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HK Customs smashes a technology company

HONG KONG: Customs officers have taken action to search a technology company at Sham Shui Po in Kowloon. During the operation, officers seized 49 sets of karaoke systems loaded with suspected infringing songs and movies. The total seizure value is about $600,000. Six men and three women were arrested. The Group Head of Intellectual Property Investigation (Operations), Michael Kwan, said ... Read More »

Woman caught smuggling cocaine in hair products at JFK Int’l Airport

NEW YORK: Despite the creative attempts to smuggle drugs into the country, people still aren’t fooling US Customs and Border Protection. The officials said that a woman had been arrested at JFK International Airport with 6.27 pounds of cocaine stashed in her hair products. Erika Rodriguez de los Santos returned from Santo Domingo when she was confronted about five uncharacteristically ... Read More »

Bangladesh Customs seizes 2.5kg gold

DHAKA: Bangladeshi Customs officials have seized the gold just a day after the authority held another expatriate with 1.2 kilograms of gold. Another haul of gold, 21 bars weighing at 2.5 kilograms, was seized from a Dubai expatriate at Shahjalal International Airport. Mohammad Shahidullah, 35, hailed from Feni, was working as a labourer in Dubai. The Dubai expatriate was held ... Read More »

Credit of GSP Plus status goes to PPP govt: Gilani

MULTAN: The current government has no right to get credit of GSP Plus status for Pakistan as PPP government had endeavoured to attain this status for five years, said former Prime Minister Yousuf Raza Gilani. He said that Asif Ali Zardari had raised the slogan of trade not aid and he used his good offices to convince the European Union ... Read More »

FBR restricts import of phones without IMEIs

ISLAMABAD: Federal Board of Revenue (FBR) has restricted import of new phones including cellular phones without proper International Mobile Station Equipment Identity (IMEIs). The Board has issued instructions to the Collectors of Customs Model Customs Collectorates regarding the Supreme Court of Pakistan’s order dated 29.4.2013 in suo moto case No 16 of 2011 (regarding Law & Order situation in Karachi), ... Read More »

Last date for filing of income tax returns extended

ISLAMABAD: The Federal Bureau of Revenues has extended last date for filing of income tax returns by one day to Monday. According to FBR, the extension is being granted in view of weekly holiday on Sunday, which was previously the deadline for the purpose. Read More »

FCCI appreciates govt efforts for GSP Plus status

FAISALABAD: Faisalabad Chamber of Commerce and Industry President Engineer Suhail Bin Rashid has shown appreciation government efforts for attaining the grant of GSP Plus status by European Union. He said this in a statement issued by FCCI adding that business community is fully supportive to the government’s efforts and to play its due role in future. However, he urged the ... Read More »

Major exports register increase

KARACHI: Cotton products, pharmaceutical and leather goods have registered a significant increase during the past five months. All Pakistan Textile Mills Association’s former chairman Mohsin Aziz has said that this year the country’s cotton production was likely to be around 10-15 percent higher as compared to last year. High cotton production, relatively higher prices in the international market as well ... Read More »

Pakistani seafood makes way into KSA despite ban

KARACHI: Smuggling of fresh seafood from south Asia to Kingdom of Saudi Arabia is going on through UAE after it banned import of Indian, Bangladeshi and Pakistani fish and shrimp products, sources said. To offset the Saudi restrictions, traders are now using Dubai as a route to smuggle the seafood items into Kingdom’s key cities, they said. The ban was ... Read More »

Pakistan’s foreign debt up by Rs400b in 6 months: Dar

ISLAMABAD: Finance Minister Ishaq Dar has told the National Assembly that foreign debt, including first installment of the $6.64 billion Extended Fund Facility from the International Monetary Fund, raised by a whopping Rs 403.064 billion as a result of depreciation of rupee during the past nearly half a year. The minister said total that an amount of domestic and foreign ... Read More »

Revised performa notified for audit immunity

ISLAMABAD: Federal Board of Revenue has revised the Performa under SRO.1040(I)/2013 to seek additional information from persons intending to obtain exemption/immunity from audit by paying 25 percent higher tax for Tax Year 2013 against tax paid/assessed for Tax Year 2012. In this regard, the FBR has issued Income Tax Circular 16 of 2013 to revise the Performa to claim exemption/immunity ... Read More »

GDP up from 2.9 to 5.1pc, projected at 7pc: PM

ISLAMABAD: Prime Minister Nawaz Sharif has said that the country’s economy had improved as compared to last year with GDP growth raised from 2.9 to 5.1 per cent. “We want to take GDP rate to 7 percent in next four years,” the Prime Minister said. The Prime Minister said the GSP plus would benefit many sectors including textiles and leather ... Read More »

Solid economic policies attracting foreign investors: Pervaiz Malik

LAHORE: Pakistan Muslim League (N) Lahore President and MNA Pervaiz Malik has said that the PML-N government always introduced traders-friendly policies after coming into power to promote business activities in the country. In the same way, traders also come forward and fully cooperate with the government for development and progress of the country. In an exclusive interview with Customs Today, ... Read More »

FBR starts crackdown against tax defaulters

ISLAMABAD: FBR, in a rare move, has started crackdown against 30 big tax defaulters of steel sector in Lahore and has registered six FIRs so far. The steel sector in the country is ruled under the Sales Tax Special Procedure Rules, 2007 which provides two regimes for payment of sales tax by the steel melters and re-rollers. As per calculation, ... Read More »

Pakistan likely to receive second IMF instalment in days

ISLAMABAD: The board of International Monetary Fund (IMF) is scheduled to meet on the first review of the $6.7 billion Extended Fund Facility (EFF) on December 19, and if the staff-level agreement with the authorities is approved, about $550 million would be made available to Pakistan. This was stated by Gerry Rice, Director Communications Department of the IMF at a ... Read More »

FBR issues revised tax rate for freight, passenger vehicles

SLAMABAD: Federal Board of Revenue (FBR) has issued revised income tax rates for freight and passenger vehicles under section 234 & 231B of Income Tax Ordinance, 2001. According to the notification issued here, FBR has reduced tax rates on goods transport vehicles from Rs3 per kg to Rs2 per kg of the laden weight. Tax rates on transports vehicles with ... Read More »

ICCI, local traders vow to work together

ISLAMABAD: A delegation of Traders Welfare Association from I-8 Markaz, Islamabad led by its President Yasir Jamil Abbasi visited Islamabad Chamber of Commerce & Industry to exchange views of matters of mutual interests. Addressing the delegation, Islamabad Chamber of Commerce & Industry Senior Vice President Khalid Chaudhry said that ICCI is lobbying strongly for enactment of a balanced rent control ... Read More »

Shipping activities:

Karachi port KARACHI: Five ships carrying AV Gass100LL, containers, vehicle and coal are expected to arrive at the outer anchorage of Karachi Port on Saturday. Kathrina S, Thorco Avantgarde, King Fortune, Cape Marin, Freight Margie and Karachi were berthed on Friday. Posen, Hyundai Bangkok, Kola Gembira, Northern Prelude, Hansa Africa and Freight Margie were due to depart. A cargo volume ... Read More »

FBR kiosks to collect tax returns till Dec 16 midnight: Shahid Asad

ISLAMABAD: About 212 tax facilitation kiosks of the Federal Board of Revenue (FBR) will remain open till midnight (23:59 hours) on Dec 16 to receive tax returns across the country. “The deadline for filing tax returns was Dec 15, but as this date falls on Sunday, the last date has been further extended for one day,” FBR spokesman Shahid Hussain ... Read More »

GSP Plus status to increase textile exports by $1b

LAHORE: Duty-free access to the European markets under Generalized Scheme of Preferences (GSP) Plus status to Pakistan will help attract additional $1 billion by exporting different textile products during next year. Besides, ample opportunities exist to further boost local exports to EU by diversifying the industrial sector, said Spokesman of Ministry of Textile Industry, Kanwar Usman. He said that Pakistan can ... Read More »