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High level committee contemplating to abolish, amend SROs: Chief Tariff & Trade

ISLAMABAD: The purpose behind issuance of Statutory Regulatory Orders (SROs) has been to establish a particular industry as some of the regulatory orders are specific to certain industry while others are generally aimed at enhancing import of specific items. Currently the government is contemplating reconsidering all the previously issued SROs and Finance Minister Ishaq Dar has been briefed on various ... Read More »

Unavailability of energy not letting utilization of opportunities

LAHORE: In wake of time when Pakistan has attained the GSP plus status, unavailability of energy will not let proper utilization of the opportunities which Pakistan is being given by the European Union to get back on right economic track. This was stated by Lahore Chamber of Commerce and Industry President Sohail Lashari in an interactive session with Lahore Economic ... Read More »

Importers seek removal of impediments at AFU

To,   The Chairman FBR, Tariq Bajwa, Islamabad   Respected Sir,   I would like to draw your attention towards the various issues being faced by importers and customs agents at the Air Freight Unit (AFU), Jinnah International Airport, as their problems are being multiplied with every passing day due to the pathetic performance of officials at the Examination Hall. ... Read More »

Appeal to revamp infrastructure at Railway Station

To,   The Federal Minister for Railways, Khawaja Saad Rafique   Sir, I want to draw your kind attention towards the poor infrastructure at Pak-India section at Lahore Railway Station as its dilapidated condition and rampant theft incidents are hitting hard the trade between the two countries. At a time when you are utilizing all your energies to improve both ... Read More »

Olson meets Dar: Payment of $352m under CSF by Feb 6

ISLAMABAD: US Ambassador in Pakistan Richard Olson said that America will reimburse $352 million to Pakistan under coalition support fund (CSF) by February 6 as Secretary of Defence had signed the authorisation for payment. Richard Olson revealed during a meeting with Finance Minister Senator Ishaq Dar wherein they discussed matters of mutual interest particularly the forthcoming strategic dialogue scheduled to ... Read More »

Appeal to withdraw sales tax on security services

To,   The Federal Finance Minister, Islamabad   Respected Sir, I would like to draw your attention towards a serious issue confronting by business community pertaining to imposition of sales tax on security services. It is an entirely unjustified act to impose sales tax on security services, as it will further swell up woes of traders, affecting business activities. It ... Read More »

Pak-India trade talks

ISLAMABAD: After pause of several months, Pakistan and India have resumed trade talks at secretary level in New Delhi in order to promote bilateral trade relations between two neighboring countries. The two arch-rivals which publicly declared their ability to become part of nuclear club during the decade of 90s have been left without no other option but to normalize their ... Read More »

Making tax details public

It is a welcoming step of democratically elected PML (N) led regime that it allows FBR to publish national tax directory of all taxpayers second time in recent history of the country till March 31, 2014. In the wake of dwindling tax-to-GDP ratio and narrowed tax base, now the time has come when precedent will set from top of the ... Read More »

Snack bar claims its business deregistered unilaterally

ISLAMABAD: What transpired to be a unique and test case, a tax-evader dealing in food/confectionery business in Islamabad has claimed that the Federal Board of Revenue has de-registered his business without communicating and has not restored his Sales Tax Registration Number (STRN) despite repeated requests. The Directorate General of Intelligence and Investigation Inland Revenue Islamabad found that the unit has ... Read More »

General meeting of KCAA to be held on 29th Jan

KARACHI: Karachi Customs Agents Association (KCAA) is going to hold a general meeting of KCAA managing committee on January, 29 in the afternoon at Tulip Hall, Beach Luxury Hotel. According to sources, the KCAA managing committee is to hold meeting with an agenda to approve amendments in Article & Memorandum (bylaws) of KCAA as proposed by the Constitution/ Bylaws Committee. ... Read More »

MCC Lahore to celebrate Int’l Customs Day

LAHORE: Model Customs Collectortae has arranged a flag hosting ceremony on the eve of International Customs Day. Federal Board of Revenue Chairman Tariq Bajwa will be chief guest at the ceremony. MCC Lahore will also burn contraband goods and articles at the Wagah border customs station. Sources said that all arrangements in this connection have been completed. Read More »

Government to form committee for ITTMS

ISLAMABAD: Government has decided to set up a 13-member steering committee to be headed by Finance Minister Ishaq Dar with five federal ministers and seven secretaries of the relevant departments for the development of an integrated transit trade management system at border customs stations to facilitate trade with neighbouring countries. The integration of the transit trade is aimed to stop ... Read More »

Normalized reciprocal trade with India to triple Pakistani exports

ISLAMABAD: Federal Minister for Commerce Khurram Dastgir Khan has said that normalising of trade relations with India could boost up Pakistan’s exports to India up to three times in a short term as existing Pakistani exports to India were in the range of $500-$600 million annually. He said that opening up of Pakistan’s market through Attari-Wagah border is linked to ... Read More »

Seminar on Int’l Customs Day to be held on 27th

KARACHI: Pakistan Customs will hold a seminar in connection with International Customs Day on 27th January (Monday) at the Directorate of Training and Research (DGTR) building adjacent to Custom House, Karachi. It is pertinent to mention here that the Model Customs Collectorate of Preventive on International Customs Day on January 26th will also hold a destruction ceremony of contraband items and narcotics ... Read More »

Pak-India urged to improve customs stations, introduce reforms

LAHORE: Pakistan and India need to enhance infrastructure of customs stations at sea, road and rail. Overall infrastructure at the sea ports is worst compared to that at other ports in both India and Pakistan, a report titled ‘India-Pakistan: Trade Perception Survey’ revealed. “Visa regime needs to be improved. Measures that would ensure no city-specific visas, exemption from police reporting, ... Read More »

Forex reserves down by $149m

KARACHI: The country’s liquid forex reserves fell by $149 million during last week. According to State Bank of Pakistan’s weekly reserves report, the country’s total liquid reserves declined to $8.168 billion as on January 17, 2014 down from $8.317 billion on January 10, 2014. Over the past, the central bank’s liquid forex reserves decreased by $145 million to $3.322 billion ... Read More »

LCCI for integrated system at Wagah terminal

LAHORE: To expedite and accelerate the pace of ongoing trade with India through Attari-Wagah border, Lahore Chamber of Commerce and Industry has called for an early implementation of a well-tailored and well thought-out Integrated Border Management system at Wagah in consultation with all the public and private sector stakeholders. The call was given by the LCCI President Engineer Sohail Lashari ... Read More »

FBR allows Royal Qatari family to import 43 falcons

ISLAMABAD: Consenting to a request of the Foreign Affairs Ministry, the Federal Board of Revenue (FBR) granted the import of 43 falcons by a member of the royal family of Qatar for hunting season in Pakistan. The Ministry had written a formal letter to the FBR which was accepted by the customs authorities. It is to be noted that the ... Read More »

Bajwa presses for mid-year corrections to recover revenue shortfall

ISLAMABAD: The government is encountering a substantial shortfall in revenue collection including Rs 40 billion in Karachi alone. In this regard, Federal Board of Revenue Chairman Tariq Bajwa has said that mid-year corrections are being ordered to meet the targets in the remaining five months. Against the envisaged tax collection target of Rs 2,475 billion for the current fiscal year, ... Read More »

Food group exports surge 7.22pc, imports dip 6.98pc

LAHORE: Food group exports from the country during first half of the current fiscal year increased by 7.22 per cent whereas imports decreased by 6.98 per cent. Official data reveals that during the first half of FY 2013-14 food commodities worth $ 2.132 billion were exported as compared to the exports worth of $ 1.988 billion during same period of ... Read More »