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72 pc customs duty cut proposed


LAHORE: The commerce ministry proposed to cut customs duty rates by up to 72% on hundreds of items in addition to completely abolishing duties on another 151 items. The ministry has forwarded a list of 515 items to the Federal Board of Revenue (FBR), requesting reduced duty rates on them in the fiscal year 2018-19 budget, which the government will ... Read More »

FIA arrests 24 deportees at airport


SIALKOT: Federal Investigation Agency (FIA) Wednesday arrested 24 Pakistanis, deported from Turkey, upon their arrival at Sialkot International Airport. FIA Deputy Director Mufakhar Adeel said that the accused had been deported from Turkey over illegal documents. The accused have been sent to jail after registration of cases against them.   Read More »

All LTU, IR & RTOs to remain open on 24rd March

Tax Revenue

ISLAMABAD: The Federal Board of Revenue (FBR) issued a notification no: C.No.1 (137)/STM/2017 according to which all Large Taxpayers Unit (LTU) and Inland Revenue along with all Regional Tax Offices will remain open on 24rd of March. The notification which is issued by Secretary Revenue and Judicial Khurram Ali Qadri, all field formation of Federal Board of Revenue remain functional ... Read More »

FBR, NTC sign MoU for electronic exchange of information

Switzerland, Italy inks accord to exchange tax data

ISLAMABAD: The Federal Board of Revenue (FBR) and the National Tariff Commission (NTC) have signed a Memorandum of Understanding (MoU) for electronic exchange of information to ensure accurate and timely dissemination of notifications for levying countervailing, anti-dumping and safeguard duties. The electronic exchange will help save time, reduce cost of doing business and improve efficiency. INTRA (Integration of Regulatory Authorities) ... Read More »

Equities rally on surprise rupee devaluation

prices increases

LAHORE: The Pakistan Stock Exchange Tuesday rose sharply in the backdrop of surprise rupee depreciation against US dollar. The benchmark 100-share index gained 770.14 points to close at 44,309.74 points. To recall, the government had devalued Pak Rupee by around 5 percent on Dec 8, 2017. During the last 10 years, Pak Rupee has devalued annually by 5 percent. Though ... Read More »

NAB Chief directs expeditious disposal of corruption cases

QUETTA: Jun09 – Justice (Retd) Javed Iqbal speaks during a press conference in Quetta.
ONLINE PHOTO by Ahmad Kakar

ISLAMABAD: Chairman National Accountability Bureau (NAB), Justice (Retd) Javed Iqbal on Monday directed the Lahore Bureau for expeditious disposal of corruption cases including mega corruption. He said these vases should be processed on basis of solid evidence, without delay and any external pressure. He was chairing a meeting at NAB Lahore to review overall performance of Bureau, especially progress on ... Read More »

Two vessels collided at SAPT, 21 containers drowned fearing heavy loss


KARACHI: Administration of the Karachi Port Trust (KPT) has started the investigation against the collision of two vessels at South Asia Port Terminal Limited (SAPT). According to the details, operations at the South Asia Port Terminal Limited (SAPT) got suspended after two vessels collided while berthing at SAPT-3 of Karachi Port trust (KPT) leaving a heavy loss to the containers ... Read More »

Several cases pending at Adjudication Faisalabad due to irresponsible behaviour of officers

customs court adjournes case

  FAISALABAD: A large number of cases are pending for decision at the Collectorate of Customs Adjudication Faisalabad. These cases involve an amount of duties and taxes of millions of rupees. Most of the cases are pending before Collector and Deputy Collector for the last several months. There seems to be pathetic lack of seriousness on the part of aforesaid ... Read More »

Tanker & drums filled with High Speed Diesel priced at Rs15m taken into possession by ASS & FC


QUETTA: The Anti-Smuggling Squad of the Customs Collectorate Quetta, with the assistance of the Frontier Constabulary (FC), impounded a tanker and drums filled with high speed smuggling diesel worth Rs15million from three dumping grounds. According to details given by Ashraf Ali, Collector, Model Customs Collectorate (MCC) Quetta, that, on a tip-off shared by sources, the anti-smuggling squad, led by Maqbool ... Read More »

Customs, IR officers again urged to inform about dual nationality


LAHORE: The Federal Board of Revenue (FBR) has ordered the Inland Revenue Service and Customs Service officers of BS-17 and above To submit detailed information of dual without fail or face departmental proceedings. Earlier the FBR forwarded a letter to all the officers of Inland Revenue and Customs departments through a letter issued on January 31st but some departments have ... Read More »

701 illegal consignments cleared through Customs Dryport from 2015 to 2017


PESHAWAR: Customs Dry Port has cleared 701 illegal consignments from 2015 to 2017 revealed through documents and caused loss of billions to customs exchequer. According to documents received by Customs Today that a high level interrogation has been carrying on to trace the corruption been done to clear consignments as amnesty to import old and used cars. Customs Today has ... Read More »

‘Pakistan Railways to provide better cargo services to business community’

Pic-March-03-18 - Copy

ISLAMABAD: Abdul Maalik, Divisional Superintendent Rawalpindi, Pakistan Railways, said that the business community was playing a leading role in the economic development of the country and Pakistan Railways will provide them with better cargo services for the growth of their business. He siad this while visiting the ICCI along with Dr. Tahir Bukhari, Chief Transportation Manager, Railways HQs, Lahore to ... Read More »

Islamabad Dry Port breaking bylaw by giving examination inventory to clearing agents


ISLAMABAD: The Islamabad Dry Port’s examining staff is doing a violation of Section 155-B, 155-C of Customs Act-1969 by handing over the examination inventory to clearing agents for feeding the examination report into WeBoc System. According to details given by official sources of the Islamabad Dry Port (IDP) that it has been noted with great concern that the examining officers/inspectors, ... Read More »

Foreign Currency Account Scheme


KARACHI: The Foreign Exchange Rates Committee of Financial Markets Association of Pakistan issued the following Base Rate, here on Monday.FOREIGN CURRENCY ACCOUNTS SCHEME — RATES BAY BID MAXIMUM RATES FOR PAYMENT OF INTEREST BY ETHERIZED DEALERS R A T E S U.S. DOLLARS VALUE 26-02-18 For 3 months and over but less than 6 months 1.6936% PA 2.4436% PA For ... Read More »

FBR posts assistant commissioners across country


LAHORE: The Federal Board of Revenue (FBR) on Friday posted probationary officers of the Inland Revenue Service (BS-17) across the country after the completion of their training at the Directorate General of Training and Research with immediate effect and until further orders. A passing out ceremony of the IRS officers of 44th STP was held on February 9. Through an ... Read More »

KPT shipping intelligence report


KARACHI: The Karachi Port Trust (KPT) issued the following shipping report for the last 24 hours, ending 0700 hours on Thursday. ALONG SIDE (Bulk Oil Pier) OP-I Karachi D. Crude Oil PNSC 13/02/18 OP-II Nord Larkspur D. Mogas GAC 14/02/18 OP-III Nave Polaris D. Chemical Alpine 14/02/18 ALONG SIDE (East Wharves) 1 Al Safa D. Jet Oil East Wind 14/02/18 ... Read More »

NA Finance & Revenue Committee seeks details of PSDP projects from Finance Division

Standing Committee on Finance Revenue and Economic Affairs 14.02.2014

ISLAMABAD: The National Assembly Standing Committee on Finance and Revenue has asked the Finance Division to submit full details of all the projects of Public Sector Development Program (PSDP) for the upcoming financial year 2018-19. On provision of details of proposed projects, the committee will hold discussion and then propose recommendations to the Finance Division. While considering the proposed PSDP, ... Read More »

Quetta Customs recovers smuggled goods from two buses

Quetta customs copy

QUETTA: The Customs officials have recovered miscellaneous goods from two passenger buses coming from Quetta to Karachi. Collector Ashraf Ali, on a tipoff, had ordered constitution of team to monitor the route. Additional Collector Zubair Shah and Deputy Collector Mohammad Ibrahim formed a team headed by Deputy Superintendent Maqsood Durrani and comprising Inspectors Ghulam Hussein, Mohammad Bashir, Mohammad Aslam and ... Read More »

Punjab govt contradicts NAB statement regarding non-cooperation


LAHORE: A Punjab government spokesman has contradicted the statement of the chairman NAB that some of provincial government were not cooperating with National Accountability Bureau (NAB).  The spokesman said that there was no truth in the statement of the chairman NAB as all the Punjab government departments were fully cooperating with NAB. The spokesman said that such statement should not ... Read More »

Tax evasion committed by M/s Shahina & Sons Karachi uncovered

File 1 (10)

KARACHI: The Directorate of Customs Post Clearance Audit has detected duties and tax evasion of Rs9.58million committed by M/s Shahina and Sons Karachi, it is learnt here. Sources told Customs Today that M/s Shahina and Sons Karachi imported a consignment of imported emergency lights, charging fans, small solar panels and other accessories, and got it cleared from the PICT Karachi ... Read More »