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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

Tax evasion of Rs 7.2m: RTO-I attaches Arslan Iftekhar bank account

LAHORE: Regional Tax Office one (RTO-I) freeze the bank account of Arslan Iftekhar in 7.2 million tax evasion and recovered Rs 2.8 million from his bank accounts. Sources told Customs Today that Regional Tax office-I take action against Arslan Iftekhar son of ex-Chief Justice of Pakistan Iftekhar Muhammad Chudhary in 7.2 million tax default case. Arslan Iftekhar defaults in two ... Read More »

Russian MICEX hits 0.81% to new 3-months high

MOSCOW: Russia stocks were higher after the close on Monday, as gains in the Mining, Oil & Gas and Power sectors led shares higher. At the close in Moscow, the MICEX added 0.81% to hit new 3-months high. The best performers of the session on the MICEX were SG mechel (MCX:MTLR), which rose 6.21% or 4.00 points to trade at ... Read More »

Chrysler recalls 11,088 cars from China

BEIJING: US automaker Chrysler is making additional recalls of vehicles sold in China. A total of 11,088 imported Grand Cherokee SUVs manufactured between Sept 17, 2010 and Aug 19, 2013 were recalled on Sunday. The automaker said springs in the oil pump relay of the integrated power unit might deform when overheated, which could mean the engine will not start ... Read More »

Dutch-Bangla chamber to visit Benelux region to enhance trade

DHAKA: A 14-member business delegation of Dutch-Bangla Chamber of Commerce and Industry (DBCCI) will visit the Benelux region—Belgium, the Netherlands, and Luxembourg—from September 6-12 to explore fresh trade and investment opportunities for Bangladesh. M Hassan Khaled, president of the chamber and the leader of the delegation, made the announcement at a press meet at the building of the Federation of ... Read More »

‘Cement smuggling through Pak-Iran border threat cement industry’

TEHRAN: The government policy on exports needs revamping to boost exports, as smuggling of cement through porous Pak-Iran border possess a continuous threat for the cement industry. Spokesman of All Pakistan Cement Manufacturers Association said that exports declined mainly because of non-tariff barriers erected by the Indian authorities and influx of Iranian cement in Afghanistan. According to experts, cement export ... Read More »

Dangote Cement inks construction contracts with China

BEIJING: Africa’s richest man has signed a contract with a Chinese company to further increase Nigeria’s cement production. Dangote Cement Plc of Nigeria signed construction contracts worth $228 million with China’s Sinoma International Group to build cement plants in Senegal and Zambia. According to the agreements, the two companies will build nine cement plants across Africa, including Ethiopia, Zambia, Senegal, ... Read More »

Bangladesh authorities seize illegally imported medicines

DHAKA: A shipment of illegally imported medicines worth around Tk 50 lakh was seized from a cargo service office in the capital last night. On information, a mobile court led by Executive Magistrate Towheed Elahi raided the office of A-to-Z Cargo Service at Fakirapool around 8:00pm and found 40 cartons of the medicines there. The medicines, mostly produced in the ... Read More »

Iran to receive Czech trade delegation next week

TEHRAN: A trade delegation, comprised of representative of 48 companies from the Czech Republic, will arrive Iran on September 4 for a three day visit. Czech Foreign Minister Lubomir Zaoralek will lead the delegation. Managers of companies active in the fields of cargo aircrafts, tourism, medicine, transportation, oil and gas exploration, mining, power plants, and vehicles will discuss ways with Iranian ... Read More »

Iran to export petrochem products to Asia, Europe

TEHRAN: Presently, exporting petrochemical products to Asia and Europe is the first priority, said Mehdi Sharifi Niknafs, managing director of Iran’s Petrochemical Commercial Company. The company aims to restore its Asian and European markets and at the same time, enter new ones. “We have no plan to export petrochemical products to the U.S. and have not received requests from the ... Read More »

Taiwan stocks higher at end, Taiwan Weighted gains 1.94%

TAIPEI: Taiwan stocks were higher after the close on Monday, as gains in the Glass, Trading & Consumer Goods and Electronic Parts/Components sectors led shares higher. At the close in Taiwan, the Taiwan Weighted added 1.94%. The best performers of the session on the Taiwan Weighted were Asia Optical (TW:3019), which rose 10.00% or 2.55 points to trade at 28.05 ... Read More »

Russia’s GDP down 4.6% in July 2015

MOSCOW: Russia’s GDP dropped 4.6% in July 2015 but was up 0.1% net of the season factor, Ministry of Economic Development said on Friday. “According to the assessment of the Russian Ministry of Economic Development, GDP fell 4.6% year-on-year in July; GDP declined 3.6% year-on-year since the beginning of 2015,” the ministry said. The ministry made a downward revision of ... Read More »

China listed companies combined profit grows 8.7% in H1 profit

SHANGHAI: Combined first-half profit of China’s listed companies grew 8.66 percent from a year earlier, the official Shanghai Securities News reported on Monday. Profit growth fell from 10 percent in the first half of 2014, reflecting China’s slowing economy. China’s 2,800 listed companies reported a combined profit of 1.42 trillion yuan ($222.37 billion) during the first six months of the ... Read More »

Youku Tudou reveneu jumps 58% to $244.3m in 2Q

BEIJING: Youku Tudou, mainland China’s leading online video services provider, saw efforts to diversify its business pay off after posting second-quarter revenue at the high end of the company’s estimates. New York-listed Youku reported a 58 per cent increase in net revenue to 1.5 billion yuan (US$244.3 million), up from 958.7 million yuan in the same period last year. “That ... Read More »

MNC Media revenue jumps by 84% in H1

BEIJING: Australian listed MNC Media Investment Ltd (“MNCMI” or “the Group”), a provider of media and entertainment content and services in key strategic markets in Asia, has achieved record sales of US$42.4 million in 1HFY2015. This is an almost 82% jump from its revenue of US$23.3 million in 1HFY2014. The Group’s turnaround was powered largely by its focus on two ... Read More »

China inks agreement with EEU to share customs information

BEIJING: Countries of the Eurasian Economic Union and China will exchange customs information with regard to goods in transit. The agreement was reached in the course of the third round of talks in Irkutsk on the conclusion of an agreement on exchange of information about goods and vehicles moved across the customs border of the EEU member states and the ... Read More »

China to export jack-up platform to Mexico

BEIJING: A Chinese firm will export a domestically developed gas compression jack-up platform to Mexico in early September. With a daily gas compression capacity of 200 million cubic feet, the “Agosto 12” gas rig will go to the Cantarrel oilfield in the Gulf of Mexico, where it will be operated by a consortium of Mexican enterprises, said its developer Yantai ... Read More »

China Construction Bank profit swells 0.97% to $20.66bn in H1

BEIJING: China Construction Bank, one of China’s major state-owned banks, on Sunday reported a 0.97 percent year-on-year increase in net profits in the first half of 2015. Net profits stood at around 132.2 billion yuan ($20.66 billion) in the first six months, the lender said late on Sunday. Business revenue for the six-month period gained 8.34 percent year-on-year to reach ... Read More »

FBR collects Rs 183b in August, Member Shahid Asad says department doing its best to collect revenue

IR-Policy Member Shahid Asad urges business community to pay taxes honestly for making Pakistan prosperous ISLAMABAD: Despite facing resistance from business community on various issues, the Federal Board of Revenue (FBR) has collected Rs 183 billion during August of fiscal year 2015-16 by surpassing the collection of corresponding period of 2014-15 by Rs 5 billion. As per details, the FBR has ... Read More »

Ministry of Ports & Shipping cancels 350 illegal appointments in PQA, KPT

KARACHI: The Ministry of Ports and Shipping has cancelled the illegal appointments of more than 350 employees in the Port Qasim Authority and Karachi Port Trust. These recruitments were made in the tenure of former federal minister for ports and shipping Babar Ghouri. It is mentioned here, that the administration of PQA and KPT had made illegal appointment on political ... Read More »

Collector Sarfraz vows to achieve Rs 45 billion target for FY2015-16

MULTAN: The Model Customs Collectorate (MCC) Multan has been assigned Rs 45.357 billion revenue collection target for the fiscal year 2015-16, while the Collector MCC Multan Sarfraz Ahamd Warraich is optimistic about achieving 100 percent target. The FBR has assigned Rs.12. 87 billion target under the head of customs duty which is almost 4.6 less than the Rs 13.49 billion target for ... Read More »