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PSX drops another 564pts till midday


KARACHI: The Pakistan Stock Exchange (PSX) remained bearish till midday as it dropped hug 564 points to reach 41589 points level on Tuesday. Earlier, the PSX opened keeping bearish trend and lost 42,000 level as the benchmark 100-inded shed 689 points to drop to 41464.38 points level in early trading. On Monday, the stocks started new week on a bearish ... Read More »

Customs I&I impounds non-duty paid items worth Rs 10 million


LAHORE: Directorate of Customs Intelligence and Investigation has seized non-customs paid items worth Rs 10 million from various places in and around the city. The items were loaded on four Mazda trucks. Official sources told Customs Today that a customs team intercepted a truck near Shera Kot bearing registration no: LES/ 2901 and recovered non-customs paid items worth millions of ... Read More »

Economy as low priority


Economy always remained a low priority in the country thanks to politics of vested interests and inherent flaws in the administrative system. During the last 70 years, small and extremely backward nations like Singapore, Malaysia and South Korea entered the first world category and we as a nation proudly took a back seat in every economic order. It will be ... Read More »

Govt should facilitate businessmen for betterment of national economy: Raja Hassan Akhter


LAHORE: The Federal Board of Revenue (FBR) should not raid business premises of traders and industrialists as they are as their patriotism is out of question. These views were expressed by Raja Hassan Akhter, President of Lahore Businessman Front during an exclusive interview with Customs Today. Akhter said that raids by FBR on business premises create fears among the business ... Read More »

Cooperative relations with all stakeholders made my tenure successful: Dr Arslan

Collector Arslan Subuctageen web

ISLAMABAD: Newly transferred Collector of Model Customs Collectorate (MCC) Islamabad Dr. Arslan Sebuktageen spent a successful tenure at the MCC Islamabad which will be remembered for long. He made the Car Cell operational, set up Canaan Centre, and a library at the MCC Islamabad. He seized 27 kg of gold and won many cases from the Supreme Court, High Court ... Read More »

FBR needs 141.5 acre to improve Wagah Border Crossing Project

Tariq Mahmood Pasha

SLAMABAD: Under the Integrated Transit Trade Management System, the Federal Board of Revenue (FBR) needs a total of 141.5 acres of land at Wagah border. However, the government already owns 65 acre through National Logistics Cell (NLC). Sources told Customs Today that project consultants have identified 76 acres of additional land to set up new export and import processing facilities. ... Read More »

Pak-Afghan Customs meeting bears fruit: 2,000 trucks allowed to return Pakistan

Torkham Border Trade

PESHAWAR: Additional Director Afghan Transit Trade, Peshawar, Amjad Rehman has said that Afghanistan has allowed 2,000 containers and trucks transporting trade goods from the war-ravaged country to enter Pakistan. He said this during a meeting with Pak-Afghan Joint Chamber of Commerce and Industry Senior Vice-President Ziaul Haq Sarhadi. Transit Trade Additional Director Ziaul Shams and Deputy Director Dr S Faisal ... Read More »

Big quantity of hashish, opium, pistols recovered from Karachi bound container


KOHAT: The Anti-Smuggling Organization (ASO) Kohat seized a big quantity of foreign origin hashish, opium and 9mm pistols from a Karachi bound container. According to details given by Deputy Collector Customs Station Kohat Division Fazli Shakoor while exclusively talking with Customs Today, on a tip-off shared by sources, the ASO Kohat intercepted a container loaded vehicle No: D. I. Khan-8256 ... Read More »

About 16 sacks of smuggling auto-parts confiscated during crackdown by ASO Hyderabad

auto parts 10 (1)

HYDERABAD: The Anti-Smuggling Organization (ASO) Hyderabad has seized foreign origin 16 sacks of smuggling auto parts valued at 18million involving duties and taxes of Rs1.2million during a crackdown on a checkpost of Dera Mori during the first week of August 2017-18. The sources said that Collector Customs Hyderabad Akhlaq Ahmad Khattaq received a tip-off regarding the smuggling of above said ... Read More »

Customs Intelligence unearths Rs39m misdeclaration scam

Pakistan Customs

LAHORE: Directorate General of Customs Intelligence and Investigation has detected a Rs39 million worth of misdeclaration scam by an Islamabad-based company. The company imported polyester and wascos fabric from China and got illegal tax relaxation under SRO 1125(1)2011. The Customs Intelligence, on information, started investigation against the importer. During investigation, it was revealed that the company is not among the ... Read More »

DG Valuation to revise customs values of medical items, equipments vide VR No 1202/2017

File 3

KARACHI: The Directorate General of Customs Valuation has revised the customs values of medical items/equipment vide Valuation Ruling No 1202/2017 under Section 25A of the Customs Act, 1969. This Directorate General had earlier circulated the reference customs values of different medical items/equipment vide Valuation Ruling No 1021/2017 dated 26-01-2017 and Valuation Ruling 1062/17 dated 1-3-2017. However, some importers approached the ... Read More »

Concessionary rate of sales tax not applicable on some imported finished goods, says ONO


ISLAMABAD: The Collector Customs Adjudication Islamabad has issued an Order-In-Original that concessionary rate of sales tax will not apply on finished goods of leather, textile, carpets, sports, and surgical items imported under the SRO 1125 (1) 2011, amending SRO 504 (1) 2013. It has ordered the MCC Islamabad to recover the amount of non-realized revenue of Rs 6.23 million along ... Read More »

Smuggled goods impounded by Customs Preventive Sukkur on National Highway


HYDERABAD: The Anti-Smuggling Organization (ASO) Hyderabad, Customs Preventive Sukkur, has confiscated the foreign origin non-duty-paid seven smuggling items including 157 cartons of 10 CP bundles of 10,850 yards of cloths, food items, electrical goods, stationeries, electronic items and shoes worth Rs4.6million involving customs duties and taxes during the vehicles-checking on National Highway near Ali Whan Rohri-Sukkur during the first week ... Read More »

AB Islamabad seizes 120 mobile phones of different brands being smuggled from Dubai


ISLAMABAD: The Customs staff of the Islamabad Airport Accompanied Baggage (AB) Section confiscated 120 assorted cell phones from a passenger who was coming from Dubai. According to details given by Shahid Jan, Acting Additional Collector, Air Freight Unit, Islamabad, that, during a routine checking, the Customs staff doubted a baggage and ask the baggage holder to show his luggage. Passenger ... Read More »

Customs Exports collects Rs 14.6m during 20 days of August

Tax Revenue

KARACHI: The Customs Exports has successfully collected Rs 14.6 million during the first 20 days of August 2017 of the fiscal year 2017-18. Sources told Customs Today that Customs Exports issued 12 show cause notices out of which nine final notices were served on defaulter companies in first 20 days of August. It is necessary to mention here that the ... Read More »

About 500 packs of cigarettes confiscated by Customs Preventive Sukkur


HYDERABAD: The Anti-Smuggling Organization (ASO) Hyderabad, Customs Preventive Sukkur, impounded the smuggling of 500 packs of cigarettes valued at Rs300000 involving duties and taxes of Rs318000 during a raid near Sabzi Mandi, Truck Stand, Shikarpur, Sukkur division, during nine days of August 2017-18. As per details, Hyderabad Customs Collector Akhlaq Ahmad Khattaq received a tip-off about the smuggling of foreign ... Read More »

Sargodha ASO seizes non duty paid ladies suits

indian clothes

SARGODHA: The Anti Smuggling Organization (ASO) Sargodha has impounded smuggled ladies suits printed in different colours. The market value of the seized cloth is Rs3,00,000 involving duty taxes Rs, 13,46,280 besides confiscated carrier Toyota Corolla car worth Rs12,00,000. Sources told Customs Today, that ASO team comprising Muhammad Javed Mehmood (superintendent),  Malik Atif (inspector), Afzal Hussain, Liaquat Ali, Israr Ahmad, Muhammad ... Read More »

DG Valuation Surriya Butt decides to reschedule database from next month

Surraiya Butt

KARACHI: The Directorate General, Customs Valuation, Director General Surriya Ahmed Butt DG Valuation Surriya Butt decides to reschedule database from next month. On the other hand, she is also going to revise the Valuation Rulings No: 746/2015 and 747/2015 on August 30, 2017, it is learnt. Sources told Customs Today that an application was submitted by the importers to Customs ... Read More »

FBR makes it mandatory to mention offshore companies in tax returns


LAHORE: Federal Board of Revenue (FBR) has launched new income tax returns forms 2017. This form is separately designed for individuals and association of persons. According to details, in the newly introduced income tax form, the taxpayers have to mention their source of income. FBR declared in this form that all types of business, investment, rented properties should be mentioned ... Read More »

Decision on complaints filed by FBR employees reserved

court adjourned - case adjournes

ISLAMABAD: Two division benches of the Federal Service Tribunal on Monday reserved decision on Syed Sultan Abbas’s complaint filed against the Federal Board of Revenue (FBR). The FST benches, comprising Members, Syed Rafique Hussain Shah and Dr Nazir Saeed, heard the matter carrying compliants about implementation. Syed Rafique Hussain Shah and Dr Nazir Saeed had been hearing the matter for ... Read More »