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Author Archives: M Hayat

FPCCI president criticizes businessman’s arrest in court premises

LAHORE: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Mian Nasir Hayat has criticized the harassment and arrest of a businessman by the NAB on the premises of the esteemed Supreme Court of Pakistan. He added that government officials had repeatedly assured the FPCCI that traders would be treated with respect and given due respect under the basic ... Read More »

Deputy Director I&I Shahzad Ranjha survives assassination attempt during raid

LAHORE: Local police has arrested 37 persons for attempting to murder Customs officer/officials and destroying government vehicle, after the Customs staff recovered huge quantity of smuggled cloth from Ali Arcade, Kashmir Ghati Lahore. Sources said that in pursuance of information, Customs Enforcement and Customs Intelligence and Investigation jointly conducted a raid on Ali Arcade, Kashmir Ghati Lahore and recovered 18-truck ... Read More »

Businessmen call for lessening heavy taxes’ burden on power sector to cut cost

LAHORE: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Businessmen Panel has called for lessening the burden of heavy taxes on the power sector, as it has pushed the electricity prices higher and added to the already soaring cost of trade and industry. FPCCI’s Businessmen Panel Chairman Mian Anjum Nisar while appreciating the government for approving continuation of ... Read More »

Govt considering setting up National Gems & Jewellery Authority: Gul Asghar

LAHORE: Chairman Prime Minister’s Task Force on Gems and Jewellery Engr Gul Asghar Khan has said setting up a ‘National Gems & Jewellery Authority’ is on the cards to boost exports of precious stones and make it a profitable business for jewellers. He disclosed this while talking to a 15-member joint delegation of the Gold & Gems Art Promotion Council ... Read More »

Cotton prices shoot up to historic high

LAHORE: Cotton prices have shot up in Pakistan to a historic high in response to rising dollar value and low local production. According to the details, cotton has reached a level of 14,100 per maund after a Rs200 increase in the past few days, which the ginners say is a reaction of delayed imports of cotton bales and dollars flight ... Read More »

Pakistan & Afghanistan agree on extending Transit Trade Agreement for six months

LAHORE: Pakistan and Afghanistan have already agreed on extending the Afghanistan-Pakistan Transit Trade Agreement (APTTA) for six months and 97 percent work on the APTTA has been completed, said the Ministry of Commerce secretary. Speaking in a meeting of the Senate Standing Committee on Commerce, chaired by Senator Zeeshan Khanzada said all the trade-related issues with Afghanistan had been settled. ... Read More »

PTBA welcomes FBR new Chairman Dr. Mohammad Ashfaq

LAHORE: Pakistan Tax Bar Association (PTBA) Senior Vice President Qari Habibur Rehman Zubari has welcomed the newly appointed Federal Board of Revenue (FBR) chairman Dr. Muhammad Ashfaq Ahmad and hoped that his appointment will prove a right decision in the larger national interests. The PTBA SVP said that the new chairman, like his predecessors is also a competent officer of ... Read More »

LHC suspends notice issued by FBR to M/s Ittefaq Sugar Mills

LAHORE: The Lahore High Court (LHC) suspended a notice of the Federal Board of Revenue (FBR) issued to Ittefaq Sugar Mills for the recovery of income tax to the tune of Rs2.3 billion. The mills’ counsel submitted that the FBR had sent an income tax recovery notice without any legal justification. He said an appeal against the FBR notice was ... Read More »

LCCI suggests measures to attract foreign investment

LAHORE: The Lahore Chamber of Commerce & Industry has welcomed the remarkable rise in the confidence of businessmen and foreign investors in Pakistan’s economy and called to keep the momentum going. “Overall Business Confidence Score in Pakistan now stands at positive 9% which is a very good news for the economy”, President of the Lahore Chamber of Commerce & Industry ... Read More »

Special incentives & certificates for taxpayers be announced: Ijaz Tanveer

LAHORE: Point of Sale (PoS)’s introduction and its implementation has proved a land mark decision of the government as it is a first mega step towards the documentation of the economy as it has discouraged smuggling and under invoicing. This was stated by Pakistan Business Forum president Ijaz Tanveer while talking to Customs Today here the other day. He said ... Read More »

Trade volume between China and Pakistan totals US$ 12.56b

LAHORE: Trade volume between China and Pakistan totaled US$ 12.56 billion in the first half of 2021, showing an increase of 1.6 times against the same period last year, Cheng Xizhong, Visiting Professor at Southwest University of Political Science and Law and Senior Fellow of the Charhar Institute said. According to the General Administration of Customs of the People’s Republic ... Read More »

Customs Enforcement announces auction of 18 used vehicles on August 25

LAHORE: Collectorate of Customs (Enforcement) announced public auction of use motor cars on August 25, 2021. The customs station has schedule to auction the following vehicles: Toyota Estima Van, Model 1997, Registration No. LES-10-2465, Chassis No. TCR10-1300348 Toyota Estima Van, Model 2001, Registration No. LES-11-3031, Chassis No. MCR30-0038488 Nissan Patrol Jeep, Model 1995, Registration No. WAA-207-Jaffarabad, Chassis No. JN1WRGY60U-0000175 Honda ... Read More »

Self-assessment of income scheme to end FBR harassment: Mian Anjum Nisar

LAHORE: The Federation of Pakistan Chambers of Commerce and Industry’s Businessmen Panel has appreciated the government for initiating the self-assessment income scheme, announcing ‘no-harassment policy’ from the FBR and withdrawal of notices to the businessmen. FPCCI’s Businessmen Panel Chairman Mian Anjum Nisar hailed the decision of Finance Minister Shaukat Tarin for directing the Federal Board of Revenue to withdraw the ... Read More »

Customs Appellate Tribunal Lahore functioning without members

LAHORE: No Member Customs Appellate Tribunal (judicial) has been appointed for the last three yearS while member technical is also on leave for an unidentified period of time at Customs Appellate Tribunal, Lahore. Sources said that both the members have to be appointed by the Federal Board of Revenue (FBR) chairman and Member administration FBR. However, the lack of interest ... Read More »

5 facilitation centres set up for Afghan importers and exporters: Iftikhar Ali Malik

LAHORE: The Federation of Pakistan Chamber of Commerce and Industry’s United Business Group (UBG) has established 5 high profile facilitation centres one each at Peshawar, Islamabad, Lahore, Karachi and Quetta for Afghan importers and exporters for smooth flow of trade between Pakistan and Afghanistan. Chairman UBG Iftikhar Ali Malik talking to Afghan traders delegation led by Muslim Khan  here on ... Read More »

Uncertain political situation in Afghanistan may hamper border trade

LAHORE: The Pakistan Customs has said that the uncertain political situation in Afghanistan may hamper border trade and adversely impact the collection of duty and taxes. The Pakistan Customs, in a report presented an outlook for the ongoing fiscal year 2021/22 and said that the revenue collection at the border crossing area with Afghanistan might be negatively impacted because of ... Read More »

Federal Tax Ombudsman offers free services to businessmen

LAHORE: Federal Tax Ombudsman (FTO) Mushtaq Ahmad Sukhera has urged the business community to utlize the services of his office for resolving their tax related issues without fee and tax consultant/lawyer. He was speaking at the Lahore Chamber of Commerce & Industry. LCCI President Mian Tariq Misbah presented the address of welcome while Vice President Tahir Manzoor Chaudhry also spoke ... Read More »

Pakistan Business Forum, Lahore Chapter officially announced

  LAHORE: Pakistan Business Forum, a nationwide organization of business community, formally announced its Lahore Chapter office-bearers. Lahore President Ijaz Tanveer announced all the officials. Among the newly elected officials is President Ijaz Tanveer. Senior Vice President Usman Naeem. Vice President Adil Saeed. Vice President Dr. Faryad Ahmed Secretary General Ali Imran. Additional Secretary Jahangir Khan. Deputy Secretary Muhammad Ibrahim. ... Read More »

Govt collects Rs62b through import of energy & cooking oil products

LAHORE: After increasing taxes in budget the government collected Rs62 billion at the import stage on just eight energy and cooking oil products – a 100 percent surge over the last year – and also largely a reason behind increase in their prices in the local market. Prime Minister Imran Khan had twice approved to increase the petrol prices since ... Read More »

Faisalabad I&I seizes smuggled goods worth Rs82.3m

LAHORE: Directorate of Customs Intelligence and Investigation (I&I) Faisalabad has seized non-customs paid items worth Rs.82.3 million during the month of July 2021. Sources said that among these items include vehicles, dry fruits, powder milk, etc. These items were seized during various raids as their owners had smuggled them without pay customs duty of Rs.33.2 million on them. These items ... Read More »