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Electronic monitoring of excisable goods: Big manufacturers resisting FBR stride

ISLAMABAD: The FBR’s strenuous efforts to evolve an electronic monitoring system have met with stiff resistance from cigarettes, beverage, cement and sugar sectors as they appeared unwilling to install machines for security marking, tax stamps and security ink/labels on excisable goods. The board wanted to install some electronic network for monitoring/tracking of manufacturing activities, sales, clearances, through electronic or other ... Read More »

Sharma to inaugurate India Show on Feb 14

LAHORE: Indian Minister for Commerce Anand Sharma is expected to visit Pakistan next week to inaugurate ‘India Show’ and meet his counterpart Khurram Dastagir Khan to discuss ways to enhance trade and investment between the two countries. “The Minister is likely to inaugurate the ‘India Show’ in Lahore and will hold bilateral meeting with Pakistani Commerce Minister Khan in Islamabad. ... Read More »

LSE gains 68.99 points

LAHORE: Lahore Stock Exchange (LSE) witnessed bullish trend by gaining 68.99 points, as the LSE Index-25 opened with 5140.00 points and closed at 5208.99 points. The market’s overall situation, however, did not correspond to an upward trend as it remained at 3.569 million shares to close against previous turnover of 5.465 million shares, showing a downward slide of 1.896 million shares. While, out ... Read More »

MCC-Appraisement (East) collects Rs16.387bn in January

KARACHI: Model Customs Collectorate (MCC) of Appraisement (East) has collected revenue of Rs 16.387 billion in share of customs duty, sales tax, income tax and federal excise duty in the month of January. According to details, MCC-Appraisement (East) has collected a sum of rupees Rs 4663.91 million in share of customs duty against FBR’s set target of Rs 5057.76 million. ... Read More »

Junaid Usman assumes charge as Secretary FBR

ISLAMABAD: Federal Board of Revenue has issued a notification regarding charge assumption of senior officer of Pakistan Customs Service. According to the notification, Junaid Usman Akram, (BS-18) has assumed charge of the post of Secretary, Federal Board of Revenue (Headquarters), Islamabad with effect from 21-01-2014. Read More »

Yazdani, Khokhar assume charge as MCC Lahore collectors

LAHORE: Newly transferred collectors of customs appraisment and preventive have assumed charge of their posts at the Model Customs Collectorate (MCC) Lahore, sources said. Fazal Yazdani and Zahid Khokhar were transferred and posted as collector preventive and collector appraisement respectively replacing Junaid Akram and Zeba Hai Azhar. Both the collectors were transferred to MCC Lahore unexpectedly following FBR chairman Tariq Bajwa’s ... Read More »

Trade with India: APTMA urges govt to ensure level playing field

KARACHI: All Pakistan Textile Mills Association (APTMA) Chairman Muhammad Yasin Siddik has stressed the federal government that the decision to relax trading links with India should have to be in stages and only opening up sectors in the first stage where Pakistani businesses and industries do not feel threatened on a large scale. In a statement, Yasin Siddik said that ... Read More »

ANF foils smuggling bid, seizes 1kg heroine

KARACHI: Anti-Narcotics Force (ANF) has foiled an attempt of smuggling heroine from Jinnah International Airport. According to details, an ANF team headed by Assistant Director (Drug Demand Reduction) Muhammad Rehan Dar arrested a passenger at the airport who was trying to smuggle one kilogram of heroine from Karachi to Dubai. An ANF spokesman said, “1 kg heroin was found from ... Read More »

Iranian ports attract foreign companies

TEHRAN: Head of Iran’s Shipping Lines Mohammad Hossein Dajmar has announced that foreign companies from various countries have begun their negotiations with the Iranian officials for returning back to the Iranian market, including international shipping lines. Speaking in a press conference, Dajmar stated that it was definitely the Geneva nuclear agreement (between Iran and world powers) that paved the way ... Read More »

Czech customs seize ivory

PRAGUE: Czech customs officials arrested a man smuggling 33 kg of elephant tusks at the Prague International Airport. The smuggler was heading to Asia where the tusks could be sold for up to $ 2500 per kg in the black market. The elephant tusks were revealed during the regular X-ray check of the luggage, a customs official said. The tusks ... Read More »

WTO Bali accord: Pakistan to open routes for transit trade

ISLAMABAD: Pakistan is likely to open land routes for transit trade under an international agreement signed in December last under the World Trade Organisation (WTO), calling for all the countries to provide such transit for promoting regional trade. Once the agreement comes into effective, possibly by July this year, Pakistan and India will be unable to prevent trade through their ... Read More »

Bogus sales tax refund: FBR averts huge loss to exchequer

ISLAMABAD: The Federal Board of Revenue (FBR) Intelligence Wing foiled alleged attempts by a plastic manufacturer to deal a huge blow to the national exchequer though bogus sales tax refund. As per details, the Directorate General of Intelligence & Investigation Inland Revenue (IR) was tipped off that a Peshawar-based plastic manufacturer was attempting to defraud the department of Rs800 million ... Read More »

Collection of customs duty stands at Rs19b in January

KARACHI: Collection of customs duty on imported items is reportedly low against the target set by FBR due to lesser imports. This has in turn affected the overall revenue collection during fiscal year 2013-14. Collection of customs duty was Rs 19 billion in January 2014 against Rs 18 billion in January 2013. In the period from July to January in ... Read More »

Attempt to smuggle US dollars thwarted

LANDI KOTAL: Two persons were arrested by authorities during an attempt to smuggle $300,000 to Afghanistan via Torkham border. Security and checking has been increased at the border since it was the third failed attempt of US dollars’ smuggling to Afghanistan during the last two weeks, an official said. Khassadar and Levies personnel were ordered to closely search passengers travelling ... Read More »

Vigilance of Pak-Afghan trade: FBR should install scanners

ISLAMABAD: Despite having assured the apex court about three months ago, the Federal Board of Revenue (FBR) appeared ‘dillydally’ to install scanners at all exit/entry points on Pak-Afghan border under Integrated Border Management (IBM). During hearing of the Karachi violence case, the FBR chairman had assured the Supreme Court of installing scanners at all exit/entry points of Pak-Afghan border. As ... Read More »

Freight train remains most neglected sector in past: Saad Rafique

LAHORE: Pakistan Railways Minister Khawaja Saad Rafique has said that freight trains have been the most neglected sector in the past. Present administration is now operating four to five freight trains daily while just one train was operational when the present government had taken over the charge. The Minister said that the punctuality rate of trains had been raised up ... Read More »

FBR unveils risk-based ST registration system

ISLAMABAD: With a view to forcing the pace of sales tax registration process in 2014, the Federal Board of Revenue (FBR) has launched a new risk-based sales tax registration system – “REGSYS” – which is likely to be notified on Monday (today). Moreover, the Law Division has vetted the new rules and amendment to the Registration Rules has been made ... Read More »

FBR issues NTNs to all MPs

ISLAMABAD: In an attempt to make public the tax details of members of National Assembly, Senate and provincial assemblies, FBR has issued National Tax Numbers to all non-NTN holders. The Board also directed all MPs to file their tax returns by February 7, otherwise they would be declared as non-filers in Tax Directory to be issued by February 15, 2014.  ... Read More »

UNODC, Norway laud track record of seizures by Pakistan Customs, ANF

KARACHI: United Nations Office on Drugs and Crime (UNODC) and the Embassy of Norway in Pakistan have presented the results of the Container Control Programme (CCP) in a press conference here. John Sandage, the Director of Treaty Affairs, UNODC, Headquartered in Vienna, and the Norwegian Ambassador to Pakistan Cecilie Landsverk have welcomed the success of country’s law enforcement officials in ... Read More »

Senate body seeks report from PQA on land allottments

KARACHI: Senate Standing Committee on Ports and Shipping has directed the authorities at Port Qasim to submit a detailed report within three weeks regarding certain irregularities which it noted in land allotments at the industrial zones of the port. During the meeting at Port Qasim, committee was led by its Chairman Sardar Fateh Muhammad Hasni. Other members attending the meeting ... Read More »