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PAKISTAN’S FIRST INDEPTH NEWSPAPER ON CUSTOMS

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Karachi, Mon February 13, 2017

ISLAMABAD

M ARSHAD

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he Federal Board of Revenue (FBR) has successfully increased the tax to gross domestic product (GDP) ratio in last three years. This milestone has been achieved by dint of strengthened tax administration, reduced tax concessions /exemptions and others measures and strategies to improve the business climate

GDP is one of the primary indicators used to gauge the health of a country’s economy. It represents the total dollar value of all goods and services produced over a speciMic time period; you can think of it as the size of the economy.

The tax-to-GDP ratio is the ratio of tax collected compared to national gross domestic product (GDP).

Some countries aim to increase the tax-to-GDP ratio by a certain percentage to address deMiciencies in their budgets. A well placed source at FBR told Customs

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Today that tax to GDP ratio was 9.8% in 2012-13 and it had been increased to 12.4% of GDP during 201516. In this regard, domestic resource mobilization strategy helped in achieving higher revenue growth and tax to GDP ratio in recent years. Similarly, the source said that higher revenue growth achieve by FBR also led to low inMlation, low interest rate environment and it enabled the government to further reduce cost of the domestic debt portfolio thus resulting in signiMicant savings to the economy.

FBR increases tax to GDP ratio 12.4% in 2015-16 from 9.8% in 2012-13

Balochistan made hub of development: PM Nawaz

Customs Central Region registers 12pc growth in customs duty collection

Afghan Security Forces seizes unhealthy smuggled meat

Customs Preventive recovers another 700 grams heroin from PIA aircraft

The FBR has successfully increased the tax to GDP ratio in last three years | SEE PAGE 01 |

PM Nawaz Sharif said Balochistan had been turned into a‘hub of development | SEE PAGE 02 |

Customs Central Region has collected Rs23723m CD during the first 7 months | SEE PAGE 04 |

Afghan security forces in eastern Nangarhar province seized over 2000 kg | SEE PAGE 07 |

Though the inquiries into recovery of 29 kilogram heroin from PIA aircrafts | SEE PAGE 08 |

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Hussain Nawaz not required to file tax returns: Haroon Pasha ISLAMABAD: Chief Executive Officer, Sharif Family’s business, Haroon Pasha Thursday said Hussain Nawaz being a non-resident was not required to file tax return on dividend got through shares in Chaudhry Sugar Mills.

He said despite the fact that Hussain Nawaz was a share holder in Chaudhry Sugar Mills, he was not bound to file tax returns as he was not a resident of Pakistan.

He said about two years back, the tax declared by the sugar mill on dividend was less than Rs 10,000.

Monday February 13, 2017

Business

Balochistan made hub of development: PM ISLAMABAD

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rime Minister Muhammad Nawaz Sharif said Balochistan had been turned into a ‘hub of development’ through investment in road and energy sectors. Talking to Chief Minister Balochistan Sanaullah Zehri here at the PM House, the Prime Minister said the federal government was focused on the development of Balochistan, which was earlier ignored by previous governments.

Chief Minister Zehri discussed issues pertaining to development projects of Balochistan. He also thanked the Prime Minister for ex-

PPL spends Rs6.3b under CSR obligation ISLAMABAD

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tending maximum support to the people and the government of Balochistan.

Meanwhile, Parliamentary Secretary for Finance and Revenue

Remittances fall to $10.946 billion in seven months

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he Pakistan Petroleum Limited (PPL) has spent around Rs6.322 billion under Corporate Social Responsibility (CSR) obligation in different oil and gas producing districts across the country during the last six years. The company carried out welfare schemes amounting to Rs844 million, Rs1,100 million, Rs1,070 million, Rs1,226 million, Rs1,090 million and Rs992 million in all the four provinces during years 2010-11, 2011-12, 2012-13, 2013-14, 2014-15 and 2015-16, respectively, official.

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Rana Muhammad Afzal Khan Wednesday informed the National Assembly that efforts were being made to reduce operational cost on loans of Zarai Taraqiati Bank Lim-

ited (ZTBL).

Responding to a Calling Attention notice moved by Rana Muhammad Hayat and others regarding charging of 16.50 per cent markup

by ZTBL from the farmers, the Parliamentary Secretary that the Migures were not correct.

He said there were three categories of agriculture sector loans including Kisan Dost Scheme, Production and Development loans.

Under Kisan Dost and Production schemes loan was being provided at 12.5 per cent markup while mark up on development loan was 14.8 per cent, he said.

Rana Afzal said the non performing loans of ZTBL reached to Rs.80 billion, which was converted into equity by State Bank of Pakistan to save the bank from collapse.

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ISLAMABAD

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emittances sent by Pakistanis living aboard inched down 1.87 percent to $10.946 billion in the seven months of the current Miscal year of 2016/17, the central bank’s data showed.

Figures published by the State Bank of Pakistan (SBP) revealed that workers’ remittances stood at $11.154 billion during the same period of the last Miscal year. Analysts said many Pakistani workers living

in the Gulf region are witnessing income reduction and job layoffs due to economic contraction in the region. Besides, tougher anti-money laundering laws for global corresponding, banks are also discouraging remittances Mlows to Pakistan in line with the trend in other South Asian countries. Pakistanis sent home $1.487 billion in January 2017 against $1.466 billion in the corresponding month of the last Miscal year. The continuous dip in remittances, along with slowdown in exports, is a source of concern for the economic policymakers. The SBP

has also cautioned that risks to the balance of payments would continue if the Minancial inMlows would not grow further.

The central bank sees remittances reaching more than $20 billion in FY17. The country received $20 billion worth of remittances in FY16. Pakistan’s performance on the external front has not been encouraging. The frequent drop in foreign currency reserves, the lack of growth in remittances, and worsening trade deficit have been putting pressure on the balance of payments.

Exports decline by 3.21% in 7 months ISLAMABAD

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xports from the country witnessed decrease of 3.21 percent during the first seven months of the current fiscal year as against the corresponding period of last year. According to data released by Pakistan Bureau of Statistics (PBS), the exports during July-January (2016-17) were recorded at $11.685 billion compared to the exports of $12.073 billion in July- January (2015-16). The imports into the country during the period under review increased by 13.65 percent by going up from $25.617 billion last year to $29.113 billion during the current fiscal year. Based on the figures, the trade deficit during the first seven months of the current fiscal year was recorded at $17.428 billion compared to the deficit of $13.544 billion, showing an increase of 28.68 percent.

Meanwhile, the exports from the country were increased by 0.74 percent during January 2017 compared to January 2016. The exports during January 2017 were recorded at $1.780 billion compared to the exports of $1.767 billion.

The imports into the country during the month under review increased by 37.11 percent by going up from $3.455 billion in January 2016 to $4.737 billion during January 2017, the PBS data revealed.

Sources said that on monthly basis, the exports from the country increased by 3.07 percent in January 2017.

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SECP stops Bahria Town’s bid to buy bank KARACHI

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he apex regulator of capital markets asked the Pakistan Stock Exchange (PSX) on Thursday to “immediately rescind” the public notice issued on Feb 7 regarding the interest shown by Bahria Town in acquiring a majority stake in Escorts Investment Bank (EIB),

a non-banking finance company.

AKD Securities had stated on behalf of Bahria Town that the real estate company was interested in buying up to 71.16 per cent shares in the relatively small investment bank along with management control.

“No requisite approval has been obtained by EIB or its sponsors with regard to the potential acquirer/investor,” the

Securities and Exchange Commission of Pakistan (SECP) said in its communication to the PSX. Any potential acquirer of a non-banking finance company has to obtain prior approval of the SECP under the NBFC Regulatory Framework, including compliance with the fit and proper criteria.

“Therefore, any public announcement made by AKD Securities in respect of the (possi-

ble) acquisition of 71.1pc shares and control of EIB is neither effective nor tenable,” the regulator said.

The SECP also directed AKD Securities not to publish Bahria Town’s intention to purchase the stake in the investment bank in newspapers. In addition, the SECP told EIB and its sponsors “not to proceed with any arrangement or negotiations in respect of the sale of its

majority stake” to Bahria Town without obtaining prior approval of the regulator.

Unlike commercial banks that are regulated by the State Bank of Pakistan (SBP), investment banks are regulated by the SECP. Last year, Bahria Town showed interest in acquiring a majority stake in Burj Bank, but the SBP turned down its request for unexplained reasons.

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Monday, February 13, 2017

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LAHORE

M HAYAT

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ustoms Central Region has collected Rs23723 million customs duty (CD) during the Mirst seven months of Minancial year 2016-17 (JulyJanuary) registering 12 percent growth against collection target of Rs24117 million during the above said period.

Sources said that Chief Collector of Customs Samaira Nazir has instructed all the collectors of the four collectors to work hard to achieve the revenue collection target for the current Minancial year.

As per details the Customs Appraisement Lahore collected Rs 13503 million during the seven month against target Rs 13771 million during the period under review.

Similarly, Customs Preventive collected Rs 4818 million customs duty during the seven month of Minancial year 2015-16 against target Rs4918 million during the period.

The Collectorate of Multan collected Rs 4034 million during the period under review against the target Rs 4532 million for the period. In the same way, the collectorate of Customs Faisalabad collected Rs 1567 million during the seven month of Minancial against the target Rs 842 million during the period.

Overall the central region collected total cus-

toms duty from all the four collectorate worth Rs23723 million customs duty against the assigned target of Rs24117million during the above said period.

Meanwhile, Customs Central Region has collected Rs8823million on account of withholding tax (WHT) during the Mirst seven months (July to January) of current Minancial year 2016-17.

The withholding tax collected by all the four collec-

torates of customs including collectorate of Customs Preventive, Collectorate of Customs Appraisement, Collectorate of Customs Multan and Collectorate of Customs Faisalabad.

As per details, Collectorate of Customs Appraisement collected Rs7565 million on account of withholding tax during the period under review while the Collectorate of Customs Preventive collected Rs4684 million during the Mirst seven months of current Minancial year 2016-17.

Similarly, Collectorate of Customs Multan collected Rs222 million during the Mirst seven months of the current Minancial year.

On the other hand, the Collectorate of Faisalabad collected Rs 150 million on account of withholding tax (WHT) during the Mirst seven months Minancial year 201-17.

Overall the Customs Central Region ed Rs collected Rs8823million WHT revt c e l l co n a enue during the Mirst seven t r l e u d e of M od un months of Minancial year 2016t i a r r e o p t he t llec 2 o 17. The WHT collected from im3 g C 5 n i e 4 r s Th get R ion du port and export by all the four l r l i a t e m e th am s t s 4034 collectorate that come under e n h i t aga d. In the limits of Central Region. s m review r the perio o t us C f Sources told Customs Today o o f e n n ctorat millio that Chief Collector of Customs millio e l l 7 o 6 c 5 he Rs 1 Central Region in order to al way, t nanci lected l fi o f c meet Minancial year targets has o d h a t b n a urged all the collectorates to n mo llion Faisal 42 mi e seve 8 h t s speed up collection measures.

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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

Fear of real estate bubble

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National Assembly committee has expressed the apprehensions that a huge amount of black money is being injected into the property market and possibility of another real estate bubble cannot be ruled out. It happened in Lahore a decade ago when prices of lands were disproportionately increased but soon the bubble burst and recession griped the real estate sector for the coming years. The sector is allegedly in trouble since the current government introduced withholding tax on sale and purchase of land as well as binding the buyers to reveal their sources of income. Earlier, the real estate agents from major cities of the country, including Lahore and Karachi,portrayed very grim picture of the property sector following the imposition of withholding tax. According to a report issued

by Real Estate Investment Forum, the real estate business suered after the government involved the Federal Board of Revenue to evaluate the property prices to calculate the amount of taxes during sale and purchase.

The government decision backfired in practical terms as the investors, including those having black money, preferred to invest in Dubai and Kuala Lumpur. In Dubai, Pakistani investors are among the top countries, including Britain and Saudi Arabia, who heavily invested in the property market.

Imposition of taxes at home has sharply pulled down the investment graph in the sector. As a natter if fact at least 42 industries are directly and 40 are indirectly associated with the business.

Finance Minister Ishaq Dar is proud of his tax measures, saying there is a huge collection of revenues under the head of the withholding tax. There is no doubt he is true to his words, but the industries which were associated with the real estate sector had started incurring losses. Recession in the industry means low tax collections. Mr Dar has implemented a right decision at a wrong time. Now the National Assembly committee is ready to assess the report to ascertain the claims made by property dealers that the property sector was heading toward a collapse. A major portion of the economy of Pakistan is undocumented and some of the businessmen are habitual tax evaders, but the matter needs a careful handling.

Praising Pakistan’ economy A

LAHORE

DR AFTAB AFZAL

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ccording to a report by a US news and analysis organization, the progress of Pakistan is vital for the entire region due to various reasons. A nation of 200 million, Pakistan is the sixth most populous country in the world and a nuclear power. A recent development in Pakistan in the form of an economic corridor has changed the dynamics of the regional economy and security issue is now directly linked with the Chinese interests. But the country is facing various issues, including substandard education system,

rising trade deficits and minimal investment, especially from western nations. The country has been oscillating between political chaos and military rules since independence. At present, only China is the main investor in the country and its companies are owning various state owned entities in Pakistan.

A good point is that the era of political turmoil is almost over, but there is always room for improvement and the government will have to streamline its affairs. The country has also been facing energy crisis and water shortage for the last many decades. When various regional countries are continuing to consolidate

their economic gains, Pakistan is titled as the most underrated economy of the year.

However, despite all odds, Pakistan has a highly bullish stock market and surging foreign exchange reserves. The equity market of the country registered a 46 percent growth last year and its performance is regarded as better than China and India. The gross domestic growth is likely to record five percent growth this year and normalcy has returned to the country.

The positive report is no doubt a blow of fresh air, but the government should not fully rely on foreign media reports. Terrorist incidents have

though significantly reduced during the last three years and poverty rate has declined by 50 percent, but threats to peace are still real and some urgent steps are required to alleviate poverty in the country. As a matter of fact, poor administration and mismanagement are the main enemies of this country. The exports are falling and trade deficits are increasing, but the government has so far failed to create industrial surplus and introduce a reasonable trade policy. Unless the present leadership works on war footings during its remaining tenure in the office, it will be difficult for it to claim success in the next elections.

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Exports of herbs from Rukum up 12% in H1 Monday February 13, 2017

World

KHATMANDU: Exports of herbs from Rukum in mid-western Nepal increased by around 12 percent in the first half of this fiscal year due to a hike in demand in the international market.

Around 67,000 kg of herbs were shipped from the district between mid-July and mid-January of 2016-17.

According to the data of the District Forest Office (DFO), the herbs were sent to various parts of the country.

Bhim Prasad Kadel, officiating head at the DFO, said exports totalled around 60,000 kg in the first six months of the last fiscal year. “There is an increment in the volume of exports this year,” Kadel said. He added that the government collected around Rs1.7 million in taxes from the herb trade.

The DFO expects revenues to swell to Rs3 million this year.

Afghan Security Forces seizes Jordan to launch JD14m project in March unhealthy smuggled meat AMMAN

KABUL

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fghan security forces in eastern Nangarhar province seized over 2000 kilogram

Iraq’s debts exceed US$100b: finance committee raq’s foreign and domestic debts have surpassed US$100 billion, the parliament’s finance committee has revealed, ruling out changes to the budget. Jabbar al-Abbadi, a member of the committee, said in press statements that the government, however, remains capable of secure employee salaries, pensions and to maintain the social security benefits based on current petroleum prices. In December, the Iraqi parliament passed an $85 billion budget bill for 2017, based on a projected US$42 price for an oil barrel.

Later in the same month, Iraq, after longtime reluctance, agreed to reduce its daily oil production by 210.000 barrels a day to 4.35 million barrels starting January in line with an historic OPEC agreement reached in a Vienna meeting designed to prop up petroleum prices and curb overproduction. –CB Report

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unhealthy smuggled meal in an operation. Reportedly, the meat was smuggled to Afghanistan, which discovered and seized by security personnel at border, Nangarhar province.

Ataullah Khogyani spokesman of Nangarhar governor said that a person was arrested accused of transferring the unhealthy

and crumbling meat.

Meanwhile, Minister of Finance Eklil Hakimi and Kabul-based Italian Ambassador Roberto Canton signed Herat-Chasht e Sharif road construction contract in the presence of President Mohammad Ashraf Ghani, adding the road is 155 KM long and a part of East-West Corridor Project.

According to details, the contract was signed in a ceremony organized in the Presidential Palace, adding Minister of Public Works Mahmood Baleegh spoke related to economic importance of the road, saying that the 155KM long road goes towards Obai district and that the Salma Dam and marble mine of Chasht-e-Sharif are located along the route. He said that the road will provide economic and transportation facilities to people.

The Minister further said that the road is a part of East-West Corridor Project which connects Herat with Kabul through the central provinces.

Nepal asks India to remove service tax on ocean freight

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epal has urged India to remove the service tax on ocean freight, saying it goes against the bilateral transit treaty.

Nepal has made a formal request to India to scrap a 4.5 per cent service tax on ocean freight costs which was imposed in accordance with a notice issued by the Revenue Department of India on January 12, the Kathmandu Post reported on Friday.

OfMicials at the Nepal Embassy in New Delhi said they have asked the In-

dian government to remove the tax as soon as possible because it goes against the spirit of the transit treaty signed between the two countries. Although the tax had been introduced for Indian importers, Nepali traders are having to pay it too as they fully rely on Indian clearing agents to handle shipments from third countries unloaded at Indian ports, the report said.

These agents have been passing on the additional charge to Nepali importers, making third-country. –CB Report

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mplementation of a multi-million-dollar project to enhance food security and agricultural productivity across the Kingdom will commence in March, according to a senior government ofMicial.

According to details, the megaproject will train people from all governorates on vocational agricultural skills and “agribusiness management”, and then secure them with funds to start their own food and animal production projects, Minister of Agriculture Khaled Hneifat said.

“The national project seeks to improve food security and self-sufMiciency in livestock and agricultural products, while securing people with a sustainable source of living,” Hneifat noted at a meeting with the press. The project is worth JD14 mil-

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lion, he said, highlighting that it is scheduled to be completed by the end of this year.

Under the scheme, the Agriculture Ministry plans to train people across the Kingdom on vocational agricultural and agribusiness skills for two months before identifying in which agricultural or vocational Mield they seek to start their own businesses. The project also entails providing funding for proposed business ideas, Hneifat said, noting that permanent markets will be established in each governorate to display the products of the small businesses which will be established under the mega scheme. The ministry has already secured JD650,000 for the two-month training, he noted, adding that it is in the process of securing the funding of the project from the World Food Program. Opening new markets and also retrieving lost ones for the country’s exports of fruits, vegetables and live sheep are also among the ministry’s top challenges.

Qatar Holding to invest $250m atar Investment Authority’s subsidiary Qatar Holding has committed to invest $250 million in Mumbai-based ArthVeda Fund Management’s affordable low and middle income fund.

This is the first such commitment received by an Indian fund following the Budget 2017 proposal to grant affordable housing infrastructure status.

“The subscription of the entire corpus of its FDI-compliant affordable housing fund by Qatar Holding was the Mirst substantial foreign inward investment into India’s affordable housing segment spanning low

and mid-income residences, immediately after India’s Union Budget on Feb 1, 2017,” said Bikram Sen, CEO of Arthveda.

ArthVeda Fund Management’s affordable low and middle income (LMI) fund will be investing in housing projects across top ten cities and is targeting Internal Rate of Returns of over of 18%-21%.

Union Budget for 2016-17 has proposed infrastructure status for affordable homes along with several other measures for the real estate sector that will help the government push forward its efforts to provide housing for all by 2022. –CB Report

Taiwan’s camera lens company’s sale decline 30.15%

L TAIPEI

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argan Precision Co, Taiwan’s leading Smartphone camera lens supplier, saw last month’s sales decline 30.15 percent from December last year, according to company’s statement.

According to details, consolidated

revenue fell from NT$5.45 billion in December last year to NT$3.804 billion (US$175.5 million), but the Migure was still 17.88 percent higher than the NT$3.23 billion posted in January last year, the company said.

The Taichung-based Mirm had earlier said that last month’s revenue would fall on seasonal factors, such as the Lunar New Year holiday. However, Largan chief executive ofMicer

Adam Lin that combined revenue for last month and this month could outpace those of the same period last year, due to increasing demand for dual camera lenses.

Lin also said that Largan’s plants would continue to run at full capacity this quarter and the company is expecting more clients to adopt dual cameras this year, while some clients might consider more ad-

vanced optical zoom functions than those found on the iPhone 7 Plus.

As the quality of lenses has become a key factor inMluencing consumers’ decisions when purchasing handsets, major Smartphone brands have moved their focus on the number of complementary metal oxide semiconductor image sensors in cameras and the handsets’ graphics processing functions.

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Faisalabad ASO seizes non-duty paid tyres worth Rs600,000 FAISALABAD: The Customs Anti-Smuggling Organisation (ASO) has confiscated foreign origin tyres (123- Nos ), worth Rs6,00,000 involving duty taxes amounting to Rs80,000. Deputy Collector Rizwan Khan following information formed a team to conduct a raid. The team raided near Gatt wala Toll plaza Sheikhupura Road Faisalabad and recovered above said quantity of tyres. The ASO team asked the owner and his accomplices identified as Muhammad Imran shahzad, Muhammad Ashraf and Muhammad Ghazanfar Ali to produce documents regarding the legal possession of the items.

Monday, February 13, 2017

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Customs Preventive recovers another 700 grams heroin from PIA aircraft KARACHI AFTAB CHANNA

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hough the inquiries into recovery of 29 kilogram heroin from PIA aircrafts are underway, the customs, in yet another major action, has recovered 700 grams heroin from a parked PIA aircraft.

Following a tip-off, the staff of Customs Preventive thoroughly checked the PIA aircraft parked at Bay-2 inside Isphahani Hanger, old Terminal of Karachi airport for maintenance. The customs authorities recovered the 700 gram of heroin powder from hidden cavities of the aircraft. The drug is worth Rs 7 million in international market.

According to sources, the Customs Preventive is still investigating senior PIA management in Islamabad particularly pertaining to the recovery of heroin from the lavatory of a PIA aircraft Mlying from Islamabad to Dubai.

“The Customs Preventive authorities recovered around 29 kilogram heroin powder from PIA aircrafts worth Rs 290 million,” sources said According to details, the customs staff led by Ali Raza Turabi, Deputy Collector and Amjad Aman

Leghari, Deputy Collector checked PIA air craft bearing registration number AP-BGK-777. The aircraft was deployed as PK-744 on 21-52016 for Islamabad-Jeddah sector, then PK-760 on 22-5-2016 for Jed-

dah-Lahore and finally PK-305 from Lahore to Karachi sectors on the same day. After landing at Karachi airport, the said aircraft was parked in the above mentioned hanger for maintenance.

In another action, spot information was received to the customs authorities that some more heroin was concealed in the cavities of the same aircraft. Accordingly a team of customs staff posted at JIAP led

by Syed Asad Raza Rizvi, Additional Collector JIAP and Ali Raza Turabi, Deputy Collector Customs immediately reached to the pointed PIA aircraft which was still parked at Bay-2.

Non-bailable arrest warrants for concealing income issued KARACHI

M BILAL

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ustoms Court Judge Syed Faiz Rasool Rashdi issued non-bailable arrest warrants for absconders Bashir Dawood and Mariyam Dawood who were booked for concealing the income and money laundering over offshore company.

During the hearing, Investigation OfMicer Muhammad Arif ap-

peared before the court and submitted that both accused have not been arrested yet therefore he is seeking time for compliance of court’s order.

It is pertinent to mention here that the court had issued their bailable warrants several times due to non-appearance but they did not heed towards them, so the court now had to issue their nonbailable arrest warrants.

Earlier, on the last date of hearing, investigation ofMicer had Miled an application before the court for attachment of property and bank accounts under Section-8 of the Anti-Money

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Laundering Act-2010 to protect the public exchequer and also had informed the court that above named accused are absconders therefore the court had allowed the IO for attachment of their bank accounts for 30 days. According to the prosecution, case no 01/2016 was registered against them alleging that the accused, having offshore company, are involved in concealing Rs9870million income. A case was registered under violation of Section-111 (1) (d) (1) of the Income Tax Ordinance2001 liable to be prosecuted under Section-192 a ibid read with Section 2 and 8 (2) of the AMP Act-2010.