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Tag Archives: Commerce Ministry

Closing: KSE plunges further on start of week

KARACHI: The Karachi Stock Exchange (KSE) 100-index lost 21.93 points to stand at 29993.87 points on the first day of trading on Monday, as the country has been facing multifarious challenges these days. Earlier, the market started the week on a positive note and went up 34 points or 0.11 percent to reach 30049.91 points in morning session. However, the ... Read More »

Importers wary of smuggling via ATT, discriminatory valuation guidelines

  KARACHI: Importers have once again expressed deep concerns over significant decline in trade activities due to alleged discriminatory implementation of valuation guidelines. The importers of Karachi, while sharing their views with Customs Today, said that the shifting of trade from Karachi port to dry ports in other cities is continued due to a significant difference in the customs values of ... Read More »

Importers face losses due to mismanagement at ports

KARACHI: The traders and importers have expressed concerns over filing of Import General Manifest (IGMs) by Shipping Lines and Port authorities, as the importers were paying hefty amount in form of demurrage and detention to the shipping lines due to alleged inefficiency of the authorities concerned. The importers were of the view that the shipping lines were not filing proper ... Read More »

Weekly review: Rupee firms in inter-bank, weakens in open market

LAHORE: The US dollar lost 20 paisa in inter-bank and gained 5 paisa in open market against Pakistani rupee during the weeklong trading from Monday to Friday. As per detail, the value of dollar in inter-bank market was 102.6 on Monday and 102.4 on Friday against rupee, while, in open market its value was 102.85 on Monday and 102.9 on ... Read More »

Weekly review: KSE remains under pressure due to political impasse

KARACHI: The Karachi Stock Exchange (KSE) 100-index has lost 16.36 points in the weeklong trading, as it opened at 30044.89 points on Monday and closed at 30028.53 points on Friday. The KSE witnessed bearish trend most of the days as the market kept on fluctuating amid investors’ concerns for political uncertainty and economic losses on account of devastating floods, especially ... Read More »

Closing: KSE rally falters half way, loses 65.63 points on last trading day

KARACHI: The Karachi Stock Exchange (KSE) 100-index lost 65.63 points to stand at 30028.53 points on the last day of trading on Friday. As per details, the market opened with a positive note and added 48 points or 0.16 percent, the tone remained sluggish amid flurry of political developments. The KSE-100 index went down 21.2 points from overnight tally of ... Read More »

FBR establishes over 200 desks to facilitate taxpayers

ISLAMABAD: In a bid to facilitate taxpayers for filing the income tax returns for 2014, the Federal Board of Revenue (FBR) has established more than 200 tax facilitation kiosk and tax facilitation centres throughout the country. The facilitation centres would be set up at business centres, offices of traders’ associations, chambers of commerce and industry, national and provincial assembly buildings, ... Read More »

Lahore Customs collects 86pc more duty than last year

LAHORE: The Model Customs Collectorate Lahore has detected 36 mis-declaration cases in the first two months of current fiscal year and collected Rs 11.62 million federal excise duty which was 86 percent more than the collections during same months of last year. Sources told that the customs also collected Rs 2367 million customs duty during July-August period, which was 33 ... Read More »

Closing: KSE index plunges on political uncertainty

KARACHI: The Karachi Stock Exchange (KSE) 100-index plunges 42.41 points to stand at 30094.16 points, as indiscernible effects of institutional profit-taking, political uncertainty and flood devastation kept the KSE-100 index in red zone The KSE-100 index, opened at overnight closing of 30136 points and kept on fluctuating amid investors’ concerns for political uncertainty and economic losses on account of devastating ... Read More »

Chief Collector Nasir Masroor terms under-invoicing dilemma

KARACHI: Customs Chief Collector Appraisement-South Nasir Masroor Ahmed has said that the customs authorities issued valuation guidelines because principal appraisers and appraisers of the Pakistan Customs Services were not applying the customs values of commodities in proper way. He visited Karachi Chamber of Commerce and Industry (KCCI) on Wednesday. Collector MCC Appraisement-West Muhammad Saleem, Collector, MCC Appraisement-East Najeeb-ur-Rehman Abbasi, Collector ... Read More »

Bajwa assures tax relief for solar industry

ISLAMABAD: Pakistan Solar Association Vice Chairman Nouman Yousafzai asked Federal Board of Revenue Chairman Tariq Bajwa to give tax compensation in solar system, in a meeting here on Wednesday. As per details, Nauman Yousaf was of the view that by reducing tax value more public could be benefitted from solar power in recent energy crisis faced by country. FBR chairman ... Read More »

4 deputy collectors retiring this month: Deputy Collector Farhat

MULTAN: Multan Customs Deputy Collector Miss Farhat has said that four deputy collectors have been completing their service tenure in Multan customs office this month whereas a post of deputy collector is already vacant. Miss Farhat has expressed these views in an exclusive interview with Customs Today. She said that the Multan customs has collected Rs 10.69 billion import duty last ... Read More »

ANF receives 20,000 applications against 254 posts

ISLAMABAD: The Anti-Narcotics department has received more than 20, 000 applications till now against 254 vacancies in the ANF Headquarters Rawalpindi. As per details, Ministry of Interior has invited applications from suitable male/female candidates for the vacancies of grade1 to 14 to be submitted before September. Sources expected that number of applications would certainly touch the figure of 30, 000 ... Read More »

Director valuation Mahboob Saqib retires

LAHORE: The Directorate of Customs Valuation Director Mahboob Saqib Khan has retired from his services, attaining the age of superannuation in BPS-20. During his service Khan has contributed significantly in the development of the Customs Department. As chief TEPI and computer bureau, he upgraded the computer hardware and provided optic fiber based connectivity to all floors of the custom house. ... Read More »

Dwindling Pak rupee

Pakistani rupee is under pressure again, losing value against US dollar in inter-bank and open markets day by day. Once upon a time, rupee was attached with UK pound and all the payments used to be made in pound sterling, but was shifted to dollar in early 70s. Rupee had never been valueless even during the united Pakistan despite a ... Read More »

Closing: KSE slides 75 points as bears haunt back

KARACHI: The Karachi Stocks Exchange (KSE) 100-Index lost 75.31 points to reach 30104.99 on Wednesday as the ongoing political unrest spread confusion among the investors. The KSE 100-index opened at 30180.36 and made trade of total volume 108,694,110 shares. Although it was a volatile opening in the Karachi Stock Exchange as stocks went down sharply, the KSE-100 index recovered quickly ... Read More »

Rupee strengthens in inter-bank, weakens in open market

KARACHI: The Pakistani rupee strengthened in inter-bank against US dollar on Wednesday, after many days downtrend in market due to floods and political chaos in the federal capital. As per details, the US dollar weakened 20 paisa to reach 102.5 in inter-bank and strengthened 5 paisa to 102.9 in open market against Pakistani rupee on Wednesday. On Tuesday, the US ... Read More »

SC orders Dewan Cement to pay customs duty after 19 years

KARACHI: The Appraising Intelligence Branch of Model Customs Collectorate Appraisement-West is finally succeeded in managing its outstanding recovery of nearly Rs 80 million from Dewan Cement Limited (Pakland Cement) on its alleged involvement in tax evasion of Rs 86.84 million customs duty and sales tax. According to details, the case has been decided by Supreme Court of Pakistan (SCP) after ... Read More »

FBR to remove flaws in sales tax collection

ISLAMABAD: The Federal Board of Revenue (FBR) has intensified its efforts to remove flaws in sales tax collection to achieve the yearly target  for FY 2014-15. As per details, FBR Chairman Tariq Bajwa and all members were briefed in a presentation on improvements in the collection system to collect sales tax. In the presentation members presented suggestions to remove flaws ... Read More »

Issue of fertilizer subsidy

According to newspaper reports, the Ministry of National Food Security and Research is dilly-dallying the issue of subsidy on fertilizers, leaving little room for the farmers to enthusiastically participate in the next season crops. The use of fertilizers is the basic element in the modern farming and the growers deserve every facility from the government, but the present situation will ... Read More »