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Author Archives: M Hayat

AGP detects over Rs133.5b irregularities in FBR IR, customs

LAHORE: The Auditor General of Pakistan (AGP) has unearthed financial and procedural irregularities of over Rs133.5 billion in the affairs of the Federal Board of Revenue (FBR) Inland Revenue and customs during 2019-20, including inadmissible refunds issued under the prime minster’s relief package. According to the Audit Report on the accounts of the FBR (Inland Revenue and customs) for audit ... Read More »

FBR proposes junior officer’s name for member Customs policy slot

LAHORE: The Federal Board of Revenue (FBR) has proposed a junior officer’s name for the slot of member Customs policy despite the fact that there are over a dozen senior officers eligible for the position. Sources said that the junior, Saeed Jadoon, is very close to member Customs Operations, Tariq Huda, who manages all the affairs of Pakistan Customs. It ... Read More »

BoR retrieves 180000 acres of state land

LAHORE: More than 180,000 acres of state land has been retrieved by Board of Revenue (BoR) across the province, said Senior Member Board of Revenue Babar Hayat Tarar in oath taking ceremony. Senior Member Board of Revenue Babar Hayat Tarar was the chief guest at the ceremony which was held in honour of the newly elected officials of Punjab Revenue ... Read More »

21 customs, IR officials removed from job

LAHORE: The Federal Board of Revenue (FBR) has dismissed 29 officials on charges of inefficiency and misconduct in the past one year, including seven officers, amid resistance from within the tax machinery and the politicians to an ongoing cleansing move. The authorities have started making some progress on disciplinary cases – some of them have been pending for more than ... Read More »

‘Investor facilitation will boost production’

LAHORE: The government is fully committed to providing best possible package of incentives to the foreign and local investors in Pakistan, said Adviser to Prime Minister on Commerce Abdul Razak Dawood. During his visit to the Faisalabad Industrial Estate Development and Management Company (FIEDMC) he hoped that facilitation of investors would boost industrial production, strengthen the national economy and improve ... Read More »

Customs ASO impounds Rs452.78m smuggled goods & vehicles in July

LAHORE: Customs of Customs Enforcement, Anti-Smuggling Organization (ASO) seized huge quantity of smuggled / non-duty paid goods and vehicles during the month of July, 2021 worth Rs452.78 million. The Anti-Smuggling Organization of Collectorate of Customs Enforcement, on the directions of Collector Basit Maqsood Abbasi and headed by Muteen Alam, Additional Collector, . Faizan Badar, Deputy Collector, Ms. Sidra Naz, Assistant ... Read More »

LHC bars Customs I&I from taking action against IBR Enterprises

LAHORE: The Lahore High Court restrained the officials of Customs Intelligence and Investigation from carrying out any action against the petitioner and others and called report from DG customs intelligence. The petitioners IBR Enterprises and others through their counsel contended that under Section 179 of Customs Act, the customs intelligence could not take any action before assessment of customs duty. ... Read More »

Broiler farmers seek removal of duty, taxes on feed ingredients

LAHORE: Broiler farmers have called for reducing the input cost of raising chickens, application of agricultural electricity tariff on poultry farms and snubbing the illegitimate profit being earned by the middle men to provide chicken meat to the masses on reasonable rates on sustainable lines. General Sales Tax (GST) on import of soya bean, an important ingredient of the poultry ... Read More »

LHC stays action against sugar millers, maintains pleas against price fixing

LAHORE: Hearing the challenge on sugar millers petitioning against fixing sugar prices in the province, the Lahore High Court (LHC) has  released its verdict deeming all the petitions against maintainable. The court has stayed the government from carrying out measures against the millers and has directed the cane commissioner to compile the record on sugar supply. LHC’s verdict now combines ... Read More »

Jewellers seeks withdrawal of SRO 760

LAHORE: Jewellers community has demanded of the Government to immediately withdraw SRO 760 which is the main hurdle in developing the gems & jewellery sector in the country and enhancing its exports. The demand was raised by the FPCCI Regional Standing Committee on Jewellery Manufacturers and Retailers, Punjab Sarafa Gems & Jewellers Association and Lahore Division Sarafa & Jewellers Association ... Read More »

PM Imran pursuing prudent economic policies: Iftikhar Ali Malik

LAHORE:  United Business Group (UBG) in the Federation of Pakistan Chamber of Commerce and Industry reposed full confidence in Prime Minister Imran Khan for successfully pursuing prudent economic policies to offset the impact of Covid-19 on national economy. Talking to a traders  delegation led by Lahore Chamber s Executive Committee Member Shahid Nazir Chaudhry, the UBG Central Chairman Iftikhar Ali ... Read More »

Removal of duty & taxes anomaly on sale of locally manufactured mobile phones urged

LAHORE: Pakistan Mobile Phone Manufacturers Association has approached Finance Minister Shaukat Tarin for immediate removal of a major duty and taxes anomaly on the sale of locally manufactured mobile phones to retailers. The association has also requested the Federal Board of Revenue (FBR) to exclude locally manufactured mobile phones from the category of “Electronics” to avoid the applicability of 0.5 ... Read More »

LCCI inks MOU with 21 companies

LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) has signed over 21 Memoranda of Understanding (MoUs) with the leading companies to get discount for its members on various products. The Memoranda of Understanding have been signed with Al Aziz Furniture, Al Khan Restaurant, Al Nasar Lab, Cakes and Bakes, Chalet Catering, Chugtai Lab, Eiffel Industries Ltd (Road Prince Bikes), ... Read More »

Plan of granting five-year tax break to new authorities turned down

LAHORE: The government has turned down a plan of granting five-year tax break to new authorities to look after the affairs of airports and aviation under outsourcing of major airports of the country. The government plans to segregate Pakistan Civil Aviation Authority (PCAA) by setting up two separate authorities namely Pakistan Civil Aviation Regulatory Authority (PCARA) and Pakistan Airports Authority ... Read More »

Pakistan’s automobile sector posted double-digit growth of 23.4pc

LAHORE: Pakistan’s automobile sector posted double-digit growth of 23.4 percent from July 2020 to March 2021, sharply improving upwards from a contraction of 37.7 percent during the same time last year, stated the quarterly report by the State Bank of Pakistan (SBP). The improvement was witnessed across the board, with cars improving 24.7 percent, motorcycles 20.3 percent, LCVs 30.2 percent, ... Read More »

Inflation increased in the world due to Covid-19 pandemic: Hammad

LAHORE: Minister for Energy Hammad Azhar on Wednesday said that the inflation across the world has increased due to coronavirus pandemic. Talking to media y, he said that India has politicized the Financial Action Task Force (FATF), adding that Pakistan has fulfilled most of the requirements of the FATF. The minister said that the country’s economic indicators are better and ... Read More »

Political stability vital for sound economic growth: Iftikhar Ali Malik

LAHORE: President SAARC Chamber of Commerce and Industry Iftikhar Ali Malik said sustainable political stability is pre-requisite for sound economy which will promise greater weal for the people from different strata of the society. Addressing  a high level delegation of Karachi traders  here led by President United Business Group Zubair Tufail through webinar he said Pakistan at this crucial juncture ... Read More »

Progressive Group rejects recent increase in the prices of petroleum products

LAHORE: Progressive Group while rejecting the recent increase in the prices of petroleum products has said that third hike since the announcement of annual budget will trigger a new wave of inflation. Progressive Group President and Lahore Chamber of Commerce & Industry (LCCI) Executive Committee member Khalid Usman and Group’s Joint Secretary Muhammad Ejaz Tanveer said that increase in petroleum ... Read More »

Pakistani furniture has great potential to capture world market: Kashif Ashfaq

LAHORE: Chief Executive Officer (CEO) Pakistan Furniture Council (PFC) Kashif Ashfaq has said that Pakistan’s furniture industry has a big potential to dominate global markets with innovative designs and can significantly contribute to exports; however, it direly needs a package of incentives and facilitation for boosting exports. Talking to a delegation of furniture manufacturers led by Ahmad Waqar Chhere, he ... Read More »

Razak Dawood assures LCCI to resolve issues of 203 A Invoices soon

LAHORE: Advisor to Prime Minister on Commerce & Investment Abdul Razak Dawood has assured the Lahore Chamber of Commerce & Industry to resolve the issues of 203 (A) and invoices soon. “I will talk to the Finance Minister in this regard”, he said. He was speaking at the Lahore Chamber of Commerce & Industry. LCCI President Mian Tariq Misbah presided ... Read More »