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No proceedings in Customs Court on Wednesday

LAHORE: In Special Court of Customs Taxation and Anti-Smuggling, nine different cases were scheduled for hearing but no case was preceded here due to non availability of judge. After the transfer of special Judge Nazeer Ahmad Gajana, Special Judge of Banking Court Humayon Imtiaz assumed the additional charge of Customs Taxation and Anti-Smuggling judge. But on Wednesday special duty judge ... Read More »

LHC halts levy of sales tax on lawyers fees

LAHORE: The Lahore High Court (LHC) has halted the levy of 16 percent sales tax on of lawyers fees. Justice Mansoor Ali Shah of the LHC heard the case challenging 16 percent sales tax on lawyers fees. During his remarks, Justice Mansoor Ali Shah said that after the imposition of such tax justice will become more expensive. In his plea, Lahore Bar Council ... Read More »

ASO Faisalabad seizes non-duty paid Toyota Land Cruiser

FAISALABAD: The Anti-Smuggling Organization (ASO) Faisalabad seized a non-duty paid Toyota Land Cruiser. The market value of the said vehicle is Rs 600,0000. Sources told Customs Today that Collector Customs Faisalabad Tauseef Ahmed Qureshi received a credible information that a non-duty paid vehicle is plying on the roads of Faisalabad. After receiving information, he constituted a raiding team comprising Zahid ... Read More »

Customs Faisalabad seizes ladies cloth

FAISALABAD: Customs intelligence and investigation has seized foreign origin ladies cloth near Jhang Road, Faisalabad. The market value of the seized cloth is Rs 1,400,000 Sources told Customs Today that Additional Director Customs Intelligence and Investigations M. Ismail received a credible information regarding smuggling of the said cloth. After receiving intelligence information, he formed a raiding team comprising Riaz Hussain (DD), ... Read More »

ICCI honors Special Olympics squad for winning 35 medals‏

ISLAMABAD: Islamabad Chamber of Commerce and Industry organized a ceremony in honor of Pakistan’s Special Olympics squad that won 35 medals in Special Olympics 2015 concluded recently in Loss Angeles, USA. Mehfooz Elahi, Head of Pakistan’s Special Olympics squad and former President ICCI, Arshad Javed, National Director Sports, Special Olympics, Saeed Ahmed Bhatti coach special Basketball team and a large ... Read More »

AC Aisha Bashir Wani reviews department’s performance in Customs officials’ meeting

ISLAMABAD: The Additional Collector(AC) , office of the Chief Collector Customs (North), Islamabad Aisha Bashir Wani, has called a meeting of the customs officials to discuss the department’s performance and other matters. Additional Collector MCC Islamabad Waheed Ullah Marwat, Collector MCC adjudication Muhammad Ali Raza, and officials from audit, dry port and Appeals Departments attended the meeting. Sources said that it ... Read More »

Akram Ashraf Gondal assumes additional charge of DG Excise

LAHORE: Director Region B Akram Ashraf Gonal has assumed the additional charge of director general Excise as Ahmad Aziz Tarar has been transferred to the federal government. According to a notification, Excise Secretary Ali Tahir issued a notification to assign additional charge of DG Excise to Akram Ashraf Gondal.  Gonal assumed the charge of new assignment and met office staff of the Shadman ... Read More »

RTO’s education wing briefing taxpayers on WHT‏

MULTAN: The Federal Board of Revenue (FBR) Regional Tax Office Multan is also awaking taxpayers about the imposition of withholding taxes on banking transactions through their education wing. The Regional Tax Office Multan is educating people about the imposition of tax through their education wing program .There would be no withholding taxes imposed on the filers on banking transactions of ... Read More »

Car financing reviving auto sales in country

LAHORE: Carmudi’s report on “Car Financing in Pakistan” provides a look into current and future state of the flourishing car financing market and how consumer attitudes towards credit transformed in recent years. In May 2015, the IMF stated that Pakistan made “significant progress” by fulfilling targets under its $6.6 billion loan program. The country’s economy is on a high with ... Read More »

Dar discusses his forthcoming visit to US with Finance Ministry officials

ISLAMABAD: Federal Finance Minister Ishaq Dar here on Wednesday presided over a meeting of Finance Ministry officials to discuss his forthcoming visit to the USA where he would be holding bilateral meetings with a view to seek enhancement in overall Pak-US economic cooperation. These meetings are likely to take place in US Treasury, US State Department as well as USAID. ... Read More »

Bangladesh customs seizes cocaine at Chittagong port

DHAKA:  Bangladeshi authorities have confirmed that cocaine was hidden in a shipment of edible oil seized in the port city of Chittagong. The authorities confirmed the findings on Tuesday after 107 barrels were seized earlier in the year — reportedly the largest shipment of “liquid cocaine” ever retrieved — but said they were not sure exactly how much cocaine had ... Read More »

Port of Shanghai introduces fleet of electric trucks purchased from EDI

BEIJING: 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 »

Saudi Arabia faces cut in spending as oil prices fall: FM

RIYADH: Saudi Arabia will cut spending and delay some state projects after the recent decline in the price of oil, Finance Minister Ibrahim al-Assaf said. He said the country was in a good position to manage low oil prices. Saudi Arabia, the world’s largest oil exporting country, has maintained its production levels despite a collapse in the price of oil. ... Read More »

China soybean imports hit 7.78mt: Customs data

BEIJING: China imported 74.12 million tonnes of iron ore in August, down 14 percent compared to the previous month, the country’s customs authority said on Tuesday. Soybean imports hit 7.78 million tonnes, down from a record 9.5 million tonnes in July, the General Administration of Customs said. Crude oil imports reached 26.59 million tonnes, up 5.55 percent compared to the ... Read More »

Total export drops 2.3% in July 2015: Chinese Export Center

BEIJING: Capital controls inflicted a heavy blow on imports and exports in July, the first month of their imposition, which points to a further reduction in industrial output and exports in the coming months. According to the Panhellenic Exporters Association and its Exporting Research Center, based on data from the Hellenic Statistical Authority (ELSTAT), the total value of exports in ... Read More »

China exports trade decline 5.5% in August

BEIJING: China’s trade picture remained grim in August, denting hopes that the shaky global economic recovery could regain its poise. China’s dollar-denominated exports declined by 5.5 percent year-on-year in August, while imports slid 13.8 percent, producing a trade surplus of $60.24 billion. China’s foreign trade activity has weakened dramatically in recent months. Exports have been hit by sluggish global demand, ... Read More »

Iran to boost steel exports to encourage domestic industry

TEHRAN: Any global steelmakers hoping a potential end to sanctions on Iran will fully revive what was once a multi-billion dollar import market for their product will be disappointed as Tehran is boosting local output and expects its own exports to grow. The Islamic nation’s drive to more than triple production to 55 million tonnes by 2025 is not all ... Read More »

Iran keens to increase shipping of natural gas to Spain

TEHRAN: Iran hopes to bring its gas to the European Union by shipping liquefied natural gas (LNG) to Spain, Iran’s oil minister was quoted as saying on Monday at a news conference with his Spanish counterpart in Tehran. Iran has no ability to freeze its gas into LNG for tanker exports beyond the reach of pipelines, after several projects stalled ... Read More »

Iran petrochemical exports reach $5.7b in 5 month

TEHRAN: In the first five months of this (Iranian) year (started March 2015), 8.205 Mln tons of gas condensates and 9.993 Mln tons of petrochemical products have been exported. Hassan Alidousti, general manager of Iran Customs Administration export office, stated the above and pointed out that in the said period the gas condensates exports rate has decreased 5% weight-wise, and ... Read More »

46 Inland Revenue officers of BS 18-19 transferred

ISLAMABAD: Federal Board of Revenue has transferred/posted 46 Inland Revenue Service officers of BS 18-19 with immediate effect. According to the notification, the transferred 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 »