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Textile exports show impressive growth

LAHORE: After being reduced to nine months low in November 2013 to $ 1 billion, textile exports have shown an impressive recovery of up to 25 per cent in December 2013 to stand at $ over 1.2 billion. According to sources major improvement during December 2013 was witnessed in yarn export up to 35 per cent while other major heads ... Read More »

GSP to steer country out of economic crisis: President

ISLAMABAD: President Mamnoon Hussain has said that the grant of Generalised Scheme of Preference (GSP) Plus status to Pakistan by the European Union demonstrated the trust and confidence of the EU countries in the quality and competitiveness of the Pakistan’s textile goods and products. The President said this while attending a group of ambassadors from European countries led by EU ... Read More »

Power supply: PIAF calls for govt to take measures

LAHORE: While talking to a delegation of industrialists at the association’s secretariat, Pakistan Industrial and Traders Associations Front Chairman Malik Tahir Javaid has stressed the need for measures by government to get maximum benefit of GSP Plus status granted by the European Union. He was of the view that the government would have to put one-year moratorium on load shedding ... Read More »

Chinese buyers order trial import of rice worth $4m from Pakistan

KARACHI: Rice exporters from Pakistan have obtained orders worth $ 4 million from China during a recent visit. Shipment of these orders will start from second week of next month. Rice Exporters Association of Pakistan (REAP) senior Vice Chairman Chela Ram said that the visit of 25-member delegation to China for further exploration of rice market was successful initially, as ... Read More »

Dubai customs confiscated 2 million products in 2013

DUBAI: More than two million banned products worth 45 million UAE Dirhams (DH) were confiscated by Dubai Customs in 2013. A total of 160 tonnes of illegal goods were seized at Jebel Ali Customs Centres. The confiscated goods included 506,000 pills worth DH 5 million and 130,000 items of endangered red sandalwood, which is banned under the Convention on International ... Read More »

2,000 vehicles stuck due to confusion over SRO

KARACHI: Around 2,000 imported vehicles are denied clearance by Pakistan Customs due to technicality of SRO issued by the Commerce Ministry. The vehicles, manufactured in 2009, were shipped in September 2013 and imported under personal baggage scheme. They are held at the port on the grounds that they have exceeded the age limit of three years. All Pakistan Motor Dealers ... Read More »

Paper units faced the music for fake refunds claims

KARACHI: The Federal Board of Revenue (FBR) blacklisted sales tax registration of around 25 units in paper/packaging industry for obtaining refunds on fake invoices. These companies, registered with the Regional Tax Office (RTO) Karachi, had claimed around Rs870 million during the tax year 2012-13. However, the post-refund audit detected discrepancies in their transactions which also exposed the inefficiency of the ... Read More »

FBR nabs man for evading Rs81m

ISLAMABAD: The Federal Board of Revenue (FBR) in a crackdown on tax evaders in steel sector, nailed a ‘fraudster’ who owed Rs81 million in taxes to the department. According to the FBR, there are various ‘groups’ operating under different names in re-melting and re-rolling steel sector who run various units in different names to evade billions of rupees in taxes. ... Read More »

FBR to link provincial E&T Depts to its data bank

ISLAMABAD: The Federal Board of Revenue completed spadework for linking the Excise and Taxation Departments of all the four provinces with its data bank to collect motor vehicles data for registration of vehicle owners and maintaining withholding tax deduction data. Now as soon as all the provincial excise & taxation departments give the go-head, the FBR will set up the ... Read More »

ECC bans gold import for 30 days

ISLAMABAD: To contain the sliding value of rupee and ease mounting pressure on it against American dollar, the Economic Coordination Committee (ECC) decided a temporary ban for 30 days on the import of gold, both under SRO 760 and its commercial imports, under Import Policy Order 2013. The ECC of the Cabinet which met with Federal Finance Minister Ishaq Dar in ... Read More »

LSE gains 12.20 points

LAHORE: Lahore Stock Exchange on Monday witnessed bullish trend by gaining 12.20 points, as the LSE Index-25 opened with 5200.73 points and closed at 5212.93 points. The market’s overall situation also corresponded to an upward trend as it remained at 3.972 million shares to close against previous turnover of 1.925 million shares, showing an upward move of 2.046 million shares. While, out ... Read More »

Trade between Pakistan and India to help reduce poverty

LAHORE: Trade between Pakistan and India will help reduce poverty in both countries and lead to economic development and resolution of political issues. This was the general opinion of experts and analysts of trade between Pakistan and India. Pakistan-India Chamber of Commerce President S.M. Muneer has said that Pakistan’s economy especially industrial sector would boost by having a larger market in India for ... Read More »

Values of MDF Board, iron & steel wire and printing ink re-determined

KARACHI: The Directorate General of Customs Valuation has re-assessed the Customs values of Medium Density Fiber Board (MDF Board), Galvanized/un-Galvanized Iron & Steel Wire Rope and printing ink under Section 25-A of the Customs Act, 1969. The Customs Valuation Department has issued Valuation Ruling No.631/2013 for MDF Board which supersedes the previous VR No.344/2011 on 23rd June, VR No. 632/2013 for ... Read More »

Ban on gold import likely to reduce gap in rupee rates

ISLAMABAD: A 30 days ban on the gold’s import is expected to be imposed by the government in order to ease pressure on national currency and reduce the gap between open and interbank rates, it is learnt. Federal Finance Minister Ishaq Dar while chairing a meeting held with the representatives of Exchange Companies in presence of team officials from Ministry ... Read More »

Luxury vehicles being misused by former ports officials

ISLAMABAD: The former minister of Ports and Shipping and former chairman Karachi Port Trust are reportedly found to be misusing luxury vehicles bought particularly for foreign consultants working on different ministry projects. A well-placed source in the ministry has informed that despite leaving the charge of the ministry last year a former minister for Ports and Shipping is still using ... Read More »

3 Afghans caught in currency smuggling attempt

LANDIKOTAL: Three persons were caught trying to bring in quite a substantial amount of foreign currency into Pakistan from Afghanistan. According to official sources, the smugglers were arrested at Michini checkpost near Torkham border. The sources said that the security forces recovered 50,000 US dollars, 500,000 Saudi Riyals and Rs 200,000 from the luggage of three passengers during routine checking. ... Read More »

Gwadar to be developed for trade and tourism alike

ISLAMABAD: Government is keen to develop Gwadar and several projects are in process of completion to provide modern facilities to the people visiting this area for trade and tourism activities alike. This was stated by Gwadar Deputy Commissioner M Sajjad. He said that an international standard airport would be functional in near future to facilitate the passengers travelling to this ... Read More »

Values of instant milk powder, other products re-determined

KARACHI: Directorate General of Pakistan Customs Valuation has re-determined the customs values of instant milk powder with fat, formic acid, methylene chloride and textile lining material through the Valuation Ruling Nos. 626/2013, 627/2013, 629/2013 and 630/2013 under Section 25-A of the Customs Act, 1969 accordingly. According to details, Valuation Ruling No.626/2013 of instant milk powder with fat has superseded the ... Read More »

Promotion of tax culture need of the hour: Shahid Hussain

SIALKOT: Federal Board of Revenue’s official spokesperson Shahid Hussain Asad has said that it is dire need of the hour to promote ‘Tax Culture’ in the country to overcome financial issues. In an official statement he has said, “The business community and people in general should pay their due taxes according to their income for strengthening the country economically. If ... Read More »

Khawar Rashid becomes Member of Valuation Committee

LAHORE: Lahore Chamber of Commerce and Industry’s executive committee member Khawar Rashid has been appointed as Member of Valuation Committee of Federal Board of Revenue. Rashid was appointed on the recommendation of LCCI. His appointment was decided in a meeting held between FBR Chairman Tariq Bajwa and LCCI President Sohail Lashari. Rashid, while commenting on his appointment, said he would ... Read More »