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Thai delegation visits ICCI to explore investment opportunities ‏

ISLAMABAD: A Thai delegation led by Ms. Chollada Areerajjakul, Executive Director, Board of Investment of Thailand along with representatives of Billiger and Company of Thailand visited Islamabad Chamber of Commerce and Industry to discuss and explore investment opportunities in Pakistan with special interest in food, processed agricultural products, textiles and clothing, construction, pharmaceutical and jewelry. Speaking at the occasion, Ms. ... Read More »

Adjudication Faisalabad decides case in favour of Customs

FAISALABAD: Customs Adjudication Collector Amjadur-Rehman has declared seizure of 207 rolls of foreign origin BOPP film rolls and two Bedford trucks as lawful. As per details, the Faisalabad Customs Intelligence and Investigation intercepted two Bedford truck bearing registration No. K-8037 and RIK- 9129 used for transportation of smuggled goods and recovered 207 BOPP films rolls. The Customs team asked the ... Read More »

RTO Multan starts closely monitoring of WHT collection

MULTAN: Following the directions of Federal Board of Revenue (FBR) Regional Tax Office (RTO) Multan has started to closely monitor the collection of withholding taxes. RTO Multan is examining every single banking transaction made by account holders under the Section 233-A of the Income Tax Ordinance 2001 to ensure the collection of WHT from the taxpayers and non-taxpayers. Officials said ... Read More »

Faisalabad ASO impounds smuggled Toyota Corolla

FAISALABAD: The Customs Anti-Smuggling Organisation (ASO) Jhang has impounded a non-duty paid Toyota Corolla, vehicle worth Rs 729,026 involving duty/taxes amounting to Rs 479,026. On a tip-off received through Deputy Collector Rana Irfan Shauqat, ASO team conducted raid to hold the smuggled vehicles in the region. ASO team comprising Superintendent Zahid Raza Bukhari, Inspector Ashar Mehdi Naqvi, Shouqat Khan, Mujahid ... Read More »

LHC seeks reply of NAB in Rs 200m tax embezzlement case

LAHORE: Lahore High Court (LHC) sought answer from National Accountability Bureau (NAB) on the bail application filed by Collector Amir Rashid Shiekh who was held by NAB on committing fraud of Rs 200 million in wake of customs duty. Yesterday, the two-member bench of high court under the supervision of Justice Mehmood Maqbool Bajwa heard the bail plea of the ... Read More »

RTO-I seizes record of factory owned by ex-minister’s daughter

LAHORE: Federal Board of Revenue (FBR), Regional Tax Office-I (RTO-I) has seized the record of ‘Elaan Dress Designing’ factory following the charges of tax evasion of millions rupees. As per details, a team of RTO-I’s Zone-III following the directions of Commissioner Sadia Sadaf Gillani, raided the office of the factory located in Gulberg-III. The team seized the record of the ... Read More »

Gwadar infrastructure projects to open new avenues of economical opportunities

ISLAMABAD: Federal government believes that the port city of Gwadar will get new look in near future that would open more eras of economical opportunities for businessmen and workforce soon after completing the announced infrastructure projects. Documents available with Customs Today reveals that $786 million will be spend on eight Gwadar Port related infrastructure projects during its first phase which ... Read More »

Bangladesh to strengthen border security after intercept of fake currency

DHAKA: The Home Ministry has told the West Bengal and Assam governments to maintain strict vigil across the border after Bangladeshi authorities intercepted a consignment of Fake Indian Currency Notes (FICN) with a face value of Rs 40 crore. Investigating agencies are probing whether this has any links with the multi-crore lottery scam busted in West Bengal last week. A ... Read More »

UAE, Saudi Arabia’s exports to Victoria stands at $232m

DUBAI: UAE and Saudi Arabia are Australia’s State of Victoria’s largest food and fibre export markets in the region with 331 million Australian dollars ($232 million) and 200 million Australian dollars in exports respectively, accounting for 27 per cent and 16 per cent of the total value of exports to Middle East and North Africa (Mena) destinations. There was strong ... Read More »

FBR initiates probe against fake cigarette manufacturers

PESHAWAR: The Intelligence & Investigation (I&I) wing of Federal Board of Revenue (FBR) has started probe against the companies for making fake cigarettes of famous brands and exporting them abroad. Sources said that the investigation was started after revelation of involvement of two provincial ministers and other key leaders of political parties in manufacturing fake cigarettes in Khyber Pakhtunkhwa. According ... Read More »

China’s apparent oil demand rises 10.2% in Aug

BEIJING: China’s apparent oil demand rose 10.2% in August from a year earlier to 11.19 million barrels per day (b/d), according to a just-released Platts analysis of Chinese government data. Barring gasoil and naphtha, China’s apparent demand for all other key products—gasoline, liquefied petroleum gas (LPG), jet/kerosene, and fuel oil—saw double digit year-on-year growth in August. China’s refinery throughput in ... Read More »

LTU collects near Rs100 billion revenue in Q1

KARACHI: Near Rs100 billion were collected by the Large Taxpayers Unit (LTU), Karachi during the first quarter of fiscal year 2015-16, which is six per cent more than the FBR target. As per the official figures released by LTU, the net revenue collection stood at Rs95 billion after deducting Rs3 billion refunds. The overall growth in revenue collection stood 26pc ... Read More »

China Sunergy revenue dips 27.8% in Q1

BEIJING: Struggling PV module manufacturer China Sunergy (CSUN) has reported a first quarter 2015 net loss of US$12.2 million as revenue fell 27.8% and shipments declined 37.2% from the prior quarter. Despite a positive operating income of US$5.5 million in the first quarter, compared with loss from operations of US$2.8 million in the fourth quarter of 2014, CSUN was also ... Read More »

S.Arabia police foil ttempt to smuggle 540 bundles of khat

JADA: The police foiled an attempt to smuggle khat into the Kingdom. Asir Police said a suspicious vehicle was spotted and while inspecting it the officials found 540 bundles of khat wrapped in the luggage in a concealed compartment. The drugs were seized and the Arab driver of the vehicle has been taken into custody for further investigations. Read More »

Macau gaming revenue falls 33% to $2.1bn in Sep

MACAU: To no surprise, the Macau casino industry suffered through its 16th straight monthly revenue decline during September and the market’s eighth straight month of drops of more than 30 percent. Macau’s Gaming Inspection and Coordination Bureau said Thursday the region’s 36 large and small casinos collected $2.1 billion in gaming revenue in September, a decline of 33 percent. The ... Read More »

West African crude oil exports to China fall four-year low in Oct

BEIJING: West African crude oil exports to China were set to fall to a four-year low in October, reflecting the key buyer nation’s cooled interest in spot crude imports in the early autumn. The decline, shown in a Reuters survey of oil traders and shipping fixtures, pushed overall exports to Asia to the lowest in more than a year, despite ... Read More »

China exports LED lighting worth $35m to India in January-Aug

BEIJING: China-based makers exported LED lighting products worth US$355 million in total to the India market during January-August 2015, hiking 76.61% on year, and the export value included US$88 million for ceiling lamps, US$73 million for panel lights and US$30 million for projection lamps, according to industry sources in Taiwan. The India government plans to completely replace home-use lighting and ... Read More »

Appraisement West collects Rs 23.961b taxes/duties in September

KARACHI: The Model Customs Collectorate MCC Appraisement West collected at least Rs 23.961 billion taxes/duties under various heads in the month of September 2015. According to statistics available with the Customs Today, the MCC Appraisement West collected Rs 8012 million under the head of customs duty, while Rs 12,334 million under the head of sales tax, Rs 3,376 million as ... Read More »

Cabinet Division sends proposals back to FBR regarding promotion of Customs officials

ISLAMABAD: The Cabinet Division has returned the summary forwarded by the Federal Board of Revenue (FBR) suggesting up-gradation of the ranks of officials. According to the sources, FBR had proposed up-gradation of Pakistan Customs’ superintendents and principal appraisers from BPS-16 to BPS-17. Highlighting the anomalies, the Cabinet Division has asked the FBR to review the proposal under the Civil Servants Act, ... Read More »

FBR to conduct forensic audit of telecom companies

ISLAMABAD: The Federal Board of Revenue (FBR) has decided to conduct forensic audit of telecom companies under the World Bank project. According to the sources, the FBR and the World Bank mission have agreed upon the risk Parameter Development for the forensic audit of telecom companies in Pakistan. Meanwhile, the dialogues between the World Bank mission and the FBR officials will ... Read More »