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Tag Archives: Karachi Region

42-paisa per unit cut: K-Electric ordered to share Rs5.421b with consumers

ISLAMABAD: Top power sector watchdog the National Electric Power Regulatory Authority (Nepra) ordered K-Electric to shares benefits of Rs5.412billion from its profits with its consumers and provide them immediate relief. According to reports, the Nepra’s decision comes as part of a mechanism included in K-Electric’s approved tariff in 2009, under which the power distribution company is bound to pass on ... Read More »

Bosan vows make Pakistan largest mango exporter next year

KARACHI: Pakistan will be made the largest mango exporting country next year by maintaining quality of the fruit exported to the world. This was stated by Federal Minister for National Food Security and Research Sikandar Hayat Khan Bosan while addressing an awards distribution ceremony organised by All Pakistan Fruits and Vegetables Exporters, Importers and Merchants Association in collaboration with Plant ... 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 »

Midday: Bears rule stocks as KSE sheds 244 points

KARACHI: Bears kept the Karachi Stock Exchange (KSE) in red zone as the benchmark KSE–100 index plummet to 29461 points, shedding 244 points or 0.82 percent in the midday trading on Monday. Earlier, the market opened on a negative note and fell down from the weekend closing of 29705 points. The stocks failed to cope with the bearish trend and ... Read More »

Importers, traders hail intra-Collectorates reshuffling

KARACHI: The importers and traders have expressed satisfaction over the recent reshuffling of various Customs officers in Karachi region. Sharing their views with Customs Today on recent transfers and postings, the importers were of the view that the FBR had posted Pakistan Customs Service (PCS) officers of highest integrity to the Collectorates. They described the transfers of BPS-18/19 officers at ... Read More »

Opening: KSE fails to recoup losses, sheds 30 more points

KARACHI: The Karachi Stock Exchange benchmark KSE-100 index failed to withstand the bearish trend and added to the overnight losses, going down 30 more points or 0.10 percent to 30065 points in the early trading on Thursday. The stocks could not gain momentum as profit-taking took over the bourse but it managed to sustain its level over 30,000. On Wednesday ... Read More »

South Region Collectorates outline steps to promote trade, increase revenue

KARACHI: All the three Customs Collectorates of South Region have taken a number of measures to promote trade and enhance revenue collection. These measures have been chalked out by the Collectorates of MCC-Appraisement (East), MCC-Appraisement (West) and MCC-Port Muhammad Bin Qasim with the consent of Chief Collector-Appraisement (South) Nasir Masroor Ahmed. Under these measures, audit of WeBOC System has been ... Read More »

FBR takes exception to misuse of SRO 77(I)2013 by sugar sector

KARACHI: Taking strong exception to serious irregularities in collection of sales tax, Federal Excise Duty (FED) and income tax from sugar sector, the Federal Board of Revenue (FBR) has directed the Large Taxpayer Units (LTUs) and Regional Tax Offices (RTOs) to act on the report of Directorate General Audit, Inland-Revenue (South), Karachi. According to reports, the sugar sector has committed ... Read More »

IOCO director issues guidelines for speedy disposal of cases

KARACHI: Input-Output Co-efficient Organisation (IOCO) Director Shahnaz Maqbool has issued guidelines for speedy disposal of cases and surveys being conducted by the IOCO team. According to directives of the IOCO director, the authorities’ concerned/surveyors of IOCO should complete their survey visit in two days. It was directed that the surveyors should submit their report on weekly basis so that provisional ... Read More »

DG Maneka for early rolling out of pending transit trade modules

KARACHI: Director General Transit Trade (TT) Khawar Farid Maneka has directed the officials concerned for early rolling out of pending transit trade modules in the Web Based One Customs (WeBOC) to streamline operation of the transit trade. Chairing an important meeting at the Directorate General of Transit Trade here, Mr Maneka also reviewed discrepancies in weight at Chaman and Torkham ... Read More »

NESPAK to build jetties at Manora, Kemari costing Rs 820 million

KARACHI: The Karachi Port Trust (KPT) has hired consultancy services of the state-owned National Engineering Services Pakistan (NESPAK) for the construction of two jetties at Manora and Kemari islands in Karachi with a view to improve operations of the coastguard and accommodate increased number of boats. The existing Pilot Pier at Manora is more than 60 years old and is ... Read More »

Karachi Tax Bar seeks removal of flaws in IT return form

KARACHI: The Karachi Tax Bar Association (KTBA) has written to the Federal Board of Revenue (FBR), asking it to remove flaws in new income tax return form for tax year 2014. In its letter, the KTBA pointed out that the board has uploaded the income tax returns along with allied annexure and wealth statement on its web portal without the ... Read More »

Rs107m recovery: Tribunal turns down PSO appeal

KARACHI: The Customs Appellate Tribunal dismissed a Pakistan State Oil (PSO) appeal against the recovery of Rs107 million by the Customs authorities the former had not paid in the head of development surcharge on supply of POL products. It is verdict, the tribunal observed that the appellant could not be allowed to manipulate the provisions of Customs Act, 1969 and ... Read More »

Customs to auction confiscated cars, goods on Wednesday

KARACHI: The Directorate General of Customs Intelligence and Investigation announced holding auction of confiscated vehicles and other goods on September 10 (Wednesday). The auction will be held at CPF Bond Warehouse Rasheedabad, SWH. According to a notification issued here, the confiscated vehicles and goods are lying at the warehouse of the Directorate of Intelligence and Investigations, Karachi. The vehicles to ... Read More »

FBR revises Unified CPF Rules, constitutes CCPFB

KARACHI: The Revenue Division, Federal Board of Revenue (FBR) has revised the Unified CPF Rules through constitution of a Central CPF Board (CCPFB) at FBR Headquarters in Islamabad. The revised Unified Rules have been issued in the supersession of the Unified CPF Rules on April 18, 2006. According to details, the Central Common Pool Fund Board (CCPFB) consists of officers ... Read More »

Collector Saleem suspends PA for mismanaging FTA certificates

KARACHI: Different trade organizations have expressed deep concerns over the apathy and negligence of the officials working in the FTA Cell at Customs House, Karachi and demanded steps to improve its working. According to details, the trade organisations were of the view that the officials concerned in FTA Cell were not making the use of automated system for the convenience ... Read More »

Midday: Pious hope keeps KSE afloat, gains 53 points

KARACHI: The agreement may seem fragile in the federal capital but the ongoing hectic parleys and hope for an amicable resolution to the prevailing political standoff kept stocks afloat and the KSE-100 index gained 53 points or 0.18 percent to reach 29567.43 in the midday trading on Monday. Although the market failed to sustained its gains of 207.04 points in ... Read More »

Rs 240 million fraud: Adjudication serves show-cause on 12 fabric importers

  KARACHI: The Customs Collectorate Adjudication-I served show-cause notices on 12 fabric importers allegedly involved in financial fraud in term of tax evasion amounting to Rs 240 million by taking undue advantage of SRO1125(I)/2011 on commercial import of fabric. The importers who have been served with show-cause notices include Al-Mawadah Textile, AI Enterprises, Ahsan Enterprises, Al-Harmain Textile, GM Exports, Hira ... Read More »

‘Customs House Neighbourhood’ project launched in Karachi

KARACHI: The Karachi administration has embarked upon a “Customs House Neighborhood” development project in collaboration with Customs Collectorate and philanthropists. Karachi Commissioner Shoaib Ahmad Siddiqui, while sharing details of the project, said that the area around Custom House – from Karachi Port Trust (KPT) Building to Hindu Mandir, would be developed on modern lines and will be turned into motor ... Read More »

Closing: KSE stands ground, up by 335 points

KARACHI: The Karachi Stock Exchange KSE-100 index on Wednesday continued its buoyant mood and added to its gains, taking the points tally to 335.26 to reach 29595.55 points as consensus between major political stakeholders to protect the parliament and democracy brought confidence in market. The KSE-100 index, opened at 29260, kept on marching upward and taken the total trade volume ... Read More »