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Azerbaijan, Russia sign documents on customs cooperation

MOSCOW: Customs authorities of Azerbaijan and Russia have signed documents aimed at developing the bilateral cooperation. The documents were inked by chairman of the State Customs Committee of Azerbaijan Aydin Aliyev and head of the Federal Customs Service of Russia Andrei Belyaninov. Prior to the signing ceremony, the sides hailed political, economic and cultural relations between the two countries, and ... Read More »

Germany, France press Greece to make fast, credible proposals

BERLIN: France and Germany told Greece to come up with serious proposals in order to restart financial aid talks, a day after Greeks voted overwhelmingly to reject more austerity. German Chancellor Angela Merkel and French President Francois Hollande, the euro zone’s most powerful leaders, said Athens must move quickly if it wants to secure a cash-for-reform deal with creditors and ... Read More »

Chinese infrastructure project increases Mozambique’s urbanization

BEIJING: Twenty years later, Maria Vicente can still clearly remember how she greatly admired the development of Beijing when she first set her feet on the Chinese capital, to join the Fourth World Conference on Women in 1995. “The city is very beautiful, with neat and wide roads and convenient transport,” recalled Vicente, who is currently the administrator of the ... Read More »

Chinese economy shows positive signs due to government policies, reform measures

BEIJING: Multiple economic indicators in recent months suggest the Chinese economy is over the worst as pro-growth and reform measures take effect, according to the National Bureau of Statistics (NBS). “Positive changes are occurring due to government policies and reform measures,” according to Sheng Laiyun, NBS spokesperson, who made the remarks in an interview hosted on the bureau’s website on ... Read More »

Chinese Premier determins to flourish economic, trade cooperation with Russia

BEIJING: Chinese Vice Premier Wang Yang asked for efforts to boost China-Russia economic and trade cooperation here the other day. Wang made the appeal at a meeting with Russian Deputy Prime Minister Dmitry Rogozin in the southern Siberian city of Irkutsk. Wang said the two sides should work together to optimize the bilateral trade structure. Building on trade in energy ... Read More »

Brics to establish New Development Bank with $100bn capital

MOSCOW: Ufa, the capital of Bashkortostan in Russia, will witness the establishment of New Development Bank (NDB), a joint initiative of Brazil, Russia, India, China and South Africa (Brics) with an initial capital of $100bn. The signing of documents on the establishment of NDB — which will have its headquarter in China and whose first president elect is an Indian ... Read More »

Chinese economy suffers loss of $80.54b due to drug smuggling

BEIJING: China gave its first-ever assessment of the scourge of drug abuse, saying it caused annual economic losses of 500 billion yuan ($80.54 billion) and as many as 49,000 deaths last year. China has intensified a crackdown on drugs as the rise of a new urban class with greater disposable income has fueled a surge in the numbers of drug ... Read More »

Chinese Customs seizes 420,000 tonnes of illegal meat in Jan-May

BEIJING: Customs authorities say they continue to crack down on smuggling of frozen meat, confiscating 420,000 tonnes of the illegal product in the first half of the year, according to state media. CCTV quoted inspectors on Saturday as saying they had found meat that was decades old. It cited an unnamed anti-smuggling officer from Guangxi as saying that some of ... Read More »

IR Intelligence finds four frontmen of Malik Riaz involved in tax evasion

ISLAMABAD: The Federal Board of Revenue’s (FBR) Inland Revenue (IR) Directorate of Investigation and Intelligence has detected tax evasion of millions of rupees and mis-declaration of assets, made by four aides of Malik Riaz, chairman of Bahria Town. Sources said that IR Intelligence has found that Sabir, Afzal, Inamullah and Jehangir, who procure land for new projects, are allegedly involved ... Read More »

PTCL evaded billions of rupees in duties and taxes: Asif Marghoob

Customs Intelligence Director Asif Marghoob Siddiqui says recovery of almost Rs 2 billion likely soon KARACHI: Tax and duty evasion to the tune of more than Rs 4 billion has been detected by Karachi region’s Customs Intelligence and Investigation-FBR against only one company, M/s PTCL. This was disclosed by Customs Intelligence Director Asif Marghoob Siddiqui while talking exclusively to Customs ... Read More »

Multan traders association rejects withholding taxes on bank transactions

MULTAN: The All Pakistan Anjuman –e-Tajiran Multan has rejected imposition of withholding tax on bank transactions of over Rs. 50,000. While addressing a press conference in Multan Press Club, All Pakistan Anjuman-e-Tajiran President Khawaja Salman Siddiqui described the imposition of withholding tax on transactions of over Rs. 50,000 as unfair and urged the government to withdraw it as it would ... Read More »

Real estate dealer exposed for mis-declaring assets, evading tax

ISLAMABAD: The Directorate of Investigation and Intelligence, Inland Revenue of the Federal Board of Revenue (FBR) has traced and exposed millions of rupees income tax evasion in Islamabad. Fazal Inam Sabir, a real estate dealer, not only evaded tax but also wrongly declared his assets and bank account details. Sources informed that Fazal had earned almost Rs 2 billion by ... Read More »

Hyderabad ANF recovers 20 kg of charas, 180 bottles of liquor

HYDERABAD: The Anti-Narcotics Force Hyderabad (ANF) seized 20 kilograms of charas and 180 bottle of liquor, besides arresting three peddlers in an action. As per details, ANF Hyderabad region Deputy Director Nasir Aziz received information about narcotics smuggling on which he directed the teams concerned to conducted raid to stop the illegal activity. Following these instructions a team of ANF ... Read More »

DAC holds meeting on customs disputed paragraphs

LAHORE: The Auditor General Punjab’s Directorate of Audit Committee held a meeting with customs official on disputed paragraphs made by the Audit Department of the AGP. Customs officials concerned attended the meeting and replied to the queries, and settled the paragraph against the Customs Department. Sources said that the meeting was presided over by Lahore Customs and Petroleum DG Audit ... Read More »

Tax on banking transactions prompts Punjab traders to hold strike today

LAHORE: The Punjab traders and industrialists have announced to hold shutter down strike today while severely lamenting the imposition of 0.6 percent withholding tax on all banking transactions for non-filers. The All Pakistan Anjuman-e-Tajiran have decided to launch a vigorous protest campaign against the unfriendly business measures of the present government, observing shutter down strike separately in different and major ... Read More »

PML-N trader wing to meet chairman FBR on July 9

LAHORE: The Pakistan Muslim league-Nawaz trader wing will meet to Chairman Federal Board of Revenue, Tariq Bajwa on July 9, 2015. The group of people will hold meeting with the chairman FBR under the supervision of Member National Assembly (MNA) Pervaiz Malik. The trader will raised the issue of tax imposition on banking transaction before the FBR chairman and convey ... Read More »

Customs Court sends drug smuggler to jail

ISLAMABAD: The Special Court of Anti-Narcotics heard different smuggling cases and sentenced jail imprisonment and fine to a drug smuggler. According to details, the Special Court of Anti-Narcotics Judge Chaudhary Anwar Ahmad Khan has heard different smuggling cases. While announcing its verdict the Court sentenced 1 year jail sentence to accused Khan Muhammad in heroin smuggling case and imposed a ... Read More »

FBR tells RTO Multan to deploy staff at NBP in place of sacked PRAL employees

MULTAN: The Federal Board of Revenue (FBR) has directed the Regional Tax Office Multan to give employees list for their deployment in place of sacked employees of the Pakistan Revenue Automation Limited (PRAL). The FBR has sacked 163 employees of the PRAL after the expiry of their contracts on June 30, 2015.  All the terminated employees were performing their tasks ... Read More »

Traders to strike today against 0.6pc tax on banking transactions in Punjab

LAHORE: Trade unions will stage shutter down strike in all over Punjab against imposition of 0.6 percent tax on banking transactions today (July 7). As per details, the traders had urged the government to withdraw the new tax till July 6 but govt did not take any action on the proposal/ request of traders and consequently the trade union to ... Read More »

Fire erupts in Customs Lab of Dryport Faisalabad

FAISALABAD: On the mid-night of July 4, and 5, 2015, fire broke-out in Custom’s Laboratory at Dryport Faisalabad. The fire quickly spread and engulfed the adjacent compound encompassing the bank guarantee section and a store used for warehousing export sample’s. The local rescue authorities rushed to the spot of fire and tried to control the fire. With their prompt help, ... Read More »