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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

SHC seeks reply on petition filed by M/s Ariq International & M/s Global Select for refund of RD

KARACHI: A two -member bench of the Sindh High Court (SHC) issued notices to  customs officials on a constitutional petition filed by M/s Ariq International and M/s Global Select and others seeking refund of their amounts which were collected by customs officials as regulatory duty (RD). On 14 July 2021, during the hearing, counsel for the petitioners informed the court ... Read More »

Bank deposits register 14-year high growth rate

KARACHI: Government, private sector and household deposits with banks in Pakistan grew 22 per cent – the fastest pace in 14 years – to touch an all-time high of Rs19.8 trillion in fiscal year ended June 30, 2021 in the wake of a turnaround in the national economy, according to media reports. Bank deposits had stood at Rs16.2 trillion a ... Read More »

Several importers move SHC seeking release order for Hino Pak trucks

KARACHI: Zahir Shah, Usman Ali, Naimat Khan, Miraj Gull, Muhammad Sadiq, Naveed Khan, Amir Muhammad, Amir Nawaz Khan and other importers have approached the Sindh High Court (SHC) and filed a constitutional petition seeking release order of imported used Hino Pak trucks which were detained due to high valuation by customs officials. On 13 July 2021, counsel for the petitioners ... Read More »

CIR submits progress report against M/s Muhammad Shoukat in sales tax evasion scam

KARACHI: investigation officer of Commissioner Inland Revenue Zone-1 Regional Tax Office (RTO) Karachi has submitted progress report before the customs court against suspect namely Muhammad Shoukat, owner of M/s Muhammad Shoukat, who is nominated in first information report (FIR) for claiming illegal sales tax refunds on the strength of fake/ flying invoices, have committed tax fraud. On 13 July 2021, ... Read More »

Pakistan’s remittances reach historic high of $29.4b in FY21: SBP

ISLAMABAD: Workers’ remittances continued to stay above $2 billion for a record 13th consecutive month, with an inflow of $2.7 billion received in the last month of the fiscal year 2020-21, said the State Bank of Pakistan (SBP) on Tuesday. On a cumulative basis, remittances amounted to a historic high of $29.4 billion during the fiscal year, a 27% year-on-year ... Read More »

ASO submits charge sheet against M/s Al-Mahmood Coach, M/s J J Movers Coach in goods smuggling case

KARACHI: Investigation officer of Anti-Smuggling Organization (ASO) submitted progress report before the customs court against owners, partners of M/s Al-Mahmood Coach, M/s J J Movers Coach and others, who were nominated in a first information report (FIR) for smuggling of contraband and other goods. On 12 July 2021, investigation officer appeared before the court and submitted that on an actionable ... Read More »

SHC seeks comments on petition filed by M/s Outdoorsman

KARACHI: The Sindh High Court (SHC) directed customs officials and home department to file their respective para wise comments on a constitutional petition filed by arms dealer seeking order for immediately issuing of transportation license for imported consignment of small arms and ammunition from amounting to US$ 311,604. On 12 July 2021, during the hearing, counsel for M/s Outdoorsman argued ... Read More »

SHC calls comments on petition challenging VR No1514/2021

Valuations Rulings - Pakistan Customs Today News Paper

KARACHI: A two-member bench of the Sindh High Court (SHC) directed customs officials to make sure filing their para wise comments on a constitutional petition filed by an importer seeking provisional release order for imported consignments of dry battery cell non rechargeable and challenging valuation ruling no 1514/2021 as well. On 9 July 2021, during the hearing, counsel for M/s ... Read More »

ASO submits progress report against suspects in contraband goods smuggling case

KARACHI: The Investigation officer of Anti-Smuggling Organization has submitted a progress report against suspects namely Nabi Bux Purkhani, Anaar Gul and others, who were nominated in a first information report (FIR) for smuggling huge quantities of contraband goods into Pakistan and losing the national exchequer. On  10 June 2021, investigation officer submitted progress report and informed the court that a ... Read More »

Customs I&I posts 151.19pc growth in seizure cases during FY2020-21

KARACHI: Directorate of Customs Intelligence and Investigation during anti-smuggling drive seized goods worth Rs8.5 billion during FY2020-21. The figures showed 151.19 percent growth as compared to Rs3.39 billion in the previous year. The performance of Customs Intelligence and Investigation under the supervision of Director Khalil Yousufani and comprising Additional Director Rana Tasleem, Deputy director Amjad Rajpar, Additional Director Sheeraz Ahmad, ... Read More »

SHC issues notices to customs officials on petition filed by M/s Iqra Textiles

KARACHI: A two-member bench of the Sindh High Court (SHC) issued notices to the customs officials on a constitutional petition filed by M/s Iqra Textiles seeking order for assessment of imported consignments of textiles fabric seized by customs officials. On 6 July 2021, counsel for the petitioner stated that during the course of business, petitioner imported consignments of textile fabrics ... Read More »

CIR IO submits progress report against M/s Transcom Tech in tax evasion case

KARACHI: Investigation officer of Commissioner Inland Revenue Zone-I has submitted a progress report before customs court Karachi against Rahim Zaada, owner of M/s Transcom Tech booked for commission of tax fraud by obtaining sales tax refund on the strength of fake and flying invoices and false zero-rated supplies without having any manufacturing facility. On 9 July 2021, investigation officer submitted ... Read More »

IMF & Pakistan’s goals are aligned: SBP Governor Reza Baqir

WASHINGTON: State Bank of Pakistan Governor Reza Baqir says that the talks with the International Monetary Fund are going well and that Pakistan and IMF’s goals are aligned. The SBP governor was speaking to the media after introducing the Roshan Digital Initiative to a gathering at the Pakistan embassy in Washington DC. He said that Pakistan is taking steps to ... Read More »

M/s Friends Enterprises moves SHC challenging 2 notifications regarding tax collection jurisdiction

KARACHI: M/s Friends Enterprises has approached the Sindh High Court (SHC) and filed a constitutional petition challenging notification no 07-94010 jurisdiction/2019/080620 R dated Dec 03, 2019 and notification no CC/IR/LTU(II)/Jurisdiction/2019/ 3848 dated Dec 04, 2019 issued by FBR officials regarding tax collection jurisdiction. On 9 July 2021, counsel for the petitioner stated that Chief (IR-Formation) FBR issued the impugned jurisdiction ... Read More »

Customs Court directs IO to arrest culprits in smuggling of contraband goods case

KARACHI: Investigation officer of Collectorate of Customs Enforcement & Compliance has sought further time for arrest of suspects who were allegedly involved for smuggling of contraband goods including betel nuts etc. On 8 July 2021, during the hearing, the investigation officer appeared before the court and argued that prosecution is trying its best for the arrest of suspects, who are ... Read More »

Financial System exhibited resilience amid Covid-19: SBP

KARACHI: The State Bank of Pakistan (SBP) has issued its flagship annual publication, the Financial Stability Review (FSR) for CY20. The Review presents performance and risk assessment of various stakeholders in the financial sector including banks, non-banking financial institutions, financial markets, non-financial corporates and financial market infrastructures. The FSR highlights that CY20 was a challenging year for the financial sector ... Read More »

Tax evasion Customs Court directs IO to submit progress report against M/s KZ Industries

KARACHI: The Customs Court directed investigation officer to complete investigation and submit final progress report against owner of M/s KZ Industries who are booked for commission of tax fraud by obtaining sales tax refund on the strength of fake and flying invoices and false zero-rated supplies without having any manufacturing facility. On 7 July 2021, investigation officer of Commissioner Inland ... Read More »

M/s Outdoorsman approaches SHC for issuing of transportation license for small arms & ammunition

KARACHI: M/s Outdoorsman has approached the Sindh High Court (SHC) and filed a constitutional petition seeking order for immediately issuing of transportation license for imported consignment of small arms and ammunition from USA amounting to a total US$3,11,604. On 7 July 2021, counsel for the petitioner stated that petitioner being aggrieved and frustrated by the respondents, apparent mala fides and ... Read More »

Pak-China imports remained top among other countries: SBP

KARACHI: China topped the list of countries from where Pakistan imported different products during the first eleven months of financial year (2020-21), followed by United Arab Emirates (UAE) and Singapore. The total imports from China during July-May (2020-21) were recorded at $11454.962 million against the $8255.990 million during July -May (2019-20), showing an increase of 38.74 percent during the period, ... Read More »

Customs Court approves progress report against M/s Zubair Steel & other in money laundering case

KARACHI: The Customs Court approved progress report against owners/ proprietor/ partners/ beneficiaries of M/s Zubair Steel, owners/ proprietor/ partners/ beneficiaries of M/s Balochistan Engineering Works Ltd, owners/ proprietor/ partners/ beneficiaries of M/s Royal Impex Pvt Ltd, owners/ proprietor/ partners/ beneficiaries of M/s Steel Vision Pvt Ltd and owners/ proprietor/ partners/ beneficiaries of M/s Hassan Steels and owners/ proprietor/ partners/ beneficiaries ... Read More »