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Tag Archives: Customs Today

Forex reserves stand at $13b

KARACHI: The total liquid foreign reserves of the country stand at $13.58106 billion, said State Bank of Pakistan (SBP). According to the SBP weekly report, the foreign reserves held by State Bank on August 22, amounted to $8.55404 billion and the net foreign reserves held by other banks were $5.02702 billion. Over last week, SBP’s liquid foreign exchange reserves decreased ... Read More »

Sit-ins put billions of dollars foreign investment at stake

ISLAMABAD: The government fears that billions of dollars foreign investment will go down the drain due if sits-ins by the Pakistan Tehreek-e-Insaf and Pakistan Awami Tehreek continue in the federal capital. “The ongoing PTI and PAT sit-ins have been hitting the national economy hard as foreign investors are reluctant to invest in the country owing to the prevailing political impasse ... Read More »

SRO issued for new duty drawback rates on textile exports

ISLAMABAD: The Federal Board of Revenue (FBR) has issued SRO 754 of 2014, notifying new rates of duty drawback on export of textile and allied products. The new rates are effective from August 21. The FBR has issued another notification to allow new rates of duty drawback to exporters retrospectively from January 1 as well. It is to be noted ... Read More »

Pakistani mangoes now in Japan

ISLAMABAD: Pakistani mangoes have finally made it to Japanese market as the king of fruits is now being sold for the first time by the largest high-street retailer in Japan, AEON Corporation. The soft launch of Pakistani mangoes was held at new AEON Makuhari Mall – one of the largest in Tokyo which was inaugurated by Pakistani Ambassador in Japan ... Read More »

FBR to publish biweekly list of active taxpayers

ISLAMABAD: The Federal Board of Revenue (FBR) will publish a list of active taxpayers on a fortnightly basis to promote the culture of documentation. In the budget 2014-15, the government had introduced higher tax rates for non-filers and the FBR published a directory in April this year to reveal the names of tax defaulters. The board will publish the list ... Read More »

MFN status: Ministry, NTC yet to make recommendations

ISLAMABAD: The issue pertaining to recommendations on tariff barriers with India seems to have been in the doldrums because the National Tariff Commission (NTC) and Ministry of Commerce (MoC) declined having any information in this regard. The Customs Today had explored last week that the Ministry of Commerce had sought suggestions from the National Tariff Commission (NTC) to safeguard measures, ... Read More »

Multan Customs earns Rs1.836m from auction of seized goods

MULTAN: The Model Customs Collectorate Multan earned worth Rs1.836 million from the auction of different seized goods. The auction was held at Multan Dry Port which led by Customs Deputy Collector (dry port) Multan Muhammad Ali Malik along with Appraisement Officer Ashraf Shah and Auction Officer Muhammad Akram. There were four different vehicles put up for auction including a Toyota ... Read More »

Sit-ins induced spiraling losses draw concerns

PESHAWAR: The trading community from across the province has expressed concern over the ongoing sit-ins by the Pakistan Tehreek-e-Insaf (PTI) and Pakistan Awami Tehreek (PAT) in Islamabad, regretting that the prevailing political impasse has been affecting businesses and national economy adversely. Representative bodies of traders and businessmen from different cities including Peshawar, lamented that the marches had hindered economic progress ... Read More »

Appraisement (East) moves to regulate partial shipments of machinery

KARACHI: The Model Customs Collectorate (MCC) Appraisement (East) has finalised procedure for regulating partial shipments of plants and machinery in case of project imports, it has been learnt. According to details, the Collectorate has taken the step to effectively monitor partial imports of machinery and equipment as provided by the Fifth Schedule of the Customs Act, 1969. The Collectorate has ... Read More »

Appraisement-West implements Queue Management System

KARACHI: A Queue Management System (QMS) has been introduced at the Model Customs Collectorate of Appraisement-West to facilitate the authorised clearing agents and importers. According to details, automated token machines have been installed outside the offices of the assistant and deputy collectors to facilitate the clearing agents during the hearing of their cases. Moreover, proper seating and lighting arrangements for ... Read More »

Wildlife trafficking: Customs tribunal slashes fine on accused

KARACHI: The Customs appellate tribunal reduced 75 percent of the fine imposed on five wildlife smugglers charged with illegally sending out 67 consignments of banned species of rose-ringed parakeet between April 2008 and January 2010. Similarly, the tribunal also slashed 60 percent of the fine imposed on three clearing agents for aiding and abetting the wildlife traffickers in smuggling of ... Read More »

Increase in revenue linked to broadening tax base

KARACHI: The government wants to generate more revenue, but it avoids widening tax base that is said to barely cover 0.30 per cent of the population, said former Karachi Tax Bar Association (KTBA) president Anwar Kashif Mumtaz. He was addressing a seminar by the KTBA on “Finance Act 2014” and attended by tax practitioners and consultants in great number. He ... Read More »

Large-scale manufacturing recorded 3.9pc growth in FY14

ISLAMABAD: The output by the large-scale manufacturing (LSM) witnessed a positive growth as it grew by 3.95 percent in the outgoing fiscal year 2013-14 against the last year, suggested the data of Pakistan Bureau of Statistics issued here. The growth in manufacturing sector was mainly driven by an increase in 11 categories of items during the year under review over ... Read More »

Tuesday August 26 Monday September 01, 2014


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KP shrugs off PTI chief’s civil disobedience call

PESHAWAR: The people of Khyber Pakhtunkhwa (KP) are giving a deaf ear to PTI chief Imran Khan’s call for civil disobedience by filing tax returns, official sources said. “They are paying all kind of outstanding dues with regard to sales tax and federal excise duty,” they said. Despite PTI government in the province, as many as 700 registered tax payers, ... Read More »

Dar Okays Rs 400m for evacuation of Pakistanis from Libya

ISLAMABAD: Finance Minister Muhammad Ishaq Dar has said that the government is duty-bound to evacuate stranded Pakistanis from Libya. Chairing a meeting for the provision of funds for immediate evacuation of stranded Pakistanis from Libya, Dar said that a local airline had agreed to evacuate each individual for $1,000. “This seems to be the only available option under the present ... Read More »

Dollar reaches Rs103.30 as rupee continues to nosedive

KARACHI: The US dollar gained 63 paisa in the inter-bank currency exchange on Monday, reaching Rs 103.30 mark as uncertainty continues to prevail on the political horizon in the country. The experts blame the current political situation for frailty of rupee and fear that it may further depreciate if the situation did not return to normalcy. Earlier, currency experts had ... Read More »

Imran, Qadri sit-ins: Women’s chamber for early end to political crisis

ISLAMABAD: The Islamabad Women Chamber of Commerce and Industry (IWCCI) has called for early resolution of the prevailing political crisis through meaningful dialogue between the government, Pakistan Tehreek-e-Insaf (PTI) and Pakistan Awami Tehreek (PAT). The IWCCI also termed the ongoing sit-ins in capital in the name of Azadi and Inqilab marches against the national interests and tantamount to destabilising the ... Read More »

Customs officials foil smuggling bids, seize bike chains, cloth

MULTAN: The Customs Intelligence and Investigation has thwarted attempts to smuggle motorcycle chains and cloths worth more than Rs1.1 million in separate incidents. As per details, the Customs Intelligence and Investigation intercepted a truck loaded with scrap. However upon search, the officials found 2,250 imported motorcycle chains and 60 branded tyres under the scrap. The made-in-China chains were weighing 2,215 ... Read More »

Customs to auction impounded vehicles on August 27

MULTAN: The Customs Intelligence and Investigation has announced the date for holding an auction of the vehicles lying in its warehouse and it will be held on August 27 (Wednesday). More than 10 motor vehicles will be put up for auction which includes different models of Toyota Corolla, Hiace van, Fielder, Titan Mazda and Hilux Surf. A large number of ... Read More »