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Author Archives: M Hayat

Sialkot Customs foils bid to smuggle electronic goods, gold, liquor worth Rs17.72m

LAHORE: Collectorate of Customs team deputed at Sialkot International Airport Limited (SIAL) foiled a bid to smuggle gold, iPhones and branded liquor worth Rs 17.72 million at local airport on Saturday. Sources said, a team headed by Assistant Collector Syed Ameen Haider Shah checked passengers including a woman luggage and found gold, iPhones and branded liquor worth Rs17.72 million. Similarly, ... Read More »

FBR I&I IR detects tax evasion of Rs460m

LAHORE: The Federal Board of Revenue (FBR) Directorate of Intelligence & Investigation, Inland Revenue (I&I-IR) has unearthed tax evasion worth Rs460 million. According to sources, in a drive to curb tax evasion, the Directorate of Intelligence & Investigation-IR Lahore conducted a raid on the business premises of a steel mill located at Ferozwala, District Sheikhupura and unearthed estimated tax evasion ... Read More »

DG Valuation revises customs values on import of high tensile nuts, bolts & washers 

KARACHI: Directorate General Customs Valuation has revised customs values on the import of high tensile nuts, bolts and washers for accurate assessment of duties and taxes at the import stage. According to a valuation ruling issued by the DG Valuation, earlier the customs values of high tensile nuts, bolts and washers were determined vide Valuation Ruling No 949/2016, dated 6 ... Read More »

FIA registers FIR against customs officers & clearing agent

LAHORE: The Federal Investigation Agency (FIA) has registered a first information report (FIR) against customs officers and clearing agents over allegations of their involvement in tax fraud. Sources said that FIA Faisalabad had registered an FIR against Assistant Collector Customs Ahmad Zaheer, superintendent Mansoor, inspector Farhan, inspector Ayesha and clearing agent Naeem Anwar for causing losses worth millions to the ... Read More »

LHC declares FBR’s sales tax audit illegal

LAHORE: The Lahore High Court declared the current procedure of the Federal Board of Revenue’s sales tax audit illegal. Justice Shams Mehmood Mirza issued the reserved order on more than 60 identical petitions and stopped the FBR from making final decision against the petitioners. They contended that direct audit selection is a violation of Section 25 (a) and Section 177-A. ... Read More »

Communication, collaboration & cooperation most important to run organizations: Ambreen Tarar

LAHORE: Collectorate of Customs Sialkot Collector Sialkot Ambreen Ahmed Tarar has termed communication, collaboration and cooperation as three most important steps in order to effectively run any organization. While addressing the local industrialists and exporters at the Sialkot Chamber of Commerce and Industry (SCCI) the Collector Customs Mrs. Ambreen Ahmed Tarar further said that she was fully convinced that the ... Read More »

Top customs officials meet businessmen

LAHORE: Mian Nasser Hyatt Maggo, President FPCCI, has welcomed Wajid Ali, Chief Collector Appraisement & Facilitation (South), to Federation House along with other senior customs officials; namely, Dr. Tahir Qureshi, Collector Customs (West) and Fayyaz Rasool Maken, Collector Customs (East). The visit was aimed at detailed discussions on customs-related issues chronically faced by the business, industry and trade community of ... Read More »

Customs agents seek govt help to bring back stranded trucks from Afghanistan

LAHORE: The Frontier Customs Agents Association has expressed concern over the detention of hundreds of trucks along with empty containers in Afghanistan and asked the government of Pakistan to take up the issue with the authorities in Kabul. The issue was raised as a four-member delegation of the association called on first Chief Collector Customs Peshawar Ahmad Raza. Zia-ul-Haq Sarhadi, ... Read More »

Govt likely to withdraw hike in property tax

LAHORE: Punjab Minister for Excise and Taxation Hafiz Mumtaz Ahmad assured the LCCI President Mian Tariq Misbah to withdraw the increase in property tax besides granting two week extension in rebate already given to the stakeholder. The decision was reached at a meeting of the newly formed committee. Provincial Minister Hashim Jawan Bakht, Secretary Excise & Taxation Waqas Ali Mahmood ... Read More »

Widening import-export gap needs to be controlled: Tariq Misbah

LAHORE: The Lahore Chamber of Commerce & Industry Saturday suggested to the government to facilitate exports to new markets to overcome widening import-export gap. LCCI President Mian Tariq Misbah, Senior Vice President Muhammad Nasir Hameed Khan and Vice President Tahir Manzoor Chaudhry said that the second month of the current financial year has witnessed a massive rise of 133 per ... Read More »

DGTO decision of imposition of fine on Hardware Merchants Association commended

LAHORE: Lahore Chamber of Commerce and Industry (LCCI) Vice President Tahir Manzoor Chaudhry has welcomed the Directorate General of Trade Organizations (DGTO)  decision of imposition of a fine of Rs 50,000 on the Secretary General of the Hardware Merchants Association in Lahore for violating the rules and framework for trade associations. Tahir Manzoor Chaudhry said that notices had recently been ... Read More »

Afghan govt suspends export of coal to Pakistan via Torkham

LAHORE: Afghanistan government suspended export of coal to Pakistan via Torkham and asked exporters to export the commodity through Dand Patan, Ghulam Khan and Angoor Ada crossings. The finance ministry of Islamic Emirate of Afghanistan said that the customs officials at Torkham were asked to halt export of coal to Pakistan through Torkham border. It further reads that Afghan Customs  ... Read More »

Customs Preventive seizes smuggled goods worth Rs1089.21m during different operations

LAHORE: Collectorate of Customs Preventive, Anti-Smuggling Organization (ASO) has seized huge quantity of smuggled goods and non-custom-paid vehicles worth Rs1089.21 million in first two months of the current fiscal year 2021-22. Sources said that Collector Customs Preventive Basit Maqsood Abbasi directed all anti-smuggling squads to adopt zero tolerance policy against smuggling.  Anti-Smuggling Organization squad headed by Additional Collector Muteen Alam, ... Read More »

Carpet manufacturers seek govt financial support to participate in Domotax exhibition

LAHORE: Senior Vice Chairman Pakistan Carpets Manufacturers and Exporters Association (PCMAEA) and Chairperson Carpet Training Institute (CTI) demanded of the government to review entry fee for the participants in Domotax exhibition to be held in Germany. Talking to media persons, Pervez Hanif said due to the coronavirus pandemic and decrease in exports in Pakistan, the carpet manufacturers are not in ... Read More »

Software Technology Zone in Lahore soon: Makhdoom Hashim Jawan Bakht

LAHORE: Finance Minister of Punjab Makhdoom Hashim Jawan has said that the Punjab government is establishing a Software Technology Zone in Lahore for export growth and to generate employment opportunities. He was speaking at the inaugural ceremony of newly renovated LCCI historic Amin Hall. LCCI President Mian Tariq Misbah, Senior Vice President Muhammad Nasir Hameed Khan, Vice President Tahir Manzoor ... Read More »

Pakistan’s total exports stood at $27.209b

LAHORE: Pakistan’s total exports stood at $27.209 billion in 2020-21 compared to $21.476 billion in 2019-20, according to the data compiled by the Federal Board of Revenue (FBR). The FBR’s export data further revealed that 15,648 companies exported $27.209 billion in 2020-21 compared to 14,747 companies exported $21.476 billion. Karachi constitutes over 50 percent of the country’s exports both during ... Read More »

Central bank urged to play role to strengthen rupee value

LAHORE: As the rupee hit the 11-month low of Rs166 against the US dollar in the inter-bank as well as open markets the Friends of Business and Economic Reforms (FEBR) President Kashif Anwar has urged the central bank to play its role to strengthen rupee value, as the lowering rupee value has been hitting import-based economy of the country hard. ... Read More »

Customs I&I seizes smuggled cloth from Azam Cloth Market

LAHORE: Directorate of Customs Intelligence and Investigation (I&I) with the collobration of Customs Enforcement  under the supervision of Additional Director Hassan Farid along with Deputy Director I&I Shahzad Ranjha and Ms. Sidra Naz AC ASO raided the godown located in well known area of Azam Cloth Market. Despite having Police assistance the team had to retreat with an injured Deputy ... Read More »

600 containers of transit trade between Pakistan & Afghanistan being cleared daily

LAHORE: Over 600 containers of transit trade between Pakistan and Afghanistan were cleared on a daily basis during the current week. Customs officials said that on an average basis around 600-650 containers have been cleared from Torkam border. The containers included transit trade cargo, import/export containers and emery trucks coming back to Pakistan. On August 24, around 659 trucks and ... Read More »

PRA collect Rs10.3b during August 2021

LAHORE: According to provisional figures, Punjab Revenue Authority (PRA) collected Rs10.3 billion during August 2021 as compared to Rs8.7 billion in August 2020. Thus the total collection for the first two months of the financial year is Rs20.8 billion, which is 19 percent more than the 17.5 billion collected during the same period last year. This is the highest ever ... Read More »