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Tag Archives: news

Customs suspends inspector after inquiry

LAHORE: Federal Board of Revenue has suspended an Inspector of Directorate of Intelligence and Investigation-Customs, Multan over complaints, sources said. The Board launched an inquiry against Inspector of Customs Intelligence Chaudhry Munir after different complaints against him. The authorities suspended him after the inquiry and proceeded with disciplinary action. The sources quoted Deputy Director of Customs Directorate of Intelligence and Investigation Multan, Nisar Ahmed as saying that ... Read More »

FPCCI assured of TDAP support

KARACHI: Trade Development Authority of Pakistan will extend all cooperation and support to Federation of Pakistan Chambers of Commerce Industry in its forthcoming program of exhibitions and trade delegations. The assurance was given by TDAP Chief Executive SM Muneer in a meeting with FPCCI President Zakaria Usman, held in Federation House, Karachi. He further said that TDAP is being reformed to make ... Read More »

ECC lifts ban from CNG kit imports

ISLAMABAD: Even as gas supply to CNG stations is down to just 18 hours a week, the Economic Coordination Committee (ECC) lifted a ban on the import of CNG kits and cylinders for factory-fitted vehicles, but deferred a decision on gas tariff, ostensibly to avoid taking an unpopular decision in Ramazan. Chaired by Finance Minister Ishaq Dar, the ECC also ... Read More »

KSE closes at 78 points lower

KARACHI: Karachi Stock Exchange ended lower amid thin activity. Index went down by 77.95 points closing at 29619.84 points against 29697.79 points a day earlier. At local equity market benchmark KSE-100 share index misplaced 77.95 points or 0.26 per cent. Market witnessed another range bound session with less participation. Textile stocks remained under pressure due to gas price increase by ... Read More »

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 »

Netherlands announces funding scheme for Pak SMEs

ISLAMABAD: To support the Small and Medium Enterprises (SMEs) in emerging markets and developing countries like Pakistan, the Netherlands has announced the Dutch Good Growth Fund (DGGF). Addressing the business community at Islamabad Chamber of Commerce and Industry (ICCI), Ambassador of Netherlands to Pakistan Marcel de Vink said the project will create jobs and increase the production capacity of the ... 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 »

R&D Section of MCC-Appraisement (East) recovers Rs26.6m in June

KARACHI: The Research and Development (R&D) Section of the Model Customs Collectorate of Appraisement (East) while following the special directives of the Collector MCC-Appraisement (East) Najeeb-ur-Rehman Abbasi has recovered an amount of Rs26,612,517 in the month of June, 2014 from importers who are involved in violation of PCT/classification, valuation ruling, mis-declaration of value and wrong use of SROs. According to ... Read More »

No new discretionary powers given to commissioners: FBR

ISLAMABAD: Referring to SRO 608(I)/2014 dated 26.06.2014, it has been wrongly stated that Commissioners of Inland Revenue have been given extra discretionary powers, clarified FBR. The actual facts are that in accordance with the government’s policy to phase out the SRO regime, many concessions in existing SROs were either withdrawn or reduced in the Budget 2014-15. However, a limited number ... Read More »

FBR striving to increase return filers, tax net remains stagnant

ISLAMABAD: Federal Board of Revenue has achieved the revenue target for fiscal year that has recently ended. However, there hasn’t been any tangible breakthrough regarding the addition of taxable persons and entities into the tax ambit. Attempts are being made to show increase in filing of tax returns by government officials on a larger scale in order to obtain IMF’s ... Read More »

Interception of infested-mango consignments worries exporters, farmers

HYDERABAD: The interceptions of fruit fly-infested mango consignments which originated from Sindh have worried mango producers of the province, for they have gone extra-mile to improve their farm management practices. Sindh’s mango orchard owners have worked hard with their Australian counterparts and the management of the United States Agency for International Development (USAID) over the past four years to ensure ... Read More »

$556m IMF tranche up forex reserves

KARACHI: Pakistan has received $556 million as the fourth tranche from the International Monetary Fund (IMF) under the Extended Facility Fund (EFF) approved by the fund last year. “We have got the $556 million into our foreign exchange reserves now,” a State Bank of Pakistan spokesman confirmed. Pakistan was granted the $6.8 billion IMF bailout package last year to help ... Read More »

HC Barton assures UK stands by Pakistan in anti-terror fight

ISLAMABAD: British High Commissioner to Pakistan Philip Barton said that the United Kingdom will continue to support IDPs (Internally Displace Persons) through World Food Programme and other UN agencies. He said this while talking to Federal Minister for Finance Senator Ishaq Dar. The UK High Commissioner discussed matters of mutual interest with the Finance Minister. He apprised the Finance Minister ... Read More »

Selling spree downs KSE to 9-month low

KARACHI: Stock market remained dull throughout the day, which saw volume shrunk 45pc to 73m shares, recording a 9-month low. Trading value fell to Rs4 billion which was at 14 months low. The KSE-100 index managed to claw up by 20.99 points to 29,697.79. While local institutions and individuals were on the sell side, the market received support from foreign ... Read More »

FTO office to launch website comprising details of cases, decisions

ISLAMABAD: Office of the Federal Tax Ombudsman (FTO) has decided to launch a website by the name of ‘Digital journal’. The website will provide details of cases and decisions of Pakistan’s FTO as well as other countries’ Tax Ombudsmen offices. Sources told Customs Today that Federal Tax Ombudsman Chaudhry Abdur Rauf directed to launch the website after a presentation. The ... Read More »

FBR halts transfers during Ramadan

ISLAMABAD: FBR has halted transfers of officers during Ramadan. However, those cases will not be affected in which all the written procedures have been completed for the notifications. Moreover, such cases are in small number. They may also be suspended till Eid. According to FBR sources, transfers and postings are expected on a large scale after Eid. Officers in field ... Read More »

FBR withdraws SRO 422 related to tax hike on cigarettes

MULTAN: Federal Board of Revenue has withdrawn the Statutory Regulatory Order (SRO) 422 on increase of federal excise duty on cigarettes. FBR had increased the taxes on cigarettes to cover the revenue shortfall of the fiscal year 2013-2014. Federal Excise duty is now set the rate of tax under the Excise Act 2014. FBR has issued SRO 574 due to which, ... Read More »

PRV Section of MCC Appraisement-West recovers Rs16.5m in June

KARACHI: Post Release Verification (PRV) Section of Model Customs Collectorate of Appraisement-West has recovered an amount of Rs 16,511,643 by issuing 70 demand notices to different importers in the month of June, 2014. The PRV Section has recovered an amount of Rs 346,069 through goods declaration (GD) No.119239; Rs 365,919 through GD No.90910; Rs 510,095 through GD No.137133; Rs 230,722 ... Read More »

Customs central region reshuffles officials

LAHORE: Customs Central Region has undertaken intra-region transfers and postings of superintendents, appraisers and inspectors. Principal Appraiser Javaid Jaffar has been transferred from Model Customs Collectorate of Preventive Lahore to Directorate of Input Output Co-Efficient Organisation (IOCO) Lahore with immediate effect. Appraiser Naveed Iqbal Cheema has been transferred from MCC Appraisement Lahore to Directorate of IOCO Lahore. The central region ... 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 »