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FBR lodges FIR against Sheikh Steel Mill for alleged sales tax evasion of Rs 36m

LAHORE: The Federal Board of Revenue (FBR) Regional Tax Office (RTO) Investigation and Prosecution section has lodged an FIR against owners of Sheikh Steel Mill for evading Rs 36 million sales tax for the year 2010-11, sources told Customs Today here Wednesday. According to the sources, owners of Sheikh Steel Mill committed to pay sales tax liabilities but they failed ... Read More »

China urged to declare 90% imports as duty free

BEIJING: Pakistan has urged China to immediately allow 90 per cent of its imports duty free and find out ways to resolve wide discrepancy in bilateral trade statistics. This was stated by Commerce Minister, Engineer Khurram Dastgir Khan in a chat with Business Recorder. He was in China to attend a conference of Commerce Ministers of Shanghai Co-operation Organisation (SCO). ... Read More »

Chinese Chamber presents annual Moon festival

BEIJING: The Chinese Chamber of Commerce of Hawaii presents its first annual Moon Festival on Friday, September 25 from 5 p.m. to 10 p.m. and Saturday, September 26 from 9 a.m. to 10 p.m. at the Chinatown Cultural Plaza located at 100 N. Beretania St.  The event is free and open to the public. Festivities include a colorful lantern display ... Read More »

US Customs deports Chinese tourist on visa revoke

BEIJING: A Chinese tourist was deported from the United States Customs and had his 10-year U.S. visa revoked, according to Chinese-language World Journal. The man from Shanghai was refused entry at Los Angeles International Airport on September 16. Melissa Maraj, an official with the U.S. Customs and Border Protection, confirmed the man’s visa had been inadmissible but refused to reveal ... Read More »

Saudi food exports reach at SAR12.5b this year

RIYADH: The total value of Saudi exports of national food products in 2014 reached SAR12.5 billion, according to the Central Department of Statistics & Information data, UAE-based Al Arabia.net reports. The Department adds that the Middle East and North Africa (MENA) region acquired the largest share of the Saudi exports of the national food products sector worth SAR11.6bn. Asia recorded ... Read More »

China Court sentences life prison to man for smuggling weapons

BEIJING: A man in north China’s Hebei Province was sentenced to life in prison after being convicted of smuggling weapons from Hong Kong, local customs said here the other day. The Intermediate People’s Court of Qinhuangdao City handed down the verdict to the suspect, surnamed Wang, who confessed to purchasing imitation guns online via two agents in Hong Kong starting ... Read More »

China approves int’l banks to issue RMB bonds

BEIJING: China has approved international commercial banks to issue RMB bonds for the first time. The central bank said on Tuesday that HSBC and Bank of China (Hong Kong) have been approved to issue RMB bonds in the interbank bond market. HSBC will issue bonds worth one billion yuan (160 million U.S. dollars) and Bank of China (Hong Kong) is ... Read More »

Jahwa United invests $212m in new plant

SHANGHAI: Government officials and corporate executives lay the foundation for a production base of Shanghai Jahwa United Co during a groundbreaking ceremony at the Shanghai Qingpu Industrial Zone yesterday. Jahwa, China’s leading maker of daily personal care products, will invest 1.35 billion yuan (US$212 million) in the new facility, covering an area of 115,700 square meters. Also yesterday, another 11 ... Read More »

China crude oil output rises 4.9% to 18.3m tons in Aug

BEIJING: Crude oil output in China reached 18.3 million tons in August, a year on year increase of 4.9 percent, data from the top economic planner showed. China refined 40.37 million tons of crude oil during the period, up 2.8 percent year on year, while refined oil production rose 3.7 percent to 25.15 million tons, the National Development and Reform ... Read More »

China’s ICBC inks $500m loan deal with Indonesia’s Eximbank

BEIJING: The Industrial and Commercial Bank of China (ICBC) inked a $500 million loan deal on Tuesday with Indonesia’s state-run Eximbank to help boost the country’s foreign trade and infrastructure. The five-year loan was jointly provided by ICBC Indonesia and ICBC Asia, subsidiaries of the ICBC Limited. The deal is part of a $20 billion loan facility signed in Beijing ... Read More »

Gourmet Food granted 60-day stay order in Rs 89.3 million tax evasion case

LAHORE: Gourmet Food is succeeded in getting a stay order in tax evasion case for 60 days. The first stay order was expired on September 11, 2015. Sources told Customs Today that the Federal Board of Revenue (FBR), Regional Tax Office-II (RTO-II) conducted audit of the company and found tax evasion of of Rs 89.3 million. Gourmet Foods filed an appeal against this ... Read More »

Performance is key to judge our results, says Collector Sarfraz ‏

MULTAN: Collector Model Customs Collectorate Multan Sarfraz Ahmad Warraich reviewed the performance of Anti-Smuggling Organization Multan after the relocation of staff in field for achieving more effective results in future. During the month of September, 2015 Model of Customs Collectorate Multan seized 11 smuggled vehicles of different brands and models including one Toyota Land Cruiser, three Toyota Vitz, one Toyota ... Read More »

Collector Adjudication-II Chaudhary Javed committed to recover short paid taxes/duties

KARACHI: Collector, Customs Collectorate of Adjudication-II, Chaudhary Javed has said that the work distribution of his collectorate should be revisited so that workload be equally distributed. During an exclusive interview with Customs Today, the collector said that adjudication collectorate was yet working on the same pattern as it was doing in 2012. “The collectorates was formed in 2012, replacing the PACCS ... Read More »

Faisalabad ASO confiscates smuggled cloth worth Rs 2m

FAISALABAD: The Customs Anti-Smuggling Organization Faisalabad (ASO) has seized 1,320 kilogram of foreign origin silk cloth worth Rs 2.05 million. An ASO team, following credible information received through Model Customs Collectorate (MCC), Faisalabad Dr Zulafqar Ali Chaudhary, raided M/s Pak International Goods Transport Company located on Jhang Road, Faisalabad. While searching, the ASO team recovered 19,142 yards of cloth on which ... Read More »

FBR directs Customs officials to work in close liaison with border security agencies

ISLAMABAD: Federal Board of Revenue (FBR) has directed the officials of Pakistan Customs Services (PCS) to conduct weekly meeting with the border security agencies to strengthen system more against smuggling. Sources said that FBR has developed a new anti-smuggling policy under which the board has asked customs officials to coordinate and keep close relations with other law enforcement agencies. And ... Read More »

Taxpayers directed to display NTN on business places to avoid action

MULTAN: The Federal Board of Revenue (FBR) Regional Tax Office (RTO) Multan has directed the commercial taxpayers to display their sales tax registration and national tax number (NTN) on their shops, offices and factories to avoid inconvenience. The RTO said that stern actions will be taken on non-compliance of the orders as the commissioner Multan Zone has formed special teams for this ... Read More »

Govt directs FBR to ensure quality of solar power equipments

ISLAMABAD: The federal government has directed the Federal Board of Revenue (FBR) to ensure the standard of material in imported solar power equipment. Following the complaints regarding the import of low quality equipment, the federal government has issued instructions to the FBR. Sources added that Alternative Power Development Board has issued a report after the consultations with provincial department of ... Read More »

All branches of NBP to remain open on Sept 29-30 for tax collection

ISLAMABAD: All authorized branches of National Bank of Pakistan (NBP) will remain open on 29th and 30th of September till 8 pm for collection of duties and taxes. According to sources, all field formations will remain open till 8 pm on above mentioned days (Tuesday and Wednesday) for collection of duties and taxes. While Chief Commissioners will establish liaison with the ... Read More »

Customs Intelligence issues notice for Eidul Azha holidays, forbids extra leaves

ISLAMABAD: The Directorate General of Customs Intelligence and Investigation (CII) Islamabad has directed all officials of the Customs Intelligence, including the staff at the headquarters, not to take any leave before or after Eid. Strict disciplinary action will be taken against those employees who will not follow the instructions regarding the notice of Eidul Azha leaves. According to sources, the ... Read More »

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