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Karachi, Wed April 4, 2018

KARACHI

MUBEEN HUSSAIN

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he Customs Collectorate (MCC) Appraisement East has started investigation against recovery of a huge quantity of smuggled betel nuts at Pakistan International Container Terminal (PICT).

To curb smuggling and mis-declaration of contraband items specially betel nuts, the Customs Collectorate Appraisement East has again foiled an attempt to clear a consignment of betel nuts illegally.

It was the 5th such consignment which was recently intercepted by Customs Collectorate Appraisement East and the attempt by the importers to clear it was foiled. Sources told Customs Today that while examining a container at Pakistan International

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Container Terminal (PICT), marked by the system for examination, the Customs staff found betel nuts hidden beneath soap stock. A goods declaration no KAPE-HC-170594, dated 28-03-2018 was Piled by M/s Ali Bagh Enterprises holding NTN No. 1020895. The modus operandi was such that almost ninety percent of drum space was Pilled with betel nuts while a layer of soap stock was placed on top of the drums to conceal presence of betel nuts underneath. The consignment was shipped form Jebel-e-Ali port and trader’s proPile rePlected that it was the Pirst GD Piled by the said commercial importer. The source also informed that the consignment comprised of 5 containers total weight seventy six Metric Tons out of which 2 containers were found to contain betel nuts concealed in seventy four drums.

Customs impounds numerous contraband items priced at Rs467.53m

Customs Export retrieves evaded arrears from defaulter companies

Customs I&I impounds three non-duty paid vehicles

DG Valuation revises customs values of dyes vide VR No 1274

Multan customs impounds 2 NDP vehicles of Rs3.5m from Sahiwal

ASO took into possession worth Rs467.53m of smuggling goods | SEE pAgE 02 |

Customs Export has recovered an evaded amount of taxes and duties | SEE pAgE 03 |

Customs I&I team impounded three NDP vehicles from different parts of the city | SEE pAgE 04 |

DG Valuation has revised the customs values of dyes VR No: 1274/2018 | SEE pAgE 09 |

ASO impounded two non-customs paid vehicles of worth Rs.3.5 million | SEE pAgE 16 |

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Customs Appellate Tribunal hears cases filed against DG I&I Wednesday, April 4, 2018

Islamabad

ISLAMABAD: Customs Appellate Tribunal’s Member Technical, Ziaddin Wazir dated in office the hearing of customs cases of Raja Nabeel, Waqas Enterprises, Arshad Khan and Musawir Shah.

Raja Nabeel had filed a case against Directorate General of Intelligence and Investigation, Islamabad. Other three appellants had filed their cases against Model Collectorate of Customs, Islamabad.

customs impounds numerous contraband items priced at rs467.53m

ISLAMABAD

ISLAMABAD

cUStoMS BULLEtIN rEport

tArIQ DErYA

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he Federal Board of Revenue (FBR) would likely to face Rs100 billion shortfall as the country’s to revenue authority has estimated to collect Rs3,900 billion by the end of ongoing fiscal year.

The FBR is facing this shortfall despite showing healthy growth of over 17 percent in tax collection during the last eight months. However, according to an FBR officer, the recent rupee depreciation against US dollar would improve the tax collection at the import stage that includes custom duties, regulatory duties, sales tax and withholding tax. The government had set the tax collection target at Rs4,013 billion for the current fiscal year. The FBR has recorded a provisional net revenue collection of over Rs2,259 billion during first eight months (July to February) of the current financial year as against Rs1,920 billion collected during the same period of the previous fiscal year, excluding collection on account of book adjustments. FBR has recorded an increase of around 17.65 percent over the revenue collected during the corresponding period of last fiscal year.

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he Anti-Smuggling Organization (ASO) Islamabad took into possession worth Rs467.53millions of smuggling goods and vehicles during Pirst eight and a half months (July to 15th March) of FY17-18.

According to details given by Muhammad Ishfaque, Additional Collector, Model Customs Collectorate (MCC) Islamabad that, during above said period, the ASO Islamabad impounded 162 offending vehicles (Vehicles carrying smuggling goods) valued at Rs167.67million while it did 31 Non-Duty-Paid (NDP) vehicles priced at Rs125.34million.

During Pirst eight and a half months of FY17-18, the ASO Islamabad seized 4,8924kg of foreign origin contraband fabric worth Rs26.58million whereas it did 99,366 kilogram of food grain valued at Rs12.79million. The ASO Islamabad conPiscated 10,319kg of smuggling tea (black and green) priced at Rs3.045.

Additional Collector told CT that, during above said period, the ASO impounded 778 tyres and tubes priced at Rs2.63million while ASO did 17,217 auto parts worth Rs7.35million as well as ASO conPiscated smuggling 1,808 alloy rims priced at Rs0.519million. The ASO

fBr to collect rs3,900b, facing rs100 billion shortfall

took into possession 4,965 liter of mobil oil valued at Rs1.22million.

The ASO seized 5,640 packs of foreign origin fake cigarettes priced at Rs4.27million while it did 18,149

electronic items worth Rs33.20million. It was added that the ASO conPiscated 406 blankets valued at Rs0.102million whereas it impounded 4,392 smuggling toys

worth Rs0.421million, 612 sets of crockery priced at Rs000.84million, medicines worth Rs000.84million and miscellaneous contraband goods priced at Rs67.44million.

IHc seeks final arguments on case filed by M/s comfort Sales

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ISLAMABAD

NAEEM ULLAH tArIQ www.customsbulletin.com

he Islamabad High Court (IHC) has directed parties to submit related record while hearing customs matter involving Customs Appellate Tribunal and Collectorate of Customs, Islamabad.

A division bench of the IHC comprising Justice Athar Minallah and Justice Hassan Aurangzeb heard the cases and issued directives. The

bench had also dated in ofPice the hearing on matters Piled by DG Intelligence and Investigation against Malik Muhammad Ajmal Khan. M/s Comfort Sales Corporation had Piled a case against ATIR and the Customs Department. M/s Comfort Sales Corporation had challenged the act of recovery of disputed amount by Commissioner Inland Revenue of Large Taxpayer’s Unit, Islamabad. ATIR was also made respondent in the case as the tribunal had sustained departmental deci-

sion regarding issuance of show cause notice and demand of recovery of outstanding tax amount in head of federal excise duty.

M/S Comfort Sales Corporation had prayed the court that FBR office had issued a recovery notice to the company which did not hold lawful grounds. The appellant had prayed the court to declare the act as illegal and without any lawful authority and an interim stay may be granted against recovery proceedings.

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Court approves physical remand of suspect in ST evasion case KARACHI: Customs Court Judge Syed Faiz Rasool Rashdi has extended physical remand of Muhammad Altaf Hussain, owner of M/s Tuba International, and sent him back to the Customs Department in a sales tax evasion case of Rs 15 million.

During the hearing, investigation officer produced the suspect before the court and informed that the owner of M/s Tuba International and others were involved in a sales tax evasion case. He said the prosecution had evidence but needed more time to arrest other absconders in the case, therefore, the court might grant further physical remand of the suspect and send him back to the Customs Department.

gwadar customs impounds several contraband items & drugs

Wednesday April 4, 2018

Karachi

customs Export retrieves evaded arrears from defaulter companies

KARACHI

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he Customs Collectorate Gwadar has seized a large number of smuggling items including hashish, bottles of wine, Iranian diesel, blankets, shawls, mobile phones and so many other things worth Rs8.88million. Source said the Customs Collectorate Gwadar has impounded a big quantity of international quality of smuggling hashish and non-custom-paid artificial jewellery valued at Rs2.12million Sources told Customs Today that Deputy Collector Gwadar received secret information that some smugglers are trying to smuggle said items.

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Dg Surriya Butt to revise Vr No: 748/2015 on April 26 KARACHI

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he Directorate General, Customs Valuation, Director General Surriya Ahmed Butt has decided to revise the Valuation Ruling No: 748/2015 on April 26, 2018, it is learnt. Surriya Butt said the department was reviewing suggestions from various importers to set the new prices of Viscose Fabrics. She said some valuations, which were issued in 2015, were being reviewed from the beginning. Moreover, the valuations will be set in view of the rising prices in the international market. Sources told Customs Today that a petition was filed with the Customs Valuation in which change in prices of Viscose Fabrics was requested.

Sources further told CT that Valuation Ruling No: 748/2015 was issued on June 15, 2015.

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KARACHI

wAQAr AHMED ANSArI www.customsbulletin.com

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he Customs Export has recovered an evaded amount of taxes and duties of Rs10.47million from defaulter companies which were issued with notices to pay the outstanding dues.

Sources told Customs Today that, during scrutiny of the import data, it was revealed that M/s Dolman Tiles Karachi availed undue benePits and concessions after importing different consignments of Plour tiles by misusing the SRO 561 through Examiner Humair Siddique on September 8, 2017. Sources further said that the company was allegedly involved in the tax evasion of Rs6.58million. After detecting the tax evasion in the month of March 2018, the Customs Export served on it a Pinal notice on 7th of March 2018 to deposit the evaded amount within 14 days, but the defaulter company couldn’t do so.

After 20 days of the notice, the management of M/s Dolman Tiles Karachi deposited the evaded amount in the ofPicial account of the Customs Export on 26th of March.

Another defaulter company named M/s Yousuf Ceramics also cleared Rs3.89million of taxes and duties.

Sources told the correspondent that M/s Yousuf Ceramics also availed undue benePits and concessions and avoided paying taxes according to the customs bylaws.

The Customs Export authorities served on it a Pinal notice on 1st of March 2018. After receiving the notice, the management of the M/s Yousuf Ceramics deposited the evaded amount of taxes into the ofPicial account.

Meanwhile, The Customs Export has recovered an evaded amount of taxes and duties of Rs17.97million from defaulter companies which were issued with notices to pay the arrears. Sources told Customs To-

Sources further said that the company was allegedly involved in the tax evasion of rs6.58million.

After detecting the tax evasion in the month of March 2018

court awards jail terms to suspects involved in smuggling

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KARACHI

M B rANA

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ustoms Court Judge Syed Faiz Rasool Rashdi has awarded 16 days imprisonment to suspects, Fazal Murad, Liaquat Ali, Gul Muhammad and Rasool Bux, in a non-duty paid Iranian high speed diesel smuggling case.

During the hearing, the suspects moved petitions for plead-

ing guilty and left themselves on the mercy of the court. After they pleaded guilty, the court framed charge against them. According to the prosecution, on March 12, 2018, the staff of Directorate General Intelligence and Investigation at Sohrab Goth, Karachi, intercepted two trucks bearing registration number TKG-583 loaded with 2,610 liter high speed diesel and SAE-5, loaded with 379 liter diesel and arrested the suspects.

All of the suspects, in connivance

with each other, were carrying the smuggled diesel without any documents, therefore, they committed an offence punishable under section 156 (1) (8) (89) of the Customs Act, 1969”. After they pleaded guilty, the court awarded them 16 days imprisonment as undergone period and fined Rs 100,000 each on them and directed Central Jail Karachi to release them after submitting the fine amount if they are not required in any other case.

day that, during a scrutiny of the import data, it was revealed that M/s Hanif Marble and Export availed undue benePits and concessions by importing different consignments of marble tiles by misusing the SRO 558 through Appraiser Yameen Khan on September 2017. Sources told Customs Today that the company was allegedly involved in tax evasion of Rs11.47million. Investigation continued and, after detecting the tax evasion.

International markets roundup S stocks have fallen sharply after President Donald Trump said the United States would impose import tariffs on steel and aluminium, adding fears of a tit-for-tat trade war to growing worries about higher interest rates. After a confused day of report and counter report, Trump said the US would impose tariffs of 25pc on steel imports and 10pc on imported aluminium next week.

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FTO seeks department comment in tax refund appeal Wednesday April 4, 2018

Lahore

LAHORE: Federal Tax Ombudsman (FTO) Advisor Mian Munawar Ghafoor has sought comment from the Regional Tax Office (RTO-II) Lahore on a tax refund appeal filed by proprietors of M/s Nagina Engineering Works. During the proceedings of the case, the counsel for the appellant argued that the RTO-II had failed to release the sales tax refund to the appellant since the last two years.

He said the RTO-II collected excessive taxes from the company during the last two years. The petitioner approached the officials concerned several times for the release of refunds, but the RTO officials failed to clear refunds after the passage of a reasonable time.

fto reserves verdict customs I&I impounds of tax refund three non-duty paid vehicles appeal filed against crto LAHORE

LAHORE

SAJID NAwAZ

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he Federal Tax Ombudsman (FTO) has reserved verdict in appeal Piled by M/s Eastern Leather Company against Corporate Regional Tax OfPice (CRTO).

According to the details, FTO Advisor Mian Munawar Ghafoor heard the case in which the counsel for the appellant argued that the Corporate Regional Tax Office (CRTO) had failed to release the tax refund of the last two years claimed by the company. He said that the RTO collected excessive tax from M/s Eastern Leather Company during the last two years. He approached the commissioner concerned many times for issuance of refunds but the CRTO officials did

two inspectors of customs preventive transferred ollectorate of Customs Preventive Deputy Collector Headquarters Moazzam Raza issued a notification no: 01-HRD-Estt/82/2016-17/252.

According to the notification Inspector Azam Hussain Wattoo son of Abdul Haq who is currently performing his duties in Anti Smuggling Organization is hereby directed to perform his duties at Land Freight Unit (LFU) Wagha, while Inspector Asim Qamar who is currently serving in Security Cell of Customs Headquarters is directed to perform his duties at Land Freight Unit Wagha with immediate effect and until further orders. Both employees will stand relieved from their duties and will report for new assignment on next day. Sources told that Collector Customs Collectorate of Preventive Faiz Ahmad is already adopted a comprehensive strategy to enhance the performance of the Collectorate. –CB Report

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not pay the refunds after the passage of reasonable time. At the end, the company decided to approach the FTO, seeking interference in this case. The counsel appealed the FTO advisor to direct the CRTO to clear the refund claims. The counsel further said that Corporate Regional Tax Office (CRTO) should refund the excess collection in wake of taxes by the end of financial year but the situation is quite otherwise. Delay in issuance of refunds put burden on the taxpayers, he said, adding that the CRTO Lahore should make audit of the cases and release the extra amount collected by it from the taxpayer. After hearing the arguments from both sides, FTO advisor Mian Munawar Ghafoor has reserved the verdict in the same appeal and the decision will be issued very soon. FTO will inform the parties when the order will be passed.

M HAYAt

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irectorate of Customs Intelligence and Investigation (I&I) team impounded three non duty paid vehicles from different parts of the city.

Sources told Customs Today that Director Customs Intelligence and Investigations Rubab Sikandar received credible information that some non duty paid vehicles plying on roads which may be used for transportation of smuggled goods.

She immediately constituted a team under the supervision of Superintendent Saleemullah Khan which also includes Intelligence OfPicer ZulPiqar Ali Dogar, Agha Sultan Haider, Sohail Murtaza and Hamid Babar.

The customs team during checking intercepted a BMW car who belonged to a businessman who was

customs Appellate tribunal hears 13, reserve verdict of one appeal

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he Customs Appellate Tribunal, single & double bench, heard 13 cases and adjourned all for different dates without those cases whose verdicts were reserved. The judgments of one appeal were reserved to pass the Pinal order. Tribunal also sought the record of two appeals. The division bench-I, comprising Muhammad Shabbir Gujjar, Member Judicial and Saud Imran, Member Technical, heard Pive cases including Directorate of Intelligence and Investigation Faisalabad versus Muhammad Akram Chohan, Cus-

toms Lahore versus M/s Vintax Pipe Industries, Fodex Traders versus Customs Lahore, Directorate of Intelligence and Investigation Faisalabad versus Muhammad Arif Abdullah and M/s Usman Traders versus Directorate of Intelligence and Investigation Lahore. The single bench-I, comprising Muhammad Shabbir Gujjar, Member Judicial, heard eight cases including Directorate Post Clearance Audit (PCA) Lahore versus Bashir Impex, White Land versus Customs Sambrial, R C House versus Customs Lahore. –CB Report

later identiPied as Rao Shamsher Ali and is a resident of Eden Cottage. The owner of the vehicle failed to produce any legal documents regarding possession of the vehicle upon his failure customs team seized the vehicle and registered a case against the owner of the vehicle. Sources told that customs team also impounded a

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Honda Civic car from Township and another vehicle was taken into custody from Firdous Market. It is necessary to mention here that Director Customs Intelligence and Investigation Rubab Sikandar has directed all anti smuggling squads to adopt zero tolerance policy towards owners of non duty paid vehicles.

fIA arrests human-traffickers from Sialkot ederal Investigation Agency (FIA) has arrested six humantraffickers from Sialkot, Gujrat and Narowal, who had sent people to different countries through illegal methods, an official. He said that the FIA Gujranwala constituted different teams to arrest human-traffickers. The arrested accused were identified as Imran Ali, Ansar Mehmood, Muzammal Hussain, Muhammad Samran, Muhammad Amir and Hafiz Usman. Meanwhile, FIA Faisalabad has arrested 20 human smugglers/agents including six Proclaimed Offenders

and two female accused during last one week. According to a spokesman of the FIA, the arrested human smugglers/agents were involved in defrauding people of heavy amounts on the pretext of sending them to Dubai, Saudi Arabia, Canada, Australia, Malaysia and England etc. for overseas employment. Among the accused include Dost Muhammad, Yasin Khalil (PO), Itrar Hussain (PO), Shahid Hussain (PO), Manzoor Ahmed, Muhammad Ashfaq, Atta Sultan (PO), Shehzad Ahmad, Nasir Abbas, Feroz Khan (PO). –CB Report

Anti-corruption court indicts ex-pM gillani, others in tDAp case

A LAHORE

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federal anti-corruption court indicted former prime minister Yousuf Raza Gillani and 25 others in a corruption case pertaining to the Trade Development Authority of Pakistan (TDAP).

All the accused pleaded not

guilty to the charges against them.

Among those indicted are Tariq Iqbal Puri, Abdul Karim Dawood Pota, Muhammad Zubair, Adnan Zaman, Younus Rizwani, Javed Anwar, Najamul Haq Mirza Karim Baig, Sohail Mehmood, Farhan Ahmed and Asim Rizwani. Yousuf Raza Gilani is named in as many as 26 cases originating from a multi-billion TDAP scam which had led to his

disqualification and ouster back in 2012. Gilani, retired and serving officers of TDAP and others have been accused of causing a loss of billions of rupees to the national exchequer through the approval and disbursement of fake and trade subsidies in the previous PPP government. The Federal Investigation Agency had charge-sheeted Gilani in around 25 out of over 70 cases

pertaining to the trade subsidy scam. After the charges against the accused were read out in hearing, the court asked Gillani if they were true. The PPP leader responded that they were false allegations.

During the hearing, the judge asked Gilani how he would plead, to which the Pakistan People’s Party (PPP) leader said he would plead not guilty.

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KARACHI

MUBEEN HUSSAIN

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akistan Custom has started the investigation against the recovered huge quantity of liquor worth millions of dollars being smuggled through sea routes.

According to the details, the security elements of Pakistan Maritime Security Agency (PMSA) and Pakistan Navy have apprehended a large quantity of liquor smuggled from International sea routes.

The operation was carried out while undertaking Maritime Security Operations in Pakistani Exclusive Economic Zone (EEZ) during which seizure of liquor was an outcome of a coordinated and complex operation involving persistent surveillance & patrolling in the area.

The recovered liquors were handed over

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Wednesday, April 4, 2018

to Pakistan Customs during an event held at the Headquarters of Pakistan Maritime Security Agency (PMSA) where Collector Customs Preventive Dr Iftekhar Ahmed headed the Customs department.

A total of 9392 liquor bottles and 45218 beer cans having market value of approximately Rs70 million were seized in the current joint operation. The apprehended liquor has been handed over to Collector Customs Preventive Dr Iftekhar Ahmed so that Pakistan Customs can carry further legal proceedings.

PMSA being the law enforcement agency in Pakistani Exclusive Eco-

nomic Zone (EEZ) maintains its near permanent presence at sea with its Ships and Aircraft against possible illegal activities.

Successful operation by Pakistan Maritime Security Agency and Pakistan Navy through close cooperation and coordination, resulting in seizure of huge quantity of liquor is a testament to the fact that Pakistan Navy and Pakistan Maritime Security Agency are vigilant and remain committed in preventing use of Pakistani waters for any unlawful purposes. Pakistan Navy and Pakistan Maritime Security Agency will continue to shoulder its national obligation and responsibility to establish lawful order at sea across Indian Ocean.

It is pertinent to mention that Pakistan Navy Ship ASLAT also seized 5000 kg of hashish in Feb 18, while operating at North Arabian Sea, which also valued in millions of dollars.

been or has u q i l nded stoms prehe ctor cu e l l o the ap c so o hmed over t A d r e a d h n k ha arry Dr Ifte ntive s can c m o t s preve n cu ings akista oceed r p that p l a r leg furthe

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Founder & Chairman Zulfiqar Ali Editor rahil Yasin editor@customsbulletin.com.pk For advertising & subscription marketing@customsbulletin.com.pk www.customsbulletin.com Phones: 042-35781643-4, Fax: 042-35781645 Address: 627, Siddiq Trade Centre, Gulberg, Lahore

EDItorIAL

falling foreign exchange reserves

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ccording to Bloomberg, Pakistan’s foreign exchange reserves are depleting at the fastest pace and may have reached the size of Cambodia’s, which has an economy that is less than a 10th of its size. The reserves reached $13.5 billion in February, after losing a fifth of its volume last year while Cambodia’s reserves increased to $11.2 billion in January. The reserves in Pakistan are likely to drop by $2.2 billion in next three months. The current-account deficit has already increased by 50 percent to $10.8 billion in eight months due to rising imports of equipment and machinery by Chinese investors for new power plants. Some experts take the deficit as outcome of economic growth which is projected at 5 percent during the current fiscal year.

However, the government authorities, instead of giving tax relief for local and foreign investors, opted for devaluating the Pakistani rupee twice during the last four months. This will have disastrous effects on the overall performance of the economy. It is difficult to understand from where the financial managers of this country have learnt the rules of business. Earlier, the former finance minister ballooned the foreign exchange reserves to $23 billion on the bases of foreign borrowings at high markup rates. Experts believe the country will further suffer the balance of payments crunch as exports are not picking up and inflows of hot capital are not coming in. The countries with half of the size of the Pakistan’s economy are growing at the fasts rates due to better planning and consistent policies. Cambodia, Vietnam and Bangladesh are a few emerging giants on the canvas of the Asian regions. Pakistan is losing grounds in every field of the economy and the policymakers will have to work overtime before disappointment engulfs the entire nation. According to Bloomberg, its data shows the smaller economies of Asia Pacific countries, including New Zealand and Kazakhstan have more reserves than Pakistan. The size of foreign currency reserves depends on the industrial, agriculture and business sectors, but all the three are reeling under self-made troubles. The government finds the solutions in foreign borrowings or selling global bonds, which give short term relief and long term problems.

pressure from donor agencies S

LAHORE

Dr AftAB AfZAL

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ome reports appearing in a section of the press lend credence to the notion that recent meltdown of the Pakistani rupee was allowed under pressure of the world donor agencies.

Without Pinding a tangible solution, it is regrettable that foreign lending agencies are given a free hand to blatantly impose their version of policies on this nation.

The exports of the country had been dwindling for the last four years, which not only increased the size of the current account dePicit, but also limited the ability of the country to repay its external liabilities. Depreciation of the

rupee is part of the policy given by the international Pinancial institutions in the name of greater exchange rate Plexibility. In their views, a ‘weak’ rupee will improve competitiveness and will jump start exports. According to experts, the International Monetary Fund and the World Bank had been demanding the government to introduce structural reforms in various sectors to qualify for further loans. However, it is not a secret that reforms means imposition of more taxes on the citizens to generate additional resources to repay the loans. The term, structural reforms, has become vague in a situation where every section of the government is experiencing system failure. In

the wake of political instability, Pinancial indiscipline and mismanagement, reform programme will not bring any improvement in the current state of affairs. According to experts, investment in China-Pakistan Economic Corridor is the light at the end of the tunnel as the project has the potential to extricate the country from the economic mess. The foreign and national institutions project a growth of 5.6 percent in the gross domestic product for Piscal year 2017-18 as compared to 4.1 percent in 2014-15. The government should also concentrate on attracting foreign direct investment from the countries other than China which will not only ensure Pinancial security, but

also geographical security from eternal enemies of Pakistan in the region. By bowing to the IMF pressure, the government has depreciated the Pakistani rupee which will have long term effects on the economy and Pinancial stability. The lowering the rupee value will hardly enable the country to improve exports as exports always depend on the performance of the industrial sector and not on the value of the currency alone. The current account dePicits, which emerge on the basis of imports of equipment, indicate faster industrial growth.

Only foreign direct investment and conducive business conditions are prerequisite for increase in the growth rate.

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Evasion of taxes and duties of Rs12.89m detected by PCA Directorate KARACHI: The Directorate Customs, Post Clearance Audit, has uncovered an evasion of duties and taxes of Rs12.89million committed by M/s Elyas Plastic and Export Karachi, it is learnt here.

Sources told Customs Today that M/s Elyas Plastic and Export Karachi imported a consignment of special quality of plastic Dana and six molding machines and their parts and got them cleared from the Port Qasim Karachi vide GDs on November 19, 2017 by paying customs duty at 6 percent after claiming the benefits of the SRO 564/2007. However the subject items were correctly classifiable under the PCT 2809.2479 attracting customs duty at 10 percent and income tax at 12 percent, thus, by way of misdeclaration of classification, the company evaded/short-paid Rs12.89million. The goods were cleared through Appraiser Shafiq Mumtaz.

cAs recommends 0.5 percent minimum tax reducing in Budget 2018-19 KARACHI

cUStoMS BULLEtIN rEport www.customsbulletin.com

he chartered accountants (CAs) have recommended the reduction of minimum tax rate to 0.5 percent from existing 1.25 percent in budget 2018/2019. In its proposals for budget 2018/2019, the Institute of Chartered Accountants of Pakistan (ICAP) recommended the reduction in minimum tax under Section 113 of Income Tax Ordinance, 2001 to 0.5 percent. Further, companies having a gross loss position for the year should be excluded from the purview of the minimum tax, and restore the position of law prior to Finance Act 2016. The institute said that the rate of minimum tax increased from 1 percent to 1.25 percent through the Finance Act, 2017. Companies are already burdened due to imposition of taxes such as super tax. Increase in rate of minimum tax is a further burden on the taxpayer. Moreover, prior to the Finance Act, 2016, companies

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Wednesday April 4, 2018

National

Dg Valuation revises customs values of dyes vide Vr No 1274 T

KARACHI

wAQAr AHMED ANSArI www.customsbulletin.com

he Directorate General of Customs Valuation has revised the customs values of dyes Valuation Ruling No: 1274/2018 under Section 25A of the Customs Act1969. Earlier the customs values of different dyes were determined vide Valuation Ruling No. 174/2009 dated 28.10.2009. The existing valuation ruling is more than eight years old, and it required to be revised in line with the prevailing prices in the international market, therefore, this Directorate General initiated an exercise for determination of the customs values of dyes in terms of Section 25-A of the Customs Act, 1969.

Stakeholder’s participation in determination of Customs values: Meetings with stakeholders including importers, representatives from Pakistan Chemicals and Dyes Merchants (PCDMA) and representatives from field formations were held on 27-02-2018, 30-8 and 13-03-2018, to discuss the prices of the subject goods. The importers / stakeholders re re-

quested to submit invoices of imports during last three months showing factual value.

Websites, names and e-mail addresses of known foreign manufacturers of the item in question through which the actual current

value can be ascertained. Copies of contracts made / LCs opened during the last three months showing the value of item in question. Copies of sales tax invoices issued during last four months showing the difference in price (excluding duty and

taxes) to substantiate their contention. During the meetings, the representatives of Pakistan Chemical and Dyes Merchants Association stated that there is vast variation in prices depending upon concentration of the dyes.

fBr asked to abolish final tax regime having a gross loss position before the adjustment of accounting depreciation and other inadmissible expenses were exempt from minimum tax under section 113. The purpose of this provision was to provide relief to companies who are burdened with current losses at GP level.

Under section 113, minimum tax can be carried forward to next five years if the minimum tax paid exceeds the tax payable at the corporate tax rate. There is a view that if a company sustains a loss in a year and no tax is payable at corporate rate, then minimum tax paid by such company (in that year) cannot be carried forward, which certainly was not the intention of Government’s policy of introducing carry forward regime in 2004.

KARACHI

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ederal Board of Revenue (FBR) has been recommended to abolish Final Tax Regime (FTR) in order to bring harmony in the tax system in line with the international best practices. The Institute of Chartered Accountants of Pakistan (ICAP) in its proposals for budget 2018/2019, said that there is unanimity of the view that policy framework for FTR was in principle, introduced to cater for certain negative aspects of Pakistani tax culture.

FTR that was introduced in 1990 as Presumptive Tax Regime (PTR) needs a serious policy review for a sustainable growth in tax base. Nevertheless, this was not a sustainable model. It was a ‘stop-gap’ arrangement. There was a need to incorpo-

rate and institute provisions which would check aforesaid abuses.

Over a period of more than two decades, concrete measures have not been adopted to curb the abuses that led to introduction of FTR. Accordingly, PTR has continued and in certain cases, it is being promoted.

Withholding taxation with normal taxation necessarily requires refund, if the tax liability determined on net income basis is less than tax withheld. There were serious abuses of refund provisions. Accordingly, checks to that effect were introduced by way of FTR. The institute said that an effective tax system can only work where there are identical tax procedures and processes are consistent for similar nature of business activities.

There should be no discrimination in incidence on one sector over the other. FTR has disturbed both these

aspects. There is a need to review FTR in that context. Presently, certain sectors / goods are being taxed under Presumptive / Value Added / Fixed Tax Schemes. Presumptive tax (FTR) is an acceptance by the government’s inability to pursue the undocumented sector.

Frequent changes, inconsistency, lack of long-term perspective and weaknesses in compliances with the tax policy incentivizes unorganized sectors, de-industrialization and anti- corporatization. Direct taxes in indirect tax mode commonly known as Presumptive/Fixed Tax Regime (FTR) which constitutes of approximately 40 percent of direct taxes.

This FTR regime for all economic purposes is an indirect tax. It is not based on ‘Net Income Basis’. True proPit based direct taxes comprise of only 26 percent which is paid by very few taxpayers mostly corpora-

tions. Positive steps have been taken for opting out of Pinal tax regime (FTR) in respect of sale of goods, execution of contracts, services of stitching, dying, etc. commission or discount of petroleum products, brokerage and commission, import and export of goods, subject to certain conditions, which is highly appreciated. However, the rates of minimum tax prescribed for opting out of Pinal tax regime in some cases are same as of Pinal tax and in other cases the difference is negligible to attract taxpayers to opt out of Pinal tax regime. In its recommendations, the ICAP suggested that all Presumptive / Value Addition / Fixed Tax Schemes should be abolished and all such sectors / goods may be brought under the uniform tax regime to promote the culture of income-based taxation rather than receipt-based taxation.

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Customs Appellate Tribunal dismisses appeal in plastic scrape case Wednesday April 4, 2018

National fto to hear appeal filed

by M/s Javed contractor

LAHORE: The Customs Appellate Tribunal has dismissed appeal of impounded plastic scrape case. The same appeal was filed with the deputy director, Directorate of Intelligence and Investigation –FBR Lahore against Abdul Rehman.

Member Judicial Bench-I Muhammad Shabbir Gujjar, heard the case in detail. After hearing the arguments from both sides, the case was decided with remarks that there is no force in the arguments submitted by the learned counsel.

Addl commissioner-Ir Abbas’ performance allowance restored

LAHORE

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ISLAMABAD

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he Federal Tax Ombudsman (FTO) has accepted appeal of tax refund for hearing filed by proprietor of Muhammad Javed Contractor against the Regional Tax Office (RTO) Sargodha. FTO Advisor Mian Munawar Ghafoor heard the case in which the counsel for the appellant argued that RTO had failed to release the refund of the last three years. He said that the RTO collected excessive tax from the owner of during the last three years. He approached the officer concerned many times for issuance of the refunds but the RTO Sargodha officials did not pay the refunds after the passage of reasonable time. Finally, the appellant decided to approach the Federal Tax Ombudsman (FTO), seeking interference in this case. The counsel appealed the FTO advisor to direct the RTO Sargodha to clear the refund claims as early as possible.

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Data processing Assistant Bilqees to retire on Aug 1 ilqees Begum, a Data Processing Assistant of BS-16, is going to retire from the government service on attaining the age of superannuation. Bilqees, posted at Directorate General of Reforms & Automation (Customs), Karachi, will stand retired from the government service with effect from August 1. Meanwhile, Mumtaz Ajmal Mian, a Pakistan Customs Service officer of BS-17, is set to retire from the government service on attaining the age of superannuation. The officer, presently posted as Superintendent at Model Customs Collectorate of Preventive, Lahore, will stand retired from the government service with effect from April 9. –CB Report

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erformance allowance of Abbas Ahmed Mir, a BS-19 officer of Inland Revenue Service, has been restored.

The performance allowance of the ofPicer, presently posted as Additional Commissioner-IR, Large Taxpayers Unit, Islamabad, was restored with effect from February.

Meanwhile, In pursuance of Board’s Notification No. 0567-IRI/2018, dated 09.03.2018, Mehmood Hussain Jafari, BS-20 officer of Inland Revenue Service has assumed the charge of the post of Commissioner-IR (WHT), Regional Tax Office, Sialkot w.e.f 12.03.2018.

Meanwhile, Tariq Hussain Tu-

nio, a BS-19 officer of Inland Revenue Service, has assumed charge as Additional Commissioner. The

officer, in pursuance of Board’s Notification No. 0566-IR-I/2018, dated 09.03.2018, took the

charge of the post of Additional Commissioner at Large Taxpayers Unit-II, Karachi.

peshawar customs posts 37.96percent comparative growth in March T

PESHAWAR

NADIr kHAN

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he Model Custom Collectorate Peshawar generated Rs1535million from various taxes against the previous year’s March’s Rs1109million surpassing the previous target with a difference of 37.96 percent. Under the head of custom duty, the Custom House Peshawar collected Rs635.22million against Rs441.98million of March 2017 with a difference in rupees recorded Rs193.24million while the difference in percentage was noticed 43.11 percent. Under the head of Sale Tax on Import, the Custom House received Rs399.22million in March 2018 against Rs241.86million in March 2017 with a difference of Rs157.96million while the difference in percentage was 65.38 percent. Under the head of Sales Tax on Federal Excise Duty

on palm oil, the collectorate earned Rs139.08million against Rs18.90million of March 2017.

The difference in rupees was

recorded minus 41. 81 while the difference in percentage was minus Rs23.13million. Under the head of Sales Tax Value Addition

on commercial importers, the collectorate got Rs62.62million in March 2018 against Rs32.28million in March 2017.

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Govt urged to give relief to return filers KARACHI: The federal government has been asked to give relief to income tax returns filers in withholding tax rates in the upcoming budget.

In order to avoid revenue shortfall, the Institute of Chartered Accountants of Pakistan (ICAP) has also recommended the government to increase burden of taxes on non-filers to attract registration and filing.

In its proposals for budget 2018-19, the institute said that the corporate sector was neglected due to extreme abrupt tax collection measures taken by the government in order to cater annual budget targets.

fto remands back tax refund appeal for fresh hearing LAHORE

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he Federal Tax Ombudsman (FTO) has remanded back a tax refund appeal which was filed by proprietors of M/s Safder Ali & Brothers against the Regional Tax Office (RTO-II) Lahore During the proceedings of case, the counsel for the appellant argued that the RTO-II had failed to release the sales tax refund to the appellant since the last two years. He said the RTO-II collected excessive taxes from the company during the last two years. The petitioner approached the officials concerned several times for the release of refunds, but the RTO officials failed to clear refunds after the passage of a reasonable time. Fi-

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nally, the appellant decided to approach the FTO seeking intervention in this case. The counsel appealed the FTO advisor to direct the RTO-II to clear the refund claims. The counsel further stated that delay in release of refunds put burden on taxpayers, adding that the RTO-II should make audit of the case and release the extra amount collected by it from the taxpayer. On the other hand, counsel for RTO-II argued that the appellant has not submitted all record to the office for claiming refunds. If appellant provides the accurate record, the RTO-II will release refunds after a proper assessment, he added. After hearing the arguments from both sides, advisor for FTO Mian Munawar Ghafoor remanded back the appeal for hearing and order RTO to release refund if party on the right way.

National

customs court sends suspect to jail in gold, mobile phones smuggling case

M/s A.I International moves SHc, seeks restoration of sales tax registration KARACHI

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/s AI International has moved a constitutional petition in the Sindh High Court (SHC), seeking restoration of its sales tax registration number blocked by the commissioner Inland Revenue Unit05, Zone-VI, Corporate Regional Tax Office Karachi due the alleged noncompliance of section 73 of the Sales Tax Act, 1990. According to the counsel, the petitioner is registered as importer and exporter of textile goods and doing lawful business and has never been involved in any criminal case. The counsel submitted that on January 1, 2018 a show cause notice under section 21 (2) of the Sales Tax Act, 1990 read with rule 12 of chapter1 of Sales Tax rules 2006 was issued to the petitioner by the commissioner Inland Revenue Unit-05, Zone-VI, Corporate Regional Tax Office Karachi, whereby, the sales tax registration to the petitioner was suspended merely on the ground of non-compliance of section 73 of Sales Tax Act, 1990. He argued that petitioner submitted a proper reply which was not considered by the department.

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KARACHI

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ustoms Taxation and AntiSmuggling Court Judge Syed Faiz Rasool Rashdi has sent a suspect, Syed Muhammad Asim, to Central Jail Karachi on judicial remand, who was absconder in gold and cellular phones smuggling case.

During the hearing, Investigation OfPicer Shahzad Wasti informed the court that the said accused was absconder and was now arrested by the customs authorities. After the hearing, the court sent him to jail and directed the jail authorities to produce him on the next date of hearing. It needs to be mentioned here that the court had awarded imprisonment to suspect lady Uzma Mehwish the same case.

Earlier, the investigation ofPicer had submitted a charge sheet against Mehwish and others. He informed the court that a team of Customs Preventive arrested Mehwish at the airport when she was trying to smuggle gold and cellular phones worth millions of rupees. He further informed that the woman had reached Karachi through Plight no: FZ329 from Dubai.

Wednesday April 4, 2018

During the search of the passenger’s luggage, the Customs Preventive team found 377 grams gold attached with her body worth nearly two million rupees as well as 10 expensive cellular phones concealed in the travel bag and she also failed to produce any lawful documents on these smuggled goods, therefore, ofPicials of Customs Preventive has taken the smuggled goods into custody and Piled a case against the

woman. According to the challan, suspect Syed Muhammad Asim son of Wali Muhammad was still absconder in this case, after his arguments, court had accepted charge sheet against issued non-bail able warrants against absconder suspect.

Case was registered against above mentioned suspect lady for violation of under section 2 (s) and 16, 156 (1) (8) (89) and 157 of the Customs Act, 1969.

IrSA predicts 31 % water shortage for punjab, Sindh

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ISLAMABAD

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he Advisory Committee of Indus River System Authority has estimated 31 per cent water shortage for both Punjab and Sindh provinces in early Kharif season while 10 per cent shortage in late Kharif season is started from April. The Advisory Committee met here with IRSA chairman Sher Zaman Khan in the chair to finalize water share of the provinces for Kharif season.

The meeting was attended by all IRSA members, irrigation secretaries of the provinces, officials

of Water and Power Development Authority (WAPDA) and Met department. The committee decided no shortage in share for Khyber Pakhtunkhaw and Balochistan, said the Spokesman.

He said out of total 62.02 million acre feet water (MAF), the Punjab would get 30.24 MAF, Sindh 27.96 MAF, Balochistan 2.99 MAF and KP 0.823 MAF. He said Met department and WAPDA apprised the meeting that catchment areas received 50 per cent snow in winter season.

WAPDA also informed about rapid sedimentation in Tarbela and Mangla dams. The IRSA Advi-

sory also again recommended construction of at least two mega dams simultaneously to cope with water crisis. The spokesman said that WAPDA would move a case to IRSA to further raise the minimum operating level of Mangla dam from 1050 feet to 1060 feet in next 15 days. Meanwhile, IRSA released 45,800 cusecs water from various rim stations with inflow of 45,500 cusecs. According to the data released by IRSA, water level in the Indus River at Tarbela Dam was 1386 feet, which was 6 feet higher than its dead level of 1,380 feet. Water inflow in the

dam was recorded as 17,200 cusecs and outflow as 16,400 cusecs. The water level in the Jhelum River at Mangla Dam was 1,050 feet, which was 10 feet higher than its dead level of 1,040 feet whereas the inflow and outflow of water was recorded as 13,800 cusecs and 14,900 cusecs respectively. The release of water at Kalabagh, Taunsa and Sukkur was recorded as 25,400, 19,300 and 4,300 cusecs respectively. Similarly from the Kabul River, 7,100 cusecs of water was released at Nowshera and 2,000 cusecs from the Chenab River at Marala.

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SA makes official submission for exemption on US tariffs

World Customs

CAPE TOWN: Trade and Industry Minister Rob Davies has formally requested that South Africa be excluded from US duties on steel and aluminium.

The Department of Trade and Industry said SA’s ambassador to the US, Mninwa Mahlangu, has been engaging with White House national security council staff, the US state department and the Office of the US Trade Representative on the tariffs.

Davies has also had a teleconference with Curtis Mahoney, the deputy US trade representative for investment, services, labour, environment, Africa, China and the western hemisphere.

Wednesday April 4, 2018

Iranians shot at on border were drug smugglers

china feb waste imports tumble amid crackdown

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BEIJING

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TEHRAN

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urkmenistan says the Iranians who were shot by border guards in the Caspian Sea were trying to smuggle in narcotics. Iran’s semi-ofPicial ILNA news agency said two Pishermen were killed and two others detained in the Tuesday incident. But the Turkmen Foreign Ministry said Friday that they were smuggling in “a large consignment” of narcotics. The Turkmen statement said the smugglers were in Turkmen waters and did not submit to border guards’ commands, after which “violent methods of coercion were applied.

Meanwhile, Tehran Times reported that Iran exported USD 8.4 billion of minerals during the 11 month period ended on February 19, with six percent rise from the figure of the same period of time

Dutch animal welfare party proposes ban on ritual slaughter he Dutch animal welfare party submitted draft legislation proposing to ban all slaughter of animals without stunning.The Party for the Animals’ new bill follows the passing in 2010 of a different bill that banned the custom, which is practiced by Jews and Muslims. The antiIslam Party for Freedom, a right-wing populist movement, and several other parties joined the 2010 legislation submitted by the left-leaning animal party.

The Organization of Jewish Communities in the Netherlands, or NIK, criticized the bill in a statement Tuesday, calling it “unacceptable and unnecessary” in light of agreements and compromises reached.

Across Europe, the Muslim and Jewish customs of ritual slaughter of animals and the circumcision of boys have come under attack in recent years. –CB Report

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in the previous year. According to Iranian Mines and Mining Industries Development and Renovation Organization, the weight of minerals exported in the said time fell three percent to 58.099 million tonnes. Iran is one of the top 10 mineral-rich countries where

68 types of minerals have been identified so far, including the world’s largest deposits of copper, zinc and iron ore, which are tempting international investors after the lifting of West-led sanctions against the country in January 2016.

russia has missed $ 2.4b because of duty-free oil supplies to Belarus

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he Finance Ministry has estimated the damage to the budget from the delay in oil tax maneuver 1 trillion Russian rubles.

Now the Russian oil rePining is actually subsidized by the budget: the loss of him brings customs subsidy in favor of oil rePineries (rePinery). The subsidy arises due to the fact that export duties on petroleum products below the duties on crude oil. According to Sazanova, the bulk of the subsidy

falls on the rePinery, which received 600 billion rubles, and another 140 billion budget lost shipments to Belarus, which receives oil at Russian domestic prices without duties, and 300 billion roubles — from the containment of prices in the domestic market.

In 2018, the losses will to rise to 700 billion roubles for subsidies to rePineries, estimated earlier analysts Vygon Consulting, subsidy increases with the recovery in oil prices. –CB Report

hina’s waste plastic imports dried up almost entirely in February and scrap metal imports fell by 38.5 percent year on year as the country enforced its clampdown on foreign waste, customs data showed.

Waste plastics imports in January and February combined tumbled by 99.5 percent to just 10,000 tonnes, with the data recording a zero tonnage volume for imports last month and an import value of just 640,000 yuan ($101,100).

Waste paper imports in February, which included the week-long Lunar New Year holiday, fell by 47.8 percent to 1.27 million tonnes, while scrap metal imports were down 38.5 percent to 440,000 tonnes last month, the General Administration of Customs said. China last year notiPied the World Trade Organisation (WTO) it would stop accepting certain types of foreign solid waste in

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2018 if they did not meet tighter impurity thresholds.

Imports of scrap copper, which have also been affected by a ban on traders importing the material unless they can show they are endusers, were down 52.4 percent year on year in Febuary to 130,000 tonnes and down 39.9 percent to 330,000 tonnes in the Pirst two months of 2018, according to the customs data.

Imports of scrap aluminium, which are set to be targeted in China’s retaliatory measures against U.S. steel and aluminium import tariffs, were down 28.7 percent year on year last month, and fell 8.7 percent in January and February. China imported 618,287 tonnes of scrap aluminium from the United States, its top supplier, in 2017. Total scrap aluminium imports were 2.17 million tonnes last year. Meanwhile, China’s Ministry of Commerce (MOC) announced that it will continue to levy anti-dumping duties on photographic paper imported from the European Union, the United States, and Japan.

thai businesses bullish on future trade he survey of 200 Thai Pirms found them optimistic about the growth in demand for trade Pinance and its accessibility.

Yet they say their largest concern is exchange rate volatility and its impact on meeting their trade Pinance needs, according to the report, entitled “Navigator: Now, Next and How for Business”. The large majority (92 per cent) of the 200 businesses surveyed in Thailand are optimistic about their international business prospects and project an increase in the volume of trade over the next 12 months. This is above the global average (77 per cent) with Thailand

noted as one of the top three markets with the most positive outlook among those surveyed, after Bangladesh and India.

The survey, conducted on behalf of HSBC by Kantar TNS, is compiled from responses by decision-makers at over 6,000 businesses – from small and mid-market to large corporations – across a broad range of industry sectors in 26 markets including Thailand. Economic analysis

by Oxford Economics on behalf of HSBC supported the strength of business conPidence, pointing to a 7 per cent growth for global trade values in 2018. –CB Report

S African citrus industry forecasts export rise in 2018

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CAPE TOWN

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he Citrus Marketing Forum (CMF) estimates a total of 131.7 million 15-kilogramcartons of citrus will be packed and passed for export, compared to 123 million last year. The Pigures relate to South Africa, Zimbabwe and

Swaziland. Citrus Growers Association of South Africa (CGA) CEO Justin Chadwick said general trends to be expected across most varieties for the season include good internal quality, normal sizing and good external appearance due to the warm and dry climatic conditions experienced during the summer months. Chadwick said a good grapefruit crop was expected, with

exports estimated 8% up year-onyear at 14.8 million cartons. Pigmented varieties account for the bulk of the export with an expected 13.1 million-carton crop, while white grapefruit volumes are up 2% to 1.7 million cartons.

“For the bigger producing regions, Letsitele expects a medium to heavy crop, 14% up on last year’s to 4.3 million cartons, and normal

fruit sizes,” he said. “Hoedspruit expect a 7% increase over last year to 3.8 million cartons, recovering from their 2.4 million cartons drought and hail induced disaster in 2016.

Limpopo River expect the same volume as last year with fruit size improving with late rains. Swaziland start select picking mid-March whilst Zimbabwe start in week 14, which is normal.”

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Canadian tax-free savings caught in tax net OTTAWA: The Tax-Free Savings Account (TFSA) is a structure that was first introduced in Canada in 2009. Essentially, it is as the name implies, tax free. As you might expect, you pay no tax on contributions as the money does come, as you say, from earnings that will already have gone through the income tax regime. However, you also pay no tax on any interest or capital gain made, nor are you taxed on withdrawals. There is an upper limit on annual contributions. One thing you may have missed from the Canadian point of view is that you must be resident in Canada to reap the benefits of such an account. If you leave Canada, as you propose to do, you will be charged 1 per cent per month yes, month.

four ships take berth at port Qasim hipping activity remained active at the port where four ships, Maritime Sotoshio, IVS Beach Wood, Thong Long and Red Eagle carrying Coal, Palm Kernel and Diesel oil were allotted berths at Port Qasim Electric Power Terminal, Multipurpose Terminal, Grain & Fertilizer Terminal and FOTCO Oil Terminal respectively. Meanwhile four more ships, Engiadina, Pacific Talent, Sun Ploeg and NCC Maha with coal and Palm oil also arrived at outer anchorage of Port Qasim during last 24 hours. A total of ten ships namely, Maersk Euphrates, MSC Algeciras, Riva Wind, Soho Trader, Madrid Trader, Maritime Setoshio, IVS Beach Wood, Alamanda, Thong Long and Red Eagle are currently occupying PQA berths to load/offload Containers, Wheat, Talc Powder, Project Cargo, Coal, Palm oil, Palm Kernal and Diesel oil respectively during last 24 hours. Cargo throughput during

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Ports & Shipping

Wednesday April 4, 2018

china turns cautious over Shanghai free-trade port

greece’s creditors Approve €6.7B in Bailout funds

BEIJING

he Board of Directors of the European Stability Mechanism (ESM) said the move followed Athens’ completion of a range of reforms needed before the monies could be released. According to an ESM statement, the funds will be used for “debt service, domestic arrears clearance and for establishing a cash buffer”. The majority of the money will be released on Wednesday, with around €1 billion for arrears clearance to follow on May 1. However, that disbursement is not guaranteed as the ESM made it clear that the Greek government would have to satisfy its creditors that its controversial electronic auction system for foreclosed properties will be up and running. The auctions have provoked disorder in Greece between campaigners and police, with activists claiming homeowners are being punished for the financial crisis. After approved €5.7 billion disbursement, ESM bailout funds for Greece will reach €45.9 billion, out of a total programme volume of up to €86 billion. –CB Report

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hinese authorities have turned cautious over the expansion of Shanghai’s freetrade zone into a free port along Hong Kong lines, concerned that unfettered Plows of goods and money could pose a risk to Pinancial stability. According to two sources familiar with the government’s thinking, state authorities and the Shanghai municipality have yet to decide on the size and location for the freetrade port an upgraded version of the free-trade zone that was launched in late 2012.

OfPicials are still giving priority to safety and stability in reviewing the two proposals for the port, the sources said. One of the concerns is that monitoring mechanisms may not be adequate to ensure that goods and money stay inside the port area and do not Plow outside it without being subject to duties.

A free-trade port should have a

large geographical size for manufacturing, commercial and warehousing purposes, said Professor Chen Bo from the Huazhong University of Science and Technology and adviser to local governments including Shanghai’s. “The Yangshan deep water port, which covers a total area of about 2 sq km, appears to be too small for a free-trade port,” he said. In Shanghai’s existing 120sq km free-trade zone, tariffs are still

imposed by customs authorities and cross-border money Plows under the capital account are closely monitored and subject to regulatory approval. The Industrial and Commercial Bank of China said in a research report last week that the free-trade zone in Shanghai lagged far behind Hong Kong and Singapore in terms of trade and investment facilitation, openness of the Pinancial market and preferential taxation policies.

kpt ships movement, cargo handling report last 24 hours stood at 121,162 tonnes, comprising 46,694 tonnes import cargo and 74,468 tonnes export cargo inclusive of containerized cargo carried in 3,218 Containers (TEUs), (287 TEUs imports and 2,931 TEUs exports) was handled at the Port . Two ships, Container vessel Maersk Euphrates and General cargo carrier Madrid Trader sailed out to sea on Thursday morning, while another container vessel MSC Algeciras is expected to sail on same day. Five ships, CMA CGM Al-Maviva, CMA CGM Nerval, Engiadina, Pacific Action and Bunga Lily carrying Containers, Coal, General cargo and Chemicals are expected to take berths at QICT, PIBT, MW-1 and EVTL respectively while three more ships Adamastos. –CB Report

MANILA

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ollowing were the movements of ships and cargo handling at the Karachi Port Trust (KPT) during the last 24 hours, ending at 0700 hours.

SHIPS ARRIVED: YM Wealth Container Ship Alexandrit Coal Msc Maria Laura Container Ship Bochem Mumbai Tanker Bulk Neptune Coal Lisanna General Cargo SHIPS SAILED: Prosper Wiking Bochem Ghent Kota Lagu CMA CGM Tosca CARGO HANDLING TURNOVER: The total cargo handled at Karachi Port during the last 24 hours closed at 241,005 tonnes. The breakup shows that the port has handled 77,370 tonnes of export cargo and 163,635 Metric tonnes of import cargo during the said period.

Commodity wise handling in metric tonnes is given below. COMMODITY: IMPORT: EXPORT: TOTAL: Containers 77,390 60,117 137,507 BulK Cargo 161 195 356 Cola 22,600 22,600 Wheat 6,647 6,647 Wheat (Gandum) 4,311 Oil/Liquid 63,484 6,100 69,584.

Meanwhile, The Karachi Port Trust (KPT) issued the following shipping report for the last 24 hours, ending 0700 hours. ALONG SIDE (Bulk Oil Pier) OP-I Quetta D. Crude Oil PNSC 26/03/18 OP-II Nissoos Christiana D. Mogas GAC 23/03/18 OP-II Bochem Ghent L. Ethanol East Wind 25/03/18 ALONG SIDE (East Wharves): 1/2 Fairchem katana L. Ethanol East Wind 25/03/18 14/15 Pistis L. Wheat Northstar 25/03/18 15/16 Vinalines Brave L. Wheat WMA Shipcare 23/03/18 ALONG SIDE(P.I.C.T): 6/7 Sima Genesis D. L. Cnt. Green Pak 24/03/18 8/9

Wide India D. L. Cnt. U.M.A 26/03/18 ALONG SIDE(PDWCP): SAPT-2 Tolten D. L. Cnt. United Arab 22/03/18 SAPT-3 CMA CGM Tosca D. L. Cnt. CMA CGM Pak.26/03/18 SAPT-4 Wiking D. L. Cnt. U.M.A 26/03/18 Along Side(West Wharves) 25 Magnate L. Wheat OC-Serivces 25/03/18 ALONG SIDE (K.I.C.T): 28/29 Kota Lagu D. L. Cnt. P-Delta 25/03/18 29/30 Prosper D. L. Cnt. X-Press Feeder26/03/18 EXPECTED ARRIVALS: CONTAINER (GEARLESS) Kota Kasturi P-Delta 28/03/18 Not Sched 300 Cnt. 300 Cnt. Kota Layar COSCO 28/03/18 Not Sched 600 Cnt. 600 Cnt. MOL Explorer MOL Pak 28/03/18 Not Sched 700 Cnt. 1000 Cnt. Zante COSCO 30/03/18 Not Sched 600 Cnt. 600 Cnt. COSCO Durban COSCO 01/04/18 Not Sched 600 Cnt. 600 Cnt. MS Tiger COSCO 02/04/18 Not Sched 600 Cnt. 600 Cnt. GEN-

ERAL CARGO: Kiran Australia Sea Hawks 27/03/18 Not Sched 32,201 GC Nil Lisanna Gen.Maritime 27/03/18 Not Sched 598 G.C Nil Damas COSCO 28/03/18 Not Sched Nil 163 G.C HermannS GAC 30/03/18 Not Sched 30,974 Steel Nil Kobe Star GAC 30/03/18 Not Sched 28,716 G.C Nil Royal Jade GAC 30/03/18 Not Sched 14,349 Steel Nil COAL: Alexandriet OC.Services 27/03/18 Not Sched 54,932 Nil Bulk Neptune OC.Services 27/03/18 Not Sched 53,523 Nil OIL TANKER: Askholmen Alpine 27/03/18 Not Sched 12,000 Nil N Mars Alpien 27/03/18 Not Sched 60,000 Mogas Nil Stavanger Bliss GAC 26/03/18 Not Sched 69,031 Crude Oil Nil SHIPS OFF PORT: Vessel Name Type Agent expected Berth No. Arrival Date Arrival Time Remarks Panvision Bulk Ships.

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IRSA releases 45,500 cusecs water ISLAMABAD: The Indus River System Authority (IRSA) released 45,500 cusecs water from various rim stations with inflow of 45,100 cusecs.

According to the data released by IRSA, water level in the Indus River at Tarbela Dam was 1,386 feet, which was 6 feet higher than its dead level of 1,380 feet. Water inflow in the dam was recorded as 17,200 cusecs and outflow as 16,400 cusecs.

The water level in the Jhelum River at Mangla Dam was 1,050 feet, which was 10 feet higher than its dead level of 1,040 feet whereas the inflow and outflow of water was recorded as 13,300 cusecs and 14,500 cusecs respectively.

Wednesday April 4, 2018

Business

AccA leads conversation for emerging pakistan LAHORE

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CCA is one of the world’s most forward-thinking global bodies of professional accountants, supporting its 200,000 members and 486,000 students in 178 countries, helping them to develop successful careers in accounting and business. ACCA has a network of 101 offices and centers and more than 7,291 approved employers worldwide.

ACCA organised the 2nd edition of Pakistan Leadership Conversation (PLC) with six events in Islamabad, Karachi and Lahore on 20, 21, 22 and 27 of March 2018. PLC is a fo-

prA seals restaurants over tax evasion LAHORE

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rum for thought leaders to sit together and explore forward thinking policy choices. The theme was “Collective Vision for an Emerging Pakistan” and it featured over 40 local and foreign conversation leaders to deliberate and propose

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porate dinners and new member ceremonies with ACCA members and prize winning students. ACCA members pledged to collaborate with private and public sectors to drive social and economic growth for an emerging Pakistan. ACCA has helped to define some of the vital elements required for delivering on socio-economic development across Pakistan. One of the key items that have been at the heart of the conversation has been the role CPEC will play under China’s Belt and Road initiative (BRI). ACCA is playing its part by utilizing its worldwide reach with BRI countries, engaging policy makers, academia and business to realign priorities and strategies to take full advantage of the potential that CPEC has to offer.

GILGIT

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he Sensitive Price Indicator (SPI) based weekly inflation for the week ended on March for the combined income groups witnessed a decrease of 0.16 percent as compared to the previous week. The SPI for the week under review in the above mentioned group was recorded at 221.09 points against 221.45 points last week, according to latest data released by Pakistan Bureau of Statistics (PBS). As compared to the corresponding week of last year, the SPI for the combined group in the week under review also witnessed decrease of 2 per cent. The weekly SPI has been computed with base 2007, 2008=100, covering 17 urban centers and 53 essential items for all income groups. Meanwhile, the SPI for the lowest income group up to Rs 8,000 also decreased by 0.16 percent as it went down from 209.09 points in the previous week to 208.76 points in the week under review. As compared to the last week, the SPI for the income groups from Rs 8001 to 12,000, Rs 12,001 to 18,000, Rs 18,001 to 35,000 and for income groups of above Rs 35000 also decreased by 0.16 percent, 0.16 percent, 0.17 percent, and 0.16 percent.

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Engro foods, JS Bank sign MoU to empower dairy farmers

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he Punjab Revenue Authority (PRA) has sealed six restaurants located in different parts of the city for allegedly evading sales tax on services. According to a press release issued, the enforcement officers conducted raids in areas of Gulberg and Johar Town and sealed six restaurants named Mozzarella 24 at Mahmood Qasuri Road in Gulberg while Chicken & More, Zakir Tikka, Barbeque Chef, 24 Wall Street and Burger Cottage in Johar Town.

policy recommendations based on ACCA’s global research and professional insights. These conversations were also webcasted across the globe and had active participation from over 15 countries. The conferences were followed by cor-

weekly inflation falls 0.16pc

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KARACHI

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ngro Foods Limited, second largest Dairy Company in Pakistan, has collaborated with JS Bank under the banner of Prime Minister Youth Business Loan (PMYBL) programme to empower the dairy farmers by extending them maximum Pinancing facilities.

This was an initiative to build sustainable livelihoods for the dairy farmers through monetary support and knowledge transfers,

said an Engro press release here on Wednesday. Engro Foods dairy farmers will have the opportunity to upgrade their farms, procure machinery or livestock, with financing through JS Bank. This is another step by Engro Foods in its journey for socio-economic empowerment of the dairy farmers in Pakistan. Engro dairy farmers participating in this program will be able to access up to Rs two million in ready funds for up to 8 years, at a minimum mark-up rate of just 6 percent per annum, it said. Speaking on the occasion, Managing Di-

rector, Engro Foods Limited, Ali Ahmed Khan said Engro Foods remained committed to empower the dairy farmers at grass-roots level. PMYBL Scheme is a great effort to increase sustainability of the dairy farmers who have zero access to financing solutions.

“Through this partnership with JS Bank, we look forward to increase the livelihoods and build the capacity of dairy farmers,” he added.

Engro Foods felt responsibility and remained committed to strengthen the dairy industry in Pakistan, he pledged.

Seafood exports reach $264.18m in eight months ISLAMABAD

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he exports of Pish and Pish preparations from the country have witnessed 10.18 per cent increase during Pirst eight months of 2017-18, fetching US $ 264.18 million precious foreign exchange during the period. During the period July-February 2017-18, the country exported about 108,262 metric tons of Pish and

Pish preparations as compared to exports of 89,032 metric tons, valuing of US$ 239 million during same period last year, a data of Pakistan Bureau of Statistics showed. Overall food group exports from the country during the period under review witnessed growth of 21 per cent as food commodities worth US$2.842 billion were exported during July-February (201718) against exports of US$2.334 billion during July-February (2016-17).

Meanwhile, when contacted, ofPicial

sources at Commerce Division on Sunday at present, seafood is being exported to European Union member states while now it is gaining popularity in China, not only because of its low prices but also because of support from government policies. Earlier, EU had de-listed all the companies exporting Pish from Pakistan in 2007. It was primarily done on account of failure to meet EU’s Sanitary and Phytosanitary (SPS) measures. As a result of the efforts of the present

government i.e, Ministry of Commerce and Marine Fisheries Department (MFD), EU lifted ban in June 2013.

Two exporting establishments are now being allowed to export to EU member states. The matter was taken up by Pakistani side during the 8th Session of Pakistan-EU Sub-Group on Trade meeting held on October 9, 2017 in Brussels. The EU side has temporarily allowed two Pisheries establishments to start exporting to EU after assurances given by Ministry of

National Food Security & Research to European Commission to comply with EU’s SPS measures. However, the EU side has linked possibility of relisting the remaining establishments for exports to EU with the on-ground visit and authentication of its SPS inspectors. Pakistani seafood is also gaining popularity in Chinese market as several seafood distributors said that Pakistani seafood, compared with seafood imported from other sources, is more cost-effective.

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Turkish economy expands 7.4% in 2017 ANKARA: Turkey’s economy expanded 7.4 percent last year, official data showed on Thursday, marking its fastest expansion since 2013 on robust growth in industry and construction, and beating market expectations. That growth, which beat a forecast of 7.2 percent in a Reuters poll, is likely to be welcome news for President Tayyip Erdogan in the run-up to presidential and parliamentary elections in 2019.

Foreign sentiment has generally soured on Turkey, helping send the lira to a series of record lows, on concerns about politics and double-digit inflation.Investors are particularly worried by monetary policy.

Erdogan, a self-described “enemy” of interest rates, has repeatedly called for lower rates to boost growth. The biggest contribution to growth comes from domestic demand,” said Muammer Komurcuoglu, research manager at Is Invest.

SccI stresses interest-free loans for new technology import

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Wednesday April 4, 2018

Chambers

Demolition of industries at Hadyara would deprive people from jobs

SIALKOT

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resident Sialkot Chamber of Commerce and Industry (SCCI) Zahid Latif Malik called for interest-free loans to exporters on the basis of exports for five years for the import of new technology.

It will help improve overall technological infrastructure of the industry, he added.

Talking to APP he said the government needs to streamline existing markets and identify new potential markets for ‘Made-in-Pakistan’ products in Far-East, Central Asian Republics, Latin America and Russia. Sialkot is a export hub and earning US2$billion through its exports and strengthening national ex-

chequer despite certain problems, he said. The SCCI president suggested that Sialkot Export Processing Zone (SEPZ) should be given the status of Special Economic Zone (SEZ) to facilitate business community of Gujrat, Gujranwala and Sialkot. He said that setting up “Marketing Intelligence Cell” at Trade Development Authority of Pakistan (TDAP) for providing assistance to manufacturers and exporters in obtaining information pertaining to international demands for commodities, competitive price index, expanding markets and other essential trends. The cell would also serve to disseminate updated information to exporters on export markets, trends and technology to facilitate diversification of exports, he added.

LAHORE

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rovincial Minister for Industries Sheikh Alauddin has ensured relief to the businessmen of Multan Road and Mcleod Road saying that their issues would be taken up with the Chief Minister Punjab. He was speaking at the Lahore Chamber of Commerce & Industry. The LCCI President Malik Tahir Javaid, Senior Vice President Khawaja Khawar Rashid, Vice President Zeshan Khalil, Muhammad Arshad Chaudhry, Bao Bashir, Mian Muhammad Nawaz, Fahim ur Rehman Saigol and Awais Saeed Piracha spoke on the occasion.

Representatives of Multan Road Industrial Association informed the minister that demolition of industries for the sake of Hadyara Drain Project is not a good plan as it would not only deprive thousands of people of their jobs but would also air a negative message to the investors.

They said that demolition of industries at Multan road would hit economy of the province hard besides applying reverse gear to the gov-

ernment efforts aimed at progress and prosperity. They said that government should shelve the plan as not only the industry but government would also be the looser as closure of hundreds of industrial units of Multan Road would cause huge lose to the national exchequer in term of taxes and utility bills etc.

The minister said that business community is the backbone of the economy and their issues will be taken up with the Chief Minister Punjab at the earliest.

On the occasion, the LCCI President Malik Tahir Javaid formed two committees to settle down the issues of the businessmen of Multan Road and Mcleod Road. The committee for the businessmen of Multan Road will have Sheikh Alaudin, Malik Tahir Javaid, Muhammad Arshad Chaudhry, Shahzad Azam Khan and Tahir Qadeer while the other will have Sheikh Alaudin, Malik Tahir Javaid, Muhammad Talat and Shahzad Khan in their folds. The LCCI President said that reservations of the business

punjab invites investors to set up industries ISLAMABAD

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hairyar Salim, Chief Executive OfPicer along with Ijaz Azeem, General Manager Marketing of Punjab Industrial Estate Development and Management Company (PIEDMC) visited Islamabad Chamber of Commerce & Industry and gave a detailed presentation to the business community about available investment opportunities in the industrial estates in Punjab. He said PIEDMC has established 9 industrial estates in Punjab some of which were ready for investment and some were under construction.

Shairyar Salim said that the industrial estates developed by PIEDMC in Punjab have created 0.84 million direct and 1.680 million indirect jobs in Punjab. He said that Quaid-e-Azam

Apparel Park and industrial estates in Rahim Yar Khan, Bhalwal, Vehari, Chunian and Bahawalpur were ready for setting up industrial units as infrastructure and all required utilities & facilities were available in these industrial estates. He said that Bhalwal Industrial Estate was near to the investors of Islamabad/Rawalpindi region and they should explore investment opportunities in the said estate.

He assured that ICCI proposal for identifying land for a new industrial estate near the twin cities would be given serious consideration and his company would cooperate in execution of this project. Speaking at the occasion, Sheikh Amir Waheed, President, Islamabad Chamber of Commerce & Industry said that a new industrial estate was badly needed in Islamabad/Rawalpindi region as all existing industrial estates in this area have reached saturation. He said that

PIEDMC has good expertise in developing industrial estates and it should help ICCI in identifying land for new industrial estate for Potohar Region.

He said ICCI was ready to executive such project in collaboration with PIEDMC on public-private partnership basis. Muhammad Naveed Senior Vice President and Nisar Mirza Vice President ICCI thanked the representatives of PIEDMC for briePing local business community about investment opportunities in Punjab’s industrial estates. They said that ICCI would form a delegation of local industrialists to visit Bhalwal Industrial Estate in order to explore investment opportunities. Khalid Javed, Tariq Sadiq, Yasir Sakhi Butt, Abdul Rehman Khan and other local industrialists also spoke at the occasion and discussed possibilities of setting up industrial units in the Punjab’s industrial estates.

community must be addressed to ensure a business-friendly atmosphere in the country. He said Punjab is the linchpin of Pakistan’s economy and it has highest contribution in the GDP of the country. The industrial sector of Punjab consists of large scale and small scale manufacturing, mining and construction etc. As per the study recently conducted by LCCI, the share of Punjab in the national value added in Large Scale Manufacturing fell slightly from 49.3% to 48.9% during 2010-11 to 2014-15.

women playing role for progress of country: fwccI omen are playing their role for making Pakistan a strong and prosperous country in the comity of nations. This was said

by Robeena Amjad, the President Faisalabad Women Chamber of Commerce & Industry (FWCCI), while addressing a function to mark the Pakistan Day. She said,” Now we are passing through the construction phase of Pakistan and during this stage women should also contribute their role to further strengthen the ideology of Pakistan”. She said the FWCCI had been created to provide a platform to sensitize women in addition to resolving their entrepreneurial problems. –CB Report

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Mianwali Customs impounds Mazda truck loaded with UK made generator FAISALABAD: The Anti-Smuggling Organisation Mianwali has seized a used diesel generator valued at Rs2.2 million besides impounding a vehicle worth Rs 1 million being used for transportation of smuggling items after no one appeared to prove its legal import. The ASO team, acting on secret information passed through Collector Mirza Mubashir Baig, intercepted a truck bearing registration No: LES-08-5710 near Sial More Interchange, district Sargodha, and recovered a UK made generator, Model 2008, of 100 KVA.

Wednesday, April 4, 2018

CUSTOMS BULLETIN

Multan customs impounds 2 NDp vehicles of rs3.5 million from Sahiwal MULTAN IMrAN ALI

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ustoms Collectorate AntiSmuggling Organization impounded two noncustoms paid vehicles of worth Rs.3.5 million in their crackdown.

According to details, Multan Customs received reliable information from their source that transportation of smuggled vehicles will be carried out through Sahiwal region to Faisalabad. Acting upon the said information, Collector Multan Customs Ambreen Ahmad Tarar initiated action non-customs paid and directed Anti-Smuggling Organization to intercept said vehicle.

The Customs Collectorate Multan formed two teams of AntiSmuggling Organization including Superintendent Habib-ur-Rehman, Inspector Rana Mujtaba Noon, Inpsector Abdul Samad and others to foil the attempt of the smuggling of non-duty paid vehicles.

Deputy Collector Saqib-urRehman who is head of AntiSmuggling Organization supervised the whole operation and alerted the anti-smuggling staff to check vehicles appropriately in the jurisdiction. Anti-smuggling squad

started patrolling of the suspected routes after receiving information to foil any attempt of smuggling and enhanced monitoring of the

entrance and exits of the region.

Anti-smuggling squad seized the Mitsubishi Pajero jeep of Model 1995 and Toyota Passo car of

Model 2008 in their actions. Drivers of said vehicle failed to produce any documents to justify their legal possessions. Both

seized vehicle were non-customs paid and valuing almost Rs.3.5 million. Further investigations against seized vehicles are still under way.

NAB focusing on capacity building of Ios to improve performance ISLAMABAD

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hairman, National Accountability Bureau (NAB), Justice (Retd) Javed Iqbal on Friday said the Bureau was giving importance to capacity building of its Investigation OfPicers and Prosecutors on modern lines to further improve performance.

He said this while chairing a meeting held here to review overall

performance of Training and Research Division and also training plan for NAB Investigation OfPicers and Prosecutors. During the meeting, it was informed that Training and Research Division is implementing the Programme for year 2018 in letter and spirit in line with the directions of Chairman.

The Chairman NAB said training is a continuous process which is an important and serious aspect in capacity building and added NAB recognizes centrality of training as a tool of improvement and maintaining quality of its manpower. He said a standardized syllabus for all in-

vestigation ofPicers, refresher and capacity building courses on Accounts matters, General Financial Rules, Digital Forensic Question Documents and Finger Print Analysis has been formulated to ensure quality and uniformity. The performance objectives of training programs will also be continuously evaluated so as to form a basis for subsequent review and improvements in future training needs.

Meanwhile, National Accountability Bureau (NAB) Rawalpindi has Piled a reference against ofPicials of Capital Development Authority (CDA) and Owner of Mall in affairs

of Safa Gold in Accountability Court Islamabad. As per details, accused Ghulam Murtaza Malik, Ex-DDG CDA, Khalil Ahmad the-then Director CDA, Muhammad Ammar Idrees, the then Deputy Director (BCS) and Khadim Hussain, Assistant Director CDA, Rana Abdul Qayyum, CDA and owner of Mall in connivance with each other allowed deduction of circulation/services area from permissible covered area and thus allowed construction of more stories on Safa Gold Mall plot in violations of terms of allotment letter. Accused Rana Abdul Qayyum being allottee

Published by M S Raza O# 42, 3rd Flr Gull Plaza M.A Road Karachi, Printed by (Ibne Hassan Oset Printing Press, Shop No. 33 to 36 , Hockey Stadium, Karachi).

of the plot wilfully, knowingly, with criminal intent in collusion with CDA ofPicials gained illegal favours and undue benePits which caused loss to the authority of about Rs1.07 billion. All Pive accused persons were arrested on November 20, 2017. They remained in NAB custody until November 27, 2017.

Later, they were sent to judicial custody. NAB Director General Rawalpindi, Irfan Naeem Mangi said in light of directions of Chairman NAB, Justice (Retd) Javed Iqbal, all out efforts are being made to recover looted money from swindlers and individuals corrupt.