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Tag Archives: import

CCP seeks commercial imports of used cars, age up from 3 to 5yrs, slashing of 3 SROs pro-local cars

KARACHI: The Competition Commission of Pakistan (CCP), after a comprehensive research, has issued a report, in which it has recommended to the legislators to open commercial import of used cars. The CCP, through its Competition Impact Assessment study of the automobile sector in the country, has suggested opening of auto import policy on the basis of auto tariff regime that ... Read More »

$8.81b trade deficit up by 49.37% in 4 months on plunging $7.97b exports & swelling $16.7b imports

KARACHI: Pakistan’s trade deficit has swelled by 49.37 per cent to $8.81 billion from July to October of the current fiscal year as this deficit was $5.90 billion in the corresponding period of previous financial year. As per the Pakistan Bureau of Statistics (PBS) report, exports of goods to the rest of the world fell to $7.97 billion in first ... Read More »

ECC allows 0.5m tonnes sugar export, imposes 20pc duty on import

ISLAMABAD: The Economic Coordination Committee (ECC) of the cabinet has allowed export of 500,000 tonnes of sugar and imposed 20 per cent regulatory duty on its import to facilitate sugar industrialists, who are facing financial crisis. The committee meeting, presided over by Finance Minister Ishaq Dar, allowed export of surplus sugar recommended by the Ministry of Industries and Production with ... Read More »

Finance Ministry slaps 20% import duty on wheat to bolster local production

ISLAMABAD: Ministry of Finance has imposed 20 percent regulatory duty to promote local crops. “The duty applies to wheat imports from all countries for the current crop season,” said Saeed Javed, a spokesman for Pakistan’s Finance Ministry. “Pakistan was out of the global export market this year and a series of very large import purchases put local wheat prices under ... Read More »

Increasing yarn import from India perturbs local spinners  

KARACHI: Increasing yarn import from India has perturbed spinners, it has been learnt. The rising import of finer counts yarn almost above 30 counts at cheaper rates from India is affecting the local spinning industry who are already facing energy and gas outages and are doing business at high , industry sources said. What is more alarming for the textile ... Read More »

9,569 used vehicles imported in Q1 of FY14; hybrid cars’ rates soar

LAHORE: Pakistan Association of Automotive Parts and Accessories Manufacturers (PAAPAM) Chairman Siddique Misri has said that the import of used cars is increasing in the country and as many as 9,569 used vehicles were imported in the first quarter of financial year 2014-15 as compared to 5,863 units in the same period last year, reflecting a growth of 63pc. Siddique ... Read More »

Solar lighting system: Customs Tribunal reserves decision

KARACHI: A single bench of Custom Appellate Tribunal reserved judgment on Thursday in an appeal filed by an importer of solar lighting system against the imposition of duty and taxes on the import of parts and accessories meant to manufacture the complete unit. The appellant M/s Trade Serve is engaged in the installation of solar lighting system and has been ... Read More »

ECC slaps 5% GST on LNG import to rescue multi-billion CNG sector

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet has decided to impose 5 per cent GST on LNG import to bring Rs450b CNG industry out of crisis. Federal Minister for Finance Senator Muhammad Ishaq Dar chaired the meeting of the ECC here at the Prime Minister’s Office and considered the proposal for exempting LNG import from Gas Infrastructure Development ... Read More »

TCP awards tenders for import of 415000 tonnes urea

KARACHI: Trading Corporation of Pakistan (TCP) has issued four urea import tenders totaling 415,000 tonnes to overcome the shortage during the current Rabi season. TCP has issued three tenders for 105,000 tonnes of prilled or granular urea each, with the first to close on November 10, the second on November 11 and the third on November 12, they added. A ... Read More »

Pakistan Business Council rebukes FBR’s tax collecting measures

KARACHI: The Pakistan Business Council (PBC) has rebuffed the ‘coercive measures’ and arbitrary inquiries of Federal Board of Revenue (FBR). In his letter to Finance Minister Ishaq Dar, PBC Chief Executive Kamran Mirza said that such an attitude will adversely impact the country’s ability to attract investment. “Our members are ethical and largest taxpayers in the country, and they are ... Read More »

Low exports swell current account deficit to $1.33b

KARACHI: SBP data revealed that country’s current account deficit in the first three months of 2014-15 remained $1.33 billion, expanding by $62 million as compared to the same three-month period of the preceding fiscal year. As a percentage of the gross domestic product (GDP), the current account deficit stood at 1.8% in July-September as compared to 2.1% in the same ... Read More »

LNG import projects charm Chinese investors

ISLAMABAD: A delegation of Chinese investors has nodded to invest in Pakistan’s energy sector especially in the projects of LNG import and also looked into the other investment opportunities available in the country. The delegation, led by Bank of China International Chief Executive Officer/Chairperson Li Tong, has expressed their interest during a meeting with Minister for Petroleum and Natural Resources ... Read More »

Customs collects Rs 116.98 million on imports via Wagha Border in Sept

LAHORE: Pakistan imported potatoes, tomatoes, garlic and textile material worth Rs 1.55 billion from India via Wagha Border during last month, September. According to documents available with Customs Today, country has imported 1846.57 metric ton potatoes worth Rs 8.75 million, duty free, via Wagha Border during last month. Similarly, 17429 metric ton tomatoes worth Rs 82.26 million were imported in ... Read More »

‘Unrealistic’ policies blamed for hampering business at dry ports

FAISALABAD: The export and import business at upcountry dry ports of the country was sharply hampering and gradually sliding down due to unrealistic and distinctive policies of the government and in case this state of affairs is continued further, the dry ports would automatically sink and the investment of billions rupees in this sector would go down to drains. This ... Read More »

India to import onions from Pakistan, Afghanistan

NEW DELHI: India will import onion from Pakistan and Afghanistan to overcome its shortage in Delhi during the coming festival season. According to Indian government officials, the imports are being made with a view to maintaining the supply of onions in Delhi and also to curb any rise in its prices given that the requirement for the item is bound ... Read More »

Dearth of space at PICT mars exports

KARACHI: The Pakistan exports are feared to decline as dearth of space has occurred at Pakistan International Containers Terminal (PICT) and the ports. The sources said importers show reluctance in delivery of their consignments despite clearance due to imposition of heavy damages and detention charges. The sources said this thing has caused shortage of space at the PICT. The sources ... Read More »

Customs Today posts Historical Customs Clearance Evidence Data

ISLAMABAD: After great success of valuation rulings and other important gadgets, now Customs Today website has uploaded very crucial Historical Customs Clearance Evidence Data to facilitate the importers. Initially three months –June to August –data is posted, however, this will be updated every month on regular basis. Historical Customs Clearance Evidence Data is easily searchable and separated in sections. Everyone can sort ... Read More »

4,434 used cars imported during July-August

KARACHI: As many as 4,434 used cars were imported into the country during the first two months of the current fiscal year ended August 31, according to the statistics compiled by the All Pakistan Motor Dealers Association (APMDA). Of the total cars imported during the first two months, 4,374 were imported under the Personal Baggage Scheme while the remaining 59 ... Read More »

Court issues non-bailable warrants for arms smuggler

KARACHI: The Customs and Taxation Court Special Judge Soofia Latif issued non-bailable warrants for Javed Sami, accused of smuggling arms and ammunition at Jinnah International Airport Karachi last month. Sami was caught with arms and ammunition in his personal baggage and remanded to FIA custody. Sources informed Customs Today that customs has recovered 25 parts of pistol and 97 magazines from ... Read More »

Federations of Pak-Indian chambers join hands to enhance bilateral trade

ISLAMABAD: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) and Federation of Indian Chambers and Commerce (FICCI) have signed an agreement to enhance bilateral trade between the two countries. The agreement was signed between both the representative bodies of traders on the sidelines of the Alishaan Pakistan Expo recently concluded in the Indian capital New Delhi. FPCCI Vice President ... Read More »