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Pak-India trade trough Attari-Wagah border most likely to be resumed

LAHORE: The trade between India and Afghanistan through Attari-Wagah border is most likely to be restarted after Eid-ul-Fitr holidays (from May 25 to 27) in Pakistan, sources said. “We have already got a letter from the Centre, instructing us to be prepared as the trade between the two countries will be started soon,” the sources said. The Indian government had ... Read More »

FBR suggested to review FED to save local tobacco industry

ISLAMABAD: As Pakistan continues to lose billions of rupees every year due to the alleged illicit tobacco trade, high-handedness of multinational companies and loopholes in the system, the Federal Board of Revenue (FBR) has been suggested to substantially increase federal excise duty on illegal tobacco trade, without increasing the local tobacco consumption, as it would help in generating about Rs ... Read More »

FPCCI proposes duty free import of used cars & subsequent export after repair

KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has proposed duty free import of used cars and their subsequent export after repair. The apex trade body in its proposals for budget 2020/2021 said that the UAE had developed Export Processing Zone (EPZ) for duty free import of used cars, their repair and subsequent export to different countries especially ... Read More »

Customs ASO surpasses assigned revenue target despite lockdown: Collector Seema Bokhari

ISLAMABAD: Collectorate of Customs Collector Seema Raza Bokhari t has said that due to COVID19 the FBR has revised revenue collection target under head of customs duty. While talking exclusively with Customs Today she said that due to prevailing pandemic of COVID19 situation there is no economic activity shown at Islamabad dry port nor at AFU (Air Freight Unit) situated ... Read More »

Over 175 Pakistani stranded in India returned home

LAHORE: Over 175 Pakistani stranded in India returned through the Wagah border on Wednesday, customs officials said.  Upon their arrival, immigration and customs clearance and screening was carried out in accordance with anti-coronavirus measures in place, claimed officials. The border, which had been closed due to the coronavirus pandemic, was opened exclusively for their return. These Pakistani citizens had been ... Read More »

APM Hafeez Shaikh reviews report of banks, financial institutions

ISLAMABAD: A special meeting of the PM-formed Think Tank was held here during the Eid holidays with Adviser to the Prime Minister on Finance & Revenue Dr Abdul Hafeez Shaikh in the chair. All other members of the high-level group also participated in the meeting while Governor State Bank of Pakistan joined the proceedings on special invitation During the meeting, ... Read More »

Multan Customs tightens security for safety of employees & visitors

MULTAN: Collectorate of Customs Enforcement & Compliance beefed up security at Customs House to prevent any unwanted situation for safety of officers, employees, visitors and their vehicles. Multan Customs has directed to observe strict security measures in Customs House in the light of Ministry of Interior’s circular and directed them that all visitors who visit Customs House should be in ... Read More »

APL England loses 40 containers in heavy Australian seas

SYDNEY: A Singapore-flagged cargo ship lost at least 40 containers in deep waters off the coast of Sydney when they fell overboard in heavy seas, maritime officials said on Monday. The vessel, APL England, lost propulsion power while navigating heavy seas about 73 kilometers (45 miles) south east of Sydney on Sunday, on a journey from Ningbo, China, to Melbourne, ... Read More »

Pakistan witnesses increase of 126.8pc in net FDI: Razak Dawood

KARACHI: Advisor to Prime Minister on Commerce and Investment Abdul Razak Dawood has said that during first 10 months of current fiscal year (July-April), Pakistan witnessed net Foreign Direct Investment (FDI) of $ 2.281 billion as compared to US$ 1.006 billion in the corresponding period of FY2018-19 (Jul-April) showing an increase of 126.8 percent. “The country is rapidly gaining investors’ ... Read More »

Shipping companies refuse to waive demurrage & detention charges despite on-going Covid-19: Khawaja Jalaluddin Roomi

MULTAN: Shipping companies refuse to waive any detention and demurrage charges despite on-going pandemic situation and clearly defying government directives. Business community is facing shortage of liquidity due to prolonged lock-down and balance of payments has been disturbed. Global Pandemic situation caused severe threat to textile and cotton industry and situation has been deteriorating after cancellation of orders from Europe ... Read More »

FBR likely to announce changes in CNIC condition in budget 2020-21

ISLAMABAD: Federal Board of Revenue (FBR) may introduce changes in mandatory CNIC (Computerized National Identity Card) condition in the upcoming budget 2020/2021 in to facilitate registered taxpayers. At present unregistered purchasers, excluding end-consumers, of above Rs50,000 are required to provide a copy of CNIC in order bring the sales into the documented economy. The business community raised concern over the ... Read More »

Customs duty collection falls 10pc to Rs32.9b

LAHORE: Government collected Rs32.85 billion under the head of custom duties in April down 10 percent year-on-year as sinking imports dwarfed the advantage of relatively improving port activities during the last month. Sources told Customs Today, three major customs collectorates  jointly collected Rs36.43 billion in corresponding month of the last year. There was a decline in April although consignment clearance ... Read More »

Asian shares reverse early gains, eyes on China-US trade relations

HONG KONG: A gauge of Asian stocks pared early gains on Tuesday amid souring relations between China and the United States, with Hong Kong shares extending losses on mounting fears about future stability in the city. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.1% after starting higher with China’s blue-chip CSI300 index down 0.2%. Hong Kong’s HSI index ... Read More »

FBR to open cases against major sugar mills to recover billions in evaded taxes

ISLAMABAD: The Federal Board of Revenue (FBR) has decided to pursue four major sugar mills in a bid to recover billions of rupees in sales taxes they allegedly avoided paying to the exchequer over the last five years. The action is being taken on the findings of the Sugar Inquiry Commission (SIC), after the incumbent government took the momentous decision ... Read More »

Multan Customs assigns special duties to employees during Eidul Fitr holidays

MULTAN: Collectorate of Customs Collectorate Enforcement and Compliance (E&C) assigned special duties to employees at Customs House during Eid-ul- Fitr holidays. The administration branch of the Collectorate finalized duty charts of officials for holidays of Eid-ul-Fitr. Deputy Collector Aman has assigned duties to Customs employees in 14 various shifts to run their necessary operations. Four employees will perform their responsibilities ... Read More »

Customs superintendent Younis Qadri defeats COVID-19 as test report marked twice as negative

  LAHORE: Directorate of Customs Investigation and Intelligence (I&I) Anti-Smuggling Superintendent Younis Qadri has defeated Coronavirus as his second test has been accessed as negative.  The customs Lahore I&I superintendent Younis Qadri has been shifted to his home. Earlier, Younis Qadri had been tested positive for COVID-19 and admitted to 1000-bed quarantine hospital established at the Expo Centre Lahore in ... Read More »

Weekly Review: PSX likely to see improved activities after Eid

  KARACHI: Stock market may witness enhanced activities after Eid ul Fitr, analysts said. The analysts at Arif Habib Limited said that provisional estimates of the National Accounts Committee (NAC) suggest slowdown in GDP at a negative 0.4 percent during the ongoing year. Although investors struggle to find silver linings at present, expectations of a rebound next year (IMF forecasts ... Read More »

Hong Kong tensions rattle world stock markets, oil tumbles

HONG KONG: Oil prices tumbled and global equity markets fell on Friday as China’s move to impose a new security law on Hong Kong further strained US-China relations and clouded economic recovery prospects. China also dropped its annual growth target for the first time, adding to uncertainty about the fallout from the Covid-19 pandemic, boosting safe-haven investments such as US ... Read More »

FBR proposed simplification of valuation for imported vehicles

KARACHI: Federal Board of Revenue (FBR) has been advised to simplify valuation and levy of duty and taxes on imported vehicles. Officials in FBR said that in budget proposals received for 2020/2021, the business community proposed simplification of valuation and fixing duty and taxes. According to the proposals the valuation of vehicles may also be simplified and fixing duty / ... Read More »

Business hours for markets increased to 10pm in Islamabad

ISLAMABAD: The Islamabad administration on Saturday announced the extension of working hours of shopping malls and markets from 5pm to 10pm. According to a notification, all markets have been allowed to function till 10pm from Saturday (today) on account of the upcoming festival of Eid. Earlier on May 21, the Punjab government announced to increase business hours of markets and ... Read More »