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Tag Archives: Economy

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 »

Massive Customs auction starts at KICT

KARACHI: A massive auction of leftover and rejected goods are being  offered for sale at a Customs auction at Karachi International Container Terminal (KICT) started on Monday and would continue till Wednesday. A total of 375 lots including water-proof tents; genuine Toyota parts; ambulance; new and used tyres; used tyres scrap; used tyres scrap; used and second hand clothing; duplex ... Read More »

Oil futures holding up in Asian trade, Brent trades above $86 per barrel

SINGAPORE: Crude-oil futures had a positive outlook in Asian trade Monday despite the fact that traders and investors remain unsure of whether prices can hold or not. A Singapore-based oil trader said, “Buyers will step in only when they think prices have hit bottom. They do not want to catch a knife when it is falling.” On the New York ... Read More »

IBM to sell loss-making chip unit to Globalfoundries in $1.5 billion

LONDON: IBM Corp has decided to sell its loss-making semiconductor unit to contract-chipmaker Globalfoundries Inc. IBM will give Globalfoundries $1.5 billion to take the chip operations off its hands. IBM has issued an advisory in this regard,  saying it would make a “major business announcement” next week. It is pertinent to mention here that talks between IBM and Globalfoundries had ... Read More »

FBR’s Rs2,266b tax collection: Tax-to-GDP ratio up by 8.9pc

ISLAMABAD: Federal Board of Revenue’s Rs2,266 billion tax collection during the fiscal year 2013 has raised the country’s tax-to-GDP ratio by 8.9 per cent. As per the FBR Biannual Review, the Board collected Rs2,266 billion during the FY13 as compared to 2012’s Rs1,946 billion, showing growth of 16pc and increasing Tax GDP ratio to 8.9pc. However, FBR has set Rs2,810 ... Read More »

Rs 20 tax likely on vehicles coming from Karachi port

KARACHI: The authorities are mulling to charge Rs 10-20 on every vehicle entering city vicinity from the Karachi port. The authorities of the City District Government have sought legal opinion in this regard. The sources said that city roads are damaged due to cargo vehicles coming from the port and they did not pay any tax to the city govt. ... Read More »

R&A Director Yousfani flies to Thailand to attend seminar

KARACHI: Directorate of Reforms and Automation Director Abdul Majid Yousfani has flown to Thailand to attend a two-day seminar. Customs Today Friday leant that Yousfani flew to Thailand on October 15 to attend a two-day seminar scheduled to be held on October 16-17. He is expected to join the office on October 20. Read More »

Midday: KSE gives up early gains

KARACHI: The Karachi Stock Exchange (KSE) 100-index witnessed low trading and gain just 5.59 points to reach 29988.04 points with total volume of 49,437,800 shares till midday on Friday, the last day of trading. Earlier, benchmark KSE 100-index took a good start and once again crossed the psychological barrier of 30,000, gaining 155.89 points to reach 30138.34 with volume of ... Read More »

Opening: KSE bounces back, crosses 30,000 level

KARACHI: The Karachi Stock Exchange (KSE) 100-index took a good start and once again crossed the psychological barrier of 30,000, gaining 155.89 points to reach 30138.34 with volume of 831,561,540 shares till 9:45am on Friday, the last day of trading. Yesterday, benchmark KSE-100 index lost 138.54 points on closing to reach 29982.45 points and volume of 80,322,100 shares. Earlier, the ... Read More »

DC Kaukab decides case of foreign fabric

ISLAMABAD: Deputy Collector Customs ( Adjudication) ,Islamabad  Dr Kaukab Farooq has passed  the ORDER-IN-ORIGINAL No 204 of 2014 in seizure case of  foreign- origin ladies suiting fabric printed and plain( Viscose Rayon ,Mercerized Cotton) and marble powder along with an offending Hino truck . In her order, she said seized cloth in the instant case was illegally imported but the ... Read More »

Better services hallmark of Multan Port: DC Ali Malik

MULTAN:  Multan Dry Port is the one of the best ports of the country which provides best services on time to importers and exporters, said Deputy Collector Customs Multan Dry Port Muhammad Ali Malik. In an exclusive interview with Customs Today on Wednesday,  he said, “The Port provides prompt clearance of containers service as almost 95 percent consignment are cleared ... Read More »

Rental ceiling of employees increased from October 1

KARACHI: The rental ceilings of all employees from Grade 1 to 22 working in federal ministries, divisions,  attached Department and subordinate Offices at Islamabad, Rawalpindi, Karachi, Lahore, Quetta and Peshawar has been enhanced by the government with effect from October 1. According to an Office Memorandum titled “Revision of rental ceilings for hiring of residential accommodation at six specified stations, ... Read More »

FBR Board-n-Council approves $ 80,000 for human resource development

ISLAMABAD: The Board-n-Council meeting of the Federal Board of Revenue has approved allocation of $ 80,000 for the purpose of human resource development to enhance working capacity of the employees. The Department for International Development (DFID) of British Government is likely to provide an amount of $1.5 million to the World Bank to initiate numerous development projects with FBR. This ... Read More »

Exporters want more rice export to S Lanka

KARACHI: Rice Exporters Association Chairman Rafique Salman has averred that he flouted proposal to Trade Development of Pakistan and Ministry of Commerce for increasing exports of rice. He added,  “We are exporting 6,000 metric tonnes of rice to Sri Lanka which can increased to 15,000 metric tonnes. This step will increase bilateral trade which will ultimately benefit Pakistan.” Talking exclusively ... Read More »

Customs Court seeks details about vehicles released on bank guarantees

ISLAMABAD: The Customs Special Court Wednesday sought details from Customs authorities about vehicles released on bank guarantees to their owners. The court showed annoyance over the method of releasing vehicles on bank guarantees and it is expected that the court would require strict action in this regard in the future . The court decided this after the court learned about ... Read More »

Asia stocks rise as oil slumps further

TOKYO: Asian stock markets rose on Wednesday as oil prices slipped further which benefited them. Japan’s Nikkei 225 stock average increased by 0.2 percent at 14,971.79 and Hong Kong’s Hang Seng increased 0.7 percent to 23,205.38. China’s Shanghai Composite value increased 0.4 percent to 2,369.76 and Seoul’s Kospi was little changed at 1,928.08. Markets in Southeast Asia, Australia and New ... Read More »

China’s consumer inflation drops to 5-year lows

BEIJING: Data released on Wednesday showed that consumer inflation in China eased in September which worked as an evidence that its economy is losing pace. At the same time, ease in consumer price gave policymakers room for more stimulus if necessary. Consumer prices decreased 1.6 percent to levels not seen since January 2010 from the year-ago period due to lower ... Read More »

Commerce Minister off to Turkey to represent Pakistan at JMC

ISLAMABAD: Minister for Commerce  Khurram Dastgir Tuesday left for Turkey to represent Pakistan at the Joint Ministerial Commission (JMC) of Pakistan and Turkey scheduled to be held in Istanbul today (Wednesday). The JMC meeting will discuss ways and means for removal of anomalies in bilateral trade as the cargo train agreement already existed between Pakistan and Turkey and through implementing ... Read More »