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FBR set to increase sales tax on petroleum products

KARACHI:  The Federal Board of Revenue (FBR) is considering enhancing sales tax on petroleum products in the country. Sources told Customs Today that due to decrease in prices of petroleum products in the country, national kitty bears a loss of billions of rupees. Sources of RTO told Customs Today that during the first two month of current fiscal year, the FBR received Rs ... Read More »

 Excise duty evasion: LTU raids to arrest directors of Haseeb Waqas Sugar Mills

LAHORE: The Federal Board of Revenue (FBR) has started action against owners and directors of Haseeb Waqas Sugar Mills. Sources told Customs Today that a team of the FBR officials raided H-Block of Model Town to arrest Hafiz Irfan Butt, Mustafa Raza and other directors of the sugar mills involved in this case.  The Investigation and Prosecution Warrants Wing of Large ... Read More »

FST hears six cases related to FBR

ISLAMABAD: The Federal Service Tribunal (FST) on Tuesday heard as many as six FBR related cases. The petitioners Ayaz Hussain, Muhammad Younis and Syed Munawar filed their complaints in the FST seeking implementation over court’s orders to the FBR. The FST Division bench comprising Syed Rafique Hussain Shah and Syed Muhammad Hamid heard the cases. Adil Yousaf Khan filed a petition, ... Read More »

Customs Intelligence seizes contraband items worth Rs 12.5 million

KARACHI. Directorate General of Intelligence and Investigation customs, in its ongoing campaign against smuggling, has seized foreign origin smuggled goods including Iranian diesel worth Rs 12.5 million. According to details, 45,000 liters smuggled Iranian diesel and petrol along with three tankers being used in the transportation of smuggled petroleum products were impounded near super Highway Toll Plaza with the active ... Read More »

Shahbaz assures FPCCI head to resolve issues soon

FAISALABAD: Chief Minister Punjab Mian Muhammad Shahbaz Sharif lauded the contributions of Sitara Group of Industries  in social sector and assured that the reservations of Mian Muhammad Adrees, President, Federation of Pakistan Chambers of Commerce and Industry (FPCCI regarding local administration of Faisalabad would be resolved within next few days. This categorical assurance was given by Rana Sanaullah, Provincial Minister ... Read More »

US diplomat Jarrett Blanc meets Ishaq Dar

ISLAMABAD: The visiting US Acting Special Representative for Afghanistan and Pakistan, Jarrett Blanc held a meeting with Finance Minister, Mohammad Ishaq Dar here. He was accompanied by senior officials of the US embassy. The also exchanged views about the planned visit of Prime Minister Nawaz Sharif to USA. Jarret Blanc said the US government and people looked forward to the ... Read More »

Date for filing of WHT statements extended till 28th

ISLAMABAD: Federal Board of Revenue has extended the date of filing of Withholding Tax (WHT) statements due on August 15 and September 15 till 28th of the current month. The Board extended the date of filing WHT statements exercising powers conferred upon it under Section 214A of the Income Tax Ordinance 2001 and under the provisions of Section 165(2) of ... Read More »

Germany Iron ore imports surged 18%

BERLIN: According to the latest import statistics published by the European Steel Association (EUROFER), the iron ore imports by Germany surged higher by 18% during the month. This is in comparison with the imports during same month the previous year. The iron ore imports by the country during Apr ’15 totaled 3.899 million tonnes, 17.8% higher when compared with the ... Read More »

Zhuhai Port brings in new investors to support energy subsidiary

BEIJING: Zhuhai Port has announced that it has brought in three new strategic investors for subsidiary Zhuhai Gangsheng New Energy Company. The three companies Zhuhai Lingxian Hi-tech Industry Investment Management, Shenzhen CDF Capital and Beijing Huicheng Huanyu Investment will jointly invest up to RMB89.8m ($14.1m) into the subsidiary. Zhuhai Gangsheng New Energy Company was established in July this year after ... Read More »

China’s Shanghai port handles more containers in August

BEIJING: Shanghai port, the world’s busiest container port, has moved higher container throughput in August, according to figures released by Shanghai International Port. The Chinese port handled 3.16m teu of shipping containers in August, an increase of 1.6% compared to 3.11m teu recorded in the same month of 2014, data from SIPG showed. Last month’s volumes also went up compared ... Read More »

Dhaka Customs seizes 675 Cartons of foreign cigarettes

DHAKA: Customs Intelligence officials seized 675 cartons of foreign cigarettes worth around Tk 1 crore at Shah Amanat International Airport in Chittagong yesterday. The cigarettes of three different brands — 303, Black and Mond — had been brought from Dubai on an Air Arabia flight on August 10, they said, adding, the identity of the owner could not be known. Read More »

China cotton imports down 65.8% in August

BEIJING: China imported 70,000 tonnes of cotton in August, the lowest monthly level since at least 2005 and down 65.8 percent from the same month a year earlier, trade website Cncotton.com said, citing customs data. Overseas purchases of the fibre have plunged this year after Beijing issued fewer import quotas to boost demand for the domestic crop. The gap between ... Read More »

FBR tracking lawyers out of tax net

LAHORE: Federal Board of Revenue (FBR) has asked all the Regional Tax Offices (RTOs) to trace the lawyers who are charging high fees to their client but not in tax net. Official sources said that all RTOs have started scrutiny of the record regarding the lawyers following the instruction of the high ups. After checking the records, FBR will issue ... Read More »

LHC bars govt to receive tax from Bilawal House

LAHORE: Lahore High Court (LHC) bars Punjab government to receive luxury tax imposed on Bilawal house. The case was being heard by a two-member bench of the Lahore High Court. It is pertinent to mention here, that renowned business tycoon Malik Riaz Hussain filed a suit in Lahore High Court in which he requested the Court to declare luxury tax ... Read More »

Saudi Arabia oil exports drop 15% last year

RIYADH: Total US imports of crude oil from Saudi Arabia for the week ending Sept. 4 are down roughly 15 percent from last year, US federal data show. The US Energy Information Administration reports Saudi Arabian oil accounts for roughly 17 percent of all crude oil imported into the United States, putting it at the No. 2 spot behind Canada. ... Read More »

PRA working efficiently to collect taxes: Spoekesman

LAHORE: A spokesman of the Punjab Revenue Authority (PRA) has said that the authority has been working efficiently in regards of tax awareness and collection. He said that the performance of PRA has been steady and remarkable with reference to the every past year as it has always grown and rose positively. Giving a comparison from different sectors with respect ... Read More »

Customs Court adjourns Ayyan’s currency smuggling case until September 28

ISLAMABAD: Customs Court Judge Rana Aftab Ahmed adjourned the hearing of a currency smuggling case against supermodel Ayyan Ali until September 28. According to details, Ayyan Ali appeared before the Customs Court in the currency smuggling case. However, Judge Rana Aftab Ahmed deferred the indictment. Sources said the customs authorities informed the court that the matter was sub judice in ... Read More »

China Steel pre-tax profit surges 54% to $10.58m in Aug

BEIJING: China Steel Corp, the nation’s biggest steelmaker, yesterday posted a 54 percent jump in pre-tax net profit on a consolidated basis for last month, a pick-up from a trough in July. Pre-tax profit soared to NT$346 million (US$10.58 million) last month, compared with NT$224 million in July, according to a company statement. In July, pre-tax profit fell 84 percent ... Read More »

Austria imports crude oil from Iran

TEHRAN: To Rudy Rote, the managing director of the Austrian Rote Oil company, two potential factors can clear the way for his company to resume crude oil imports from Iran with one being a positive history of crude oil trade with Iran and the other, the easing of sanctions. According to Rudy Rote, Tehran is virtually turning into a negotiation ... Read More »

Iran trade delegation visit Georgia

TEHRAN: Meeting with an Iranian visiting delegation, Georgia’s Minister of Finance called for boost in ties with Tehran. A meeting between Georgian Finance Minister Nodar Khaduri and a delegation from an Iranian investing company. During the meeting the Georgian official expressed his country’s willingness for expansion of economic and trade ties with Tehran as he described development of economic and ... Read More »

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