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Excise kicks off survey for recovery of property tax

KARACHI: Department of Excise and Taxation Sindh started survey for the recovery of property tax in different areas of Karachi.  For this purpose they forms five special teams for this purpose. Sources told Customs Today that this survey is already started from West part of Karachi while this survey will be completed in twenty days. These sources also revealed that ... Read More »

Pakistan to buy oil from Iran after cabinet approval: Khurram

ISLAMABAD: Federal Minister for Commerce Khurram Dastigar Khan said that decision regarding trade package with Iran will be taken after approval of the federal cabinet. After this, Pakistan will buy oil for its use from Iran. He said that China, Ukraine, and Russia already announced to end cotton import from Pakistan, while this closure leads to fall of grey cloth ... Read More »

ASO Mianwali seizes Toyota Corolla car.

FAISALABAD: Mianwali Anti-Smuggling Organization ( ASO ) has seized a foreign origin used Toyota Corolla  car in Mianwali city. The market value of the car is Rs 1.22 million and its CIF value is Rs 600,000. Sources told Customs Today that Assistant Collector ASO Mianwali Muhammad Asim Awam received information regarding smuggling of the vehicle. After receiving the information, Assistant Collector constituted a raiding team ... Read More »

Canada introduces eTA entry requirement for British travelers

OTTAWA: The introduction of the Electronic Travel Authorisation (eTA) brings Canada’s entry requirements in line with those of the United States, which requires visa-exempt visitors to obtain an Electronic System for Travel Authorisation (ESTA) before flying. Canadians travelling to the UK as tourists do not require a visa of any kind. The application website for eTAs has been live since ... Read More »

KSE, LSE, ISE to be merged into ‘Pakistan Stock Exchange’; MoU signed

ISLAMABAD: The government has integrated Karachi Stock Exchange (KSE), Lahore Stock Exchange (LSE) and Islamabad Stock Exchange (ISE) by forming one national stock exchange to be called as “Pakistan Stock Exchange” (PSE). In this regard, a Memorandum of Understanding (MoU) was signed at Securities and Exchange Commission of Pakistan (SECP) on Thursday by the chairmen of respective de-mutualisation committees. Minister ... Read More »

Tax Reforms Commission given extension till Nov 15

ISLAMABAD: Federal Finance Minister Ishaq Dar has okayed three-month extension to the Tax Reforms Commission. Now the commission will be active till November 15, 2015 to complete the given task. The minister gave extension to the Tax Reforms Commission (TRC) during a meeting, which was also attended by Special Assistant to Prime Minister on Revenue Haroon Akhtar. TRC Chairman Masood ... Read More »

FBR Chairman Bajwa arrives in Karachi

ISLAMABAD: Federal Board of Revenue (FBR) Chairman Tariq Bajwa has arrived Karachi along with Inland Revenue (IR) Operations Member Muhammad Ashraf Khan where chief commissioners of Regional Tax offices (RTOs) and Large Taxpayers Unit (LTU) Karachi will call upon the chairman. Source told that chairman would discuss the strategies which have been designed in order to achieve the revenue targets ... Read More »

Global warming points an imminent threat to humans in future

HARROW: Scientists and policy experts said at the California Climate Change Symposium in Sacramento that global warming points to an imminent threat to humans in future. They discussed the matter on Monday. According to The Daily News, scientists decided to consider the imminent UN Climate Change Conference in Paris by saying that those against the climate change agenda are needed ... Read More »

China’s DSM plans to cut 1,100 jobs

BEIJING: Royal DSM NV plans to cut as many as 1,100 jobs as a market slowdown prompts Chief Executive Officer Feike Sijbesma to cut costs at the Dutch maker of nutritional products, only months before he will update investors on his strategy for the nutrition division. DSM, based in Heerlen, the Netherlands, said on Tuesday that it will eliminate 900 ... Read More »

China’s central bank lowers lending rate to ease debts

BEIJING: China’s central bank announced that it would lower the benchmark deposit and lending rates by 25 basis points beginning here the other day, hoping to further ease companies’ debt burdens and curb expanding downward risks. After the adjustment, the one-year deposit rate for financial institutions fell to 1.75 percent, and the lending rate dropped to a record low of ... Read More »

China to accelerate reforms on domestic trade circulation

BEIJING: China will accelerate reforms on domestic trade circulation, Vice Premier Wang Yang said here the other day. The reform aims to realize an orderly and efficient circulation system to better serve the economy, Wang said at a meeting about pilot work on domestic circulation. He stressed that all pilot cities should make practical arrangements and strive to make breakthroughs ... Read More »

Devalue China’s currency to help Christmas tree exporter

BEIJING: Decision to devalue China’s currency will help companies boost sales and drive growth in overseas markets Zhu Zhixiang sells artificial Christmas trees in Yiwu, Zhejiang province. Normally, she wraps up her overseas sales by July. But this year, August has been an incredibly busy month. “We would usually finish receiving orders from foreign clients by the end of July, ... Read More »

25 Inland Revenue officers of BS 19-20 transferred

ISLAMABAD: Federal Board of Revenue has transferred/posted 25 Inland Revenue Service officers of BS 19-20 with immediate effect. According to the Board’s notification, the officers who are drawing performance allowance, will continue to draw this allowance on the new place of posting. All the officers have been directed to relinquish/assume charge, using online HRMS facility made available to FBR or ... Read More »

Russian premier signs customs procedure simplification procedures

MOSCOW: The decree on simplification of customs procedure was signed, Russian Prime Minister Dmitry Medvedev said. ​”We have a roadmap focused on improvement of customs administration. It will be complemented by a range of new measures, about 15,” the prime minister said at the Cabinet meeting. “Decisions at the level of the government and relevant authorities should be taken on ... Read More »

China’s cotton imports fall 62.3% in July

BEIJING: China’s cotton imports fell 62.3 percent in July from a year ago to 105,700 tonnes, trade website Cncotton.com said, citing customs data. Imports by China, the world’s top cotton consumer, are already down by 33 percent this year to less than 1 million tonnes after the government issued fewer quotas in a bid to boost demand for domestic fibre. ... Read More »

China’s thermal imports up 0.6% to 8.17mmt in July

BEIJING: China’s imports of thermal coal from its biggest supplier Australia hit 8.17 million tonnes in July, up 0.6 percent on a year earlier, customs data showed on Friday, with Australia benefiting from import declines from higher-cost rivals. Total imports from Australia over the first seven months of the year reached 42.27 million tonnes, still down 21.4 percent on the ... Read More »

Chinese Customs seizes 920,000 illegal cigarettes

BEIJING: Customs officers broke up a suspected illegal cigarette distribution ring in Tin Shui Wai on Saturday, arresting a 33-year-old man and seizing 920,000 cigarettes. The goods are worth about HKD2.48 million, and would have given the government HKD1.75 million in tax revenue had they been sold legally. Customs suspected that a syndicate was using lorries to distribute illegal cigarettes ... Read More »

China’s Ping An Insurance boosting overseas assets

BEIJING: Ping An Insurance (Group) Co, China’s second-largest insurer, is boosting overseas assets as the nation’s slowing economy and falling interest rates make it difficult to find investments with attractive returns at home. The company has about 16 billion yuan ($2.5 billion) of deals abroad in the works for 2015, and expects total investments overseas to rise to as much ... Read More »

Chinese police launches nationwide campaign against underground banks

BEIJING: Chinese police have launched a nationwide campaign against underground banks to maintain order in the financial and capital market, the police said here the other day. Meng Qingfeng, vice minister of the public security, urged all the police to fully understand the harm of underground banks to the national economic security and the order of the financial market. A ... Read More »

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