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Tag Archives: Imports

10 pc customs duties on import of Indian yarn demanded

LAHORE: Pakistan Cotton Ginners Association (PCGA) Vice Chairman Asim Saeed Sheikh has expressed concerns over Indian yarn’s import and urged the government to impose 10 per cent duty on it to keep local yarn competitive. He was talking to newsmen in Multan. He said that total import of Indian yarn last year was calculated at 1,149,903 kilogram, however, this year ... Read More »

Exports up $0.984m in 8 month of FY 2013-14

LAHORE: Exports from the country during July-February (2013-14) were recorded at $ 16.866 billion against the exports of $ 15.882 billion recorded during July-February in FY 2012-13. While the imports into the country during the period under review were recorded at $ 29.408 billion against the imports of $ 29.069 billion during the corresponding period of last fiscal year. Pakistan’s ... Read More »

Tuesday March 11 – Monday March 17, 2014

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Customs values of Industrial roller chains, sodium lauryl ether sulphate issued

KARACHI: Directorate General of Customs Valuation has determined the customs values of Industrial roller chains and Sodium Lauryl Ether Sulphate first time ever, through the Valuation Rulings No. 641/2014 and 642/2014 respectively under Section 25-A of the Customs Act, 1969. Customs value of Industrial roller chains from China having Pakistan Customs Tariff (PCT) code 7315.1190 and proposed PCT code for ... Read More »

Reduction in duties conditional for India to access Pak markets: Dastgir

ISLAMABAD: Federal Minister for Commerce Khurram Dastgir has said that India cannot be considered for Most Favoured Nation (MFN) status until it reduces tax rate on Pakistani textile products as agreed. In an interview Dastgir has said that the recommendations to grant MFN status to India have been replaced by Non-Discriminatory Market Access (NDMA) status adding that it will only ... Read More »

Valuation Ruling for food supplement issued

KARACHI: Directorate General of Customs Valuation has determined the customs values of food supplements (drinking powder Milo, Nesquick, Bournevita, Ovaltine, Complan and Horlicks, first time ever, through a Valuation Ruling No. 640/2014 under section 25-A of the Custom Act, 1969. Customs values of drinking powders including Milo, Nesquick, Bournevita, Ovaltine and Complan from all origins having Pakistan Customs Tariff code ... Read More »

Tuesday March 03 -Monday 10 March , 2014

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Q1 witnesses import pressures, trade deficit increases

KARACHI: The State Bank of Pakistan has released its First Quarterly Report for fiscal year 2013-14 on the State of Economy. The report says that as the industrial sector revived, import pressures reappeared, especially for capital goods and raw materials. The import of petroleum, machinery, and metal, was particularly strong, which increased the trade deficit by $ 0.6 billion during ... Read More »

Implementation of 96-item valuation guideline on Karachi Port slated

KARACHI: Muttahidda Qaumi Movement has expressed deep concern over the implementation of discriminatory and unjustified 96-items valuation guideline on imported consignments at Karachi Port. In a joint statement, seniors members of MQM demanded of the Prime Minister Nawaz Sharif and Federal Minister for Finance Ishaq Dar to take immediate notice of this biased attitude of the officials of FBR and ... Read More »

AIB/R&D Section of MCC-Appraisement (West) recovers Rs21m in Jan

KARACHI: The Appraisement Intelligence Bureau (AIB) and Research and Development (R&D) Section of Model Customs Collectorate (MCC) of Appraisement (West) has recovered an amount of Rs 21,382,996 in share of tax/duty evasion, mis-declaration and under invoicing, as 30 such types of cases have been detected by the mentioned departments. Rs 313, 497 have been recovered from Lasani Auto parts in ... Read More »

Dar stresses trade with India to be at equal footings

ISLAMABAD: Finance Minister Ishaq Dar has said that it should be ensured that all concessions offered to imports from India are on a reciprocal basis with equal market access and level playing field for Pakistan’s exports to India. He said this while chairing a meeting held at the finance ministry. The purpose of the meeting was examining trade with India. Commerce ... Read More »

ECC extends ban on duty-free gold import

ISLAMABAD: In a meeting chaired by Finance Minister Ishaq Dar, Economic Coordination Committee of the Federal Cabinet, which is the apex economic decision-making body, has extended a temporary suspension on duty free-import of gold. The ECC extended the temporary suspension on import of gold under SRO 760 till March 20, 2014. The Finance Minister directed Commerce Secretary, Federal Board of Revenue ... Read More »

Customs values of light fittings, canned Mushroom issued

KARACHI: Directorate General of Customs Valuation has determined the customs values of light fittings/fixtures through Valuation Ruling No. 638/2014 and canned mushroom through Valuation Ruling No. 639/2014 under Section 25-A of the Customs Act, 1969. According to details, the customs values of LED Lighting fixtures (with bulbs) from China having Pakistan Customs Tariff (PCT) codes 9405.1090 and 9405.4090 and proposed ... Read More »

Duties on import of parts meant for exportable cars to be refunded

ISLAMABAD: Federal Board of Revenue has retrospectively allowed repayment of customs duties paid on the import of raw materials used in production of Toyota Corolla Altis manual (1600cc) exported from November 5, 2013 onwards. According to SRO (I)2014 the extent of repayment of customs duty would be 13.74 per cent of the fob value on the import of the raw ... Read More »

Authorities need to tap potential revenue-generating sectors: Siraj Khan

ISLAMABAD: Successive governments overcrowded and overburdened the Commerce and Textile Ministry through hiring of their ‘favourites’ without taking its capacity and planning into account which adversely affected the ministry’s performance. National Assembly Standing Committee on Commerce and Textile Chairman MNA Siraj Muhammad Khan made these remarks during an exclusive chat with Customs Today. Siraj said that the committee held its ... Read More »

Food group imports down by 8.95pc

LAHORE: Food group exports from the country during first seven months of current fiscal year registered increase of 6.3 per cent whereas food imports in the country decreased by 8.5 per cent as compared to same period of last fiscal year. During the period from July 2013 to January 2014, different food commodities worth $ 2.657 billion exported as compared ... Read More »

Textile exports up 7.6 pc in first 7 months of FY 2013-14

LAHORE: Exports of textile products from the country witnessed positive growth of 7.59 per cent during the first seven months of the current fiscal year when compared to the corresponding period of last fiscal year. The overall textile exports from the country were recorded at $ 8.035 billion during July-January (2013-14) as compared to the exports of $ 7.468 billion during July-January (2012-13), ... Read More »

Japan’s trade deficit soars despite export hike

TOKYO: Japan’s trade deficit has swelled in January to record limit, as data has showed. The ¥ 2.79 trillion ($ 27.3 billion) shortfall also underscored a boost in purchases of foreign goods ahead of an April sales tax rise, analysts said, as fears grow that the hike will derail a recovery in the world’s third-largest economy. Japan’s yawning deficit marked ... Read More »

Saudis express desire to enhance commerce with Pakistan

ISLAMABAD: Saudi Minister for Commerce and Industry Tawfiq Bin Fawzan Al Rabih while talking to the Federal Minister for Commerce Khurram Dastgir has expressed his desire to further strengthen the trade relations between Pakistan and Saudi Arabia. He assured his full cooperation in providing market access to Pakistani products in the Saudi market and proposed to hold a single country ... Read More »

Exports expand by 4.64pc in 7 months of FY 2013-14

LAHORE: Pakistan’s exports have expanded by 4.64 per cent while imports witnessed an increase of 0.48 per cent during the period from July to January in the current fiscal year as compared to the same period of last fiscal year, official data revealed. The exports from the country during the period were recorded at $ 14.699 billion against the exports ... Read More »