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PakISTaN’S fIRST INDEPTh NEwSPaPER ON CUSTOMS

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Vol 1 Issue No. 291

Karachi, Wed February 10, 2016

ISLAMABAD

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ederal Board of Revenue (FBR) has started collecting super tax from the companies, which have not been granted stay order by the courts. The official sources said that high courts, in certain cases, have allowed FBR to recover super tax. The country’s top revenue au-

thority has already filed the CPLA with the Supreme Court through the office of the Attorney General of Pakistan against the judgement of Sindh High Court. The SHC had allowed taxpayers to file their returns manually and directed FBR not to collect the amount of super tax from the companies, which have been granted stay order.

Through the Finance Act, 2015 a new section 4B was introduced in In-

Price Rs. 14.00

come Tax Ordinance, which allows FBR to impose super tax on the income of individuals, association of persons and companies who are earning income of Rs 500 million or above in Tax Year 2015. The super tax was imposed irrespective of the quantum of income for banking companies and will be charged at the rate of 4 percent for banking companies and at a rate of 3 percent for persons other than banking companies.

Syed Tanveer assumes charge as Director General Customs Valuation

Faisalabad Chief Commissioner Shad assures traders of co-op on tax issues

Philip Barton pays farewell call on Finance Minister Ishaq Dar

Faisalabad ASO seizes 420kg of cumin seeds

KCCI’s recommendation will be thoroughly discussed: Qaiser Sheikh

FBR notification, SyedTanveer an officer of PCS/BS-21 has assumed the charge as DG | SEE PagE 02 |

FBR delegation, led by Commissioner-IR Shad has called on the local business city | SEE PagE 03 |

British High Commissioner, Philip Barton paid a farewell call on Finance Minister, Dar | SEE PagE 04 |

The Customs ASO has confiscated 420 kilogram of foreign origin cumin | SEE PagE 12 |

NA Standing Committee on Finance, Revenue, Economic Affairs, Statistics | SEE PagE 09 |

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2.6m wheat bags worth Rs 8.5b yet to be sold Wednesday, February 10, 2016

SIALKOT: The Food Department purchased 4925,000 bags of wheat worth Rs16 billion at the rate of Rs1,300 per 40 kg from farmers in Gujranwala Division during harvest season 2015.

However, according to the official sources, the department could not achieve the target set for the wheat sale. The food department sold only 2320,000 bags of wheat worth Rs7.5 billion, and 2,605,000 wheat bags worth Rs8.5 billion are yet to be sold.

Flour Mills Association Punjab Vice President Gohar Saeed has said that the flourmills are buying wheat as per their demand.

National

Syed Tanveer ahmed assumes charge as Customs Valuation director general

faisalabad RTO’s Zone-I collects Rs 540 million in January FAISALABAD

NaEEM ShEIkh

KARACHI

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n pursuance of the Federal Board of Revenue FBR notiPication, Syed Tanveer Ahmed, an ofPicer of PCS/BS-21 has assumed the charge as Director General of the Customs Valuation.

According to details, in pursuance of the board’s notiPication, Syed Tanveer Ahmed has relinquished the charge of his earlier posting and assumed the charge as Director General, Directorate General of Customs Valuation, Karachi.

Meanwhile, The Directorate General of the Customs Valuation has determined the value of Maximum Density Fiberboard (MDF) and its value added products vide Valuation Ruling No 815/2016.

According to details, the Karachi Chamber of Commerce and Industry demanded downward revision of the customs value in view of the decreasing prices at international level. The importers of MDF from Sri Lanka also joined the chorus, saying that they were not given a level playing Pield. On the other hand, local manufacturers including Al-Noor Sugar Mills (Private) Limited and Peshawar Particle Board opposed the plea on the ground that the MDF, despite a high value item is being cleared on the value of raw MDF, through gross mis-declaration as no

he Regional Tax Office’s (RTO) Zone-I has collected Rs 540 million under the heads of different taxes during January, 2016.

Talking to Customs Today, Zone-I Commissioner Muhammad Azam Sheikh said his department has collected Rs 525.78 million under the head of sales taxes. He elaborated that unit-I generated Rs 203.63 million, unit-II collected Rs 110.19 and the unit-III has collected Rs 211.96 million. The units are subordinates to the zone.

He further said that his zone has collected Rs 14.8 million in the wake of federal excise duty. The unit-I collected Rs 14.77 million, unit-II collected no FED, while the unit-III collected Rs 30,000 during the said period. Sheikh said that the Faisalabad RTO was striving to recover taxes in order to meet the target, adding that he was optimistic to not only achieve the target but also for surpassing it.

Sheikh said that the Faisalabad RTO was striving to recover taxes in order to meet the target, adding that he was optimistic to not only achieve the target but also for surpassing it.

value is Pixed for the value added products. According to Valuation Ruling, MDF and various value added products from different origins, including Sri Lanka, Malaysia, Indonesia Thailand, China, Vietnam, New Zealand and Turkey, are as under: MDF Fiber Board — 2.2 mm to

3 mm $0.306/kg or 255 CBM, MDF 3.01 mm to 6 mm $0.333/Kg or 279 CBM, MDF 6.01 mm to 9 mm $0.300/kg or 239 CBM, MDF10 mm to 14.9 mm $0.300/kg or 235 CBM. Moreover, the value of MDF (UV) 2.2 mm to 3 mm was determined at $1.597/kg or 1430 CBM, Acrylic (2.2

mm to 3 mm) $3.141 or 2814 CBM, Embossed (2.2 mm to 3 mm) $4.376/kg or 3920 CBM , Aluminum (2.2 mm to 3 mm) US $ 2.606/kg or 2334 CBM and Melamine (2.2 mm to 3 mm) $0.367/kg or 306 CBM so on and so forth depending on the thickness of the board up to 14.9 mm.

aSO confiscates Rs 21m worth of smuggled vehicles, goods in Jan

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LAHORE

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he Anti-Smuggling Organization of the Customs Preventive has seized smuggled non-duty paid vehicles, including cars, auto parts, cloth and other miscellaneous goods amounting to Rs 21.652 million during the month of January 2016. As per details, the seized vehicles include Toyota Camry Car, Honda Accord Car, Toyota Coaster

Coach, Toyota Vitz Car and Toyota Land Cruiser. Cases valuing Rs 273.49 million have been made during the period July, 2015 to January, 2016 whereas cases valuing Rs 235.578 million were registered during the corresponding period of the last year (2014-15).

On the directions of the Collector of Customs Preventive, the ASO team comprising of Assistant Collector Dr. Muhammad Adnan Khan, Superintendent Munawar Ahmad Khan, Deputy Superintendents Saeed

Akhtar Joiya, Saleem Akhtar and Ejaz Rasool Shah; Gulzar Hussain Bhati, Muhammad Khalid But, Amjad Khan, Abdul Ghaffar, Ghulam Hussain Kalas, Shahid Khan, Sajjad Hussain Bukhari, Abdul Hameed Bhatti, Tariq Baig, Muhammad Arif and Asif Nawaz Inspectors have started crackdowns against smugglers. Meanwhile, Customs Preventive Anti-Smuggling Organization has seized Pive vehicles worth million of rupees, ofPicial sources told Customs Today here. According to details, on the information

of Collector of Customs ZulPiqar Younis, the ASO team led by Assistant Commissioner Dr Adnan intercepted non-customs paid vehicles including one BMW model 2000, Mistubishi Intercooler two Pajeros, one Toyota Corolla, one Vitz and Toyota Surf1995. The sources said that total value of the seized non customs paid vehicles has been estimated at Rs 10 millions. These vehicles were seized from various places in Punjab including Faizpur Interchange, Muslim Town, Garden Town Railways Station

and Thokar Niaz Baig. ASO Superintendent Munawar Khan, Deputy Superintendent Saeed Joya, Inspector Sajjad Bukahri and others were the part of the ASO team. Meanwhile, Customs Preventive Anti Smuggling Organization (ASO) seizes huge quantity of smuggled electronics items worth Rs 6.5 million during a raiding on a shop located at Hall Road. Sources informed Customs Today that customs authorities received credible information that some smuggled items were stored in a godown at Hall Road.

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Punjab govt decides not to impose duty on potato export LAHORE: Punjab Agriculture Minister Furrukh Javed has said that the Punjab government has not imposed duty on export of potato to facilitate exporters. He said that Pakistan is producing good quality of potato and it has high demand in the world as compare to demand of Indian potato. He said that Punjab is exporting potato to Sir Lanka and Malaysia and is planning to start exporting to Russia this month. Talking to Customs Today, Furrukh Javed said that Punjab will produce 0.3 million tonnes of potato this year which is 3.5 percent higher then previous year. He said farmers could get proper return for their hard work and exporters will be facilitated by not imposing duty to boost potato exports.

PRaL Board approves sale of vehicles, waste stores

Wednesday February 10, 2016

National

Chief Commissioner Shad assures traders of cooperation on tax issues

ISLAMABAD

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akistan Revenue Automation Private Limited (PRAL) Board approved the sale of off-road vehicles and waste stores in Islamabad, Lahore and Karachi. Sources informed Customs Today that Chairman Federal Board of Revenue Nisar Mohammad Khan approved the sale of these vehicles and waste stores during a meeting which was held in Karachi. The meeting approved the sales of a waste store in Islamabad in Rs 12,80,000. While two vehicles of PRAL a Suzuki Khyber bearing registeration No. LXN-2716 in Rs 3,12,800 and a Suzuki Mehran which belongs to Islamabad and bearing registeration No. IDJ-2537 in Rs 3,16,512, Suzuki Margalla.

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RTO-II recovers Rs 87,103 million revenue in January KARACHI

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he Regional Tax Office two (RTOII) has collected Rs 87,103 million revenue in the month of January in current fiscal year.

Talking to Customs Today, Additional Commissioner RTO-II, Mushtaq Ahmad Khan said that his department has collected Rs 85,902 million revenue under the head of income tax whereas and Rs 1,150 million as sales tax. Answering a question, he said that the department has recovered Rs 86,501 million in December.

This shows that RTO-II has successfully collected Rs 602 million revenue more than the previous month.

He said that all RTOs are working hard to recover tax dues as the deadline for submission of income tax returns is approaching fast. Tax payers are submitting their tax return manually or online.

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Federal Board of Revenue delegation, led by Chief Commissioner-IR Shad Muhammad, has called on the local business community of the industrial city and assured them of full cooperation and guidance in return Piling, payment of tax, etc.

The interactive session on Voluntary Tax Compliance Scheme (2016) was held at Faisalabad Chamber of Commerce & Industry (FCCI), where the RTO team comprising Commissioner-IR (Zone-II) Dr Muhammad Akram Khan, Commissioner-IR (BTB) Ahsan Raza, Additional Commissioner (HQ) Sajjad Amjad and ofPicers/members of taxpayers’ facilitation teams cleared the the traders’ reservations on the tax amnesty scheme.

Members of the FCCI as well as representatives of various trade associations were also present on the occasion. In his welcome address, FCCI President Chaudhary Muhammad Nawaz highlighted the signiPicance for this interaction in view of need for further clarity on various aspects of the scheme. Additional Commissioner Sajjad Amjad gave a comprehensive presentation on salient features of the scheme. The presentation was followed by question & answer session wherein speciPic queries of the members of FCCI and trade associations were addressed by the

Chief Commissioner and his team.

The session was highly useful as it addressed various ambiguities and misgivings about the scheme on part of the participants from traders’ side.

It was resolved that further interaction on the matter will continue at association level so that maximum number of taxpayers can Pile returns and pay tax under the scheme. Meanwhile, The Regional Tax OfPice’s (RTO) Zone-I has collected Rs 540 million under the heads of different

additional Commissioner Sajjad amjad gave a comprehensive presentation on salient features of the scheme. The presentation was followed by question & answer session wherein specific queries of the members of fCCI and trade associations were addressed by the Chief Commissioner and his team

Businessmen urge govt to simplify tax regime LAHORE

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usinessmen and traders have said that tax regime in Pakistan is complicated with multiple tax rates as taxpayers are paying almost 10 different taxes in addition to many indirect taxes.

They said that we want to pay

tax, but high taxes and difPicult tax system is the main hurdle in better tax compliance.

They said government should simplify tax system and introduce single digit sales tax rate in order to attract more taxpayers into the tax net. Meanwhile, Chas Roy Chaudhry, ACCA’s Head of Global Taxation, Arif Masud Mirza Regional Head of Policy MENASA ACCA Hammad Siddiqui Acting Country Director Centre for International Private Enterprise (CIPE), Muhammad Yasir

Technical Advisor Tax Compliance FBR and others also addressed the meeting and urged the government to simplify tax system.

The meeting highlighted that after the passage of 18th amendment to the constitution, three provinces except for Baluchistan, have established their own tax authorities for collection of sales tax on services, however, the issues like overlapping between federal and provincial tax authorities and double taxation is creating problems for taxpayers.

taxes during January, 2016. Talking to Customs Today, Zone-I Commissioner Muhammad Azam Sheikh said his department has collected Rs 525.78 million under the head of sales taxes. He elaborated that unit-I generated Rs 203.63 million, unit-II collected Rs 110.19 and the unit-III has collected Rs 211.96 million. The units are subordinates to the zone.

He further said that his zone has collected Rs 14.8 million in the wake of federal excise duty.

IhC postpones hearing of tax references he Islamabad High Court (IHC) has adjourned the hearing of tax references involving officers of the Large Taxpayers Unit (LTU) and Regional Tax Office (RTO).

A division bench of the IHC comprising Justice Noor Ul Haq N Qureshi and Justice Athar Minallah heard one sales tax and seven income tax cases.

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Ministry proposes 58 projects worth Rs 3.15b for next year Wednesday, February 10, 2016

Business

ISLAMABAD: The government will carry out as many as 58 projects worth Rs 3.15 billion proposed by the Ministry of Science and Technology under Public Sector Development Programme (PSDP) for next fiscal year 2016-17. According to the ministry, Rs 2.253 billion was proposed against 34 ongoing projects including Rs 1.629 billion proposed against 18 ongoing projects carried over from PSDP 2015-16, while Rs 624.157 million proposed against 16 projects already approved projects not included in PSDP 2015-16. It was revealed that the government earmarked Rs 1.51 billion under the PSDP for 2015-16 against 32 projects and released only Rs 338.669 million.

Bears occupy PSX by snatching 262pts traded sector with 17,780,200 volume, while transport sector remained second with 17,775,000 volume. The three top traded companies were P.I.A.C (A) with a volume of 15,123,000 and price per share of 8.60, Jah. Sidd. Co with a volume 11,861,500 of price per share of 21.02, and Pace (Pak) Ltd with a volume 10,211,000 of price per share of 7.03. The top three gainers were Atlas Honda Limited with price per share 390, AKD Capital with price per share of 184.91 and Permier Suger price per share of 186.49.

The top three losers were Service Industries Limited with price per share of 865.01, Ferozsons Lab with price per share of 972.51 and Shehzan Inter price per share of 562.

KARACHI

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he bearish trend observed today (Tuesday), as Pakistan Stock Exchange (PSX) lost 262.08 points to reach 32444.20 points level at closing.

The stocks recorded the highest trading level of 32717.41 points and lowest level of 32421.02 points, with the volume of 91,628,370 shares, having about Rs 6,637,233,746 value. As many as 310 companies were active; of which 89 advanced, 210 declined and 11 remained unchanged.

Commercial banks were the top

Philip Barton pays farewell call on Dar ISLAMABAD

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ritish High Commissioner, Philip Barton paid a farewell call on Finance Minister, Ishaq Dar here on Monday. Minister Dar on this occasion appreciated the High Commissioner’s contribution for fostering Pak-UK relations during his tenure and made special mention of the growth in bilateral economic cooperation. Philip Barton said that encouraged by the economic turnaround achieved by it, more and more investors were now prepared to explore business opportunities in Pakistan.

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Pakistan offers ideal business opportunity to telecom sector: PM ISLAMABAD

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rime Minister Muhammad Nawaz Sharif has said that international business community’s conPidence to invest in Pakistan has been restored due to the incentives-based transparent policies of the government. The Prime Minister said this while meeting Jean Yves Charlier, CEO – VimpelCom who called on him at PM House. The Prime Minister said that the government’s

clear policies have especially revolutionized the Telecom sector and successful launch of 3-G and 4-G in the recent past is a testimony to this. We are encouraging the telecom companies to expand their outreach to farPlung areas of the country so that majority of the masses benePit from the technology, added the Prime Minister.

The Prime Minister said that Pakistan offers an ideal environment for telecom sector as the country has one of the largest cellular phone subscribers. Our government believes in open and transparent business policies so that both local and foreign in-

vestors are further motivated to explore the business opportunities in Pakistan. Terming the Telecom industry of Pakistan promising and vibrant, Jean Yves Charlier appreciated the business friendly policies of the present government. The CEO VimpelCom said that teledensity in Pakistan is one of the highest in the region, which makes the country one of the favourite destinations for foreign investors. The meeting was also attended by Anusha Rehman Khan, Minister of State for Information Technology and other senior government ofPicials.

PIa flights operations pick momentum amid protests ISLAMABAD

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he flight operations of Pakistan International Airlines (PIA) has further picked up momentum as 17 flights took off from their destinations despite continous protests by the employees of national-flag carrier against its proposed privatisation. However, the Joint Action Committee (JAC) of PIA has claimed that it allowed partial flight operation just for Umrah pilgrims. The missing protesters have also returned and joined the protests.

On the other hand, Prime Minister Nawaz Sharif reiterated that the government would not show any flexibility toward the protesters unless they call off strike unconditionally. PIA spokesman Daniyal Gilani said that a warning letter about the application of the Pakistan Essential Services (Maintenance) Act, 1952, was delivered to striking employees to make them aware that their strike was illegal. He said that 17 flights including domestic and Umrah flights were operated on Monday. The airline operated three domestic and 14 international flights, 10 of them for the Umrah pilgrims. PIA operates 120 domestic and international flights from the countrywide airports on daily basis.

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SMEDa compiles recommendations for Citrus Development Board LAHORE

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mall and Medium Enterprises Development Authority (SMEDA) has compiled recommendations for creation of Citrus Development Board (CDB) to enhance exports of Kinnow (citrus fruit) from Pakistan.

SMEDA Chief Executive OfPicer Muhammad Alamgir Chaudhry told

media here that Prime Minister had formed a high-level Committee on development of Citrus sector with SMEDA as a member.

He said, the committee, during its last meeting held in Ministry of National Food Security, had tasked the SMEDA to interact with stakeholders of Citrus sector to formulate viable recommendations for establishment of the proposed Citrus Development Board. Consequently, he added, a meeting with stake-

holders of citrus sector was held at Zahid Kinnow factory, Bhalwal, which was attended by representatives of growers, exporters, processors, research institutes and the related government departments.

Alamgir Chaudhry said that stakeholders were grateful to the Prime Minister Muhammad Nawaz Sharif for taking interest in development of Citrus sector, and were conPident that creation of Citrus Development Board would help overcome the

barriers hindering increase in exports of Pakistani Kinnow from Pakistan. The CEO said that Pakistan was exporting Kinnow worth USD 192 million every year, which was 1.5 percent of the total Citrus trade in the world. He said that a target of capturing Pive percent share from the total world Citrus Trade for Pakistan had been set for next Pive year, which would raise exports of Pakistani Kinnow from USD 192 million to USD 600 million per anum. The

CEO said that SMEDA had completed its recommendations for development of Citrus sector, which would be taken up with the Committee in its next meeting. He said that recommendations included various initiatives for capacity building, marketing, Pinancing and international certiPication of Citrus sector besides production of seedless Kinnow and creation of the Citrus Development Board for implementation of the development proposals.

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Wednesday, February 10, 2016

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KARACHI afTaB ChaNNa aND M faIZaN www.customsbulletin.com

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he National Counter Terrorism Authority and the Federal Board of Revenue are all set to establish a Joint Intelligence Directorate to counter the terrorism and related activities.

In this regard, the FBR has asked the Collectors/Directors to nominate three customs ofPicers for establishing a joint intelligence directorate (JID) envisioned under NACTA Act, 2013 and Section 47 of National Internal Security Policy (NISP 2014-18).

The Joint Intelligence Directorate will serve as a coordination platform for information exchange between NACTA and Pakistan Customs with a view to achieve the common objective of countering terrorism and allied activities in the country.

It will consist of 30 desks one of which will be headed by a BS-18 ofPicer of Pakistan Customs, preferably having experience of serving in Directorate General Intelligence and Investigation, FBR, who will primary serve as conduit of information exchange between NACTA and Pakistan Customs.

The FBR asked Customs directorate to nominate such ofPicers of Pakistan Customs Service (PCS) BS-18 who are interested in the position and have relevant qualiPication and experience should be forwarded to FBR, along

with their CVs at the earliest.

Meanwhile, Federal Board of Revenue (FBR) chairman approved (Pixed incentive) monthly allowance to all employees from grade-1 to grade-11. After this approval all FBR employees from grade-1 to grade-22 will be entitled to get Pixed incentives.

Sources told Customs Today that according to new break-up of monthly incentives an employee of grade-1 will get Rs 1500, employee of grade-II will get Rs 1800, employee of grade-III will get 2100, grade-IV 2400, grade-V 2700, grade-VI 3000, grade-VII 3300, grade-VIII 3600, grade-XI 3900, grade-X 4200, grade-11 4500, grade-12 4800, grade-13 5100, grade-14 5400, grade-15 5700, grade-16 6000, grade-17 6500, grade-18 7000, grade-18 7000, grade-19 7500, grade-20 8000, grade 21, 10,000 grade-22 12000.

Sources said that FBR seeks revenue federal Pinance ministry for these incentives.

Sources said that Rs 122 million will be required for FBR headquarters employees and Rs 485 million will be spend on the incentives of customs employees while Rs 778 million will be required for inland revenue department employees.

Sources said that FBR Chairman Nisar Mohammad Khan said that FBR will take every possible measure to encourage its workforce through awards and incentives. According to FBR Act 2007 section 4(1)f chairman have the authority to approve such measures.

te ectora r i d s f om d Cust ch oďŹƒcers o ) e k s a CS su fBR inate s Service (P e m o n h to Custom erested in t n a t s i t n t Pak o are i ve relevan h w 8 a 1 h ce BSperien on and positi tion and ex o fBR, ca dt qualifi e forwarde at the b s should ith their CV w st along earlie

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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

DiďŹƒcult road to economic development

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ccording to the available data, Pakistan has the fifth largest coal and copper reserves in the world and has the potential to produce 60,000 megawatts of electricity through the Indus River flow alone, but the nation has been facing acute shortage of electricity for the last many years. The government had promised to end energy shortage when it came to power in 2012, but the situation is same after it has completed two and half years of its tenure and no sign of improvement are visible. Economy is the core issue of the country and all hopes are now rest on the China-Pakistan Economic Corridor (CPEC) and TurkmenistanAfghanistan-Pakistan-India (Tapi) gas pipeline projects which are regarded as the game changers. However, in practical, the government could not take any initiative to improve energy and industrial sectors.

According to an official of the Board of Investment, the country’s middle class population will reach 100 million by 2025, turning Pakistan into a big consumer market for global manufacturers. However, Pakistan is one of the few South Asian countries, which ranked low in ease of doing business index. The board is already working on a project in coordination with the World Bank to improve the ease of doing business ranking. To improve the situation, the country will have to liberalize its investment policies and open up the consumer market to attract local and foreign investment. The federal government has to coordinate with provinces to devise investment-friendly policies and curb red tape which is the biggest hurdle in the economic development of the country. On one hand, the officials are helpless to take bold decisions on the projects of national interests and on the other they are biggest hurdle in smooth implementation of development-oriented programms.

The government will have to simplify business registration procedure for local and foreign investors, digitalize the property and construction affairs and introduce a soft tax regime. Earlier, the government had set up one window operations not only to facilitate investors in setting up their business, but also to protect them from any coercive action from the government officials.

Potentials of regional economy A

LAHORE

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fter suffering years of isolation, lifting of sanctions has heralded a new era of economic opportunities in Iran. Despite pressure from Zionists lobbies in the United States and pro-Israel stance of the European nations, Iran is emerging as a new economic power in the region having close economic relations with Russia and the south American countries. China, which is fast heading towards becoming the new economic power of the world replacing the United States, has signed agreements with Iran worth $600 billion, covering a range of projects including devel-

opment of a new Silk route and close economic cooperation. Both Iran and China are immediate neighbours of Pakistan, which has close economic, political and cultural relations with the two countries. Pakistan has the potential to work as the bridge of opportunities between the two countries and the three countries can be converted into an economic zone.

The Iranian agreements with the Pive big powers of the world will not only usher in an era of peace and prosperity, but will also ensure the creation of trade and investment opportunities in the region. Being one of its closest neighbours, it will be in the interest of Pakistan and Iran to develop deep-rooted trade and economic relations. It is unfortunate that

even before the imposition of sanctions; the ofPicial trade between the two nations never crossed the $1 billion mark.

Smuggling is rampant and Iranian oil, diesel, textiles and ceramic items are frequently available in Pakistan because of the absence of a free trade agreement between the two countries and imposition of unreasonable tariffs on the Iranian goods in Pakistan. It remained a policy in Islamabad to prefer Saudi Arabia on Iran in purchase of oil. Meanwhile, Iran has the potential to export nontradition items to Pakistan and Pakistan has the ability to export textile, leather and agriculture commodities to Iran through legal channels. Iran is a middle income country and has a very strong

middle class which can be a potential consumer market for the Pakistani products. Despite the fact that Iran remained a victim of irrational foreign sanctions; it still remained a lucrative consumer market for the products of European nations. Ruassia and Japan are one of the biggest trader partners of Iran. As the sanctions have now gone, it is a good opportunity for the Pakistani businessmen and entrepreneurs to establish contacts with their Iranian counterparts and start joint ventures. Opportunities are knocking our door in terms of China Pakistan Economic Corridor and Iran Pakistan Gas pipeline project. Yet is to be seen how the Pakistani nation respond to harness these opportunities.

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Egypt’s furniture export increases $332 mln in 2015 CAIRO: The exports of furniture sector have reached around 2.6 billion Egyptian pounds (US$332 million) in 2015 versus 2.5 billion in 2014, marking a modest growth of 6 percent. Chairman of the Egyptian Furniture Export Council Ihab Derias told Amwal Al Ghad Sunday that Saudi Arabia has seized 34.8 percent of Egypt’s furniture exports with 924 million pounds. Following Saudi Arabia, UAE was the second largest importer of the Egyptian furniture with imports estimated at 402 million pounds then Qatar whose imports are worth 218 million pounds and Iraq with imports estimated at 198 million pounds. He noted that the sector is not expected to achieve the targeted growth rate of 15-20 percent annually due to a number of problems notably the severe economic crisis that hit Gulf markets. Chairman Derias added that the growth rate of sector’s exports will decrease due to the decline in oil prices in addition to the internal problems.

kCCI’s proposals will be thoroughly discussed: Qaiser hairman of National Assembly’s Standing Committee on Finance, Revenue, Economic Affairs, Statistics and Privatization, Qaiser Ahmed Sheikh, while assuring his Standing Committee’s consideration to KCCI’s recommendations in connections with budget 2016-17, advised the business and industrial community of Karachi to approach and stay in touch with the Standing Committee if they really wanted to get their issues resolved.

Qaiser Sheikh, who led a delegation of National Assembly’s Standing

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Committee on Finance, Revenue, Economic Affairs, Statistics and Privatization during its visit to KCCI, added that any suggestion or recommendation being sent to the Standing Committee on Finance by KCCI will be thoroughly discussed and forwarded to the government for action.

The NA Standing Committee delegation comprised of its members including Mian Abdul Manan, Asad Umer and Rasheed Godil who were also accompanied by senior officials of the FBR during their visit to KCCI while Chairman Businessmen Group and Former President KCCI Siraj Kassam Teli, Vice Chairmen BMG & Former Presidents KCCI, Tahir Khaliq, Zubair Motiwala, Haroon Farooki and Anjum Nisar, President KCCI Younus Muhammad Bashir, Senior Vice President KCCI Zia Ahmed Khan, Vice President KCCI Muhammad Naeem Sharif, Former SVP KCCI Muhammad Ibrahim Kasumbi, Former President KCCI AQ Khalil and KCCI Managing Committee members were also present at the meeting.—CB Report

Wednesday February 10, 2016

Chambers

Pak-Iran preferential trade deal should be activated: Iranian envoy A

ISLAMABAD

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mbassador of Iran to Pakistan, Mehdi Honardoost has urged the Pakistani private sector to set up efforts for promoting trade with Iran as both neighbors have immense potential to enhance twoway trade in many areas. He said Iran-Afghanistan bilateral trade was over $2 billion, but Pak-Iran bilateral trade of around $270 million was very low despite huge potential and businessmen of both countries should become active to fully realize the available untapped trade potential. He said this during an interaction with business community at Islamabad Chamber of Commerce and Industry.

He said after the lifting of sanctions, Iran was poised to undertake many infrastructure development projects while lots of European companies were visiting his country to explore business opportunities.

However, he said time was ripe for Pakistani investors to focus on mega projects in Iran otherwise, others would grab such opportunities.

He said Iran could supply cheapest

gas and electricity to Pakistan while Pakistan was working with Iran on some projects to import electricity.

He said Iran was ready to give more facilities to Pakistan for materialization of gas pipeline project. He said Iran has 15 neighbors and it preferred to strengthen trade and economic relations with Pakistan as both countries are one nation. He said ICCI should take a delegation to Iran to explore new avenues of cooperation as private sectors of both

countries have to take the lead to promote bilateral trade. He assured that his Embassy would extend all possible cooperation to ICCI delegation for making its visit productive.

In his welcome address, Atif Ikram Sheikh, President, Islamabad Chamber of Commerce and Industry said Pakistani businessmen were interested to promote trade with Iran, however, lack of direct Plights between Islamabad and Tehran, lack of Pakistani banks branches in Iran

‘Pak has potential for trade with argentina’

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ISLAMABAD

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akistan has good potential to promote trade and economic relations with Argentina, especially in agriculture and other Pields and Pakistani private sector should become more proactive to explore business opportunities with Argentinean counterparts, observed Rodolfo Jose Martin-Saravia, Ambassador of Argentina during his farewell visit to Islamabad Chamber of Commerce and Industry.

He said the new government in Argentina has brought many positive reforms in business Pield due to which the perception of business people have turned quite optimistic.

He said Argentinean market was opening now and ICCI should take a trade delegation to Argentina to explore new avenues of business col-

laborations.

He said an Expo would be held in Dubai in the last week of February in which 145 companies of Argentina would participate and stressed that it was a good opportunity for Pakistani private sector to attend that Expo and directly interact with Argentinean counterparts to Pind out business matchmakings in areas of interest. He said expos and trade fairs were the best meeting points for entrepreneurs and private sectors should organize solo exhibitions in each other’s country to show potential of their products for promoting bilateral trade. He said he spent 12 years of his career in Pakistan and was going back from here with many cherished memories. In his welcome address, Atif Ikram Sheikh, President, Islamabad Chamber of Commerce and Industry appreciated the services of Rodolfo Jose Martin-Saravia for promoting

good relations between Pakistan and Argentina. He said that businessmen of both countries have to make strenuous efforts for trade promotion as the bilateral trade of about $365 million during 2014-15 between Pakistan and Argentina did not rePlect true potential of both countries. He said import-restrictive regime of Argentina was a major hurdle for promoting exports and stressed that such restrictions should be removed to improve bilateral trade between the two countries. He said Pakistan has requested Mercosur block for preferential trade agreement and being a member of Mercosur, Argentina should play its role for materialization of this agreement. He said Pakistan has requested Mercosur block for preferential trade agreement and being a member of Mercosur, Argentina should play its role for materialization of this agreement.

and vice versa, high import tariffs of Iran on Pakistani exports, Iran’s import permit system and non-tariff barriers etc. were the major hurdles in promoting bilateral trade. He said if these issues were resolved, bilateral trade between Pakistan and Iran could go up to $5 billion in the next few years. He said that Pak-Iran preferential trade agreement should be activated and both countries should facilitate businessmen in holding single country exhibitions.

Polaris Q3 revenues increase 9% olaris Consulting & Services Ltd (Polaris) posted 9% year-on-year growth for the quarter ending December 2015 with revenues of Rs 517.59 crore, compared to Rs 474.76 crore in the same quarter last year. In dollar terms, quarter revenues stood at $ 76.51 million.

EBITDA (earnings before interest, taxes, depreciation and amortization) was at Rs 71.58 crore registering 33 % YoY growth. Operating margin improved to 13.83 % compared to 11.3% in the same quarter last year. Out of the total estimated one time transaction costs of Rs 21.2 crore related to the SPA with Virtusa Corporation, the company provisioned Rs 10.6 crore in this quarter, consequent to which PAT came in at Rs 36.54 crore. —CB Report

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Sri Lanka earns Rs 323bn from vehicle taxes in 2015 Wednesday February 10, 2016

World

COLOMBO: Sri Lanka has earned 232 billion rupees from vehicle taxes in 2015, Finance Minister Ravi Karunanayake said and a similar volumes are expected in 2016 despite an expected fall in imports. Though vehicle imports may fall, he said tax revenues will be sustained because vehicles imported by the government will now have to pay tax from 2016. Sri Lanka’s tax revenues are low partly because of such anomalies, but also because state enterprises control large parts of the economy but pay little income tax and many make losses, requiring taxes collected from the people to be put in them to keep them afloat.

Many large private enterprises have also been given tax holidays by the state.

The customs department had collected 783 billion rupees in 2015, Minister Karunanayake said.

£3m tax fraud: Uk Customs seizes 55,000 litres of fuel LONDON

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bout 12,000 gallons (55,000 litres) of fuel has been seized and eight men arrested as part of an investigation into a suspected £3m tax fraud.

HM Revenue and Customs (HMRC) and police raided properties in Merseyside, Manchester and Northern Ireland.

Storage tanks, computers, money and a lorry and trailer were seized. Three men from Merseyside, one from Manchester, two from County Armagh, one from County Down and one from County Antrim were arrested. The men taken into custody are aged between 34 and 72. A HMRC spokes-

Saudi customs seizes 64,165 pills at airport ustoms officers seized 64,165 amphetamine pills at Abdul Mohsen bin Abdulaziz Airport, in the Governorate of Yunbu. The officers became suspicious of a passenger and scanned his luggage.

They found the haul of drugs which was hidden in four boxes of factorypacked sweets in an attempt to deceive the customs officers. The smuggler, along with the seized drugs, was referred to the Bureau of Investigation and Public Prosecution for legal action, reported local Arabic daily Sabq. Meanwhile, the planet is home to all of us, Bonar Natpet can arguably claim a larger share of the pie. The company’s non-woven product is, quite literally, the fabric at the heart of the GCC’s construction boom, whenever and wherever civil construction interphases with soil.—CB Report

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woman said the raids in Knowsley, Liverpool, Manchester and St Helens were at a business and four “domestic addresses”, while those in Northern Ireland were at residential properties.

She said that the fuel seized was “heavy hydrocarbon oil capable of running a derv (diesel) engine”.

Meanwhile, Drugs with an estimated street value of £2m were recovered from a van on the M1 in Bedfordshire, police said. About 40kg (88lbs) of what is believed to be class A drugs were found in the Ford Connect van stopped by police near junction nine at 12:15 GMT here the other day. Officers also searched an address in Borehamwood in Hertfordshire and seized three firearms and a “substantial” amount of cash. A man has been charged with possession of cocaine with intent to supply.

US Customs foils attempt to smuggle heroin worth $210,000

MIAMI

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S Customs and Border Protection (CBP) OfPice of Field Operations (OFO) ofPicers

US Customs seizes narcotics worth $357,680 in a week

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S Customs and Border Protection ofPicers at the Brownsville Port of Entry intercepted four loads of alleged narcotics over a recent seven-day period. CBP ofPicers discovered the alleged drugs, which carried a combined street value of approximately $357,680, hidden within the four vehicles. “These multiple seizures are the result of the diligence and commitment of our ofPicers to keep our country secure,” said Port Director Petra Horne, Brownsville Port of Entry. The Pirst

seizure took place on Monday, Jan. 25, at Gateway International Bridge when a 40-year-old male United States citizen who resides in Brownsville, Texas, attempted entry into the United States, driving a blue 2003 Ford Explorer and was referred to CBP secondary for further examination. With the help of a non-intrusive imaging system which detected anomalies within the vehicle, CBP ofPicers discovered 11 packages of alleged cocaine within the vehicle weighing 26.32 pounds.—CB Report

working at Miami International Airport (MIA) arrested a passenger attempting to smuggle approximately 7.7 pounds of heroin with an estimated street value of $210,000. The individual was arriving on a Plight from Colombia on Jan 22.

CBP ofPicers selected the passenger for further examination after an

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initial inspection revealed inconsistencies in the individual’s purpose of travel to Colombia. The passenger was traveling with two bags that were unusually heavy when emptied.

One of the bags, a back pack, contained thick padding on the side. The padding was probed producing a powdery substance. The second bag was also inspected and produced a similar powdery substance concealed in similar padding. The samples discovered in each bag were Pield tested yielding the same result of having properties of heroin. U.S. Immigration and Customs Enforcement’s (ICE) Homeland Security Investigations (HSI) reported to the scene to investigate further. The individual was consequently arrested and charged with the smuggling of illegal narcotics. “CBP ofPicers work diligently 24/7 every day of the week to prevent the smuggling of illicit drugs from entering our nation,” said Miami International Airport Port Director Christopher Maston.

Medicine trade tops $100b in 2015 hina’s trade in medicines hit an all-time high of $102 billion last year. The latest Pigures from the China Chamber of Commerce for Import and Export of Medicines and Health Products show the value was a 4.73 percent increase on 2014, and this year total export-import volumes are expected to rise again, by 3 to 5 percent. Xu Ming, the chamber’s deputy director, called the overall growth “healthy and stable”, adding, however, that the Chinese export market had slowed. Medicine imports were worth $46.2 billion, up 7.3 percent, while exports grew a slower 2.7 percent to $56.4 billion. “That import

growth indicates the Chinese domestic market has huge potential, as it is now the second-largest globally after the United States,” said Xu. The weaker export Pigures were largely indicative of an ongoing global economic slowdown, Xu said, and coupled with a weaker yuan, they put China on the back foot as an international medicine supplier. Exports to the US performed well, even though some other main markets dropped. Volumes to the US grew 7.72 percent compared with the previous year and it is now China’s second-largest medicine export market after Europe, where demand dropped 0.22pc.—CB Report

Bureau of Customs begins modernisation with IT projects

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MANILA

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string of information technology projects were launched by the Bureau of Customs on Thursday in what it said are initial steps to prepare the agency for the passage of the Customs Modernization Act. In a statement, Customs

said it has started the Infrastructure Optimization Project and the Cyber Security Solution Project and will pilot “in the next few weeks” four other IT initiatives.

“The demand of the Customs Modernization and Tariff Act (CMTA) compelled the bureau to develop the capability not only to process data, but in terms of cyber security,” Customs Commissioner

Alberto Lina was quoted as saying.

The CMTA, the Pirst reform of the country’s customs laws in over three decades, is now up for President Aquino’s approval after passing the bicameral conference committee last Wednesday. The bill, once enacted into law, will promote a paperless environment in trade transactions, hence, will require Customs to invest in new IT systems such as the ones

unveiled on Thursday. The Infrastructure Optimization Project, in particular, will serve as a secure platform to authenticate and analyze Customs data to enhance business transactions with the bureau. The project, Customs said, will focus on ensuring data protection, especially for the private sector, improve client engagement and monitor IT infrastructure regularly to ensure they are working properly.

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Shell delays Canada gas export plans OTTAWA: The crude oil slump is throwing a wrench into Canada’s ambition to be a global natural gas market player. Royal Dutch Shell Plc, one of the front-runners among almost two dozen liquefied natural gas export proposals along the nation’s Pacific Coast, on Thursday delayed plans to make an investment decision on the megaproject to the end of 2016, as lower global oil prices crimp its ability to spend. A group of companies backing the shipping terminal, pipeline and drilling project led by Shell had planned to rule on whether to proceed with construction in the first half of the year. “Only the most competitive projects are going ahead,” Shell Chief Executive Officer Ben Van Beurden said Thursday.

Visakhapatnam Port Trust chalks out new plan to regain business

Ports & Shipping

Iran organises first carpet shipment to US

isakhapatnam Port Trust (VPT), one of India’s leading stateowned ports that lost significant business to neighbouring privatelyowned Gangavaram Port for years, is gearing up to regain business through improving efficiencies, and has termed the coming fiscal as a ‘turnaround year’. One of VPT’s largest customer, Rashtriya Ispat Nigam (RINL) that runs Vizag Steel Plant, had years ago shifted to Gangavaram Port si tuated next door to save on logistics costs for import of raw materials and export of finished products. VPT has now firmed up plans for capacity augmentation and modernisation involving at least Rs 3,000 crore, increasing the cargo handling capacity by a third, and ad-

azeri oil shipment from Ceyhan grows in Jan he State Oil Company of Azerbaijan (SOCAR) has announced the latest statistic data on Azeri oil export via main export pipeline Baku – Tbilisi – Ceyhan (BTC) named after Heydar Aliyev: in January 2016, compared to December 2015, crude oil shipment from Ceyhan grew by 4%. SOCAR reports that in January from the Turkish port of Ceyhan it was shipped 2,848,091 tons of Azerbaijani oil against 2,739,625 tons in December 2015. Last year the best shipment for the month was observed in November (2,306,069 tons). In January 1,510,91 tons of overall shipping accounted for the State Oil Fund of Azerbaijan (SOFAZ) against 1,848,765 tons in December 2015. The best shipment in favor of SOFAZ for past year was registered in September (1,928,078 tons). In 2015 shipment of Azeri oil from Ceyhan totaled 29,079,649 tons. Shipment in the interests of the SOFAZ was estimated at 18,546,238 tons. As of 1 February 2016, the total shipment from Ceyhan Azerbaijani oil reached 29,4041,863 tons. Meanwhile, The South Carolina Ports Authority is moving its headquarters after being located for decades on the waterfront in downtown Charleston. The authority board on Wednesday authorized the sale of the agency’s existing headquarters on the Cooper River in the city’s historic district.—CB Report

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TEHRAN

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dressing bottlenecks related to lastmile road and rail connectivi ty to the port. The port’s deputy chairman PL Haranadh told ET that the port has already spent around Rs 2,500 crore over the last 3-4 years that helped augmenting capacity to 93 million tonnes from 60 million tonnes, apart from modernising cargo handling facilities.

Meanwhile, Cargo handling growth, tougher competition, stiffer demands on environmental protection and security. To enable them to master these, the German cabinet has endorsed the 2015 National Port Concept. In doing so, the Federal government has implemented one of the points in the coalition agreement for the 18th legislative period: ‘To boost the competitiveness of German ports, we shall further develop the National Port.—CB Report

Wednesday February 10, 2016

ead of the Iranian National Carpet Center has announced that the first shipment of Iranian handwoven carpets has been exported to the US. Hamid Kargar referred to the licensing of Iranian carpet exports to America as a result of JCPOA implementation adding “Iranian handwoven carpets have retaken the route to old and traditional

markets and the first export shipment of the product was delivered in Los Angles through the port of Hamburg.”

He further asserted that over the past few years, our competitors have taken the lead managing to gain a good share of US carpet market; “according to the US customs statistics, India has become number one exporter of carpet to the Unites States,” he noted.

Kargar further emphasized the possible changes in tastes and needs of customers over the past years and called for important measures to provide a large and

long term market for Iranian carpets including observing and analyzing needs of the market, clever advertising of the Persian Carpet brand as well as careful monitoring of rivals’ activities.

“We would not expect the American market to create a miracle or bring about a huge rise in export figures, rather we seek to achieve a reasonable growth in the exports of Persian carpets,” underlined the official adding “the abolition of economic sanctions is also promising for boosting exports of the product due to reduction in transport and insurance expenditures.”

global smartphone shipments up 12% in 2015

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WASHINGTON

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he rise of the smartphone continued apace in 2015, with close to 1.5 billion devices shipped over the course of the year.

This represents growth of 12 per cent compared to 2014, according to new research by Counterpoint.

Of the phones shipped last year, three in Pive were 4G-ready, demonstrating a major step forward for the technology. In the UK, Ofcom re-

search shows that 4G subscriptions stood at 23.6 million at the end of 2014, which equates to more than one-third of the population. That Pigure will have only increased in 2015, and it’s safe to assume 4G take-up will soon reach half of the population, if it hasn’t already.

Counterpoint revealed there are close to 850 smartphone brands competing in the market globally, although the top 20 accounted for 85 per cent of shipments in 2015.

Samsung holds the greatest market share, making up just under one-

Pifth of all shipments. Apple comes in second with 17.9 per cent, followed by Huawei with eight per cent. The latter saw a 38 per cent increase in shipments last year, but is yet to become a major player here in the UK. According to uSwitch’s Mobile Tracker, the iPhone remains the Pirst choice with UK adults, with the 6s, 6 and 5s models the country’s top three most popular phones in January. Samsung is Apple’s closest rival, with the Galaxy S6 Edge and S6 taking up fourth and Pifth spot in the top ten respectively.

Deloitte research has revealed more than three-quarters (76 per cent) of Brits now own smartphones and, as sales of the devices continue to grow across the world, we may well see that Pigure get close to the 100 per cent mark in the not-toodistant future.Deloitte research has revealed more than three-quarters (76 per cent) of Brits now own smartphones and, as sales of the devices continue to grow across the world, we may well see that Pigure get close to the 100 per cent mark in the not-too-distant future.

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FIA arrests three human smugglers from different places LAHORE: Federal Investigation Agency (FIA) has arrested three human smugglers from different places of Lahore. Sources informed Customs Today that all the arrested human smugglers were wanted by police. The human smugglers extoring huge money from innocent people by showing them golden dreams of their lucid future abroad. The arrested accused persons were identified as M. Latif Khan son of Ali Muhammad Khan who is a resident of Narowal, Khawar Abbas so of M. Ameen Tahir who is a resident of Nankana Sahib and Ishrat Nawaz son of Mohammad Nawaz resident of Gujrat.

Wednesday, February 10, 2016

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Collector Zulfiqar’s faisalabad aSO seizes 420kg cumin seeds FAISALABAD NaEEM ShEIkh

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he Customs Anti-Smuggling Organization (ASO) has conPiscated 420 kilogram of foreign origin cumin seeds (zeera) worth Rs 168,000 involving duty and taxes amounting to Rs 13,460. The ASO has seized zeera under Section 16,18 of the Customs Act, 1969 and Section 3 of Sales Tax Act, 1990 read with Section 3(1)3 of Import and Export Control Act 1950 punishable under Section 156 (1) 90 of the customs act. As per details, following the instructions of Faisalabad Customs Collector Chaudhary ZulPiqar Ali, an ASO team comprising Superintendent Muhammad Javed Mehmood, Deputy Superintendent Sardar Muhammad, Inspector Masood Saeed Chohan, Inspector Abdul Jabbar, Sepoy Khalid Dogar Zulifqar Ali and others raided the M/s Kohistan Daewoo Cargo near Railway Station Chowk, Faisalabad and recovered the Indian origin zeera. The team asked the manager of cargo service named Muhammad Rizwan for producing the documents showing the legal import the item but he could not the same on which the customs ofPicials conPiscated the shipment under customs laws.

hyderabad RTO holds seminar on Voluntary Tax Scheme HYDERABAD

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he Regional Tax OfPice (RTO) has arranged a seminar to introduce new Voluntary Tax Compliance Scheme to the representatives of the local business community.

Hyderabad Chief Commissioner Dr Mohammad Ali Saand gave introduction of the tax amnesty scheme to the representatives and

members of Hyderabad Chamber of Commerce and Industry and Small Traders. The RTO ofPicials and traders discussed all the aspects of newly launched Scheme.

They thoroughly deliberated on insertion of section 99A in Income Tax Ordinance, 2001, eligibility for the Voluntary Tax Compliance Scheme, clariPications regarding service, schemes for non-Pilers and Pilers, conditions for the scheme, procedures & payments laid down in the ninth schedule and benePits of the scheme. The chief commissioner encouraged them to opt for the scheme. The members of Small

Traders Association lauded the efforts being made by Federal Board of Revenue and said they found it

so useful for the small traders.

After seminar, Dr Mohammad Ali Saand visited the Taxpayers’

Published by M S Raza Off# 42, 3rd Flr Gull Plaza M.A Road Karachi, Printed by Dhoom Printing Building No RY/A, 11/6,11/7, Mashoor Mahal,off I.I. Chundrigar Road, Karachi

Facilitation Kiosks established in main RTO building and monitored all the arrangements being made for the taxpayers. Commissioner (Zone-I) Qazi Afzal, Commissioner (Zone-II) Zahoor Panhwar, Additional Commissioners Muhammad Shamim, Wali Muhammad Shaikh, Iqbal Ahmed Shaikh, Deputy Commissioners Mumtaz Ahmed Thebo, Ram Chand, Assistant Commissioner Ghulam Murtaza Nizamani, Inland Revenue ofPicers Ahmed Nadeem, Muhammad Irtiza Khan, Muhammad ShaPique and Ayaz Dheraj were also present on the occasion.