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Karachi

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

KPT seeks collection booths functioning during Eid holidays

KARACHI: Chief Accounts Officer of Karachi Port Trust (KPT) asked the Chief Manager of Habib Bank Limited to establish special booths for collection of duty and taxes during Eidul Fitr holidays. In a letter to chief manger, KPT accounts officer hoped that necessary measures will be taken for smooth functioning of collection booths in order to facilitate the importers, exporters ... Read More »

Sharaf Shipping Agency seeks ‘reason for delay’ to comply with SBP condition

KARACHI: Sharaf Shipping Agency (Private) Limited issued client advisory and asked its customers to submit “reason for delay” on their letterhead at the time of obtaining delivery orders. The client advisory issued by the Company read as “as per the guidelines received from State Bank of Pakistan (SBP), any import shipment clearance that is delayed for more than 60 days ... Read More »

Banks to remain open on Saturday

KARACHI: The State Bank of Pakistan (SBP) has announced that all branches of banks/MFBs will open on May 8, 2021 to facilitate the customers. According to SBP, in the wake of forthcoming Eid-ul-Fitr holidays from 10th to 15th May, 2021 and to cater the banking needs of public at large, it has been decided that all branches of banks/MFBs shall ... Read More »

State Bank of Pakistan announces Eid-ul-Fitr holidays

KARACHI: The State Bank of Pakistan on Tuesday announced it would remain closed from May 10-15 on account of Eid-ul-Fitr holidays in the country. “The State Bank of Pakistan will remain closed from 10th to 15th May, 2021 (Monday to Saturday) on the occasion of Eid-ul-Fitr,” read a statement from the central bank. However, the central bank issued an important ... Read More »

Importer Hayatullah approaches SHC against detention of auction consignment

KARACHI: An importer namely HayatUllah has approached the Sindh High Court (SHC) and filed a constitutional petition against detention of imported tyres consignment which was purchased through auctioning by customs officials after fulfilment of all the legal formalities. On 3 May 2021, counsel for the petitioner stated that petitioner purchased the auctioned tyres from one Muhammad Sadiq and the said ... Read More »

SHC calls comments on petition filed by M/s Al-Karam Private Limited challenging regulatory duty

KARACHI: A two-member bench of the Sindh High Court (SHC) directed customs officials to make sure filing their respective para wise comments on a constitutional petition filed by M/s Al-Karam Private Limited against a show-cause notice issued by collector of customs adjudication-II for regulatory duty of the consignments of acrylic pigments and acrylic thickener imported by the petitioner amounting to ... Read More »

FTO urges FBR to avoid unnecessary filing

KARACHI: The Federal Tax Ombudsman (FTO) has recommended the Federal Board of Revenue (FBR) to avoid unnecessary filing of frivolous representations before the President of Pakistan in cases involving action against corrupt tax officials. According to the FTO’s annual report (2020), the unnecessary filing of representations on the settled points of law and procedure, particularly when action against tax officials ... Read More »

ADC JIAP Aamer Nawaz Hamid re-distributes work among deputy, assistant collectors

KARACHI: Collectorate of Customs Jinnah International Airport (JIAP) Aamer Nawz Hamid has issued office order for re-distribution of work among deputy collectors and assistant collectors with immediate effect and until further orders:- Deputy Collector Sabir Jamil work assigned AFU (admin), headquarters and related works, AFU examination, MIS, law, audit adjudication, FTO, R&D, AS), refuns, adjudication, AFU exports. Deputy Collector Inamullah, ... Read More »

Forex reserves rise to over $23b

KARACHI: The State Bank of Pakistan’s (SBP) foreign exchange reserves were recorded at $16.42 billion during the week ending on April 23, showing an increase of $384 million. According to the central bank, overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $23.52 billion after an increase of ... Read More »

M/s The Barki Tyre approaches SHC challenging Valuation Ruling 1319/2018

Valuations Rulings - Pakistan Customs Today News Paper

KARACHI: M/s The Barki Tyre has approached the Sindh High Court (SHC) and filed a constitutional petition against enhancement of valuation of imported 1040 sets thickening brand of tyres with tube and flap of size 8.25R16LT 16 PRTT 128/ 124 L under the garb of Valuation ruling no 1319/2018. On 29 April 2021, counsel for the petitioner stated that in ... Read More »

SHC seeks comments on petition filed by M/s Quick Deal Customs Clearing & Forwarding Agency

KARACHI: A two-member bench of the Sindh High Court (SHC) issued notices to the customs officials and directing them to file their respective para wise comments on a constitutional petition filed by importer seeking for restoration of its ID/ License which was blocked by customs officials due to lodging first information report (FIR) against the petitioner. On 29 April 2021, ... Read More »

SBP to not issue new banknotes on Eid ul Fitr due to COVID-19

KARACHI: The State Bank of Pakistan (SBP) has announced that it will not be issuing new notes on Edi ul Fitr this year due to the coronavirus pandemic. “Like last year, we will not be issuing new banknotes on Eid ul Fitr due to the spread of the coronavirus pandemic,” said the SBP in a statement. The central bank issues ... Read More »

SBP changes bank timings amid COVID-19 outbreak

KARACHI: The State Bank of Pakistan (SBP) changed on Thursday the banking hours amid a spike in coronavirus cases in the country. The central bank said that working hours were cut short under the federal government directives. “In line with the decision of National Command & Operation Centre (NCOC) to contain the spread of COVID-19, the State Bank of Pakistan ... Read More »

Tax evasion of Rs34.511m: Customs Court seeks progress report against M/s Khadeeja Packages  

KARACHI: The Customs Court directed investigation officer of Commissioner Inland (IR) Revenue Zone-IV, RTO-I to complete investigation and submit progress report against suspect namely Syed Muhammad Dabeer Hussain Zaidi of M/s Khadeeja Packages, who was nominated in first information report (FIR) of commission of tax fraud by falsifying sales tax invoices. On 28 April 2021, investigation officer informed the court ... Read More »

SHC calls comments on petition filed by M/s Firpo Private Limited against higher valuation of imported bulbs’ consignment

KARACHI: The Sindh High Court (SHC) has directed high officials of Federal Board of Revenue (FBR)/ Customs Department to make sure filing their respective para wise comment on a constitutional petition filed by M/s Firpo Private Limited against enhancement of valuation of imported consignment of bulbs seized by the customs officials due to disputed valuation. On 28 April 2021, counsel ... Read More »

Customs Court seeks progress report against M/s Progresive Enterprises, clearing agent & others

KARACHI: The Customs Court directed investigation officer of Intelligence & Investigation-FBR to complete investigation and submit progress report against owners/ proprietor/ partners/ beneficiaries of M/s SAS Pvt Ltd, Imran Ali Alias Ali, owners/ proprietor/ partners/ beneficiaries of M/s Progresive Enterprises, clearing agent and others, who were nominated in FIR for mega mis-declaration. On 25 April 2021, investigation officer appeared before ... Read More »

M/s Moonlight Trading moves SHC against detention of  sweater, upper & baba jackets’ consignment

KARACHI: M/s Moonlight Trading Company has approached the Sindh High Court (SHC) and filed a constitutional petition against blockage/ hold of imported consignment of garments inter-alia boy/ girl jacket/ sweater/ upper and baba jackets at a value of US$ 45, 506.70 allegedly due to mis-declaration. On 27 April 2021, counsel for the petitioner stated that petitioner has imported garments inter-alia ... Read More »

Deputy Collector Appraisement East distributes work among 22 AOs

KARACHI: Collectorate of Customs Appraisement and Facilitation East Junaid Mehmood has issued office order for distribution of work among following appraising officers with immediate effect and until further orders:- Hamza Rauf Chishti SAPT Muhammad Arif Changezi, Group-VII Hubban Muhi-ud-Din, Group-VI, FTO Hafiz Syed Khawar Hashmi, Group-V, pre-refund audit Fahimullah Khan, Group-III, PM Citizen’s Portal Tauseef Ahmad, Group-III, User ID Javaid ... Read More »

Deputy Collector Junaid Mehmood distributes work among 8 appraising officers

KARACHI: Collectorate of Customs Appraisement and Facilitation (E&C) Deputy Collector Junaid Mehmood has issued office order for distribution of work among following seven appraising officers (AOs) with immediate effect and until further orders:- Principal Appraiser Asad Mehmood work assigned Group-VII in addition refund cell and FTA cell. Principal Appraiser Aijaz Ahmad Butt work assigned R&D Principal Appraiser Najamul Hussain work ... Read More »

Foreign Exchange Rates Committees issues conversion rates

KARACHI: Rates applicable for conversion into rupees of Foreign Currency Deposits, Dollar Bearer Certificates, Foreign Currency Bearer Certificates, Special US Dollar bonds and profits thereon by all banks and also for providing forward cover on foreign currency deposit (Excluding FE-25 Deposits) issued by the Foreign Exchange Rates Committee on Monday (April 26, 2021). US Dollar                             153.8380 Pound Sterling                  ... Read More »