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China’s central bank inks MoC with South Africa to establish yuan clearing business

BEIJING: The People’s Bank of China (PBOC), the country’s central bank, has signed a memorandum of cooperation with the South African central bank to establish yuan clearing business in South Africa. The PBOC announced on Tuesday that it had signed the memo in South Africa and will later designate a bank to conduct yuan clearing there. It did not specify ... Read More »

China new free trade zones receive $3.7b overseas investment

BEIJING: China’s newly-established free trade zones (FTZs) in Guangdong, Tianjin and Fujian have shown promise in attracting overseas investment, the commerce ministry said here the other day. At the end of May, over a month after their establishment, the three zones had received a combined 22.6 billion yuan ($3.7 billion) in contracted overseas investment, Ministry of Commerce spokesman Shen Danyang ... Read More »

China 50% listed companies suspend trading of their shares

BEIJING: Nearly half of the companies listed on the Shanghai and Shenzhen exchanges have suspended trading of their shares to provide a temporary safe haven from market turmoil. Another 660 companies applied for trading suspension on Tuesday, which if granted would bring the number of suspensions to 1,420 of the roughly 2,800 companies listed on the Shanghai and Shenzhen exchanges, ... Read More »

Iranian police dismantles 129 smuggling rings during first 3 months

TEHRAN: Iranian police forces have managed to dismantle 129 rings involved in the smuggling of goods during the first three months of the current Iranian year, which began on March 21, a senior police commander said. Speaking to reporters during a press conference in Tehran on Sunday, Brigadier General Mohammad Reza Moqimi said the number of contraband rings dismantled in ... Read More »

Astronomers expose millions of ‘supermassive’ black holes

MEXICO: Five monster black holes that were previously hidden by dust and gas have been uncovered by astronomers. The British-led discovery suggests there may be millions more ‘supermassive’ black holes in the universe than were previously thought. Supermassive black holes are powerful cosmic ‘drains’ sucking material into a point of infinite density formed from the compressed mass of hundreds of ... Read More »

Frontier Crops foils bid to smuggle 56,000L Iranian diesel in Balochistan

TEHRAN: Balochistan Frontier Corps (FC) foiled a bid to smuggle illegal oil and seized 56,000 liters of Iranian Diesel in Lasbela area of Balochistan on Friday. According to FC spokesman, on a tip off, a FC personnel reached the site and seized Iranian diesel from two oil tankers which were being smuggled to interior parts of the country. Further investigation ... Read More »

Honda recalls 2,422 SUVs in China due to technical fault

BEIJING: Japanese automaker Honda has announced a recall of 2,422 Acura-brand SUVs in China because of a fault that could see a section of the vehicles’ air conditioner detach and fall off the underside. The affected vehicles are imported Acura MDX SUVs manufactured between March 2013 and October 2014, said the General Administration of Quality Supervision, Inspection and Quarantine in ... Read More »

Customs Valuation re-determines duty/tax rate of coke

KARACHI: The Directorate General of Customs Valuation has fixed the customs values of coke through Valuation Ruling No. 753/2015. The customs values of coke having H.S Code 2704.0010 were determined under Section 25-A of the Customs Act, 1969. It may be mentioned here that the importers have been agitating that the prices of coke in international market have considerably decreased ... Read More »

Hyderabad ASO confiscates contraband items worth Rs 19m in June 2015

HYDERABAD: The Model Customs Collectorate Hyderabad Anti-Smuggling Organization (ASO) seized smuggled Iranian diesel, cell phones, shampoos, electric iron and vehicles including oil tankers valued at Rs 19.06 million involving duty/taxes amounting to Rs 11.8 million in June 2015. Official said that the ASO impounded five non-duty paid vehicles including Toyota Land Cruiser bearing Registration No. 3149 worth Rs1 million involving ... Read More »

China Vanke approves plan to buy $1.61b of A shares

BEIJING: China Vanke, the country’s largest residential developer, approved a plan to buy back as much as 10 billion yuan ($1.61 billion) of its A shares after regulators imposed more measures to stem market plunge. The move came amid similar decisions made among board members, executives and controlling shareholders of more than 20 listed Chinese firms. Nine Shanghai-listed companies, including ... Read More »

RTO-I recovers Rs 23 million from Kolachee International

KARACHI: The Federal Board of Revenue’s (FBR) Regional Tax office-I Karachi (RTO-I) Investigation, Intelligence and Prosecution has recovered Rs 23.69 million from a defaulter company. As per details, Investigation, Intelligence and Prosecution (I.I&P) Zone-I took action against Kolachee International over non-payment of taxes. The I.I&P wing of Regional Tax office-I Karachi, following the Section 31-A of the FBR laws, recovered ... Read More »

Multan Customs foils smuggling bid, seizes auto parts, laptops, tyres

MULTAN: The customs officials have recovered the smuggled auto parts, tyres, laptops, LEDs and used cell phones during the scanning of goods at the Multan International Airport. As per details, the customs staff has tightened the scrutiny process at the Multan International Airport following the direction to curb money laundering. Officials informed that customs authorities examined the luggage of passengers ... Read More »

24 DCs, 7 deputy directors, 3 second secretaries to take 20th Mid-Career Management Course

KARACHI: As many as 35 officers of BPS-18 of the Pakistan Customs Service have been selected for the 20th Mid-Career Management Course to be held after Eidul Fitr at the National Management College Lahore and the National Institute of Management Karachi, Customs Today has learnt. As many as 24 deputy collectors, seven deputy directors, three second secretaries and a governance ... Read More »

FY2014-15: Gujranwala Excise surpasses revenue target by Rs 43m

SIALKOT: The Excise and Taxation Department of Gujranwala region has achieved its official recovery target of Rs 1.63 billion fixed for the fiscal year 2014-15 and collected Rs 1.67 billion. According to Director Excise and Taxation Gujranwala, Rao Shakilur Rehman, as many as 22 special recovery teams collected Rs 801 million in wake of property tax, Rs 5.6 million as ... Read More »

19 FBR, customs officials to take 18th Senior Management Course in August

KARACHI: At least 19 officials of BPS-19 of the Federal Board of Revenue and Pakistan Customs have been nominated for the 18th Senior Management Course scheduled for August, at the National Management College Lahore and the National Institute of Management Karachi, Customs Today learnt. In this regard, Customs-I Management Secretary Hassan Saqib Sheikh forwarded a letter No 14(16)/2002-M.I. asking for ... Read More »

ANF seizes drugs worth Rs 440 million, arrests five accused

ISLAMABAD: The Anti-Narcotics Force (ANF) has successfully seized 160kg drugs worth of Rs 440 million and arrested five accused during different operations in Rawalpindi, Peshawar and Turbat. According to details, the Anti-Narcotics Force conducted different operations in Rawalpindi, Peshawar and Turbat and seized 160kg drugs worth of Rs 440 million. Sources said that during the operation on GT Road Rawalpindi ... Read More »

PFMA rejects 0.6 percent WHT and 7 percent sales tax on wheat bran

LAHORE: The Pakistan Flour Mills Association has rejected tax on banking transactions and heavy tax on wheat bran. The Pakistan Flour Mills Association announced a country-wide strike for an indefinite period from July 11 against the tax on banking transactions and 7 percent sales tax on wheat bran. Addressing a press conference, central leader of association Asim Raza Ahmad gave ... Read More »

Karachi traders threaten to observe shutter-down against withholding tax on transactions

KARACHI: The traders of the city have warned the federal government of holding a shutter down strike against the imposition of 0.6 percent withholding tax on all banking transactions for non-filers if the levy is not immediately withdrawn. In this regard, a large number of traders of Karachi Tajir Ittehad, Small Traders Association, Karachi Wholesale Grocers Association, Alliance of Arambagh ... Read More »

Rawalpindi Excise to computerise record of property tax

ISLAMABAD: The Excise and Taxation Department Rawalpindi has decided to make the property tax record online and to introduce computerised challan forms for the property tax. According to the details, Rawalpindi Excise will issue computerized challan form of property tax to the citizens in the running fiscal year. Officials said that computerization of the property tax branch would bring ease ... Read More »

UBL Funds wins two awards at IPO Market Development Summit

LAHORE: UBL Fund Managers Limited (UBL Funds) received two awards at the IPO Market Development Summit organized by South Asian Federation of Exchanges Pakistan (SAFE)at a ceremony held here. UBL Fund Managers, one of the leading asset management companies in Pakistan and a subsidiary of UBL Bank, claimed their awards in two major categories at the summit. The first category ... Read More »