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Karachi, Fri August 25, 2017
PESHAWAR
IRFAN BAHADUR
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he Model Customs Collectorate Peshawar has earned Rs70.9946million through auction of conQiscated goods during 23 days of August FY 2017-18. The Customs ofQicial at the Customs House Peshawar on Wednesday told Customs Today about the details of the revenue generated in August by different Cus-
toms stations, auction cells and ware houses of the MCC Peshawar. The Auction Cell MCC Peshawar has earned Rs21.3286million while I & I Auction received Rs6.836million by selling miscellaneous goods at auction during the Qirst 23 days of August. The Dry Port Peshawar has generated Rs11.335million revenue from the auction of various goods during the above said time period. The Treasury Branch of the MCC Peshawar collected Rs10.9308million through revenue from the auction
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of miscellaneous goods during the Qirst 23 days of August. In the same way, the Torkham Customs Station received Rs7.3733million and the Hazara Customs station did Rs1.8391million by auctioning off different items during the month of August FY 2017-18. The Kohat Auction Cell fetched Rs6.765million while the Bacha Khan International Airport did Rs1.5891million by auctioning the miscellaneous goods during the passing month of August FY2017-18.
NDP Hino dumper taken into possession by Special Car Cell
DG Valuation Surriya Butt to revise VR No 927/2016 after Eid
Govt asked to reduce customs duty, tax to curb smuggling
Ishaq Dar reviews ex ternal account position
Quetta Customs seizes smuggled goods worth Rs7.9 million
A Special Car Cell, Directorate General, Customs I&I Headquarters, FBR Islamabad | See pAge 02 |
DG Valuation, has decided to revise the Valuation Rulings No: 927/2016 7 | See pAge 03 |
The govt should reduce duty and taxes on the import items, including tyres | See pAge 04 |
Dar, chaired a meeting at the Ministry of Finance to review the external account | See pAge 11 |
Customs I&I Quetta expedited their eorts to curb smuggling | See pAge 16 |
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Rs1.5 billion IT project suffers criminal neglect Friday, August 25, 2017
Islamabad
ISLAMABAD: In what appears to be a unique case, the FIA told a Senate panel that it was probing government organisations, including itself, for not making use of the latest technology brought to update the systems. “It is criminal negligence, not corruption, and a sheer waste of public exchequer on the part of those government organisations which were supposed to utilise these equipment,” said FIA’s Islamabad Zone Director Mazharul Haq Kakakhel. The FIA official was sharing details of the probe with the Senate’s Standing Committee on Information Technology.
NDp Hino dumper taken into possession by Special car cell
FBR issues return forms for individuals, Aops for tax Year 2017 ISLAMABAD
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ederal Board of Revenue (FBR) has issued return forms tax year 2017 for individuals and association of persons (AoPs). The FBR in this regard issued SRO 819(I)/2017, making it mandatory for salaried class and other taxpayers to make compliance on the due date. As per law the salaried persons are required to file their annual income tax return on August 21. Experts said that the FBR would extend the time as it had delayed in issuing the return forms. Meanwhile, Federal Board of Revenue (FBR) has announced deadline on August 31 for salaried individuals to file their income tax returns and wealth statements for tax year 2017. The FBR issued final income tax return forms for individuals and association of persons. It circulated the draft returns forms for both on July 20 and 27, respectively. Salaried individuals are required to submit annual return on or before August 31 as per Income Tax Ordinance 2001. So, they will have only 14 days to meet the obligations. An individual other than a company, however, can submit annual return on or before September 30.
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Special Car Cell, Directorate General, Customs Intelligence and Investigation Headquarters, Federal Board of Revenue Islamabad, has impounded a non-duty-paid heavy duty smuggling vehicle used for construction projects worth Rs4.5million.
According to sources, staff of the Special Car Cell received a tip-off that a foreign origin used non-duty-paid heavy smuggling vehicle Hino 8C 24 valve dumper with registration plate No: SBA-674-SIBI Balochistan, Model 1999-2000, is coming from Peshawar on GT Road with the loaded construction material. Deputy Director Khaldun-ul-Haq constituted a special team under the supervision of Superintendent Car Cell Saeed Ahmad. The special team of the car cell set up a picket
on GT Road near Tarnol Islamabad. After a while, the tipped-off heavy dumper truck was seen on GT Road while coming from Peshawar side. The staff of the special car cell intercepted the dumper and conducted a search in the presence of the driver but found no illegal items. On demand, the driver and possessor of the Hino dumper failed to produce any import and lawful documents regarding the payment of duties and taxes except the copy of
an authority letter from the non-registered construction company. As per import and auction data available with the Directorate General, Customs Intelligence and Investigation, no import and auction record was found. So the Intelligence OfQicer of the Special team, Gul Nawaz, seized the smuggled Hino dumper under Section 17 of the Customs Act-1969 for further veriQication of its import status and payment of duties and taxes and forensic test.
Foreign origin cloths confiscated by ASo Islamabad
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ISLAMABAD
tARIQ DeRYA
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he Anti-Smuggling Organization (ASO) Islamabad impounded different kinds of foreign origin fabrics weighed 5,786 kilogram along with an offending (vehicle used for carrying smuggled goods) vehicle from Islamabad toll plaza. According to details given by Ansir Anies, Deputy Collector ASO Islamabad, while
talking with Customs Today that Collector MCC Islamabad got a tipoff that a huge consignment of smuggled fabrics will enter into the jurisdiction of MCC Islamabad. The ASO formed a squad led by Customs Superintendent Arif Dar and Inspector Abdul Hafeez. They set up a picket near Islamabad Motorways and intercepted a Mazda truck with registration No: AKS-14235. After the interception, the ASO squad asked the driver to provide the documents to ascertain the le-
gal import of the goods however the owner of the items failed to prove anything lawful. After the initial investigation, the squad conQiscated thousands of kilograms of foreign origin cloths including 3,700 kilogram of ladies polyester, 788 kilogram of ladies cotton cloth, 698 kilogram of curtain cloth and 600 kilogram of jail cloth. The value of the impounded cloths was estimated at Rs3.00million while the Qinancial worth of the vehicle was Rs1.3million.
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Court extends physical remand of suspects involved in tax evasion KARACHI: Customs Court Judge Syed Faiz Rasool Rashdi has extended the physical remand of suspects, Adnan and Muhammad Junaid, and sent them back to the customs department. They were booked in a case of smuggled/ non-duty paid contraband mobile phones, tablets, LED TVs, and satellite dish receivers etc and evaded duty and tax of Rs 53,548,797. The court also directed the investigation officer to produce them on the next date of hearing along with progress report. During the hearing, the investigation officer produced the suspects before the court and informed that officials of the Anti-Smuggling Organization intercepted Shahzore mini truck and Honda Vezel Pilot near open yard located at off Mai Kolachi Road Karachi.
ktBA says Internal Audit cannot issue notices directly to taxpayers
Friday August 25, 2017
Karachi
Dg Valuation Surriya Butt to revise VR No 927/2016 after eid
KARACHI
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arachi Tax Bar Association (KTBA) has said that Directorate General of Internal Audit cannot directly ask taxpayers to provide information and the same can only be asked from the concerned officers holding jurisdiction. The KTBA made these observations in its letter sent to Member Legal Dr Tariq Masood and said that the taxpayers had received notices from the directorate requiring information which they had already filed online at the time of filing of their tax returns or field officers during proceedings by the tax authorities.
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SHc seeks explanation from deputy collector KARACHI
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indh High Court has ordered MCC East Deputy Collector to explain reason of non-release of a consignment even after securing differential amount and called him on August 24. A SHC division bench, comprising Justice Munib Akhtar and Justice Zulfiqar Ahmed Khan, was hearing a constitution petition filed by Mini Tech Corporation challenging an Order in Revision passed by the Director General, Valuation, Pakistan Customs maintaining a Valuation Ruling. The DC appeared in person on a court notice and was asked about disobedience of the orders of the court. The bench ordered forthwith release of the remaining part of the consignment while seeking an explanation on Aug 24 that why orders passed by the bench on a previous date were not complied with.
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irectorate General, Customs Valuation, Director General Surriya Ahmed Butt, has decided to revise the Valuation Rulings No: 927/2016 7 September after Eidul Azha, it is learnt. According to the details, Surriya said that the department is reviewing suggestions from importers to set new prices. She further said that some valuations which were issued in 2015 and 2016 were over viewing from the beginning. Moreover, the valuations will be set in view of rising prices in international markets. Sources told Customs Today that an application was submitted by the importers to Customs Valuation in which change in prices synthetic carpet was requested. Sources said that Valuation Ruling No. 927/2016 synthetic carpet issued on September 8, 2016. A meeting was held with the stakeholders of 7 August, 2017. Importers were told to furnish the import invoices of the last three months showing factual values as well as websites, names and e-mail addresses of known foreign manufacturers of the item in question through which the actual current value could be ascertained. The copies of contracts were made/LCs opened during the last three months showing the value of item in question and copies of sales
tax invoices issued during the last four months showing the difference in price (excluding duty and taxes) to substantiate that the beneQit of difference in price is passed on to the local buyers. Sources said so many previous valuation ruling waiting to revised. Source said that a number of previous valuation ruling were under observation for new prices. Meanwhile, Directorate General, Customs Valuation, Director General
Sources told customs today that an application was submitted by the importers to customs Valuation in which change in prices synthetic carpet was requested
33 customs officers promoted to BS-19
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KARACHI
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he Federal Board of Revenue (FBR) has promoted 33 Pakistan Customs Service officers from BS 18 to BS-19 with immediate effect. 1. Syed Fawad Ali Shah 2. Mr. Muhammad Saeed Watto 3. Engr. Habib Ahmad 4. Mr. Suleman Yaqub Khan 5. Mr. Sheeraz Ahmad 6. Syed Ali Abbas Gardezi 7. Mr. Naveed Iqbal 8. Mr. Aamer Nawaz
Hamid 9. Mr. Adeem Khan 10. Mr. Javed Sarwar Sheikh 11. Ms. Farah Farooq 12. Mr. Muhammad Arshad Hayat Chaudary 13. Mr. Muhammad Mumtaz Ali Raza Chaudhry 14. Mr. Muhammad Rashid Munir Siddiqui 15. Mr. Muhammad Shoaib Qazi 16. Mr. Muhammad Faisal Khan 17. Ms. Sadia Sadaf 18. Mr. Abbas Ali Babar 19. Ms. Asma Hameed 20. Mr. Sumair Mustansar Tarar 21. Mr. Haroon Waqar Malik 22. Mr. Yasser Wahab Kalwar 23. Mr. Rizwan Mahmood 24. Ms.
Sumaira Omar 25. Mr. Zubair Shah 26. Ms. Farhat Ali 27. Mr. Ghulam Nabi Kamboh 28. Ms. Naghma-eTehniat 29. Mr. Jehan Bahadar 30. Mr. Rizwan Bashir 31. Mr. Fahad Ali Chaudhary 32. Ms. Dr. Kaukab Farooq 33. Mr. Shafiq-ur-Rehman The officers appearing at Serial No. 20, 27 & 31 will actualise their promotion from the date they return from deputation and join FBR. The officers, who are drawing performance allowance, will continue to draw the same after promotion.
Surriya Ahmed Butt, has decided to revise the Valuation Rulings No: 808/2016 in the Qirst week of September, it is learnt. According to the details, Surriya said that the department is reviewing suggestions from importers to set new prices. She further said that some valuations which were issued in 2015 and 2016 were over viewing from the beginning. Moreover, the valuations will be set in view of rising prices in international markets.
SHc issues notices to Dg Valuation he Sindh High Court has issued notices to the Director General, Director Valuation of Pakistan Customs and other respondents for Aug 22 in soap import case. A SHC n appellate bench was hearing three identical petitions filed by Global Traders, Shinwari Traders and Ashraf Traders who imported consignments of soap from different sources.
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AFU foils attempt to smuggle 1846 cell phones from Allama Iqbal Airport Friday August 25, 2017
Lahore
LAHORE: Customs Air Freight Unit (AFU) confiscated as many as 1846 costly mobile phone from a passenger who was coming from Abu Dhabi to Lahore via Etihad Airways flight. Sources told Customs Today that a team of Customs AFU conducted operation in flight coming from Abu Dhabi to Lahore on Wednesday. Customs team checked the luggage of a family and found huge quantity of cell phones hidden in bags of family. Sources told that an officer of PIA was involved in helping the family to pass the bag from airport. Sources said that Group V officer Nasarullah was caught red handed by customs authorities.
customs court summons witnesses on August 27 in statues smuggling case LAHORE
m ImRAN meHAR
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he Special Court of Customs Taxation and Anti-Smuggling has asked the witnesses to appear on August 27 in a case of smuggling of expensive and historical statues from Lahore into Bangkok. According to details, a case of statues smuggling was scheduled for hearing before the special court of Muhammad Shakeel. The Customs had registered a case against three accused including Ammar, Gulzar and Muhammad Hassan. They were arrested on the charges of smuggling of 50 antique dolls, 313 costly coins and two plates as well of Mogul era. Two customs ofQicials were also held on the charges of helping the
FBR promotes three customs officials of BS-19 ederal Board of Revenue (FBR) issued a notification for transfers/postings of following officials with immediate effect and until further orders. According to notification no: 2242-C-I/2017 Ms. Farah Farooq (BS-19) officer of Pakistan Customs is promoted and posted as Additional Collector Directorate of Intelligence and InvestiationFBR with immediate effect. While Muhammad Rashid Munir Siddiqui (BS19) official of Pakistan Customs is also promoted and posted as Additional Collector of Collecorate of Customs Appraisement Lahore. The notification further states that Abbas Ali Babar a (BS-19) officer of Pakistan Customs department is also promoted as deputed as Additional Collector of Customs Central Region with immediate effect. It is necessary to mention here that as the start of current Fiscal Year 2017-18 more postings and transfers are being expected in near future. –CB Report
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accused for smuggling of these items. They had got bails from the court. The Customs Court ordered the Customs authorities to hand over these statues to the management of the Lahore Fort for keeping them in museum. On the other hand, another accused of the case, Ammar, has been released on a pre-arrest bail. He was involved in the smuggling of these statues from Peshawar into Lahore and then intended to smuggle them into Bangkok. Meanwhile on Wednesday, 12 other cases were also scheduled for hearing before the customs court. Most of the cases were adjourned without any proceedings because of unavailability of the parties concerned and lawyers of the cases. A case against an accused, arrested from Sialkot in mobile smuggling case, was also scheduled for the day that has been adjourned for next week.
govt asked to reduce customs duty, tax to curb smuggling LAHORE
m HAYAt
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he government should reduce duty and taxes on the import items, including tyres to curtail smuggling which is inQlicting huge losses to the national kitty. Pakistan has tremendous potentials for exports but the current trend is not encouraging. It is essential to have an agricultural policy that increases the supply of raw material to agro-based industries. These views were expressed by Lahore Chamber of Commerce and Industry Executive Committee Member Awais Saeed Piracha while talking to Customs Today here the other day. He said that the government and FBR should reduce customs duty and tax of the imported items so that elements involved in may be discouraged in order to
Fto postpones hearing of case filed by m/s waqas Steel Furnace
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he Federal Tax Ombudsman (FTO) has adjourned the hearing of a case Qiled by proprietor of M/s Waqas Steel Furnace against Regional Tax OfQice (RTO), Gujranwala, for three weeks. According to details, FTO Consultant Tariq Yousaf heard the case in which counsel for the appellant argued that the RTO had failed to release the sales tax refund of the last two years claimed by the company. He said the RTO collected excessive tax from proprietor of M/s Waqas Steel Furnace
from the last two years. He approached the commissioner concerned many times for issuance of refunds but the RTO ofQicials did not pay refunds even 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 RTO to clear refund claims. The counsel further said the RTO should refund the excessive collection in the wake of taxes by the end of Qinancial year but the situation is quite otherwise. –CB Report
boost legal trade which would be a win-win situation for both traders and the government. The government currently has been facing huge losses due to the rising smuggling in the country and if the corrective measures are not taken the legal business will suffer signiQicantly. He also pointed out the harassment by the customs author-
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ities in their way despite the fact that the containers are cleared yet they stop them and create harassment which is not only discouraging the businessmen but also posing losses to the national exchequer. In answer to a question, Piracha said that Pakistan has tremendous potential for export growth but the current trend is not encouraging.
FBR freeze bank accounts of Urban Shoes he Federal Board of Revenue (FBR) has frozen bank accounts of a famous shoes manufacturing company M/s Urban Sole Private Limited. FBR has also recovered Rs 7.4 million from bank accounts of the above said company. Sources told Customs Today, that FBR has attached bank accounts of M/s Urban Sole in Bank Alfalah Shahdra branch and Meezan Bank Kot Abdul Malik branches. Urban sole is defaulter of income tax for the years 2014 and 2015. On other hand the Federal Board of Revenue has issued another no-
tice to renowned fashion brand Hassan Shehr Yar (HSY) on the tax evasion of Rs11million. Federal Board of Revenue has served a notice on the HSY to pay its due tax within 15 days otherwise strict action will be taken against the fashion brand. Sources told that HSY is defaulter of sales tax from 2016-17. The FBR had already issued several notices to HSY but no reply was submitted till yet. FBR has also recovered Rs 4 million from the bank account of M/s RT Max. FBR sources said the M/s RT Max had been a defaulter of Rs 10 million. –CB Report
tribunal orders to recalculate liabilities of Steel complex
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LAHORE
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he Customs Appellate Tribunal has ordered the Deputy Collector of Customs, Appraisement Lahore, to recalculate the appellant’s liability in an appeal Qiled by M/s Steel Complex (Private) Limited. According to the details, Member Tech-
nical Bench-II heard the case in details, provided the full chance to both parties and passed the judgment that the lowest value as admitted by the respondent department in this case is $630/MT, therefore, the value of impugned goods be Qinally assessed at $630/MT and also ordered the customs department to recalculate the liability of M/s Steel Complex (Private) Limited. As per details of
the case, on the core controversy that appellant M/s Steel Complex Private Limited has mis declared some import items. The duties and taxes were re-assessed by the customs department on the basis of available record of goods and reference was forward to director Customs Valuation, Customs House Karachi. Being aggrieved from the assessment appellant Qiled the case before the Collector of Cus-
toms (Appeals) who dispose of application. The case was transferred to the adjudication authority rejected the appeal and upheld the assessment order. The impugned order is challenged before the Collector of Customs Appeal who also upheld the assessment the same case was Qiled before the Customs Appellate Tribunal who order to pass the fresh speaking order.
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ISLAMABAD
m FAIZAN
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hairman Federal Board of Revenue (FBR) Tariq Pasha, Wednesday, said that Telecommunication companies had agreed to provide data to tax ofQicials upon the interference of Pakistan Telecommunication Authority. Therefore, FBR will conduct special audit of Telecommunication companies soon. At Qirst stage Qirstly the tax ofQicials will scrutinize that data, if we reach on meaningful conclusion than FBR would be able to conduct special audit of telecom companies. In this regard, Tariq Pasha informed the Senate Standing Committee on Finance and Revenue here that FBR’s attached department PRAL had developed software with the consultation of telecom companies; the purpose of this exercise is to make special audit of telecom companies. Earlier, the companies were reluctant to provide required data along with information to FBR, however, in result of PTA’s intervention, telecom companies have agreed to provide data to FBR within a month. Finance and Revenue committee met here with Senator Salim Mandviwala in the chair to discuss agenda pertaining to FBR and alleged manipulation in the share of Bank of Punjab from the Bank President. The meeting also discussed audit of withholding taxes col-
lected by the Telecom sector. FBR and AGPR told the meeting that the data currently provided by telecom sector was not in a form, from which meaningful inferences could be drawn and hence a new consultation process for specialized audit in on way. Chairman committee on this occasion said that it’s a good thing that companies have agreed to provide data to FBR and be informed the committee on this issue with the passage of time. While brieQing the committee on Rs 102 billion gift in 2016 alone, FBR Chairman FBR said that 2746 people in their returns in Qiscal year
nate the Se d e m and for sha in nance i a F p n q o i e tar mitte ached g com n i d R’s att n B F t Sta a ped ue th develo d a Reven h L A of ent pR ltation m u t s r n a o p c his de se of t ith the o w p r e r u a p softw s; the dit of panie m o cial au c e p m s o c e e k tel ma nies se is to exerci compa m o c e tel
2016 mentioned that they had given the gifts to their beloved ones. The current status in this case is that tax department had acted against three persons on the basis of suspicious transaction. He further stated that Qbr only act those people who would not be able to tell the source of their income. Commenting on a few of observations from the Senators, Chairman FBR said that FBR ofQicers leaked the information to highlight their work if some person had given the gift through his declared income so it was not a problem. The committee has also take up the matter of alleged manipulation in the share of Bank of Punjab from the Bank President. Committee asked Securities Exchange Commission of Pakistan (SECP) to thoroughly examine the alleged manipulation of share price of Bank of Punjab (BOP) by underwriting of shares along with details of shares purchased and sold by the management and Directors of BOP from January 2015 to March 2017. It was decided that the Committee shall wait for SECP to compile a report after deeply looking into the matter and finding out if there have been any irregularities or illegalities in the whole process. The Committee being an oversight body will then look into the matter. The matter of containers containing imported goods being held at ports due to delay in carrying out formalities on part of some bodies was also discussed in the meeting.
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eDItoRIAL
minister’s resolve to boost exports
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ccording to newspaper reports, the new commerce and textile minister has expressed the resolve to achieve exports targets set for the current financial year by stimulating business and trade activities in the country. In his views, trade and economy are the key components of diplomacy in today’s world which also help maintain political relations with the nations. Pakistan has tremendous opportunities for foreign investors once peace and security is restored in the country.The minister’s resolve should not be a breaking news for the nation as the erstwhile minister had the similar views on business, trade and economy but he left the arena without practically doing anything under his control. The nation is fed up with lip service of the so-called people’s representatives, demagogues and rabble rousers who make tall claims for the nation building but have least regard to fulfill their obligations. Pakistan has diplomatic missions in almost every country of the world and are equipped with man and machines, but the country has to go a long way to introduce its presence on the world map let alone doing anything positive in domains of business, trade and investment. The nation pays billions of dollars annual bill for their salaries and perks but most of the members of diplomatic crew have no utility whatsoever. Until now, no political government ever sought any performance report from the commercial attachés or questioned their utility. On another note, the ministry of commerce, textile or finance have to struggle their own part of mismanagement and administrative failures and the finance division members seemed to be are in a mode to justify their own salaries and perks. The officials, who are responsible to devise trade and investment policies to enhance trade with potential markets, are in hibernation. Pakistan had signed the Generalized Scheme of Preferences with EU member states, but failed to gain benefits from the huge market. It is unfortunate that Pakistan has lost 20 percent of its exports to the regional competitors. The government has never bothered to study what made the Pakistani entrepreneurs to invest in a hostile country like Bangladesh which had doubled its export volume in short span of a few years.
economy as low priority E
LAHORE
DR AFtAB AFZAL
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conomy always remained a low priority in the country thanks to politics of vested interests and inherent flaws in the administrative system. During the last 70 years, small and extremely backward nations like Singapore, Malaysia and South Korea entered the first world category and we as a nation proudly took a back seat in every economic order. It will be unfair to blame the political system for underdevelopment or hold the politicians responsible for the slow development alone.The public representatives also lacked knowledge and vision to
steer the country out of crisis whereas a segment of bureaucracy also adopted a flawed foreign policy which could be another cause of troubles faced by the nation for decades. Some think-tanks hold the inconsistent policies or the unstable political system responsible for keeping the country in the third world. Since the new set up took over in Islamabad this month, a hope for the good governance again appeared in the heart of the nation. The business community is hopeful that the new prime minister and his cabinet will adopt a realistic approach toward economy and will take steps to develop agricultural and industrial sectors. According to experts, the
country’s cottage industry can push the economy to the next level provided the government fully exploits its potentials. Pakistan has strong agricultural and industrial base and untapped export potentials worth billions of dollars in the textile sector alone. If Bangladesh can push its exports to nearly $40 billion without being a cotton producing country, Pakistan can explore the demand for home textile products and double its export volume within a year. The African continent with tremendous business and trade opportunities has been ignored for years. However, the new government will have to change the
rules of business to promote industrial and manufacturing sectors. The first thing first is the capacity building of the government officials and inculcate a motivational approach in them. The promotion of business and trade activities should be regarded as a national obligation instead of an individual or personal affair. Unless a motivational and comprehensive strategy is adopted, the capacity of the work force as well as the business environment cannot be improved. In a country marred by corruption, energy crisis, mismanagement and many other evils, one can only hope that the new prime minister will at least set developmental priorities.
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Nestle Pakistan records 10% growth KARACHI: Nestle Pakistan recorded a positive performance in the first half of 2017, posting a growth of 10%, and an overall increase in its total revenue by Rs 5.64 billion. A statement on Tuesday said that the company reported overall earnings of Rs 7.93 billion for the six months ended on June 30, 2017 as compared to Rs 6.42 billion in the corresponding period last year. It was a result of optimisation of its value chain and continuous improvement in the product mix. The results were announced upon the conclusion of the meeting of Nestle Pakistan’s Board of Directors. In continuation with its positive financial performance in 2016, Nestle Pakistan, the Pakistani subsidiary of the world’s largest food and beverage company, posted its results for the first half of 2017.
customs Appellate tribunal rejects appeal of m/s B.H.A Int’l
Friday August 25, 2017
National
court extends physical remand of suspects involved in tax evasion
LAHORE
SAJID NAwAZ
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he Customs Appellate Tribunal has dismissed an appeal filed by the M/s B.H.A International against the Colellector of Customs, Collectorate of Customs, Multan and others. According to the details, Member Technical Bench-II heard the case in details and passed the judgment that the right of appellant for invocation of appellate powers of tribunal has already barred by limitation, hence, it invoked the extraordinary jurisdiction of Lahore High Court to appeal is time barred and dismissed with not order at costs. According to the details, the appellant imported a consignment of China
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origin bicycle tubes falling under HS Code 4013.2000 and got it cleared vide GD No 94. During the course of audit it was observed that the goods were assessed at the lesser value instead of value @ $0.33 per piece as mentioned in valuation advice. Accordingly appellant charged under sub section 3 & 3A of Section 32 of Customs Act 1969. The adjudication proceeding were culminated and passed the Order-in-Original that appellant should pay the duties and taxes which were short paid by him and Rs10, 000 as penalty also imposed on the importer. Instead of approaching relevant forum appellant filed the writ petition before the Lahore High Court (LHC). The LHC dismissed the writ petition with the remarks that petition should received short shrift it is not denied by the learned counsel. Then, the appeal was filed before the Customs Appellate Tribunal on the some grounds.
KARACHI
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ustoms Court Judge Syed Faiz Rasool Rashdi has extended the physical remand of suspects, Adnan and Muhammad Junaid, and sent them back to the customs department. They were booked in a case of smuggled/ nonduty paid contraband mobile phones, tablets, LED TVs, and satellite dish receivers etc and evaded duty and tax of Rs 53,548,797. The court also directed the investigation ofQicer to produce them on the next date of hearing along with progress report. During the hearing, the investigation ofQicer produced the suspects before the court and informed that ofQicials of the Anti-Smuggling Organization intercepted Shahzore mini truck and Honda Vezel Pilot near open yard located at off Mai Kolachi Road Karachi and recovered 14,493 smuggled/ non-duty paid mobile phones worth Rs 1,449,30,000, at least 2,282 tablets worth Rs 13,692,000, around 76 LED TVs worth Rs 1,140,000, about 1,708
satellite dish receivers worth Rs 3,416,000, at least 81,600 paint markers worth Rs 816,000, around 970 mobile phones without LCDs worth Rs 1,940,000, at least 1,549 mobile accessories worth Rs 20,000, about 32,000 needles worth Rs 32,000, 77 TV boards worth Rs 77,000 and 9,600 DVD-R worth Rs 96,000, total worth Rs 166,159,000. He further informed the court that during the investigation, it
transpired that bonded carrier M/s Saif-ur-rahman & Brothers solely responsible for the transshipment of the consignment and with the criminal conspiracy of above mentioned accused and others associates in crime who adopted novel modus operandi and smuggled foreign origin contraband goods under the garb of computer parts which were illegally removal from container
while en-route to Sambrial Dry Port for disposal in local market. Therefore, Directorate General Intelligence & Investigation-FBR Regional Office Karachi lodged first information report (FIR) against partners/ director/ proprietor of M/s Saifur Rahman & Brothers, Zeeshan Afzal of M/s K.K Metal Industries, Adnan son of Muhammad Ashraf and Muhammad Junaid son of Abdul Razzaq and others.
64 customs officers of BS 18-19 reshuffled ISLAMABAD
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ederal Board of Revenue (FBR) has transferred and posted 64 Pakistan Customs Service ofQicers of BS 18-19 with immediate effect and further orders. Mumtaz Ali Khoso (BS-19) has been has been transferred and posted as Director (OPS), Directorate General of IOCO, Karachi from the post of Additional Collector, Directorate General of Customs Valuation, Karachi. Faiz Ali (BS-19) on return from SMC has been posted as Additional Collector, Model Customs Collectorate, Peshawar. Masood Ahmed (BS-19) has been transferred and posted as Additional Collector, Model Customs Collectorate of Appraisement (East), Karachi from the post of Additional
Director, Directorate General of Post Clearance Audit, Islamabad. Muhammad Tahir (BS-19) on return from SMC has been posted as Additional Director, Directorate of Customs Valuation, Karachi. Muhammad Ismail (BS-19) on return from SMC has been posted as Additional Collector, Model Customs Collectorate of Port Muhammad Bin Qasim, Karachi. Muhammad Ashfaq (BS-19) has been transferred and posted as Additional Collector, Model Customs Collectorate, Islamabad from the post of Secretary, Federal Board of Revenue (HQ), Islamabad. Ms. Neelofar Shahzad (BS-19) has been transferred and posted as Additional Collector, Model Customs Collectorate, Islamabad from the post of Additional Director, Directorate of Training & Research (Customs), Islamabad. She is allowed to look after the charge of Additional
Director, Directorate of Training and Research (Customs), Islamabad in addition to her own duties. Sami-ul-Haq (BS-19) has been transferred and posted as Additional Collector, Model Customs Collectorate, Quetta from the post of Secretary, Federal Board of Revenue (HQ), Islamabad. Sanaullah Abro (BS-19) has been transferred and posted as Additional Collector, Model Customs Collectorate of Appraisement (West), Karachi from the post of Secretary, Federal Board of Revenue (HQ), Islamabad. Shoukat Ali (BS-19) has been transferred and posted as Additional Collector, Model Customs Collectorate of Appraisement (East), Karachi from the post of Additional Collector, Model Customs Collectorate of Preventive, Karachi. Jameel Ahmed Baloch (BS19) has been transferred and posted as Additional Collector, Model Cus-
toms Collectorate of Preventive, Karachi from the post of Secretary, Federal Board of Revenue (HQ), Islamabad. Junaid Ahmed Memon (BS19) has been transferred and posted as Additional Director, Directorate of Transit Trade, Karachi from the post of Additional Collector, Model Customs Collectorate, Gwadar. S. M. Ali Zaman Gardezi (BS-19) has been transferred and posted as Additional Director, Directorate of Intelligence & Investigation,FBR, Hyderabad from the post of Additional Director, Directorate of Intelligence & Investigation, FBR, Karachi. Muhammad Haris Ansari (BS-19) has been transferred and posted as Additional Director, Directorate of Reforms and Automation (Customs), Karachi from the post of Additional Collector, Model Customs Collectorate of Appraisement (East), Karachi.
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Superintendent Shafiq Ahmad to retire on March 12 Friday August 25, 2017
National Faiz Ahmad takes charge as collector (opS) Lahore preventive
ISLAMABAD: Shafiq Ahmad khan, a Pakistan Customs Service officer of BS-16, is going to retire from the government service on attaining the age of superannuation. The officer, presently posted as Superintendent at Model Customs Collectorate, Gwadar, will stand retired from the government service on March 12, 2018.
Dr Ahmad Shahab relinquishes charge as chief (management)
ISLAMABAD
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aiz Ahmad, a Pakistan Customs Service ofQicer of BS-19, has assumed the charge as Collector (OPS), Model Customs Collectorate of Preventive, Lahore. The ofQicer, in pursuance of Board’s NotiQication No. 2106-C-II/2017 dated 07.08.2017, relinquished the charge of the post of Chief (OPS), Federal Board of Revenue (HQ), Islamabad with effect from August 8, 2017 and took the charge of the post of Collector (OPS), Model Customs Collectorate of Preventive, Lahore on August 9. Meanwhile, Tariq Mehmood Awan, a Pakistan Customs Service ofQicer of BS-17, is going to retire from the government service on attaining the age of superannuation. The ofQicer, presently posted a Superintendent at Model Customs Collectorate, Islamabad, will stand retired from the government service on September 25, 2017.
4 IR officers granted performance allowance wo Inland Revenue Service officers of BS-17, selected through the process of internal job posting (IJP), have been granted performance allowance. The officers, Ahmad Naveed Fazal, Usama Amin, Shehryar Atique and Farhan Ahmed, presently posted in Regional Tax Office, Sialkot, have been granted performance allowance with effect from August 9, 2017. The grant of performance allowance will be governed through the terms and conditions laid down vide Circular No. C.No. 6(96)S(BIC)/2013-14 dated 06-03-2015 and will be discontinued in case prescribed terms and conditions are not fulfilled within one month from the date of issuance of this notification. –CB Report
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r Ahmad Shahab, a BS-20 ofQicer of Inland Revenue Service, has relinquished the charge of the post of Chief (Management). Dr Ahmad, pursuing the Board’s NotiQication No. 2143-IR-/2017, dated 10.08.2017, relinquished the charge of the post of Chief (Management) at Federal Board of Revenue (HQ), Islamabad with effect from August 15, 2017. Meanwhile, Muhammad Masood Ahmad, a BS-19 ofQicer of Inland Revenue Service, has assumed the charge as Chief (OPS), Litigation Management. Muhammad Masood, pursuing the Board’s NotiQication No. 2119-IR-I/2017, dated 08.08.2017, relinquished the charge of the post of Secretary, Federal
Board of Revenue (HQ), Islamabad with effect from August 8 and took
the charge of the post of Chief (OPS), Litigation Management at Federal
Board of Revenue (HQ), Islamabad on the same date.
pcA detects tax evasion of Rs 102.5m during first 20 days of August T
KARACHI
AFtAB cHANNA
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he Directorate of Post Clearance Audit (PCA) has shown outstanding performance during the Qirst 20 days of August 2017 and detected 11 cases involving a revenue of Rs 102.5 million. Sources told Customs Today that Directorate of Post Clearance Audit headed by Director Nadeem Memon detected cases pertaining to short payment of customs duty and sales tax/ and withholding tax (WHT) because of inadmissible concessions, short payment of anti-dumping duty, additional sales tax, federal excise duty (FED) and income tax. The Directorate served three contravention reports and nine audit observations during first 20 days of August 2017 involving total duty and taxes of Rs102.5 mil-
lion. The companies served audit observations or contravention reports include bulk containers in PICT, M/s Suhana Marble and Export, M/s Sufyan Chemicles Industries and two other companies. The Directorate General of
Post Clearance Audit (PCA) has unearthed tax evasion of Rs112.2 million by different importers during July 2017. Sources of Post Clearance Audit told that on the instructions of Director PCA Nadeem Memon,
Deputy Director Sajid Ali Baloch and other ofQicials of PCA scrutinized 213 import consignments data and found that the importers used wrong and/or false PCT Headings to get their consignments cleared in July 2017.
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Amazon Web Services & Nasdaq to sponsor FIA innovators pavilion ISLAMABAD: FIA is pleased to announce that Amazon Web Services and Nasdaq have signed on as sponsors of FIA’s third annual Innovators Pavilion, a showcase for fintech startups that are offering forward-thinking solutions for the global derivatives markets. “We’re proud to be partnering with Nasdaq and Amazon Web Services to promote innovation in financial services,” said Matt Haraburda of XR Trading, chairman of the Innovators Pavilion selection committee and executive committee member of the FIA Principal Traders Group (FIA PTG). “Nasdaq and Amazon Web Services have done tremendous work to foster innovation and their sponsorship of the FIA Innovators Pavilion is vital to our efforts to create a thriving fintech community.
NBp becomes a constituent of FtSe4good Index Series FAISALABAD
NAeem SHeIkH
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he National Bank of Pakistan (NBP), following its successful assessment by the FTSE International Organisation, has been included as a constituent of the Financial Times Stock Exchange4Good (FTSE4Good) Index Series, which assesses listed companies in terms of their environmental and social performance. A statement here on Monday said that the inclusion of the NBP in the FTSE4Good international index demonstrates that the bank, along with its business activity, is also highly aware of environmental and social issues. At the same time, its inclusion in the FTSE4Good Index strongly motivates the bank to
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strengthen its presence in the field of Corporate Responsibility across Pakistan. FTSE Russell, global index provider, confirmed that the NBP has been independently assessed according to the FTSE4Good criteria, and has satisfied the requirements to become a constituent of the FTSE4Good Index Series. Speaking on the occasion, NBP President and CEO Saeed Ahmad said: “After years of commitment to enhancing management and social responsibility, we are proud that our sustainable banking efforts have been rewarded with a position in the FTSE4Good Index Series. “This recognition reflects the work carried out over the past few years to make NBP one of the best and most responsibly managed companies. Joining the index is recognition of our work and helps us to continue down this path we have begun.
National
customs Appellate tribunal rejects appeal filed against m/s Zain enterprises
SHc calls remarks on plea filed by global trade Link challenging VR KARACHI
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he Sindh High Court (SHC) directed customs department and deputy attorney general to file their para wise comments on a constitutional petition filed by M/s Global Trade Link, challenging impugned Valuation Ruling No 863/ 2016, enhancing valuing on toilet soaps. A twomember bench, headed by Justice Munib Akhtar was hearing the petition. Earlier, counsel for the petitioner stated that petitioner is lawful engaged in the business of toilet soap and for this purposed imports toilet soap from various reputations around the world. According to the petitioner, however, petitioner is serious aggrieved and prejudiced by the illegal and mala fide action of the Director of Valuation and Directorate General of Valuation Department who enhanced the valuing on toilet soap in respect of impugned Valuation Ruling 863/ 2016 dated 02/06/2016 which is compete ignorance of the factual and legal narrations. Citing Secretary Revenue Division, Collector of Customs Appraisement East, Collector of Customs Appraisement West, Directorate of Valuation, the Directorate General of Valuation as respondents, he pleaded the court may declare that act of the customs.
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LAHORE
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he Customs Appellate Tribunal has rejected an appeal filed by the Deputy Director, Directorate of Customs Post Clearance Audit Lahore against M/s Zain Enterprises. According to the details, Member Technical BenchII Imran Tariq heard the case in details and passed the order that before leaving the judgment, the appellant’s contention that the description of business activities of the respondent M/s Zain Enterprises has not been spelled out in clear terms is not tenable as they have already specified it. According to the details, Deputy Director, Directorate of Customs Post Clearance Audit Lahore was informed that M/s Zain Enterprises has imported 145 consignments of garments and footwear from China and availed the benefits of SRO that is not admissible to importer. Customs Post Clearance Audit has audited the imports and charged Rs16,38, 502 on the import which is short paid by M/s Zain under the section 32(1)(2)& (3A) of Customs Act 1969.
Friday August 25, 2017
The case was referred to the adjudication authority who passed the Order-in-Original that M/s Zain Enterprises has rightly availed the benefits of SRO and the same was dismissed. The appellant Customs Department has challenged the Order-in-Original before the Customs Appellate Tribunal on the grounds that M/s Zain Enterprises miss use of SRO
which is not allowed to him and the adjudication order is not according to the facts so order-inoriginal is liable to set aside. On the other side, Respondent denied all allegations by the appellant. After hearing the arguments from both sides, Customs Appellate Tribunal rejected the appeal of customs department and upheld the adjudication order.
Hudaibiya paper mills case not to be reopen decides NAB
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ISLAMABAD
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he National Accountability Bureau has decided not to reopen the Hudaibiya Paper Mills case against disqualiQied premier Nawaz Sharif, Punjab Chief Minister Shehbaz Sharif and Finance Minister Ishaq Dar, ofQicial sources conQirmed yesterday. NAB Additional Prosecutor General Akbar Tarar had informed the Supreme Court on July 21 that the bureau had decided to Qile an appeal in the apex court to open the Hudaibiya Paper Mills case. Sources said the NAB executive board had met on Tuesday last with
Chairman Qamar Zaman Chaudhry in the chair and discussed its future strategy on Hudaibiya Paper Mills case. According to documents, the NAB decided in a meeting on July 20 to Qile a civil petition for leave to appeal in the court to seek reopening of Hudaibiya Paper Mills case on the return of the NAB prosecutor general of accountability from the United Kingdom, who reached back on July 23. NAB Director-General (Operations) Syed Zahir Shah informed Chairman Qamar Zaman Chaudhry during the meeting that the bureau had collected more evidences in the case from the JIT in the Panama Papers case.
According to the documents, Mian Sharif, Nawaz Sharif, Shehbaz Sharif, Abbas Sharif, Maryam Nawaz, Hussain Nawaz, Hamza Shehbaz and Ishaq Dar had been accused of receiving ill-gotten money in the case. It is worth mentioning here that the Lahore High Court had quashed the Hudaibiya Paper Mills reference against the Sharifs in 2014 and the NAB had not challenged the decision in the apex court. The NAB chairman had denied filing an appeal in the Hudaibiya Paper Mills case during hearing of the Panama Papers case. The Nation tried to contact the bureau’s spokesperson through
telephone calls and text messages for getting official version of the NAB, but he did not respond. Earlier, the JIT had strongly recommended the reopening of Hudaibiya Paper Mills case, observing that substantial evidence had strengthened the FIA and the NAB probes and established linkage between the investigations of the two departments. The JIT had also summoned a former and current NAB chairman and Ishaq Dar to record their statements in this case. The JIT had also asked the NAB chairman to provide the attested copies of Hudaibiya Paper Mills case record.
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World Customs
Malaysian real GDP grows 5.8% in Q2
KUALA LUMPUR: Its services and manufacturing sectors have boosted the economy. Malaysia’s real GDP growth hits 5.8% in Q2. According to UOB, Bank Negara Malaysia (BNM) expects the GDP to grow more than 4.8% for the year on the back of domestic demand. It also expects inflation to ease in the next half year and the consumer price index to grow by 3% to 4%. The country’s current account surplus grew to US$2.2b (RM9.6b), reaching US$3.5b (RM14.9b) or 2.3% of the GDP in H1. UOB analyst Julia Goh said, “Despite the strong headline GDP, we expect OPR to stay unchanged. Downside risks to watch include rising US-China trade frictions, North Korea.
Friday August 25, 2017
kuwait bound gutkha worth Rs 5.54crore seized
France’s total buying maersk oil for $7.45b PARIS
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irectorate of revenue intelligence (DRI) ofQicials seized 92.28 lakh counterfeit gutkha pouches worth Rs 5.54 crore before they could be smuggled to Kuwait, where the tobacco product is banned. The market value of the seized counterfeit gutkha in Kuwait’s black market is around Rs 14 crore. In this case, DRI- Delhi ofQicials held one Salim Ismail Dola, mastermind of the smuggling racket, and Sanjay Prabhakar, a customs clearing agent. DRI ofQicials had received a tip-off that a 40-inch cube container comprising gutkha pouches, which got clearance from Interland Container Depot (ICD), Loni, was kept in a godown in Delhi from where it would be smuggled out of the country from Pipavav port. The DRI ofQi-
Ireland compliant with new tax rules he OECD issued a batch of peer review reports on the tax and financial transparency of 10 jurisdictions, giving Norway and Ireland top ratings while finding Canada, Germany, and Australia have room to improve. Jamaica was rated as only “partially compliant,” with the Organization for Economic Cooperation and Development (OECD) citing the lack of a legal framework to ensure that beneficial ownership information is maintained and available. All of the other countries reviewed received a rating of “largely compliant” or higher. The review is part of the implementation of the common reporting standard, a Group of 20-led effort for nations to exchange tax and financial information in the hopes of cracking down on tax evasion and avoidance. The latest group of peer review reports follows up on an initial assessment made in 2011. –CB Report
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cials found 50.28 lakh pouches of gutkha worth Rs 3.02 crore from the Delhi-based godown. As the container arrived at Pipavav, DRI ofQicials of Jamnagar seized 42 lakh more pouches of gutkha having a local market value of Rs 2.52 crore. Meanwhile, Kuwait’s new 36 kilometre causeway, which will connect
Al-Sabiya city with Madinat Al-Hareer (Silk City), is on course to be completed by the end of 2018, according to the country’s news agency. The $2.4bn (KD 738m) cable-stayed bridge, a key project included in Kuwait’s ‘2035 Vision’ development plan, will become the tenth longest cross-sea bridge once completed.
cargo flights resume between Afghanistan, India
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raders have said that problems have largely been resolved and over 80 tons of fresh fruit flew out of Kabul on Thursday for India. After a 17-day delay, the fifth cargo flight carrying over 80 tons of fresh fruit left Afghanistan’s Hamid Karzai International Airport on Thursday, bringing new hope that flights between Afghanistan and India will now take place on a regular ba-
sis. A number of fresh fruit exporters said government should ensure that these flights are carried out as scheduled from now on. Thursday’s freight consisted of 60 tons of melon, 15 tons of grapes and 5 tons of apricots. This is the fifth cargo flight to India since the inauguration of the route in early July. “Four cargo flights will be conducted every month. –CB Report
rench oil company Total agreed Monday to buy Danish conglomerate AP Moller-Maersk’s oil business for $7.45 billion, in a deal that will strengthen its position in the North Sea. Total said the deal will position it as the No. 2 operator in the North Sea, which is the seventh-largest oil-and-gas producing region in the world. It said it will uphold Maersk Oil’s development schedules and investments in a series of projects and that Denmark will become the regional hub for all its operations in Denmark, Norway and the Netherlands. “This transaction is immediately accretive to both cash flow and earnings per share and delivers further growth over coming years,” said Total chairman and CEO Patrick
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Pouyanne. “It is in line with our announced strategy to take advantage of the current market conditions and of our stronger balance sheet to add new resources at attractive conditions.” As part of the deal, Maersk will get $4.95 billion worth of Total shares, which is equivalent to around 3.8 percent of Total’s share capital. The French company, which will also assume some $2.5 billion worth of Maersk Oil debt, said the deal underpins its dividend profile. Investors in AP Moller Maersk cheered the deal, with the company’s share price up 4 percent at 13,260 Danish kroner on the Copenhagen Stock Exchange. Total’s share price in Paris was unchanged at 42.58 euros. The sale of Maersk Oil is part of Maersk’s restructuring strategy, which will see it focus on its core transport and logistics arms. Lower oil prices over the past few years also played their role in the company’s plan to divest its oil arm.
Book on customs tariff published angladesh Customs Tariff, a compilation of import duty and other rates of taxes, has been published for the fifth consecutive year to facilitate businesses, particularly importers, to take decision on import of any item. The publication allows businesses to know total tax incidence on an item in the 2017-18. One can also know the rate of customs duty, supplementary duty, value added tax, advance income tax as well as regulatory duty separately from the book. Mohammed Ruhul Amin, an official of the National Board of Revenue, has compiled the book
published by Liton Publication. The publication will also help businesses know about the goods which enjoy duty exemption. Meanwhile, The price of rice at importer level came down by Tk 2.50 per kg as the latest duty cut became effective yesterday following issuance of a circular by the National Board of Revenue (NBR). According to the circular, the rice import tariff was lowered from 10 percent to two percent. The move came a day after a cabinet committee meeting decided to cut the import duty to keep the rice price stable. –CB Report
Iraq needs to import Iran’s natural gas: minister
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BAGHDAD
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raq’s Electricity Minister Qasim al-Fahadawi says his country will need Iran’s natural gas over the next seven years to operate its power stations as the Arab country’s domestically produced natural gas will not sufQice.
According to a Farsi report by Mehr News Agency, the Iraqi ofQicial said new power plants will soon be ready to give service, so the country will need to import natural gas. He said Iraq’s natural gas produced in the country’s southern Qields in Basra province will not be enough to run power stations. Of course, he said, Iraq’s dependence on natural gas imports will de-
crease as production gets underway in several gas Qields. Last month, Iran began exporting natural gas to neighbouring Iraq. The project had been delayed for four years due to security challenges caused by the civil war in Iraq. OfQicials say Iran has started by pumping seven million cubic metres per day, and that the Qigure is to reach 35 million cubic metres per day in the future. Iran will supply natural
gas to Iraq under two contracts. According to one agreement, natural gas will be pumped to the Baghdad power station, and another deal provides for natural gas exports to Basra. The Islamic Republic is currently exporting electricity to its energy-hungry neighbour. Earlier this month, Iran concluded its Qirst petroleum contract with the French energy giant Total.
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Port of Montreal completes $11M electric refueling project MONTREAL: Through its Shore Power Technology for Ports program, the federal government has contributed $5 million to the Port of Montreal Authority’s shore power project. Transport Canada says the newly completed project will reduce greenhouse gas emissions by enabling ships to shut down their diesel engines and connect to an electrical grid supplied by renewable energy sources. This project is expected to help reduce approximately 2,800 tonnes per year of greenhouse gas emissions, the equivalent of removing 700 trucks from the road. The Government of Quebec and Montreal Port Authority have also contributed to the shore power project, for a total project cost of $11 million.
Adani ports Q1 net profit falls 13.65% at Rs 710 cr dani Ports and Special Economic Zone Limited (APSEZ), India’s largest port developer and the logistics arm of Adani Group, today saw a 13.65 per cent fall in net profit at Rs 710.25 crore for the first quarter ended June on account of higher tax. The company had clocked a net profit of Rs 822.57 crore in the corresponding period of last fiscal, it said in a BSE filing. Its total income rose to Rs 2,959.63 crore during the quarter under review as against Rs 2,085.14 crore in the corresponding quarter a year ago. The total expenses of the company rose to Rs 1,867.43 crore in the April-June quarter of the current fiscal as against Rs 1,206.40 crore in the yearago quarter. The Profit after Tax is lower due to higher tax incidence at Mundra which is now out of tax holiday period, the company said adding, however, from a tax cash flow angle,
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there is no change (impact) as MAT credit of earlier years is available to the tune of Rs 2,700 crore, the company said in a statement. APSEZ Chief Executive Officer and Whole-Time Director Karan Adani said, “Operations in our port and logistic business continues to be robust. With our string of ports across India providing multi point access to India’s hinterland.” He said, “We expect our cargo volumes to grow as per our earlier guidance in FY18. Mundra port is on the verge of becoming the largest container handling port in India. We would continue to pursue our plans to expand our Logistic foot prints by adopting Asset light model. Our aim is to provide seamless hinterland connectivity for our customers across our ports.”–CB Report
Ports & Shipping
ghana port Authority focuses $370 million on growth WASHINGTON
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he Ghana Ports and Harbours Authority (GPHA) has awarded a US$370million 25-year concession for the development of the Port of Takoradi container and multi-purpose terminal. Ghanaian engineering Qirm IbisTek has agreed to develop the port to meet GPHA’s projected cargo growth estimates of up to 1 million TEU capacity. Various lending agencies led by the African Development Bank (AfDB) and the Ghana Infrastructure Investment Fund (GIIF) will invest in the project, which is expected to create over 2,000 direct and indirect jobs. The Port of Takoradi aims to become more competitive with other ports in the sub region and position itself as the gateway for development into the western parts of Ghana and play a pivotal role in its economic development. Nigeria’s Director General for its Maritime
Administration and Safety Agency (NIMASA) recently said that improving online portals is one of the measures needed to allow African ports to compete with Europe. Meanwhile, Freight traffic at Latvia based Free Port of Riga in January-July 2017 fell 5.8% on the same period of 2016 to 19,990,100 tonnes, the Port Authority said. The seven-month cargo volumes includes 7,365,200 tonnes (+5.1%), 3,549,800 tonnes of oil products (-
34.4%), 380,400 tonnes (+9.2%) of wood pellets. Handling of ore decreased by 13.4% and totaled 215,700 tonnes. Container throughput in the reporting period rose by 13.8% to 245,161 TEUs. Passengers traffic jumped by 45.4% to 484,151 people, including cruise ships passengers – 57,779 people (+ 33.1%). Riga, Latvia based Free Port of Riga lies on both banks of the River Daugava (Western Dvina).
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Shipping activity at port Qasim risk shipping was observed at the Port where six ship C.V Prosper, C.V MSC Meava, C.V Valencia, M.T Maran Gas Asciepius, M.T Snow Plops and M.T Pavino Spirit carrying containers, LNG, Chemicals and Furnace oil were arranged berthing at Qasim International Container Terminal, Engro Elengy Terminal, Engro Vopak Terminal and FOTCO Oil Terminal respectively on Sunday (August 14). Meanwhile three more ships Theofano Star. M.T Caspian Gas and M.T Genuine Galaxy with containers, Soya bean seeds, LPG and Palm oil arrived at outer anchorage of Port Qasim during last 24 24 hours. Berth occupancy remained at the Port at 63% on Sunday where a total of ten ships namely, Prosper, MSC Meava, MSC Valencia, Churban Sea, Star Planet White Purl, Maran Gas Asciepius, Snow Plops, Arpeggio and Pavino Spirit are currently occupying berths to load/offload Containers, Coal, Soya bean seeds, LNG, LPG, Chemicals, Palm oil and Furance respectively during last 24 hours. –CB Report
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port of LA on track for new record WASHINGTON
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ort of Los Angeles, the busiest port in the US, has had its best July in the port’s 110-year history, with container volumes climbing by 16% compared to July 2016 volumes to 796,804 TEUs. The port is now 9.5% ahead of 2016 figures, when the Port of Los Angeles handled a record-breaking 8.8 million TEUs. Seven months into 2017, port container volumes are July loaded imports increased 13% to 417,090 TEUs, while loaded exports rose 17% to 154,925 TEUs. Along with a 20% spike in empty containers, overall July container volumes were 796,804 TEUs. Previously, the strongest July in Port history was 2006, when 761,326 TEUs moved
through the port’s terminals. Through July, total 2017 cargo volumes are 5,279,352 TEUs, an increase of 9.5% compared to the same period in 2016. The Port of Los Angeles is North America’s leading seaport by container volume and cargo value, the Port of Los Angeles facilitated $272 billion in trade during 2016. Gene Seroka, Executive Director of the Port of Los Angeles, said: “As we strive to maintain our competitive edge with these record volumes, it’s important to acknowledge the Pacific Maritime Association and the good men and women of the International Longshore and Warehouse Union who just extended their contract with terminal operators until 2022. “The certainty that comes from this decision builds further longterm confidence in our supply
chain as we continue to focus on superior infrastructure, innovative leadership and extraordinary customer service.” Evergreen Line’s Ever Sigma container ship discharged the 9 millionth TEU to pass through the Port of Los Angeles in the span of 12 months, setting a new annual record for the most container throughput of any port in the western hemisphere. Meanwhile, Underscoring an upturn in container shipping global boxport volumes grew 6.7% in the first half of 2017, and forecast at 6% for the year as a whole by Alphaliner. Survey of over 250 ports by Alphaliner showed containers volumes grew 7.4% in the second quarter having registered 5.9% in Q1 giving an a first half average of 6.7%. “The momentum is expected to continue in the second
half, with the latest figures for July also showing very strong figures,” the analyst’s weekly report said. Alphaliner is forecasting full year growth of 6%, the highest since 2011. South Asia reported the highest rate of throughput growth in the first half with 9.3%, while the key areas of the US and China posted growth rates of 8.2% and 8.4% respectively. In the top 20 largest ports Chinese ports registered the highest growth rates the first half of the year with Ningbo-Zhoushan growing at 14.4% to 12.4m teu, Guangzhou at 11.7% to 9.6m teu, and Hong Kong 10.5% to 10.2m teu. Only two ports in the top 20 registered a drop in volumes in H1 2017 with the Malaysian ports of Klang and Tanjung Pelepas seeing falls of 3.1% (6.3m teu) and 4% to 4.1m teu respectively.
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E&P companies drilled 373 wells in four years Friday August 25, 2017
Business
ISLAMABAD: Oil and Gas Exploration and Production (E&P) companies operating in different parts of the country drilled 179 exploratory and 194 appraisal wells during the last four years. “The companies drilled overall 1,073,283 meters as compared to 706,116 meters in corresponding period of the previous government, which is 52 per cent higher. The drills resulted in 101 new oil and gas discoveries,” official. Answering a question, they said the government so far added over 944 million cubic feet per day (mmcfd) gas and 32,343 bpd oil in the transmission network across the country through indigenous resources.
Dar reviews external account position ISLAMABAD
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inance Minister, Senator Mohammad Ishaq Dar, chaired a meeting at the Ministry of Finance to review the external account position, including the current account, trade account, exports, imports, remittances and Qinancing. The meeting was attended by Minister for Commerce, Mohammad Pervaiz Malik, Finance Secretary, Secretary Commerce, Secretary Textile Industry and senior ofQicials of the Ministries of Finance, Commerce, Textile Industry, as well as the State Bank of Pakistan, said in statement issued by Ministry of Fi-
cNg sector expects strong rebound LAHORE
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nance here. The Finance Secretary gave a brieQing to the meeting and explained that the recent increase in the current account deQicit was largely driven by a sharp increase in imports of machinery for power generation, textile construction and import of petroleum products.
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ditions, energy shortages for industrial and agriculture sectors, and reduced availability of exportable surplus. The Finance Secretary informed that, due to improvement in the global economic outlook, uninterrupted supply of electricity and gas to industrial sector and increased output, the export decline had begun to bottom out as exports during Jan-June 2017 registered a growth of 0.52% compared to the same period last year. He highlighted that exports in July 2017 posted a healthy growth of 10.5% compared to July 2016. He also highlighted that workers’ remittances, which had remained stagnant due to global conditions, have shown an impressive growth of 16% in July 2017 compared to July 2016.
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niversity of Agriculture Faisalabad (UAF) Pro-Vice Chancellor Prof Dr Muhammad Iqbal Zafar has said that banks are playing a pivotal role in the development of economy and to facilitate public about finance keeping and safe transfer of money. He was talking to delegates of a Memorandum of Understanding (MoU) between Muslim Commercial Bank (MCB) UAF Branch and UAF at the bank square of varsity. He urged the banks to provide state-of-the-art facility for the students that will help in promotion of the education. He directed the UAF administrative to provide all assistance to the banks in the smooth running at the campus. He said that banks role in the promotion of agriculture sector needs to be boosted up. He said the UAF had introduced online mechanism for the admission and fees. He said that banks should introduce schemes for students so that they could submit fee from their native towns. Registrar Muhammad Hussain, Treasurer Umer Saeed, Director Internal Audit Rana Muhammad Khalid, MCB Regional Chief Irfan, and MCB Manager Muhammad Adeel were present on the occasion.
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NAB karachi arrests culprits involved in depriving people of Rs.786m
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he All Pakistan Compressed Natural Gas Association (APCNGA) expressed confidence on Tuesday in a strong revival of the CNG sector on the back of increased liquefied natural gas (LNG) imports in the next two years. “Around 3,200 CNG stations were operating in 2012 when natural gas supply to the outlets was stopped due to scarcity of the commodity,” the association’s leader Ghiyas Abdullah Paracha said.
He said that these were healthy imports which will increase the production capacity of the economy, and enable higher growth and exports in the future. He also stated that the decline in exports in the last few years was mainly due to global economic con-
‘Banks playing vital role in development of economy’
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ational Accountability Bureau (NAB Karachi) here on Monday arrested accused Ali Raza, proprietor of M/s AM Enterprises and Talal Asghar proprietor of M/s NTF Traders, alongwith their abettors, under Reference No. 34/2016. Both the accused were arrested following series of raids in varied parts of the metropolis and placed under judicial custody for deceiving people in general of Rs. 786 mil-
lion, said a statement issued by the NAB – Karachi ofQice. According to available details accused Abdullah and Mohsin Abidi were also arrested under the same case from remits of I.I. Chundrigar road and Hassan square. They have been charged as agents of the said Ponzi scheme working in active connivance with accused Ali Raza and Talal Asghar whereby they lured the innocent members of public, separately and jointly, to invest in their companies on the promise of high returns of profits under the garb of
legal investment. Whereas, the said business was actually carried out to cheat public at large by fraud, accused Abdullah and Mohsin Abidi were cited to lure more than 40 unassuming investors and received illegal proceeds of approximately Rs. 6 million as commissions out of investors’ money. The arrested accused would be produced before Accountability Court Karachi for physical remand, said the ofQicials mentioning that those apprehended have also disclosed several other names as their abettors in the crime.
cDwp approves 13 uplift projects worth Rs12.3b ISLAMABAD
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he Central Development Working Party (CDWP) has approved 13 development projects at an estimated cost of Rs12.3 billion and recommended two projects, worth Rs 25.4 billion, to the ECNEC for approval. The CDWP in a meeting chaired by Planning Commission Deputy
Chairman Sartaj Aziz approved/cleared 15 projects worth Rs 37.7 billion. The forum formally approved 13 projects with a total cost of Rs12.3 billion. The CDWP also recommended to the Executive Committee of the National Economic Council (Ecnec) to approve three more projects worth Rs25.4 billion. The meeting also gave clearance to the position paper of Rs892.5 million for the project for establishment of Pakistan Glacier Monitoring Net-
work proposed by the Water and Power Division and concept clearance of Rs15.750 billion technical study to assess the commercial potential of coal in Harnai, Balochistan. The CDWP recommended the Ecnec to approve Rs19.5 billion project of the Khyber Pakhtunkhwa government for rehabilitation of provincial roads under an ADB funded programme. The provincial government would meet partial funding requirements through its
own annual development plan. The CDWP also referred to the Ecnec Rs5.857 billion worth of project of Defence Production Division for infrastructure upgradation of Karachi Shipyard & Engineering Works. The project is expected to be completed in 36 months and help underwater repair of ships and submarines and rehabilitation of two dry docks. The project is also expected to improve security and control system and underwater sur-
veillance technology. In the energy sector, the CDWP approved Rs835.9 million project for detailed exploration of uranium resources in Bannu Basin and Kohat Plateau Phase-III. The project will also involve a foreign exchange component of Rs165 million. The project is aimed at detailed examination of uranium resources by Pakistan Atomic Energy Commission in the areas of Kaisur and Marwat ranges of Bannu and Kohat.
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Iran-China H1 trade up 31% to $18 bln TEHRAN: China has traditionally been Iran’s biggest trading partner. The Joint Comprehensive Plan of Action, the official name of the nuclear deal Iran signed with world powers, including China, in 2015, gave a further boost to bilateral economic relations. Bilateral trade grew 31% during the first half of 2017 compared with last year’s corresponding period to reach $18 billion, Iran-China Chamber of Commerce cited data from Chinese customs department. According to the report, China’s exports to Iran saw a 23% year-on-year increase during the period, rising from $7.2 billion to $8.8 billion. Iran’s exports to China rose from $6.5 billion to $9.2 billion, registering a year-on-year increase of 40%. Oil was the main commodity exported by the Islamic Republic to the Republic of China. China is the top importer of Iranian oil and nonoil commodities.
RccI president meeting with mushaid Hussain ISLAMABAD
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Friday August 25, 2017
Chambers
punjab govt invites business community to invest in forestry sector
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hairman Parliamentary Committee on China-Pakistan Economic Corridor (CPEC) Senator Mushahid Hussain Syed has said CPEC is a unique opportunity to integrate with regional economies and Pakistan will become a hub of trade and manufacturing. He said all the stakeholders in the country are committed to ensure timely completion of CPEC projects. He was talking to Raja Amer Iqbal President Rawalpindi Chamber of Commerce and Industry (RCCI) who called on him in his office yesterday. He lauded the RCCI efforts in promoting business activities in the countries through exhibitions and exchange of trade delegations. He assured full support of his department to provide
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assistance and information related to CPEC. He urged on chambers and business community to come forward and play their due role in the completion of industrial zones under CPEC. Raja Amer Iqbal on this occasion said that RCCI in collaboration with Overseas Chinese Association of Pakistan (OCAP) is going to organize three day international conference on CPEC in Beijing China this year. The major aim of this conference was to promote business ties and to seek opportunities for joint ventures. Business to Business (B2B) meetings will be held on the sidelines of this conference, he added. More than 200 business delegates representing different sectors from China will be participating in the conference along with 100 delegates from Pakistan. Raja Amer Iqbal also briefed him on RCCI current and future programs.
IccI demands special incentives for cepc SeZs
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he South Punjab Forest Company (SPFC) has invited the business community to explore investment opportunities in forestry sector in South Punjab, that offered one of the highest returns to the prospective investors. This was said by HaQiz Muhammad Owais, Director (Operations) SPFC while giving a detailed presentation on investment opportunities in afforestation in South Punjab. He said Punjab Government has earmarked over 99,000 acres of land for afforestation and range management in 5 districts of Punjab i.e. Bahawalpur, Rahim Yar Khan, Rajanpur, Muzaffargarh and D.G. Khan. He said SPFC would support the investors in obtaining sanctioned canal water from the Irrigation Department. He said the investment in this sector would curb deforestation in Punjab and promote sustainable economic development of the country. He said business community should take full advantage of these lucrative investment opportunities
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resident, Islamabad Chamber of Commerce and Industry (ICCI) Khalid Iqbal Malik Saturday called upon the government to offer special incentives and dedicate space to young entrepreneurs for investing in China Pakistan Economic Corridor (CPEC) Special Economic Zones (SEZs), so that they could set up business ventures and industrial units in these Zones and play effective role in the economic development of the country. He said in a statement issued by ICCI here. He said government should also focus on making new policies for fostering youth entrepreneurship in order to reduce unemployment and poverty in the
by investing in forestry sector and thus contribute to promote the cause of grow green to earn green. Speaking at the occasion, Khalid Malik, Senior Vice President, Islamabad Chamber of Commerce and Industry said that forest area in Pakistan has gone down from 3.3 percent of total area in 1990 to just 1.9 percent of total area in 2015, which was alarming. In comparison forest area was 22 percent of total area in China and 23 percent in India. He said the depleting
country. He was addressing Youth Business Development Association of Pakistan (YBDAP) that visited ICCI led by its President Raja Waqas Janjua. Khalid Iqbal Malik said that Pakistan was a country of young population and government should create enabling environment to facilitate and engage youth in entrepreneurial activities. He said if properly groomed and engaged into productive activities, youth could turn into a huge economic dividend for the country, but if left unattended, it could become a burden on the economy. He advised youngsters to carve their career in business field for becoming job creators instead of job seekers and assured that ICCI would guide and mentor them for becoming successful entrepre-
forest cover in Pakistan showed that our country was heading towards serious deforestation phenomenon that would entail harmful consequences for the overall economy. He stressed that government should formulate new policies and offer attractive incentives to investors for investment in forestry sector. He appreciated the initiative of Punjab Government for establishing South Punjab Forest Company to work for promoting public and private sector investments in the
neurs. Senior Vice President, ICCI Khalid Malik, said that youth was an asset and future of Pakistan and whatever business they wanted to adopt, they should always work with honesty and commitment for achieving success in life. President, Youth Business Development Association of Pakistan Raja Waqas Janjua said that YBDA was established to work for youth empowerment by creating opportunities for them in business field. He said that youth was the backbone of the country and his Association would focus on engaging them in business ventures so that they could play productive role in the economic development of the nation. He said his Association would keep close liaison with ICCI for exploiting youth talent in the best interest of the country.
forestry sector so that deforestation could be reduced in Punjab. He was optimistic that the private sector would take beneQit of the incentives being offered by the Punjab Government for investment in forestry sector. He assured that ICCI would play role for highlighting the package of Punjab Government for afforestation in South Punjab so that forest cover in the province could be further enhanced to ensure healthy and sustainable eco system for economic activities.
LccI, SccI to jointly promote trade, industries he Lahore Chamber of Commerce & Industry (LCCI) and Sialkot Chamber of Commerce & Industry (SCCI) on Saturday agreed to make joint efforts for promotion of trade and industry. The decision was made at a meeting held here between LCCI Acting President Amjad Ali Jawa, Vice President Nasir Hameed Khan and the delegation of Sialkot CCI led by Zaeem Rana, the SCCI Executive Committee Member and Chairman Standing Committee on Martial Arts & Fitness. Other members of the delegation Ijaz Ghouri, Muhammad Akhtar and Aashir Elahi also spoke on the occasion. It was also agreed that both the chambers would evolve a unified strategy on the issues of common interests. –CB Report
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Faisalabad ASO impounds non duty paid Toyota car FAISALABAD: The Customs Anti Smuggling Organization (ASO) has impounded a smuggled Toyota Crown car worth Rs 25,00,000 involving duty tax Rs15,00,000. Sources told Customs Today, that in pursuance of information the ASO team intercepted a used Toyota Crown car bearing registration number BEN-027 model 2004 in white colour near Kohinoor city. The ASO team asked the driver Adnan Amjad son of Rana Amjad to produce legal documents regarding possession of the vehicle, but the driver failed to produce any legal documents.
Friday, August 25, 2017
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Quetta customs seizes smuggled goods worth Rs7.9 million HYDERABAD ASLAm ANJUm QUReSHI www.customsbulletin.com
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ustoms Intelligence and Investigations Quetta expedited their efforts to curb smuggling. The Collectorate seized smuggled items worth Rs7.9 million in first 15 days of August, which included Iranian diesel, Iranian juices, large number of non duty paid mobile phones, electronics items, fake number plates and different other things. Sources told Customs Today that Deputy Collector Customs Preventive Junaid Mehmood received credible information that some smugglers are trying to smuggle black plastic dana to Afghanistan. He immediately constituted a raiding team. The team enhanced vigilance in the area of Mastung and started searching operation of vehicles, after some time the team intercepted the truck bearing registration number KL-3726. During checking, custom officer recovered 200 packets of black plastic dana. The team seized all packets. The market value of seized plastic dana is Rs 3.5 million. Sources told that during an-
other crackdown the Customs Quetta team seized two non customs paid luxury vehicles. The
team raided in factory located in Highway Road, during different operations and recovered two Jape-
nese origin luxury vehicles. The customs team also arrested two persons of factory. The market
value of luxury vehicle is Rs3.8 millon. Sources said this is the ninth raid in the month of August.
Nowshera ASo seizes smuggled black tea, foreign origin fabrics NOSHERA
tARIQ DeRYA
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he Anti Smuggling Organization (ASO) mobiles squad seized 459 kilogram of smuggled black tea and 13526 yards of foreign origin fabric till 14th of August Financial Year (FY) 2017-18 along with three offending vehicles (vehicles use for carrying smuggled goods). The ASO Nowshera made 7 seizures against smuggled goods
during 2nd week of August Fiscal Year 2017-18. According to details told by Zakir Muhammad that performance of ASO Nowshera was satisfactory during the above said period he said that ASO Nowshera made seven seizures during 7 to 14th of August FY17-18, adding that during Qirst seizer the ASO Nowshera seized 207 kilogram of tea in worth of Rs.0.285 million while during 2nd seizer it seized 4815 kilogram of smuggled Qine quality fabric along with offending vehicles Suzuki Pickup worth Rs.3.368 million. He said that during 3rd seizers ASO Nowshera seized 252 yards of cloth
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).
and 252 kilograms of black tea worth Rs.0.238 million. He said that that during 4th seizer the ASO seized 2967 yards of foreign origin fabric along with offending vehicles Datsun worth Rs2.11 million. He said that from 5th seizer the ASO Nowshera seized 592 kilograms of fabric worth of Rs0.22 million while during 6th seizer the ASO seized 1162 yards of foreign origin smuggled fabric worth Rs.4.168 million as for as during 7th seizer the ASO Nowshera seized 3705 yards of smuggled fabric along with offending vehicle Honda car in worth Rs.5.96 million during 07 to 14th of August FY2017-18.