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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 The concessionary or exemption SROs pertaining to sales tax and customs duty would be rescinded under the plan.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 »

Provincial tax departments to be e-linked with FBR

ISLAMABAD: Federal Board of Revenue has decided to link all provincial excise and taxation departments with FBR data bank. This will enable FBR to collect motor vehicles data electronically for registration of vehicle owners and maintaining withholding tax deduction data. Sources said that Chief Executive Officer of Pakistan Revenue Automation Limited has taken initiatives to ensure electronic transmission of data ... Read More »

KPT shipping movement report

KARACHI: Following was the movement of ships at Karachi Port during the last 24 hours, ending at 0700 hours on Friday.    SHIPS SAILED:                 Kota Kaya           Cont Oriental Nadeshiko  Tanker Conti Opal            Bulk Berlin Bridge        Cont Golden Denise     Tanker Stadt Coburg        Cont   SHIPS BERTHED: Scl Basilisk        G.C Jia Run             Coal APL Sydney          Cont Lodestar Grace      Tanker   EXPECTED SAILING         ... Read More »

Businessman arrested for Rs100m ST evasion

LAHORE: A prominent businessman in steel sector has been arrested by Regional Tax Office Lahore for his alleged involvement in sales tax evasion up to Rs 100 million. Official sources said that an FIR has been registered against the accused and judicial remand has been obtained from the magistrate against the alleged tax evader. Further investigation is underway which may ... Read More »

Dar, Bajwa review impact of concessionary regime granted through SROs

ISLAMABAD: The actual cost of exemptions is much higher as compared to the tax expenditures. The huge cost of exemptions can only be reduced by withdrawing sales tax and customs duty exemptions. Sources said that this was the focal point of a meeting chaired by Finance Minister Ishaq Dar at the FBR House to review concessionary regime granted through SROs, ... Read More »

No organized duty evasion, mis-declaration found in Lahore: Chief Collector Virk

LAHORE: The Chief Collector Customs Latufullah Virk has said that administrative action, fiscal measures and above all political will are needed to curb under-invoicing and smuggling that are the biggest threats to the economy. He was speaking at the Lahore Chamber of Commerce and Industry on Thursday. LCCI President Engineer Sohail Lashari, Vice President Kashif Anwar, former Presidents Iftikhar Ali ... Read More »

Lawyer for disqualification of non-taxpaying parliamentarians

ISLAMABAD: The inconsistency in the data provided in the nomination papers of the legislators submitted with the Election Commission of Pakistan and the data provided by the Federal Bureau of Revenue to ECP is expected to be taken up in Islamabad High Court. Muhammad Azhar Siddique, a senior lawyer has said that he would soon seek disqualification of those MPs ... Read More »