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Tag Archives: Valuation Ruling

Dastgir calls on Bhutan’s Minister for economic affairs

ISLAMABAD: Minister of Commerce, Engineer Khurram Dastgir Khan called on Economic Affairs Minister of Kingdom of Bhutan Lyonpo Norbu Wangchuk, on the sidelines of the 8th South Asian Free Trade Agreement (SAFTA) ministerial council meeting in Thimphu. In the meeting, two Ministers insisted on deepening the good relations that the two countries already enjoyed. They also discussed on enhancing present ... Read More »

Eid holidays: Exchequer likely to suffer Rs25-30b loss

ISLAMABAD: National exchequer may suffer Rs25-30 billion loss due to long holidays of Eid-ul-Fitr. Due to which revenue target of the first month of FY2014-15 could not be achieved. Acting FBR Chairman Shahid Hussain Asad told Customs Today that closure of businesses during Eid holidays will certainly affect the revenue collection. “At least Rs 6 billion revenue is being collected ... Read More »

Containers’ grounding: PICT, KICT fail to resolve issues

KARACHI: The importers and traders have been facing mismanagement and delaying tactics by administration of Pakistan International Containers Terminal (PICT) and Karachi International Containers Terminal (KICT) in grounding of containers. “Pakistan Customs’ officials use delaying tactics and give lame excuses like shortage of labour and space while grounding containers for examination” Shujaat Ahmed an importer informed Customs Today. Kamran Akhtar, ... Read More »

Lahore ANF seizes 30.2 kg drugs, arrests 9 smugglers

LAHORE: The Anti-Narcotics Force (ANF) conducted operations in various areas of Lahore and seized huge quantity of charas and heroine and other drugs. The ANF Lahore intercepted Toyota Corolla Car No ADA- 310 (Sindh) at Rikhi Morr, Talagang Road, Mianwali and recovered 24 kg charas concealed in secret cavities of the car. Two drug smugglers namely Aman Ullah Khan and ... Read More »

FBR seeks Finance Ministry to take ADRS down

ISLAMABAD: The Federal Board of Revenue asked the Finance Ministry to take down Alternative Dispute Resolution System (ADRS) due to its poor performance. The Alternate Dispute Resolution (ADRS) offers companies an opportunity to apply full force of the law efficiently and effectively. Whereas the system has no option but to apply justice through the natural course of a blocked court ... Read More »

SHC orders early release of M/s Royal Packages’ consignments

KARACHI: The Sindh High Court (SHC) in its verdict asked Pakistan Customs to release the consignment of M/s Royal Packages after submission of unpaid differential amount in share of duty. According to the details, the Research and Development (R&D) Section of Model Customs Collectorate (MCC) of Appraisement-East had identify a case of huge tax evasion of Rs308 million by M/s ... Read More »

FBR assesses legal provisions of budget 2014-15

ISLAMABAD: The Federal Board of Revenue (FBR) has started discussions on impacts of legal provisions presented in the budget for FY 2014-15. Government introduces legal provisions in the federal budget to facilitate FBR to meet the revenue collection target every year and then a process of review of impacts of legal provisions also continues throughout the year. A meeting in ... Read More »

Customs issues valuation ruling of Methylene Chloride

KARACHI: The Directorate General of Customs Valuation has issued the Customs values of Methylene Chloride through Valuation Ruling No.679/2014 under Section 25-A of the Customs Act, 1969. The said Valuation Ruling has superseded the previous Valuation Ruling No.629 regarding the Customs values of Methylene Chloride. According to the details, the Customs values of Methylene Chloride having PCT Code 2903.1200 and ... Read More »

Customs I&I seizes 120,000 litres smuggled oil

Karachi: Directorate General of Intelligence and Investigation (I&I) Hyderabad seized oil tankers carrying sixty thousand litres of smuggled oil worth Rs 10 million. As per details, DG I&I on tip of informer raided oil tankers carrying smuggled oil and seized 60,000 litres oil. Three criminals have been arrested during the seizure. It was said that oil was being smuggled to ... Read More »

KSE hits all-time high of 30413.23 points

Karachi Stock Exchange (KSE) closed at 30413.23 all time high amid higher trades after SBP mentioned improving economic conditions. KSE 100 index end the day at 30413.23 points compared to 30224.89 points of the last working day on Friday. Moreover, with an immense increase of Rs 42 billion, total capital of market cross Rs 7.100 trillion, and trade share was ... Read More »

Red card: No more tax exemptions to NGOs/NPOs

ISLAMABAD: Federal Government has withdrawn the tax exemptions provided to education institutions running under NGOs, NPOs and welfare trusts. Instead of that they will now receive 100% tax credit facility equal to their payable tax but private charity institution that were not active in welfare efforts will not eligible for this privilege too. The three mandatory conditions to get 100% ... Read More »

CAC Pakistan summit & Agro Chemical Expo on August 5-6

LAHORE: China Agro Chemical (CAC) Pakistan Summit and Pak-China Agro Chemical Expo will be held on August 5-6, 2014 at Lahore Expo Centre. The President Lahore Chamber of Commerce and Industry (LCCI) Sohail Lashari at a press conference said that Punjab CM Shahbaz Sharif and Chinese Ambassador would attend the event Pak-China suit and expo. Mr. Lashari said that it ... Read More »

Multan Customs I&I seizes generators, vehicles worth Rs 11.2m

Multan Customs I&I seizes generators, vehicles worth Rs 11.2m Multan: Customs Intelligence and investigations (I&I) seized smuggled generators and vehicles worth Rs 11.2 million on charges of duty evasion. As per details, Multan Customs I&I confiscated the imported generator due to non-payment of customs duty along with mini trucks used in the smuggling of generator. Deputy Director Customs I&I Nisar ... Read More »

Customs denies smuggling under ‘official patronage’

HYDERABAD: The Model Customs House Jacobabad has denied the news item regarding “smuggling of contraband under official patronage” published in a section of english press. In a press release issued by the Customs House Jacobabad clarified that Customs staff at Jacobabad check-post were not involved in any kind of smuggling as per the strict instructions from FBR Member (Customs) and ... Read More »