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Tag Archives: business

Korean Agency starts training for Ministry of Science and Technology officials

LAHORE : Korea International Cooperation Agency (KOICA) organized a focused training for  10 government officials from Pakistan Ministry of Science and Technology under the head ‘Policy Making and Implementation for Science and Technology’. The programme is aimed at to share mutual experience of the two countries which started from October 19 and will end on November 2. The main objective ... Read More »

PTI’s Mazari shows documents, accounts numbers of Sharifs business deals with India

ISLAMABAD: Tehreek-e-Insaf (PTI) Central Information Secretary Dr Shireen Mazari the other day said that Sharif’s brother business deals with Indian steel tycoons are an open secret and the sharif brothers are lying to the nation. Dr Mazari showed to media persons documents revealing account numbers that showed some of Prime Minister Mian Nawaz Sharif’s relatives had inked business deals with ... Read More »

OGDCL earns historic record profit after paying Rs 124 billion tax in FY 2013-14

ISLAMABAD: The Oil and Gas Development Company Limited (OGDCL) for the first time in the history showed an impressive growth of 36 percent during the financial year 2013-14 and surpassed record profit after taxation of Rs 124 billion. The 17th Annual General Meeting (AGM) of OGDCL was presided over by Chairman of the Board of Director Zahid Muzaffar. Iskander Mohammad ... Read More »

Power breakdown disrupts work for 45 minutes at Customs House

KARACHI: A power breakdown brought all work at the main Custom building to a standstill for a full 45 minutes Saturday morning as the stand-by generators could not be fired due to technical reasons. The power breakdown occurred at around 11:05 am at both the main building and the annex building that houses Model Customs Collectorate of Appraisement-East. Though stand-by ... Read More »

National Bank introduces Foree Remittance Account

KARACHI: The National Bank of Pakistan introduced Foree Remittance Account the other day. With Foree Remittance Account, customers are no longer required to visit branches and wait in queues for receiving remittances, rather home remittances are immediately credited to the customer’s account upon receipt from the overseas and a SMS Alert is sent on the customer’s designated mobile number with ... Read More »

Indus Motor records 28pc profit, Pakistan Petroleum earns Rs13.6b

KARACHI: Indus Motor Company (IMC) has earned a net profit of Rs1.1 billion during first quarter of current fiscal year, showing a growth of 28 per cent from Rs0.9 billion it recorded during the same period last year. The company’s sales revenue from Completely Knocked Down (CKD), Completely Built Units (CBU) and spare parts business has increased by 21 per ... Read More »

Gujranwala Excise impounds 78 vehicles for not paying token tax

SIALKOT: Excise and Taxation Department has impounded as many as 78 different vehicles and has fined Rs. 0.7 million to them for non-payment of the token taxes, during a special general hold up at all the entry and exit points of Gujranwala city. E& T Gujranwala Division Director Ashiq Hussain Shah said that the operation against the token tax defaulter ... Read More »

DG PCA warns low-grade employees for leaves without permission

ISLAMABAD: Director General Post Clearance Audit (DGPCA) has imposed ban on leaves without prior permission by low-grade employees. The DG PCA Thursday took notice of the situation and issued departmental warning in this regard. According to order issued by DG PCA, the peons and sepoys leave their offices without informing their officers concerned and the office and this practice has ... Read More »

Importers balk IOCO bid to survey manufacturing units in Karachi

KARACHI: The Input Output Co-efficient Organization(IOCO) of Federal Board of Revenue is facing enormous problems in surveying the manufacturing units in Karachi as the importers are not taking the survey process being continued by the IOCO serious, Customs Today learnt on Wednesday. The sources said that the importers after taking provisional certificates from filed formation Collectorates think that they have ... Read More »

APCAA plans country-wide overhaul after restoration by SHC

KARACHI: The All Pakistan Customs Agents Association (APCAA) after getting verdict of its restoration by the Sindh High Court (SHC) has decided to hold a general meeting of all its countrywide members in upcoming days, Customs Today learnt Wednesday. The APCAA sources said that the association has started to contact its members countrywide and invite them for attending general members’ ... Read More »

Asian stock markets climb amid hopes of fresh European stimulus, China growth

SEOUL: Asian stock markets gained Wednesday following hopes for fresh stimulus from the European Central Bank and China’s steady growth. “Analysts are divided over the spur for the rallies” in European and U.S. stock markets Tuesday, said CMC chief market strategist Michael McCarthy. “Some point to the potential for European stimulus, while others are looking to steady growth numbers from ... Read More »

FBR Member Shahid Asad lands in Karachi

ISLAMABAD: Federal Board of Revenue Member (IR) Policy and spokesperson Shahid Asad Tuesday reached Karachi. In Karachi, he participated in National Clearing Company Pakistan Limited’s Board of Directors meeting and reviewed collection of capital gain tax and accounts during September. On Wednesday (today), he would participate in Overseas Chambers meeting . It is expected that demands and reservations of Overseas ... Read More »

FBR asks for submission of data from Collectorates of Adjudication-I&II

KARACHI: The Federal Board of Revenue (FBR) has asked the authorities concerned of the Collectorates of Customs Adjudication-I and II to submit the entire data of the cases during the current fiscal year 2014-15 before the competent authorities by the end of November, 2014, Customs Today learnt here on Tuesday. The sources informed Customs that the FBR through a letter ... Read More »

Anti-Smuggling Dept seizes two non-customs paid vehicles

  FAISALABAD: The Anti-Smuggling department of MCC, Faisalabad seized the two non-customs paid vehicles from Mianwali. The customs team was on a patrolling duty when it recovered the vehicles, including Toyota Corolla X worth Rs 1.5 million and Toyota Vitz new model worth Rs 1.2 million. The Anti-Smuggling department officials seized both the vehicles. Read More »

IOCO staff of Customs irked by long promotion process

KARACHI: There exists great anger among employees of Input/ Output Co-Efficient Organization (IOCO) of Customs Department due to stoppage of promotion process, sources informed Customs Today here on Tuesday. The sources said that this department has been neglected like before despite the fact that competent staff works here. They said that Inland Revenue employees are always promoted but IOCO workers ... Read More »

World stocks rise on slow Chinese growth data

TOKYO: European stocks rose on Tuesday while Asian markets meandered after China’s data showed sharp economic slowdown. In Europe, Britain’s FTSE 100 increased 0.3 percent to 6,287.87 and Germany’s DAX climbed 0.6 percent to 8,766.35. The CAC-40 in France gained 0.8 percent to 4,024.92. Futures pointed to gains on Wall Street. Dow and S&P 500 futures were both up 0.1 ... Read More »

Recruitments at vacant posts of Customs House from next month

Karachi: Recruitment process at vacant posts of Customs House is likely to get started from next month, the Customs Today learnt on Monday. The sources said that vacant posts have not been filled at Customs House since long which had affected its performance. The sources said the recruitment process would start next month on posts starting from grade 1 to ... Read More »

Action against 14 E&T officers for wrong property notices

LAHORE: Departmental proceedings have been started against three excise and taxation officers while 11 excise inspectors have been suspended for sending wrong property tax notices  to the taxpayers. Excise and Taxation Director Lahore region Akram Ashraf  Gondal who was appreciated in directors conference by Punjab Finance  Minister Mujtaba Shuja ur Rehman for achieving the highest revenue during  first quarter of ... Read More »

Customs Internal Audit recovers Rs431 million during 2010-2014

KARACHI: The Directorate of Internal Audit-Customs, Karachi Region recovered Rs 431.671 million altogether by settling “paras” during the audit years from 2010 to 2014, it was learnt here on Monday. The Karachi Directorate of Internal Audit-Pakistan Customs detected a recoverable amount of Rs20,267.476 million through 514 paras in the year 2013-2014 while none of the single para has yet to ... Read More »

Tekken 7 to be released in Japan in 2015

TOKYO: Tekken 7 will release in Japanese arcades starting February 2015. The arcade version of the game had gone location testing just recently in Japan, which gave us a bunch of information about the upcoming title. Namco Bandai’s next installment in the long running series will feature some new characters along with series regulars. The current known roster features King, ... Read More »