Thursday , October 1 2020
Breaking News
Home / Latest News

Latest News

News updates
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

PSX loses 632.88 points to close at 40,571.48 points

KARACHI: The Pakistan Stock Exchange (PSX) on Wednesday witnessed bearish trend as the KSE 100 index lost 632.88 points, showing negative change of 1.54 percent, to close at 40,571.48 points against 41,204.36 points on the last working day. A total 473,730,084 shares were traded during the day as compared to 353,650,561 shares the previous day whereas the price of shares ... Read More »

Khawaja Jalaluddin Roomi elected president of DG Khan Chamber of Commerce & Industry

MULTAN: Noted industrialist Khawaja Jalaluddin Roomi has been elected (unopposed) as President of Dera Ghazi Khan Chamber of Commerce & Industry for 2020-21. He had also served caretaker Punjab Minister for Industries, President of Chamber of Commerce & Industry Multan-Dera Ghazi Khan twice, Chairman of Multan Dryport Trust (MDPT) and Chairman of board of directors of Nishtar Medical College, Hospital ... Read More »

PFC all set for 12th Interiors Expo-2020 from October 2 in Sialkot

ISLAMABAD: The Pakistan Furniture Council (PFC) is all set to hold 3-day mega 12th Interiors Pakistan Expo 2020 from October 02 at Dustoor Event Complex Sialkot to promote and introduce Pakistani interiors, furniture and accessories in and outside Pakistan. PFC Chief Executive Mian Kashif Ashfaq told reporters that the expo was aimed at promoting and introducing Pakistani interiors, furniture and ... Read More »

Pakistan Customs revises upwards rates of duty drawback for leather sector

ISLAMABAD: Pakistan Customs revised upwards rates of duty drawback for leather sector, Advisor to Prime Minister on Commerce and Investment Abdul Razak Dawood said. Taking to Twitter, Razak Dawood said: “Pursuant to Prime Minister’s vision of “Make in Pakistan”, Pakistan Customs (FBR) has revised upwards rates of Duty Drawback for leather sector. The rates have been revised in accordance with ... Read More »

Azakhel dry port will boost economic activities, create job opportunities: DC Mehmood Khattak

PESHAWAR: Collectorate of Customs Deputy Collector Mehmood Khattak has said that the Collectorate has made huge crackdown against gold smugglers with the assistance of law enforcement agencies. Talking with the Customs Today during an exclusive interview he said that Chief Collector North Dr. Asif Mehmood Jah have instructed customs staff not to create any hurdle for local goods for promotion ... Read More »

Mass production of high-value products will help to increase GDP: Ali Abbas Gardezi

MULTAN: Additional Collector Customs Enforcement & Compliance Syed Ali Abbas Gardezi stated that assimilation of technology up-gradation will help expedite value-addition while enhancing productivity. Mass production of high-value products will ultimately help to increase the gross domestic product (GDP). He was delivering his speech at an awareness seminar on up-gradation skills jointly organised by TUSDEC, Customs and Multan Chamber of ... Read More »

China’s factory activity accelerates at solid pace in September on boost from overseas demand

BEIJING: China’s factory activity extended solid growth in September, twin surveys showed, as the nation’s crucial exports engine revved up on improving overseas demand and underlined a steady economic recovery from the coronavirus shock. The official manufacturing Purchasing Manager’s Index (PMI) rose to 51.5 in September from 51.0 in August, according to data from the National Bureau of Statistics (NBS) ... Read More »

Diesel price cut by Rs2.40 per litre, petrol rate to remain unchanged

ISLAMABAD: The government on Wednesday decided to cut the price of high-speed diesel by Rs2.40 per litre and keep that of petrol unchanged for a period of fifteen days with effect from October 1. The prices of other petroleum products will also remain unchanged for the next 15 days. Earlier, the Oil and Gas Regulatory Authority (OGRA) put forth a ... Read More »

Station Commander Brigadier Ijaz Qamar Kayani visits RCCI

RAWALPINDI: Cantonment Board Rawalpindi President and Station Commander Brigadier Ijaz Qamar Kayani visited the Rawalpindi Chamber of Commerce and Industry (RCCI) and talked to the business community about the ongoing development projects in the city, parking issues and tax relief. Brigadier Ijaz Qamar apprised the business community that under the Scheme “Public Outreach” a program has been launched to regularize ... Read More »

FBR offices to remain open till 10 pm today for tax collection

ISLAMABAD: The Federal Board of Revenue (FBR) on Tuesday directed its field offices of Inland Revenue to remain open late hours to facilitate taxpayers in payment of duty and taxes on September 30, 2020. In an office order issued by the FBR instructed all the chief commissioners of IR to observe extended working hours till 10:00 PM on Wednesday, September ... Read More »

Appraisement East submits FIR against M/s Younus Sons & M/s Shafi Dyeing in mis-declaration scam

KARACHI: The Customs Court approved physical remand of suspect namely Muhammad Fazal Noorani, proprietor of M/s Younus Sons, who was nominated in FIR for submission of fabricated invoice to evade legitimate government revenue. On 28 September 2020, investigation officer submitted first information report (FIR) against the above mentioned suspect and Shaukat Ali, proprietor Shafi Dyeing and informed that during the ... Read More »

SHC bars customs officials from taking action against M/s Naimatullah Steel Works & M/s V.N Lakhani & Co

KARACHI: A division bench of Sindh High Court (SHC) directed customs officials to consider request of the petitioner for provisional release of consignments in accordance with law and no coercive action shall be taken on a constitutional petition filed by M/s Naimatullah Steel Works Pvt Ltd and M/s V.N Lakhani & Co. On 29 September  2020, Ahmed Ali Hussain advocate ... Read More »

Pakistan to auction extra telecom spectrum; seeks $1b

ISLAMABAD: Pakistan will this week begin the process of selling unused telecom spectrum in an auction it hopes will raise around $1 billion and enhance network capacity, said three senior government officials familiar with the matter. The spectrum is in the 1800 and 2100 MHz bands typically used by operators for 4G LTE (long-term evolution) networks that offer faster video ... Read More »

ECC approves over Rs19b for retrenchment plan of Pakistan Steel Mills

ISLAMABAD: Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh chaired the meeting of the Economic Coordination Committee (ECC) of the Cabinet here at the Cabinet Division. The Ministry of Industries and Production brought a summary to the ECC on the retrenchment plan of Pakistan Steel Mills aligned with the legal framework of relevant labour laws. ... Read More »

Sindh bans use of LPG in public transport

KARACHI: The Sindh government has banned the use of liquefied petroleum gas (LPG) as fuel in all public service vehicles (PSVs) and asked the police to start a crackdown against passenger vans using gas cylinders. According to details, the Sindh transport department banned the use of LPG cylinders in public transport and has informed IG police, all commissioners, deputy commissioners, ... Read More »

FBR issues SRO to regulate accountants, jewelers & real estate agents under AML/CFT

ISLAMABAD: Federal Board of Revenue (FBR) issued a notification to regulate the profession/business of accountants, jewelers, real estate agents in ongoing efforts against money laundering and countering finance of terrorism. The regulations have been issued through SRO 924(I)/2020 dated September 30, 2020 to comply with the conditions under Finance Action Task Force (FATF), which is scheduled to meet October 2020 ... Read More »

BoI, MISHAL join hands to improve Pakistan’s CGI ranking

ISLAMABAD: The Board of Investment (BoI) and the World Economic Forum’s partner institute on global competitiveness, MISHAL, have agreed to assume reforms aligned to the Global Competitiveness Index (GCI). The MISHAL team visited BoI to brief the board’s secretary Fareena Mazhar and her team on GCI. The BOI secretary thanked the MISHAL team for elaborating the competitiveness challenges faced by ... Read More »

Cryptocurrency not legal tender, SBP informs SHC

KARACHI: The Sindh High Court (SHC) on Wednesday took up a petition challenging a ban on the use of digital currency in the country and directed the federal government, the State Bank of Pakistan (SBP) and the Federal Investigation Agency (FIA) to submit their detailed reply in the case on November 5. Justice Muhammad Iqbal Kalhoro, who headed the bench ... Read More »

Stocks bounce back with 463-point rally

KARACHI: Bulls of the Pakistan Stock Exchange (PSX) came roaring back to the market on Tuesday, with the indices recovering all losses accumulated in early trade to close in green. Global equity markets showed a mixed pattern, whereas crude oil prices slipped lower from the previous close; WTI crude price declining 0.59pc to $40.36 while Brent crude price falling 0.56pc ... Read More »

Exports of major commodities slide by 19pc YoY, 20pc MoM

ISLAMABAD: Pakistan’s exports showed a dismal picture in the month of August 2020, as total exports as per Balance of Payment (BoP) showed a 19pc YoY and 20pc MoM decline in August 2020, according to a report based on State Bank of Pakistan (SBP) findings by Mettis Global. Cumulatively, during Jul-Aug FY21, the overall exports declined by 15pc YoY to ... Read More »