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Tax amnesty scheme for new investors announced

ISLAMABAD: Federal Board of Revenue has notified a tax incentive package for new investors under which the source of investment would not be asked if it is made on or after the 1st day of January, 2014, and commercial production commences on or before the 30th day of June, 2016 in Greenfield industrial projects. Through an SRO 1065(I)/2013, the FBR ... Read More »

Missing containers: Accused granted interim bail

Karachi: A division bench of Sindh High Court headed by Justice Ghulam Sarwar Korai has awarded pre-arrest bail for Syed Tariq Banoori in sum of Rs 250,000. Applicant was nominated in six references filed by National Accountability Bureau (NAB) for billions of rupees embezzlement in shape of duty and tax evasion on ISAF containers meant for Inerternational forces in Afghanistan under ... Read More »

MCC Port Qasim puts in place proper mechanism to check under-invoicing, mis-declaration

KARACHI: The Model Customs Collectorate (MCC) of Port Muhammad Bin Qasim is making all-out efforts to achieve the revenue target set by Federal Board of Revenue (FBR). This was stated by a senior official of MCC Muhammad Port Bin Qasim on condition of anonymity while talking to Customs Today at his office. He informed this scribe that the entire team ... Read More »

Solid economic policies to ward off prevailing crises: Governor Punjab Ch Sarwar

LAHORE: Punjab Governor Chaudhry Muhammad Sarwar said that he used his influence and experience in the European Parliament to campaign for GSP Plus status for Pakistan. Getting GSP Plus status is a great success of the current government. In an exclusive interview with Customs Today, the Governor revealed that since the beginning of September 2013, he has been battling to ... Read More »

Shipping activity at Karachi Port

KARACHI: The Karachi Port witnessed brisk activity on Friday and handled 119,095 tonnes of cargo including 3,082 loaded and empty containers during the last 24 hours. The total import cargo of 80,043 tonnes comprised 18,170 tonnes of containerised cargo; 14 tonnes of general cargo; 23,114 tonnes of bulk cargo: 17,569 tonnes of coal; 5,545 tonnes of DAP and 38,745 tonnes ... Read More »

Chinese pleads guilty in major rhino horn smuggling case

NEWARK: A Chinese national has admitted running an international smuggling ring that specialized in rhino horns. Zhifei Li made the admission in federal court in Newark. The 29-year-old resident of Shandong, China, pleaded guilty to 11 counts including smuggling and illegal wildlife trafficking. The smuggling counts each carry a 10-year maximum prison sentence. The US attorney’s office says Li paid ... Read More »

China to provide new customs inspection system to Armenia

YEREVAN: China signed a memorandum with Armenia to provide the former Soviet republic with a mobile inspection system to help facilitate the country’s customs inspection service. The memo was signed by Chinese Ambassador to Armenia Tian Changchun and Gagik Khachatrya, head of Armenia’s State Revenue Committee, at a cargo terminal of the Armenian Customs Service (ACS). Under the deal, a ... Read More »

Delays in medicines customs clearance put lives at risk

RIYADH: The Ministry of Health has urged officials at the Ministry of Finance to clear much needed heart and allergy medicines held back by customs at Saudi ports because “lives are at risk.” The Health Ministry said the medicines are not being allowed into the country because the batches do not have the logo of the exporting company. Health Minister ... Read More »

Tax collection shows 25% increase in December: Bajwa

ISLAMABAD: The Federal Minister for Finance Senator Mohammad Ishaq Dar chaired a meeting at his office to review the implementation and progress made so far on the reforms and economic targets set by the PML-N Government. The Chairman Federal Board of Revenue Tariq Bajwa informed the Finance Minister that the number of tax returns filed this year were 814981 as ... Read More »

Increasing imports negatively impacting current account

LAHORE: Increasing imports and decreasing exports have negatively inflated Pakistan’s current account deficit to $589 million in November despite it received handsome inflows from remittances reaching the overall imbalance of payment at Rs 1.885 billion since the start of current financial year. The months stood at $ 608 million in September and $58 million in October which showed that payment ... Read More »

FBR, EOBI, SECP sign MoU to facilitate businesses

ISLAMABAD: A Memorandum of Understanding (MOU) was signed by Chairman Federal Board of Revenue (FBR), Tariq Bajwa, Chairman Employees Old age Benefits Institution (EOBI), M. Ayub Sheikh,  and Chairman Security Exchange Commission of Pakistan (SECP), Tahir Mahmood in Islamabad  to facilitate businesses in their registration with these organizations. The MOU envisages that registration of companies with one organization would mean that ... Read More »

Dubai Customs grabs another ISO 27001 Certification

DUBAI: Dubai Customs has earned renewal of its ISO 27001:2005 Certificate for Information Security Management for the fourth successive year, as a result of an audit by global quality certification provider TÜV Rheinland. All of DC centres received the ISO 27001- ISM certificate after being thoroughly reviewed and inspected by the agency’s experts. Younis Othman, IT Director at Dubai Customs, ... Read More »

18 kg gold smuggling bid foiled

HYDERABAD, INDIA: Indian Customs officials at Hyderabad International Airport confiscated 18 kg of gold in a single instance of smuggling from three passengers on their arrival. The gold was valued at Rs 54 million. The officials arrested the three persons after each of them were found hiding a number of gold biscuits weighing up to a total of 6 kg in their trousers ... Read More »

LCCI inks MoU with

LAHORE: As part of its strategy to help businesses embrace the exciting journey into the world of e-commerce, the Lahore Chamber of Commerce and Industry has inked Memorandum of Understanding with leading global e-commerce platform The LCCI President Engineer Sohail Lashari signed the MoU on behalf of LCCI while Mr Eric Sin, Senior Development Manager Global Suppliers Development represented ... Read More »

FBR establishes project directorate for ITTMS

ISLAMABAD: Federal Board of Revenue Chairman Tariq Bajwa has said that a project directorate on the Integrated Transit Trade Management System at FBR headquarters is established to provide a solo-point of contact for development partners, tax management and other stakeholders for smooth implementation of the project. He said this while addressing a conference on Integrated Transit Trade Management. He said ... Read More »

Makda elected as member of WCF General Council

KARACHI: Junaid Esmail Makda, Chairman of International Affairs and liaison with International Chambers Sub-Committee of Karachi Chamber of Commerce and Industry, has been elected as member of General Council of World Chambers Federation, a statement issued by KCCI read. The statement said that over 1200 chambers from more than 125 countries had been asked to vote and elect their 20 ... Read More »

Lasbela chamber’s president elected VP FPCCI

KARACHI: Lasbela Chamber of Commerce and Industry President Ismail Sattar, has been elected unopposed as Vice-President of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) from Balochistan. He has been declared elected after his opponent withdrew his nomination paper. Ismail, an elected member of executive committee of the FPCCI, has also represented Lasbela chamber on FPCCI general body during ... Read More »

Govt to put in place integrated transit trade management system: Dar

ISLAMABAD: The potential of transit trade through Pakistan warrants immediate attention of the government to put in place a robust and efficient transit trade management system that is capable of providing maximum facilitation to Pakistan’s trading partners as well as countering the threat of illegal trade by strengthening Customs controls. This was stated by Minister of Finance Ishaq Dar while ... Read More »

SC orders PQA authorities to get rid of illegal appointees

ISLAMABAD: The Supreme Court of Pakistan has directed Port Qasim Authority (PQA) to remove illegal appointees within a month. A three-member bench led by Chief Justice Tassaduq Hussain Jillani resumed the hearing of the petition of Abdul Jabbar Memon who contended that in the former regime, appointments in PQA were made in violation of the rules and regulations. The bench ... Read More »

Customs clearance through WeBOC only from Jan 1: Nisar Muhammad

ISLAMABAD: Member Customs of Federal Board of Revenue Nisar Muhammad has said that all transit cargo movement and domestic clearance of imported consignments would be done through Web-Based One Customs (WeBOC) clearance system from January 1, 2014. He said this at Integrated Transit Trade Management System conference organised by the FBR. Nisar said that we are moving towards one customs ... Read More »