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Businessmen not confident over Dar’s claim

ISLAMABAD: Business community has shown lack of confidence over the government’s claim that dollar will lose its value against the Pakistani rupee soon. Until and unless the government introduced long term reforms in macroeconomic and tax policies, the rupee was unlikely to strengthen against the dollar appreciably, they maintained. Rawalpindi Chamber of Commerce and Industry President Mazhar Khursheed Sheikh has ... Read More »

FBR for swift customs clearance of gems, jewellery export consignments

ISLAMABAD: Collectors of Customs are directed to provide easy customs clearance of export consignments of gems and jewellery for promoting exports of precious metals. According to FBR instructions to all Model Customs Collectorates (MCCs), the decision may please be implemented in letter and spirit. Sources said that Chief Executive Officer, Pakistan Gems and Jewellery Development Company (PGJDC) briefed the committee ... Read More »

Gwadar-Kashghar Motorway to ease transit trade

ISLAMABAD: The tentative alignment for the Gwadar-Kashghar Motorway has been cleared subject to feasibility studies containing commercial, technical and hydraulic aspects of the project. An official of the Communications Ministry informed that the project would facilitate transit trade in the country. It would have economic zones en-route and allow reaping of full benefits of development including economic and social uplift ... Read More »

Tougher customs inspection causes delays, increases costs

SHANGHAI: Luxury goods shipped into the new free-trade zone in Shanghai can only benefit the traders if customs inspection policies in the zone are changed. Customs inspections can cause long delays resulting in increased costs to foreign companies, especially for imports of luxury products that are usually shipped in a single consignment that consists of an assortment of small quantities. ... Read More »

French customs seizes worth $110,000 ivory tusks

PARIS: French customs found 82 kilogrammes (180 pounds) of elephant tusks in the boot of a car as part of a routine inspection, one of the biggest ivory seizures in a decade. Customs officials discovered two whole elephant tusks and several chunks of tusks worth around 80,000 euros ($110,000) in the car near the western city of Poitiers. There are ... Read More »

Dastgir, Niaz urge industrialists to take benefit of GSP Plus scheme

ISLAMABAD: Federal Minister for Commerce and Textile Industry Engineer Khurram Dastgir Khan said that the government was encouraging the industrialists and exporters to take benefit of GSP Plus status given by the European Union which could raise Pakistan’s exports by $1 billion annually. The Generalized System of Preference Plus (GSP+) provided concessions on about 6,000 tariff lines, while Pakistan had ... Read More »

Govt to accelerate efforts to attract investment: Dar

ISLAMABAD: Finance Minister Senator Mohammad Ishaq Dar said that the economic measures taken by government have led to the improvement of macro-economic indicators. The Finance Minister stated this while chairing a high level meeting at the Finance Ministry to accelerate the efforts of the government to attract investment in the country. The meeting was attended by Federal Minister for Commerce ... Read More »

FBR for induction of ATT modules in WeBOC

KARACHI: Federal Board of Revenue (FBR) has directed the officials concerned in the Directorate of Reforms and Automation to induct Afghan Transit Trade (ATT) modules in WeBOC, computerised system. Reliable sources told Customs Today that a meeting headed by Project Director, WeBOC was held in the Directorate of Reforms and Automation in Customs House on Monday in this regard. “In ... Read More »

Customs retains import values of motorcycle spare parts, chemicals at previous level till 31st

KARACHI: Pakistan Customs has decided to retain the import values of motorcycle spare parts and chemicals & dyers at the previous Valuation Rulings till December 31, 2013. Spokesman All Pakistan Motorcycle Spare Parts Import and Dealers Association (APMSIDA), Jameel Shah confirmed that the officials concerned in Customs Valuation Department have agreed upon to retain the previous import values of motorcycle ... Read More »

Customs impounds Rs 15,735m non-duty paid goods in 3 years

LAHORE: Pakistan Customs has seized non-customs paid goods worth Rs 15,735 million during the last three years, sources said on Monday. Sources said the smuggled goods worth Rs 5,328.83 million were recovered in 2012-13; Rs 4,904.75 million in 2011-12 and Rs5,501.89 million in 2010-11, adding that the major source of smuggling of goods into Pakistan is through long porous border ... Read More »

LSE gains 70.24 points

LAHORE: Lahore Stock Exchange witnessed bullish trend by gaining 70.24 points, as the LSE Index-25 opened with 4840.57 points and closed at 4910.81 points. The market’s overall situation, however, did not correspond to an upward trend as it remained at 2.759 million shares to close against previous turnover of 3.225 million shares, showing a downward slide of 466,000 shares. While, out ... Read More »

PTEA demands continuous power supply for industry

FAISALABAD: Pakistan Textile Exporters Association (PTEA) has emphasized the need to evolve comprehensive industrial policies to fully utilise the benefits of GSP plus and demanded uninterrupted power supply to industries throughout the year. PTEA Chairman Sheikh Ilyas Mahmood and Vice Chairman Adil Tahir have expressed hope that this would lead to a significant surge of $1 billion in textile exports. ... Read More »

MCCI lauds govt over efforts for GSP Plus status

MULTAN: Multan Chamber of Commerce and Industry (MCCI) thanked the Pakistani government for making efforts towards acquiring GSP Plus status. MCCI President Khawaja Muhammad Usman and Vice President Syed Iftikhar Ali Shah have welcomed the approval of GSP Plus status to Pakistan saying it will certainly pave the way for enhanced exports to Europe. They expressed hope that it will ... Read More »

Govt aims at expanding tax amnesty scheme: Asad

ISLAMABAD: The government is planning to expand the tax amnesty scheme for rich people along with provision of exemption from tax audit for a maximum of 10 years in a bid to extend the country’s tax net. The scheme targets 3.3 million NTN holders who do not file tax returns. This was stated by Federal Board of Revenue official spokesperson ... Read More »

IR officials demand transfer of ship-breaking cases back to Karachi

ISLAMABAD: Inland Revenue officials of Karachi and Quetta are facing hurdles in collection of sales tax and in related matters of the ship-breaking industry. Sources said that Regional Tax Office-III Karachi has approached the Federal Board of Revenue against transfer of ship-breakers’ cases from Karachi to Quetta for sales tax collection. The head offices of most of the ship-breaking companies ... Read More »

Turnout of filing IT returns extremely low

ISLAMABAD: Despite repeated extensions in the date of filing, Federal Board of Revenue has witnessed a declining trend in filing of income tax returns for Tax Year 2013, an FBR official has revealed. He said that up to December 14, only 230,000 taxpayers have filed their returns electronically. A lesser number of returns have been filed manually, he said, adding ... Read More »

Goods transporters threaten strike over non-redressal of grievances

KARACHI: Goods transporters have threatened to stage a nationwide strike once again after the government failed to redress their grievances. Leaders of the United Goods Transporters Alliance (UGTA) have asked Finance Minister Ishaq Dar to instantly issue directives to the official committee to resolve transporters’ issues. In a meeting, UGTA Chairman Ghulam Yaseen Khan expressed his disappointment over lack of ... Read More »

Huge forex reserves pouring in from deep sea fish export: Kamran Michael

LAHORE: Huge forex reserves has begun pouring in the country as European Union (EU) has allowed Pakistan to export deep sea fish to its market following the untiring efforts of Ministry of Port and Shipping which will strengthen the country’s economy. This was stated by Minister for Port and Shipping Kamran Michael at the Lahore Press Club while distributing Christmas ... Read More »

GSP Plus status to help boost country’s ailing economy: Dar

LAHORE: Federal Minister for Finance Ishaq Dar said that the textile industry would get gas for two days a week as per decision of the Federal Government. The government is taking tangible measures to overcome the energy crisis in the country and 41,000 mega watts power will be added to the system in next few years, he said addressing the ... Read More »

WeBOC modifications: Mushtaq urges Customs to take all stakeholders into confidence

KARACHI: Pakistan Customs and Reforms & Automation Directorate should take stakeholders into confidence before modifying the automated system, WeBOC. Karachi Customs Agents Association (KCAA) General Secretary Faisal Mushtaq said this while talking to Customs Today during an exclusive interview at his office. Commenting on the recent scenario, the KCAA General Secretary said that the cost of doing business should be ... Read More »