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KCCI urges govt to withdraw increase in electricity rates

KARACHI:  President Karachi Chamber of Commerce & Industry (KCCI) Agha Shahab Ahmed Khan has said that the announcement of increase in rates of electricity ranging from Rs.1.09 to Rs.2.80 has come as a shock to the industries based in Karachi. This is yet another blow to the trade and industry which is already suffering from losses as a result of ... Read More »

Oil drops 1.5pc, reversing course as US gasoline demand slumps

NEW YORK: Oil fell more than 1.5pc on Wednesday, reversing course as gasoline demand fell in the United States in the latest week, an indication that economic recovery from the pandemic may be slower than expected. Futures prices turned negative after weekly government data from the US showed lower gasoline demand from a week earlier, shrugging off bullish crude inventory ... Read More »

USD gains 40 paisa against Pak rupee in interbank

KARACHI: The exchange rate of US Dollar strengthened by 40 paisa in the interbank on Thursday against Pakistani rupee. The greenback is being traded at around 166 rupees on forth business day of the week. It had closed at Rs165.60 in the interbank market on Wednesday. Read More »

KPT shipping intelligence report September 3

KARACHI: The Karachi Port Trust (KPT) issued the following shipping report for the last 24 hours, ending 0700 hours on Thursday. ALONG SIDE (Bulk Oil Pier) OP-I Dubai Cham D. Crude Oil PNSC 01/09/20 ALONG SIDE (East Wharves): 1 Bow Tribute D. Chemical GAC 02/09/20 4 Sunnine L. Clinkers Universal 31/08/20 5 Golden Leaf D. Dap Bulk-SH 31/08/20 10/11 Xing ... Read More »

High standard labs being set up to promote Pakistani products in world markets: PM Imran

ISLAMABAD: Prime Minister Imran Khan said that the government was specially focusing on the establishment of high standard laboratories to promote Pakistani products at the international level. Chairing a meeting with prominent businessmen from various sectors, he said the government was paying special attention to the introduction of technology and innovation in agriculture and other fields. Minister for Information and ... Read More »

FBR, FDE sign letter of understanding to promote tax culture

ISLAMABAD: Federal Board of Revenue (FBR) and Federal Directorate of Education (FDE) have signed a agreement to promote tax culture in the country through educational institutions. A special signing ceremony of Letter of Understanding (LoU) between FDE and FBR held in Ministry of Federal Education and Professional Training Islamabad. Ceremony was observed by Federal Minister Shafqat Mahmood, Parliamentary Secretary Wajija ... Read More »

Customs court approves charge sheet against M/s Habibah & M. Yousuf Enterprise

KARACHI: The Customs Court approved interim charge sheet against Khoshi Muhammad, exporter of M/s Habibah and M. Yousuf Enterprise booked in mega tax evasion case submitted by investigation officer of Collectorate of Customs Exports Karachi. On 1 September 2020, investigation officer appeared and submitted charge sheet against Khoshi Muhammad, exporter of M/s Habibah and M. Yousuf Enterprise filed goods declaration ... Read More »

Customs Appraisement to take action against M/s Sunrise Citrus Factory for recovery of Rs3.35m

MULTAN: Collectorate of Customs Appraisement Faisalabad has decided to recover due taxes of Rs3.35 million from M/s Sunrise Citrus Factory after scrutiny of record under customs act 1969. According to the details,  Customs Appraisement Faisalabad issued notice to M/s Sunrise Citrus Factory for the submission of record under SRO 450(I)/2001 dated 18-06-2001 but despite several reminders from Collectorate they have ... Read More »

FBR collects 3pc more customs duty than set target in August

ISLAMABAD: The Federal Board of Revenue (FBR) raked in Rs45.9 billion under the head of customs duty during the month of August against the set target of Rs44.3 billion. According to a statement, the FBR collected three per cent more customs duty than the assigned target during the month. The board faced administrative problems in revenue collection due to the ... Read More »

Mis-declaration: Customs court seeks progress report against M/s Model Paper Board Mills, M/s N.R Enterprises & M/s T.M.I The Mariners

KARACHI: The Customs Court directed investigation officer to submit progress report against Muhammad Ishaque of M/s Model Paper Board Mills Pvt Ltd, Muhammad Rehan, Nusrat Hussain, partners of customs clearing agent of M/s N.R Enterprises, Syed Irfan Hussain Naqvi of M/s T.M.I The Mariners and others who were nominated in first information report for mega mis-declaration scam. On 2 September ... Read More »

MoIP starts review of automotive policy: Hammad Azhar

ISLAMABAD: Federal Minister of Industries and Production, Hammad Azhar Thursday said that his ministry and Engineering Development board (EDB) had started work to review automotive sector policy. In a Tweet, he said that the policy would address the issue of premium being charged due to overbooking of cars. He said that previously the government announced Electric Vehicle (EV) Policy for ... Read More »

Collector PMBQ Ashhad Jawwad distributes work among 3 ADCs

KARACHI: Collectorate of Customs Port Mohammad Bin Qasim (PMBQ) Collector Ashhad Jawwad has issued office order for distribution of work among following additional collectors with immediate effect and until further orders:- Syed Ali Zaman Gardezi, Additional Collector is assigned charge at headquarters, administration, CIU, PRV, assessment group IV to VII (WeBOC), assessment (One Customs), adjudication (ADC) level, registration & licensing ... Read More »

FBR detects 19 suspected benami vehicles

ISLAMABAD: The Federal Board of Revenue’s (FBR) anti-benami zone has identified 19 suspected benami vehicles in Karachi. Sources said that anti-benami zone III has released a public notice concerning suspected benami vehicles. The vehicles included two Mercedes-Benzes, two BMWs, a Cadillac Escalade, two Toyota Prados, five Suzuki Mehrans, five Toyota Corollas and two Suzuki Cultuses. In the interest of justice, ... Read More »

ADC PMBQ Ali Zaman Gardezi redistributes work among assistant, deputy collectors

KARACHI: Collectorate of Customs Port Mohammad Bin Qasim (PMBQ) Additional Collector Ali Zaman Gardezi has issued office order for re-distribution of work amongst following assistant and deputy collectors with immediate effect and until further orders:- Ammar Ahmad Mir, Deputy Collector will perform his duties at examination & auction (QICT) and customs lab after joining. Muhammad Wasif Malik, Deputy Collector will ... Read More »

NAB unearths unaccounted transactions to ex-PM Abbasi’s account

ISLAMABAD: The National Accountability Bureau (NAB) has filed a supplementary reference against former prime minister Shahid Khaqan Abbasi in the LNG scam, making startling revelations about transfer of funds to his account from a UAE-based firm. According to the reference, Shahid Khaqan Abbasi had been receiving funds from Trinity Company located in the UAE, said to be working with an ... Read More »

Exports record 19.5pc decline due to ‘unprecedented rains’ in August

ISLAMABAD: Adviser to the Prime Minister on Commerce and Investment Abdul Razak Dawood said on Thursday the country’s exports recorded a 19.5 per cent decline during August due to “unprecedented monsoon rains.” Taking to Twitter, he said: “Due to the unprecedented monsoon rains, resulting in disruption of supply chain, our exports for the month of August 2020 have recorded a ... Read More »

Telenor Pakistan CEO shares expansion plans with APM Shaikh

ISLAMABAD: Telenor Pakistan CEO Irfan Wahab Khan on Thursday met Adviser to Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh to brief him on the services offered by the company and its expansion plans in the country. The CEO conveyed his company’s intention to increase its investment volume in Pakistan with help and assistance from the government, according to ... Read More »

Hafeez seeks update on transparency standards, expenditures under Ehsaas

ISLAMABAD:  Adviser to Prime Minister on Finance and Revenue, Dr. Abdul Hafeez Shaikh Thursday directed the Social Protection and Poverty Alleviation Division (SP&PA D) to provide an update to the Finance Division about the transparency standards and expenditure already made under round-1 of Ehsaas Emergency Cash Assistance Program. He expressed these views while chairing a meeting, here at the Finance ... Read More »

Countrywide petrol supply suspended as oil terminal at Keamari catches fire

KARACHI: Petroleum supply was suspended countrywide on Thursday after a massive fire erupted at an oil terminal at Kemari before Rangers and Pakistan Navy personnel controlled the inferno. According to the details from rescue officials, at least four people were injured as fire erupted at the terminal. The flames were stopped from spreading further after nine fire brigade vehicles participated ... Read More »

FBR to launch countrywide anti-smuggling drive: Member Customs Tariq Huda

ISLAMABAD: The Federal Board of Revenue (FBR) has decided to launch a major operation against smuggling. The property of those involved in smuggling will be confiscated, said Tariq Huda, Member Customs Operations. He said that the country is facing currently smuggling between $7 to 8 billion. A meeting of the National Assembly Standing Committee on Finance was held under the ... Read More »