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PSX continues upward rally till midday

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KARACHI: The Pakistan Stock Exchange remained bullish till midday as the benchmark 100-index added another 83.54 points to reach 41641.61 points level on Friday. Earlier, the stocks opened positive and gained 86 points to reach 41644 points level. On Thursday, bulls bounced back at the stock market, pushing the benchmark KSE 100-index up by 825 points to 41,558 points. The ... Read More »

LCCI stages protest against regulatory duties

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LAHORE: Members of the Lahore Chamber of Commerce & Industry (LCCI) and the Pakistan FMCG Importers Association have staged a strong protest demonstration to press the government for immediate withdrawal of recently levied regulatory duties on different items. The demonstration was led by LCCI Senior Vice President Khawaja Khawar Rashid, Pakistan FMCG Importers Association Chairman Anjum Nisar, LCCI Vice Chairman ... Read More »

Issue of macroeconomic risks

economy

Asking the Pakistani government to address current risks, the World Bank has agreed to support economic reforms to achieve the development goals. Pakistan has been facing various economic issues for the last many years and needs to exploit human capital development, achieve macro-economic stability, enhance renewable energy and involve private sector in infrastructure projects. However, it is difficult to understand ... Read More »

Avoidance of double taxation accord to stimulate business, trade activities: Brazilian envoy

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ISLAMABAD: Ambassador of Brazil Claudio Raja Gabaglia Lins has said that with the objective to enhance bilateral trade volume and increase the economic cooperation between Pakistan and Brazil both the countries are going to establish Pakistan Brazil Business Council (PBBC). PBBC is going to be a platform for both Pakistani and Brazilian investors and businessmen to discuss their future plans ... Read More »

Multan Adjudication decides cases involving Rs 34.36m: Additional Collector Talib Hussain

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MULTAN: Collectorate of Customs Adjudication is one of the most important Collectorate for the generation of revenue in customs and disposal of seizure cases generate revenue for the Collectorate on merit. Additional Collector Customs Adjudication Talib Hussain expressed these views during an exclusive interview with Customs Today the other day in his office. He said that accurate assessment in Customs ... Read More »

North Region goes superior by posting 45.37% growth during 15 days of October

Chief Collector Sarwat Tahira

ISLAMABAD: The North Region earned surplus revenue of Rs533.79million during the 1st to 15th of October Financial Year 2017-18 under the heads of all duties and taxes against the collection of all duties and taxes during the same period of corresponding Financial Year. The North Region showed 45.37% growth under all the heads in revenue collection during the initial 15 ... Read More »

Two suspects arrested in raid by Customs I&I and LEAs at KPT, security tightened

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  KARACHI: Security at Karachi Port Trust (KPT) has been tightened after a raid  conducted by the law enforcement departments. According to the sources, on the secret information, the Customs Intelligence and other law enforcement departments conducted a raid at KPT, during which a huge quantities of SIM cards as well as the cellular phones were seized. Sources informed Customs ... Read More »

FBR starts audit of WHT submitted by M/s Telenor Pakistan Limited

Tanveer Ahmad Member HRM

ISLAMABAD: M/s Telenor Pakistan (Private) Limited has provided the revised data to the Federal Board of Revenue. The FBR has started the audit of withholding tax on the basis of revised data provided by the M/S Telenor Pakistan. According to Member Operation Inland Revenue FBR Khawaja Tanvir, the initial analysis suggested that the number of customers are 40,441,316 while transactions ... Read More »

Hazara Customs Station surpasses allocated collection target by Rs14m during 18 days

Profit

PESHAWAR: The Hazara Customs Station, Model Customs Collectorate Peshawar, has generated an amount of Rs69.56million revenue during first 18 days of October of current FY2017-18 which is more than Rs55.06million revenue generated during 18 days of October in previous FY2016-17. So the surplus amount is Rs14million. The Collection of Hazara Customs station shows that an amount of Rs21.85million Customs Duty ... Read More »

Alleged cloth-smuggler handed over to customs authorities on two-day physical remand

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LAHORE: The Special Federal Court of Customs Taxation and Anti-Smuggling has handed over an accused to customs authorities on a physical remand for two days on Tuesday. The customs court has directed the authorities of customs investigation and prosecution to complete the investigation within the given time and present the accused before the court for further proceeding. Accused Juma Khan ... Read More »

Tax evasion: Customs Exports issues notices to M/s Mugheera Associates, M/s Absa Knitwear

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KARACHI: The Customs Exports has served two show cause notices and one final notice on tax defaulters and tax evaders for recovery of dues. Sources told Customs Today that Custom Exports issued notices to three companies, including M/s Mugheera Associates and Sons, M/s Absa Knitwear and Export and other. According to the detail, M/s Mugheera Associates used wrong Pakistan Customs ... Read More »

Customs court approves judicial remand of alleged currencies’ smuggler

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LAHORE: The Special Federal Court of Customs Taxation and Anti-Smuggling has granted a judicial remand of an accused arrested by the Pakistan Customs Preventive, Allama Iqbal International Airport, when they frustrated an attempt of smuggling of foreign currencies into China. The customs investigation and prosecution team had presented him before the court and asked for the physical remand for further ... Read More »

Customs Court adjourns hearing of mega tax evasion case

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KARACHI: The Customs Court Judge Syed Faiz Rasool Rashdi adjourned the hearing of case filed against suspects Adnan son of Muhammad Ashraf and Muhammad Junaid son of Abdul Razzaq, who were booked in a case of smuggled/ non-duty paid contraband mobile phones, tablets, LED TVs, satellite dish receivers etc and evaded the duty and taxes Rs 5,35,48,97 to public exchequer. ... Read More »

SHC seeks comments on petition filed by M/s Jutt Lights & others

SHC

KARACHI: The Sindh High Court (SHC) issued notices to the customs officials and deputy attorney general on a constitutional petition filed by M/s Jutt Lights, M/s Rana Enterprises, M/s Urwa Traders and M/s Num Traders against imposition of duty and taxes on consignment of LED Lights. While the hearing of petition, a two-member bench, comprising Justice Munib Akhtar and Justice ... Read More »

Dar directs FBR to withdraw tax on widows, pensioners

Dar, FBR

ISLAMABAD: In a move to facilitate widows and pensioners, Finance Minister Ishaq Dar has directed the Federal Board of Revenue (FBR) to remove 10 percent income tax on profits received through two schemes of National Savings – Pensioners Benefit Account (PBA) and Behbood Savings Certificates (BSC). The finance minister chaired a meeting to review the performance and other matters related ... Read More »

Importers express concerns over levy of RD by FBR

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PESHAWAR: The Federal Board of Revenue has increased Redemption Duties of eatable things after which hundreds of trucks remained stroked on both sides of Torkham Border. The FBR earlier had imposed RD on above 700 items after which protests have been announced by importers throughout country against the increase in the RD of eatable things. The RD on one kilo ... Read More »

Customs foils attempt to smuggle cosmetics at Lahore airport

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LAHORE: Customs Preventive team deputed at Allama Iqbal International Airport has foiled an attempt to smuggle huge quantity of foreign origin cosmetics and arrested a couple. According to details available to Customs Today through high official of customs an attempt of cosmetics smuggling was foiled by a team when they checked a couple of passengers. Customs team found huge quantity ... Read More »

Quetta Customs seizes computer accessories worth Rs4.50m on Thursday

Quetta Customs impounds smuggled goods vehicles valued millions of rupees copy

QUETTA: The Directorate of Customs Intelligence and Investigations took into possession ten commercial non custom paid printers and others computer accessories worth Rs 4.50 million on Thursday afternoon. The sources told Customs Today that Director Customs Intelligence and Investigation Quetta Irfan Javed received creditable information that some smugglers are trying to smuggle commercial non custom paid Japan made printers and ... Read More »

Additional Collector Mustafa assigns new tasks at airport

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FAISALABAD: The Model Customs Collectorate Additional Collector Ghulam Mustafa has assigned new duties to deputy collector and assistant collector at Faisalabad airport. Sources told Customs Today, that officials will perform their duties in three shifts at the airport while each shift will work for 12 hours. According to the notifications No, II-A(Admn)Tranf/17/2013/2819 issued by the Additional Collector Ghulam Mustafa, DC ... Read More »

FST reserves verdict on complaints filed by FBR employees

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ISLAMABAD: Federal Service Tribunal reserved decision on an implementation complaint filed against Federal Board of Revenue (FBR) by Syed Sultan Abbas on Thursday. Ishtiaq Ahmed and M Javed Iqbal Kasi heard the final arguments on the case and reserved decision on the matter. Same bench heard the cases asking the tribunal to ensure implementation over its earlier announced decision which ... Read More »