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JIT formed to investigate customs corruption case of Rs140m

LAHORE: Additional Director General Federal Investigation Agency (FIA) has formed a special joint investigation team to investigate into embezzlement of Rs 140 million in the wake of currency at Customs ware house. Earlier in December 2019 the Federal Investigation Agency (FIA) registered a case against Pakistan two Customs officials for embezzling Rs140 million worth of foreign currency. FIA officials said ... Read More »

FTO orders audit of non-customs paid vehicles auction

LAHORE: The Federal Tax Ombudsman (FTO) has ordered the Federal Board of Revenue (FBR) and customs authorities to complete audit of the auction of vehicles which were impounded from different people on allegations of illegal import and non-customs paid. Sources told Customs Today the FTO Mushtaq Ahmad Sukhera has ordered inquiry of the matter and audit from 2013 to 2019. ... Read More »

M/s Abbott Laboratories move SHC, challenge notification bearing SRO 237(I) 2019

LAHORE: M/s Abbott Laboratories (Pakistan) Limited approached The Sindh High Court (SHC) against detention of its imported consignments comprising various specialized nutritional supplement for old age people (Ensure) for diabetes patients (Glucern) and others alleged under the garb of notification bearing SRO 237(I)2019 dated Feb 19, 2019. On 11 January , 2020, counsel for the petitioner stated in his petition ... Read More »

SHC calls comments on petition seeking release of consignment

KARACHI: The Sindh High Court (SHC) called comments from customs department and deputy attorney general on a petition filed by importer Faizullah son of Haji Habibullah seeking release order of imported goods comprising 11772 & 13110 pairs of gents/ ladies/ girls’ slippers/ sandal seized by customs officials. On 13 January 2020, a two-member bench, headed by Justice Aqeel Ahmed Abbasi ... Read More »

Goods transporters end strike after successful talks with govt

KARACHI: Goods transporters have agreed to end their strike after holding successful negotiations with the provincial government. The announcement was made by the transporters during a press conference along with Sindh Governor Imran Ismail. Transporters said that all of their demands have been accepted. United Goods Transporters Alliance (UGTA) had announced strike last week against a hefty increase in penalties ... Read More »

New measures to help achieve $24b remittances target for FY2020

ISLAMABAD: The growth in foreign remittances that soared to $ 11.4 billion during the July-December period of FY 2020 is likely to continue for the rest of the year due to a host government measures that may help achieve the target of $ 24 billion set for the financial year 2020. “Due to this increasing trend in remittances, the target ... Read More »

Fitch affirms Pakistan at ‘B-‘, stable outlook

ISLAMABAD: Fitch Ratings, on Monday issued rating with regard to Pakistan’s economy and affirmed a “B-” status with a stable outlook. According to Fitch Ratings, the ‘B-’ rating reflects a challenging external position characterised by a high external financing requirement and low reserves, weak public finances including large fiscal deficits and a high government debt-to-GDP ratio, and weak governance indicators. ... Read More »

APOTA lends support to transporters’ strike

KARACHI: All Pakistan Oil Tankers Association (APOTA) has announced its support to United Goods Transporters Alliance (UGTA) in their strike, and threatened to join them in 72 hours if the UGTA’s demands are not met. Negotiations of the UGTA, alliance of 18 goods transporters associations in Karachi, failed after which the alliance decided to present their new line of action. ... Read More »

FBR collects additional Rs209b revenue in first 5 months

ISLAMABAD: The Federal Board of Revenue (FBR) says it collected additional Rs209 billion during the first five months of this fiscal year 2019-2020 due to structural changes in taxation system, procedures and withdrawal of exemptions. The FBR data shows that these much-needed reforms in taxation system are already producing fruit despite a huge import compression of around $5billion and slowingdown ... Read More »

PM to announce concessions for trade bodies on Jan 20: Shabbar Zaidi

ISLAMABAD: Federal Board of Revenue (FBR) Chairman Shabbar Zaidi on Saturday said that Prime Minister Imran Khan has graciously consented to preside over a meeting with all the traders on Jan 20. He took to Twitter and expressed that PM Imran will formally announce the concession given to the traders community. He added that the government will seek assistance of ... Read More »

Gold price gains Rs800, traded at Rs90, 300 per tola

ISLAMABAD: The per tola price of 24 karat gold appreciated by Rs 800 on Saturday and was traded at Rs 90,300 as compared to Rs 89,500 on last trading day, Karachi Sarafa Association reported. Likewise, the price of 10 gram gold witnessed increase of Rs 686 and was traded at Rs 77, 418 against last closing of Rs76,732. The price ... Read More »

SECP to extend ‘one-stop’ shop facility for company registration to Balochistan, KP

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) will extend its “one-stop” shop facility for company registration to Balochistan and Khyber Pakhtunkhwa. SECP Commissioner Shaukat Hussain addressed the launching ceremony of the provincial government of Balochistan’s plan for Transformation of Traditional Businesses into Corporate Bodies in Islamabad. He apprised the audience that the SECP’s e-services have already been integrated ... Read More »

FBR detects 10,000 individuals involved in tax evasion

ISLAMABAD: The Federal Board of Revenue (FBR) investigations have unearthed that close to 10,000 people were allegedly involved in tax evasion and possible money laundering after tracing their cash transactions. According to media, FBR is also looking into affairs of non-governmental organisations (NGOs) and international non-governmental organisations (INGOs) for their alleged involvement in money laundering and terror financing. FBR sources ... Read More »

Govt to introduce more incentives for exporters in next budget: Razak Dawood

KARACHI: Abdul Razak Dawood, Adviser to Prime Minister on Commerce, Industry and Production on Saturday said that the ministry of commerce is planning a comprehensive strategy with the help of Federal Board of Revenue (FBR) to introduce export incentives in the next federal budget 2020/2021. Razak Dawood was addressing during his visit to Karachi Chamber of Commerce and Industry (KCCI). ... Read More »

M/s Zaka Sons moves SHC against SCN for recovery of duties & taxes

KARACHI: M/s Zaka Sons has approached The Sindh High Court (SHC) against issuing show cause notice for recovery of duties and taxes by Assistant Collector Group-III MCC Appraisement East on importing PVC Resin Suspension Grade. On 10 January 2020, counsel for the petitioner argued that petitioner is a importing plastic raw material of different types including PVC suspension grade under ... Read More »

A weekly review: Stocks surge by 883.75 points as ME tensions mitigate

KARACHI: The Pakistan Stock Exchange (PSX) in the outgoing week witnessed massive overall spike in its gains as local and foreign investors rampaged across the market to quickly hit upper circuits after the war clouds hanging over the region due to US-Iran hostilities dissipated which provided the investors the much-needed comfort to move funds from gold and money market back ... Read More »

Pakistani Rupee extends gains against US dollar

KARACHI: `The rupee extended gains for the second straight session in both the currency markets on Friday, as soft dollar demand and easing concerns over US-Iran war hysteria helped the currency rise. In the inter-bank market, the rupee closed at 154.83 to the dollar, compared with the previous closing of 154.88. The rupee also managed to gain 50 paisas against ... Read More »

Customs Preventive posts 24pc growth during 1H of F2019-20

LAHORE: Collectorate of Customs Preventive showed outstanding performance during first six months (July to December) Fiscal Year 2019-20. The performance of Customs Collectorate of Preventive remained commendable. The Collectorate during this period, in light of Chief Collector (Enforcement) Zeba Hai Azhar, and supervision of Collector Ahmad Rauf made 115 seizure of smuggled goods worth Rs668 million which is 24 percent ... Read More »

8 cases transferred to customs court after amendment in NAB ordinance

LAHORE: After amendment in National accountability ordinance of Pakistan 8 cases have been transferred to special customs court from accountability courts of Lahore. According to details available to Customs Today cases of different types were in process in accountability courts. Now after amendment in accountability ordinance 8 cases have transferred to the special federal court of customs taxation and smuggling ... Read More »

Customs Court seeks charge sheet of gold & foreign currency smuggling case

KARACHI: The Customs Court sent suspect namely Muhammad Islam son of Muhammad Ishaque to Central Jail Karachi on judicial remand and directed investigation officer to complete investigation and submit charge sheet in a case of smuggling 04.4 kilograms gold, US$ 450,000 Dollars and 255 UAE Dharam from Sukkur to Karachi. On 10 January 2020, investigation officer of customs preventive produced ... Read More »