Friday , September 25 2020
Breaking News
Home / Latest News (page 2919)

Latest News

News updates
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

Textile industry has to comply with 27 conventions: Sarwar

KARACHI: Governor Punjab Chaudhry Muhammad Sarwar, while speaking at a meeting of All Pakistan Textile Mills Association has said that the country’s textile industry has to comply with 27 Conventions signed by Pakistan’s government to cash in on GSP Plus status. The Governor said that grant of the GSP Plus status came after massive lobbying and efforts. He said that ... Read More »

KCCI for reforms in trade policy

KARACHI: Chairman of the Trade Development of Exports and Halal Food Sub-committee of Karachi Chamber of Commerce and Industry (KCCI), Agha Shahab Ahmed Khan has urged the need for reforms in trade policy so that the country can keep with the surging complex interdependence of global economy. He said that flow of goods and services across borders needs periodical reviews ... Read More »

VRs of coated paper, milk for infants and confectionery items issued

KARACHI: The Directorate of Customs Valuation Department has issued three more valuation rulings, numbered 623, 624 and 625 under Section 25-A of the Customs Act, 1969. The Customs values of Art card coated paper and light weight coated paper, milk preparations for infant use and confectionery items have been determined under VR numbers 623/2013, 624/2013 and 625/2013 respectively. The Customs ... Read More »

Risk of stealing ISAF containers still high

KARACHI: The risk of stealing of ISAF containers on reverse cargo route from Torkhum and Chaman to Karachi is still high due to absence of security scanners, it is learnt here. One of the senior officials on condition of anonymity told Customs Today that the Pakistan Customs had sent a proposal to Federal Board of Revenue a month ago for ... Read More »

Customs department seeks details of stolen ISAF cargo

ISLAMABAD: The customs department has asked US authorities to provide proper details of military equipments stolen from International Security Assistance Force reverse cargo in Karachi, it is learnt. According to sources, the customs department has sent a letter to the US authorities asking for details of the military equipment stolen from ISAF reverse cargos as the department appears clueless about ... Read More »

Provisional figures show 17pc growth in revenue collection

ISLAMABAD: Federal Board of Revenue has collected Rs 937.450 billion from July to December 27 this fiscal year as compared to Rs 794.483 billion in the same period of last fiscal year according to the provisional revenue collection figures compiled by the FBR on Friday 27th December. This reflects a growth of 17 percent. The collection of domestic taxes stood ... Read More »

SROs for essential commodities, pharmaceuticals to be retained

ISLAMABAD: As per requirements under the IMF’s Extended Fund Facility the government will withdraw all the concessionary SROs in the next two fiscal years that provide exemptions to various sectors except those pertaining to essential commodities including pharmaceuticals, it is learnt. The concessionary or exemption SROs pertaining to sales tax and customs duty would be rescinded under the plan. However, ... Read More »

Customs official kidnapped during shootout freed

RAWALPINDI: Customs officer kidnapped during the shootout in Rawalpindi has been released. Collector Customs Imtiaz Ahmed has said, “The kidnappers had no other option but to release the officer as raids had been started to arrest them.” Deputy Superintendent Customs Chaudhry Iftikharul Haq along with his two subordinates was shifting a container of smuggled goods after its seizure on the ... Read More »

Bajwa briefs Dar over SROs withdrawal plan

LAHORE: Finance Minister Senator Mohammad Ishaq Dar on Friday reviewed the performance of Federal Board of Revenue at its Headquarters, Islamabad. Chairman FBR Tariq Bajwa apprised the Finance Minister on the efforts being made by FBR to achieve the revenue targets set in the budget. During the four hour long meeting, the Finance Minister was briefed on a plan being prepared ... Read More »

All types of ATT cargo to be cleared through WeBOC

KARACHI: Web-based One Customs (WeBOC) online clearance system for clearance of transit trade shall include International Security Assistance Force (ISAF) military cargos as well as Pak-Afghan transit trade to prevent pilferage of goods inside Pakistan, official sources said. Notice issued by the Directorate General of Transit Trade reads that the processing and clearance of all types of transit trade cargos, ... Read More »

Customs seizes smuggled goods worth Rs15.7b in three years

ISLAMABAD: Customs authorities, as part of their anti-smuggling drive, have seized goods worth Rs15.736 billion in the last three fiscal years. During fiscal year 2010-11, the authorities seized goods worth Rs5.502 billion, in 2011-12 they confiscated goods worth Rs4.905 billion and in 2012-13 goods valuing Rs5.329 billion were taken into custody. According to officials, the main source of smuggling goods ... Read More »

ANF thwarts heroin smuggling bid

RAWALPINDI: The Anti-Narcotics Force (ANF) foiled an attempt to smuggle heroin worth millions of rupees to Saudi Arabia and arrested an accused belonging to Khushab. A special team of ANF caught accused, Younas Masih red-handed at Benazir Bhutto International Airport and recovered one kilogram heroin of high quality, which he allegedly wanted to take to Saudi Arabia by flight KU-206. ... Read More »

Philippines Customs to transfer 200 examiners, appraisers

MANILA: Some 200 Customs examiners and appraisers will be placed on “floating” status or transferred to the Customs Policy Research Office (CPRO) early next year. Another 200 people are reportedly undergoing training at the Office of Revenue Agency Modernization (ORAM) to replace them. President Aquino set up the ORAM and CPRO under Executive Orders 140 and 139 for policy reforms. ... Read More »

VRs of solar panels, CCTV cameras, iron and stainless steel wires issued

KARACHI: Directorate General of Customs Valuation Department has issued three more Valuation Rulings No. 620, 621 and 622 under Section 25-A of the Customs Act, 1969. The Valuation Ruling No.620/2013 has determined the values of Solar panels. The Customs value of the Solar panels from China has been fixed at $0.70 per Watt under PCT heading 8541.4000 and proposed PCT ... Read More »

Govt focused on building forex reserves: Dar

ISLAMABAD: Finance Minister Ishaq Dar has said that the government is focused on building foreign exchange reserves and various plans including floating of sovereign bonds, increasing remittances and disinvestment of public sector entities are in process. He said this during a meeting with a delegation of Crédit Suisse led by its managing director Ali Abbas Alam. Dar said that a ... Read More »

FBR decision to withdraw capacity tax on beverage companies hailed

LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) on Friday welcomed FBR decision to withdraw capacity tax on two beverage companies. In statement issued here, the LCCI President Engineer Sohail Lashari said that the FBR decision would enable the small and medium players in the beverage industry to continue with their businesses as the capacity tax was hitting hard ... Read More »

Non-tariff barriers hampering cement exports to India

KARACHI: Pakistan’s cement exports to India have declined by 11 per cent to 163,500 tonnes during the period from July to November this fiscal year as against 183,400 tonnes in the same period last year. Sources said that the main reasons behind this decline are non-tariff barriers and without removing these hurdles, cement export to India cannot improve. They added ... Read More »

GSP help desk to be established at TDAP

KARACHI: Trade Development Authority of Pakistan is to set up a GSP Plus helpdesk in Karachi and develop a mobile application on the iOS, Android & Windows platform to facilitate exporters. TDAP Acting Chief Executive Rabia Javeri informed about the roadmap designed by TDAP for making the most of duty advantage scheme. She was a speaking at a seminar for ... Read More »

Forex reserves decline by $436m

KARACHI: Pakistan’s foreign exchange reserves have declined by $436 million in the last week due to debt payment. According to weekly report issued by the State Bank, the forex reserves decreased to $8.09 billion on December 20, 2013 as compared to $8.526 billion on December 13, 2013. During the week under review, SBP’s liquid forex reserves fell by $275 million ... Read More »

PCS Officers nominated for Mid Career Management Course

KARACHI: Establishment division has nominated the officers of Pakistan Customs Services for 17th mid career management course at National Institute of Management (NIM) according to a notification. The nominated PCS Officers are required to report to the respective NIMs at Karachi, Lahore and Peshawar on January 3, 2014 and NIM Islamabad on February 28, 2014. The following nominated officers are ... Read More »