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Excise Sialkot impounds 70 non-duty paid vehicles

SIALKOT: As many as ten special vigilance teams of Excise and Taxation Department impounded as many as 70 non tax paid luxury vehicles , besides, confiscating the original documents of 450 other vehicles dueto  the nonpayment of their token taxes, during a special crackdown launched against them. According to the senior Excise and Taxation officials , the E&T teams launched ... Read More »

FST adjourns hearing of 8 FBR officials’ cases seeking relief

ISLAMABAD: Federal Service Tribunal on Monday adjourned hearing of eight FBR officials’ cases seeking relief from the services appellate tribunal. FST Division Bench, comprising of Arshad Bhatti and Javed Iqbal Kasi heard cases filed by Junaid Usman. Bench adjourned hearing till November 26 after hearing arguments. The petitioner had filed the case seeking implementation over FST’s decision which was yet ... Read More »

Incomplete ‘Sports Goods Test Lab’ still awaits govt attention

SIALKOT: The fate of the mega project “Sports Goods Testing Lab” is in doldrums as it has been awaiting the attention of the government officials concerned for the last seven years. The building meant for this project has been abandoned, presenting a glaring example of the official negligence. The unattended building has become a safe haven for poisonous snakes. The Punjab government had started the ... Read More »

ANF seizes narcotics, arrests 13 foreigners

KARACHI: The Anti-Narcotics Force (ANF) Karachi has arrested 13 foreigners and recovered a huge quantity of narcotics from them. Sources told Customs Today that the ANF authorities conducted a successful raid at Dar Mohammad Goth and seized a large quantity of contraband items. Sources said that among 13 arrested persons, eight belong to Tanzania while five belong to Nigeria. Authorities recovered one ... Read More »

Excise Silakot collects Rs 650m taxes until September 30

SIALKOT: The Excise and Taxation Department was given an official target of Rs 2.17 billion in Gujranwala region in the current fiscal year out of which the department has recovered Rs 650 million (including Rs 410 million as property tax) after giving five percent discount to all the taxpayers until September 30. According to the senior Excise and Taxation officials, the special recovery teams will recover ... Read More »

AFU foils bid to smuggle receiver without PTA certificate

KARACHI: The Air Freight Unit of the Pakistan Customs has thwarted an attempt to clear receiver without getting clearance certificate from Pakistan Tele-communication Authority. Sources told Customs Today that importers of these receivers had tried to clear the receivers with the help of some Customs officials, but due to timely intervention of additional collector they failed to get the desired ... Read More »

IMF pushing Pakistan into debt trap: Shahid Butt

LAHORE: Patron Islamabad Chamber of Small Traders Shahid Rasheed Butt said IMF is pushing Pakistan into a debt trap. Debt-fuelled growth is to push country into a severe crisis as government is paying inadequate attention to exports and expanding tax net, he said. Shahid Rasheed Butt said that foreign exchange reserves were less than five billion dollars in September 2013 ... Read More »

Govt showing flexibility to decrease power tariff: APTMA

PESHAWAR: All Pakistan Textile Mills Association (APTMA) Chairman  Tariq Saood has said that the government seems to be showing some flexibility in connection with bringing down the power tariff and taxes. He was talking to media persons after a delegation of APTMA and representatives of textile exports association held a meeting with the Federal Minister for Finance Ishaq Dar. The ... Read More »

Private sector asked to explore investment opportunities in DTH services‏

  ISLAMABAD: Pakistan Electronic Media Regulatory Authority (PEMRA) has invited businessmen to explore investment opportunities in the forthcoming Direct to Home (DTH) service which was a digital satellite distribution platform for delivery of television channels directly to viewers/consumers without the need for any intermediary. The invitation was extended by Wakeel Khan, Director General, PEMRA while giving presentation on DTH services ... Read More »

FBR sets target Rs 633 billion for Q2

KARACHI: Federal Board of Revenue (FBR) has set tax revenue target of Rs 633 billion for October to December 2015. According to the sources, FBR has already set a target of Rs 31 billion for the year 2015-16, therefore it has decided that to collect Rs 182 billion in October. FBR has collected just Rs 600 billion instead a set ... Read More »

Brazil exports 74.4m liters of ethanol to China in Sep

BRASILIA: The top destination for Brazilian ethanol exports in September was China with a total of 74.4 million liters, according to latest data from the Secretariat of Foreign Trade (SECEX). Ethanol exported out of Brazil to China is the highest ever recorded and brings the total exported to China in 2015 to 90.7 million liters. A recent surge in volumes ... Read More »

3 passengers sentenced jail for smuggling 5.2kg of cocaine

DUBAI: Three passengers convicted of trying to transit through Dubai International Airport with 5.2kg of cocaine must see out their 10-year jail term and pay a fine of Dhs50,000 each. The trio – a Brazilian MJ, 45, and two Nigerians RO, 31, and AK, 41 – were jailed for ten years and fined Dhs50,000 each to be followed by deportation ... Read More »

Iron Ore production rise 12% as ports expanded

BEIJING: Rio Tinto Group, the world’s second-largest mining company, reported third-quarter iron ore production rose 12 percent after completing key elements of its infrastructure expansion in Western Australia and boosting mine capacity. Total output expanded to 86.1 million metric tons in the three months to Sept. 30, London-based Rio said Friday in a statement. That compared with 76.8 million tons ... Read More »

Bangladesh participates cotton, textile expo in Uzbekistan to improve trade ties

DHAKA: Bangladesh, which is one of the largest importers of cotton from Uzbekistan, has taken part in the 11th cotton and textile fair in Tashkent to improve the trade ties. Dhaka’s mission in the Uzbek capital on Friday said Ambassador Mosud Mannan led the Bangladesh delegation in the fair on Thursday. Uzbekistan is one of the world’s largest producers and ... Read More »

Saudi oil global demand improving despite slow economy: Oil Minister

RIYADH: Saudi Oil Minister Ali Al-Naimi said on Thursday he saw signs of global oil demand improving despite the economic slowdown in China and that the market’s supply/demand balance would shortly move more into line. Oil prices have almost halved in the past year because of excess supply, although analysts see signs that Opec’s strategy of allowing prices to fall ... Read More »

MS Arabia to launch Office in 2016 in Kingdom

RIYADH: Microsoft Arabia has launched Office 2016 in Saudi Arabia, which is the latest addition to Office 365, Microsoft’s cloud-based subscription service. The company also announced new and enhanced Office 365 services built for team productivity, said a statement. Samir Noman, president of Microsoft Arabia, said: ”The way people work has changed dramatically, and that’s why Microsoft is focused on ... Read More »

Iran exports 52 tons of Saffron worth $75m in H1

TEHRAN: In the first half of the current Iranian calendar year (started on March 21), more than 52 tons of Saffron with an aggregate value of $75 million have been exported, up 9.5 percent compared with the same time span last year, the Mehr News Agency quoted from Gholamreza Amiri, vice president of Iran’s National Council of Saffron. A point-by-point ... Read More »

Chittagong Customs discovers powder instead of copper inside bag

CHITTAGONG: After import of cocaine and rough water declaring the import of edible oil, customs authority detected  bag filled power instead of  copper import. The importer declared import of copper from abroad but during the physical inventory of container on Thursday evening at yard No.7 of Chittagong Port , bag filled powder traced. The import of powder instead of  copper ... Read More »

Japan playing a laudable role in economic uplift of Pakistan: LCCI Vice President

LAHORE: The head of 3-member Japanese delegation Shingo Shinozaki said that Japanese investors have shown keen interest in joint ventures with their Pakistani counterparts in the energy sector. Talking to LCCI Vice President Nasir Saeed here at the Lahore Chamber of Commerce & Industry on Monday. Vice President of SAARC Chamber of Commerce & Industry Iftikhar Ali Malik threw light ... Read More »

Dar discusses financing of Dasu hydropower project

ISLAMABAD: Federal Finance Minister, Mohammad Ishaq Dar here chaired a combined meeting of the officials of World Bank, Water and Power, Finance, Planning and Development and Economic Affairs Divisions. During the meeting financing proposals for Dasu hydropower project were presented. The Finance Minister was informed by World Bank officials that ten leading international contracting companies expressed interest in bidding for ... Read More »