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Author Archives: M Hayat

IHC allows petition by M/s Kokab Enterprises, Lahore

LAHORE: A bench of Islamabad High Court (IHC) allowed a constitution petition filed by M/s Kokab Enterprises, Shah Alam market, Lahore which imported a consignment of body spray but Custom officials while applying Valuation Ruling (VR) older than 90 days detained the same over valuation dispute. The Collector Customs, Islamabad, Deputy Assistant Collector AFU (Air Freight Unit) Islamabad and Director ... Read More »

Pakistan businessmen for providing free access to US markets at zero duty

LAHORE: Pak-US Business Council has said on merit it had been long awaited demand of Pakistan business community for providing free access to US markets at zero duty to help stable its economy shattered as a result of war against terror A bipartisan bill moved in the US Senate on Friday to establish duty free export zones along Pak-Afghan border, ... Read More »

Govt urged to follow trends adopted by different countries for export of products

LAHORE: Pakistan Carpet Training Institute (CTI) Chairperson Pervez Hanif has said that Pakistan should follow the trends adopted by different countries for the export of its products in wake of Corona epidemic. Talking to newsmen, he said for this, special tasks should be assigned to Pakistani embassies abroad. Pervez Hanif said due to the decline in exports and lack of ... Read More »

FIA team recovers 37 mobile phones, 30 kg 4445 Boostin-S injections worth Rs12m

LAHORE: Federal Investigation Agency (FIA) team has recovered 37 mobile phones and a bag about 30 kg having 4445 Boostin-S injections from a passenger. The market value of seized mobile phones and boostin injections is around Rs12 million. Sources told Customs Today that a passenger who was later identified as  Wahid Khan son of Bakht Rawaan arrived at Multan Airport ... Read More »

Collector Basit Maqsood Abbasi distributes work among assistant collectors

LAHORE: Collectorate of Customs Enforcement and Compliance (E&C) Collector Basit Maqsood Abbasi has issued order for distribution of work among following assistant collectors with immediate effect and until further orders:- Assistant Collector Ali Tauqir work assigned auction, Railway Station T-10 Assistant Collector Isfandyar Ikram Khan work assigned headquarters, HRD, general branch, law branch, I&P cell, uaction & SWHs (SNS, TND ... Read More »

FBR considering withdrawing exemptions

LAHORE: Federal Board of Revenue (FBR) is considering withdrawing exemptions and concessions granted in case of loss report by individual or corporate taxpayers in the upcoming budget, sources said on Tuesday. The FBR sources rationalisation of concessions and exemptions granted under the minimum tax regime is under discussion to make it part of the final recommendation for the budget 2021/22. ... Read More »

Govt needs to increase effective liaison with exporters for boosting economy; Pervez Hanif

LAHORE: Carpet Training Institute (CTI) Chairperson Pervez Hanif has said that instant and extraordinary decisions are urgently needed for policy making in this given circumstances for which the government should increase effective liaison with stakeholders. In his statement issued here today, Pervez Hanif said further relief should be given to manufacturers and exporters to increase export competitiveness in international markets. ... Read More »

Business activities parallel important: Khawaja Khawar Rashid

LAHORE: Former senior vice President of the Lahore Chamber of Commerce & Industry and President Punjab Dyes and Chemicals Merchants Association (Lahore Chapter) Khawaja Khawar Rashid has expressed deep concern over repeated promulgation of complete lock down by the ministers and advisors. Khawaja Khawar Rashid said that the ministers and advisors of the government should avoid spread fear and panic ... Read More »

Third border crossing point with Iran to boost trade between two countries. Iftikhar Ali Malik

LAHORE: SAARC Chamber President Iftikhar Ali Malik has said opening of third border crossing point with Iran is poised to boost trade between the two Muslim neighbouring countries. Talking to a delegation of exporters from Balouchistan led by former President FPCCI Eng  Daroo Khan Achakzai he said launching of new Pashin-Mand point would not only increase the volume of trade ... Read More »

Markets should be allowed to be open 24 hours till Eid: Khawaja Khawar Rashid

LAHORE: President Punjab Dyes and Chemicals Merchants Association (Lahore Chapter) and former senior vice president of the Lahore Chamber of Commerce and Industry Khawaja Khawar Rashid has demanded the government to allow all markets to be open 24 hours a day till Eid. Khawaja Khawar Rashid said that 24/7 timing of markets till Eid will be resulted in a reduction ... Read More »

FBR raises objections to proposal of IMF to increase salary tax collection to Rs305b

LAHORE: The Federal Board of Revenue (FBR) raised objections to the proposal of the IMF to increase salary tax collection to Rs305 billion. The FBR in its counter proposal suggested an increase of up to Rs10 billion in tax collection from salary income. According to sources, the government is resisting a proposal by the International Monetary Fund to cream off ... Read More »

Collector AIIA Azmat Tahira distributes work among deputy, assistant collectors

LAHORE: Collectorate of Customs Allama Iqbal International Airport (AIIA) Collector Azmat Tahira has issued office order for distribution of work among following deputy and assistant collectors with immediate effect and until further orders:- Deputy Collector Usman Tariq assigned work at HQ, CPF, Group-III, export, DRRA and Internal Audit, I&P, ICG assessment, MCD/EIF waiver, TP, cash and any special task assigned ... Read More »

Customs I&I seizes smuggled cloth worth Rs75m

LAHORE: Directorate of Customs Intelligence and Investigation (I&I) impounded huge quantity of smuggled goods worth Rs75 million. Sources told Customs Today that seized goods belonged to notorious smuggler Haji Sadiq. Sources said that Director Customs Intelligence and Investigation (I&) received credible information about smuggling of goods. He immediately directed Additional Director Hasan Farid regarding movement of smuggled goods. A team ... Read More »

LCCI demands govt to reconsider decision of closing businesses by 6 pm

LAHORE: Lahore Chamber of Commerce and Industry (LCCI) along with the other chambers of commerce across Pakistan has demanded the government to reconsider the decision of closing businesses by 6 pm and no business activities on Saturday and Sunday. Mian Tariq Misbah, President, Lahore Chamber of Commerce and Industry, said the National Command Operations Center (NCOC) decided to close normal ... Read More »

Pakistan’s imports hit near three-year high of $5.66b

LAHORE: Pakistan’s imports hit near three-year high of $5.66 billion in March with major contribution coming from import of wheat and sugar, oil and gas, fertilisers and pesticides, automobiles, mobile phones and machinery and equipment for industries. The increase in imports suggests that Pakistan’s economic activities are on a rise amid the third wave of the Covid-19 pandemic. However, persistent ... Read More »

All resources being utilized  for industrial development: Mian Aslam Iqbal

LAHORE:  Punjab Minister for Industries and Commerce Mian Aslam Iqbal said that all resources are being utilised for industrial development and elimination of unemployment. He was chairing to review progress of development works at industrial estates working under the Punjab Industrial Estates Development and Management Company (PIEDMC). PIEDMC Chairman Syed Nabil Hashmi, Board members Arif Qasim, Tariq Siraj Jafari, Chief ... Read More »

Iftikhar Ali Malik steps down as member RUDA

LAHORE: Veteran trade leader Iftikhar Ali Malik stepped down as member Ravi Urban Development Authority ( RUDA) owing to his pre occupation as President SAARC Chamber of Commerce and Industry and other important engagements. In his resignation, he expressed gratitude to Prime Minister Imran Khan and Chief Minister Punjab Usman Buzdar for reposing their trust by appointing him in RUDA, ... Read More »

Auto revolution depends on success of EV Policy 2020-2025: Mian Tariq Misbah

LAHORE: An auto revolution is knocking the door as government has already approved “Electric Vehicles Policy 2020-2025 but to achieve the desired goals, its implementation in true sense of words is a must. “Electric Vehicles Policy 2020-2025 alone would resolve the issues of high import bill, cost of transportation, drastically rising pollution and various others”, the LCCI President Mian Tariq ... Read More »

FBR decides to bring down rate of withholding tax at 0.25pc for dealers of fertilisers

LAHORE: The Federal Board of Revenue (FBR) has allowed reduced rate of withholding tax at 0.25 percent for dealers of fertilisers who have sales tax registration, sources said on Thursday. The reduced rate may help in bringing down prices of urea by Rs8/bag and diammonium phosphate (DAP) by Rs21/bag, they said. Sources in the FBR said this is a major ... Read More »

Duties & taxes on raw material for pharmaceutical industry should be brought down

LAHORE: Mian Tariq Misbah Lahore Chamber of Commerce and Industry (LCCI) has said that duties and taxes on the raw material for pharmaceutical industry should be brought down to reduce the input cost. Tariff rationalization is need of the hour, Mian Tariq Misbah said and added that LCCI has given comprehensive proposals regarding the Tariff Rationalization. He said that all ... Read More »