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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 »

APMSPIDA, PCDMA reject new guideline of 96 items by FBR

KARACHI: All Pakistan Motorcycle Spare Parts Imports and Dealers Association (APMSPIDA) rejected sudden inflated revision of the assessment of imported goods valuation and demanded of the government to revert it to previous level. They termed the said increase will bring price increase of essential goods besides encourage the smuggling of the products. “The importers are reluctant to clear their imported consignments ... Read More »

IR proposes compulsory NTN showing at airports

KARACHI: The office of Inland Revenue has proposed a compulsory requirement of National Tax Number for every person taking with him foreign currency from Pakistan to prove that the money is legitimate, official sources in Federal Board of Revenue said. It is also proposed to depute officers of Inland Revenue at all the airports to check NTN and other record ... Read More »

SBP reserves decline

KARACHI: Pakistan’s foreign exchange reserves are consistently depleting due to reimbursement of foreign debts. Reserves held by the State Bank of Pakistan (SBP) have declined down to $3 billion. According to the weekly report issued by SBP, the total liquid reserves declined by $177.8 million to $8.06 billion. During the mentioned period, reserves held by the State Bank weakened by ... Read More »

KCCI President urges PM for prudent planning

KARACHI: Karachi Chamber of Commerce and Industry President Abdullah Zaki has urged Prime Minister Nawaz Sharif to direct authorities to plan for short and long term prudently to fully avail GSP Plus opportunities. He welcomed the grant of duty free access to Pakistan by the EU parliament under GSP Plus. He said that it is admirable that EU leaders have ... Read More »

Exporters lament QRC, urge its handing over back to REAP

KARACHI: Rice exporters have alleged that the Quality Review Committee (QRC) has become ineffective under the control of Trade Development Authority of Pakistan (TDAP) saying that it has resulted in decline of basmati rice exports. Exporters said that if its control is given back to Rice Exporters Association of Pakistan (REAP) a fair sampling by QRC would guarantee quality supplies ... Read More »

Trade deficit down by 5.5pc

ISLAMABAD: Pakistan’s trade deficit has reduced by 5.52 per cent in the period from July to November this year as against the same period last year. The data released by Pakistan Bureau of Statistics shows that trade deficit has gone down to $7.743 billion in July-November 2013 as compared to $8.195 billion last year after a 3.10 per cent increase ... Read More »

Customs for resolving clearing agents’ issues

KARACHI: Pakistan Customs has directed its all concerned offices to conduct hearings during working hours (9am to 5pm) to relieve clearing agents. The Collector West made this decision after meeting with Karachi Customs Agents Association (KCAA) President Sheikh Iftikhar. The Collector, after reviewing the problems, directed all the offices concerned to conduct hearings during working hours. Iftikhar also requested members ... Read More »

Four more Valuation Rulings issued

KARACHI: The Directorate General of Customs Valuation has issued four more Valuation Rulings (VRs) and determined the Customs values of Coffee in retail packing in VR No. 615/2013; I.V Cannula/Catheter in VR No.616/2013; Viscose filament yarn fine count (below 75 denier) in VR No. 617/2013 and Alkalized Cocoa powder (HS Code1805.000) in VR No. 619/2013 under Section 25-A of the ... Read More »

Survey begins for ST registration of restaurants

ISLAMABAD: A tax survey has been instigated in Islamabad to register restaurants, hotels and guest houses with the sales tax department. Sources said that officers will physically inspect all markets and well-to-do locations in Islamabad. The tax survey is expected to register many unregistered restaurants, where sales tax has been charged from consumers, but never dropped to its end, they ... Read More »

100 clearing agents granted bails in missing containers case

KARACHI: The Sindh High Court (SHC) has granted pre-arrest bails to at least 100 Customs forwarding and clearing agents in different references filed by the National Accountability Bureau (NAB) regarding 19,000 missing containers’ scam. The anti-NAB appellate bench, headed by Justice Ghulam Sarwar Korai, granted pre-arrest bail to the agents as NAB prosecutors did not oppose the decision. Earlier, the ... Read More »

Gwadar Customs seizes smuggled Iranian diesel, oil

GWADAR: Model Customs Collectorate Gwadar has seized 41,000 litres of smuggled Iranian diesel during the ongoing month. Sources said that the MCC Gwadar officials have also seized an oil tanker loaded with Iranian diesel bearing registration No TUA-077 recently in its ongoing anti-smuggling operation. The market value of the seized diesel and the tanker is estimated at approximately Rs6.5 million. ... Read More »

FBR transfers 17 officers

ISLAMABAD: Federal Board of Revenue (FBR) has transferred 17 officers of the Inland Revenue Service (BS-18-20) with immediate effect. According to a notification, Jehanzeb Mahmood (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue (Zone-I) Regional Tax Office, Peshawar. Ghazanfar Hussain (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue (WHT) Regional Tax Office, ... Read More »

Shipping activities

Karachi port KARACHI: Five ships carrying containers, vehicles, cement and cows are expected to arrive at the outer anchorage of Karachi Port on Friday, said a KPT source. Bunga Kantan Dua and Hansa Africa were berthed on Thursday. While Posen, Hyundai Bangkok and Kota Gembira sailed out. Posen, Hyundai Bangkok, Kota Gembira, Northern Prelude and Hansa Africa were due to ... Read More »

Collector Agha Jawwad holds meeting on WeBOC

KARACHI: A meeting on the recent amendments in WeBOC, computerised system was held at Model Customs Collectorate (MCC) Port Muhammad Bin Qasim. Collector MCC Port Muhammad Bin Qasim Dr Agha Jawwad, Additional Collector Sami-ul-Haq and other Customs officials attended the meeting. A detailed discussion was held over the newly-inducted amendments in WeBOC in the meeting. Collector MCC Port Muhammad Bin ... Read More »

Chief Collector Yahya chairs high-level meeting

KARACHI: Chief Collector (Enforcement) Muhammad Yahya on Thursday presided over a high-level meeting on anti-smuggling activities, at 5th floor in Customs House, Karachi. Collector of the Model Customs Collectorate (MCC) Preventive S M Tariq Huda, Deputy Collectors, Assistant Collectors and officials of anti-smuggling organization (ASO) attended the meeting. In the meeting, performance of the ASO was reviewed and the chief ... Read More »

DCO visits Faisalabad Dry Port

FAISALABAD: The District Coordination Officer (DCO) visited Dry Port at Chak Jhumra Road on Thursday and met with the trustees of the dry port. Discussing various issues, the DCO informed the trustees that Chak Jhumra Road had been taken up for construction on top priority basis and administrative approval had been accorded for this project. He assured that the encroachments ... Read More »