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Pakistan’s first in-depth newspaper that presents balanced news reports, analysis and reviews regarding Customs, Federal Board of Revenue (FBR) and Sales/Income Tax Departments beside covering import and export sectors comprehensively. Up-to-the-minute news bulletins regarding Customs and FBR departments are also displayed regularly on both website and face book for the interest of common people

SBP foreign reserves rise $2.6b to $16.1b

KARACHI: The State Bank of Pakistan’s (SBP) foreign exchange reserves increased by US$2,579 million and were recorded at $16,106 million during the week ending on April 9. According to the data released by the central bank, net reserves held by the SBP stood at $16,106.4 million. Net reserves held by commercial banks amounted to $7,113 million. Overall liquid foreign reserves ... Read More »

Tax evasion: Customs court grants bail to Muhammad Zubair Gheewala & others

KARACHI: The Customs Court granted bail to suspects namely Muhammad Zubair Gheewala son of Muhammad Ismail and Muhammad Roz Khan son of Dost Muhammad son of Noroz Khan against the surety of Rs100,000 each who were arrested in a case of mega tax evasion case. On 13 April 2021, Zain Jatoi Advocate, a senior counsel appeared behalf of the above ... Read More »

SHC dismisses reference applications filed by Appraisement East & Customs PMBQ against M/s New World Impex & others

KARACHI: A two-member bench, headed by Justice Muhammad Junaid Ghaffar has dismissed special customs reference applications filed by Collector of Customs Appraisement East and Collector of Customs Port Muhammad Bin Qasim against M/s Hi-Tech Impex, M/s New World Impex, M/s Faisal International, M/s Ali Enterprises, M/s Sana Enterprises, Ashfaq Ahmed & others. Through these reference applications, the applicant has impugned ... Read More »

SHC dismisses 14 SCRAs filed by Collector of Customs against M/s Victory Pipe Industries & others

KARACHI: A two-member bench, comprising Justice Muhammad Junaid Ghaffar and Justice Agha Faisal has dismissed 14 special customs reference applications filed by the Collector of Customs against M/s Victory Pipe Industries (Pvt) Ltd and others challenging impugned order passed by customs appellate tribunal. On 12 April 2021, court released detailed judgment and observed that “through these reference applications, the applicant ... Read More »

SHC restores case against M/s Paramount Enterprises on disputed duty & taxes on consignment of coconut acid oil

KARACHI: The Sindh High Court (SHC) has set aside impugned order passed by customs appellant tribunal and restored order of the customs department on a special customs reference application filed by Collector of Customs against M/s Paramount Enterprises on disputed duty and taxes on consignment of Coconut Acid Oil. Through this reference application the applicant has impugned order dated 04.05.2012, ... Read More »

Masood Wyne appointed as convener FPCCI standing committee on “customs dry port affairs”

KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Mian Nasser Hyatt Maggo has appointed Masood Alam Wyne as convener of FPCCI standing committee on “customs dry port affair”. Masood Alam Wyne is authorized to select and appoint professionals and experienced persons throughout the country as members (minimum nine) (9) for the committee from the relevant field/sector, within ... Read More »

PTCL remains focused on improving services, all set for 5G: Zaheer Achakzai

KARACHI: Executive Vice President PTCL (South) Zaheer Achakzai has said that PTCL has remained focused on improving its quality of service by upgrading the infrastructure that led to improving the profitability by 34 percent and the service provider’s infrastructure was all set for 5G which has already been successfully tested. Exchanging views at a meeting during his visit to the ... Read More »

SHC dismisses reference application filed by CIR against M/s Dawood Islamic Bank Limited (Burj Bank)

KARACHI: The Sindh High Court (SHC) dismissed a reference application filed by the Commissioner Inland Revenue through Kashif Nazeer against M/s Dawood Islamic Bank Limited (Burj Bank). On 13 April 2021, a two-member bench, comprising Justice Muhammad Junaid Ghaffar and Mr Justice Agha Faisal heard the case. After the hearing, court passed a detailed order and observed that “through this ... Read More »

Customs Preventive seizes huge quantity of smuggled goods in different raids

KARACHI: Collectorate of Customs Preventive, Anti-Smuggling Organization (ASO) has seized large quantity of smuggled goods in various operations. Sources told that Collector Preventive Saquif Saeed held a meeting of anti-smuggling squads which was also attended by Additional Collector Haroon Malik and Assistant Collector Shafiulah. Collector Saquif Saeed directed anti-smuggling squads to expedite their efforts against smuggling. He directed to adopt ... Read More »

Car sales growth up 37pc in nine months of FY2020-21

KARACHI: The sales of locally assembled cars registered 37 percent growth in first nine months (July – March) 2020/2021 owing to higher demand following ease in coronavirus restriction during the period. According to Pakistan Automotive Manufacturers Association (PAMA) the car sales recorded 134,522 units during first nine months of the current fiscal year as compared with 98,425 units in the ... Read More »

Customs Court approves bail to owner of M/s Arsalan Company in mis-declaration case

KARACHI: The Customs Court granted bail to suspect namely M/s Arsalan Akram son of Akram Rasheed owner of M/s Arsalan Company against the surety of Rs300,000, who was nominated in first information report (FIR) for mis-declaration and concealment of actual description, specifications and constituent material to deceive application of correct assessable value. On 12 April 2021, counsel for the above ... Read More »

CC CRTO assures to analyze possibility of restoring tax back to 0.1pc in next budget

KARACHI: Chief Commissioner Corporate Regional Tax Office (CRTO) Karachi Federal Board of Revenue (FBR) Dr. Aftab Imam, after listening to the viewpoint of business community, assured to analyze the issue of higher turnover tax on yarn traders as compared to the profit margin and look into the possibility of restoring it back to 0.1 percent from 1.5 percent in the ... Read More »

Customs Court approves bail to owner of M/s Friends Enterprises in sales tax scam

KARACHI: The Customs Court granted bail to suspect namely Muhammad Jawaid of Friends Enterprises against the surety of Rs. 300,000 and directed him to appear before the court for next date of hearing, suspect was nominated in first information report (FIR) for fake/ bogus input and refund of sales tax amounting to Rs681,275 and Rs962,030. On 10 April 2021, during ... Read More »

SBP announces banking hours for Ramazan

KARACHI: State Bank of Pakistan (SBP) on Tuesday announced office timings for all banks, development finance institutions and microfinance banks during Ramadan. According to a notification issued by the central bank, from Monday to Thursday office timings will be from 10:00am to 4:00 pm with a 2pm to 2:15pm break whereas on Fridays banks will remain open from 10:00am to ... Read More »

SBP considering issuing digital currency to boost financial inclusion

KARACHI: The State Bank of Pakistan (SBP) is considering issuing digital currency to boost financial inclusion and reduce money laundering in the economy, the central bank’s governor was quoted as saying. “We are studying that very carefully. We think that some countries like China are already showing the way,” SBP Governor Reza Baqir told CNN in an interview. Baqir said ... Read More »

Mis-declaration: Customs court seeks progress report against M/s Zubair Steel, M/s Raja Shakeel Traders and others

KARACHI: The Customs Court directed investigation officer of directorate general of Intelligence & Investigation Customs to complete investigation and submit progress report against proprietors/ owners/ partners of M/s Zubair Steel, owners/ directors/ partners of M/s Raja Shakeel Traders, owners/ directors/ partners of M/s Royal Steel, owners/ directors/ partners of M/s Cosmos Trading Development, officers/ officials of MCC Appraisement West, MCC ... Read More »

SHC allows 31 reference applications filed by importers against judgment of Customs Appellate Tribunal

KARACHI: A two-member bench of the Sindh High Court (SHC) has allowed reference applications and setting aside the impugned orders passed by Customs Appellate Tribunal filed by M/s United Refrigeration Industries Ltd, M/s Yasir Chemicals, Karachi, M/s Kaghan Chemicals Co, M/s Adil Polumers, M/s Shouibee Industries & Others, M/s Atee & Company, United Refrigeration Industries Ltd, M/s Waves Singer Pakistan ... Read More »

Collector Fawad Shah’s Customs Exports foils bid to smuggle Ketamine worth Rs80m to USA

KARACHI: Under the supervision of Collector Syed Fawad Ali Shah, Collectorate of Customs Exports Port Mohammad Bin Qasim (PMBQ) foiled an attempt to smuggle 52.6kgs of psychotropic drug Ketamine concealed in an export consignment of LED bulbs destined for Brooklyn, New York, USA. The approximate value of seized Ketamine is Rs 80 million in international market. Chief Collector Enforcement and ... Read More »

Customs I&I recovers smuggled items at Super Highway

KARACHI: Directorate of Customs Intelligence and Investigation (I&I) team recovered smuggled items in a raid at the Superhighway bus stop. Sources told Customs Today that Customs Intelligence and Investigation officials in a joint raid at Superhighway bus stop recovered a large haul of smuggled items worth millions of rupees. Following the raid, the owners of the bus step recorded their ... Read More »

SHC seeks reply on petition filed by M/s Specialty Chemicals Industries Private Limited against detention of consignment

KARACHI: The Sindh High Court (SHC) has sought para wise comments on a constitutional petition filed by M/s Specialty Chemical Industries Private Limited against enhancement of valuation of imported consignments of rubber from US$ 270 to US$ 380 per metric ton. On 9 April 2021, a two-member bench, headed by Muhammad Junaid Ghaffar heard the matter, during the hearing, court ... Read More »