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Tag Archives: Imports

Collectorate of Adjudication-I issues ONO against power company

KARACHI: Customs Collectorate of Adjudication-I has issued Order-in Original (ONO) on April, 9 against M/s Gujranwala Electric Power Co. Ltd and clearing agent Daco International Transport (Pvt) Limited on mis-declaration in a consignment of 16 145 KV coupling capacitors voltage transformers with steel structure imported from Turkey. The details revealed that M/s Gujranwala Electric Power Co Ltd imported a consignment ... Read More »

Bajwa directs collectors to check revenue leakage at import stage

ISLAMABAD: In a high level meeting with the Chief Collectors and Collectors of Pakistan Customs FBR Chairman Tariq Bajwa has issued directions to usher in thorough scrutiny as to why the customs duty on certain items at the import stage has not correspondingly increased against rise in sales tax collections on same imports. The observations were made in the meeting ... Read More »

Trade deficit in nine months reduces by $809m

ISLAMABAD:  Pakistan’s trade deficit stands at $ 13.93 billion in the period from July 2013 to March 2014, figures released by the Pakistan Bureau of Statistics (PBS) showed. During the first nine months of the current fiscal year the trade deficit was $ 809 million, which is 5.5 per cent, less than the deficit recorded in the corresponding period of ... Read More »

MCC Appraisement-West issues 1,600 notices to recover Rs320m

KARACHI: Following the order passed by the Federal Tax Ombudsman, Model Customs Collectorate of Appraisement-West has issued 1,600 notices to car importers due to a short levy of duty and taxes demanding recovery of Rs 320 million. The irregularity was detected after scrutiny was conducted on the order FTO regarding interpretation of clearing the age limit of old/used cars. The ... Read More »

Ban on gold import to be lifted in two weeks

LAHORE: Federal Commerce Minister Khurram Dastgir has said that ban on import of gold would be lifted in two weeks with an ultimate goal to facilitate the value added exports of the commodity. “The government has devised a comprehensive plan to allow import of gold and the ban will be lifted in two weeks,” the minister said while addressing a ... Read More »

Tuesday April 08 -Monday April 14, 2014

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KCCI President rejects valuation guidelines

KARACHI: Karachi Chamber of Commerce and Industry President Abdullah Zaki, while expressing deep concerns over valuation guidelines on imported goods, has said that the trade and industry rejects these guidelines. KCCI President requested Federal Finance Minister, Ishaq Dar to take notice and stop the authorities from issuing such unfair valuation guidelines. Speaking at the 2nd meeting of KCCI’s Sub-Committee on Customs ... Read More »

Dastgir announces July-Feb trade deficit at $12.542b

ISLAMABAD: Federal Commerce Minister Khurram Dastgir has announced the trade deficit for the first eight months of the current fiscal year during the session of the National Assembly. While explaining the declining trend in trade deficit in the recent years, Khurram Dastgir said that this fiscal year from July 2013 to February 2014 the difference in national export and import ... Read More »

DGI&I suggests FBR to deal with banned oil import

ISLAMABAD: While endorsing the viewpoint of ghee/cooking oil industry on the illegal import of banned and used cooking oil, Directorate General of Intelligence and Investigation-Customs has proposed to the Federal Board of Revenue to effectively check its import into the country. The banned oil is subsequently marketed, after processing like bleaching, etc, to be used in low quality junk foods. ... Read More »

Govt losing millions on import of galvanized steel sheets in garb of alloy steel

KARACHI: Federal Board of Revenue is facing loss of millions of rupees in terms of tax evasion on mis-declaration on the importation of galvanized steel sheets in the garb of alloy steel sheets in the coil of secondary quality, it is learnt here. Sources on the condition of anonymity informed Customs Today that the consignments of galvanized steel are being ... Read More »

Show cause notice sent for seized aircraft spare parts

KARACHI: Pakistan Customs has seized spare parts of aircraft and computer servers brought into the country without paying due customs duties. The private airline responsible for bringing the consignment from Dubai has been issued notice by the authorities concerned. Sources said that customs seized the goods at Karachi airport. The consignment was brought from Dubai aboard a flight of the ... Read More »

Customs value of ethyl acetate re-determined

KARACHI: Directorate General of Customs Valuation has re-determined the customs value of ethyl acetate through the Valuation Ruling No. 646/2014 under Section 25-A of the Customs Act, 1969. Customs value of ethyl acetate from China having Pakistan Customs Tariff (PCT) code 2915.3100 and proposed PCT code for WeBOC 2915.3100.1000 has been fixed at $ 1.18 per kilogram. Customs value of ... Read More »

Valuation rulings of LED lights, porcelain/glassware issued

KARACHI: Directorate General of Customs Valuation has determined the customs values of LED rechargeable lights, porcelain ware and glassware through Valuation Rulings No.644/2014 and 645/2014 under Section 25-A of the Customs Act, 1969. Customs values of LED rechargeable lights (1-4) from China having Pakistan Customs Tariff (PCT) heading 8513.1030 and proposed PCT code for WeBOC 8513.1030.1000 has been fixed at ... Read More »

Tuesday March 18 – Monday March 24, 2014

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Importers convey deep concerns over discriminatory clearance

KARACHI: The importers of Karachi have expressed their deep concerns over the implementation of assessable values on the clearance of different items, which they called an ‘unjustified and discriminatory act’ by the Pakistan Customs in order to damage the imports of the country, particularly of the city. Talking to Customs Today, the importers of the city were of the view ... Read More »

Tyre importers, dealers propose reduction in duty

KARACHI: Pakistan tyres importers and dealers association (PTIDA), in its proposals for the upcoming budget presented to Federal Finance Minister Ishaq Dar, has suggested the reduction of customs duty on import of tyres. In its suggestions PTIDA has asked for bringing down the existing duty rates of passenger car tyres from 25 per cent to 5 per cent; from 20 ... Read More »

Dar vows to build forex reserves upto Rs16b by end 2014

KARACHI: Elaborating the government’s steps taken over the last eight months, the Federal Finance Minister said that the government has chalked out a comprehensive plan for building forex reserves to reach $ 16.021 billion by Dec 31, 2014. He was speaking at the exports trophy awards ceremony of Karachi Chamber of Commerce and Industry (KCCI), which was graced by Prime ... Read More »

Customs values of computer leads, networking cables issued

KARACHI: The Customs values of computer leads and networking cables have been determined by the Directorate General of Customs Valuation Department through Valuation Ruling No 643/2014 under Section 25-A of the Customs Act, 1969. According to details, the customs value of computer leads from China having Pakistan Customs Tariff (PCT) code 8544.4210 and proposed PCT code for WeBOC 8544.4210.1000 has ... Read More »

ECC lifts ban on gem export, ban on gold import extended

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet has approved to lift restrictions on the export of Gem Stones. However the body extended the ban on the import of gold under SRO 760 up to 31st March. The meeting of the Economic Coordination Committee (ECC) of the Cabinet took place under the chairmanship of the Federal Minister for Finance ... Read More »

10 pc customs duties on import of Indian yarn demanded

LAHORE: Pakistan Cotton Ginners Association (PCGA) Vice Chairman Asim Saeed Sheikh has expressed concerns over Indian yarn’s import and urged the government to impose 10 per cent duty on it to keep local yarn competitive. He was talking to newsmen in Multan. He said that total import of Indian yarn last year was calculated at 1,149,903 kilogram, however, this year ... Read More »