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pAkIStAN’S FIRSt INDeptH NewSpApeR oN cUStomS
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Karachi, Fri April 7, 2017
PESHAWAR
IRFAN BAHADUR
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he net taxes collection for the month of March 2017 in respect of Model Customs Collectorate Peshawar poses a difference of 28.07 percent as compared to the duties collected by the MCC Peshawar during March 2016. The MCC Peshawar collected net amount of Rs1510.76million last year in March while in current year it collected net amount of Rs1086.74million with a difference of
Rs424.02million as compared to the collection of custom taxes in March 2016. The sources told Customs Today on Tuesday at the MCC Peshawar that Rs241.76million were collected as Sales Tax on Imports while the amount was Rs 378.84million last year in the month of March. It shows a difference of Rs137.08million. The net total becomes 36.18 percent of difference in the collections for the month of March 2017 as compared to the collections of MCC Peshawar during the last year in March. The MCC Peshawar received Rs18.50million Federal Ex-
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cise Duty while the amount was Rs20.42million last year in March. There has been 9.40 percent decline in the rate of collections while there is a difference of Rs1.92million in the collections of duties by MCC Peshawar. The MCC Peshawar collection as customs duties give net Sigure of Rs418.88million in March 2017 while there is 21 percent decline as compared to Rs532.67million in March 2016 which poses a difference of Rs133.79million to the collections of duties by the MCC Peshawar.
Bail granted to suspect booked in 1200 mobiles & auto parts smuggling
Govt taken steps for welfare of business community: Dastgir
Qaiser urge political parties to join hands govt’s economy agenda
Customs ASO foils bid to smuggle 190 cartons of non duty paid cigarettes
Dry port generates Rs123m CD against target of Rs275m in1st to 15th of March
CustomsTaxation & Anti-Smuggling Court Judge Syed Faiz granted an interim | See pAge 02 |
Dastgir said the first payment of the textile packagewouldbegiveninthenextfewdays | See pAge 03 |
Chairman Standing Committee on Finance in NA Qaiser Sheikh said despite | See pAge 04 |
On the directions of Chief Collector Central Zeba Hai to curb the menace of smuggling | See pAge 14 |
The Islamabad Dry Port collected Rs122.614mCDduring1stto15thofMarch | See pAge 16 |
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FBR decides to make single tax payment system Friday, April 7, 2017
KARACHI: The Federal Board of Revenue (FBR) has decided to make a single returns filing and tax payment system. However, the provincial revenue authorities are not yet willing to adopt the new system. The revenue authority of Khyber Pakhtunkhwa has developed its own tax collection system. However, Sindh and Punjab are ready to adopt this system. At present, taxpayers have to deal with five revenue authorities, including one federal and four provincial, for payment of duty and taxes and filing their monthly sales tax returns.
National
Bail granted to suspect booked in 1200 mobiles & auto parts smuggling
FAISALABAD
KARACHI
NAeem SHeIkH
m B RANA
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he Deputy Collector Customs Adjudication Asma Hameed has issued Order-in-Original (ONO) in favour of Anti-Smuggling Organization Faisalabad. According to details, a team of the Anti-Smuggling Organization (ASO) intercepted a Toyota Premio bearing registration no. NW- 975 Islamabad. The Customs team arrested the Owner and driver of the vehicle who was identified as Muhammad Azam son of Muhammad Sharif who is a resident of Faisalabad and second person named as Fahid Yakoob son of Muhammad Yakoob who is resident of Layyah . The customs official asked the driver Muhammad Azam to produce documents regarding import of vehicle. But they failed to produce the lawful proof. The particular of the vehicle were checked on the website and found not tallied. The incharge of PRAL customs dry port Faisalabad has informed that the vehicle having chassis number no. ZRT2603018433 (cut & weld) , model 2007 , color in white ,engine no. 2ZR-FE , house power is 1797-CC (touch system, automatic gear and transmission included also ) was not imported in the country.
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ustoms (Taxation & AntiSmuggling) Court Judge Syed Faiz Rasool Rashdi granted an interim pre-arrest bail to accused, Mubashir Ahmed Abbasi, proprietor of M/s Al-Amna Trading Co, who was booked in a case of attempting to smuggle contraband 1200 foreign origin mobile phones and auto parts valued Rs30million. During the hearing, counsel for applicant/accused Siled an application for pre-arrest bail and argued that applicant/accused is innocent and has been implicated in the case. He is ready to face trail, however he has apprehension of arrest therefore court is requested to grant him bail till the Sinal disposal of the case. After his hearing, court granted him bail and observed in its order that “without touching the merits of the case, an interim pre-arrest bail is granted to said accused subject to furnish surety in the sum of Rs300000 with P.R bond in the like amount to the satisfaction of this court. The customs court directed the accused to join investigation if and when required by the investigation ofSicer and appear before the court on next date of hearing. The court also called the police papers and issued notice to special prosecutor for customs department.
Deputy collector Asma Hameed issues oNo in favour of ASo
According to the prosecution, on a credible information, staff of the customs authorities intercepted two Suzuki vans with registration No: KH-9472 and kp-0677 in front of Gerry’s shed, Air Fright UnitKarachi Airport, loaded with cartons which were cleared for cus-
toms Air Freight Unit (AFU) Karachi. During the search of goods, ofSicials found 32 packages/cartons of assorted foreign origin auto parts and 01 package containing 1200 pieces of mobile phones of assorted brands of foreign origin. As per FIR, after the formalities,
case said goods were seized and case was registered against the above named accused and others in violation of 2(s) 16, 32 (1) (2) 79 and 178 of the Customs Act-1969 punishable under clauses (8) (14) (45) and (89) of sub-section (1) of section ibid.
ASo seizes contraband goods with extra value of Rs216.66m T
ISLAMABAD
tARIQ DeRYA
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he Anti-Smuggling Organization (ASO) Islamabad confiscated contraband goods with extra value of Rs216.66million during eight months of Financial Year 201617 against the seized goods of corresponding year of 2015-16. The ASO seized worth Rs407.096million goods during
July to February 2016-17 whereas it seized smuggled goods worth Rs180.43million during the same period of corresponding year 2015-16. The ASO seized 107 offending vehicles (used for smuggling) valued Rs115.000million during FY2016-17 while it seized 88 offending vehicles valued Rs72.8million during FY201516. The document showed that the ASO impounded 66 NDP vehicles during FY2016-17
whereas it seized six NDP vehicles during 2015-16. The ASO seized cloths valued Rs68.00million during current financial year while it confiscated worth Rs15million cloths during the same period of FY2015-16. The ASO confiscated food grains worth Rs16.27million during FY2016-17 whereas it seized food grains valued Rs12.277million FY2015-16. The ASO impounded black tea worth Rs2.372million during
current financial year while it seized black tea worth Rs2.909million during the same period of FY2015-16. The ASO Islamabad seized tyres valued Rs2.558million during eight months of FY201617 whereas it seized tyres worth Rs2.498million FY 201516. The ASO seized alloy rims valued of Rs0.022million during FY2016-17 and it also seized alloy rims valued Rs0.423million during the same period of corre-
sponding year. The ASO seized auto parts worth Rs3.856million whereas it seized auto parts valued Rs2.362million during the same period of FY2015-16. The ASO confiscated cigarettes, electronic goods, blankets, carpets, medicines, crockery, miscellaneous goods, toys, mobil oil and pirated CDs valued Rs83.35million during FY201617 whereas the ASO seized same items valued Rs78.771millions during FY2015-16.
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SBP renews status of credit rating agencies KARACHI: The State Bank of Pakistan (SBP) has renewed the Status of JCR-VIS and PACRA as Eligible External Credit Assessment Institutions (ECAIs), a statement of the central bank said here on Tuesday. It pointed out that the SBP has renewed the status of both credit rating agencies operating in Pakistan namely‘ ‘JCR-VIS Credit Rating Company Limited (JCR-VIS)’ and ‘The Pakistan Credit Rating Agency Limited (PACRA)’ as eligible/ recognized External Credit Assessment Institutions (ECAIs) for the calendar year 2017. Banks and DFIs using the standardized approach of Basel framework are allowed to use credit ratings assigned by JCR-VIS and PACRA for CAR calculation purposes, it was further pointed out.
Friday April 7, 2017
National
SHc grants bail to ex-NBp president in Rs18b NAB case
govt taken steps for welfare of business community: Dastgir
KARACHI
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he Sindh High Court has granted protective pre-arrest bail to ex-National Bank of Pakistan president Syed Ali Raza in a National Accountability Bureau’s inquiry pertaining to a Rs18 billion scam at Bangladesh branch. Syed Ali Raza moved the court to obtain protective bail in connection with the NAB’s call-up notice for alleged loss of Rs18 billion to the national exchequer by officers of the NBP Bangladesh Operations. According to NAB, the NBP Bangladesh branch gave loans amounting to $185 million without securing collaterals from 2001 to 2013 and, in certain cases, the branch released securities without recovering the loans.
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Sindh collecsted Rs225m pt during 8 months KARACHI
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he Sindh government collected Rs225 million in professional tax during the eight months (July-February) with a six per cent growth. The number of commercial units paying professional tax in Karachi increased by 2,944, or 0.8pc, to 373,529 as compared to a year earlier. The excise and taxation department collected Rs5.5m in arrears from private limited companies, who pay a minimum tax of Rs100,000 a year. The number of commercial units liable to pay professional tax in Karachi’s district east is 25,000. However, the department is suffering revenue loss as major markets and malls in Gulistan-i-Jauhar and Shah Faisal Colony do not pay tax to the Sindh government as they fall in cantonment board.
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LAHORE
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ederal Minister for Commerce Engr Khurram Dastgir Khan said the Sirst payment of the textile package would be given in the next few days as State Bank of Pakistan had issued a circular in this regard. He said there had been many challenges in the country but today’s Pakistan was more peaceful and prosperous. Khurram said there was another good news for the business community that Pakistan had got place in top ten countries which made business reforms. “The credit goes to the government for taking so many positive steps for welfare of the business community”, he added. The minister said more foreign investment was coming in the country after the CPEC and the government was fully committed to boost business in the country. To a question, he condemned the blast and said it was a tragic incident in the city, adding that today’s Pakistan was more safe and peaceful than of 2013. After terrorism, energy issue was the second challenge and the government was Sighting against these issues in a beSitting manner and achieving successes as situation was better today and the people were feeling secure as well, he added. To another question, Khurram
said the industry enjoyed electricity 24 hours in a day which would continue in future. Minister of Commerce Khurram Dastgir Khan said on Wednesday his ministry is trying to facilitate business activities and may introduce legislation in this regard. Addressing a programme on the ease of doing business, which was organised by the All Pakistan Business Forum on Wednesday, the minister asked all stakeholders to give suggestions for creating
After terrorism, energy issue was the second challenge and the government is fighting against these issues in a befitting manner and achieving successes as situation his better today and the people are feeling secure as well, he added
Sindh govt launches gIS-based survey
W KARACHI
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www.customsbulletin.com ith the aim to generate more revenue from property sector, the Sindh government is going to start a survey based on Geographic Information Systems (GIS) to determine property values across the province. The provincial government signed an agreement with a third party to launch the survey in Sukkur from April 1 as the pilot project in
the Sirst week of April, said Sindh Excise and Taxation Department Director General Shoaib Siddiqui on the sidelines of a seminar on tax reforms in Sindh, organised by the Sustainable Development Policy Institute (SDPI). He said this would be a model survey and complete in a year and later, the same would be extended across Sindh. He added that GIS-based survey would take at least three years for completion. He said the E&T Department presently collected only Rs 1.5 billion on account of property tax
and after the GIS-based survey in Sindh, the revenue collection would likely to be increased by 300 percent. Meanwhile, Sindh Excise and Taxation is planning to devolve motor vehicle registration to car dealers by next Siscal year. Shoaib Siddiqui said that the department had decided to devolve motor vehicle registration to car dealers and for this purpose, a summary would be moved to the Chief Minister for approval and hoped the work would be transferred to car dealers by next Siscal year.
conducive business environment. He said legislation on e-commerce is in progress, adding that the government is going to launch a campaign to re-introduce Pakistani brands globally by the end of the year. He said providing the business community with a suitable environment is the joint responsibility of the federal and provincial governments. The provincial governments should take steps to boost business activities and facilitate the business community, he added.
10.7 million cotton bales reach ginneries akistan Cotton Ginners Association (PCGA) has released its fortnightly report indicating national cotton production at 10.725 million bales till April 1, 2017, showing an increase by 9.87 percent. Seed cotton (Phutti) equivalent to 10.725 million or 10,725,737 bales have reached ginneries across Pakistan till April 1, 2017, registering increase in arrivals by 9.87 percent compared to corresponding period of last year.
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Meezan Bank, 1LINK to launch Pakistan’s DPS PayPak Debit Card KARACHI: Meezan Bank has joined hands with 1LINK (Guarantee) Limited, the interbank payment network service provider in the country, to issue PayPak branded Debit Cards. “PayPak” is Pakistan’s first domestic payment scheme that aimed at providing an indigenous alternative to international payment schemes, says press release here on Tuesday. Through efficient and cost effective payments services for every citizen of Pakistan, PayPak will not only improve the access to ATMs and pointof-sale terminals across the country but will complement the Government’s objective of greater financial inclusion in the country.
Friday April 7, 2017
Business
Qaiser urge to join hands for economy agenda ISLAMABAD
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hairman Standing Committee on Finance in National Assembly Qaiser Ahmed Sheikh Monday said despite the difference of opinion on various matters, all political parties should join hands with the government in its agenda to further boost the economy of the country. The government was determined to overcome power loadshedding by the end of year 2017, he said. He said there has been increase in electricity demand due to rising temperature in the country which resulted loadshedding in the country.
cDNS achieves Rs162B upto march 16 ISLAMABAD
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entral Directorate of National Savings (CDNS) has achieved Rs 162 billion savings till last week of third quarter of current fiscal year, from July 1 to March 16, 2016-17. The target for the year 2016-17 was Rs 228 billion, while the directorate managed to achieve Rs 218 billion for the previous fiscal year, a CDNS official Monday said. He said the CDNS had notified upward revision in the profit rates for various saving certificates to benefit its investors especially the widow and pensioners, which had been applicable from February 1, 2017.
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Hydel power was cheapest source to produce electricity and focus of the government was to launch
more hydel power projects, he said. He said Qaiser Sheikh said in order to enhance power generation
capacity, there was need to develop consensus to build more dams in the country. Meanwhile, The French business companies expressed their interest to take advantage of new trade and investment opportunities in Pakistan emanating out of China Pakistan Economic Corridor (CPEC). Talking to Minister for Planning and Development Ahsan Iqbal here at his ofSice, a delegation of France Pakistan Business Council (FPBC) representing various French companies said there were huge opportunities of investments in infrastructure, energy, agriculture, defence and digital sectors of Pakistan. It said they were quite aware of the rapidly changing situation of the region as CPEC was providing huge opportunities of investments in various sectors of Pakistan.
kp cabinet approves three-year pFm reforms strategy T
PESHAWAR
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he Khyber Pakhtunkhwa cabinet has approved the threeyear Public Financial Management (PFM) reform strategy (2017-20), which envisages a comprehensive roadmap for reforms focusing on budget transparency, improved systems and governance. The strategy, Sirst of its kind in the history of the province, was developed by the KP Finance Department in consultation with stakeholders.
The DFID funded Sub-National Governance Programme (SNG) provided technical support in formulation of the strategy. Six key objectives of the strategy involve policy-based planning and budgeting; comprehensive, transparent and credible budget; improved predictability and control in budget execution and accountability. Unlike previous policies in the province, PFM envisages an institutional platform-oversight committee to be headed by the Sinance minister with the sole objective of overseeing implementation of reforms under the ambit of the PFM strategy. “We have
a strong commitment to inducing change aimed at greater transparency, accountability and openness in the public sector governance. This is at the centre of our agenda of ensuring equitable development, improved service delivery and a corruption-free government system,” said KP Finance Minister Muzaffar Said. This strategy, the minister said, would be of immense help in ensuring a uniformed, standardised and harmonised approach to best international practices in the Sield, both for provincial and local governments of Khyber Pakhtunkhwa.
world Bank urges investment for uplift of global electricity WASHINGTON
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lobal efforts to provide universal access to electricity, develop more renewable energy sources and increase efficiency are not on track to meet a target date of 2030, the World Bank said. With fewer people receiving electricity for the first time in recent years, only 92 percent of the world’s population will have access to power by 2030, the bank said in a new report published together with the International Energy Agency. Universal access by the target date would require a five-fold increase in investment rates, it estimates. Some 1.06 billion people lacked electricity in 2014, “only a slight improvement since 2012,”the report said. “If we’re to make access to clean, affordable and reliable energy a reality, action must be driven through political leadership,”Rachel Kyte, special representative to the UN secretary general for sustainable energy, said in a statement. “This new data is a warning for world leaders to take more focused, urgent action on access to energy and clean cooking, improving efficiency and use of renewables to meet our goals,” she added. Riccardo Puliti, head of energy and extractives at the World Bank, said the effort requires “increased financing, bolder policy commitments and a willingness to embrace new technologies on a wider scale.”
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kyrgyz envoy for boosting mutual trade LAHORE
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mbassador of Kyrgyzstan to Pakistan Erik Beishembiev said on Saturday that both countries should identify new sectors of economy for cooperation and introduce new tradable items to boost mutual trade. He was talking to LCCI Senior Vice President Amjad Ali Jawa and
Vice President Muhammad Nasir Hameed Khan here at Lahore Chamber of Commerce & Industry. Zeeshan Khalil, Mian Zahid Javed, Moazzam Rasheed, Shahid Nazir, Tariq Mahmood, Rizwan Akhter Shamsi, Waqar Ahmed Mian and Khawaja Khawar Rasheed were also present. The Ambassador said that promotion of foreign direct investment was the top most priority of his government, adding that investing in Kyrgyz Republic is safe, proSitable
and easy as the main factors are the liberal trade regime, full protection of investments and unlimited repatriation of proSits, currency exchange freedom, low business costs, an educated workforce and direct access to state authorities. Beishembiev said that Kyrgyz Republic attached great importance to development of economical cooperation with Pakistan. Existing volume of trade between Kyrgyzstan and Pakistan doesn’t correspond to their re-
spective potentials. There is a dire need to take sector-speciSic measures to promote two-way trade. He said that there must be exchange of trade delegation and single country exhibitions on reciprocal basis, therefore, Lahore Chamber of Commerce and Industry should encourage their member to visit the exhibition to initiate joint ventures with their Kyrgyz counterparts. LCCI Senior Vice President Amjad Ali Jawa said Pakistan and Kyrgyzstan enjoyed friendly and cordial
relations but our business and economic relations had not been adequately developed. He said the volume of bilateral trade went even below than dollar one million in 2015. Very few items are being traded as pharmaceutical products are mainly exported from Pakistan whereas some tools are imported from Kyrgyzstan. “We have been talking about exploiting the untapped potential of trade in Central Asian Republics but no significant results have been ever produced.
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ISLAMABAD
tARIQ DeRYA
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he Airport Security Force (ASF) is not willing to issue all-area-passes to Customs Airport staff. Even the customs staff is unable to move around Rawal lounge, so the customs staff needs to reach domestic Slights via Rawal lounge freely for checking of baggage. Without issuing of all-area-passes by the ASF, the customs ofSicials are facing compromising situation on checking purposes. The customs staff at the Benazir Bhutto International Airport Islamabad surpassed its assigned target with the amount of Rs0.83million during the month of March of Financial Year 201617 under the head of duty taxes on accompanied baggage. The BBI was assigned Rs2.09million revenue target for month of March whereas it collected Rs2.92million under same head. The customs staff seized 150 kilogram of prohibited pork meat from Slight coming from China during March FY2016-17. The meat was burnt. This was stated by Neghma-e-Teheniat, Deputy Collector BBIA Islamabad, while
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giving an exclusive interview to Customs Today. She said during March 2016-17 the performance of revenue collection was better as the BBI staff collected surplus revenue against assigned revenue target under the head of duty taxes on accompanied baggage. During the month of March FY2016-17, the customs staff of the BBI airport seized 277 bottles of liquor valued Rs0.554million. During March, the BBI customs staff seized 240 smuggled mobiles worth Rs2.4million whereas during the same period, the BBI staff seized 75 kilogram of contraband semi-precious stones worth Rs0.3million. During the same period, the BBI customs staff seized 45 sleeves of smuggled gold leaf cigarettes valued Rs0.045million. During eight months (July to February) of current Sinancial year (FY16-17), the customs staff seized 2247 mobile phones worth Rs32.89million while the Islamabad customs airport staff seized 2997 mobile phones worth Rs63.20million during the same said period of corresponding FY15-16. The above-said seizures were intercepted from passengers’ baggage at the terminal. Answering a query, the DC airport said the BBIA took major initiatives as it es-
tablished a canine section for better performance and the BBIA established currency counter for online data feeding. The BBIA established effective monitoring of staff through online CCTV coverage. She further said the Model Customs Collectorate established body search counters at the BBIA for detection of body concealments. The collectorate also established 24/7 passenger facilitation desk at the airport to provide best quality services to the passengers. Responding to a query about the comparison between collection and assigned target for FY2015-16 and FY2016-17, she added that during July to February FY2016-17, the customs station BBIA collected revenue of Rs17.27million against assigned revenue collection target of Rs15.47million. During said period, the BBIA achieved 112% collection against assigned target. During the corresponding Financial Year 2015-16, the BBIA collected revenue of Rs7.56million against the assigned target of Rs12.57million. Due to new initiatives taken by Collector MCC Islamabad Dr Arslan and Chief Collector North Sarwar Tahira Habib, the BBIA showed better performance during the current Sinancial year.
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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
SBp’s quarterly report
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ccording to a quarterly report issued by the State Bank, the economy of Pakistan has the potential to grow up to 6 percent during the current fiscal year. The projection is based on possible recovery of the agriculture sector thanks to productive spending by the government and prediction of better produce this year. The country is facing current account deficits and low revenue collections, but work on the infrastructural and energy projects under the China Pakistan Economic Corridor could revive the economy in coming years. The remittances sent by expatriate Pakistanis are dwindling, but oil prices are still low as compared to other countries in the region. The private sector is actively engaged in the import of machinery and raw material and it is hoped that the large-scale manufacturing sector will be able to maintain the pace of its steady growth during the current fiscal year. Report also expects recovery of the textile industry during the second half of the current fiscal year in the wake of Rs180 billion export package announced by the government. However, the country is still facing electricity shortfall but the new power plants and the sustained increase in liquefied natural gas imports will help increase electricity generation. The robust construction sector will also maintain its growth rate and the service sector will achieve its growth target this year. The bank especially refers to the progress in the industrial sector, increased demand of commercial vehicles, availability of the bank credit and development of new housing schemes as positive indicators to push the growth up to 6 percent.The bank also hopes that inflation will remain low due to better performance of the agriculture sector as well as stable exchange rates in the currency market. The average Consumer Price Index inflation will remain up to 5 percent during the year and foreign exchange reserves will remain at a comfortable level.The bank expects increase in the current account deficit due to import of machinery, but foreign investment in the local industry will increase its production capacity.The State Bank is an organ of the government machinery and there is a need to establish practical coordination and liaison among all the departments concerning finance, trade, business and investment.
export sector woes P
LAHORE
DR AFtAB AFZAL
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akistan’s export sector has been under performing for the last four years since the present government took over in 2013. Strangely enough, corruption was apparently rampant during the previous Pakistan People’s Party government, but exports picked up to a comfortable level of over $25 billion. The Pakistan Muslim League-Nawaz, which contested the election on the slogan of business, business and business, has failed to control falling exports. During the period in question, Bangladesh exports crossed Pakistan and that country has now been regarded as the second
largest garments exporter in the world. Irony is that Bangladesh is not a cotton producing country. Pakistan produces one of the best cotton in the world, but its production also reduced last year and the local industry had to import it from India. The textile sector of Pakistan contributes nearly 60 percent of the exports with a small share of merchandised exports.The country’s merchandised exports stood at less than one percent. Keeping in view the current political situation of the country, experts fear the export sector will not be able to utilize the Rs 180 billion funds announced by the government to enhance exports. Instead of raising exports, the country has doubled the size of its imports, creating a huge trade
deSicit. Pakistan is situated in a region which will have more than a quarter of the world’s youngest workforce by 2030. The human resources are the asset rather a burden and it can seize the opportunity of its dynamic demography to become the world’s top manufacturing hub. Efforts must be taken to increase productivity and improve Sirm competitiveness.World economist consider South Asia as the next powerhouse of trade and economy with vast human resources. However, illiteracy, mismanagement and corruption are the biggest enemies of all the countries in the region. Instead of Sighting corruption and poverty, a major country is involved in all kind of misadventures to destabilize the political and economic environ-
ment of the SAARC region. How peace and stability can be ensured when the next door country is involved in conspiracies and terrorism in the internal affairs of others. That is the reason the countries are focusing more on the defense spending than economy. The countries in the region lack research institutions and have failed to introduce a single brand of their own in the international market. Pakistan still has focused its attention on the export of traditional commodities and could not made visible progress in the export of value added goods. As a result, the best quality food items and fruits are exported at throwaway prices in foreign markets and low quality yields are available within the country at exorbitant rates.
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Arkansas’ March revenues $50 million below forecast LITTLE ROCK: Arkansas’ revenues for March were down nearly $69 million from a year ago and more than $50 million below forecast, according to a report released Tuesday, a day after the state Legislature approved a nearly $5.5 billion budget for the fiscal year that begins July 1. State finance officials said a change in the due dates for corporate tax filings contributed to the drop in revenue. Net available general revenues in March totaled $345 million, which was down $68.7 million, or 16.6 percent, from a year ago and $50.2 million, or 12.7 percent, below forecast. The state Department of Finance and Administration said a change made to federal law and adopted in state law makes corporate returns and extension payments that previously were due in March now due in April, driving the March revenue numbers down. Corporate income tax collections last month totaled $27.6 million, which was down $38.4 million from March 2016 and $40 million below forecast.
kuwaiti businessmen interested in imports from Sialkot SIALKOT
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he leading businessmen of Kuwait showed keen interest in the Sialkot-made sports goods, surgical instruments, leather garments, musical instruments and other products during an exhibition held at Kuwait Chamber of Commerce and Industry (KCCI) in Kuwait. SCCI President Majid Raza Bhutta told the newsmen that Sialkot Chamber of Commerce and Industry (SCCI) is holding this two-day industrial exhibition of Sialkot-made products at Kuwait
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Chamber of Commerce and Industry (KCCI) in a bid to tap the untapped international trade markets of Kuwait. The exhibition will end on March, 2017, he added. SCCI president revealed that a 19-member delegation was in Kuwait on a five-day long visit. The Sialkot exporters, belonging to sports goods, surgical instruments and leather garments sectors, held important meetings with the Kuwaiti businessmen at Kuwait Chamber of Commerce and Industry (KCCI). They discussed in details the matters of mutual interest, he added. The businessmen of Sialkot-Pakistan and Kuwait have stressed the need for making allout sincere efforts for boosting the mutual trade ties between the two countries. They also stressed the need for developing and strengthening Business-to-Business (BtoB) contacts between Sialkot Chamber of Commerce and Industry (SCCI) and Kuwait Chamber of Commerce and Industry (KCCI) as well.
Friday April 7, 2017
Chambers
Businessmen asked to focus on R&D for setting up JVs in cpec projects I
ISLAMABAD
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ftikhar Ali Malik, Vice President, Saarc Chamber of Commerce and Industry visited Islamabad Chamber of Commerce and Industry and addressing the business community said that they focus on R&D for seeking joint ventures and investment opportunities in CPEC project. He said that CPEC was a game changer for Pakistan as it would create lot of business opportunities in transportation, energy, infrastructure development and other sectors. He stressed that local industry gear up and give more focus to R&D for competing effectively in the changing business dynamics in Pakistan. He said business community should explore the possibilities of opening export centers and warehouses in foreign countries for promoting Pakistan’s exports. He said that a convention of All Pakistan Small Traders would be convened soon to know about their major issues and develop new strategy for their redress. He said business community should also contribute towards CSR activities for
the better social development of the country. He emphasized that young entrepreneurs should be fully encouraged as they have to take the leading role in the economic development of Pakistan. Speaking at the occasion, Khalid Malik, Senior Vice President, Islamabad Chamber of Commerce and Industry lauded the services of Iftikhar Ali Malik for the whole business community of the country. He said that Saarc Chamber of Com-
merce and Industry should play more effective role in promoting regional trade as Saarc Region has great potential to promote intra-region trade and exports. He said Saarc Region was endowed with plenty of natural resources and huge pool of youth. He said better focus on strong regional connectivity among Saarc countries would create more business opportunities and help in uplifting the living standards of general public. He also.
wathra assures to look into possibility of reviving SBp-kccI Import export body
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KARACHI
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overnor State Bank of Pakistan (SBP) Ashraf Mahmood Wathra has assured that SBP will look into the possibility of reviving SBP-KCCI Import Export Committee as the Karachi Chamber, being the most important chamber of Pakistan, represents the largest city and plays a vital role in the economic activities of Pakistan. Speaking at a meeting during his visit to the Karachi Chamber of Commerce and Industry (KCCI), Ashraf Wathra paid tribute to KCCI for its proactive role in resolving issues being faced by the business and industrial community. “We will continue with hold frequent interac-
tions with Karachi Chamber from time to time and I will personally follow up the decisions taken in dealing with issues faced by business and industrial community”, he added. Chairman Businessmen Group & former President KCCI Siraj Kassam Teli, Vice Chairmen BMG Tahir Khaliq and Anjum Nisar, President KCCI Shamim Ahmed Firpo, Senior Vice President KCCI Asif Nisar, Vice President KCCI Muhammad Younus Soomro, Chairman Banking & Insurance Sub-Committee Atif Jamil-ur-Rehman, Former President KCCI AQ Khalil and others were present on the occasion. Ashraf Wathra said that SBP expects GDP growth of 5 percent next year but SBP was focused on achieving strong GDP growth of 7 percent, which will surely create jobs. He in-
formed that the Ministry of Finance and the Federal Board of Revenue have agreed to increase the banking transaction threshold from the existing Rs50,000 per day to Rs100,000 for charging withholding tax in the upcoming budget of 2017-18. Highlighting the growth in credit to private sector, Governor SBP said that credit to private sector has expanded to Rs348 billion this year as compared to Rs267 billion last year. He informed that the State Bank was focused on two key aspects in the development of SME sector which include provision of an enabling regulatory environment and market development. “7 percent of total credit to private sector represents SME Sinance which needs to be enhanced to 15 percent by 2020.
Tahir Ayub, Vice President, Islamabad Chamber of Commerce and Industry thanked Iftikhar Ali Malik, Vice President, Saarc Chamber of Commerce and Industry for visiting ICCI and assured that ICCI would fully cooperate in efforts aimed at promoting regional trade. Zubair Ahmed Malik former President FPCCI, Mian Akram Farid, Tariq Sadiq, Malik Sohail Hussain Chief Coordinator FPCCI and many others also spoke at the occasion.
UAe economy hits sweet spot he outlook for the UAE remains positive for 2017 as oil prices have regained some of the losses recorded in 2016, a leading real estate consultancy said. “This is expected to boost government revenue and increase spending, particularly on infrastructure and development projects. In light of this, preparations for the Expo 2020 will go ahead, with investments focused on the expansion of the metro, airport and roads network along with tourism facilities and real estate within Dubai,” Knight Frank said in an insight report on UAE industries and logistics. “Investments in these sectors are expected to support the overall growth of the economy. However given the UAE’s position as a regional hub, we remain cautious of external challenges which may hinder economic growth,” analysts said. –CB Report
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Saeed assumes charge as Addl Collector (Adjudication) in Faisalabad Friday April 7, 2017
National Dy collector Saadiya made commercial Secretary in Bahrain embassy ISLAMABAD
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ISLAMABAD: Muhammad Saeed Asad, a Pakistan Customs Service officer of BS-19, has assumed charge as Additional Collector, Collectorate of Customs (Adjudication), Faisalabad. Muhammad Saeed, pursuing the Board’s Notification No.0905-C-II/2017 dated 16.03.2017 gave up the charge of the post of Additional Collector, Model Customs Collectorate, Faisalabad with effect from March 22. Meanwhile, Ghulam Mustafa, a Pakistan Customs Service officer of BS-19, has taken charge of the post of Additional Collector, Model Customs Collectorate, Faisalabad.
Nasrullah assumes charge as Addl Director of IpR (enforcement) N
ISLAMABAD
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aadiya Noori, a Pakistan Customs Service officer of BS-18, has relinquished the charge of the post of Deputy Collector, Model Customs Collectorate, Islamabad. Saadiya, in pursuance of Ministry of Commerce letter No. 2(3)/2016-Admn-II dated 27.09.2016, relinquished the charge of the post of Deputy Collector, Model Customs Collectorate, Islamabad on March 2 to join her new assignment as Commercial Secretary (BS-18), Embassy of Pakistan, Bahrain. Meanwhile, Tasleem Akhtar, a Pakistan Customs Service officer of BS-19, has assumed charge of the post of Additional Director, Directorate of Transit Trade, Karachi. Tasleem, in pursuance of Board’s Notification No.0905-CII/2017 dated 16.03.2017, relinquished the charge of the post of Additional Director, Directorate General of Training & Research (Customs), Karachi on March 28.
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Asdaq Sensera assumes charge as multan Addl collector sdaq Afzal Sensera, a Pakistan Customs Service officer of BS-19, has assumed charge of the post of Additional Collector, Model Customs Collectorate, Multan. The officer, in pursuance of Board’s Notification No.0905-C-II/2017 dated 16.03.2017, gave up the charge of the post of Additional Collector, Model Customs Collectorate, Gilgit-Baltistan with effect from March 20. Meanwhile, Karam Elahi, a Pakistan Customs Service officer of BS-18, has assumed charge of the post of Additional Collector, Model Customs Collectorate, Gilgit-Baltistan. The officer, in pursuance of Board’s Notification No.0905-C-II/2017 dated 16.03.2017, relinquished the charge of the post of Additional Director, Directorate of I&I, Rawalpindi with effect from March 20.
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asrullah Khan Wazir, a Pakistan Customs Service ofSicer of BS19, has assumed charge of the post of Additional Director, Directorate General of IPR (Enforcement), Islamabad. The ofSicer, in pursuance of Board’s NotiSication No.0715-CI/2017 dated 03.03.2017, relinquished the charge of the post of Director (OPS), Directorate General of Intelligence & Investigation-FBR, Islamabad with effect from March 27. Meanwhile, Asma Aftab, a BS-20 ofSicer of Inland Revenue Service, has assumed the charge of the post of Commissioner-IR. The ofSicer, in pursuance of Board’s NotiSication No. 0674-IRI/2017, dated 01.03.2017, took the charge of the post of CommissionerIR, (Zone-1) at Regional Tax OfSice II.
Appraisement surpasses assigned target T
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NAeem SHeIkH
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he Customs Appraisement Branch has collected around Rs1030 million, at least 110 percent extra, during the month of March 2017 against the set target of Rs937.83million. According to a ofSicial data available with Customs Today, Rs290.21million was generated under the head of Customs Duty (CD) in March against the set target of Rs172.80million. Under the head of Sales Tax (ST), the Customs Appraisement received Rs726.35million against the set target of Rs740million. Moreover, about Rs12.41million was collected under the head of Income Tax (IT) in March against the set target of Rs25million. The Customs Appraisement collected Rs1.45million as Federal Excise Duty (FED) against the set target of Rs0.03million. Deputy Collector (DC) Import Usman Tariq said the Customs Faisalabad already sent notices to a number of tax defaulters in the recent months to increase tax collections.
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Shafique takes charge as Addl Director of Karachi Training & Research ISLAMABAD: Shafique Ahmad Latki, a Pakistan Customs Service officer of BS-19, has assumed charge as Additional Director, Directorate General of Training & Research (Customs), Karachi. Shafique, pursuing the Board’s Notification No.0905-C-II/2017 dated 16.03.2017, relinquished the charge of the post of Additional Collector, Collectorate of Customs (Adjudication-II), Karachi with effect from March 27. Meanwhile, Tausif Ahmad Qureshi, a Pakistan Customs Service officer of BS-20, has assumed charge of the post of Director, Directorate General of IPRE (North) Stationed at Lahore.
Dg Valuation revises customs value of wooden clothes hangers KARACHI
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he Directorate General of Customs Valuation revised the customs value of wooden clothes hangers through Valuation Ruling No 1100/2017 under Section 25A of the Customs Act, 1969. The Customs values of wooden clothes hangers were circulated vide VDB letter No.137 dated 30.12.2016. It was deemed expedient to issue a Valuation Ruling hence an exercise was conducted to determine Customs values of wooden clothes hangers in line with current price trends in the international market. Meetings with stakeholders were scheduled on 02-03-
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2017 & 14-03-2017. All participants were requested 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 and copies of Sales Tax Invoices issued during last three months showing the difference in price (excluding duty and taxes) to substantiate that the benefit of difference in price is passed on to the local buyers. No one, however, appeared for the scheduled meeting nor any documents were received from any stakeholders which shows that the importers are disinterested in proceedings and values are considerably higher than their declarations and by keeping themselves absent, they may have created an alibi for being unheard. Valuation methods given in section 25 of the Customs Act 1969 were followed.
Friday April 7, 2017
National
IHc issues notices to AtIR, FBR on petition filed by m/s mobizone Limited
ISLAMABAD
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he customs staff of the Benazir Bhutto International Airport Islamabad (BBIAI) confiscated contraband goods worth Rs.377.72million during eight and a half months (July to 15th of March) of Financial Year FY201617. The BBIAI customs staff seized different kinds of foreign currency of Rs15.07million whereas the airport staff confiscated Rs7.00million foreign currencies during the corresponding FY2015-16 during the same period. The BBIAI staff seized 21.32 kilogram of heroin worth Rs220.50million during eight and a half months of current financial year whereas it seized 3.88 kilogram of heroin during same period of corresponding year. The customs staff at BBIAI seized 2476 mobile phones worth Rs36.09million during above said period and it seized 2997 mobiles worth Rs63.20million during corresponding Financial Year 2015-16. During the eight and a half months, the BBIAI customs staff impounded 1161.41 grams of gold valued Rs4.86million whereas it seized 8.872 kilogram of silver jewelry worth Rs1.2million during current financial year.
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slamabad High Court issued notices to Appellate Tribunal Inland Revenue and Federal Board of Revenue in a tax matter Siled by M/s Mobizone Pakistan Private Limited. The bench, comprising Justice Athar Minallah and Justice Mohsin Kiyaani heard the complaint carrying a reference about federal excise duty. M/s Mobizone Pakistan Private Limited had Siled the reference in which the company had challenged a show cause notice issued by the Large Taxpayers Unit, Islamabad. The appellant had challenged the act of recovery of said 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 decision regarding issuance of show cause notice and demand of recovery of outstanding tax amount in head of federal excise duty. M/s Mobizone Pakistan Private Limited had prayed the courtthat FBR ofSice had issued a recovery notice to the company which did not hold lawful grounds.
BBIAI customs seizes contraband goods valued Rs377.72m in 9 months
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. M/s Mobizone Pakistan Private Limited submitted before the court that the impugned order was issued under malafide intentions and had no legal standing or authority and the court may decide on relief which it
deemed appropriate in this regard. It also stated that due legal course was not followed by the department in issuing the order. M/S Mobizone Pakistan Private Limited had also mentioned that departmental obligations were not met amid processing the notice of recovery demand while later the adjudication did not address grievances of the appellant.
ASo’s car cell impounds mark-X valued Rs3.2 million
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he Car Cell of the Anti-Smuggling Organization (ASO) Islamabad has impounded a Non-Duty Paid (NDP) Mark-X worth Rs3.2million involving customs duty and taxes of Rs1.3million under the Customs Act-1969. The Collector Model Customs Collectorate Islamabad received a tip-off regarding a non-duty-paid vehicle. He formed a team comprising Superintendent Chaudhary Muhammad Safdar, Inspector Muhammad Asif and Sepoy Bilal Yaqoob.
The team noticed a vehicle with a fake registration No: AJK-0067 (Azad Jammu Kashmir) parked near IJP Road Islamabad and no one
came forward to claim the ownership. The vehicle was found unlocked and personally examined in the presence of the staff who found
there nothing. The ASO team impounded the vehicle under Section 168 of the Customs Act-1969. Superintendent ASO Chaudhry Muhammad Safdar forwarded the case to the Customs Adjudication. The Collector MCC Islamabad has appreciated the performance of the car cell of the ASO which aborted various smuggling bids in the region. The ASO car cell impounded 66 NDP vehicles valued Rs115.375million during eight months (July to February) 2016-17 whereas the car cell Islamabad impounded 06 NDP vehicles worth Rs13.014million during the same period of corresponding period of FY2015-16.
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Turkey’s Economic Confidence Index rises Friday April 7, 2017
World
ANKARA: The confidence in Turkey’s economy has increased in March, according to the Turkish Statistical Institute Thursday. The Economic Confidence Index advanced by 5 percent to 96.9 points in the month from 91.5 points in February, TurkStat said in a report. “This increase in economic confidence index stemmed from the increase in construction, services, consumer and real sector confidence indices,” it said. Data showed that all sub-indexes except retail trade contributed positively to the healthy improvement in main reading with advances up to 12.3 percent. Construction confidence index was the best performer in the month, surging to 85.8 points, up by 12.2 percent. Services was second best sector with a 4.4 percent advance to 96.9 points.
Unpaid, Laing quits troubled $34bn Australian LNg project
Iran oil exports near record 3 million bpd TEHRAN
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K based contractor Laing O’Rourke has become the second major contractor this year to quit a project to build a gargantuan liquid natural gas (LNG) processing facility in Darwin, Australia. Saying it had not been paid in months, the company announced last week that it had demobilised approximately 800 of its people from the US$34bn Ichthys scheme, being developed by a consortium led by Japanese oil and gas company Inpex. Laing O’Rourke has been constructing four cryogenic storage tanks on the project for Inpex’s lead contractor JKC Australia LNG under a contract signed in 2012. Work began on site mid-2013 and is in its Sinal stages. The issue, however, is with with Kawasaki Heavy Industries (KHI) of Japan, which is leading
canada-Britain hold ‘informal’ trade talks ahead of Brexit anada and Britain are holding informal FREE TRADE talks, even though Britain is barred from direct negotiations before it formalizes its Brexit divorce from the European Union. International Trade Minister Francois-Philippe Champagne said Thursday Canada isn’t breaking any EU rules by doing that. His comment comes one day after the president of the European Parliament warned Britain against any unilateral action, including trade talks, before it formalizes its departure, after serving written notice this week to negotiate its departure from the 28-country bloc. Champagne said he’s met three times with his British counterpart, Liam Fox, while their officials are also talking because continuing a trading relationship is in the best interest of both countries. –CB Report
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this works package. KHI, Laing O’Rourke said, “has not paid Laing O’Rourke for its work on this complex and resource-intensive remote engineering project for several months”. Direct approaches to KHI in Japan over recent weeks have “failed to produce a satisfactory outcome”, the contractor said. “After the
most recent meeting in Tokyo last Thursday, Laing O’Rourke notiSied the parties that it would take action to protect itself from the consequences of KHI’s conduct, unless urgent measures to rectify the situation occurred,” the contractor said, adding: “KHI has declined to take those necessary steps.”
Russian agriculture exports to china to total 52 million tons by 2028
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ussia’s agricultural exports to China within a long-term contract will total 1.5 million metric tonnes next year and 52 million tonnes by 2028, Agriculture Minister Alexander Tkachev said Wednesday. The contract was signed between the Russian-Chinese “Export Food Trade” company and China’s Sino-Europe Agricultural Development Sirm. The deliveries are expected to be carried as part of a “new land grain corridor,” with the Sirst freight train expected to
arrive in China in late April. The contract covers grain and oil crops, soybeans, barley, rapeseeds, Slax seeds and sunSlower oil, he added. Meanwhile, Russian diamond miner Alrosa ALRS.MM is not interested in buying Canada’s Dominion Diamond Corp DDC.TO DDC.N, Alrosa’s Chief Executive Sergey Ivanov said on Tuesday. Dominion Diamond Corp, the target of an unsolicited $1.1 billion bid by U.S. billionaire Dennis Washington. –CB Report
otal exports of crude oil and gas condensate by Iran neared a record 3 million barrels per day (bpd) in the Persian month of Esfand which ended on March, Minister of Petroleum Bijan Zangeneh says. Iran has been ramping up crude oil production to win back its market share since sanctions were lifted on the country in January 2015 under a nuclear accord with world countries. “The pace of growth in Iran’s crude oil production and exports has amazed international observers who did not think Iran could raise its production by 1 million barrels per day within three to four months after the cancellation of sanctions,” Zangehen said. Iran’s oil exports stood around 1 million bpd during the years when the West intensiSied sanctions on
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the Islamic Republic in 2011 over its nuclear program. Total exports of crude oil and condensate averaged 2.8 million bpd in the months up to the new Iranian year which started on March 21, Zangeneh said. “We have managed to establish this rate as a right of the Islamic Republic of Iran in the Organization of Petroleum Exporting Countries (OPEC) and bring Iran’s (market) share to Sigures before the sanctions,” Zangeneh said. Meanwhile, Iranian sovereign fund IFIC is targeting investments in the healthcare and high-tech sectors in the hope of improving the lives of Iranians, Vahid Sharif, an investment manager at the fund, said on Thursday. The Iran Foreign Investment Company, set up in 1997 as a holding company to manage the state’s assets and investments overseas, has around $5 billion under management, Sharif said. Revenues come from company dividends, and its mandate is to reinvest these in new opportunities abroad.
google reveals £36m in Uk taxes oogle paid £36m in UK taxes for last year after it agreed a controversial deal with HMRC that saw it register more of its sales in the UK. The American internet giant, which has faced years of criticism over how much it pays to the Exchequer, revealed the payment in accounts published on Friday afternoon. It said it paid “all the taxes due in the UK”. Account for Google UK Limited revealed profits of £148.8m in the year to June 30, 2016, with revenues reaching £1bn. At the 20pc corporation tax rate, this generated a bill of £29.8m, while de-
ferred taxes from previous years and other adjustments brought the total bill up to £36.4m. “As an international business, we pay the majority of our taxes in our home country, as well as all the taxes due in the UK,” a Google spokesman said. “We have recently announced significant new investment in the UK, including new offices in Kings Cross for 7,000 staff.” Buried in the accounts is a “corporation tax receivable”, a £31.4m payment from HMRC which acts as a refund, for instance if the firm has over-paid on pre-paid, estimated corporation tax bills. –CB Report
Saudi Aramco formally appoints banks to advise on Ipo
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audi Aramco has formally appointed JPMorgan Chase & Co, Morgan Stanley and HSBC as international Sinancial advisers for its initial public offering, sources familiar with the matter told Reuters. The trio join Moelis & Co and Evercore,
which have been appointed independent Sinancial advisers, one source said of what is expected to be the world’s biggest share sale. The Saudi authorities aim to sell up to 5 per cent of Aramco, listing the shares in Riyadh and at least one foreign exchange to raise cash for investment in new industries in a bid to diversify away from oil exports in an era of cheap crude. Aramco has
appointed Saudi Arabia’s NCB Capital and Samba Capital as local advisers, the sources said. Reuters previously reported that JPMorgan, Morgan Stanley, Moelis and Evercore had been asked to work on the global listing, while HSBC was a leading contender to join them. Samba Capital was earlier named as one of two local advisers. One source said all the banks had now been “on-
boarded”, a term indicating they had been fully briefed on the IPO process, and had been tasked with work that includes helping ensure systems on the Saudi stock exchange, the Tadawul, can be integrated with a foreign exchange. Saudi Aramco has yet to pick a foreign site to list. When asked for comment, Saudi Aramco said it did not respond to rumour or speculation.
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UAE banking major raises $587m in green bond debut DUBAI: National Bank of Abu Dhabi has issued the Gulf region’s first green bond, raising $587 million for projects to fight climate change, the London Stock Exchange (LSE) said on Thursday. Proceeds from so-called green bonds help to finance projects in renewable energy, energy-efficiency, green transport and waste water treatment. “London Stock Exchange today welcomes the listing of the first ever green bond from the Gulf region, issued by National Bank of Abu Dhabi,” the exchange said in a statement. “(The bank) is spearheading the potential to unlock and promote green finance across the Middle East region,” Darko Hajdukovic, head of fixed income of funds and analytics at London Stock Exchange, said.
canada’s tD Bank launches review of sales practices oronto-Dominion Bank is reviewing its sales practices following reports that staffers were pressured to meet targets, Chief Executive Officer Bharat Masrani said on Thursday at the bank’s annual meeting. Canada’s financial watchdog is investigating sales practices at the country’s banks and expects to conclude its investigation by the end of the year. TD branch staffers have said they moved customers to higher fee accounts and raised their overdraft and credit card limits without their knowledge, CBC News, Canada’s public broadcaster, reported on March 10. Masrani told around 400 shareholders that the bank has hired a professional services firm, which was not named, to assist with the review. He expects it to be concluded in less six months. He maintained that he did not believe the bank had a widespread problem with its sales practices. –CB Report
World Customs
2 Quebec men accused of smuggling cocaine
ontainer shipping company, Maersk, is reportedly looking to expand into on-land logistics operations in Australia, while also adding other services to its port calls as it battles low freight rates and financial losses. “We’ve got a vision to be the global integrator of container logistics,”Gerard Morrison, Maersk Managing Director Oceania, recently told The Australian Financial Review (AFR). “Shipping and logistics can be quite fragmented – multiple parties, multiple documents, multiple invoices – but we’re hoping to find ways to simplify that. “At the moment, shipping is ‘shipping from port to port’and the thought is, how can we help our customers deal with other parts of the supply chain?”According to Morrison, in order to offer services such as container storage, customs clearance and trucking to the logistics sector in Australia. –CB Report
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Sri Lankan rupee ends weaker on dollar demand from state bank he Sri Lankan rupee ended weaker on Tuesday due to dollar demand from a state bank to cover import bills. Rupee forwards were active, with two-week forwards ending at 152.70/80 per dollar, compared with Monday’s close of 152.65/75. “There was some selling (of dollars) by a foreign bank, but a state bank bought. They have some large import bills to cover and therefore they bought dollars from the market,” said a currency dealer, asking not to be named. The rupee is under pressure due to the higher seasonal import demand some oil bills, dealers said. The central bank on Monday raised the spot rupee reference rate by 10 cents to 151.70 after the bank raised the it by 25 cents on March 20. On Friday, the central bank raised interest rates for the first time in eight months, saying tighter policy was a precaution against a build-up of inflationary pressures. Analysts said the rate hike, a move aimed at easing pressure on the rupee, could help stabilise the domestic currency that is hurt by rising imports and outflows due to rupee bond sales by foreign investors. Foreign investors net bought government securities worth 70 million rupees ($461,285) in the week ended March 22. They have net sold 63.2 billion rupees of such instruments so far this year. –CB Report
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maersk Australia hints at on-land expansion
Friday April 7, 2017
COLUMBUS
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wo Canadian men are facing drug charges in the U.S. after border protection agents allege they found a large amount of cocaine on a private plane headed to Windsor. The U.S. Customs and Border Protection Agency alerted police in Athens County, Ohio on Wednesday when they noticed that a Canada-bound twin-engine plane diverted from its Slight path and made an unauthorized stop in the
United States due to a mechanical emergency. A release from the agency says a police dog found nearly 136 kilograms of a substance custom ofSicers say tested positive for cocaine. The agency says two suspects have been charged, Sylvain Desjardins, 57, and David Ayotte, 46, both from Quebec. They appeared in court in Columbus on charges of possession with the intent to distribute more than Sive kilograms of cocaine. It’s not known when they’ll next appear on the allegations, which haven’t been tested in the American courts. American police forces are working with the Windsor police, the Ontario Provincial Po-
lice, and the RCMP in the ongoing investigation. Meanwhile, Federal border protection ofSicials say they seized scores of shipments of synthetic drugs this month at an express consignment facility at the Cincinnati/Northern Kentucky International Airport. Agents with the Cincinnati ofSice of the U.S. Customs and Border Protection agency said Wednesday that they seized 83 shipments of drugs, including more than 36 pounds of a deadly fentanyl derivative, from March through March. The agency’s statement says the drugs were seized at a DHL express consignment facility at the airport in Hebron, Kentucky.
Hong kong customs seizes counterfeit shampoo
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HONG KONG
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ong Kong Customs has seized more than 3,200 bottles of suspected counterfeit shampoo with an estimated market value of about HK$138,000. The seizures stemmed from an operation carried out between March 17 and 21 that came from a tip-off that the fakes were being sold in the marketplace. The bottles of suspected counterfeit shampoo were seized from three
pharmacies located in Yuen Long and Tuen Mun as well as two storages located in Yuen Long and To Kwa Wan. Seven men and one woman, including Sive shop owners and three salespersons aged between 21 and 46, were arrested. Investigation is ongoing and the arrested persons have been released on bail pending further investigation, said HK Customs. Under the Trade Descriptions Ordinance, any person who sells or possesses for sale any goods with forged trademarks commits an offence. The
maximum penalty upon conviction is a Sine of HK$500,000 and imprisonment for Sive years. Customs appeals to consumers to procure products at reputable shops and to check with the trademark owners or their authorised agencies if authenticity of the product is in doubt. Traders should be cautious and prudent in merchandising since the sale of counterfeit goods is a serious crime and liable to criminal sanctions. Meanwhile, A stunning 59.6 carat diamond known as the “Pink Star” sold for $71.2 million at a Sotheby’s
auction Tuesday in Hong Kong, setting a new world record for any diamond or jewel, according to the auction house. The oval mixed-cut diamond smashed the $60 million pre-sale estimate set by Sotheby’s when it went on the block. The sale comes three years after the gem was sold at an even higher price at another Sotheby’s auction in Geneva. That deal later fell apart after the buyer defaulted. The gem is the largest Slawless fancy vivid pink diamond ever graded by the Gemological Institute of America.
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Customs seizes smuggled pigeons, cocks at Lahore airport Friday April 7, 2017
Lahore
LAHORE: The Custom authorities, with the help of Director General Wildlife & Parks Punjab officials, have recovered 20 pigeons and four cocks illegally brought from Jeddah to Lahore at Allama Iqbal International Airport on. According to a Customs officer, one Mujahid Abbas was bringing 20 pigeons illegally from Jeddah by PIA airline flight Pk-760 when he was arrested. The raiding team, with the assistance of Custom authorities, took action and took the birds in custody under Wildlife Act.
customs tribunal accepts appeal of ASo in black tea case
customs ASo foils bid to smuggle 190 cartons of NDp cigarettes
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he Customs Appellate Tribunal has accepted an appeal filed by the Deputy Collector, Customs Anti-Smuggling Organization (ASO), Model Customs Collectorate Faisalabad, against respondents Muhammad Atif Zaman, Uni Trade Impex, Ijaz Hussain and Additional Collector Customs (Adjudication) Dry Port Trust Faisalabad. On the conclusion, Imran Tariq, Member Technical, declared that appellants’ contention that the tea was imported in paper sacks and recovered in polythene bags does not hold ground as the consignment of this tea was imported in paper sacks as per commercial invoice and it is possible
pIA airhostess’ gold smuggling hearing adjourned he Special Court of Customs Taxation and Anti-Smuggling has adjourned the hearing of a case of Pakistan International Airlines’ airhostess who is allegedly involved in smuggling of gold to New York. Airhostess, Nuzhat Bukhari, was arrested by the Anti-Narcotics Force (ANF) and then was handed over to the customs for prosecution. The customs prosecution team presented her before the court for remand where she accepted her crime. After that the court sent her to jail for judicial trial. Earlier, the ANF claimed to have arrested a senior Pakistan International Airlines (PIA) airhostess from Lahore’s Allama Iqbal International Airport in connection with an attempt to smuggle two kilogram of gold to New York. The suspect reportedly confessed to trying to smuggl gold from Lahore to New York via PIA flight PK-721. –CB Report
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for the paper bags to torn and transported in PP bags. This aspect of packing material in this case is not crucial which the respondent could not prove and converted. According to a precise fact of the case, in pursuance of an information, additional collector, cusotms, MCC Faisalabad, said that a quantity of smuggled Indian black tea is being transported from Karachi to Faisalabad. The raiding party, consisting of the staff of customs’ Anti-Smuggling Orginization (ASO), intercepted a truck loaded with container containing Indian tea of 380 bags weighed 27350 kilograms. On demand, the driver produced only bilty and failed to produce any legal document showing lawful import of tea. The smuggled goods loaded in vehicle were seized under the Section 168 and 157 of Customs Act-1969. After the seizure, adjudicating authority passed the orderin-original that goods with vehicle released conditionally.
LAHORE
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n the directions of Chief Collector Central Region Madam Zeba Hai Azhar to curb the menace of smuggling in Lahore and upon receipt of a secret information by the Collector Preventive ZulSikar Ali Chaudhary, that an attempt is being made to smuggle a huge quantity of foreign origin cigarettes into Lahore via Railway cargo, the Additional Collector Muhammad Nayyer ShaSiq, constituted a team under the supervision of Assistant Collector Anti-Smuggling Organization, Muhammad Asim Awan to thwart the attempt of smuggling. Consequently a raiding party led by Superintendent ASO Nasir Minhas including Inspectors Mansab Shah, Mughal e Azam, Sajjad Bokhari and Sepoys Arshad Rajpoot,
M Boota, Nisar, Khan, Najeeb, Noor Zaman, Bashir ud Din and others was constituted. Accordingly, the team arrived at the Railway cargo godown, near Railway Station at 7:00 am on 25.3.17 and began search of cargo vans arrived from Karachi. Detailed search led to a recovery of foreign origin (Italy and England ) smuggled cigarettes 190 cartons i.e 1.9
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million sticks ( 1900,000). The goods were accordingly seized under the provisions of Customs Act 1969. Investigation is underway as to who booked the goods from Karachi and who was the recipient in Lahore as no documents could be retrieved from cargo manager’s record. The value of the seized cigarettes is approximately about Rs10 million.
customs Intelligence and Investigation customs court hears 18 cases he Special Court of Customs abad were scheduled for hearings on impounds Rs12m Bmw, Honda Accord Taxation and Anti-Smuggling Saturday in which cases of narcotics,
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irectorate of Customs Intelligence and Investigation initiated crackdown against the non –customs paid vehicles being plyed on the city roads. The ofSicial sources told Customs Today that on the directions of newly posted Director ZulSiqar Younas the Customs Intelligence and Investigation team has launched ruthless crackdown against the smugglers of non-customs paid vehicles. As per details the anti-car cell special scouts formed by the director has im-
pounded two non-customs paid vehicles worth Rs20 million. The team seized Honda Accord worth Rs 2 million from nearby Allama Iqbal International Airport while the second luxury vehicle BMW was impounded near Doctors Hospital which is said to be the value of Rs10 million. It was reported that the Honda Accord was being used by Luxury Inn and was being used under fake number plate 3417. The team was comprising Superintendent Waqar Ahmad Chema, Sohail Murtza and others. –CB Report
heard 18 tax cases which were scheduled for hearing. The special court adjourned many cases including hearing of bail pleas of three suspects. The court postponed pre-arrest bail pleas of Abid Hussain and Asghar Ali in tax evasion cases. Both accused were wanted in tax evasion cases. The court also proceeded on the statements of witnesses on three different cases on the day and adjourned narcotics case which was Siled by Iqbal Baig. The cases of Lahore, Gujranwala, Multan and Faisal-
customs, tax evasion and smuggling were included. The customs court also adjourned the cases of recording of statements in two cases of tax evasion and smuggling. Meanwhile, The Special Court of Customs Taxation and Anti-Smuggling heard 17 important cases and adjourned most of the cases until next hearing. About 17 cases of different types, including pre-arrest bail pleas Siled by accused, were scheduled for the day. The court adjourned bail pleas of Azhar Mehmood, Shafqat Ali and Shahbaz until next hearing. –M Imran Mehar
customs Appellate tribunal rejects appeal of Beco Iron
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LAHORE
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he Customs Appellate Tribunal has dismissed an appeal with no order Siled by the M/s Beco Iron and Steel Re-Rolling Private Limited against the collector of customs (Adjudication) Multan and deputy director Intelligence and In-
vestigation-FBR, range ofSice Multan. After a detailed hearing of the case, Omer Arshed Hakeem, Member Judicial bench-II, said in the remarks that appellant deliberately committed an act of misdeclaration culpable under Section 32 of Customs Act1969 effectuating illegal release of impugned goods which were liable to outright conSiscation under Section 181 of the Customs Act-1969. The
staff of customs intelligence and investigation-FBR range ofSice Multan intercepted a truck loaded with (1×20) feet container. On demand, driver produced the GD showing the import of iron and steel compressing scrap by M/s Beco Steel Re-Rolling Mills Limited. On the examination by customs authorities, the compressors are not importable under the import policy order, the appellant
made an attempt fraudulently for clearing of goods and deprived the government exchequer of about six million. According to the show cause notice issued to the appellant adjudicating proceedings culminated into passing of order in original that the portability of goods is not according to the law, so the vehicle as well as goods are conSiscated under Section 157(2) of the Customs Act-1969.
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PNP to impose stricter rules in ports WASHINGTON: The Philippine National Police (PNP) is eyeing stricter measures in various ports in Metro Manila and other provinces that have direct access to the metropolis. This, as the police earlier announced that an ISIS-inspired terror group based in Central Mindanao has already established presence in Metro Manila following the arrest of one of its members allegedly tasked to carry out bomb attacks in Metro Manila. “We will take precautionary measures to ensure the security of the public not just only in Metro Manila but also in other places,” said Senior Supt. Dionardo Carlos, PNP spokesman. Carlos made the statement in reference to the foiled US Embassy bomb attack last year wherein the improvised explosive device was brought from Mindanao to Metro Manila.
port of Rotterdam signs moU related to the Brazilian port of pecém ort of Rotterdam signs a ‘memorandum of understanding’ (MoU) with the State Government of Ceará with the purpose to jointly study a potential cooperation. This may lead to the joint venture Industrial Port Complex of Pecém. The MoU is consistent with the Port of Rotterdam Authority’s foreign policy which is focused on creating opportunities in ports abroad that have perspective for growth. Port of Rotterdam has a successful joint venture with the Sultanate of Oman for the management and development of SOHAR Port & Freezone. Additionally PoR has two Joint Ventures for the development of Porto Central, Brazil and Kuala Tanjung, Indonesia. Further, it is active in multiple ports as an advisor. The Industrial Port Com-
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plex of Pecém is close to Fortaleza. It is a brownfield port with a throughput of 11 million tons in 2016, mainly coal, iron ore, containers and LNG. In addition to the Port of Pecém, Port of Rotterdam is developing another Brazilian port: Porto Central, near Vitória in the State of Espírito Santo. Currently the project focuses on obtaining all necessary licenses as well as client contracts. The two current PoR projects are independent and complimentary, as they serve distinct hinterlands (2.500 km apart) and will handle different commodities. Meanwhile, The American Association of Port Authorities is calling on the Trump administration and members of Congress to advance a funding package that would address improvements to freight infrastructure. –CB Report
Ports & Shipping
NpA gives assurances on intermodal transport at ports ABUJA
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he Nigerian Ports Authority (NPA) has given assurance of laying the desired foundation needed to entrench intermodal transportation system, in a determined bid to effectively boost productivity. Managing Director, Ms Hadiza Bala Usman, gave this indication while welcoming to her Lagos, Marina OfSice, a team from the Oxford Business Group, United Kingdom, who paid her a courtesy call. She highlighted that the maritime world was seriously embracing intermodal dictates and the Authority would not be left behind. “Management would ensure the Authority key into that (intermodal)”, Hadiza stated, assuring the delegation of her management’s commitment to assiduously work towards ensuring that the Nation’s Ports Master Plan was effectively midwifed and used, so as to see Nigeria become a reference point in
all matters that concern enhanced operational efSiciency. She maintained that the NPA would prioritize the utilization of a functional Railway networks for the efSicient distribution of cargo across the nation’s Seaports in line with global best practices. Speaking on her vision for trans-shipment, Hadiza stated that the NPA’s synergy with the private sector, geared towards the actualization of Deep Seaports across the nation would help reposition the country for greater economic rela-
tionship, and noted that the competitive tariff regime being currently put in place by Government would “place us on a better platform in the sub-region”. She assured that ongoing efforts would soon tame the menace of trafSic gridlock hampering efSicient service delivery at the Ports, stressing that is already a robust approach underway amongst stakeholders, with promising positive results, which would in no time, drastically minimize time hitherto spent on the affected access roads.
Friday April 7, 2017
three ships take berth at port Qasim hree ships, C.V Maersk Detroit, CCMA CGM Amazon and Argent Cosmos carrying containers and palm oil were arranged berthing at Qasim International Container Terminal and Liquid Cargo Terminal respectively on Tuesday. Meanwhile two more ships Container vessel Maersk Savannah and Gas carrier Gaschem Adriatic with 9,545 tonnes LPG also arrived at outer anchorage of Port Qasim (PQ) during last 24 hours. Berth occupancy was observed at the Port at 47% on Tuesday where a total of seven ships namely, C.V Maersk Detroit, CCMA CGM Amazon, Al-Safat, Fu Ming, Pacific Award, Argent Cosmos and Karachi were occupied PQA berth to load-offload Containers, Coal, Palm oil and Furnace oil respectively during last 24 hours. Cargo handling operation were carried out efficiently at the Port on Tuesday where a cargo volume of 143,601 tonnes, comprising 128,667 tonnes import cargo and 14,934 tonnes exports cargo inclusive of containerized cargo carried in 3,620 Containers (TUEs) 2,834 imports TUEs and 786 TUEs exports) was handled during last 24 hours. –CB Report
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port Houston cargo volume off to solid start C
KOLKATA
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argo moving through Port Houston facilities is off to a solid start,” Executive Director Roger Guenther announced today during the March meeting of the Port Commission of the Port of Houston Authority. Terminals owned and operated by Port Houston handled a cumulative total of 5.7 million tons of cargo, reSlecting a three percent increase compared to the same time last year. Year-todate, Port Houston has handled 385,801 TEUs (the “twenty-foot equivalent” measurement of container cargo). This Sigure represents an increase of 17 percent in total TEUs through the Sirst two months of 2017. To put that increase into perspective, “57,000 more TEUs have been handled than at this same time last year.”
Guenther shared that he found it “extremely encouraging” that during this period, loaded container volume had increased by 21 percent and “remains very balanced” between import and export trades, “at nearly ‘Sifty-Sifty’…a very good position.” Guenther added that steel volumes continue to lag from recordbreaking highs in 2015 and are down 4 percent for the year. While it is “early into the year,” Guenther reiterated that 2017 is off to an “extremely positive start.” Actions taken by the Port Commission during its meeting today continued to demonstrate strategic preparation for Port Houston’s growth. The commission approved professional services contracts to Brown and Gay Engineers, Inc. for the design of the Wharf 3 rehabilitation at Barbours Cut Terminal, and to RPS Klotz Associates for the design of Container Yard 7 at Bayport Container Terminal.
During the meeting, the Port Commission acknowledged Port Houston’s receipt of a CertiSicate of Distinction from the Government Treasurers Organization of Texas (GTOT) for its investment policy. This award is given for those policies that meet established criteria relating to ethics disclosures, conSlicts of interests, and investment training that fully comply with the Texas Public Funds Investment Act. The GTOT recognized Port Houston for its commitment to maintaining a comprehensive written investment policy. The Port Commission also recognized Port Houston for its recertiSication under the ISO 28000:2007 standard for supply chain security. In 2008, Port Houston was the Sirst port authority in the world to be certiSied to the standard, and remains the only port authority in the United States to achieve this stringent international
security certiSication. Finally, the commission learned that Port Houston’s Sirst emergency manager, Colin Rizzo, received the Lou Harrell Emergency Manager of the Year Award. The Port Commission is scheduled to next meet on April 25. Meanwhile, The Sirst freighters of the 2017 commercial shipping season are scheduled to leave the Twin Ports today. Times are subject to change but as of Tuesday the Roger Blough was set to be the Sirst to depart, at Sirst light today, bound for Two Harbors to load iron ore pellets, the Duluth Seaway Port Authority reported. All times are estimates, and are subject to change. All ships are scheduled to leave via the Duluth entry except for the Burns Harbor, which is set to leave via the Superior entry. The Soo Locks open for the season at 12:01 a.m. Saturday. The Sirst ships to arrive in the Twin Ports from Sault Ste.
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Rs628,164 tax recovered in road checking campaign KARACHI: As many as Rs 628,164 were recovered collectively by the Sindh Excise and Taxation Department during the ongoing road checking campaign to nab tax defaulting vehicles across Sindh. During last two days of the campaign as many 3139 vehicles were checked. 1583 vehicles in Karachi, 593 in Hyderabad, 227 in Sukkur, 234 in Larkana, 285 in Mirpurkhas and 217 in Shaheed Benazirabad were checked, said a statement on Wednesday. A total Rs127,254 tax collected in Hyderabad, Rs94,701 in Sukkur, Rs. 59,876 in Larkana, Rs107,589 in Mirpurkhas and Rs117,044 in Shaheed Benazirabad were collected in term of motor vehicle tax.
Friday, April 7, 2017
CUSTOMS BULLETIN
Dry port generates Rs123m cD against target of Rs275m during 1st to 15th of march ISLAMABAD tARIQ DeRYA
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he Islamabad Dry Port collected Rs122.614million Customs Duty (CD) during 1st to 15th of March FY2016-17. The dry port was assigned revenue target for March FY16-17 with an amount of Rs275.00million. During same period of corresponding year 15-16, the dry port collected Rs193.958million. According to Amanat Khan, Assistant Collector Dry Port Islamabad, during initial 15 days of March FY2016-17, the performance has been satisfactory as holidays of China has ended and consignments are reaching their destinations. During July to 15th of March FY2016-17, the dry port generated Rs2274.134million Customs Duty whereas the dry port was assigned revenue collection target of Rs2190.00million for above said period. Amanat said the dry port was assigned revenue target of CD for third quarter (January to MarchFY16-17) amounting to Rs775million while the dry port collected Rs734.892million during second and a half months (January to 15th of March). The dry port col-
lected Rs326.441million CD during January FY2016-17 against the assigned target of Rs270.00million.
The dry port collected Rs268.666million during same period of corresponding year 2015-16.
During February FY2016-17, the dry port received Rs285.837million CD against the assigned target of
Rs230million whereas the dry port collected Rs274.561million during corresponding year of same period.
SHc issues notices to tax authorities over charging of St on services KARACHI
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he Sindh High Court (SHC) has issued notices to the attorney general and the advocate generals of all provinces, including Islamabad, high ofSicials of the Federal Board of Revenue, Sindh Revenue Board and others, directing them to assist the court in respect of a controversy relating to charging of sales tax on services
in more than one provinces, particularly after the 18th amendment in the constitution. A two-member beach, comprising Justice Aqeel Ahmed Abbasi and Justice Muhammad Arshad Khan, ordered this while hearing a constitutional petition Siled by Shell Pakistan Limited. During the course of hearing and arguments from the learned counsels, it was transpired that the controversy agitated through instant petition relates to charging of sales tax on services in respect of the amount of royalty and franchiser and the amounts received
by the petitioner from the retailers from all over the country. However, the dispute has arisen in pursuance of a impugned show cause notice issued by the Sindh Revenue Board requiring the petitioner to make payment of sales tax on services in respect of entire amount received by the petitioner. Counsel for the petitioner argued that amount of sales tax on services in respect of transactions beyond the territorial jurisdiction of Sindh, as well as by FBR, cannot be demanded by SRB, he further submitted that the order to resolve such controversy, notices may be
issued to the attorney general of Pakistan, advocate generals of all provinces, including Islamabad, who may assist this court in respect of a controversy relating to chargeability of sales tax on services being provided in more than one provinces, particularly after 18th amendment in the constitution. Meanwhile, M/s Bonds Travel Bureau approached the Sindh High Court (SHC), seeking direction for early disposal of its appeal pending before commissioner Inland Revenue Appeals-III over impugned recovery notice of Rs 50,446,731 for tax year 2012 issued by additional
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commissioner Inland Revenue Audit Range-A Zone-III. In its constitutional petition, counsel for the petitioner stated that petitioner is engaged in the business of travel agency and paying all liabilities regularly. However, additional commissioner Inland Revenue Audit Range-A Zone-III issued notice to the petitioner for recovery of Rs 50,446,731 for tax year 2012 without mentioning reasonable grounds. Being aggrieved, it approached the commissioner Inland Revenue Appeals-III and Siled an appeal along with stay application, which is pending before it.