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Russian Customs official seizes concertmaster’s violin

MOSCOW: Russian officials seized Czech Philharmonic Orchestra concertmaster Josef Špaček’s violin as he was trying to leave the country on a flight to Prague last week. According to the New York Times, customs officers claimed he failed to fill out the proper documentation for his 1855 Jean-Baptiste Vuillaume violin upon entering the country to perform at the International Music Festival ... Read More »

China’s telecom giants revenue surge 27.4% to $30.2bn

BEIJING: China’s top three telecom operators saw a healthy spike in revenue in July thanks to services like 4G, official data showed. The three companies — China Mobile, China Unicom and China Telecom — reported combined telecom business revenue of 192.8 billion yuan ($30.2 billion) last month, up 27.4 percent year on year, the Ministry of Industry and Information Technology ... Read More »

China’s ODI surges 16.5% to $87.3bn in Jan-Sept

BEIJING: China’s non-financial outbound direct investment (ODI) surged 16.5 percent year on year to US$87.3 billion in the first three quarters of 2015, the Ministry of Commerce (MOC) said on Thursday. Foreign contracted projects rose to US$137.6 billion during the January-September period, up 26.5 percent from last year. Accomplished turnover climbed 9.2 percent to US$100.8 billion, data showed. Zhou Liujun, ... Read More »

Global smartphone shipments surge 9.1% to 332 m units in 3Q

SHANGHAI: Global smartphone shipments rose 9.1 percent quarter on quarter to 332 million units in the third quarter of the year, global research firm TrendForce said Wednesday. Chinese phone makers led the shipments with 150 million units following stronger quarter-on-quarter growth of 16.3 percent, TrendForce said in a report. With the global economy projected to decelerate in the second half ... Read More »

Domestic, foreign Hakka businesses ink $19b contracts in Meizhou event

BEIJING: A number of investment projects worth of more than 120 billion yuan ($18.91 billion) were signed between domestic and overseas Hakka businesses and authorities in Guangdong province during an industrial event in Meizhou, a mountainous city in eastern Guangdong, according to local authorities. The Fourth World Hakka Businessmen Convention, featuring industrial investments by business people of Hakka, concluded on ... Read More »

Chinese investments in Africa help revitalize Africa’s economy

NAIROBI: China’s role in helping revitalize infrastructure and financial investment across Africa is gaining momentum ahead of the forthcoming Forum on China-Africa Cooperation (FOCAC) summit set to be held in South Africa in December, Kenyan expert said here the other day. Chinese investment in infrastructure development, financial and the communication sectors, which have been key contributors to rapid telecommunication industry ... Read More »

AgBank of China issues first ‘green bond’

BEIJING: The agricultural Bank of china, the country’s third-largest listed lender, has completed its debut sale of 1 billion dual currency bonds in London — the first “green bond” from a Chinese bank. Green bonds are issued to fund environment-friendly projects. This category of fixed-income instrument is growing fast as countries tackle climate change and pollution, a press­ing issue in ... Read More »

Bangladesh’s DNC seizes 6.80 lakh yaba pills

CHITTAGONG: A joint team of coastguard and the Department of Narcotics Control (DNC) yesterday recovered 6.80 lakh yaba tablets from a fishing boat near Chittagong port and arrested two persons in this connection. The two are Faridul Alam, 40, and Abul Kalam, 35, of Gohira in the district’s Anwara upazila. The team recovered 68 packets, each of which contained 10,000 ... Read More »

Customs providing best facilities to exporters: Chief Collector Zahid Khokhar

KARACHI: Chief Collector Enforcement South Zahid Khokhar has said the Pakistan Customs is trying its best to provide best facilities to the exporters and the examinations of export consignments are cleared at the earliest. “There is no refund and rebate claims pending with the Enforcement South Collectorate, however, if any, exporter identifies the issue, the same would be paid at the ... Read More »

FBR upgrades IOCO to Directorate General

KARACHI: The Federal Board of Revenue (FBR) has upgraded the Directorate of Input Output Co-efficient Organisation (IOCO) to the Directorate General to widen scope of the organisation. The official sources told Customs Today the single Directorate is upgraded as Directorate General having three directors for three directorates. A grade 21 officer will head the Directorate General stationed at Customs House Karachi while ... Read More »

PAC directs Bajwa to issue refund claims of steel melters

ISLAMABAD: Public Accounts Committee (PAC) Chairman Khurshid Shah has directed Federal Board of Revenue (FBR) Chairman Tariq Bajwa to clear all pending refund claims of steel melters without any delay. As per details, a delegation of Pakistan Steel Melters Association called upon the PAC chairman and raised the refunds issue. According to the association, refund claims involving almost Rs 2.5 billion ... Read More »

Govt all set to introduce National Auto Policy 2016

KARACHI: The government is all set to announce ‘National Auto Policy 2016’ after removing reservations of the Federal Board of Revenue (FBR) on tax regime and other matters, sources in the Ministry for Industries and Production said on Wednesday. According to the SRO 693, locally manufactured auto components are included in this SRO and they attract higher duty than non-localized parts. But this ... Read More »

Collector Appeals orders ASO Faisalabad to release seized truck

LAHORE: Collectorate of Customs Appeals Asif Mehmood Jah has issued ONO against the orders of Deputy Collector of Customs Adjudication, ordering the customs authorities to do away with confiscation of an old truck TKW-024 held by the Collectorate of Customs Faisalabad. The Collector of Customs Appeals issued this order in Urdu language. The Collector of Appeals in his order said ... Read More »

Islamabad Customs setting records under Collector Zeba Hai’s leadership

ISLAMABAD: The Model Customs Collectorate Islamabad has shown remarkable performance since the appointment of Collector Zeba Hai Azhar. According to the details, Collector Zeba Hai was appointed at the Islamabad Customs on March 31, 2014. The collector has second longest tenure at the same place while showing 100 percent achievement in tax collection. Earlier, Chief Collector Nadir Khan Hoti had ... Read More »

Rs 8.64m tax evasion: SHC seeks customs reply on pleas to quash FIRs

KARACHI: The Sindh High Court (SHC) has issued notice to the customs authorities, asking them to file their replies to the applications, seeking annulment of two FIRs registered against M/s DS Motors, M/s Memon Motors and others for evading duty and taxes in millions of rupees through mis-declaration. A single bench of the SHC also issued notice to the customs’ ... Read More »

Vehicle of Sidra Steel Re-rolling Mills’ owner seized for tax evasion

LAHORE: The Federal Board of Revenue (FBR) Regional Tax Office-I (RTO-I) has seized vehicle of the owner of Sidra Steel Re-rolling Mills for evading sales tax worth Rs 9 million for the tax years from 2011 to 2013. According to details, the vehicle of the owner of the Sidra Steel Re-rolling Mills, Sheikh Mansoor, was held at Mehmood Booti Road ... Read More »

SHC orders customs to release vehicles on conditional basis

KARACHI: The Sindh High Court (SHC) on Wednesday ordered the customs authorities to immediately comply with its order regarding conditional release of used concrete transit mixer trucks. Justice Munib Akhtar, who headed a division bench, directed the petitioner importers to deposit the differential amount of duty and taxes with Nazir of the court for issuance of appropriate certificate to get ... Read More »

Customs Multan seizes smuggled goods worth Rs 11m‏

MULTAN: The Customs Intelligence and Investigation Multan has seized smuggled goods worth Rs 11 million from Sadiqabad region during a crackdown. Directorate of Customs Intelligence and Investigation seized miscellaneous goods, including 500 tyres of the light traffic vehicles and heavy traffic vehicles loaded on the truck. Customs Intelligence and Investigation staff also recovered imported parachute cloth of 3250 kilogram during the action ... Read More »

RTO-I collects over Rs16 billion revenue in Q1

KARACHI: The Regional Tax Office-I (RTO-I) has collected Rs 12.634 billion in terms of income tax while sales tax collection remained negative as only Rs 4.09 billion were collected in September. Income tax collection of the first 10 days of the recent month remained Rs 2.581 billion. Additional Commissioner (AC) RTO-I Sajjad Hayder told Customs Today that RTO-I has almost achieved the set ... Read More »

Customs Quetta foils bid to smuggle dry fruits, impounds 3 vehicles

KARACHI: The Model Customs Collectorate (MCC) Quetta has foiled a bid to smuggle dry fruits from Afghanistan worth million of rupees and impounded three vehicles. According to the sources, Customs Quetta stopped three suspicious trucks at a checkpoint and after investigation it was revealed that the trucks were loaded with dry fruits smuggled from Afghanistan. As per details, the Customs authorities ... Read More »