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Increased reliance on foreign debt termed country’s mortgage

ISLAMABAD: Economists and former in office politicians have warned that the future of Pakistan’s economy is being mortgaged the way government is increasing its reliance on foreign debt. While exclusively talking to Customs Today, former commerce minister Jehangir Tareen, former finance minister Salman Shah and Chairman Institute of Policy Studies, Islamabad Professor Khurshid Ahmed expressed their deep concerns on this ... Read More »

Sri Lankan FTA: Exporters call for transparent bidding

KARACHI: Union of Small and Medium Enterprises (Unisame) has invited the attention of Chief Executive of Trade Development Authority of Pakistan (TDAP), SM Munir to the favoritism in the quota system of rice in Sri Lankan Free Trade Agreement (FTA). It has been observed that TDAP did not update the website and when an exporter goes with Bill of Landing ... Read More »

Muhammad Yahya and Muhammad Nazim Saleem assume charges

ISLAMABAD: Muhammad Yahya and Muhammad Nazim Saleem have assumed their new charges of their respective posts. Federal Board of Revenue has issued notifications in this regard which state as follows: Muhammad Yahya of Pakistan Customs Service (BS-21) has relinquished charge of the post of Chief Collector of Customs (Enforcement), Karachi with effect from 16-04-2014. He has assumed charge of the ... Read More »

SRB bids to up revenue: Payment of outstanding dues exempted from penalty, surcharge

KARACHI: The Sindh Revenue Board (SRB) has notified exemption from penalty amount and 95 percent of default surcharge amount payable on the principal amount of outstanding tax arrears in a bid to enhance revenue. According to a notification issued here, under Section 45 of Sindh Sales Tax on Services Act, 2011, the SRB is pleased to exempt whole of the ... Read More »

Over 1,000 fake football World Cups seized by Chinese customs

YIWU: In a campaign launched by the Chinese customs authorities earlier this month to crack down on football-related copyright theft ahead of June’s World Cup tournament in Brazil, customs officials have found 1,020 statuettes, which are not authorised replicas. The fakes, which are convincingly like the real ones, were due to be exported to Libya. The event is expected to ... Read More »

DGI&I-IR digs deep into suspected money laundering

KARACHI: Directorate General of Intelligence and Investigation (DGI&I) Inland Revenue has launched an investigation into money laundering cases of suspected persons, official sources have revealed. An official at the directorate has revealed that the authorities were investigating Section 111 of the Income Tax Ordinance, 2001 regarding concealed and unexplained income by identified persons. The official said that the details of ... Read More »

Current account deficit at $2.1b, continues to rise

KARACHI: Total current account deficit at the end of March has risen to $ 2.173 billion as compared $ 1.2 billion during the same period last fiscal year, according to State Bank’ weekly report. The current account deficit has risen for the third consecutive quarter of the current fiscal year. The trend could create problems as government has been borrowing ... Read More »

SBP forex reserves increase by $41m

KARACHI: Foreign exchange reserves held by the State Bank of Pakistan (SBP) recorded an increase of Rs 41 million on April 11, according to data released by the State Bank of Pakistan. SBP’s foreign exchange reserves increased by 0.82 per cent to $ 4.984 billion during the week. Total liquid foreign reserves held by the country, including net foreign reserves held ... Read More »

Award of contract for LNG terminal at Port Qasim likely today

ISLAMABAD: The federal cabinet is meeting today to award contract of multi-million-dollar liquefied natural gas (LNG) terminal at Port Qasim to either of its two bidders, Elengy Terminal Pakistan Limited (ETPL) and Fauji Foundation. The cabinet will take up the LNG services agreement initiated between Sui Southern Gas Company (SSGC) and ETPL for approval. Petroleum and Natural Resources Minister Shahid Khaqan ... Read More »

Grievances of computer dealers: KEDA urges FBR chief to take notice

KARACHI: The Karachi Electronic Dealers Association (KEDA) has drawn attention of the Federal Board of Revenue (FBR) chairman to the harassment of computer dealers and importers, requesting the board’s bigwig to take remedial measures. Talking to members of a computer dealers delegation, Karachi Electronic Dealers Association (KEDA) President Muhammad Idrees, who is also Vice President of Karachi Chamber of Commerce ... Read More »

Tax directory full of interesting information

ISLAMABAD: The recently published tax directory has revealed some interesting facts by publishing the amount of income tax paid by Pakistanis from various walks of life. It reveals the tax paid by politicians, sportsmen, corporate bosses, etc. If taking Shahid Afridi for an example of honest taxpayer, he paid 2.7 million rupees as income tax for the tax year ending June ... Read More »

Edible oil import: RTO seeks exemption certificate to avoid WHT

KARACHI: The Regional Tax Office-II (RTO) Karachi has issued notices to ghee and cooking oil units for submission of certificates to avoid recovery of withholding tax on the import of edible oil under Section 148 of the Income Tax Ordinance, 2001. As per details, under SRO 140(1)/2013 dated February 26, 2013, wherein clause (9A) of Part-II, Second Schedule of Income ... Read More »

Duty on cotton yarn import returns: ECC lifts ban from gold import

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet decided withdrawal of SRO 15(I)/2010 to restore 5 percent customs duty on the import of cotton yarn and lifted the ban on the import of gold. The ECC meeting held here with Finance Minister Ishaq Dar in the chair decided to withdraw customs duty exemption from the cotton yarn import to ... Read More »

PIAF demands govt to pass on rupee appreciation benefit to masses

LAHORE: Pakistan Industrial and Traders Associations Front (PIAF) has demanded of the government to pass on the dollar depreciation benefit to the masses and bring down the prices of petroleum products with same ratio. In a statement, PIAF Acting Chairman Khamis Saeed Butt said that high dollar prices were termed as the main reason behind price spiral and since the ... Read More »

APMSIDA demands revision of valuation ruling of motorcycle spare parts

KARACHI: Senior Vice Chairman, All Pakistan Motorcycle Spare Parts Importers and Dealers Association (APMSIDA), Khurram Riaz has expressed his strong reservations over the issuance of Valuation Ruling No.664 by the Directorate General of Customs Valuation to determine the Customs values of motorcycle spare parts being imported from different countries. Commenting on the recently issued Valuation Ruling No.664, Khurram Riaz termed ... Read More »

KCCI sent budget proposals to Finance, Commerce ministries and FBR

KARACHI: Karachi Chamber of Commerce and Industry (KCCI) has sent budget proposals on behalf of all chambers of the country to Federal Finance Ministry, Commerce Ministry and Federal Board of Revenue.   This was informed by President KCCI Aamir Abdullah Zaki while talking to Customs Today at his office. President KCCI said that collective suggestions regarding reduced Customs tariff and ... Read More »

ST on electricity: FBR stance firm on chargeability

ISLAMABAD: Despite opposition of the Water and Power Minister, the Federal Board of Revenue will maintain its legal stance at all forums including the Economic Coordination Committee (ECC) of the Cabinet regarding sales tax on the supply of electricity including subsidy granted to power consumers. It has, reportedly, been learnt that the FBR will charge sales tax on electricity as ... Read More »

Senior customs officers assume charge

ISLAMABAD: Ziauddin Wazir of Pakistan Customs Service (BS-20) has assumed charge of the post of Collector, Model Customs Collectorate, Peshawar on April 16. Federal Board of Revenue has issued a notification in this regard which further states that he had relinquished charge of the post of Director, Directorate of Transit Trade, Peshawar with effect from 16-04-2014. Another notification states that ... Read More »

Vehicles cleared as ambulances: Connivance causes Rs775m loss to exchequer

ISLAMABAD: The Federal Investigation Agency (FIA) has detected embezzlement to the tune of Rs775 million in the clearance of 308 luxury vehicles under the guise of ambulances, depriving the national exchequer of precious revenue. The agency has also identified 28 customs officials, reportedly, involved in the clearance of 308 luxury vehicles. As per details, the scam came to light during ... Read More »

Pak-Saudi joint ministerial session held

ISLAMABAD: The Joint Pak-Saudi Ministerial Commission meeting discussed several issues concerning bilateral trade and business relation and called for improving bilateral trade and commerce relation. The 10th session of a 2-day meeting concluded in Riyadh being attended by a high-level Pakistani delegation led by Federal Commerce Minister Khurram Dastgir. The Saudi delegation was led by Commerce Minister Dr. Tawfiq Al-Rabeah. ... Read More »