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Pakistan’s first in-depth newspaper that presents balanced news reports, analysis and reviews regarding Customs, Federal Board of Revenue (FBR) and Sales/Income Tax Departments beside covering import and export sectors comprehensively. Up-to-the-minute news bulletins regarding Customs and FBR departments are also displayed regularly on both website and face book for the interest of common people

Dar meets Chinese Finance Minister, top banking heads

ISLAMABAD: The Federal Minister for Finance and Revenue Muhammad Ishaq Dar met with several top ranking heads of China’s financial sector and also called on his Chinese counterpart Finance  Minister Lou Jiwei in Beijing. In a meeting with Hu Xiaolian Chairperson of the Export and Import Bank of China ( EXIM) the Minister congratulated the newly appointed chairperson on assuming ... Read More »

All field formation Collectorates expedite efforts for achieving revenue targets of  FY 2014-15

KARACHI: The authorities concerned of all field formation Collectorates i.e. MCC-Appraisement-East, MCC-Appraisement-West and MCC-Port Muhammad Bin Qasim have expedited their full tone efforts in order to achieve or surpass the revenue target set by the Federal Board of Revenue-FBR by the end of fiscal year 2014-15. The sources informed Customs Today that the authorities concerned of all three field formation ... Read More »

Obituary: Father of Customs Today Editor passes away

LAHORE: The entire staff and management of Customs Today are deeply saddened by the sad demise of Mr Muhammad Yasin, the father of Customs Today Editor Rahil Yasin, who passed away on Monday. Inna Lillahi Wa Inallah-e-Raji’oon. He was laid to rest on Tuesday at the Shah Kamal Graveyard in Rehmanpura, Ichhra. His Qul will be held on Wednesday after ... Read More »

Chinese banks fill top-4 profit spots int’l

BEIJING: China’s banks are strengthening their position as the best capitalized and biggest profit makers in the world, a study showed here the other day. Chinese banks filled the top-four spots for profits across the industry in 2014 after making more than US$180 billion between them, according to The Banker magazine’s annual rankings of profits and capital strength. Chinese lenders ... Read More »

China’s Didi-Kuaidi seeks $1.5b investment from banks, venture capital funds

BEIJING: China’s biggest taxi-hailing app Didi-Kuaidi is seeking more than $1.5 billion of investment from banks and venture capital funds, said CEO of the company Cheng Wei in letter to shareholders. After receiving more than expected bids, the company is considering to expanding the scale of the investment. Previous funding put the company at a valuation of more than $6 ... Read More »

UK inks founding Articles of Agreement for AIIB

BEIJING: The signing of the founding Articles of Agreement of the Asian Infrastructure Investment Bank (AIIB) in Beijing on Monday marks an important step for the United Kingdom to build deeper relationship with Asia, a UK senior official said. “The rapidly expanding Asian market presents a massive opportunity for the UK economy and it is in all our interests to ... Read More »

China pension fund may permisssion to allow into stock market

BEIJING: China’s pension fund is probably to be allowed to invest into the stock market to keep value and improve management as the country faces the challenge of an aging population. An official draft guideline released on Monday gives the fund the greenlight to invest in the stock market but restricts the maximum proportion of investment in stocks and equities ... Read More »

Australian stocks trade 7.2pts lower at noon

PERTH: The Australian sharemarket was trading in the red at noon, after fluctuating throughout the morning, following heavy losses in offshore trade as Greece moved closer to a debt default. Earlier, the local benchmark has dropped to its lowest point this year, before recovering to around the unchanged level towards noon. But fresh downward momentum in Chinese sharemarkets pulled the ... Read More »

PSM to approach govt for Rs 4.5 billion bailout package

KARACHI: Pakistan Steel Mills (PSM) has planned to approach the federal government for a Rs 4.5 billion bailout package, including Rs 2 bn for four months salaries (May-August) and the remaining amount for procuring raw material and maintenance. PSM spokesperson Shazim Akhtar said that the PSM is already in trouble due to almost zero production following reduced gas pressure since ... Read More »

Pakistan to export rice to Philippines

KARACHI: The Philippines has offered to import 50,000 tonnes of rice from Pakistan to help it meet its goal of importing an aggregate volume of 805,200 tonnes of rice under its minimum access volume (MAV) for this year. The total import volume comprises 755,200 tons of country-specific quota (CSQ) and 50,000 tonnes of omnibus origin volume. The CSQ is broken ... Read More »

IFC to establish business centre at Wagah to facilitate Pak-India trade

ISLAMABAD: The International Finance Corporation (IFC), a member of World Bank Group, will set up a business centre at the Wagah border, Lahore, to facilitate Pakistan-India trade, while the government of Pakistan has approved the project after clearance from security agencies. The purpose of the project is to bring ease in trade between both the countries, besides developing a trade-friendly ... Read More »

LCCI asks FBR to act as “facilitator” in larger interest of traders

LAHORE: The Lahore Chamber of Commerce and Industry has feared that Federal Board of Revenue would not be able to meet its revenue target set for the year 2015-16 if anti-business measures like raids on business premises and attachment of business accounts are not stopped. In a statement issued here Tuesday, the LCCI President Ijaz A. Mumtaz said that a ... Read More »

China’s Haier agrees to build $012m factory in Venezuela

CARACAS: Five years after Chinese home appliance maker Haier agreed to build a US$912 million factory in Venezuela, its washing machines and refrigerators are almost the only ones available in the country’s department stores. Those appliances, however, are not made in Venezuela. They are instead imported from Haier factories in China and paid for through an oil-for-loans deal dating from ... Read More »

China sentences death penality to 13 smugglers

BEIJING: A giant public event was held here the other day to sentence 38 drug dealers and distributors in Lufeng City, a major drug workshop in Guangdong Province. About 10,000 people attended the rally jointly held by Shanwei Intermediate People’s Court and Lufeng Municipal People’s Court. Thirteen of the defendants received death sentences, eight death sentences with a two-year reprieve ... Read More »

Chinese police bust online drug network

NANNING: Chinese police have busted a drug trafficking network in Liuzhou city in southwest China’s Guangxi Zhuang Autonomous Region, arresting 13 suspects. The gang sold drugs on the Internet, Liuzhou police said. The police noticed a drug dealer with the screen name “Huang Liang” who has been promoting drugs on instant messenger WeChat and distributing the drugs via express delivery ... Read More »

PTBA laments high headedness of FBR officers

LAHORE: Pakistan Tax Bar Association (PTBA) has strongly condemned the mal-administration by the Federal Board of Revenue (FBR) field officers all over the country. The PTBA passed a condemnation resolution in a meeting held at the Victorian Banquet, Faisalabad wherein twenty representatives of tax bar associations including PTBA President Munawar Sheikh were present. The meeting pointed out increasing trend of ... Read More »

FBR seeks consent of grade 20 officers to attend National Management Course

KARACHI: The Federal Board of Revenue (FBR) is holding 103rd National Management Course (NMC) at National Management College, Lahore. The FBR has written a letter for the nomination of the officers of grade 20 and in this regard the officers who are working in grade 20 have been also asked to give their consent before their names be forwarded to ... Read More »

Jhang ASO seizes smuggled black pepper, cumin seeds, cardamom worth Rs 2.7m

FAISALABAD: The Customs Anti-Smuggling Organisation has seized smuggled black pepper, cumin seeds (zeera) and cardamom (elaichi) worth Rs 2.76 million, involving duty/taxes to the tune of Rs 341,435. The Jhang ASO on a tip-off – received through Model Customs Collectorate Faisalabad Collector Tauseef Ahmad Qureshi – conducted a raid on Faisalabad Road, Chiniot, and seized 1,450kg black pepper, 300kg cumin ... Read More »

Faisalabad ASO seizes 7,322 yards of silk cloth, a rickshaw

FAISALABAD: The Customs Anti-Smuggling Organisation (ASO) confiscated the already-held 7,322 yards of silk cloth worth Rs 1 million and an auto rickshaw being used to transport the smuggled goods, as no one appeared before the competent authority to prove the legal importation. Credible information was received by Faisalabad Customs Collector Tauseef Ahmed Qureshi that an attempt to smuggle silk cloth ... Read More »

K-Electric defaulter of Rs 1.36 billion electricity duty‏

KARACHI: Though the K Electric Limited (formerly KESC) has been involved in power outages, over billing etc, the power utility itself is the defaulter of at least Rs 1.36 billion electricity duty since long, it is learnt. In the recent days the performance of K Electric exposed when more than 1000 innocent people lost their lives due to heat stroke ... Read More »