Feb 18 layout 1

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Vol 1 Issue No. 296

Karachi, Thu February 18, 2016

LAHORE

MUHAMMAD NAWAZ www.customsbulletin.com

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he Federal Board of Revenue (FBR) will hold conference on the Voluntary Tax Compliance Scheme in Lahore here on February 18.

According to the details, the conference will be chaired by Advisor to Prime Minister on Revenue Haroon Akhtar, while the Inland Revenue Policy Rehmatullah Khan Wazir and traders will also attend the conference.

In this public meeting, traders

Price Rs. 14.00

will be informed about the beneTits of the tax amnesty scheme, active taxpayers list and exemptions in order to bring them into tax net.

Meanwhile, Special Assistant to Prime Minister for Revenue Senator Haroon Akhtar Khan has attended the voluntary compliance tax awareness seminar organized by the Regional Tax OfTice Multan. The Regional Tax OfTice organized the seminar for the business community of the Southern Punjab to inform traders about the beneTits of the voluntary tax compliance scheme. Tax authorities of the Regional Tax OfTice organized the seminar on the instructions of the FBR to make tax amnesty scheme a success.

Senate body tells FBR to explain unchecked smuggling of goods

FBR realizes Rs 1664 billion revenues till February 15

Nawaz directs NAB not to harass govt officials on corruption charges

Smuggled goods worth Rs 285 million recovered

Misperception about Pakistan incorrect, biased: Spanish envoy

Senate Standing Committee on Commerce has invited the FBR to explain | See pAge 02 |

The FBR has realized Rs 1664b revenues upto February 15 against the collections | See pAge 03 |

PM Tuesday directed the NAB not to ‘harassing’govt employees on alleged | See pAge 04 |

Customs Intelligence had recovered smuggled goods including vehicles | See pAge 12 |

SpanishAmbassadortoPak,CarlosMorales saidthatPakisalandofopportunities | See pAge 09 |

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IHC directs ATIR to decide case of Hotel Margalla within 60 days Thursday, February 18, 2016

National

ISLAMABAD: The Islamabad High Court on Tuesday directed the Appellate Tribunal Inland Revenue (ATIR) to decide a case filed by M/s Hotel Margalla within 60 days carrying tax claims of Rs 3,985,346. Justice Aamer Farooq of the IHC heard the case and disposed it of with the directions to the ATIR. M/s Hotel Margalla had submitted its complaint against the ATIR and office bearers of the Large Taxpayer’s Unit (LTU).

The appellant had challenged the ATIR decision in which the tribunal had upheld FBR’s decision creating demand of Rs 3,627,956 as sales tax and Rs 357,390 as federal excise duty for the years, 2010 and 2013.

Senate body tells fBr to explain unchecked smuggling of goods

iHc adjourns hearing of customs references until March 21 ISLAMABAD

NAeeM ULLAH tAriQ

ISLAMABAD

M ArSHAD

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he Senate Standing Committee on Commerce has invited the Federal Board of Revenue (FBR) to explain the situation arising out of unchecked smuggling of a number of products from neighbouring countries.

The Senate Commerce Committee met here with Shibli Faraz in the chair and the chairman observed that smuggling of fruits, vegetables and other items from Iran and Afghanistan was the result of inefTiciency of the Pakistan Customs Department. Therefore, the FBR must explain the situation before the committee in next meeting, he added. The committee observed that unchecked smuggling of fruits and vegetables from Afghanistan and Iran were affecting 95 percent people in Balochistan whose prime occupation is agriculture. These fruits and vegetables include apples, grapes, onions and dates. Iranian traders are only paying 5 percent to enter Pakistan through Afghanistan.

The committee formed a subcommittee to look into the loss inTlicted on the local farmers living in areas adjacent to Afghan and Iranian borders due to smuggling of fruits and vegetables from both the countries and report back to committee in two weeks.

he Islamabad High Court (IHC) has directed M/s Bestway Cement Limited to submit documents relating to its custom reference challenging the decision of the Customs Appellate Tribunal.

A division bench of the IHC comprising Justice Noor ul Haq N Qureshi and Justice Athar Minallah heard the case and found that some documents were missing on the part of the appellant.

The bench, after hearing brief arguments, directed the counsel for M/s Bestway Cement Limited to provide related record in the court by the next hearing.

Meanwhile, the bench also heard a customs reference filed by Haidri Beverages (Private) Limited and adjourned its hearing till March 21.

Haidir Beverages and M/s Bestway Cement had filed these references challenging tribunal’s decision before the high court.

The appellant had also made party to officers of Large Taxpayer’s Unit and Regional Tax Office (RTO), Islamabad. The appellant had also made party to officers of Large Taxpayer’s Unit and Regional Tax Office (RTO), Islamabad.

The committee also urged the government to avoid further delaying the approval of Strategic Trade Policy Framework (STPF2015-18) because non existence of the STPF was damaging exports of the country.

Speaking on the occasion, Minster for commerce Khurram Dastagir stated that Pakistan had different policies for Afghanistan and Iran re-

lated to trade but with Iran Pakistan government was waiting for the lifting of sanctions on Iran so Pakistan government could initiate trade gradually with Iran.

On the issue of declining exports, the committee was briefed that Turkey had imposed additional duties on various products across the world and it had reduced the exports of Pakistan of fabric, ready-

made garments and polythene. The consumption of oil in Pakistan had increased by 30 percent.

Secretary Commerce Shahzad Arbab told the committee that no response had been received as yet from Prime Minister’s ofTice regarding STFP 2015-18. However, that the ministry is all set to implement the trade policy as soon as it gets a nod from PM.

pak-indian trade volume needs to be increased: indian Hc

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ISLAMABAD

M fAiZAN

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ewly appointed Indian High Commissioner to Pakistan Gautam Bambawale has said that there is a huge potential of business opportunities between Pakistan and India. He said that trade relations between the two countries must be strengthened and trade volume be increased.

He was addressing a seminar a

on “Business Opportunities in India” hosted by Indian High Commission. He said that it is essential to ease visa policy that will help a lot to further increase trade volume between the two neighbouring countries. He clariTied that foreign secretary level talks between India and Pakistan is not attached with the ongoing investigation of Pathankot incident, but National Security Advisers of both the countries are still in contact with each other.

He said that main purpose of

holding this seminar is to inform Pakistani businessmen about business opportunities in India, such as business exhibitions, conferences, and about business visa procedure.

During the seminar a speech of Indian Prime Minister Nirendra Modi was also played which he made on the occasion of “Make in India.”

Commercial and Economic Counselor of Indian High Commissioner Rajesh Agnihotri and First Secretary Anurag, Federation of Chambers of Commerce, SAARC Chambers of

Commerce, Islamabad Chambers of Commerce, Rawalpindi Chamber of Commerce, Lahore Chambers of Commerce and Industry, Small Traders Chambers, Textile and Pharmaceutical sectors representatives were also present during the seminar. The traders representatives of all chambers apprised the newly appointed Indian High Commissioner Gautam Bambawale about their problems on obtaining a Indian business visa, in response, Indian High Commissioner assured them

his full suppot to sort out these issues. Pakistani traders urged Indian High Commissioner to make friendly business policy.

Gautam Bambawale also assured Pakistani businessmen that now business visa will be issued to them without wasteing any time. He asked Pakistani traders to avail business opportunities not only in New Delhi but also other major cities of India. He said that he will also pursue Indian traders to avail business opportunities in Pakistan also.

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RTO-III seals two factories due to tax evasion KARACHI: The Regional Tax Office-III has sealed two factories and issued tax notices to 300 people who are declaring less income and avoiding to pay taxes according to their actual sales. Additional Commissioner Agha Yaseen told Customs Today that the two factories declared less sales in January and deposited less sales tax. During the scrutiny of the sales data it was revealed that both companies submitted forged sales tax statements. RTO-III authorities directed the management of above said companies to explain their point of view personally, while on the other hand RTO authorities issued tax notices to 300 defaulters asking them to clear outstanding amount at the earliest to avoid legal action.

Quetta customs impounds vehicles, contraband items worth over rs 10m

Thursday February 18, 2016

National

fBr realises rs 1,664 billion revenues until february

KARACHI

WAQAr AHMeD ANSAri www.customsbulletin.com

he Model Customs Collectorate, Quetta, has impounded two trucks, a Suzuki Pickup and other items worth over Rs 10 million during an action.

As per details, the Quetta Customs assistant collector concerned received information that non-duty paid vehicles and other contraband items would be smuggled into Pakistan from Afghanistan on which the officer formed a team under the supervision of Inspector Shaukatullah.

The team intercepted two trucks in its jurisdiction and recovered a Suzuki vehicle, silk cloth, cigarettes and frames of two vehicles.

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customs ASo detains rs 20 million smuggled items LAHORE

M HAYAt

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ustoms Anti- Smuggling Lahore seized Rs 20 million smuggled goods and articles from Manga Mandi, sources told Customs Today on Tuesday.

According to details the Anti-Narcotics Force intercepted the trucks loaded with contraband goods. The ASO took the possession of the trucks from ANF and brought them Lahore. The sources said that the trucks were dumped with imported cloths, electrical sewing machines, tyres and 268 cartons of cigarettes.

However, the sources said that owners were having GDs of all the goods except cigarettes. Sources said that cigarettes will be seized while all other items will be released.

Sources said that cigarettes will be seized while all other items will be released.

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ISLAMABAD

M ArSHAD

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he Federal Board of Revenue (FBR) has realized Rs 1664 billion revenues upto February 15 against the collections of Rs 1404 billion taxes in the same period of last Tiscal year, showing an increase of 18 percent, a senior ofTicial of the board said.

While talking to media persons, spokesman of FBR, Dr. Muhammad Iqbal said that the FBR had performed well in tax collection and it collected 17 percent more taxes during Tirst 15 days of February 2016 as compared to same period of last year. He said during the period, Rs 78.6 billion were collected as compared to the collection of Rs 66.9 billion during same period of last year. The FBR spokesman said “We had issued notices to 300,000 non tax Tilers whereas currently one million people are Tiling their tax returns in the country.”

He added the FBR was committed to broaden the tax net and enhance the tax Tilers from one million to 1.7 million to enhance the revenue for economic development and prosperity. He said the tax amnesty scheme was aimed at introducing the simple procedure for Tiling the tax returns to facilitate the Tilers. He said the new procedure would enhance tax compliance, expand the tax base, discourage tax evasion and reduce cost of compli-

ance by the traders.

He added that under this scheme FBR wanted to raise tax revenues without inconveniencing the traders and minimizing contact between tax ofTicials and taxpayers.

Dr. Iqbal said the simpliTied procedure can be availed by both the existing return Tiler and non-Tiler traders. FBR had collected an amount of 28 percent extra in the months of October, November and mid of December as compared to the

fBr Spokesman Dr Muhammad iqbal says the board has performed well in tax collection and it collected 17 percent more taxes during the first 15 days of february 2016 as compared to the same period of last year

court grants physical remand of two suspects LAHORE

M iMrAN MeHAr

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he Accountability Court o has approved 14 days physical remand of two suspects involved in embezzlement of millions of rupees. The National Accountability Bureau (NAB) arrested two suspects in two different cases

of misappropriation and corruption.

The NAB investigation team on Tuesday presented them before the court obtained physical remand of the suspects which court allowed for investigations.

According to details NAB Lahore arrested Riaz Qadeer Butt who is a Chief Executive Haq Bahu Sugar Mills Jhang. He has been charged with embezzlement of Rs 1.57 billion. The accused violated an agreement, signed with the Trade Corporation of Pakistan, by not supplying

sugar to the Utility Stores Corporation and embezzled the money. As per details available to Customs Today NAB Lahore arrested another person Abdul Qayyum Chishti, Chief executive of Masters Security (Private) Limited. He opened a brokerage house in the stock market and started Tleecing people in the name of giving them big proTits on their investments. The accused collected Rs 229.55 million from 623 people on different occasions and misappropriated the money.

same period of previous year, he said.

The performance of FBR, he said was very encouraging in the second quarter of current Tiscal year and Tigures show 30 percent increase in collection of taxes, he added. The FBR Spokesman said that the FBR’s administrative reforms were gradually leading to improvement in tax structure and revenue collection. The reforms, he said would continue to address the issue of tax compliance and administration.

rto-ii generates rs 37.3b in 15 days of feb he Regional Tax Office-II (RTOII) of the Federal Board of Revenue (FBR) collected Rs 37.321 billion in the wake of taxes during the first 15 days of the current month, February 2016.

As per details, the RTO-II has recovered Rs 35.822 billion in wake of income tax, Rs 1.356 billion under the head of sales tax and Rs 143 million as Federal Excise Duty (FED).

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MCB’s PMI for January increases to 64.54 LAHORE: Economic activity in the manufacturing sector expanded in January 2016 at a faster pace than in November 2015, according to company executives surveyed in the MCB’s Purchasing Managers Index (PMI). The PMI for the month of January registered a value of 64.54, an increase from November's reading of 63.25. As a rule of thumb, a reading of 50 or above indicates that manufacturing activity and the overall economy expanded. At present, the manufacturing sector appears to be growing at a solid pace with large-scale manufacturing (LSM) increasing on a year-on-year basis by 4.43% in the July - November FY16 period, according to Pakistan Bureau of Statistics.

Thursday, February 18, 2016

Business

pSX plunges 203pts, down 0.64% on vigilant trading KARACHI

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note, the Pakistan Stock Exchange (PSX) witnessed a rollercoaster day

shedding 254.99 points to drop to 31673.16 points level at closing. On

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he Karachi Stock Exchange benchmark 100-index lost 203.46points or 0.64 percent to reach 31469.70 points and volume of 65,788,880 shares on Wednesday. High and low were 31705.86 and 31334.41 respectively. Total volume traded in the market was 65,788,880 shares.

On Tuesday, Opened with positive

govt mulls fixing LNg price at $12 per mmbtu

Nawaz directs NAB not to harass govt officials on corruption charges

ISLAMABAD

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BAHAWALPUR

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he federal government is mulling to fix price of liquefied natural gas (LNG) at $12 per mmbtu. The Oil and Gas Regulatory Authority (Ogra) has determined the provisional price of LNG at $8.6 per million British thermal units (mmbtu). But, the government has allowed Sui Northern Gas Pipelines Limited (SNGPL) to charge up to $12 per mmbtu.

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Monday, the PSX closed bullish on strong valuations amid major recovery in global stocks and commodities. Global markets & international oil prices rallied, which led the PSX shares index to close up by 464 points or 1.47% at 31928.15 points level. Traded volume decreased by 26% to 89m shares, while traded value also decreased by 18.5% at Rs5.7b/$54m. Index heavy weights like PPL, OGDC and HBL rose by 35% yesterday which contributed to its rise. Total 329 active companies participated in the session, of which 214 closed in advance, 93 in decline while 22 went unchanged.

rime Minister Nawaz Sharif Tuesday directed the National Accountability Bureau (NAB) not to ‘harassing’ government employees on alleged corruption charges. Addressing the newlyelected local government representatives of Pakistan Muslim LeagueN, the prime minister said that the NAB ofTicials barged into houses and ofTices of innocent people without

verifying the authenticity of corruption or other charges if any.

The NAB ofTicials dishonoured the people in unlawful cases. They terriTied the government ofTicers on baseless charges hindering them to perform ofTicial work. This was totally unacceptable, the NAB ofTicials should perform their duty responsibly, he warned. The prime minister said he had brought the issue into the notice of the NAB chairman and if any action in this regard was not taken by him then the government would itself take necessary action. He said telling a lie was justiTied when there was a

threat to one’s life, however, he had never lied. He did not believe in ‘politics of lies’. But the new politicians of today knew nothing except telling lies, but the people knew their reality.

He, however, always pursued truth, he added. Talking about energy crisis, he posed a question to the participants as to how the country was pushed in such a quagmire. The previous governments were responsible for today’s power outages. The loadshedding had not only shut down the farmers’ tubewells causing declines in agricultural produce ultimately affecting exports.

NA session: govt chastised over high oil prices ISLAMABAD

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eader of the Opposition in the National Assembly Syed Khursheed Shah on Tuesday continued his tirade against the government accusing it of lining its own pockets. “I should not lament as the prime minister does not even have an idea about the price of potatoes,” Shah said as he chastised the government for failing to reduce the price of petrol in accordance with the international price of oil.

The opposition had picked up where it had left off on Monday, continuing to flay the government for its policies on oil prices and enforcing the Pakistan Essential Services (Maintenance) Act, 1952, to stop workers of Pakistan International Airlines (PIA) from protesting. Shah restated his argument that the previous Pakistan Peoples Party (PPP) regime had managed to control the petroleum prices better than the incumbent Pakistan Muslim LeagueNawaz (PML-N). The Opposition leader said that currently taxes as high as 69.5% had been imposed on diesel, while there was 20% tax on furnace oil and around 25.5% on petrol. “We collected Rs16% sales tax on petrol which was Rs9.5. But now, it is Rs14.5 which was 25%,” he remarked urging the government to bring prices down to the ratio that was under the PPP.

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pakistan’s risk surges to one-year high: Bloomberg LAHORE

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ets are rising that Pakistan will default on its debt just as it starts to revive investor interest with a reduction in terrorist attacks, Bloomberg.com reported.

Credit default swaps protecting the nation’s debt against non-payment for Tive years surged 56 basis points last week to 620 points amid

the global market sell-off, according to data compiled by Bloomberg.

That’s the highest since January 2015 and the steepest jump after Greece, Venezuela and Portugal among more than 50 sovereigns tracked by Bloomberg.

About 40 percent of Pakistan’s outstanding debt both local and foreign is due to mature in 2016, according to data compiled by Bloomberg. That’s roughly $45 billion, of which about 4.3 trillion ru-

pees ($41 billion) is in local currency. Prime Minister Nawaz Sharif has worked to make Pakistan more investor-friendly since winning a $6.6 billion International Monetary Fund loan in 2013 to avert an external payments crisis. The economy is forecast to grow 4.5 percent, an eight-year high, as a crackdown on militant strongholds helps reduce deaths from terrorist attacks.

“Pakistan’s high level of public debt, with a large portion financed

through short-term instruments, does make the sovereign’s ability to meet their financing needs more sensitive to market conditions,” Mervyn Tang, lead analyst for Pakistan at Fitch Ratings Ltd., said by email.Right now, he said, there’s not much reason to panic. Pakistan’s external liabilities are “relatively modest,” foreign-currency reserves have risen, existing IMF funding will help meet maturing loans over the next two years and Chinese in-

vestment in an economic corridor is on its way, Tang said. “Improving growth prospects, lower inflation and smaller budget deficit should help to underpin investor confidence, particularly the domestic investor base,” Tang said. Pakistan has just $4 billion of external debt coming due in 2016 and “does not face any difficulty in respect of its debt servicing obligations,” the Finance Ministry said in an e-mailed response to questions.

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ollector Customs Peshawar Qurban Ali Khan has assured the customs clearing agents that their problems relating to WeBOC (Web based One Custom) at Torkham border would be addressed at the earliest.

He gave this assurance at a ceremony held to distribute certificates among the clearing agents participated in WeBOC training here at Customs House. A meeting of the assistant collector Customs Torkham and clearing agents would be convened shortly to address their problems at Customs House. Qurban Ali Khan said that Customs Department had no benefit from WeBOC; however, we want to bring a system at one level to import the trading activities at both side of the border. The WeBOC system would now be also introduced at Kharlachi border point.

He hoped that the WeBOC training would improve the performance of the clearing agents.

Later the clearing agents apprised the Customs officials about shortage of Customs staff, com-

puters and internet connections.

The Customs official said that their problem were genuine and would be resolved on priority basis Meanwhile, The Collector Custom has launched a special campaign to curb the growing menace of smuggling and seized a large quantity of smuggled goods worth millions of rupees in various raids during the last one week.

The campaign has been launched under the supervision of Muhammad Ali Asad Khan, Assistant Collector Anti-Smuggling.

Giving breakup of the seizures, a spokesman for the Customs Collectorate said that the custom mobile squad No.1 confiscated 4,0500 yards imported cloth, 120 LED TV and 18 bags of dandasa from a truck near Akbarpura being smuggled to Punjab. The estimated cost of the seized goods stated to be Rs 24.22 millions.

In other activity, the same squad seized 110 bags of imported black tea from a vehicle No.C-8629 in Peshawar city, and confiscated the vehicle.

In the third activity, mobile squad No.2 conf cated 4752 packets of foreign origin juices, 1 compressors, 57 cartons of foreign soaps, carton cigarettes, 103 LED TVs and three cart foreign quality toothpaste and other good The campaign against smuggling wou continue, he said adding other law e forcing agencies cooperation w a must to this effect.

t id tha a s n a h o had n n Ali k Qurba epartment ever, sD ; how custom om WeBoc m at one ste t fr benefi o bring a sy rading t nt he t we wa to import t de of the i level both s em would t a s e i t activit WeBoc sys ed at e h oduc r. t borde be also intr point er now i bord h c a l r kha

fis150 12 ton ds. uld enwas

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Thursday, February 18, 2016

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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

Bright prospects of regional trade

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peaceful Afghanistan is in the best interest of Pakistan and the rest of the countries in the region. Trade is correlative with peace but chaotic situation in Afghanistan has not only jeopardized peace in the region, but also in the world. It is unfortunate that Pakistan is always blamed for the situation in Afghanistan whereas in fact foreign powers, including India and the United States, desperately want to keep their presence in that country on one pretext or the other. Some countries also want to keep Pakistan in a situation which Afghanistan is enduring. The country has been in a state of war for the last over three decades and there is no letup in the situation.

However, a new regional economic and trade order is emerging in the shape of China Pakistan Economic Corridor and establishment of a trade route from Pakistan to double landlocked countries in central Asia such as Tajikistan, Kyrgyzstan and Kazakhstan through China. In this regard, a four-nation agreement was signed in 2004, allowing transit trade within the four countries. A big hindrance in opening up a trade route through Afghanistan is foreign interference, especially from India which wants to besiege Pakistan from all sides. If peace in Afghanistan is in the interest of Pakistan, peace in Pakistan will guarantee economic and industrial development in India. After making peace with Pakistan, India can get concessions from Islamabad to get access to the central Asian states for trade and investment. Pakistan has the option to get access to Central Asian markets via China, bypassing Afghanistan.

However, there is no option available for India. Pakistan and India should compete in trade and investment and not in terms of nuclear devices or missile systems. Pakistan has another option to enhance its business activities and that is to sign a free trade agreement with Iran after sanctions have been lifted on that country. There is also need to revive the Pakistan-Iran gas pipeline project which went in abeyance for no apparent reasons. As a matter of fact, Pakistan is on the threshold of economic development as opportunities are knocking its door, but it seems the leadership is perplexed or confused not knowing how to respond to the business offers.

persistent energy crisis T

LAHORE

Dr AftAB AfZAL

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he country has been in grip of severe energy crisis for the last over three decades, but the successive governments in the office have failed to find real time solution to the problem. As a result, the large-scale manufacturing sector could not be expanded according to its potentials and the entire country is still facing the pinch of load shedding. The Kalabagh Dam and Diamir Basha Dam projects are virtually dead and the Nandipur Power Project is reportedly incapacitated to add any unit to the national grid. Pakistan is very suitable country to

avail the benefits of solar energy, but a negative path is followed to get positive results. Instead of developing solar technology at home, preference has been given to import solar panels and voltaic cells, not only depriving the nation of the benefits of solar technology, but also precious foreign exchange. A technological blind country always remains in the darkness without any hope for a bright future.

The only ray of hope for the nation is the economic corridor linking Kashgar in China to the port of Gwadar on the shore of Arabian Sea and the project has the potential to boost trade and investment in the coming years.

Economists expect a slightly higher inflation rate during the

current fiscal year as oil prices are likely to recover.

They also expect that inflationary pressures raise food prices due to possible short supply during the year. As the World Bank president has said the government will have to scale up investment in its people and should specifically focus on the youth as the country has the largest young population in the world. The government will have to ensure that the youth population learns, grows and fully participates in the digital economy of the country. According to the World Bank chief, going digital is critical for the youth to update them about changes in the international labour market and enable them to take advantages of

the global connectivity and digital economy.

This is the era of economic development and it is up to the government to take advantage of the endless opportunities which the world is offering in business, trade and investment. It is good omen that trade delegations from all over the world are coming to Pakistan and there is a need to materialize business to business contacts with other countries. However, electricity is the basic requirement of the industry and the government should fully concentrate on this sector and it should try to revive the projects like Kalabagh Dam and Bhasha Dam. The economic corridor cannot pull all the economic weight of the nation.

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GE explores oil, gas business in Iran TEHRAN: General Electric Co is exploring potential business opportunities in Iran and the chief executive of its oil and gas division visited the country recently, a company spokeswoman said.

The visit by Lorenzo Simonelli, CEO of GE Oil & Gas, comes at a time when Iran is aiming to boost its crude oil exports and recover the oil market share it lost as a result of international sanctions imposed over its nuclear program. “In line with the easing of sanctions, we have begun looking at potential business opportunities in Iran, while fully complying with the rules laid out by the U.S. government. Simonelli’s visit is part of this effort,” the spokeswoman said. Iran could help GE lessen the effects of the fall in energy prices as a result of which the company doubled its 2016 budget for restructuring. Further, GE has said that it expects oil and gas revenue to fall a further 10-15 percent in 2016 because of weak oil prices.

Lcci welcomes zero-rated sale tax for export-oriented sectors he Lahore Chamber of Commerce and Industry welcomed the Prime Minister’s initiative of zero-rated sales tax regime for export sector to facilitate export-oriented sectors.

In a statement issued here, the LCCI President Sheikh Muhammad Arshad, Senior Vice President Almas Hyder and Vice President Nasir Saeed said that Prime Minister has won the hearts of business community by accepting their longstanding demand.

The LCCI office-bearers said that the step would go a long way and help

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promote country’s exports which are stagnant since long. They said that the Prime Minister’s announcement is an ample of government’s seriousness to put economy back on rails.

They said that it would boost the trust of not only local businessmen but would also give a very good message to the foreign investors. They also hailed the government efforts for economic stability saying that confidence of the business community to invest in diverse economic fields has been reinforced through business friendly policies of the government. They said that zero-rated sales tax regime for exporters would certainly bring down the industrial cost of doing business and Pakistani products would be able to win their due share in the international market.

They said that this initiative of the government would encourage business doing people to supplement the government endeavors aimed at economic revival of the country. —CB Report

Thursday February 18, 2016

Chambers

Misperception about pakistan incorrect, biased: Spanish envoy S

LAHORE

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panish Ambassador to Pakistan, Carlos Morales said that Pakistan is a land of opportunities and misperception about its reputation at international level is not correct. Situation here at this resourceful country is not as bad as being portrayed and a number of Spanish companies are keen interested to start their operations. Pakistan is very much on the world radar and a large number of leading business groups are looking it as an attractive business destination.

Spanish Ambassador expressed his views while speaking at the Lahore Chamber of Commerce and Industry on Monday. LCCI Senior Vice President Almas Hyder presented the address of welcome while honorary Consul of Spain Zaheerul Islam, former LCCI President Mian Misbah-ur-Rehman, Former Senior Vice President Malik Tahir Javed, Former Vice President Saeeda Nazar, Executive Committee Members Mian Zahid Javed, Abdul Razaq, Khurram Lodhi, Mukhtar Ali, Shahzad Ahmed and Tariq Mah-

mood were present on the occasion.

The Ambassador said that Pakistan is a dynamic country which has a lot for the foreign investors. He said that Spain is one the largest economies and investors of the world. He said that Spain has made a huge investment billion around the globe while around 5000 Spanish companies are working in Latin America. He said that Pakistan is a big market for EU investors, therefore, Spanish companies are diverting its attention towards Pakistan and it is high time that both the countries should take advantage of each other’s expertise in various sectors. He also urged the LCCI to

bring a business delegation to Spain so the Pakistani business community could assess the situation well.

He said that there exists a great scope for cooperation in various industrial sectors between the two countries as well therefore the businessmen in the two countries could join hands for transfer of technology.

He said that Energy, Textiles, Tourism, food products, agro-based products, Infrastructure and Spanish cellular technology are the potential areas where private of the two countries could join hands for Joint Ventures.

He said that Pakistan could learn a lot from Spain in tourism sector. He said that last year Spain earned $ 65 billion

kp keen to boost trade with tajikistan

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PESHAWAR

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he business community has called for the removal of impediments to give further boost to the trade and economic relations between Pakistan and Tajikistan and also other regional countries.

Khyber-Pakhtunkhwa Chamber of Commerce and Industry (KPCCI) President Zulfiqar Ali Khan has demanded earlier implementation of the Central Asian and South Asia (CASA-1000) project to meet the growing demands of energy in the country. Speaking to Tajikistan’s envoy Jononov Sherali, the KPCCI president said that not only the visa process should be made easier to enhance bilateral trade between Pakistan and Tajikistan but PakAfghan transit trade mechanism

should also be simplified. “Other hurdles should also be done away with,” he emphasised.

Tajikistan’s Commercial Attaché Maruf Jon, Honarory Consul General of Tajikistan Engineer Saeed Mahmood and KPCCI office-bearers were also present during the meeting. Zulfiqar said that (CASA1000) was a significant power generation project, which could not only promote trade relations with Tajikistan, but would also help cope with the growing energy crisis in the country.

“KP is a golden-gate into Afghanistan and the Central Asian countries, Zulfiqar said, adding that all such factors should be removed which hampered trade relations between the regional countries. He especially stressed taking proactive steps on the official level.

The KPCCI president pointed out that quite a large potential ex-

isted to increase the existing trade volume of 89 million dollars, between Tajikistan and Pakistan, to 500 million dollars.

He stressed the need for trade agreements to give further boost to trade relations between the two friendly countries. He hoped that Pak-Tajik trade and culture festival would play a vital role in the promotion of trade ties between the two countries.

Speaking on the occasion, the Tajikistan ambassador said that his country gave lot of importance to its economic and trade relations with Pakistan.

He asked the Pakistani investors to derive maximum mileage out of the opportunities existed in various sectors in Tajikistan. He invited the KP investors to participate in the upcoming festival, which would be held from April 7 to April 11, 2016 in Dushanbe.

from 68 million tourists. The LCCI Senior Vice President Almas Hyder said that Pakistan and Spain have always enjoyed good diplomatic relations have also been steady trading partners. He said that Spain is one of the important countries of Europe and we really value to keep close and direct relations with it. These relations are fairly reTlected in bilateral trade which is consistently following upward trend for the last few years.

He said that Pakistan has favourable balance of trade with Spain and it is encouraging to see that in 2014 the level of two trade went as high as dollar 937 million. It was mainly achieved due to regular increase in Pakistan’s exports to Spain. The major exports of Pakistan to Spain include articles of apparel & clothing, bed linens, woven cotton fabrics, ethyl alcohol, rice and sports goods etc. Whereas medicament mixtures, ceramic tiles, zinc, cotton, olive oil, dyes & pigments, scrap of iron & steel etc. are main imports of Pakistan from Spain. Almas Hyder said that Pakistan is a land of opportunities for foreign investors and there is a great scope of cooperation in various industrial sectors between Pakistan and Spain.

turkey to open trade centres in tehran, Dubai n addition to its praised economic growth in Turkey, the contracting sector has recently broken a new record. As of the end of 2015, nearly 9,000 projects worth more than $322.6 billion have been initiated in 107 countries. Economy Minister Mustafa Elitaş said the projects initiated in the past 12 years are worth nearly $276 billion.

Highlighting that the support infrastructure of Turkish trade centers, which will serve as bases for marketing, distribution and logistics, has matured, Elitaş said two trade centers will be opened in Dubai and Tehran. “We compensated for the decrease in Russia-related fruit and vegetable exports by exporting to other countries. —CB Report

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US Customs nabs man with 4 pounds of heroin, cocaine Thursday February 18, 2016

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TUCSON: Customs and Border Protection officers arrested a Phoenix man for an alleged attempt to smuggle nearly four pounds of heroin and cocaine through the Port of Nogales here the other day. When CBP officers searched a border crosser, they found a combination of heroin and cocaine strapped to his back Officers at the Morley Pedestrian crossing referred Benito Jesus Maytorena, 22, for further inspection when he attempted to enter the U.S. During the inspection, a CBP narcotics-detection canine alerted to the presence of drugs under Maytorena’s shirt. Officers removed more than 1.5 pounds of heroin, valued at more than $22,000, and more than two pounds of cocaine exceeding $24,000 in value. Officers seized the drugs and turned Maytorena over to Immigration and Customs Enforcement’s Homeland Security Investigations.

US customs seizes cocaine worth $1.2m FAJARDO

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S Customs and Border Protection (CBP) Air and Marine Operations (AMO) seized 93 pounds (42 kilos) of cocaine recovered Tuesday night from the water after intercepting a 25 foot vessel 6 nautical miles from Fajardo and arresting 2 men onboard. The estimated value of the cocaine is $1.2 million.

“We leverage our assets and work with all our partners to intercept smuggling attempts such as this one,” stated Johnny Morales, Director of Air Operations at the CBP Caribbea(File Photo) A DHC-8 Marine Patrol Aircraft detected the vessel northwest of Culebra island in Puerto Ricon Air and Marine Branch.

Near midnight a CBP Marine Patrol Aircraft (MPA) detected a vessel approximately 2 nautical miles north-

ireland police seize drugs worth €126,000 hree men were arrested in connection with a €126,000 drug seizure yesterday afternoon.

Gardai from the Cork City Divisional Drugs Unit assisted by the Drugs and Organised Crime Bureau stopped and searched two cars in Co Cork shortly before 2pm.

Cannabis resin with an estimated value of €126,000 was recovered following the search at Skehanagh in Watergrasshill. Two of the men arrested, aged 41 years and 51 years respectively, were charged in connection with this investigation. They were released from custody and are due to appear before Cork District Court next Wednesday morning. The third man (59) was released from Garda custody without charge and a file is being prepared for the Director of Public Prosecutions (DPP). A fourth man (30) was also arrested in north Dublin and detained at Finglas Garda Station under Section 2 of The Criminal Justice (Drug Trafficking), Act 1996.—CB Report

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west of Culebra Island traveling westbound without navigation lights. The vessel was described as a 25’-center console with twin outboard engines, and two people aboard. A law enforcement response was coordinated between CBP, US Coast Guard and Puerto Rico Police Department FURA Marine Units.

As marine units reached the vessel, the suspects jettisoned several packages and attempted to abscond.

A CBP Interceptor crew was able to stop the vessel and apprehend two subjects. During a search of the area two bags were recovered with 35 bricks that Tiled tested positive to cocaine. Last week CBP AMO and ICE Homeland Security Investigations (HSI ) seized 86 pounds (39 kilos) of cocaine, worth $1 million, concealed inside the hull of a 26 foot boat in Fajardo. Agents from the Drug Enforcement Administration’s (DEA) led Caribbean Corridor Strike Force (CCSF) assumed custody of the boat and contraband for further investigation and prosecution.

Huge haul of tobacco seized in reading after sniffer dog success

LONDON

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he council’s trading standards team and police ofTicers with sniffer dogs seized more than 25,000 counterfeit cigarettes and 4.5kg of smuggled rolling tobacco during a raid at a store in

Up to one million tonnes of sugar smuggled into china annually

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p to one million tonnes of sugar is trafTicked into China every year, a Chinese agriculture ministry ofTicial said on Wednesday. Countering the smuggling is a challenge for the government because of the country’s long borders, Xu Xue, chief sugar industry researcher for the ministry, said. “The cost of fully executing the law is expensive there is a huge demand to deal with the smuggling but less power to do so,” she told a sugar conference in Dubai through a translator.

She gave an estimate of roughly half to one million tonnes per year is being smuggled into China, the world’s top sugar buyer. “It is difTicult to estimate the exact numbers but it is around that Tigure,” she said. On Monday, the president of the Indian Sugar Mills Association said that the bulk of Indian sugar exports were contracted for Myanmar but eventually ended up in China. Smuggling of agricultural products along China’s borders with Vietnam and Myanmar has long been a problem.—CB Report

Oxford Road. The huge haul was seized from a Polish grocery store on the road in Reading here the other day after the council’s trading standards team was tipped off by a getreading reporter. Reading Borough Council’s trading standards team and the police executed the raid as part of a national initiative known as Operation Henry II. The Cocker Spaniels which sniffed out the illegal stash were provided by Wagtail UK, a company which sup-

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plies expertly trained dogs for the detection of substances such as explosives, drugs, cash and tobacco.

The shop was also suspected of illegally selling cheap cigarettes to underage students at a nearby college after a number of complaints were made by concerned parents and a former employee.

Reading Borough Council’s lead councillor for consumer services Paul Gittings said: “The detection dogs can Tind tobacco even if hidden in the most unlikely places.

“Offenders need to know that they will face the consequences if they choose to deal in these illegal products. “Those involved in dealing in illegal tobacco are encouraging people, including children, in the local area to smoke by providing a cheap source of cigarettes and tobacco. “Hopefully, this raid will make unscrupulous traders think twice about stocking and selling these products, as we will always pursue prosecutions where possible.”

oman focuses on domestic rail man may focus on building a domestic rail network rather than connecting its railways to a regional system, because of uncertainty over when the regional project will go ahead, Transport Minister Ahmed bin Mohammed Al-Futaisi said on Sunday. Oman and the Tive other states in the Gulf Cooperation Council (GCC) have been planning to build a railway line linking the region. Tens of billions of dollars would be spent on about 2,100 kilometers (1,310 miles) of track. But technical and bureaucratic delays have pushed expected completion of the project past the original target of 2017, and

low oil prices are now dragging the Tinances of GCC governments into deTicit, prompting them to slow construction plans in some areas. This has cast further doubt on the project. Last month Etihad Rail, the state-backed firm building a railway network in the United Arab Emirates, said it had suspended the tendering process for a plan to connect track inside the UAE with the borders of Saudi Arabia and Oman. Futaisi told reporters on Sunday that the suspension of Etihad’s plan made it difficult for Oman to award a contract for its own track.—CB Report

icelander nabbed in canada for drug smuggling

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OTTAWA

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n Icelandic woman is currently being held in custody in Canada on suspicion of smuggling considerable quantities of cocaine. The case, now under the jurisdiction of the Canadian police, is reported on

by Icelandic news website visir.is

(link in Icelandic). The alleged trafTicker has been in jail for two months but is expected soon be released on bail. The investigation was carried out jointly by Icelandic and Canadian police and the case involved both Canada and Mexico. No information of the quantities of drugs involved is available at this stage. Meanwhile, Along with massive loads of drugs, cash and other illegal items, border

ofTicers in southern Ontario seized more guns in the last half of 2015 than anywhere else in Canada. The Canada Border Services Agency’s southern Ontario region includes Sarnia, London, Fort Erie, Niagara Falls and Windsor. OfTicers in that region made 678 drug seizures in the last half of 2015, including 26 cocaine seizures totalling nearly 84 kilograms. In that same period, ofTicers

also made 140 tobacco seizures, 321 alcohol seizures, 348 prohibited weapons seizures and 115 Tirearms seizures with a total of 163 guns. The CBSA said more guns were seized in the southern region in that time frame than anywhere else in Canada. OfTicers also seized $1.8 million in cash, $100,000 worth of undeclared art and china, and improperly declared vehicles worth more than $539,000.

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UDC profit increases by 8% DOHA: United Development Company (UDC), a leading Qatari shareholding firm, announced its financial results for the year 2015. The company reported net profit of QR732.8m as compared to QR 676.3m recorded in the 2014, an increase of 8 percent. The net profit attributable to owners of the company stood at QR689.6m, compared to QR625.6m in the same period of 2014 with an increase of 10 percent.

Chairman of the Board of UDC, Turki bin Mohammed Khaled Al Khater said: “The financial results for year 2015 reflect positive performance and progress, leading the Company to propose dividend distribution of QR1.50 per share, which is 20 percent up from the previous year.

port of felixstowe offers container weighing solution he Port of Felixstowe has confirmed that it will offer a container weighing service to ensure UK shippers are able to comply with new international regulations that will come into effect on 1 July 2016.

Commenting on the new service, Stephen Abraham, Chief Operating Officer of Port of Felixstowe, said: “We have met with many customers and from their feedback it is clear that there is still a lot of uncertainty amongst exporters about the new rules. “The rules have the potential to cause significant disruption to export supply chains. To help avoid this we have decided to provide a service where export containers can be weighed at the port before being loaded. We will provide further details

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South Africa commits r7b to new port facilities

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about how the weighing service will work in good time to ensure all exporters can be compliant by the time the new rules come into force.” From July, an amendment to the SOLAS (Safety of Life at Sea) Convention will require every export container carrying cargo to have its weight verified before it is loaded on to a ship. The Port of Felixstowe has taken a leading role in the consultation exercise by the Maritime and Coastguard Agency on the implementation of the rules in the UK. The service at the port will be available to containers arriving either by road or rail. The Port of Felixstowe is the UK’s largest intermodal rail terminal and 40% of all laden export containers arrive at the port by rail. Meanwhile, Robot orders and shipments in North America set new records in 2015, according to Robotic Industries Association (RIA), the industry’s trade group.

According to the RIA, a total of 31,464 robots valued at $1.8 billion were ordered from North American companies during 2015.—CB Report

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outh Africa President Jacob Zuma has announced that R7 billion has been committed to new port facilities. Delivering his State of the Nation Address in Parliament on Thursday night, Zuma said government was concerned that South Africa did not own vessels while the country was surrounded by about 3,000 kilometers of coastline.

“Through the oceans economy segment of Operation Phakisa, we are trying to solve this challenge. I am pleased that two bulk carrier vessels have been registered in Port Elizabeth, and a third tanker in Cape Town under the South African flag,” Zuma said. This follows the adoption of a Public-Private-Partnership model for port infrastructure development by Transnet National Ports Authority, government announced in a statement on Friday.

The Operation Phakisa Big Fast results methodology was launched in 2014 and implemented in the

ocean economy, health, education and mining sectors to implement policies and programmes better, faster and more effectively. Operation Phakisa is an adaptation of the Big Fast Results methodology that was Tirst applied by the Malaysian Government in the delivery of its economic transformation programme through which the Malaysian government was able to register better results within a short period. Government said another positive Operation Phakisa development had been the launch of a fuel storage facility in Cape Town, bringing an investment of R660 million.

Thursday February 18, 2016

Adani ports Q3 profit jumps 26% at rs 645 crore dani Ports and Special Economic Zone Ltd (APSEZ) on Friday reported a 26 per cent jump in consolidated net profit at Rs 644.96 core for the quarter ended December 2015, on the back of increased income.

Total income from operations rose to Rs 1,717.86 crore in the quarter under review as against Rs 1,548.45 crore in the corresponding period of the previous fiscal year. The company’s total expenditure declined to Rs 934.70 crore during the quarter under review as against Rs 869.90 crore in the year-ago period of the previous fiscal year, it said in a filing to the BSE. “We have made our footprints at ten locations on the Indian coastline. While we look to continue our impressive growth in ports, we would now also look to the development of industrial clusters and end-to-end logistics in a big way thereby becoming a fully integrated logistics player,” Adani Group chairman Gautam Adani said. “A new chapter has begun in our ports business, with a great responsibility on my shoulders. We are focusing on improving top and bottom lines of the company by improving operational efficiency through use of technology, better cargo mix and by bringing down net finance cost,” APSEZ chief executive officer Karan Adani said. About other projects, the company said it has laid the foundation stone at Vizhinjam, Kerala to develop India’s first International Deepwater Seaport.—CB Report

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russian trade hit by sanctions and commodity crises

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MOSCOW

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ussia’s trade with the EU’s eastern states fell by almost a third in 2015, as sanctions over Crimea and the economic impact of plummeting commodity prices further unravel the fraying links between Moscow and its former Soviet bloc allies. Exports to Russia from the six countries for which full data are available were worth €5.9bn less in 2015 than 2014. Sales of goods from

Lithuania, Latvia, Estonia, Poland, the Czech Republic and Bulgaria declined an average of 30 per cent last year, with similar falls in the Tirst 11 months of the year in Slovakia and Hungary. Russia banned the import of European food products in response to sanctions after the annexation of Crimea in 2014. The downturn in trade has been exacerbated by a recession in Russia, as well as falling oil prices which have reduced the value of its energy exports. Balazs Jarábik, an expert at the Central European Policy Institute and the Carnegie En-

dowment for International Peace, says the conTlict has restarted a pattern that started after the collapse of the Soviet Union but which had slowed in recent years, particularly during the eurozone crisis. “Reducing Russia’s economic footprint in CEE [central and eastern europe] has been an ongoing trend for a longer period of time and the sanctions and oil price slump is only helping to move this forward again. Some of the old links could be rebuilt, but I believe politics will keep poisoning or interfering with trade relations in the

Baltics and Poland [in particular],” Mr Jarábik said. As well as the decline in trade, major Russian companies are also pulling back in the region, following similar withdrawals in western Europe. Russia’s largest bank, Sberbank, sold its Slovak subsidiary in December, and has signalled an interest in further exits from “less signiTicant” European markets. Oil producer Lukoil, meanwhile, has sold its network of gas stations in Hungary, the Czech Republic and Slovakia since sanctions were introduced.

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Faisalabad FIA nabs five human traffickers FAISALABAD: The FIA has arrested five human traffickers from Sargodha during a raid. As per details, FIA Assistant Director Chaudhary Mazharullah and Sub-Inspector Muhammad Javed conducted raids to nab the accused persons involved in sending people abroad on fake documents and visas.

The arrested persons allegedly grabbed big amounts from innocent citizens in guise of sending them abroad. The FIA has apprehended Muhammad Bilawal, Muhammad Hafeez, Muhammad Rafeeq Allah Rakha and Fazal Abas, those have extorted almost Rs 190,000 from the complainant.

Thursday, February 18, 2016

CUSTOMS BULLETIN

Smuggled goods worth rs 285 million recovered: Nisar Ahmad LAHORE M HAYAt

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ustoms Intelligence and Investigations had recovered smuggled goods including vehicles worth Rs 285.8 million from July 2015 to Feb 15, 2016.

Additional Director Customs Intelligence and Investigations, Multan Nisar Ahmad said that the smuggled goods including 59 vehicles valuing over Rs 80 million were recovered during seven months period. He said that 102 cases were registered against the smugglers involved in different activities.

He said that the department had also taken action against those who violated import policy and evade duty import payment through concealing facts from customs ofTicials.

He said that the cases were detected during checking. He said that action was being taken against the elements violating the laws.

Meanwhile, A team of Customs Intelligence during road checking intercepted two Mazda loader trucks near Qadirpur Ran, a town, nearly 24 kilometres away from Multan city, and checked the loaded items.

pQA moves budget estimates of over rs 246b for pSDp 2016-17 ISLAMABAD

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he Port Qasim Authority (PQA) has presented budgetary estimates of over Rs 246 billion for public sector development program for the Tiscal year 2016-17. These estimates have been given for two ongoing and one proposed projects.

The PSDP proposals have been presented to the Ports and Ship-

ping Ministry, that will move these proposals to the parliamentary committees for scrutiny and approval. After approval from the parliamentary committees, these proposals will be forwarded to Finance Division for incorporation in the budgetary estimates of the ministry and attached departments for upcoming Tiscal year.

According to budget documents available with this scribe two ongoing projects include construction of Mehran Highway Phase-III and provision of Coal Convening System from Pakistan International Bulk Terminal (PIBT) to

Railway Network of Port Qasim.

While one proposed project in the PSDP is survey and feasibility study for handling of imported coal for power generation through iron ore and coal berth at Port Qasim.

Mehran Highway (11.97KM) FROM Hospital Chorangi to Pakistan Steel Mills Link Road is to be constructed in three phases. Phase-I and II have been completed by Karachi Metropolitan Corporation (KMC) and Phase-III is being undertaken by PQA. Construction work will start this month as the project cost is Rs 248.221 billion and Tinancial modality is Japanese grant as well as

budget estimate is Rs 48 million for PSDP 2016-17. Provision of Coal Convening System from Pakistan International Bulk Terminal (PIBT) to Railway Network and loading of coal has been taken up on the directive of the Prime Minister’s ofTice as per decision of the Cabinet Committee on Energy. PC-I is pending for approval of the executive committee of the National Economic Council (ECNEC). Total cost of the project is Rs 15.875 billion while budget estimate for PSDP 2016-17 is Rs 12175.51 million. Similarly, the refurbishment capacity of land for handling coal at stockyard and con-

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

veying system for integration with existing Railway Yard at PSM for onward dispatch through Pakistan Railways to coal Tired power plants needs to be studied. PC-II is under Tinalization and after approval of PC-II the study will be awarded to a consultant for conducting study. Total cost of the project is Rs 100 million and budget estimates for PSDP2016-17 is also Rs 100 million. Port Qasim second busiest port handling about 35% of the nation’s cargo (17 million tons per annum).

The port encompasses a total area of 12,000 acres (49 km2) wherein many industrial zones operate.