.620/2013 has determined the values of Solar panels. The Customs value of the Solar panels from China has been fixed at $0.70 per Watt under PCT heading 8541.4000 and proposed PCT ... Read More »

Non-tariff barriers hampering cement exports to India

KARACHI: Pakistan’s cement exports to India have declined by 11 per cent to 163,500 tonnes during the period from July to November this fiscal year as against 183,400 tonnes in the same period last year. Sources said that the main reasons behind this decline are non-tariff barriers and without removing these hurdles, cement export to India cannot improve. They added ... Read More »

GSP help desk to be established at TDAP

KARACHI: Trade Development Authority of Pakistan is to set up a GSP Plus helpdesk in Karachi and develop a mobile application on the iOS, Android & Windows platform to facilitate exporters. TDAP Acting Chief Executive Rabia Javeri informed about the roadmap designed by TDAP for making the most of duty advantage scheme. She was a speaking at a seminar for ... Read More »

Not enough security for NATO military cargo via Pakistan

KARACHI: Withdrawal of ISAF troops from Afghanistan is due in 2014 but no precautionary measures have been taken by the government yet to provide security cover for military equipment of US and NATO returning to their primary destinations via Pakistan, sources said. They said that this is providing lucrative opportunities to certain elements to snatch and steal military equipment in ... Read More »

Attempt for smuggling arms thwarted

MASTUNG: Law enforcement Agencies foiled a smuggling attempt of huge reserves of arms and ammunition to Karachi. Deputy Commissioner Mastung Mehrab Shah informed that the security personnel on a tip off started snap checking in Kardgap area of Mastung district in Balochistan. On signaling to stop a suspected pickup, the accused leaving the vehicle on the scene fled away. DC ... Read More »

FBR for induction of ATT modules in WeBOC

KARACHI: Federal Board of Revenue (FBR) has directed the officials concerned in the Directorate of Reforms and Automation to induct Afghan Transit Trade (ATT) modules in WeBOC, computerised system. Reliable sources told Customs Today that a meeting headed by Project Director, WeBOC was held in the Directorate of Reforms and Automation in Customs House on Monday in this regard. “In ... Read More »

Pakistan receives 2nd tranche under EFF

KARACHI: Pakistan has received the second tranche from International Monetary Fund under Extended Fund Facility. Economic experts have said that these inflows will support the exhausting foreign exchange reserves which have tumbled down to $9 billion. State Bank of Pakistan spokesman has confirmed that Pakistan has received $553.5 million as the 2nd tranche of EFF from the IMF. The tranche ... Read More »

Freight trains start showing progress after 3 years

LAHORE: For the first time in three years, five freight trains left Karachi in a single day for northern destinations. Earlier an acute shortage of locomotives had forced the railways administration to suspend all cargo trains from Karachi. Addition of 15 rehabilitated locomotives to Pakistan Railways fleet in September this year has helped improve punctuality of passenger trains and ensured ... Read More »

Commission recommends reforms in WHT regime

KARACHI: Federal Board of Revenue is considering converting withholding tax regime into a minimum tax regime. This has been proposed by the commission headed by Ramzan Bhatti to eliminate all possibilities of tax refunds, sources said. The sources added that the commission was of the view that investors across the globe desired to be saved from the front cost i.e. ... Read More »

Cosmetic firm delaying over Rs94m FED

KARACHI: Federal Board of Revenue is yet to recover federal excise duty from a cosmetics company a month after it was liable to pay Rs 94.12 million. Earlier Regional Tax Officer (RTO)-III after detecting serious discrepancies in the ledgers of the company issued notice to pay evaded FED. Sources said that tax office was earlier keen to settle the issue ... Read More »