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China cut Yuan by 2% to manage exchange rate

BEIJING: China devalued the yuan on Tuesday after a run of poor economic data, guiding the currency to its lowest point in almost three years. The central bank described the move as a “one-off depreciation” of nearly 2 percent, based on a new way of managing the exchange rate that better reflected market forces. “Since China’s trade in goods continues ... Read More »

Oil exports of Russia soar 10% in first half of 2015

MOSCOW: RBTH presents a selection of views from leading Russian media on international events, featuring reports on an increase in oil exports, collaboration between the authorities and Russian youth in improving conditions for NGOs, and an increase in foreign investment on the Russian market. Federal Customs Service, that against falling oil prices, Russian crude exports have increased by nearly 10 ... Read More »

Turnover of China’s rare earth exchange surges 277% to $2.57b

HOHHOT: Turnover of China’s rare earth exchange surged drastically in the first 7 months of this year due to declining prices and rising demand. The Baotou Rare Earth Products Exchange processed 116,400 tons of products in the first 7 months, with a trading volume of 15.755 billion yuan ($2.57 billion), up 277 percent compared to the full year of 2014, ... Read More »

China to resume levying VAT on fertiliser to meet new market conditions

BEIJING: China will resume levying value-added tax on fertilizer sales and imports to meet new market conditions, according to a joint ministry statement here the other day. The VAT taxation rate stands at 13 percent and the new rule will take place starting from September 1, according to the statement released by the Ministry of Finance, Central Administration of Customs ... Read More »

Hershey China suffers loss of $100m in Q2

BEIJING: The Hershey Company has reported a net loss of nearly $100 million in the second quarter of this year after being hit by falling sales in China. The United States-based chocolate giant came up with a mixed bag of figures with net sales dropping slightly to $1.57 billion compared to the same period last year. The second quarter net ... Read More »

China’s Qihoo 360 expands presence in Internet finance

BEIJING: Tech firm Qihoo 360, a leader in Internet security, is looking to increase its foothold in the Internet finance market with a stock market index and a wealth management website. The 360 Internet Plus index was launched Monday in collaboration with Dacheng Fund and China Securities Index. Qihoo 360 said it would also roll out an index fund to ... Read More »

China’s Xiaomi starts production from India

BEIJING: The Beijing-based handset maker said here the other day it is selling a low-end device to India manufactured in that country. It is Xiaomi’s first overseas manufacturing program. The company said it has partnered with Foxconn Technology Group to manufacture the product. The factory is located in Sri city in Andhra Pradesh’s Chitoor district, Xiaomi said, adding the location ... Read More »

Retail deliveries of cars in China fall to 2.5% in July

BEIJING: Chinese consumers bought the fewest passenger vehicles in 17 months in July, extending a slump in the world’s largest auto market as deeper discounts failed to revive demand. Retail deliveries declined 2.5 percent to 1.3 million units, the lowest level since February 2014, according to the China Passenger Car Association. Sedan sales tumbled 14 percent, while sport utility vehicles ... Read More »

China aims to build world-class utility tunnel network by 2020

BEIJING: China aims to build a world-class utility tunnel network by 2020 to improve urban planning and achieve quality growth, according to the State Council, China’s cabinet. The tunnels will help solve the problems of “road zippers” and “overhead spider webs”, according to a guideline issued by the State Council. Road zippers are ditches that are often dug for repair ... Read More »

Member-IR Asad deploys more TFCOs at RTO Sargodha to boost tax collection

ISLAMABAD: Senior Member Inland Revenue Policy Federal Board of Revenue, Shahid Hussain Asad, has doubled the strength of the tax facilitation officers in Mandi Bahauudin, Mianwali, Bhakar and Khushab following the suggestion of chief commissioners concerned. As per details, Chief Commissioner Regional Tax Office (RTO) Sargodha, Shahid Zaman, through a letter, asked Shahid Hussain that the real estate business was growing ... Read More »

Customs impounds smuggled goods, arrests accused

LAHORE: The Customs Investigation and Intelligence personnel have seized smuggled goods and articles worth millions of rupees and arrested the suspects, sources told Customs Today on Wednesday. Acting upon information, the customs authorities intercepted a truck coming from Rawalpindi and recovered millions of rupees circuits, breakers, polyester rolls and other items. The Customs authorities under the supervision of superintendent Nasir Minhas ... Read More »

Chinese delegation visits PBIT to explore investment opportunities in Punjab

LAHORE: The Punjab Board of Investment and Trade, (PBIT) has hosted a delegation from China Overseas Investment Federation, (COIF) headed by Executive President Marshall Zheng. Representatives of companies from various sectors such as infrastructure development, energy development, security services, industrial investment and management were part of the delegation. The delegation was welcomed by PBIT Chairman Abdul Basit and CEO Habib-ur-Rehman Gillani. Speaking ... Read More »

Customs Court formally accuses Smart Zone, TCS of tax evasion, smuggling

ISLAMABAD: The Special Customs and Taxation Court has indicted a sole marketing company for Korean Samsung brand namely Smart Zone and a courier company, TCS following the charges of tax evasion and smuggling. Chief Executive Smart Zone, Shakirullah, Directors of Smart Zone, Latifullah and Muhammad Asghar, while CEO TCS, Saqib Hamdani and Regional Manager Logistic Rawalpindi, Ghazanfar Gull were officially ... Read More »

SHC directs Customs to release consignments of iron, steel after receiving duty,taxes  

KARACHI: The Sindh High Court (SHC) has directed the customs authorities to release the petitioners’ consignments of iron and steel products after receiving duty and taxes by them. M/s Wasif Steel Industries, M/s Owais Oman Enterprises, M/s Sonia International, M/s Crystal Steel Corporation and Ms Junaid Brothers are among the petitioners who had challenged the imposition of regulatory duty on imports of iron ... Read More »

PCA forwards Rs 31m tax evasion case against Fatima Fertilizer to adjudication

KARACHI: The Customs Post Clearance Audit (PCA) Karachi has issued four contravention reports involving Rs 31.204 million against Fatima Fertilizer Company Limited, Lahore for taking illegal benefits under SRO575(I)/2006. The scrutiny of import data revealed that the company imported consignments of stainless steel piping, cables, scaffolding, ladder, tube etc through Model Customs Collectorate Appraisement-East, Karachi by availing undue benefits of ... Read More »

Eight inspectors facing inquiry for attempting to commit fraud in property tax

ISLAMABAD: Eight inspectors of Excise and Taxation Department Rawalpindi appeared in the office of director excise Rawalpindi for explaining their position. These inspectors are facing inquiry under the charges of fraud as they had sent property tax notices to the citizens of Rawalpindi with illegal amounts. According to sources, eight inspectors of Excise and Taxation Department Rawalpindi, including Riaz Virk, Chaudary Khalid, Raza ... Read More »

RTO forms teams to bring unregistered event organisers into tax net

LAHORE: The Federal Board of Revenue’s (FBR) Regional Tax office (RTO) Lahore has formed teams to collect taxes from the unregistered event organisers. As per details, FBR’s team would conduct raids to place the non-taxpayers, who organise events at open areas of the city but are not in the tax net. Officials told that marriage halls are already in tax net ... Read More »

Hyderabad Dry Port, Sukkur division collect Rs 378m as taxes in July

HYDERABAD: Model Customs Collectorate Hyderabad Dry Port and Sukkur divison have collected Rs 378.88 million collectively in wake of duties and taxes during the first month (July) of the current fiscal year 2015-16. As per details, MCC Hyderabad Dry Port generated Rs 6.06 million in terms of customs duty, Rs 4.057 million as sales tax and Rs 2.012 million in ... Read More »

Khushab ASO impounds Hino Truck worth Rs 3m

FAISALABAD: The Customs Anti-Smuggling Organization (ASO) Khushab, which falls in the jurisdiction of Faisalabad Customs, has impounded a non-duty paid vehicle, Hino Truck worth Rs 3 million involving duty/taxes amounting to Rs 1.7 million. An ASO team, following the directions of Deputy Director Malik Jabed Iqbal, intercepted a vehicle bearing Registration No SGA-038 near Sial Mor Khushab City. The officials ... Read More »

Withholding tax is only for non-filers, says Shahid Hussain Asad

ISLAMABAD: Federal Board of Revenue (FBR) Senior Member Inland Revenue (Policy) and spokesman Shahid Hussain Asad has advised traders not to worry about withholding tax as the main objective of this tax is to bring non-filers into the tax net. Talking to Customs Today, he said that the officials are ready to extend every support and facility to non-filers who wants to become ... Read More »