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Bank of China helps firms with low-cost financing

BEIJING: Chinese companies often face financing difficulties when they expand internationally due to the lack of information about their credit history overseas. However, this is providing several business opportunities for Bank of China Ltd, the most internationalized bank in the country, an official said. Zhu Yun, general manager of the corporate finance department of BOC’s branch in Xinjiang Uygur autonomous ... Read More »

BoC to embrace hi-tech opportunities

BEIJING: China’s banking industry will become more vigorous through technological innovation and upgrades, rather than perish with the rise of new industries, said Tian Guoli, chairman of Bank of China Ltd. “When compared with those e-commerce companies such as the one Jack Ma has built, commercial banks sound out-of-fashion and conservative. But as a commercial banker, I feel particularly impressed ... Read More »

Bangladesh imports jump by 16% to over $3bn

DHAKA: Bangladesh’s imports surged about 16 percent to over 3 billion in the first month of the 2015-16 fiscal year (July 2015-June 2016). According to statistics of the Bangladesh Bank (BB), the settlement of letters of credit (LCs), generally known as actual imports, stood at 3,437.71 million U.S. dollars in July this year compared to 2,964.69 million U.S. dollars in ... Read More »

Chief collectors, collectors, deputy collectors resume office after Eid holidays

KARACHI: Almost all the Pakistan Customs officials, including chief collectors, collectors, additional deputy collectors and deputy collectors on Monday, resumed their offices after enjoying four-day Eidul Azha holidays. Chief Collector Enforcement-South Zahid Khokhar, who celebrated Eid in Lahore, has resumed his office on the very first day, while Chief Collector Appraisement-South Rashid Sheikh also attended the office. Moreover, Collector of Model ... Read More »

Customs Intelligence seizes contraband items worth millions of rupees

LAHORE: The Customs Investigation and Intelligence Lahore has seized contraband goods, including tyres, LED TVs and cloths worth millions of rupees in two operations. The operations were conducted on the instructions of Director Customs Intelligence Saud Imran and were supervised by Additional Director Rizwan Slabat, sources said. The operations were conducted by Superintendents Nasir Minhas and Rauf Farooqi and their ... Read More »

Hyderabad ASO confiscates smuggled items worth Rs 1.4m

HYDERABAD: The Customs Anti-Smuggling Organisation (ASO) has seized contraband items worth Rs 1.4 million during different operations in Hyderabad. An ASO team, following the instructions of Collector Model Customs Collectorate Hyderabad Dr Ahmad Mujtaba Memon, conducted raids in its jurisdiction to defuse the smuggling attempts. The team has confiscated 5,000 litres of Iranian diesel, oil tanker, 90 cartons of soap, ... Read More »

Appraisement-East detects tax evasion of Rs 9.41m by M/s Fauji Meat Limited

KARACHI: The Model Customs Collectorate (MCC) Appraisement-East has detected evasion of duties/taxes to the tune of Rs 9.415 million by M/s Fauji Meat Limited on importing stainless steel sliding type doors. In this regard, Deputy Collector-III Ali Waheed Khan issued a Demand Notice No 779/KAPE-DC (III)-East/2015 directing the importer M/s Fauji Meat Limited, Rawalpindi to pay Rs 9.415 million evaded/leviable ... Read More »

Currency Smuggling: Model Ayyan’s indictment deferred again

RAWALPINDI: The indictment of model girl Ayyan Ali in currency smuggling case on Monday deferred again due to absence of customs court judge Rana Aftab Ahmed Khan. As per detail, the case was heard by duty judge Sabir Sultan during which the prosecutor pleaded to adjourn the hearing till October 5. The defence lawyer told the court that Latif Khosa ... Read More »

FBR, IBA ink accord to launch MBA in Tax Management System

KARACHI: The Federal Board of Revenue (FBR) and the Institute of Business Administration IBA-Karachi have signed an agreement to launch Master of Business Administration (MBA) in Tax Management System. The Tax Management System will enhance capacity building of the Customs and Inland Revenue Service (IRS) officials. The MBA program would commence from January 2016. The FBR has issued an office order, asking the officials to ... Read More »

Collector Jawwad Uwais asks officials to expedite tax collection efforts

KARACHI: Model Customs Collectorate (MCC) Appraisement-West Collector Jawwad Uwais Agha has urged officials to gear up their efforts to enhance tax collection. Sources said that Agha issued these directions while having meeting at the Conference Room of the MCC Appraisement West that was largely attended by additional deputy collectors, deputy collector, assistant collectors and principal appraisers. He also greeted them ... Read More »

Bid to smuggle alcohol worth Rs 20m foiled near Makran Coast

KARACHI: The Maritime Security Agency (MSA) has foiled a smuggling bid in high seas near Makran Coast. According to details, the MSA raided a boat in the high seas near Makran Coast and arrested three smugglers. The foreign origin alcohol worth Rs 20 million was recovered from them. The arrested smugglers along with boat and huge quantity of liquor were handed over ... Read More »

Sialkot ASO seizes smuggled cloth, foil paper worth Rs 2m

SIALKOT: The Customs Anti-Smuggling Organization Sialkot has seized foreign origin cloth and aluminium foil paper worth Rs 2 million. Sources told Customs Today that Assistant Collector Model Customs Collectorate Sialkot, Palwasha Saeed, received credible information regarding smuggling of foreign origin cloth and aluminium foil paper on which AC made a raiding party. The ASO team raided GT Mor and recovered ... Read More »

Customs Adjudication to hear tax evasion case against Fatima Fertilizer today‏

ISLAMABAD: The Collector Customs Adjudication will hear tax evasion case of Rs 16.071 million here on September 29 (today). According to details, Customs Post-Clearance Audit (PCA) detected tax evasion of Rs 16.071 million against Fatima Fertilizer Multan, which the company was supposed to pay as taxes on import of consignments. Fatima Fertilizer imported 22 consignments, including electricity multi-core cables, steel ... Read More »

Multan Customs cancels auction of confiscated goods, vehicles ‏

MULTAN: The Model of Customs Collectorate Multan has cancelled auction of non-duty paid vehicles and miscellaneous goods after the desperate involvement from bidders. As per details, MCC Multan disappointed from the response of bidders during the auction process of confiscated goods and vehicles .The Model of Customs Collectorate Multan presented confiscated goods amounting to Rs 10 million during auction in ... Read More »

Customs employees upset over cancellation of Eid holidays ‏

MULTAN: A majority of Customs employees from Model of Customs Collectorate Multan were upset on celebrating Eidul Azha away from their families due to FBR’s notification for cancellation of  their leaves prior to and after Eid. According to details, Additional Collector MCC Multan Ghulam Mustafa celebrated Eid away from his native home located near Lahore due to sudden cancellation of ... Read More »

Mian Fareed Mughis elected president of MCCI

MULTAN: The Multan Chamber of Commerce and Industry (MCCI) has unanimously elected the new president, senior vice-president, vice-president, corporate members, associate members and a woman member for the year of 2015-16. The executive committee of the MCCI on Monday elected Mian Fareed Mughis Sheikh as a President in the annual elections of 2015-16, and Mian Atta Shafi Tanvir Sheikh and ... Read More »

FBR assigns Rs 8969.069m target to Multan Customs for 2015-16‏

MULTAN: The Federal Board of Revenue (FBR) has assigned a target of Rs 8969.06 million to the Model of Customs Collectorate Multan for the first quarter of fiscal year 2015-16. According to details, Model of Customs Collectorate Multan assigned the target of Rs 2608.97 million Customs duties from Federal Board of Revenue for the first quarter of economic year 2015-16. The ... Read More »

Customs, IR Tribunal employees fear stoppage of ‘allowances’ 

ISLAMABAD: The staffers of Appellate Tribunal Inland Revenue (ATIR) and Customs Appellate Tribunal (CAT) are suspicious about maintenance of ‘allowances’ since the Ministry of Law and Justice is not ready to deliver similar financial benefits to the employees of the Federal Service Tribunal (FST), Islamabad. The employees of the said tribunals were fearing suspension/stoppage of ‘allowances’ as the Accountant General of Pakistan ... Read More »

FBR devises strategy to increase tax to GDP ratio to10-15pc

ISLAMABAD: The Federal Board of Revenue (FBR) has devised a comprehensive programme to enhance resource mobilization efforts in the country and increase tax to GDP ratio to 10-15 percent in the next few years. According to sources FBR has taken the following initiatives for overall improvement in the tax system: Broadening of Tax Base: for broadening of tax base has ... Read More »

Pakistan tax systme facing structural problems

ISLAMABAD: The Pakistan’s taxation system suffers serious structural problems manifested in a tax to GDP ratio that is the lowest in the region, it is learnt here. Sources told Customs Today that multifarious ailments in the economy and systemic weaknesses are a few causes of poor revenue generation. The economy is largely non-documented where most economic transactions disappear without leaving a trace. ... Read More »