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FIR registered against MD M/s Water Link, KPT official for stealing NATO containers

KARACHI: In a fresh development, the Model Customs Collectorate of Preventive has registered an FIR No. ASO-147/2013-Hqrs against six accused including the Managing Director (MD) of M/s Water Link Pakistan (Pvt), Ltd and an official of Karachi Port Trust (KPT) in NATO containers stealing case. According to the details, the (MCC) Preventive has nominated Captain Ghulam Mustafa, MD M/s Water ... Read More »

Remittances rise to $6.4b during current FY

Islamabad: Overseas Pakistani workers have remitted $6.407 billion from July to November this year. It is accounted as a growth of 7.1 per cent as compared to $5.982 billion received during the corresponding period last year. Most of the inflow of remittances in the current fiscal year came from Saudi Arabia, UAE, USA, UK, and EU countries. Read More »

FBR announces last date for filing of IT returns

ISLAMABAD: Federal Board of Revenue has announced December 16 as the last date for filing of income tax returns. In this regard, FBR has issued instructions to the Chief Commissioners of Large Taxpayer Units and Regional Tax Offices regarding tax facilitation kiosks and tax facilitation centres. According to FBR instructions, all Chief Commissioners are requested to ensure that all Tax ... Read More »

LTBA demands new sales tax registration system

LAHORE: Lahore Tax Bar Association (LTBA) has demanded of FBR to immediately come up with new sales tax registration system after the failure of computerized risk evaluation programme for sales tax. LTBA said that taxpayers are facing difficulties due to the computerized programme. The Association also urged the Board to dispose of pending audit cases. These views were expressed by ... Read More »

Govt redoubles efforts to increase foreign exchange reserves: Dar

ISLAMABAD: Senator Mohammad Ishaq Dar Federal Minister for Finance met the heads of Commercial Banks at the Ministry of Finance and exchanged views on the current economic, monetary and fiscal situation of Pakistan. In his opening remarks, the Finance Minister said that the Government has constituted a steering committee which will submit its recommendations for promotion of Islamic Banking in ... Read More »

Customs foils bid to smuggle artificial leather, silk cloth

Lahore: Customs officials impounded millions of rupees non-duty paid 6,000 metre silk cloth and 8 tonnes of artificial leather. Sources told Customs Today that the Customs anti-smuggling wing raided two different places on Ravi Road and Band Road on information and seized artificial leather and silk cloth worth millions of rupees. The impounded articles were being smuggled to local market ... Read More »

KCCI announces nominee for WCF

KARACHI: Karachi Chamber of Commerce and Industry (KCCI) has nominated Junaid Esmail Makda as its representative in the World Chambers Federation (WCF) which is a worldwide network of chambers of commerce. WCF General Council 2014-16 elections are to be held by the end of ongoing month. WCF is a part of International Chambers of Commerce (ICC). ICC works closely with ... Read More »

Punjab CM concerned over delayed customs clearance

LAHORE: Punjab Chief Minister has urged the federal authorities to investigate the excessive delay being caused in customs clearance of the goods meant for Pak-India trade. He was speaking at the International Textile and Clothing Conference arranged by Punjab Board of Investment and Trade. He expressed concern over the fact that hundreds of trucks were kept on waiting for hours ... Read More »

APTMA aims to achieve $40b textile export target

LAHORE: Pakistan is a beneficiary of the positive trends in international textile markets and All Pakistan Textile Mills Association aims to increase textile export to $40 billion in next 10 years. APTMA Central Chairman Yasin Siddique said this in a press conference. “The country enjoys a competitive edge over most low-cost textile producing countries and is close to obtaining huge ... Read More »

PSM to allow commercial use of its jetty

KARACHI: Pakistan Steel Mills (PSM) is ready to allow commercial utilisation of its jetty, Iron Ore and Coal Berth (IOCB), after getting formal approval from the Ministry of Ports and Shipping and Federal Board of Revenue, sources said. They said that the commercial utilisation of PSM’s jetty had been under consideration of the Ministry of Industries and Production for quite ... Read More »

25pc more taxpayers file returns this year

ISLAMABAD: Twenty five per cent more taxpayers from all over the country are submitting annual income tax returns as compared to last year’s income tax returns due to the tax relief package announced by the Prime Minister to get relief from the total audit, an official of Federal Board of Revenue has disclosed. “Long queues are seen at the offices ... Read More »

Dubai Customs DG discusses promotion of trade with Chinese Consul

DUBAI: His Excellency Ahmed Butti Ahmed, Executive Chairman of Ports, Customs and Free Zone Corporation, and Director General of Dubai Customs, received H.E Tang Weibin, Chinese Consul General in Dubai. During the meeting, they exchanged ideas in regards to methods for strengthening trade cooperation between Dubai and China, and the development of cooperation in the customs field to contribute to ... Read More »

Pak economy will collapse after MFN status to India

LAHORE: Pakistani economy will totally collapse if it opens trade and gives Most Favoured Nation status to India as energy, fertilisers, diesel and pesticides are cheaper there as compared to Pakistan. Opening of the trade with the neighbouring country must be initiated after equalising cost of production. This was stated by Agri Forum of Pakistan (AFP) Chairman Ibrahim Mughal during ... Read More »

Dar lauds Bajwa’s efforts in launching new tax incentives scheme

ISLAMABAD: Federal Finance Minister Ishaq Dar has lauded the efforts of Federal Board of Revenue Chairman Tariq Bajwa in formulating the tax incentive scheme and gave FBR a detailed plan for effective implementation of the scheme. Appreciating FBR, the Finance Minister said, “Positive public response is indicating the appropriateness and effectiveness of the incentives announced by Prime Minster Nawaz Sharif.” ... Read More »

Pakistan Customs to auction seized diesel on Dec 19

KARACHI: Pakistan Customs to auction 217,492 litres of Iranian-origin diesel that was confiscated during the recent anti-smuggling drive. Model Customs Collectorate (MCC) Preventive issued a notification to dispose of seized diesel and invited 16 parties, including Pakistan Rangers, Canteen Stores Department (CSD) serving for Pakistan armed forces, Police Headquarters and selected oil marketing companies for bidding scheduled for December 19, ... Read More »

MCCs to deal with ATT legal matters

ISLAMABAD: Federal Board of Revenue (FBR) has issued instructions to all Collectors of Customs regarding ‘ISAF container scam- legacy issues, relating to Afghan Transit Trade’. As per the instructions, all the relevant Model Customs Collectorates (MCCs) will handle all the issues of transit trade including adjudication of Afghan Transit Trade (ATT) cases, their appeals and representation at higher appellate fora. ... Read More »

Valuation rulings of different items updated in WeBOC

KARACHI: The Directorate General of Customs Valuation Department following the directives of Director General Customs Valuation Amir Marwat has updated status of Valuation Rulings (VRs) in WeBOC, Computerised System. Sources in the Department told Customs Today that the process of up-gradation of VRs in WeBOC System was completed on Dec 6 (Friday) with delay of a week. Now importers and ... Read More »

Importers asked to provide accurate details in filing GDs

KARACHI: Chief Collector Appraisement (South) Nasir Masroor Ahmed through a public notice No. SI/Misc/01/2013-CC has asked importers to provide accurate and precise details of goods while filing the Goods Declarations (GDs). The public notice further stated that importers can use Section 79(1) (a) and (b) of the Customs Act 1969 while filing their GDs. Sources in Pakistan Customs informed Customs ... Read More »

ICCI for one window facility to woo overseas Pakistani investors

ISLAMABAD: Overseas Pakistanis are a great asset of the country and many of them are eager to invest in Pakistan, but red tape and patwari culture and other factors are some of the problems holding them back from investing in Pakistan. Government should establish one window facility in each province as well as the local Chambers of Commerce for Overseas ... Read More »

Clearing Agents plea for early clearance of stuck-up containers

KARACHI: In a letter written to Ministry of Ports and Shipping, importers from Lahore stressed to make it certain that port handlers immediately clear containers stuck-up at Karachi port due to the transporters’ strike previous month, sources said. One of the Customs Clearing Agents working at the Lahore Dry Port claimed that goods worth billions of rupees were stuck up ... Read More »