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Tag Archives: Imports

Dar underlines economic achievements in US gathering

WASHINGTON: Finance Minister Ishaq Dar has highlighted remarkable economic achievements before a big gathering of students and faculty members of John Hopkins University (USA) on the topic “Pakistan’s Economic Recovery and Its Emerging Role in the Region”. Ishaq Dar, who is in the United States these days to attend meetings with IMF and World Bank, told the students that FBR ... Read More »

Pakistan imports Rs 490 million items via Wagha border

Total duty remains Rs 13.24 million, sales tax Rs 3.45 million and income tax Rs 28 million   LAHORE: Pakistan has imported items worth Rs 490 million from India via Wahga border during first seven trading days of October of current year. As per details, Pakistan imported potatoes, tomatoes, garlic and polyethylene during 1-7 October from India. According to available documents, Pakistan has ... Read More »

Shelving proposed textile mill

According to newspaper reports, Chinese investors have refused to set up a textile mill in Faisalabad, apparently due to political instability in the country. Earlier in 2013, some Chinese businessmen had visited the city and had decided to set up a textile mill, suggesting being one of the biggest in the world, having 6 million spindles. An agreement had been ... Read More »

Pakistan fails to achieve export targets

Experts say Pakistan is facing huge deficit due to low demand for its exports LAHORE: The government has failed to achieve export target in the first two months of the current fiscal year 2014-2015. According to details, the export target for July was $2.2 billion, while the exports remained $1.9 billion – $322 million less than the assigned target. This is ... Read More »

Saarc needs to follow EU for boosting trade

KARACHI: Trade Development Authority of Pakistan (TDAP) Chief SM Munir has suggested that both the Pakistan and India will have to separate politic from business to strengthen trade relations. Stressing the need to promote regional trade among the eight-nation South Asian Association for Regional Cooperation (Saarc), he said that total trade currently stands at $6.7 billion only. Citing example of ... Read More »

Challenge to contain current account deficit

A State Bank of Pakistan report says that the country was facing $58 million current account deficit during the first two months, July and August, of the last financial year which increased to $1.372 billion during the current financial year. However, the current account deficit during the first six months of the current fiscal year, could increase to $1.58 billion ... Read More »

Floods disturb clearance of KAPCO’s consignments

MULTAN:  Heavy floods have disturbed the clearance of  import consignment of Kot Addu Power Plant Company (KAPCO) . Floods caused  severe destruction  in the infrastructure of the South Punjab and damaged roads and bridges. Due to floods situation,  KAPCO’s  import consignment have got late and six  containers of chemicals and machinery were brought from other routes. The worth of  KAPCO’s ... Read More »

Traders seek govt permission to import textile machinery from India

ISLAMABAD: Traders and textile groups have asked the federal commerce ministry to allow them imports textile machinery from India. As per details, importers want to import boilers and gear boxes via Wagha Border as the cost of import is much higher in Karachi. Sources told Customs Today that some traders have imported gear boxes for textile machinery via Wagha Border ... Read More »

2,350 used cars imported in 74 days: Collector Najeeb

KARACHI: More used cars were imported during the first 74 days of the current fiscal year ending September 12, statistics compiled by Model Customs Collectorate (MCC) of Appraisement-East under supervision of Collector Najeeb-ur Rehman Abbasi revealed. A total of 2,350 used cars were imported during July, August and the first 12 days of September depicting an increase of 67 per ... Read More »

Trade deficit shoots up by 28pc

ISLAMABAD: The country’s trade deficit has shot up by 28 percent in the first two months (July-August) of the ongoing fiscal year 2014-15 due to the massive increase in imports and continuous decline in exports. The country’s trade imbalance has recorded at $4.243 billion during July-August period of the financial year 2014-15 as against $3.308 billion of the corresponding period ... Read More »

Imran, Qadri sit-ins: Women’s chamber for early end to political crisis

ISLAMABAD: The Islamabad Women Chamber of Commerce and Industry (IWCCI) has called for early resolution of the prevailing political crisis through meaningful dialogue between the government, Pakistan Tehreek-e-Insaf (PTI) and Pakistan Awami Tehreek (PAT). The IWCCI also termed the ongoing sit-ins in capital in the name of Azadi and Inqilab marches against the national interests and tantamount to destabilising the ... Read More »

Tuesday July 15 -Monday July 21, 2014

Customs Today News Paper

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Dar directs checking into potatoes prices despite zero duty

ISLAMABAD: The rise of potatoes and tomatoes prices despite zero duty on their import to establish affordability in the holy month has raised brows of the Finance Minister Ishaq Dar. During a meeting on National Price Monitoring Committee, Dar directed Ministry of Food Security and Research to look into the matter as to why there is increasing trend and suggesting ... Read More »

Tanners seek withdrawal of duty on basic raw materials for industry

LAHORE: Former central chairman of Pakistan Tanners Association Agha Saiddain has regretted that Pakistan leather exports have shown negative growth rate while the regional countries have surpassed Pakistan’s exports. In a letter written to Trade Development Authority of Pakistan Chairman S M Muneer, he stated that negative growth rate of Pakistan leather exports is basically due to the government’s imposition of ... Read More »

Customs values of UPS units determined through valuation ruling no.677/2014

KARACHI: Directorate General of Customs Valuation has determined the customs values of Uninterruptable Power Supply (UPS) units through valuation ruling no. 677/2014 under section 25-A of the Customs Act, 1969. The Valuation Ruling No.677/2014 regarding the UPS has superseded the previous valuation ruling no. 447/2012. Customs value of Line-Interactive UPS up to 500 VA with batteries having HS Code 8504.4010 ... Read More »

Customs I&I seizes 8000 whisky bottles, beer cans; customs agent, company official arrested

KARACHI: Directorate of Intelligence and Investigation-Customs, Karachi has thwarted an attempt of smuggling contraband items including foreign brand whisky and beer in a raid at Pakistan International Container Terminal (PICT), East Wharf. A team of Directorate of Intelligence and Investigation-Customs, Karachi on a tip-off raided PICT, East Wharf and halted consignments of paper. After thorough examination, 5000 bottles of Black ... Read More »

June’14: MCC-Appraisement-East collects Rs16.1b against target of Rs28b

KARACHI: Model Customs Collectorate of Appraisement-East has collected an amount of Rs 16,113.5 million against the target of Rs 28,037.7 million, set by the Federal Board of Revenue for the month of June, 2014. The collectorate has fallen short of its target by Rs 11,924.2 million. According to the statistics, MCC Appraisement-East has collected an amount of Rs 5,003.4 million ... Read More »

Anti-smuggling wing confiscates non-duty paid goods

LAHORE: Anti-Smuggling Wing of Model Customs Collectorate Lahore has recovered Rs 4 million from traders who are accused of trying to evade duties/taxes on imports. Official sources said that the Anti-smuggling wing seized miscellaneous goods including plastic granules, 17 generators of various capacities, old auto-parts and others worth Rs 3,163,929 and handbags and shoulder bags for ladies worth Rs 814,864. ... Read More »

MCC Multan generates over Rs36.2b during FY 2013-14

MULTAN: Model Customs Collectorate of Multan has generated revenue to the tune of Rs 36,233 million by the end of fiscal year 2013-14 showing ten per cent increase in tax collection over the previous fiscal year. MCC Multan has collected revenue of 10,705 million in share of customs duty during fiscal year 2013-2014. The collectorate collected sales tax of 24,912 ... Read More »

MCC Port Qasim collects Rs26.5b against Rs36.8b in June’14

KARACHI: Model Customs Collectorate of Port Muhammad Bin Qasim has collected revenue amounting Rs 26,480 million by the end of June, 2014 against its target of Rs 36,759 million set by the Federal Board of Revenue for the last month of the Fiscal Year 2013-14. MCC Port Qasim despite all out efforts in order to meet the revenue target for ... Read More »