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FBR taking measures to treat CNIC number as NTN

ISLAMABAD: The Federal Board of Revenue (FBR) has started a project to develop a database in order to make possible the utilization of the Computerized National Identity Card (CNIC) number as the national tax number (NTN) and it would be completed in December this year. Official sources said that the FBR was working on this project with the coordination of the Nadra ... Read More »

Online filers to be listed as active taxpayers: Asad

ISLAMABAD: Federal Board of Revenue (FBR) Member Inland Revenue Policy and Spokesperson Shahid Hussain Asad has urged the taxpayers, filers and non-filers to file their returns via online to be included in active taxpayers list. He further said that those people who have not filed their tax returns for the year 2014 could file their returns now to avoid any ... Read More »

Faisalabad ASO seizes 39,500 litres of diesel, oil tanker

FAISALABAD: The Customs Anti-Smuggling Organisation Faisalabad has confiscated 39,500 litres of smuggled Iranian diesel, besides impounding the oil tanker being used for the transportation of the diesel valued at Rs 9.373 million. The ASO team following credible information received through Assistant Collector Muhmmad Asim Awan established picket near Qasuria police check post to thwart the smuggling bid. ASO officials intercepted ... Read More »

Customs court orders release of alcohol smuggling suspect, imposes Rs 0.5m fine

KARACHI: The Special Custom and Taxation Court has imposed a penalty of Rs 500,000 on a suspect when he pleaded guilty to his role in smuggling of a huge quantity of liquor into the country and ordered his release after payment of the penalty. Judge Syed Faiz Rasool Rashdi was hearing a case pertaining to the smuggling of foreign-origin liquor under ... Read More »

FIA unearths mega scam of prohibited, expired medicines worth Rs 80 million in Afghan Transit Trade

FIA to grill customs officials involved in clearance of expired medicines: Javed Akbar KARACHI: The Federal Investigation Agency (FIA) has unearthed a mega scam of the Afghan Transit Trade (ATT) in which expired and prohibited medicines worth Rs 80 million were pilfered and were being supplied to open markets. The Anti-Corruption Circle, FIA-Karachi Additional Director Javed Akbar Riaz received a ... Read More »

Hyderabad ASO impounds non-duty paid Toyota Land Cruiser worth Rs 17.5m

HYDERABAD: The Customs Anti-Smuggling Organization (ASO) Hyderabad has impounded a non-duty paid unregistered vehicle Toyota Land Cruiser ZX-V8 approximately worth Rs 17.5 million, including duty and taxes. As per details, the ASO team, following the directions of Additional Collector Model Customs Collectorate Hyderabad, Omer Shafique, conducted raid in its jurisdictions and intercepted an unregistered vehicle near site area, Hyderabad. The ... Read More »

Customs foils currency smuggling attempt at Islamabad airport, recovers $20,000

ISLAMABAD: Customs officials have foiled an attempt to smuggle foreign currency to Bangkok at Benazir Bhutto International Airport Islamabad and arrested the accused on the spot. As per details, the customs officials deputed at Islamabad airport held a passenger namely Ismail Khan who was going to Bangkok through a private airline flight No. PG-350 in departure lounge. The customs officials conducted ... Read More »

Multan Customs Intelligence impounds Toyota Corolla worth Rs 1.2m

MULTAN: Customs Intelligence and Investigation Multan has impounded a smuggled vehicle worth Rs 1.2 million in the Dera Ghazi Khan region during an action. According to the details, Additional Director Customs Intelligence and Investigation Multan, Nisar Ahmad has deputed officials to curb smuggling in the region of Kohe Suleman. Field Intelligence Unit (FIU) of Dera Ghazi Khan was monitoring the ... Read More »

Rs 1m penalty: SHC seeks reply from revenue division, customs

KARACHI: The Sindh High Court (SHC) has sought comments from the secretary revenue division, collector and deputy collector of Model Customs Collectorate Appraisement-East on a petition, filed by a shipping agent against imposition of Rs 1 million penalty on account of amendments to Import General Manifest (IGM). A division bench headed by Justice Sajjad Ali Shah has issued notice to the ... Read More »

Lahore Customs chief accountant transferred

LAHORE: Office of the Auditor General has transferred Chief Account Model Customs Collectorate Lahore. According to the details, MCC Lahore Chief Accountant Riasat Ali Shah has been transferred from Customs House to Directorate Pakistan Audit and Accounts Academy Lahore. Riasat Ali has been working as chief accounts officer dealing here at Customs Lahore Preventive accounts. Meanwhile, Auditor General of Pakistan ... Read More »

Exports Collectorate collects Rs 428m as customs duty in July

KARACHI: With its significant contribution to the national kitty, the Model Customs Collectorate-Exports has collected Rs 428.20 million as customs duty in the first month of the current fiscal year. Officials told Customs Today that the Federal Board of Revenue (FBR) was yet to allot the revenue target for the new fiscal year. And, despite that the collection seemed satisfactory in ... Read More »

Govt making law to counter Benami bank accounts

ISLAMABAD: The federal government has decided to make a new law to unearth the businesses which are being run by traders, businessmen and industrialists through Benami bank accounts to avoid taxes. The new law will come into force through parliament instead of any ordinance and it would be promulgated within the next four month, officials said. They said that Ministry ... Read More »

China soy imports from Brazil rise 22.1% in July

BEIJING: China’s soy imports from Brazil, the world’s top exporter, rose 22.1 percent in July from the year-ago period to 6.37 million tonnes, official customs data showed on Friday. The world’s top buyer also shipped 2.28 million tonnes of the oilseed from Argentina, the world’s no.3 exporter, in the same month, a rise of 43.9 percent on year, data from ... Read More »

$313m project: Alibaba joins hands with Chinese defence company

SHANGHAI: One of the biggest internet companies, Alibaba, has joined hangs with China’s biggest defence company to facilitate it with homegrown satellite navigation system. New York-listed Alibaba and China North Industries Corp. (Norinco) have created a 2.0 billion yuan ($313 million) joint venture to offer services using Chinese satellite navigation system Beidou, Norinco said in a statement on its website. ... Read More »

‘China’s move to weaken renminbi aim to boost exports’

BEIJING: A number of analysts billed China’s move to weaken the renminbi last week as an attempt to boost exports by making its products more competitive. Data a few days earlier had shown Chinese exports sinking more than 8 per cent in July, while the real effective exchange rate of the renminbi had just hit a record high. However, China’s ... Read More »

Iran looking to increase petro exports to 25% in 2016

TEHRAN: Iran is looking to increase its petrochemical exports by around 25% by the end of 2016 after a lifting of western sanctions. The country’s export sector was significantly hit by banking and shipping restrictions following sanctions imposed by US and European Governments, and the United Nations in 2012. Sanctions will be soon lifted in the wake of the recently ... Read More »

Iran exports $60m worth hand-woven carpet

TEHRAN: Iran exported $60 million worth hand-woven carpets from March 21 to July 22, said a head of the Iranian National Carpet Centre. Iranian hand-woven carpets were exported to 80 countries during the said period, Hamid Kargar was quoted as saying in an Iran Daily report. He said that in the past three years, Iran faced major problems in exporting ... Read More »

Iran, Russia, Azerbaijan to discuss customs coordination

TEHRAN: The heads of the customs services of Azerbaijan, Russia, Iran and India will discuss the coordination of customs conditions as part of the North-South corridor project in the near future, Indian Ambassador to Russia Pound Srinivasan Raghavan said in an interview with RIA Novosti Aug. 18. He said that India must look for shorter routes for supplying its products, ... Read More »

China’s Tencent takes $50m stake in Canada’s Kik Interactive

BEIJING: China’s Tencent Holdings Ltd has taken a $50 million stake in Kik Interactive, an investment that values the Canadian mobile messaging company at more than $1 billion, Kik said here the other day. Kik, a Waterloo, Ontario-based company whose chat platform is popular with US teens, has long said it aims to emulate the success of Tencent’s WeChat, which ... Read More »

China’s foreign exchange reserve injects $90b in policy banks

BEIJING: China’s foreign exchange reserve injected more than $90 billion into the country’s development and policy banks in July, strengthening supports on overseas investments and domestic construction projects, a central bank official said here the other day. The Sycamore Tree Investment Platform, a company owned by the foreign exchange reserve regulator – the State Administration of Foreign Exchange, injected $48 ... Read More »