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Author Archives: Saleem Jadon

Dubai Customs DG discusses promotion of trade with Chinese Consul

Dubai

DUBAI: His Excellency Ahmed Butti Ahmed, Executive Chairman of Ports, Customs and Free Zone Corporation, and Director General of Dubai Customs, received H.E Tang Weibin, Chinese Consul General in Dubai. During the meeting, they exchanged ideas in regards to methods for strengthening trade cooperation between Dubai and China, and the development of cooperation in the customs field to contribute to ... Read More »

Pak economy will collapse after MFN status to India

agri-forum-of-pakistan

LAHORE: Pakistani economy will totally collapse if it opens trade and gives Most Favoured Nation status to India as energy, fertilisers, diesel and pesticides are cheaper there as compared to Pakistan. Opening of the trade with the neighbouring country must be initiated after equalising cost of production. This was stated by Agri Forum of Pakistan (AFP) Chairman Ibrahim Mughal during ... Read More »

Customs seizes antiques being smuggled from Pakistan

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Dar lauds Bajwa’s efforts in launching new tax incentives scheme

Ishaq-Dar-and-Tariq-Bajwa-Combo

ISLAMABAD: Federal Finance Minister Ishaq Dar has lauded the efforts of Federal Board of Revenue Chairman Tariq Bajwa in formulating the tax incentive scheme and gave FBR a detailed plan for effective implementation of the scheme. Appreciating FBR, the Finance Minister said, “Positive public response is indicating the appropriateness and effectiveness of the incentives announced by Prime Minster Nawaz Sharif.” ... Read More »

The name of person who smuggled 3kg gold worth Rs15m is Tahir Mehmood

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Pakistan Customs to auction seized diesel on Dec 19

Pakistan customs

KARACHI: Pakistan Customs to auction 217,492 litres of Iranian-origin diesel that was confiscated during the recent anti-smuggling drive. Model Customs Collectorate (MCC) Preventive issued a notification to dispose of seized diesel and invited 16 parties, including Pakistan Rangers, Canteen Stores Department (CSD) serving for Pakistan armed forces, Police Headquarters and selected oil marketing companies for bidding scheduled for December 19, ... Read More »

New sales tax registration system to be launched by Dec 31

FBR building

ISLAMABAD: Federal Board of Revenue has been striving to avoid anomalies caused by existing ‘defective’ sales tax registration system, so the board is launching a new registration system by December 31 this year. Sources said that under the sales tax law, all the stakeholders including manufacturers, retailers, importers, wholesalers, distributors and commercial exporters are liable to registration. The present registration ... Read More »

Pakistani beheaded over drugs smuggling in Saudi Arabia

Heroin

JEDDAH: A Pakistani national was beheaded over charges of drugs smuggling in the Saudi capital on Sunday. Saudi interior ministry said Muhammad Zahir Khan, a Pakistani citizen, was taken into custody for smuggling a huge quantity of heroin to Saudi Arabia. He was beheaded after charges against him were proved. Since January 1, 2013, 73 persons have been beheaded in ... Read More »

Dubai’s non-oil foreign trade crosses Dhs1 trillion in 2013: Customs

Dubai

DUBAI: Dubai’s non-oil foreign trade exceeded Dhs1 trillion during the first nine months of this year, a rise from Dhs918 billion for the same period in 2012. According to Dubai Customs, Dubai’s third quarter imports touched Dhs610 billion compared to Dhs546 billion in 2012, and have been instrumental in boosting the emirate’s non-oil foreign trade growth in 2013. Sheikh Hamdan ... Read More »

FBR yet to implement Federal Tax Ombudsman’s proposals

FBR logo3

ISLAMABAD: Federal Board of Revenue has failed to execute the Federal Tax Ombudsman’s proposals regarding submission of details of sales tax refund cases which have been pending for more than twelve months. The FTO, on a complaint filed by a citizen Muhammad Rizawan, ordered FBR to submit report on sales tax refund cases across the country and also ordered to ... Read More »

Ogra informs FBR of LPG smuggling, seeks remedy

Ogra

KARACHI: In a letter written to Federal Board of Revenue, Oil and Gas Regulatory Authority (Ogra) has sought prompt action from the Customs authorities to curb illegal transportation of the substandard liquefied petroleum gas (LPG) through bordering countries, sources said. According to letter, the substandard LPG is being smuggled from Iran and Afghanistan by road. The letter also said that ... Read More »

Clearing agent granted pre-arrest bail

SHC

KARACHI: Sindh High Court has granted pre-arrest bail to a forwarding and clearing agent in a case relating to missing Isaf-Nato containers scam. A division bench of SHC, headed by Justice Ghulam Sarwar Korai, approved the bail for Shoaib Ahmed Khan in three cases in a sum of Rs500,000 in each case. The issue of missing containers that were meant ... Read More »

FBR to install electronic systems in restaurants to stop ST evasion

FBR

ISLAMABAD: Federal Board of Revenue is planning to place an invoice monitoring system at all restaurants in the country to control massive sales tax evasion by the industry, sources said. The issue of placing this system was discussed during a meeting chaired by FBR Chairman Tariq Bajwa. Through the system, electronic cash registers will be installed at all the top ... Read More »

Textile sector bears the brunt of transporters’ strike

Textile

KARACHI: The textile sector has to bear loss of around $300 million owing to goods transporters’ 12-day-long strike. The textile exporters revealed that due to strike, cargoes’ shipments were delayed and could not reach the US markets in time ahead of annual Xmas and New Year events. Pakistan Readymade Garments Manufacturers and Exporters Association (Prgmea) Chief Co-ordinator Ijaz A Khokhar ... Read More »

Former SBP governor concerned over SRO 1035

Dr Ishrat Hussain

KARACHI: Dr Ishrat Hussain, former governor of State Bank of Pakistan and IBA Director, has showed his concerns over the proposals given by Federal Board of Revenue to gain access to the information of account holders’ deposits and credit card payments through SRO 1035, sources said. “The aim of this proposal is to shift people from the organised banking sector. ... Read More »

Committee constituted to review SROs

NA

ISLAMABAD: Federal Board of Revenue (FBR) has told National Assembly that a committee, headed by FBR Chairman, has been formed to review SRO regime to identify tax concessions. In a written reply to the question of Rai Hasan Nawaz Khan, the Ministry of Finance told the House that a report is being prepared on tax expenditures for which expression of ... Read More »

Customs detains two foreign currency smugglers

Currency

KARACHI: Pakistan Customs Directorate Intelligence and Investigation (DI&I) has nabbed two men at Karachi airport for allegedly smuggling foreign currency. As per details, Director DI&I Manzoor Memon, on a tipoff that some unscrupulous elements were trying to smuggle foreign currency to Bangkok and UAE from Pakistan, formed a team headed by Superintendent Najeebullah Jafferi and directed him to keep an ... Read More »

KCAA wants demurrage waived

Containers-at-Karachi-Port

KARACHI: Karachi Customs Agents Association (KCAA) General Secretary Faisal Mushtaq has said that since the announcement of waiver of demurrage charges by the Ministry of Ports and Shipping on account of the strike called by transporters, no proper communication to private terminal operators ie PICT, KICT and QICT has been made and not a single waiver has been allowed. As ... Read More »

Trade links with neighbouring countries can strengthen economy: Dastgir

Khurram Dastgir Khan3

ISLAMABAD: State Minister for Commerce and Textile Engineer Khurram Dastgir Khan has said that improving trade links with Afghanistan, India and Iran would strengthen economy, adding that Gwader Port project would link Pakistan with other countries through trade. He said that the government after coming into power had to face many challenges, adding that all out measures are being made ... Read More »

FBR issues SROs for audit and statements’ requirement

FBR logo3

ISLAMABAD: Federal Board of Revenue has issued two SRO’s this week, namely SRO.1040 (I)/2013 and SRO.1035 (I)/2013. According to the SRO.1040 (I)/2013, FBR will not select cases for audit of taxpayers who have paid 25 per cent more tax for the current Tax Year as compared to the tax paid or assessed for the previous Tax Year. As per SRO.1035 ... Read More »