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MCC Lahore seizes vehicles, goods worth Rs220m in 9 months

LAHORE: Anti-smuggling wing of Model Customs Collectorate Lahore has confiscated vehicles, goods and articles worth Rs 220 million in 274 cases in nine months period i.e., from July 2013 to March 2014. The anti-smuggling scout registered cases against 83 non-duty paid vehicles worth Rs 35 million while seized goods and articles worth Rs 185 million in 191 cases. During the ... Read More »

Hassling foreign contractor: FTO wants stern action against officials

ISLAMABAD: The Federal Tax Ombudsman (FTO) Office played a key role in facilitating a foreign investor who was punished for filing genuine refund claims with the tax department. The FTO directed the FBR to take disciplinary action against the officials who deliberately changed investor jurisdiction five to six 6 times to avoid payment of refunds pertaining to past years. As ... Read More »

ST zero-rating on gas, power: FBR begins survey to check misuse

ISLAMABAD: The Federal Board of Revenue (FBR) embarked upon a survey of export-oriented manufacturing unit in textile, leather, surgical, carpets and sports sectors to verify sales tax zero-rating on electricity and gas connections. As per details, the FBR directed all Chief Commissioners of Large Taxpayer Units (LTUs) and Regional Tax Offices (RTOs) to physically verify each of registered exporters of ... Read More »

Mounting ST refunds stoking up industry’s worries

LAHORE: The pending sales tax refunds of few export companies have amounted to Rs1 billion in 2013-14 while the business community has reiterated its stance to raise voice for  early release of refunds at all forums including Federal Board of revenue (FBR). As per details, leading exporters have expressed their concern over the mounting refund claims on daily basis despite ... Read More »

Codentify on cigarettes: FBR puts off implementation of plan

ISLAMABAD: The Federal Board of Revenue has put on hold the plan for complicated digital coding and tracking system ‘Codentify’ on cigarettes which is the brainchild of a multinational cigarette manufacturing company. The FBR’s Board-in-Council has decided put on hold implementation to weigh up the proposed system to affix digital code on each of the cigarette packs. A company wanted ... Read More »

Non-transfer of powers affecting affairs at IOCO

KARACHI: The daily affairs of Input-Output Co-efficient Organisation are badly affected due to the non-transfer of powers delegated to IOCO in the SRO issued by Federal Board of Revenue in the year 2012, it is learnt here. Sources, on condition of anonymity, told Customs Today that the FBR in the year 2012 had decided to bring all major activities including ... Read More »

Customs I&I seizes 2,100 yards bootleg cloth

ISLAMABAD: The Customs Intelligence and Investigation has seized 2,100 yard China-made women cloth being smuggled from Peshawar to Lahore via GT Road. Acting on a tip-off, the Customs I&I squad intercept a truck at Rawalpindi station and upon search recovered 2,100 woman China-made cloth being smuggled to Lahore. The Customs officials also arrested two traffickers identified Farooq, son of Yar ... Read More »

Importers demand revisiting of valuation guideline of base oil

KARACHI: The importers have demanded the Chief Collector of Appraisement-South Nasir Masroor to revisit the valuation guideline of base oil (lubricant) and resolve the issue of its trade. Sources informed Customs Today that a delegation of importers met with the Chief Collector Nasir Masroor at his office and expressed their reservations over the issuance of valuation guideline of base oil. ... Read More »

Lower grade Customs officials facing problems in parking vehicles

KARACHI: The lower grade Customs officials are facing problems in parking their vehicles outside the Customs House. One of the Customs employees while sharing his views with Customs Today said that the ban on parking vehicles outside the Customs House has put an extra burden on their pockets, as the ban compels the Customs employees below Grade-16 to park their ... Read More »

Dastgir for efforts to increase exports

LAHORE: Federal Minister for Commerce Khurram Dastgir has said that Trade Development Authority of Pakistan (TDAP) must make concerted efforts not only to increase exports but also for making the organisation in real sense a contributing factor for trade promotion. He expressed these views during a detailed briefing on TDAP activities and challenges at TDAP office. He directed the officials to make ... Read More »

Customs confiscates 1kg heroin

ISLAMABAD: Pakistan Customs seized one kilogram of heroin at International Mail Office, Chaklala Garrison, Rawalpindi, from a parcel booked for the UK. While clearance of export parcels, the customs staff at International Mail Office, Chaklala, found a suspicious parcel. The parcel comprised factory-sealed twelve tins of sweets (Multani Halwa) booked by a resident of Peshawar, for a resident of Birmingham, ... Read More »

145 kg pangolin scales impounded at Islamabad airport

ISLAMABAD: Pakistan Customs has thwarted an attempt to smuggle 145 kg of pangolin scales from Benazir Bhutto International Airport, Islamabad to Hong Kong. Customs staff at Islamabad’s International Airport confiscated the pangolin scales from the baggage of two suspected Chinese passengers departing for Hong Kong via flight. The Chinese passengers were allowed to proceed abroad after fulfilling formalities. The recovered ... Read More »

LTBA elects new office bearers

LAHORE: Lahore Tax Bar Association has elected its new office bearers including President, Vice President, General Secretary, Finance Secretary and Joint Secretary. Ayesha Qazi has been elected President securing 691 votes. Nouman Yahya has been elected Vice President with 815 votes. Maunum Sultan has been elected General Secretary with 871votes. Shakeel Basra has been elected Finance Secretary with 667 votes, ... Read More »

Customs impounds illegal vehicles worth Rs4m

LAHORE: Anti-smuggling scout has confiscated two foreign made vehicles worth Rs 4 million at the MM Aalam Road. According to details the anti-smuggling wing impounded Land Rover worth Rs 3 million model 2004 and Toyota worth Rs 1 million model 2002 in the city. Read More »

Collectorate of Adjudication-I issues 6 show cause notices

KARACHI: The Collectorate of Adjudication-I has issued six show-cause notices against the different individuals/parties in which Rs 81, 689,500 of tax evasion is involved, during the last week of March, 2014, it is learnt here. Model Customs Collectorate of Port Muhammad Bin Qasim on March, 19 filed a Contravention Report against M/s Awan Enterprises and Friends Logistics (clearing agent and ... Read More »

FBR asked to withdraw 4pc withholding tax on scrap purchase

LAHORE: Pakistan Steel Smelters Association has urged the Federal Board of Revenue to withdraw 4 per cent withholding tax on purchase of scrap and restore SRO 550 till June 2014 to enable the smelters to survive. Pakistan Steel Smelters Association Chairman Mian Muhammad Saeed while talking to Customs Today said that it has become difficult for the steel smelters to ... Read More »

Foreign exchange reserves cross threshold of $10b: Dar

ISLAMABAD: The foreign exchange reserves of the country have crossed the threshold of $10 billion on March 31, 2014. The total liquid reserves stood at $10.072 billion. The net reserves with State Bank of Pakistan are $5.365 billion and the net reserves with the banks stood at $4.706 billion. The Finance Minister, Senator Ishaq Dar said that after repayment of ... Read More »

Customs values of spray paints, Menthol crystal determined

KARACHI: The Directorate General of Customs Valuation has determined the Customs values of Spray paints and Menthol Crystal through Valuation Rulings No.649/2014 and 650/2014 respectively. According to the details, the Customs values of spray paints from China Origin having PCT 3208.9090 and proposed PCT for WeBOC is 3208.9090.1000 has fixed at US$0.80per Kg. The Customs values of spray paints from ... Read More »

PIAF welcomes organisation of SAARC International Exhibition

LAHORE: SAARC International Exhibition is a giant leap towards economic stability as it would not only accelerate trade and economic activities but would also pave the way for much needed foreign direct investment in the country. Business community should avail this opportunity in all possible manners. Pakistan Industrial & Traders Associations Front (PIAF) Chairman said this in a statement. Malik ... Read More »

Dastgir for promotion of trade within the region

ISLAMABAD: Federal Minister for Commerce Khurram Dastgir has said that the incumbent government wants to promote trade with all neighbouring countries. He said that trade concessions will be given only on reciprocal basis, ccording to Radio Pakistan. He said significant progress has been made in talks with New Delhi. He expressed hope that further progress will be made after installation of ... Read More »