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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

Aruna Hussain, Soren Skou, Maersk said to loot the nation while SRB in deep sleep

KARACHI: Aruna Hussain,  Soren Skou and other officials of Maersk Pakistan are said to be involved in tax evasion worth billions of rupees annually while Sindh Revenue Board officials collude with them or act as a silent spectator. According to importers, top officials of the Sindh Revenue Board (SRB) and Maersk Pakistan (Pvt) Ltd are involved in tax evasion worth ... Read More »

All resources being utilized to bring back looted money stashed abroad: NAB chairman

ISLAMABAD: Justice Javed Iqbal, National Accountability Bureau (NAB) Chairman has said that NAB has solid evidence of money laundering of billion of rupees of big fish. NAB has submitted corruption references in respected Accountability Courts which are under trial. He said that Quaid -e-Azam Muhammad ALI Jinnah, father of the nation in his Address to Assembly had identified bribery and ... Read More »

Govt clarifies position on issuance of Sukuk

ISLAMABAD: Finance Ministry clarified  that Sukuk were Shariah compliant borrowing instruments backed by physical assets, and were structured so as to pay returns on investment as rent instead of interest by utilizing an underlying asset. “Sukuk are not only issued to support the Government’s budgetary position, but also to promote Islamic banking finance in the country, which is a constitutional ... Read More »

Oil down 2pc as China Covid-19 cases trigger clampdowns

LONDON: Oil prices fell on Friday, retreating further from 11-month highs hit last week, weighed down by worries that new pandemic restrictions in China will curb fuel demand in the world’s biggest oil importer. Brent crude futures fell $1.31, or 2.3pc, to $54.79 a barrel by 1230 GMT, after a 2 cent gain on Thursday. US West Texas Intermediate (WTI) ... Read More »

Four private sector companies step in LNG trade

ISLAMABAD: The ease-of-doing business plan, introduced by current government, has started yielding the required results with stepping in of four private sector companies for carrying out regulated activities of Liquefied Natural Gas (LNG) across the country. In a significant development, Oil and Gas Development Authority (OGRA) last week granted the first-ever marketing licences to two companies for undertaking regulated activities ... Read More »

Customs Appraisement announces operational procedure for NLC Dry Port Jia Bagga

LAHORE: Collectorte of Customs Appraisement and Facilitation has issued standing order no. 1/2021 regarding operational procedure of NLC Dry Port, Jia Bagga, located at Jia Bagga, Lahore to operate as customs-port or clearance of goods or any class of goods imported into Pakistan or to be exported out of the country, under the jurisdiction of Collectorate of Customs Appraisement and ... Read More »

FBR announces rules for rewarding officials on recovery of tax evaded amount

ISLAMABAD: Federal Board of Revenue (FBR) on Friday issued rules to reward tax officials and informers on detection and recovery of evaded amount. The FBR issued SRO 78(I)/2021 and said that officers and staff deputed to exercise powers, enforce and/or perform functions and duties in designated entities under the specified statutes and informers or whistleblowers. According to the rules, the ... Read More »

FBR urged to withdraw SRO 924

LAHORE: Sarafa Jewellers Association while expressing its deep reservations on SRO 924 has urged the Federal Board of Revenue (FBR) to withdraw it immediately. Chairman Muhammad Ahmad said that the Jewellers community is all out with the present government’s efforts to pull the country out of crisis being seen in wake of FATF conditionalties. Nevertheless, he said that zargar (jewellery ... Read More »

Mis-declaration scam: Customs court directs owner of M/s Arsalan & others to join probe

KARACHI: The Customs Court granted interim pre-arrest bail to suspect namely Arsalan Akram son of Akram Rasheed owner of M/s Arsalan Company and others and directed them to join investigation, who were nominated in first information report (FIR) for mis-declaration and concealment of actual description, specifications and constituent material to deceive application of correct assessable value. On 21 January 2021, ... Read More »

Aruna Hussain, Soren, Maersk face FIA probe for hacking Customs Today website

KARACHI: The management of the Customs Today newspaper has decided to move the Federal Investigation Agency (FIA) for an investigation into the hacking of its website. It is apparent that the news website has been hacked at the behest of Maersk Pakistan officials, including Aruna Hussain, Søren Skou and others, as Customs Today has carried a number of stories to ... Read More »

SBP issues clarification on ATM withdrawal exceeding Rs1000

KARACHI: State Bank of Pakistan (SBP) categorically rejected a message doing rounds on social media, claiming that the central bank had placed any restrictions on ATM withdrawal exceeding Rs 1000. In a series of messages posted on Twitter, the SBP said that it categorically rejects the false message on social media attributing to it that cash withdrawal limit is restricted ... Read More »

M/s Dany Technologies moves SHC against detention of its imported consignments of mobile accessories

KARACHI: M/s Dany Technologies has approached The Sindh High Court (SHC) and filed a constitutional petition against detention of its imported consignments of mobile accessories of low-end brand assorted brands including computer data cable, earphone unpacked form, mobile speaker, multimedia tower speaker 2.0 MP3 mini remote etc seized by customs department. On 21 January 2021, counsel for the petitioner stated ... Read More »

SHC declares SRO 1125(I)/ 2011 as ultra vires the constitution on 25 importers’ petitions

KARACHI: A division bench of the Sindh High Court (SHC) declared SRO 1125(I)/ 2011 as ultra vires the constitution and restrained customs officials from demanding any duty from the petitioners on several constitutional petitions filed by Al-Razzaq Fibers and other 25 importers. On 19 January 2021, court released a details judgment in which court observed that “accordingly for the reasons, ... Read More »

KCCI, SFIC ink MoU for establishing long term ties, setting up joint working group

KARACHI: The Karachi Chamber of Commerce & Industry (KCCI) has achieved a significant milestone by signing a Memorandum of Understanding (MoU) with Shanghai Federation of Industry & Commerce (SFIC) for establishing and maintaining long term ties, setting up a joint working group and building a platform for economic and trade exchanges and cooperation between Karachi and Shanghai. The MoU, which ... Read More »

Faisalabad Customs seizes 143 cartons of foreign liquor, vehicle worth Rs35.568m

FAISALABAD: Collectorate of Customs anti-smuggling squad has seized 143 cartons of foreign origin liquor which were tactfully hidden under crates of tomatoes. Sources told that after receiving credible information, customs anti-smuggling squad intercepted a vehicle which was loaded with 143 cartons of foreign origin liquor concealed under crates of tomatoes”. Sources further said that 1,504 liquor bottles were seized which ... Read More »

Mian Aslam Iqbal seeks practical model for Sialkot export processing zone

SIALKOT: Punjab Industries Minister Mian Aslam Iqbal has directed the officials concerned to form a committee within seven days to devise a practical model for Sialkot Export Processing Zone. The minister issued this direction during a meeting with a delegation of Sialkot Chamber of Commerce and Industries, led by its President Qaiser Iqbal Baryar, to discuss colonisation of Sialkot Export ... Read More »

Pak Rupee ends down by 13 paisas against USD ahead weekly holidays

KARACHI: The Pak Rupee depreciated by 13 paisas against the dollar on Friday owing to higher demand ahead of weekly holidays and deficit in current account on increased import bill. The rupee ended Rs160.75 to the dollar from previous day’s closing of Rs160.62 in the interbank foreign exchange market. Currency dealers said that the demand for the dollar was remained ... Read More »

Collector Mohsin Rafiq transfers 20 officials with immediate effect

LAHORE: Collectorate of Customs Appraisement and Facilitation Collector Mohsin Rafiq issued office order for transfer and posting of following officials with immediate effect and until further orders:- Shahzad Malik, Principal Appraiser is transferred to PA (G-III) assessment hall, law branch, LDP on promotion. Younus Ali, Appraising Officer is transferred from assessment hall, LDP to DTRE section, LDP. Rafey Nasir Chattha, ... Read More »

Pakistan Customs transfers officials from Islamabad airport involved in smuggling

ISLAMABAD: Pakistan Customs has transferred officials from Islamabad airport due to their involvement in smuggling activities. According to sources, Collectorate of Customs Islamabad has directed inspectors Qazi Ayazud Din, Arshad bin Inam, Hawaldars’ Muhammad Sultan, Irfan, Istihaq Ahmad and LDCs Babar Latif Kiyani and Numan Ijaz to report to the FBR headquarter as well as the Islamabad dry port. On ... Read More »

FPCCI chairman stresses for enhancing Pak-Italy economic trade linkages

ISLAMABAD: The Chairman Federation Pakistan Chamber of Commerce and industry (FPCCI) Capital Office Haji Qurban Ali stressed the need to enhance the economic and trade linkages between the business community of Italy and Pakistan for increasing the trade between both sides. Local business community want equilibrium and to achieve trade balance as currently, Pakistan had a trade surplus in bilateral ... Read More »