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Customs asked to hand over 1,050 confiscated antiquities to Archaeology Dept

ISLAMABAD: Regarding a bid to smuggle 1,050 antiquities abroad by sea in February 2013, Ministry of National Heritage has asked customs officials to confiscate the artefacts declared as antiquities and hand them over to the Department of Archaeology and Museums for custody, preservation and protection under the Antiquities Act 1975. A senior official in the Ministry of National Heritage has ... Read More »

GST rate on tractors slammed

ISLAMABAD: Pakistan China Joint Chamber of Commerce & Industry (PCJCCI) President Shah Faisal Afridi has said that the levy of unnecessary rate of sales tax will only lead the tractor industry of Pakistan to complete destruction. He said that the tractor industry is producing 95 percent tractor parts locally, generating employment opportunities besides contributing significantly to the national exchequer in ... Read More »

Significant decrease in smuggling activities in Dec: AC Wasif Malik

KARACHI: There is a significant decrease in the smuggling activities carried out from other parts of the country to Karachi by using land routes in the month of December. This was stated by Muhammad Wasif Malik, Assistant Collector Model Customs Collectorate (MCC) Preventive while talking to Customs Today at his office. He said that the strict security and vigilance by ... Read More »

Financial claims resolved between NFML, USC and TCP

ISLAMABAD: Trading Corporation of Pakistan has settled all outstanding payment claims against National Fertiliser Marketing Limited (NFML), and Utility Stores Corporation (USC), according to sources. Earlier TCP raised a claim against NFML amounting to almost Rs 264 million on account of excess quantity delivered to NFML. As per records it turned out that Rs 157 million have already been paid ... Read More »

Reports regarding tax discrepancies of MPs not released by FBR: Asad

ISLAMABAD: The official spokesman of FBR Shahid Hussain Asad has clarified that reports circulating in various sections of the press regarding discrepancies in the tax declarations of the parliamentarians are not released by FBR. Reports have recently surfaced in the press wherein it has been claimed that the income and tax declared by various parliamentarians were contradicted by FBR. FBR’s ... Read More »

Suspects of ISAF containers case get bail

KARACHI: Six persons arrested on Dec 7 for allegedly stealing ISAF containers at a private yard at Port Qasim, have got bail from Customs Courts and Sindh High Court. One of the senior officials of Pakistan Customs informed Customs Today that the challan against the owner of the private company has been presented before the court and further investigation is ... Read More »

Mobile phone imports decrease 7.22pc in 5 months

LAHORE: The mobile phone imports into the country decreased by 7.22 percent during first five months of the year 2013-14 over the same period of last year. The imports of mobile phone into the country during July-November (2013-14) were recorded at $265.654 million against the imports of $286.323 million during July-November (2012-13), according to the data of Pakistan Bureau of Statistics (PBS). ... Read More »

Cement export to India may boost up to 40-60pc

LAHORE: Indo-Pak successful line of control peace deliberations between the two countries top army officials can push cement export to 40 percent to 60 percent. “We expect 40%-60% (200k – 300k tons) rise in quantity exported to India.  If the above scenario materializes, it would provide the ailing local cement industry a breathing space to move forward with boosted growth,” experts ... Read More »

Transforming Pakistan into a transshipment hub vital for growth: Chairman PIFFA

KARACHI: Transforming Pakistan into a transshipment hub is imperative for growth and development of the country. This was stated by Pakistan International Freight Forwarders Association (PIFFA) Chairman Abdul Majeed Paracha in an exclusive interview with Customs Today at his office. He aimed that it is one of his top most priorities to work for making the country a transshipment hub. ... Read More »

Finance Minister reviews state of economy

ISLAMABAD: Federal Minister for Finance Senator Mohammad Ishaq Dar reviewed the state of the economy during a meeting at the Finance Ministry. The meeting was attended by Secretary Finance Dr. Waqar Masood, Advisor Finance Rana Asad Amin, Chairman Federal Bureau of Revenue, Asif Bajwa Chairman, Securities and Exchange Commission of Pakistan Tahir Mahmood and representative of the Pakistan Bureau of ... Read More »

Textile industry has to comply with 27 conventions: Sarwar

KARACHI: Governor Punjab Chaudhry Muhammad Sarwar, while speaking at a meeting of All Pakistan Textile Mills Association has said that the country’s textile industry has to comply with 27 Conventions signed by Pakistan’s government to cash in on GSP Plus status. The Governor said that grant of the GSP Plus status came after massive lobbying and efforts. He said that ... Read More »

KCCI for reforms in trade policy

KARACHI: Chairman of the Trade Development of Exports and Halal Food Sub-committee of Karachi Chamber of Commerce and Industry (KCCI), Agha Shahab Ahmed Khan has urged the need for reforms in trade policy so that the country can keep with the surging complex interdependence of global economy. He said that flow of goods and services across borders needs periodical reviews ... Read More »

VRs of coated paper, milk for infants and confectionery items issued

KARACHI: The Directorate of Customs Valuation Department has issued three more valuation rulings, numbered 623, 624 and 625 under Section 25-A of the Customs Act, 1969. The Customs values of Art card coated paper and light weight coated paper, milk preparations for infant use and confectionery items have been determined under VR numbers 623/2013, 624/2013 and 625/2013 respectively. The Customs ... Read More »

Risk of stealing ISAF containers still high

KARACHI: The risk of stealing of ISAF containers on reverse cargo route from Torkhum and Chaman to Karachi is still high due to absence of security scanners, it is learnt here. One of the senior officials on condition of anonymity told Customs Today that the Pakistan Customs had sent a proposal to Federal Board of Revenue a month ago for ... Read More »

Customs department seeks details of stolen ISAF cargo

ISLAMABAD: The customs department has asked US authorities to provide proper details of military equipments stolen from International Security Assistance Force reverse cargo in Karachi, it is learnt. According to sources, the customs department has sent a letter to the US authorities asking for details of the military equipment stolen from ISAF reverse cargos as the department appears clueless about ... Read More »

Provisional figures show 17pc growth in revenue collection

ISLAMABAD: Federal Board of Revenue has collected Rs 937.450 billion from July to December 27 this fiscal year as compared to Rs 794.483 billion in the same period of last fiscal year according to the provisional revenue collection figures compiled by the FBR on Friday 27th December. This reflects a growth of 17 percent. The collection of domestic taxes stood ... Read More »

SROs for essential commodities, pharmaceuticals to be retained

ISLAMABAD: As per requirements under the IMF’s Extended Fund Facility the government will withdraw all the concessionary SROs in the next two fiscal years that provide exemptions to various sectors except those pertaining to essential commodities including pharmaceuticals, it is learnt. The concessionary or exemption SROs pertaining to sales tax and customs duty would be rescinded under the plan. However, ... Read More »

Customs official kidnapped during shootout freed

RAWALPINDI: Customs officer kidnapped during the shootout in Rawalpindi has been released. Collector Customs Imtiaz Ahmed has said, “The kidnappers had no other option but to release the officer as raids had been started to arrest them.” Deputy Superintendent Customs Chaudhry Iftikharul Haq along with his two subordinates was shifting a container of smuggled goods after its seizure on the ... Read More »

Bajwa briefs Dar over SROs withdrawal plan

LAHORE: Finance Minister Senator Mohammad Ishaq Dar on Friday reviewed the performance of Federal Board of Revenue at its Headquarters, Islamabad. Chairman FBR Tariq Bajwa apprised the Finance Minister on the efforts being made by FBR to achieve the revenue targets set in the budget. During the four hour long meeting, the Finance Minister was briefed on a plan being prepared ... Read More »

All types of ATT cargo to be cleared through WeBOC

KARACHI: Web-based One Customs (WeBOC) online clearance system for clearance of transit trade shall include International Security Assistance Force (ISAF) military cargos as well as Pak-Afghan transit trade to prevent pilferage of goods inside Pakistan, official sources said. Notice issued by the Directorate General of Transit Trade reads that the processing and clearance of all types of transit trade cargos, ... Read More »