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China’s industrial profit falls 2.9% in July

BEIJING: Profits of China’s major industrial firms fell 2.9 percent year on year in July, sharply down from 0.3 percent decline posted in June, the National Bureau of Statistics (NBS) said on Friday. Profits at industrial companies with annual revenues of more than 20 million yuan ($3.1 million) totaled 471.6 billion yuan in July. Industrial profits of these firms dropped ... Read More »

SHC reject petitions challenging levy of regulatory duty on imports of iron, steel from China

KARACHI: The Sindh High Court (LHC) on Friday dismissed over 150 petitions, challenging the imposition of regulatory duty on imports of iron and steel from China. Justice Sajjad Ali Shah, who headed a division bench, announced the verdict, directing the petitioners to pay the regulatory duty. M/s Wasif Steel Industries, M/s Owais Oman Enterprises, M/s Sonia International, M/s Crystal Steel ... Read More »

Hyderabad ANF seizes 4kg charas, arrests two peddlers

HYDERABAD: The Anti-Narcotics Force (ANF) has seized four kilogram charas and few quantity of heroine in two different operations in Hyderabad, besides arresting two drug peddlers. Following the instruction of ANF Hyderabad in-charge Ghulam Abbas Memon, the anti-narcotics team raided different area of Hyderabad city, including Fateh Chowk and Hala Naka road, Hyderabad. The ANF team on credible information conducted ... Read More »

Customs court orders release of three smugglers after fining each Rs 100,000

KARACHI: The Special Court of Customs Taxation and Anti-Smuggling has imposed a penalty of Rs 100, 000 each on three suspected smugglers after they pleaded guilty to smuggling of huge quantity of liquor into the country and ordered their release. According to the details of the case, in February this year, the Pakistan Customs had caught a launch loaded with ... Read More »

FBR Member Administration Shahid Jatoi reaches Karachi

ISLAMABAD:  Federal Board of Revenue (FBR) Member Administration Shahid Hussain Jatoi has reached Karachi to review administrative measures taken by the department. He will return to Islamabad on Monday. Sources told Customs Today that there are bright chances that he may pay some surprise visits to different departments to check their performance. It is important to mention here that Shahid Hussain Jatoi ... Read More »

ICBC profits hikes by 0.7% to $23.26bn in H1

BEIJING: tate-owned Industrial and Commercial Bank of China (ICBC), the country’s largest bank, on Thursday reported a 0.7 percent year-on-year increase in net profits in the first half of 2015. Net profits stood at around 149.4 billion yuan ($23.26 billion) in the first six months, the lender said Thursday. Its non-performing loan ratio edged up to 1.4 percent at the ... Read More »

Customs directs ASO to take action against illegal diplomatic vehicles‏

MULTAN: The Model of Customs Collectorate Multan has directed field staff of the Anti-Smuggling Organization to take action against the illegal registration of imported diplomatic vehicles by officers of Excise and Taxation along with others. Directorate of Customs Intelligence and Investigation FBR regional office Karachi has conveyed to the Model of Customs Collectorate Multan for assistance against the illegal registration of vehicles ... Read More »

FPCCI polls: Businessmen panel starts campaign

  KARACHI: Businessmen panel of Federation of Pakistan Chambers of Commerce and Industry starts their election campaign. During their campaign they promised their supporters that after winning the elections they will give tough time to United Business Group. Sources told Customs Today, that apart from starting their election campaign Businessmen Panel is reorganizing their panel. Now after restricting Sulan Chawla ... Read More »

Customs Multan to launch  Citizen Feedback Monitoring Program

MULTAN: The Cabinet Division has directed Multan Customs along with other federal agencies for implementation of Citizen Feedback Monitoring Program (CFMP). This program will be started to improve service delivery and eradicate corruption in the federal departments of Pakistan. One of the major purposes of this Citizen Feedback Monitoring Program is to enhance the participation of masses in the government ... Read More »

30 excise employees issued charge sheet on graft charges

ISLAMABAD: The Director General Excise and Taxation has issued charge sheet to 30 employees of Rawalpindi Motor Branch allegedly involved in corruption of Rs 130 million. During the review of yearly audit observations, it was observed that from December 2012 to June 2013 at least Rs 130 million of irregularities were made in wake of life time token tax of ... Read More »

Bank of Communications profit swells 1.5% to $5.83bn in H1

BEIJING: China’s Bank of Communications reported a net profit increase of 1.5 percent year on year to 37.32 billion yuan ($5.83 billion) in the first half of 2015 here the other day. Its net income earned by commission rose 23.47 percent year on year to 19.39 billion yuan, according to the bank’s interim report. The bank’s total assets hit 7.12 ... Read More »

Pakistan, Brunei vow to strengthen trade ties

LAHORE: Business-to-business contacts are a must to increase bilateral trade between Pakistan and Brunei Darussalam. The Chambers of Commerce and Industry of the both countries should expedite relations to achieve the desired results. These views were expressed by High Commissioner of Brunei Darussalam Dato Mahmud Saidin while talking to the LCCI president Ijaz A. Mumtaz at the Lahore Chamber of ... Read More »

Excise Sindh website showing errors

KARACHI:  The Sindh Excise and Taxation Department website is still not updated as some links are facing faults due to which problem is emerging for online verification. Sources told Customs Today that the people who were using online facility as website shows engine number in place of vehicle owners name, while the same site shows registration number of vehicle in place of ... Read More »

Customs Exports completes probe against company involved in money laundering scam of Rs 24 billion

KARACHI: Model Customs Collectorate of Exports completes its investigations against ABD Enterprises which was allegedly involved in money laundering of Rs 24 billion. Sources told Customs Today that after completion of investigations, MCC authorities submitted a final challan in Special Court of Customs for further proceedings. Sources said that the above said company is involved in illegal export of gold amounting ... Read More »

RTOs, LTUs offices will remain open on 29, 30 August

LAHORE: The Regional Tax office (RTO-I&II) will remain open today and tomorrow on 29 and 30 August to complete all refund cases. The refund offices will be opened and all relevant staff will perform their duties and conclude all applications filed by the taxpayers after June 2015. The refund cases were concluded by the orders of Member Inland Revenue operations-FBR Muhammad Ashraf ... Read More »

Siraj assures to raise voice for KCCI in parliament

KARACHI: Chairman of National Assembly’s Standing Committee on Commerce, Siraj Mohammad Khan has assured the Karachi Chamber of Commerce and Industry (KCCI) that members of NA Standing Committee on Commerce will raise their voice on behalf of KCCI at the floor of National Assembly so that the federal government could start paying heed to requests, issues and recommendations being forwarded ... Read More »

Punjab Revenue Authority seals 12 marriage halls on non-payment of GST

LAHORE: Punjab Revenue Authority (PRA) sealed twelve Marriage halls in different locations of the city. These marriage halls were involved in sales tax evasion and did not have National Tax Numbers (NTN). Sources told Customs Today that on the directions of Punjab Revenue Authority Chairman Dr Raheel Sadique , a team comprising assistant director Kashif Nawaz Malik, inspector Soba Khan, Aftab Waqar ... Read More »

Provinces show concern over WHT on bank transactions

ISLAMABAD: All the four provincial governments have shown grave reservations on withholding tax imposed by federal government in federal budget 2015-16. According to sources, all the four provincial governments have showed strong concerns and reservations over withholding tax and termed it as overburden on provincial taxes. Sources told Customs Today that these concerns were shown during working group meeting of ... Read More »

Thordon Bearings announces new authorized distributor for China

BEIJING: Thordon Bearings Inc. of Canada is pleased to announce that CY Engineering Co. Ltd. will be the new, authorized distributor for the People’s Republic of China, including Macau and Hong Kong, effective August 28, 2015. With this agreement, CY Engineering becomes the stocking distributor for the world’s largest manufacturer of non-metallic marine bearing systems and will replace Proco International. ... Read More »

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