Tuesday , February 21 2017
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Pakistan’s first in-depth newspaper that presents balanced news reports, analysis and reviews regarding Customs, Federal Board of Revenue (FBR) and Sales/Income Tax Departments beside covering import and export sectors comprehensively. Up-to-the-minute news bulletins regarding Customs and FBR departments are also displayed regularly on both website and face book for the interest of common people

Service tax waived for cargo bound for Nepal


KHATMANDU: The decision to scrap 4.5% service tax on ocean freight for consignments transshipped from Visakhapatnam and Kolkata ports as the third country imports to Nepal will benefit the trading community of the Himalayan country. The service tax imposed in June last year was withdrawn vide the Ministry of Finance TRU Circular No.204/2/2017 dated February 16 with immediate effect on ... Read More »

Rubble Master sees 27% turnover increase in 2016


KHATMANDU: Rubble Master, with U.S. headquarters in Valparaiso, Indiana, is currently represented by 70 sales partners throughout the world. “We have managed to grow our business activities, particularly in Asia and Australia, thanks to some new dealers with strong local ties,” reports Gerald Hanisch, CEO a Rubble Master. Around 170 mobile crushers were shipped from Linz, Austria, in 2016, with ... Read More »

Japan extends support to improve water supply in Pokhara


KATHMANDU: The Japan government has agreed to extend Rs 4.529 billion (Japanese Yen 4.813 billion) grant assistance to the Nepal government for the Project for Improvement of Water Supply in Pokhara under the grant assistance scheme in Japan’s Fiscal Year 2016, the Ministry of Finance has stated. The Project aims to improve water supply services in Pokhara Sub-Metropolitan City and ... Read More »

India to expand customs snoop network, to post man in US,Nepal


KHATMANDU: Customs intelligence officers will be posted by India in four countries, including the US and Singapore, to check trade-related frauds and black money transactions. The Directorate of Revenue Intelligence (DRI), the lead agency to check customs frauds and smuggling, has decided to post officers at India’s Mission in New York (US), Singapore, Brussels (Belgium) and in Nepal’s Birgunj. The ... Read More »

Bangladesh to invest $1b in Nepal’s power sector


KATHMANDU: Bangladesh has shown a keen interest to invest in Nepal’s hydropower sector. According to Mashfee Binte Shams, the ambassador of Bangladesh to Nepal, Bangladesh is ready to invest US$ 1 billion in Nepal. “Bangladesh is open to pursue every possible collaboration in the power sector, be it investment or power trade between the two countries,” she said at an ... Read More »

Nepal Rastra Bank, State Bank of Pakistan inks accord


KARACHI: The central banks of Pakistan and Nepal signed an agreement to cooperate in the field of supervision and exchange of supervisory information under Basel Core Principles for Effective Banking Supervision, a statement said. A memorandum of understanding (MoU) was signed between the State Bank of Pakistan (SBP) and the Nepal Rastra Bank – the central bank of Nepal. Syed ... Read More »

Nepal offers to host BIMSTEC Summit towards year-end


KATHMANDU: Nepal proposed to host the fourth summit of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) towards the end of 2017. As Chair of the regional grouping, it is Nepal’s turn to host the summit. Nepal has offered to host the summit in October or November and the exact date will be circulated to the ... Read More »

Telia denies owing tax in Nepal for Ncell sale


KHATMANDU: Telia Company has commented on an edition of investigative TV programme ‘Uppdrag Granskning’ due to air on 08 February concerning the sale of its stake in Ncell to Axiata of Malaysia in April 2016. It said it is confident that it was right to pay tax on the deal in Norway, where the Telia subsidiary selling the company was ... Read More »

Indian national arrested for drug smuggling


KHATMANDU: An Indian national involved in cross-border drug smuggling was arrested in Nepal today with five kilogrammes of hashish. Sheikh Saddam, who apparently was heading to Kolkata, was arrested by a team of Armed Police Force (APF) from Birgunj of Parsa district bordering India. Sheikh told the security agency that he was a drug mule and was ferrying the consignment ... Read More »

Exports of herbs from Rukum up 12% in H1


KHATMANDU: Exports of herbs from Rukum in mid-western Nepal increased by around 12 percent in the first half of this fiscal year due to a hike in demand in the international market. Around 67,000 kg of herbs were shipped from the district between mid-July and mid-January of 2016-17. According to the data of the District Forest Office (DFO), the herbs ... Read More »

Nepal asks India to remove service tax on ocean freight


KHATMANDU: Nepal has urged India to remove the service tax on ocean freight, saying it goes against the bilateral transit treaty. Nepal has made a formal request to India to scrap a 4.5 per cent service tax on ocean freight costs which was imposed in accordance with a notice issued by the Revenue Department of India on January 12, the ... Read More »

Nepal asks India to remove service tax on ocean freight


KATHMANDU: Nepal has urged India to remove the service tax on ocean freight, saying it goes against the bilateral transit treaty. Nepal has made a formal request to India to scrap a 4.5 per cent service tax on ocean freight costs which was imposed in accordance with a notice issued by the Revenue Department of India on January 12, the ... Read More »

Export of Nepali jute items to India resumes


KHATMANDU: The export of jute products from Nepal to India, which was halted for more than a month, has resumed after the Indian Customs Office agreed to release the consignments of Nepali jute traders to the Indian market keeping the 12.5 per cent countervailing duty (CVD) as a guarantee. The Indian government had imposed 12.5 per cent CVD on Nepali ... Read More »

7 kg gold ‘smuggled’ every day using migrant carriers


KHATMANDU: he Commission for Investigation of Abuse of Authority has expressed its concern over the misuse of a facility provided to Nepali international travellers to legally carry 50 grams of gold while entering Nepal. Every day an estimated 700 migrant workers travel to Nepal. The anti-corruption body believes that most migrant workers are paid a commission to carry gold for ... Read More »

Nepal ratifies trade facilitation agreement


KHATMANDU: Nepal has ratified the Trade Facilitation Agreement (TFA), making it the 108th WTO member to do so. The TFA will come into force if it is ratified by two more WTO members. According to the Protocol of Amendment adopted by WTO member on November 27, 2104, TFA will come to force once two-thirds of the WTO membership formally ratifies ... Read More »

Nepali CIB vows action against gold smugglers


KHATMANDU: The Central Investigation Bureau of Nepal Police today said it was committed to bringing to book any person or institution directly or indirectly involved in the recent smuggling of 33 kg gold. “An investigation is under way and CIB will not spare anyone involved in the crime, no matter who they are,” a press statement issued by CIB said ... Read More »

Nepal launches 10 year plan to cut vegetable imports from India


KATHMANDU: Nepal government has launched a10-year-plan to cut dependence on vegetable imports from India and make the land-locked country self-reliant in food. Vegetable imports from India have continued to increase even despite the far-western region seeing a rise in commercial vegetable farming, a local media report has said. According to the report, the region imports vegetables worth 55 billion rupees ... Read More »

Carpet exports drop 6.6% to Rs3.2b


KATHMANDU: Earnings from Nepal’s top export, hand-knotted woollen carpets, fell 6.6 percent in the first five months of the fiscal year, as production shrank during the period following a devastating earthquake and trade blockade by India. Shipments between mid-July and mid-December 2016 were valued at Rs3.2 billion compared to Rs3.5 billion during the same period of the previous year. “Export ... Read More »

Nepal Rashtra Bank in touch with RBI on old notes issue


KATHMANDU: Nepal’s Foreign Minister Prakash Sharan Mahat had raised the issue of collection and deposit of old notes of Rs 500 and Rs 1000 during his meeting with Finance Minister Arun Jaitley, External Affairs Ministry said today. “The Nepal Rashtra Bank has been in touch with the RBI regarding Nepal’s request for facilitation in collection and deposit of old series ... Read More »

NRB cancels bids for its bond offer


KATHMANDU: Nepal Rastra Bank (NRB) today cancelled all the bids submitted by banks and financial institutions (BFIs) to purchase NRB bond as the BFIs quoted an interest rate that was lower than the interbank rate. NRB had issued NRB bond worth Rs 40 billion with a maturity period of 177 days due to the acute liquidity crisis in the financial ... Read More »