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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 »

China to integrate customs special supervision areas to facilitate, encourage trade

BEIJING: China will integrate its specially-supervised bonded zones to facilitate and encourage trade in key areas such as the high-tech and high-value added sectors, according to a circular issued by the State Council. The move aims to promote the transformation and upgrading of the processing sector, facilitate the implementation of major national strategies including the Beijing-Tianjin-Hebei integrated development program and ... Read More »

Dell plans to invest $125bn in China over next 5 years

BEIJING: Dell Inc announced here the other day that it plans to invest US$125 billion in China over the next five years, a record investment in its second-biggest regional market. Besides the US$125 billion investment by 2020, Dell will introduce Dell Ventures into China for the first time to support innovation, and cooperate with Kingsoft to offer cloud computing service ... Read More »

Apple underpaid $66.56m in taxes in China

BEIJING: Apple Inc, the US tech giant, reportedly underpaid 425 million yuan ($66.56 million) in taxes in China at the end of 2013, according to a quality inspection report issued by the Ministry of Finance here the other day. The Ministry of Finance said Apple underreported 8.799 billion yuan revenue and 3.446 billion yuan cost, and overstated 5.354 billion yuan ... Read More »

China exports see positive growth, imports decline this year

BEIJING: China’s exports will see positive growth this year while the decline in imports will ease, state media quoted the commerce ministry as saying on Thursday (Sep 10). The fundamentals of China’s foreign trade have not changed, the official Xinhua news agency quoted Wang Dongtang, deputy director of the ministry’s Foreign Trade Department of as saying. China’s imports shrank far ... Read More »

China’s Dongfeng Nissan fined $19.2m for violating antitrust law

BEIJING: The joint venture between Japan’s Nissan Motor Corp and China’s Dongfeng Motor Corp violated antitrust laws, according the Chinese regulators Chinese authorities fined Dongfeng Nissan, Nissan Motor Corp’s joint venture with China’s second-largest automaker Dongfeng Motor Corp, $19.2 million on Thursday for violating antitrust laws. Other global automakers and suppliers that were previously fined for such violations include Audi, ... Read More »

China’s Baidu Inc eyes Brazil, Indonesia, India markets

SHANGHAI: China’s search engine giant, Baidu Inc, is eyeing Brazil, Indonesia and India as key regions for its global expansion, said the company’s president Zhang Yaqin in Beijing here the other day. “We chose target countries which are similar to China, with large populations and at the eve of the outbreak of mobile Internet development,” said Zhang at the company’s ... Read More »

China’s economic growth expects to be 7.1% in 2015

BEIJING: China’s economic growth in 2015 is expected to be 7.1 percent, according to a research report released by Xiamen University in Japan’s Kobe here the other day. The report was released at an international seminar on China’s macroeconomic performance jointly organized by China’s Xiamen University, Economic Information Daily of Xinhua News Agency, and Japan’s Kobe University. The report is ... Read More »

China, Arab States to explore cooperation

YINCHUAN – State leaders, government officials and corporate executives gathered for a four-day expo to seek cooperation opportunities in Northwest China’s Ningxia Hui autonomous region here the other day. The second China-Arab States Expo, a platform to promote ties between China and Middle Eastern countries, kicked off in Yinchuan, capital of Ningxia, home to more than 10 percent of China’s ... Read More »

Russia, China port authorities to create logistic center in Moscow

MOSCOW: Russian rail monopoly RZD and the operator of the Yingkou port are looking to create a logistics center in Moscow and a logistics park at the northern Chinese port. The memorandum of cooperation signed between the duo Russian railroad and China Yingkou Port Group Corporation builds on their respective countries’ plan to build build a new seaport in Zarubino, ... Read More »

China’s Tsinghua Holdings plans $78.4m fund to aid tech transfer

BEIJING: Tsinghua Holdings, a technology conglomerate backed by Tsinghua University, is setting up China’s first technology transfer fund with an initial investment of 500 million yuan ($78.42 million) to foster innovation in the high-tech sector. The fund will invest in research and development projects, including medical and electronic technology, that can transfer scientific achievements into business projects, Xu Jinghong, chairman ... Read More »

Customs court grants interim bail to three suspects in illegal gold export case

KARACHI: The Special Court of Customs Taxation and Anti-Smuggling has granted pre-arrest interim bail to three suspects who were booked for their alleged involvement in export of gold worth billions of rupees on fake E-forms. Judge Syed Faiz Rasool Rashdi approved the bail for suspects Sajid Abdul  Qadir, Irfan and Muhammad Shahid against surety bond of Rs 500,000 each  in ... Read More »

Transfers create hardships for female customs officers

LAHORE: The recent transfers and postings created an extreme resentment and annoyance in customs officials, especially among the female officers who have to look after their school-going children and elderly parents while serving  in Lahore, Customs Today learnt here. The male and female officers alike are of the view that Federal Board of Revenue (FBR) management should review the transfers ... Read More »

IBL Operations Ltd evades Rs 24.464m taxes by taking undue benefits of FTA

KARACHI: Pakistan Customs Directorate of the Post Clearance Audit-Karachi detected at least Rs 24.464 million evasion of duties/taxes by IBL Operations Pvt Ltd by illegally availing concessionary benefits of FTA under SRO1261(I)/2007. The PCA, during scrutiny of import data of IBL Operations Pvt Ltd revealed that the importer imported consignments of Pringles Snck and cleared the same from MCC Appraisment ... Read More »

Sialkot ASO seizes smuggled contraband items worth Rs 8m in August

SIALKOT: The Customs Anti-Smuggling Organization (ASO) Sialkot has confiscated smuggled goods and vehicles worth Rs 8 million during August of current fiscal year 2015-16. According to the details, ASO Sialkot conducted various operations against the smuggled goods following the instruction of Model Customs Collectorate Collector Dr. Zulfiqar Ali Chaudhary and almost 12 different seizure cases were formed against smuggled miscellaneous ... Read More »

Hyderabad Customs Intelligence seizes smuggled Iranian goods worth Rs 1m

HYDERABAD: The Customs Investigation and Intelligence Hyderabad has seized smuggled Iranian juice, cake and shampoos worth Rs 1 million during an operation in Hyderabad. Official source told Customs Today that illegally imported goods were seized following a tip-off received through Deputy Director Mohammad Tayyab. The team intercepted a truck near Ayub Hotel by pass, Hyderabad and recovered 1,700 cartons of smuggled Iranian Juice, ... Read More »

Court reserves verdict on petition seeking provision of allowances for FST staff

ISLAMABAD: The Federal Service Tribunal (FST) reserved its decision in a case seeking implementation of the tribunal’s verdict sanctioning ‘judicial allowance, ‘utilities allowance’ and ‘car allowance’ to employees of FST Islamabad. During final arguments, FST bench comprising Dr Nazir Saeed and Ishtiaq Ahmed heard the case. Muhammad Saeed and three other petitioners filed the case through their counsels Muhammad Owais ... Read More »

Adjudication Collector Ali Raza issues show cause notice to alleged cell phone smuggler

ISLAMABAD: Collector, Collectorate of Customs Adjudication, Islamabad Muhammad Ali Raza has issued a show-cause notice to unidentified suspect involved in smuggling of cell phones and its accessories. The collector has issued a show-cause notice vide C.No. Cus/coll/adj/36/2015/44 to unidentified suspect in a seizure case No. 36/2015 to appear before the court on September 11, 2015 to prove the legal import of the items. ... Read More »

Customs Court directs investigation officer to submit challan in flying invoices case

KARACHI: The Special Customs and Taxation Court on Thursday once again directed the investigation officer to submit final challan in a case pertaining to issuance of fake sale tax invoices of more than Rs 1 billion. On the request of investigation officer, Rashid Chandrigar, the court gave him more time to submit final challan. The court directed the prosecution and defence ... Read More »

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