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Tag Archives: import

Bajwa, US councillor meeting cancelled due to Imran, Qadri sit-ins

ISLAMABAD: The meeting between Federal Board of Revenue Chairman Tariq Bajwa and economic councillor of US Embassy has been cancelled due to security situation in the federal capital. As per details, economic councillor of US Embassy was scheduled to meet the FBR chairman at headquarter on Thursday, however, meeting has been cancelled due to sit-ins and marches by Pakistan Tehreek-e-Insaf ... Read More »

Ex-CEO Hamdani owns TCS building

ISLAMABAD: The customs authorities have learnt that former TCS CEO Saqib Hamdani has the ownership of the main building of the TCS Express and Logistics Centre near Jinnah International Airport at Iqbal Avenue, Karachi. This revelation has opened new dimensions in the TCS and Smart Zone Company smuggling case that how a man hired as CEO could have the ownership ... Read More »

FBR to devolve powers to act against ‘black sheep’

ISLAMABAD: The Board in Council of the Federal Board of Revenue (FBR), on suggestion of Member Customs Nisar Muhammad Khan, has decided to give authority of institutional punitive measures to field formations, chief collectors and chief commissioners. After the said decision, heads of the field formations will be authorised to take action against corrupt officers on mismanagement and corruption. The ... Read More »

Bajwa directs tax officers to recover Rs 70 billion from SM Foods

MULTAN: The Federal Board of Revenue Chairman Tariq Bajwa has directed the subordinates to present the comprehensive report on Rs 70 billion tax evasion by a famous businessman of Multan City. As per details, FBR chairman asked regional tax officers of Multan to recover Rs 70 billion rupees tax from a businessman evaded in last two years. The accused Saim ... Read More »

LCCI polls: Anarkali traders support PIAF-Alliance

LAHORE: The traders of Anarkali and associated markets have announced to support PIAF-Founders Alliance candidates in the LCCI elections being held on September 22-23 in Lahore. The announcement was made by the President of Anjuman-e-Tajran Ashraf Bhatti during the visit of Alliance candidates to Anarkali Market. Alliance leaders, Sheikh Muhammad Asif, Sheikh Muhammad Arshad, Alliance candidates for Associate Class, Nasir ... Read More »

FBR Chairman Bajwa chairs board-in-council meeting today

ISLAMABAD: The Federal Board of Revenue (FBR) has changed the time for board-in-council meeting to 2:30pm which was scheduled at 11am on Wednesday. As per details, FBR Chairman Tariq Bajwa will preside the meeting in which policy decisions about audit policy will be taken. FBR Member Inland Revenue Policy Shahid Asad, Member Inland Revenue Muhammad Ashraf Khan, Member Admin Shahid Hussain Jatoi, ... Read More »

Slow economies affecting major ports, says Shanghai Shipping Institute

SHANGHAI: Ports around the world overall saw weak performance in the second quarter of 2014 due to less trade to and from emerging markets in Asia, according to the Shanghai International Shipping Institute. The report stated that developed economies, particularly the US, have kept a steady recovery, emerging economies in Asia, however, facing headwinds. “Container at large Chinese ports rose ... Read More »

Hong Kong Customs warns youth against drug abuse

HONG KONG: The Hong Kong Customs has expressed concerns over increase in use of young people to smuggle illegal drugs over the border into the city. Calvin Chan Ching-yuen, head of customs’ drug investigation group’, said that there was a disturbing increase in the number of arrests of young drug peddlers at border checkpoints in last few months. “Drug peddlers ... Read More »

MDP Customs duty collection up by Rs704m in August

MULTAN: The Multan Dry Port (MDP) generated Rs873.300 million in the head of Customs duty during the month of August of current fiscal year 2014-15. The revenue collected in the month of August increased Rs704 million against Rs169 million collected in the month of July of the current fiscal year. Similarly, the monthly collection of Sales Tax on import in ... Read More »

Commerce Ministry striving to enhance trade with Britain

ISLAMABAD: The Ministry of Commerce is striving for increasing the volume of bilateral trade between Pakistan and Britain with active engagement of the Pakistani community in UK. The ministry is planning to take advantage of the existing scope of import from England and to promote the export of high value-added textile products to England, bringing the trade volume to 2-3 ... Read More »

Petroleum Ministry hopeful of LNG import by year-end

ISLAMABAD: The Ministry of Petroleum and Natural Resources is hopeful that the import of Liquefied Natural Gas (LNG) is likely to start by the end of this year to offset the fast depleting natural gas reserves in the country. According to an official of the ministry, the LNG will be imported through a transparent process and at competitive prices. He ... Read More »

Slow import, export narrow down trade deficit in July

ISLAMABAD: The slump in exports and import narrowed down the country’s trade deficit by 16.58 per cent during the first month of the ongoing fiscal year (2014-15). According to trade figures released by Pakistan Bureau of Statistics (PBS), imports decreased by 11.80 percent in July 2014, as compared to the imports in the corresponding month last year. The imports into ... Read More »

Chinese delegation visits LCCI President

LAHORE: A two member Chinese delegation led by Vice Chairman Sub Council of Chinese Chemical Industry Ma Chunyan called on LCCI President Engineer Sohail Lashari and briefed him about CAC Pakistan Summit and Pak-China Agro Chemical Expo scheduled from August 5-6 at Lahore Expo Center. LCCI Senior Vice President Mian Tariq Misbah and Coordinator of the exhibition Jawed Salim Qureshi ... Read More »

FBR to tighten the noose around Swiss depositors

ISLAMABAD: Federal Board of Revenue has decided to tighten the noose around Pakistanis having black money in Swiss banks and to retrieve money back into Pakistan. The FBR acting Chairman Shahid Hussain Asad told Customs Today that a team of FBR experts will visit Switzerland 24th of this month to pursue Pakistan’s efforts to recover untaxed billions of dollars of ... Read More »

IOCO starts listing genuine importers

KARACHI: The Input-Output Co-efficient Organization (IOCO) of Federal Board of Revenue (FBR) has started to compile the list of genuine importers, who has been granted concessionary regime by Pakistan Customs on their imports of raw materials according to the amended SRO565 (I)/2014. The FBR sources informed Customs Today that the IOCO after conferring the powers of dealing with SRO565 (I)/2014 ... Read More »

Tax evasion: FBR to seize accounts, property of 16 PAT leaders

ISLAMABAD: The Federal Board of Revenue (FBR) has decided to take stern action against 16 leaders of Pakistan Awami Tehreek for not submitting tax related documents and details of foreign donations which involves tax evasion of Rs 400 million. “We have found several million rupees bank transactions through different bank statements but the PAT chief and workers did not bother ... Read More »

Job undone: Dar to face IMF next week

ISLAMABAD: Pakistan’s economic team lead by Finance Minister Ishaq Dar is likely to face criticism by International Monetary Fund (IMF) in Dubai next week on its failure to broaden the tax base in last fiscal year. A source from FBR told Customs Today that the talks with the IMF going to begin next week in Dubai and economic team may ... Read More »

Govt to re-shuffle FBR’s top officials

KARACHI: The federal government has been mulling over to reshuffle the top bureaucracy of Pakistan Customs, Inland Revenue Services (IRS), Regional Tax Offices (RTOs) and Directorate General of Customs Intelligence and Investigation. A source told Customs Today that the changes would be on cards at chief collector, collector and commissioner and director level. He said that the federal government was ... Read More »

Customs seeks court to summon Royal Packages

KARACHI: Model Customs Collectorate of Appraisement-East has requested the Sindh High Court (SHC) to summon M/s Royal Packages (Pvt) Limited for hearing in August. It is pertinent to mention here that the M/s Royal Packages has moved court against the charges of tax evasion in terms of customs duty, sales tax and income tax through claiming of inadmissible benefit of ... Read More »

Mobile smugglers sent to judicial custody

LAHORE: District Court Judicial Magistrate Assad Gujjar sent two accused to judicial custody for attempting to smuggle 95 used Samsung note I mobiles from Korea. Customs official had arrested Akhlas Ahmad and Sajjad Saeed from Allama Iqbal International Airport. Akhlas was accused of smuggling used mobile phones worth Rs 1 million from Korea in his personal luggage. Upon his arrest ... Read More »