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China’s Shanghai port handles more containers in August

BEIJING: Shanghai port, the world’s busiest container port, has moved higher container throughput in August, according to figures released by Shanghai International Port. The Chinese port handled 3.16m teu of shipping containers in August, an increase of 1.6% compared to 3.11m teu recorded in the same month of 2014, data from SIPG showed. Last month’s volumes also went up compared ... Read More »

Dhaka Customs seizes 675 Cartons of foreign cigarettes

DHAKA: Customs Intelligence officials seized 675 cartons of foreign cigarettes worth around Tk 1 crore at Shah Amanat International Airport in Chittagong yesterday. The cigarettes of three different brands — 303, Black and Mond — had been brought from Dubai on an Air Arabia flight on August 10, they said, adding, the identity of the owner could not be known. Read More »

China cotton imports down 65.8% in August

BEIJING: China imported 70,000 tonnes of cotton in August, the lowest monthly level since at least 2005 and down 65.8 percent from the same month a year earlier, trade website said, citing customs data. Overseas purchases of the fibre have plunged this year after Beijing issued fewer import quotas to boost demand for the domestic crop. The gap between ... Read More »

FBR tracking lawyers out of tax net

LAHORE: Federal Board of Revenue (FBR) has asked all the Regional Tax Offices (RTOs) to trace the lawyers who are charging high fees to their client but not in tax net. Official sources said that all RTOs have started scrutiny of the record regarding the lawyers following the instruction of the high ups. After checking the records, FBR will issue ... Read More »

LHC bars govt to receive tax from Bilawal House

LAHORE: Lahore High Court (LHC) bars Punjab government to receive luxury tax imposed on Bilawal house. The case was being heard by a two-member bench of the Lahore High Court. It is pertinent to mention here, that renowned business tycoon Malik Riaz Hussain filed a suit in Lahore High Court in which he requested the Court to declare luxury tax ... Read More »

Saudi Arabia oil exports drop 15% last year

RIYADH: Total US imports of crude oil from Saudi Arabia for the week ending Sept. 4 are down roughly 15 percent from last year, US federal data show. The US Energy Information Administration reports Saudi Arabian oil accounts for roughly 17 percent of all crude oil imported into the United States, putting it at the No. 2 spot behind Canada. ... Read More »

PRA working efficiently to collect taxes: Spoekesman

LAHORE: A spokesman of the Punjab Revenue Authority (PRA) has said that the authority has been working efficiently in regards of tax awareness and collection. He said that the performance of PRA has been steady and remarkable with reference to the every past year as it has always grown and rose positively. Giving a comparison from different sectors with respect ... Read More »

Customs Court adjourns Ayyan’s currency smuggling case until September 28

ISLAMABAD: Customs Court Judge Rana Aftab Ahmed adjourned the hearing of a currency smuggling case against supermodel Ayyan Ali until September 28. According to details, Ayyan Ali appeared before the Customs Court in the currency smuggling case. However, Judge Rana Aftab Ahmed deferred the indictment. Sources said the customs authorities informed the court that the matter was sub judice in ... Read More »

China Steel pre-tax profit surges 54% to $10.58m in Aug

BEIJING: China Steel Corp, the nation’s biggest steelmaker, yesterday posted a 54 percent jump in pre-tax net profit on a consolidated basis for last month, a pick-up from a trough in July. Pre-tax profit soared to NT$346 million (US$10.58 million) last month, compared with NT$224 million in July, according to a company statement. In July, pre-tax profit fell 84 percent ... Read More »

Austria imports crude oil from Iran

TEHRAN: To Rudy Rote, the managing director of the Austrian Rote Oil company, two potential factors can clear the way for his company to resume crude oil imports from Iran with one being a positive history of crude oil trade with Iran and the other, the easing of sanctions. According to Rudy Rote, Tehran is virtually turning into a negotiation ... Read More »

Iran trade delegation visit Georgia

TEHRAN: Meeting with an Iranian visiting delegation, Georgia’s Minister of Finance called for boost in ties with Tehran. A meeting between Georgian Finance Minister Nodar Khaduri and a delegation from an Iranian investing company. During the meeting the Georgian official expressed his country’s willingness for expansion of economic and trade ties with Tehran as he described development of economic and ... Read More »

Iranian diesel smuggling in Hub area of Lasbella district on rise

TEHRAN: The Balochistan Frontier Corps (FC) and customs personnel foiled a bid to smuggle diesel into the country and seized 40,000 litres of Iranian diesel in Hub area of Lasbella district on Sunday. According to an FC spokesman, FC personnel, along with the customs personnel, seized Iranian diesel from an oil tanker. The diesel was being smuggled to the interior ... Read More »

UK government to pledge support for maritime sector

LONDON: The British Government will “pull out all the stops to keep the UK a world-leading maritime centre,” working in partnership with industry as well as investing in technology, skills and training to ensure maritime growth. These were the key messages as the Government outlined its plans to keep the UK at the forefront of the global shipping market during ... Read More »

FBR selects 75,871 tax returns for audit through random ballots

ISLAMABAD: Following the audit policy for tax year 2015, random computer ballots were held on 14th September, 2015 for selection of cases for audit for Tax Year 2014 and Tax Period 1st July, 2013 to 30th June, 2014, in respect of Income Tax, Sales Tax & FED at FBR House, Islamabad. Federal Minister for Finance Mr. Muhammad Ishaq Dar, was ... Read More »

FBR office starts receiving tax returns after renovation

KARACHI: In order to facilitate taxpayers of income/sales tax at their doorsteps, Federal Board of Revenue has refurbished its existing office buildings situated at Gulshan-e-Iqbal and Gulistan-e-Johar, Karachi. To relocate Regional Tax Office-III Karachi and its allied Commissionerates, refurbishment was started on January 01, 2015 and completed on September 02, 2015. Ahmed Saeed, Chief Commissioner Inland Revenue, accomplished refurbishment and ... Read More »

Russian currency down to 1.54 against Azerbaijani manat

MOSCOW: The bi-currency basket, revived by the Central Bank of Azerbaijan, does not describe fully the disposition of currencies of the main consumer good suppliers in the country, but is much higher than the real import currency basket. According to customs statistics, the main suppliers of consumer goods in the country are Russia, Turkey and the EU (euro zone), but ... Read More »

Chinese police smash human smuggling ring

SHENZHEN: Eleven mainland Chinese people were intercepted at a Shenzhen bus terminus by border control officers who suspected they were about to be smuggled to Hong Kong. The group, comprising seven men and four women with the youngest aged 17, was arrested in Fuyong in western Shenzhen by border control officers from the Guangdong paramilitary police during an ambush. They ... Read More »

Ant Financial to acquire stakes in Cathay Insurance for $188m

HANGZHOU: Ant Financial, Alibaba’s financial service affiliate, is set to buy a 1.2 billion yuan (about 188 million U.S. dollars) controlling stake in Cathay Insurance, the company said here the other day. The agreement, which will see Zhejiang Ant Small & Micro Financial Services Group Co. holding 60 percent in the mainland unit of Taipei-based Cathay Financial Holdings Co., is ... Read More »

China sells $113.63bn of foreign exchange in Aug

BEIJING: China’s central bank and commercial banks sold a net 723.8 billion yuan (US$113.63 billion) of foreign exchange in August, by far the largest on record, highlighting how capital outflows intensified in the wake of the yuan’s devaluation last month. The previous largest outflow, in July, totalled 249.1 billion yuan. The figures are based on Reuters calculations using central bank ... Read More »

Airbus factory to create 300 jobs in port city

BEIJING: The Airbus factory in Tianjin will create 250 to 300 jobs in the port city, when its A330 completion and delivery center is operational in the fourth quarter of 2017, said a top company executive. Philippe Pezet, vice-president for human resources of Airbus Group China, said many will move over from the A320 aircraft final assembly line, with 10 ... Read More »