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KCCI for enhancing goods transportation by rail

KARACHI: Karachi Chamber of Commerce and Industry has suggested shift of bulk goods transportation from road to rail. Chairman KCCI Special Committee on Budget, Qamar Usman noted that more than half of trade deficit is on account of petroleum imports where 50 per cent plus of it is diesel. He said that high import of diesel is because of the ... Read More »

FBR for dealing strictly with non-compliant taxpayers

ISLAMABAD: During a survey launched in the city 2,059 non-compliant taxpayers have been removed from the Active Taxpayers List by Federal Board of Revenue. Furthermore, tax authorities have been directed to deal with them strictly. FBR has implemented an enforcement plan in Lahore to improve tax collection from manufacturers of automobiles, motorcycles, electronic goods, auto-parts and departmental stores’ chains. Sources ... Read More »

Meeting of committee on SROs held

ISLAMABAD: The meeting of the committee on concessionary regime of Statutory Regulatory Orders was held in Federal Board of Revenue headquarters. FBR Chairman Tariq Bajwa chaired the meeting. The meeting was attended by the Presidents of Chambers of Commerce throughout Pakistan along with the Commerce Secretary and Secretary of Ministry of Industries. The meeting was an introductory one and it ... Read More »

CSB takes up promotions of senior officers

ISLAMABAD: The meeting of Central Selection Board (CSB) is to be held under the chairmanship of Federal Public Service Commission Chairman Malik Asif Hayat from 11-13 January. Cases for the promotion of officers from BS-19 to BS-20 and BS-20 to BS-21 on various posts of occupational groups/services and ex-cadre posts will be considered. The first round of this meeting has ... Read More »

Over 10pc increase in remittances during current FY

LAHORE: Overseas Pakistani workers remitted an amount of $ 9,033.41 million in the first seven months (July-January) of the current fiscal year, showing a growth in remittances of 10.08 per cent against $ 8,206.34 million received during the same period of last fiscal year. The inflow of remittances during the period from July to January of FY 2013-14 from Saudi ... Read More »

MCC-Port Qasim collects over Rs20,514m in Jan

KARACHI: Model Customs Collectorate of Port Muhammad Bin Qasim has collected a total revenue of Rs 20,514.323 million in share of customs duty, sales tax, income tax and federal excise duty in the month of January 2014 against the set target of Rs 23,646.05 million by Federal Board of Revenue. According to details, MCC-Port Qasim has collected a sum of ... Read More »

FBR directs collectors to comply with Montreal Protocol

ISLAMABAD: Federal Board of Revenue has issued instructions to all Collectors of Customs and Model Customs Collectorate (MCCs) to comply with Montreal Protocal and prevent clearance and release of imported consignments containing HCFCs-ozone-depleting substances. The instructions have been issued to reiterate Pakistan’s committment to avoid breaching of the international HCFCs phaseout plan from January 1, 2013. The Climate Change Division ... Read More »

Tax directory release approaches, 270 MPs yet to file returns

ISLAMABAD: Only three days are left in the release of tax directory by FBR but 270 parliamentarians have not filed their Income Tax returns. FBR has so far received 902 tax returns of parliamentarians out of total 1172, indicating that there are still 270 parliamentarians who have not yet discharged their national obligation. Prime Minister Nawaz Sharif has asked the ... Read More »

Singapore port witnesses 3 ship collisions over fortnight

SINGAPORE: Waters off the coast of Singapore port have witnessed third collision of ships in two weeks as in the latest incident a ship collision has spilled some 80 metric tonnes of bunker fuel in the port, the Maritime and Port Authority (MPA) of Singapore said in a statement. The Authority said that it had received a report of the ... Read More »

Pakistani arrested with heroin concealed in oranges

COLOMBO: Sri Lankan customs officials have arrested a Pakistani national trying to smuggle heroin hidden in oranges at Bandaranaike International Airport. Narcotics Control Unit of Sri Lanka Customs arrested the 64-year-old Pakistani man with the heroin stash at the airport after he arrived in a SriLankan flight from Karachi. The suspect was in possession of 984 grams of heroin concealed ... Read More »

Collection of Rs2,475b: FBR ‘ll have to race against time to meet target

ISLAMABAD: In view of the ambitious revenue target and the remaining months of the current fiscal year (February-June), the Federal Board of Revenue will have to strive hard to sustain 26 percent growth in revenue collection to meet the target of Rs2,475 billion. According to statistics of the ongoing fiscal year, the FBR has recorded a 26 percent growth in ... Read More »

Former advisor to PM for duty on Indian yarn

KARACHI: Traders have urged the government to impose countervailing duty on the import of yarn from India. Dr Mirza Ikhtiar Baig, former advisor to the Prime Minister on textile has endorsed this view during a meeting with Secretary Textile Rukhsana Shah. A press statement said that India is allowed duty free export of yarn to Pakistan. Indian government has also ... Read More »

14th new date: 329 MPs defy revised Tax returns filing deadline

ISLAMABAD: Despite getting two extended deadlines, majority of the lawmakers failed to file their income tax returns although the Federal Board of Revenue has announced issuance of tax directory, containing tax details of the parliamentarians, on February 15. According to the FBR, 843 parliamentarians out of 1,172 have filed their income tax returns till Monday, the deadline revised to facilitate ... Read More »

Dastgir to inaugurate ‘India Show’

LAHORE: Indian High Commissioner T.C. Raghavan has extended an invitation to Pakistan’s Commerce Minister Khurram Dastgir to inaugurate the ‘India Show’ which is due to be held from February 14-16, 2014 at Expo Centre Lahore. Dastgir has accepted the invitation. He said that such trade promotion activities should be organised on regular basis as it would help integrate the two ... Read More »

Customs at Wagah Border: Delay in veg clearance draws Punjab’s concern

ISLAMABAD: The Punjab government has expressed serious concern over delay in the clearance of perishable items, especially vegetables from India at Wagah Border by the customs authorities. According to details, the Punjab Agriculture Department has written a letter to FBR Chairman Tariq Bajwa, citing inordinate delay in the clearance of perishable item which has been causing loss to the national ... Read More »

Wahga customs station ready for operation at mass scale: Raghavan

KARACHI: Wahga Customs Station has been complete and would soon start functioning in order to facilitate trade with Pakistan. This was stated by Indian High Commissioner T.C. Raghavan. Addressing the office bearers and members of Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA) and organising committee of Made in Pakistan Expo 2014, Raghavan said that Customs Station on Indian side ... Read More »

DI&I Balochistan claims substantial seizures during ongoing campaign

QUETTA: Directorate of Intelligence and Investigation (DI&I) Balochistan has claimed to have confiscated a substantial amount of smuggled goods worth millions of rupees during last two months in its ongoing campaign against smuggling. The department has seized 2250 kilograms of Cannabis seeds besides other contraband drugs. Seized items include dozens of smuggled vehicles and a large quantity of highly expensive cloth. ... Read More »

LSE looses 129.86 points

LAHORE: Lahore Stock Exchange witnessed bearish trend on Monday by losing 129.86 points, as the LSE Index-25 opened with 5120.64 points and closed at 4990.78 points. The market’s overall situation, however, corresponded to an upward trend as it remained at 3.169 million shares to close against previous turnover of 2.203 million shares, showing an upward move of 965,500 shares. While, out of ... Read More »

MCC-Appraisement (West) collects Rs14897.82m revenue in January

KARACHI: The Model Customs Collectorate (MCC) Appraisement-West collected total revenue of Rs14897.82 million in different shares including Customs Duty (CD), Sales Tax (ST), Withholding Tax (WHT) and Federal Excise Duty (FED) in the month of January 2014. According to the details, the MCC-Appraisement (West) has collected Rs 5532.42 million in share of Customs Duty, Rs 6456.38 million in share of ... Read More »

IHC bars FPCCI from announcing election result of IWCCI nominee‏

ISLAMABAD: Justice Anwarul Haq Qureshi of Islamabad High Court has issued a stay order barring the Federation of Pakistan Chambers of Commerce & Industry from announcing the election result of Naima Ansari as Vice President FPCCI on February 12, 2014 in its annual general meeting. Naima Ansari was nominated by the Islamabad Women Chamber of Commerce & Industry as candidate ... Read More »