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FTO keen to utilize OICOA forum for improvement

ISLAMABAD: The secretariat of Federal Tax Ombudsman (FTO) wants mutual expertise with Association of Ombudsmen of Islamic Countries (OICOA), to ensure redresses complaints and justice. In this regard, FTO secretariat Pakistan is already on board with eight brotherly member Muslim states of Organization of Islamic Countries (OIC). Sources told Customs Today, that organization not start its function properly; however, whenever ... Read More »

Customs imposes Rs 80,000 fine on Qayyum Corporation Clearing Agents

KARACHI: Customs fined Rs 80,000 to a clearing agent for not paying tax duty on the clearance of imported raw material of medicines consignment. According to sources ALFA pharma imported a consignment of raw material of VPDC coated PVC films and hired Qayyum Corporation to clear their consignment. Qayyum Corporation filed goods declaration number kepi-hc-4457 and cleared it by presenting ... Read More »

Customs Intelligence seizes 30MT banned explosive material, arrests one

PESHAWAR: Directorate of Intelligence and Investigation-Customs has seized a container comprising huge cache of explosive material, besides arresting an accused. This was stated by Director Intelligence Muhammad Asghar Khan while addressing a press conference. He said on a tip off, a picket was established at GT Road on the outskirts of Peshawar. He said, there was 40 feet sealed container ... Read More »

Global oil benchmark sheds 16 cent to $48.73 per barrel

RIYADH: Crude oil prices eased on Friday due to a strong dollar and Saudi Arabia’s dismissal of a producer summit, putting prices on track for a small weekly fall despite a strong rally in the previous session. October Brent, the global oil benchmark, shed 16 cents to $48.73 a barrel as of 0352 GMT after it settled up $1.31, or ... Read More »

Bangladesh textile exports earning stands at $26,509m in 2014-15

DHAKA: Bangladesh’s textile sector’s export earnings show this industrial segment has grown more than double in the last six years. The sector earned only 13,129.09 million US dollars in terms of export in 2009-10 financial year while its earning stood at 26,509.77 million dollars in 2014-15 financial year, Textile and Jute Minister  Md Emaz Uddin Pramanik disclosed the statistics in ... Read More »

Federal law ministry appoints Qamarul Haq as member judicial in IR-tribunal Lahore

Peshawar Customs Appellate Tribunal has no members to hear cases ISLAMABAD: Federal Ministry of Law has designated Qamarul Haq Bhatti Advocate as member judicial (BS-21) here at Inland Revenue Appellate Tribunal Lahore. The ministry has issued notification regarding the appointment of the Bhatti who was assigned this task on two year contract with standard terms and conditions. On the other ... Read More »

Iraq asks $500m in loans from Jeddah-based Islamic Development Bank

BAGHDAD: Iraq will seek up to $500 million in loans from the Jeddah-based Islamic Development Bank (IDB) to help cover its projected deficit, complementing the country’s return to the international debt market, according to the bond’s prospectus. Baghdad wants to raise up to $6 billion in a series of dollar-denominated bonds, Iraq’s first in nine years, to fund salaries as ... Read More »

China plans to invest in Afghanistan economy through new Silk Road

BEIJING: China is planning an increased economic role in Afghanistan through its Silk Road initiative and through the Shanghai Cooperation Organization (SCO), analysts from the Chinese establishment and independent experts have said. China’s Silk Road economic schemes also target Afghanistan, commented Andrew Small, a transatlantic fellow with the German Marshall Fund’s Asia program, in a note published Sept. 1. “Despite ... Read More »

Faisalabad Customs DC Afnan Khan goes on one year study tour

FAISALABAD: Model Customs Collectorate Faisalabad Deputy Collector Afnan khan went on study tour to United Kingdom for one year. As per details, the deputy collector has been awarded a British Chevening scholarship for Master in International Business for the Section 2015-16. Besides, the Foreign and Commonwealth office of the United Kingdom presented Chevening certificate of recognition to Deputy Collector Afnan ... Read More »

Port of Shanghai introduces fleet of electric trucks

CHINA: The Port of Shanghai announced the introduction of a fleet of plug-in hybrid electric vehicle (PHEV) trucks which it purchased from US company Efficient Drivetrains Inc (EDI) in collaboration with truck manufacturer Shaanxi Automotive. The trucks, which are specifically designed for port conditions, are expected to provide significant fuel saving and emissions reduction without affecting power and performance. Joe ... Read More »

Cosco orders eleven 19,000 teu container ships

BEIJING: Chinese shipping company Cosco Holdings Co. has agreed to order 11 container vessels, each with a capacity of 19,000 teu, for a total of US$1.5bn in an attempt to cut costs. The ships are expected to be delivered in 2018, Cosco said in a stock exchange statement on Wednesday (9 September). Cosco now becomes the fifth largest global shipping ... Read More »

US approves imports of fresh capsicums from Peru

NEW YORK: The Government of the Unites States has modified its fruits and vegetables import requirements to allow the entry of Peruvian fresh capsicums into its market, Peruvian Ministry of Agriculture and Irrigation (Minagri) reported. Entering a country of nearly 320 million potential consumers is an important step to increase national agricultural exports. Released in both countries, the protocol is ... Read More »

Newcastle Port CEO open to container terminal proposals

NEWCASTLE: The new CEO of the Port of Newcastle in Australia has said that the port is open to proposals to build a container terminal at the port. The port is mainly a coal port but CEO Geoff Crowe was quoted by the Australian Broadcasting Corporation as saying: “At the moment if we had somebody knocking on our door to ... Read More »

New York business mogul to join Gov.John Kasich

NEW YORK: GOP presidential front-runner joins Republican Gov. John Kasich as 2016 candidates at conference. Top Hillary Clinton adviser also scheduled to speak at the North Charleston event. Donald Trump speaks to reporters during a stop in Greenville in August. Donald Trump speaks to reporters during a stop in Greenville in August. Republican presidential front-runner Donald Trump will speak to ... Read More »

Investigation against 50 non-filer FBR officials of Gujranwala started

SIALKOT: The intelligence agencies have started the scrutiny of all the assets of as many as 50 the senior and junior officials of the Federal Board of Revenue (FBR) belonging to Gujranwala division following the mounting complaints of the corruption, embezzlement, malpractice and fraud against them. As per details, the allegations of making moveable and unmovable assets and properties through ... Read More »

FBR seeks details from 27,000 buyers of property, car in Gujranwala

SIALKOT: Federal Board of Revenue (FBR) has sought explanation from all buyers and owners of the news cars and commercial properties in Gujranwala Division, asking them to provide the complete details and particulars of all the new car and commercial properties including source of income and name of the seller. According to the senior FBR officials , as many as ... Read More »

China Customs to integrate six categories of specially-supervised bonded zones

SHANGHAI: China’s Customs says it will integrate six categories of specially-supervised bonded zones, under a unified, comprehensive model. Bonded zones are a special customs storage space for traders. The move aims to facilitate and encourage trade in key areas such as high-tech and high-value added sectors. China has selected Chongqing and Suzhou as two trial cities for comprehensive bonded zones. ... Read More »

Evergreen signs order with Imabari for ten 2,800 TEU class B-type vessels

TAIWAN: Evergreen Group has signed an order with Japanese shipbuilder Imabari for ten 2,800 TEU class B-type vessels. These are in addition to the order for ten similar vessels announced last month from CSBC in Taiwan. The latest contract was signed by EMC Chairman Mr. Anchor Chang and Imabari Shipbuilding President Mr. Yukito Higaki. The first ship is planned to ... Read More »

China’s economic regulator approves construction of three new railroads

BEIJING: China’s economic regulator has approved the construction of three new railroads in central and southwestern regions, with total investment of 142.77 billion yuan (around 22 billion U.S. dollars). A new high-speed railway will link cities in Henan and Hubei provinces and Chongqing municipality. The two other tracks will be traditional rail and help improve transportation in Yunnan, a southwest ... Read More »

China new yuan loans fall to 809.6b yuan

SHANGHAI: China’s bank lending retreated in August, the central bank said yesterday, after a sharp rise in July when the government directed funds into the stock market. Newly extended yuan loans fell to 809.6 billion yuan (US$127 billion) after surging to a six-year high of 1.48 trillion yuan in July on government measures to rescue a stock market rout. Monthly ... Read More »

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