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PakISTaN’S fIRST INDEPTh NEwSPaPER ON CUSTOMS

Daily

Vol 1 Issue No. 297

Karachi, Fri February 19, 2016

KARACHI

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he Pakistan Customs Enforcement South has proposed an ‘amnesty scheme’ for the smuggled cellular phones which are available in local markets. Chief Collector Enforcement South Muhammad Zahid Khokhar has forwarded a proposal to the Federal Board of Revenue (FBR) for further perusal, according to insiders.

While talking to Customs Today exclusively, Chief Collector En-

Price Rs. 14.00

forcement South Zahid Khokhar said he had proposed an amnesty scheme to the FBR to legalize the non-custom/duty paid cellular phones which are available in the local markets. “Although, the customs authorities are making all out efforts to control the menace of smuggling of cellular phones however the local markets are stuffed with refurbished sets”, the chief collector added. “We have asked the FBR to take onboard the Pakistan Telecommunication Authority PTA and the cellular companies to detect such cellular phones whose duties/taxes are not paid by the importers”, Zahid Khokhar said.

Customs Preventive seizes smuggled goods worth Rs 4 million

Ministry prepares budgetary proposals of Rs 5730.297m for PSDP

Minister for Agriculture Potato export will continue: Dr Farrukh

Collector Ahmed Raza directs to start anti smuggling campaign

Durrani asks investors to avail benefit from industrial sector in Karak

ASO of Custom Collectorate Preventive Lahore has seized 123 non-duty paid LED | SEE PagE 02 |

Finance Ministry has prepared budgetary proposals of Rs 5,730.297m for PSDP | SEE PagE 03 |

Minister for Agriculture Dr Farrukh Javed has said that potato export to Russia | SEE PagE 04 |

Ahmed Reza directed the staff to start of anti-smuggling campaign to curb | SEE PagE 12 |

Akram Durrani said a major Liquefied Petroleum Gas LPG plant had established | SEE PagE 09 |

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IHC issues notice to Large Taxpayer’s Unit in case filed by OGRA Friday, February 19, 2016

ISLAMABAD: The Islamabad High Court (IHC) has issued notice to the Large Taxpayer’s Unit, Islamabad, in a case filed by Oil and Gas Regulatory Authority (OGRA). A division bench of the IHC comprising Justice Noorul Haq N Qureshi and Justice Athar Minallah heard the tax reference filed by OGRA and issued notice to the Commissioner Inland Revenue of LTU to appear before the court on the next hearing. The same bench of the IHC would hear 12 tax references on Friday involving LTU officers. Out of these, Commissioner of Income Tax had filed one reference against M/s Mari Gas Company Limited, five tax references were filed by Commissioner Inland Revenue, (Legal) LTU, Isalamabad against M/s Bahawalpur Engineering (Pvt) Limited.

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Customs Preventive seizes smuggled goods worth Rs 4 million

Customs appellate Tribunal Bench-II rejects tax reference ISLAMABAD

NaEEM ULLah TaRIQ

LAHORE

M haYaT

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he Anti-Smuggling Organization of Custom Collectorate (Preventive) Lahore has seized 123 non-duty paid LED TVs and two split A/C loaded on truck No LEI-14-4596. The value of the seized goods is more than Rs 4,000,000. The goods were seized on the directions of Dr Muhammad Adnan Khan, Assistant Collector.

Meanwhile, the Customs I&P Lahore Customs Preventive has lodged an FIR against the elements involved in smuggling of 278 cartons of cigarettes, 8,450 kilogram parachute cloth and 7,100 kilogram polyester cloth, 71 tyres and 48 used sewing machines. The Anti-Narcotics Forces (ANF) Lahore had intercepted 2 suspicious trucks No.K-8056 (Peshawar) and TKS-099 Quetta. and handed over the trucks to anti smuggling organization of Model Custom Collectorate (Preventive) Lahore.

OfSicial sources told that the value of seized goods is more than Rs 22 million and FIR has been lodged against culprits while further investigations are underway.

Meanwhile, Customs 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-Nar-

he Customs Appellate Tribunal Bench-II on Wednesday dismissed a tax reference filed against Collectorate of Customs, Islamabad. Customs Appellate Tribunal’s Member Judicial Muhammad Maqsood ul Hassan also adjourned the hearing of four tax references till different dates.

According to details, a tax reference field by appellant, Tayyab, was dismissed for non-prosecution as the appellant was not pursuing the case despite several calls by the tribunal.

Other than that, the tribunal adjourned hearing of cases filed by M/s Cotect International, M/s Shakir Manzoor, Farhad Khan till March 22.

Appellants had challenged Customs Collectorate, Islamabad’s decisions in the said petitions.

Hearing of another case filed by Sajid Qayum was dated in office.

Sajid Qayum had challenged decision of Directorate General of Intelligence and Investigation, Islamabad.

Meanwhile, The Customs Appellate Tribunal Bench-II has reserved decisions of two custom cases challenging verdict given by the field offices of the Federal Board of Revenue (FBR).

cotics 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.

Meanwhile, Customs Preventive Anti Smuggling Organization (ASO) seizes huge quantity of smuggled electronics items worth Rs 6.5 million during a raiding on a shop located at Hall Road. Sources informed Customs Today that customs authorities received credible information that some smuggled items were

stored in a godown at Hall Road.

Sources said that these good were smuggled into the country by using Afghan Transit Trade route. The seized items includes 50 LEDs, 52 bodies of LEDs, 220 LED kits, 30 TV bodies, 47350 nos of mobile chargers, 10000 of mobile batteries, 40 circuit board. Customs ASO department registered a case of smuggling and started investigations.

Trade Ministers Council of D-8 agrees to activate PTa from July 1

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ISLAMABAD

M aRShaD

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he second Trade Ministers Council of D-8 group has agreed to activate preferential trade agreement (PTA) from July 1 this year.

The D-8 countries had signed the PTA in 2006; however, it could not be activated due to a number of reasons in the last 10 years.

To further resolve customs, tariff

lines, visa issues and others another meeting of Supervisory Committee will be held in May in Islamabad.

Federal Minister for Commerce Khurram Dastgir made this announcement along with Secretary General D-8 Dr. Muhammad Moussavi in a press conference after 2nd Trade Ministers Council and 4th meeting of Supervisory Committee of D-8 meeting.

He announced that governments of six out of eight members, except Bangladesh and Egypt, of the group

had rectiSied PTA; however, remaining countries were also expected to rectify PTA by July 01.

He declared the agreement on activation of PTA by D-8 group as Sirst small step towards the free trade agreement (FTA) which would be imperative to achieve the target of mutual trade volume of $ 500 billion. Presently, the total tune of mutual trade of D-8 countries stands at $ 120 billion.

Commerce Minister also welcomed the lift of international re-

strictions from Iran saying that it would pave the way for operationalization of banking channels with Iran and other members of D8 group.

“Now the member countries will be in a better position to trade with Iran in a legalized manner” he observed.

Speaking on the occasion, D-8 Secretary General Dr. Muhammad Moussavi said that meeting discussed a wide range of issues pertaining to customs, tariff lines, visa

sanctions as well as others and decided to hold customs ofSicials meeting in Pakistan soon.

He said that D-8 countries had enormous potential of bilateral trade; therefore, they required to maximize the visa facilitations to traders and exporters of member states. However, after the activation of PTA, traders, exporters especially the members of chambers of commerce of member countries will get multiple visas of each other countries” he added.

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FIA arrests another suspect in Rs 330 financial scam SIALKOT: The Federal Investigation Agency (FIA) has arrested another accused Javaid Iqbal, stated to be the right hand of a Daska-based Haji Muhammad Akram, involved in Rs 330 million financial scam.According to Ch Khalid Anees, deputy director FIA Gujranwala Division, Javaid Iqbal was also directly or indirectly involved in this financial scam and was also the right hand of the Haji Muhammad Akram.

He added that the FIA had already arrested as many as eight accused including main accused Haji Muhammad Akram Mughal and his wife in Rs 330 million financial scam, in this regard.

Collector Customs adjudication-I for speedy disposal of pending cases

Friday February 19, 2016

National

Ministry prepares budgetary proposals of Rs 5730.297m for PSDP

KARACHI

S R khaN

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he newly appointed Collector of Customs Adjudication-I Abdul Basit Chaudhry has directed the authorities concerned, including additional collectors, deputy collectors and assistant collectors, to ensure speedy disposal of cases, which are in pending in the Collectorate, since long. Sources told Customs Today that Collector Abdul Basit, through a letter, has asked the authorities concerned to dispose of the cases before reaching to their expiry date of 90 or 120 days. The Collector of the Collectorate of Customs Adjudication-I has also conducted a meeting of the officers of the Collectorate to review the current status of the cases pending in the Collectorate.

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Excise Punjab will establish Intelligence network LAHORE

M IMRaN MEhaR

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xcise and Taxation Department of Punjab has decided to establish its own intelligence network in the province.

According to details available to Customs Today from officials of Excise Punjab intelligence network in the province will have most concentration on elimination of drug peddlers and manufacturing of fake alcohol. Sources told that in first step this intelligence network will be established in Lahore that will dig out the hideouts of such elements which are spoiling the society. This network will be broadened to other cities of Punjab. Excise and Taxation Officer of Lahore told that Excise is very vigilant in elimination of drug dealers and manufacturers and soon a huge crackdown will also be initiated.

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ISLAMABAD

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he Finance Ministry has prepared budgetary proposals of Rs 5,730.297 million for Public Sector Development Program (PSDP) for 2016-17.

The budget estimates of Rs 3,156.290 million have been proposed for two ongoing development projects while Rs 2,574.007 million are proposed for two new projects.

According to the budget documents prepared by the Finance Ministry and exclusively available with Customs Today, for Sirst ongoing project titled Public Sector Reforms Enterprise (PSER), approved by the Executive Committee of the National Economic Council (ECNEC) on October 27, 2014, Finance Ministry has proposed budgetary estimate of Rs 2276.54 million out of this amount Rs 2020 million are expected from foreign aid. The project will be completed by February 2019.

The documents reveal that for the second ongoing project titled Automation Project of Central Directorate of National Savings (CDNS) phase-II, approved by ECNEC on October 01, 2013, an estimate of Rs 879 million has been proposed in SPDP. The Finance Ministry has said that at least one year extension in the implementation period will be required to complete all the activities of this project due to ban on recruitment of human re-

source. The project will be completed September 30, this year.

Similarly, the budget documents of the Finance Ministry state that the ECNEC has not approved two new projects proposed by the Finance Ministry for the PSDP 2016-17. The Finance Ministry has proposed budget estimate of Rs 2189.572 million the first new project titled construction of National Academy of Public Finance and Accountability

finance Ministry state that the ECNEC has not approved two new projects proposed by the finance Ministry for the PSDP 2016-17. The finance Ministry has proposed budget estimate of Rs 2189.572 million the first new project titled construction of National academy of Public finance and accountability NaPfa in Islamabad

Provisions of aTTa to be revised, amended KARACHI

afTaB ChaNNa

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he provisions of the Afghan Transit Trade Agreement are likely to be revised/amended shortly with an aim to further facilitate the traders.

In this regard, a meeting was recently held in the federal capital that

was attended by the ofSicials of the federal government and the Afghanistan side, sources told Customs Today. Presently, the agreement is facing serious issues which are disturbing not only the transit trade but also bilateral relations. The issues pertained to trademark and IPR, multiple visa problems to the Pakistani Sirms for their professional staff, engineers, consultants, etc., the need for appropriate banking channels, missing trade leads from Afghanistan and resolution of sev-

eral execution related transit matters to establish conSidence building measures across the border. According to sources, it was agreed that in accordance with Article 50 of ATTA, the provisions of the present agreement shall be revised and amended appropriately with a view to further facilitating the transit trade. Both sides agreed in principle that the provisions of TIR Convention – to which both Pakistan and Afghanistan are signatories, will be adopted in ATTA to the extent possible.

(NAPFA) in Islamabad.

This project will be completed in three years time after the approval by the competent authority.

Moreover, the documents state that an estimate of Rs 384.435 million has been proposed for second new project titled Energization and Functionality of Construction/ Extension of Audit House. The project will be completed in one and half year’s time after approval from the concerned authorities.

PRa initiates operation against cable operators he Punjab Revenue Authority (PRA) has started sealing the operations of the Cable TV Operators.

Sources told Customs Today that the PRA has started sealing operations against Cable TV Operators. In this regard 4 Head-End Cable Operators and 1 Loop Holder Cable Operator are sealed.

Details are as follows : 1-King Star Cable Network, Mozang Road, Lahore 2-New Star Multimedia, Allama Iqbal Town.

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Police arrest five after raid at China bank ICBC's Madrid office Spanish police have arrested five directors of Industrial and Commercial Bank of China (ICBC) after they raided the lender's Madrid offices as part of an investigation into alleged money laundering. China's large state-owned lenders have been dogged by allegations of improper conduct as they expand abroad and the probe into ICBC by police, the Spanish tax agency and Europol involves funds handled by a criminal group which the Interior Ministry says passed through the bank and were transferred to China. Over 100 police were involved in the operation, which saw the arrest of five ICBC directors, Europol said in a statement on Wednesday.

Friday, February 19, 2016

Business

PSX extends losses, sheds 187pts KARACHI

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Masses be given relief of reduced prices of LNg in int’l market ISLAMABAD

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he Karachi Stock Exchange benchmark 100-index lost 187.26 points or 0.60 percent to reach 31282.44 points and volume of 84,330,550 shares on Thursday. High and low were 31707.89 and 31249.36 respectively. Total volume traded in the market was 84,330,550 shares.

On Thursday, until mid day, KSE100 Index was at 31591.29 with a positive change of 121.59 and volume of 30,333,100 shares. The three top traded companies were K-Elec-

Potato export will continue: Dr farrukh Javed

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I tric Ltd. with a volume of 4,082,500 and price per share of 6.98 (0.07), Oil & Gas Dev. with a volume 2,764,300 of price per share of 103.30 (0.96), Pace (Pak) Ltd. with a volume

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ISLAMABAD

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inister for Agriculture Dr Farrukh Javed has said that potato export to Russia has helped in stabilising prices in local market. He said that government is in contact with Afghanistan authorities to remove the import duty on potato. He said Pakistani potato will be seen in Afghanistan’s markets after this intervention.

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2,149,000of price per share of 6.57 (0.05). On Wednesday, benchmark 100-index lost 203.46points or 0.64 percent to reach 31469.70 points and volume of 65,788,880 shares. On

Tuesday, Opened with positive note, the Pakistan Stock Exchange (PSX) witnessed a rollercoaster day shedding 254.99 points to drop to 31673.16 points level at closing.

US, Pakistan working together to meet forthcoming challenges: hale

LAHORE

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slamabad Chamber of Small Traders (ICST) Patron Shahid Rasheed Butt, on Wednesday, said importers and distributors of LNG are getting over 100 percent profit from the consumers, which was unjustified.

“The benefits of reduced prices of LNG must reach masses as well as the industrial sector, which is suffering from the increased cost of doing business,” he said. Butt said that LNG importers and distributors had set high profit margins, brushing aside prices fixed by Ogra. He said that international oil prices were increasing, which would jack up prices of LNG, making it less attractive for the consumers; therefore, a new pricing formula for purchasing the gas should be considered. “Presently, the country is buying gas from Qatar at 13.37 percent of the Brent Crude, which translates into less than 5 dollars per MMBTU,” Butt said, adding, “However, the gas utilities have set prices very high, demoralising the consumers.” He explained that the LNG bought on less than 5 dollars, would be sold to the CNG sector for 12 dollars per MMBTU; textile sector will get it for 10 dollars per MMBTU, while IPPs would pay 9 dollars per MMBTU.

S Ambassador David Hale, Federal Minister of Planning and Development Reforms Prof Ahsan Iqbal and National University of Sciences and Technology (NUST) Rector Engineer Muhammad Asghar opened the Water, Energy and Food Security Nexus Conference on Tuesday.

The conference is designed to bring together experts to discuss the impact

of climate change, population growth, economic development and increased consumption on water, energy and food security throughout the world and to develop possible solutions to some of these issues. Ambassador Hale said, “Water, energy, and food are three basic components of life and complex processes are at work to bring these essential elements as demographics and climate change are straining these processes.” “Together we need to generate new ideas, new partnerships and innovative solutions to this challenge,” he added. He said, “US and Pakistan is working together to meet forthcom-

ing challenges”. A two-day conference brought together policy experts, scientists and members of private sector businesses to discuss the links between water, energy and agriculture.

Participants considered solutions on how to develop clear government policies and effective use of resources to ensure food, water and energy security. The conference highlighted continued cooperation between both nations in key areas of water, energy and food security discussed during the meeting of President Barack Obama and Prime Minister Nawaz Sharif in October 2015.

PSO announces upswing in profitability for h1 of fY16 KARACHI

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akistan State Oil Company Limited's (PSOCL) board of management (BoM) convened on Monday at the PSO head ofSice to review the performance of the company for the Sirst half of Sinancial year 2015-16 (1HFY16).

During the period under review; PSO's market share stood at 55.5%

with 46.9% share in white oil (Mogas, HSD, SKO, JP-1) and 69.6% share in black oil (FO, LDO). The company's sale volume of motor gasoline grew by 26% as against the same period last Year (SPLY) mainly due to decrease in price of gasoline and subsequent increase in customer demand.

Additionally, high-speed diesel (HSD) sales recorded an increase of 0.7% over SPLY while 5.7% growth was witnessed in JP-1 on account of

increased upliftment by PIA and international airlines. FO volumes declined by 4.3% due to lower upliftment by IPP's primarily due to shifting from FO to natural gas.

The company's proSitability for 1HFY16 witnessed marked improvement and rose by 57% to Rs 6.7 billion as compared to Rs 4.3 billion during SPLY. This increase in revenue was mainly due to growth in sales volume and margins of white oil products and decreased

inventory losses. A signiSicant drop in operating and Sinance costs by 18% and 39% respectively also contributed to enhancement in the company's proSitability. However, decrease in black oil margins owing to reduction of 48% in the OPEC price of crude oil per barrel had an adverse impact on proSitability of the company.

During the subject period, the cash Slows and liquidity position of the company improved, though they

remain critical as a consequence of outstanding receivables of Rs 219 billion (June 30, 2015: Rs 230 billion) from the power sector, PIA and SNGPL against supplies of furnace oil, aviation fuels and liqueSied natural gas (LNG) respectively.

The board directed the management to continue working closely with the concerned government departments and customers for timely realization of due payments against fuel supplies.

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ederal Finance Minister Ishaq Dar has said that the slabs of customs duty will be decreased from five to four in the upcoming budget of fiscal year 2016-17. He said that according to the list provided by the Federal Board of Revenue (FBR), 33,000 taxpayers, whose refunds claim are up to Rs 5 million, will get their refunds until March 15, 2016. He said that the government will announce a new policy within two to three months for those

taxpayers whose refund claims are more than Rs 5 million and government is also seriously considering issuing “bonds” for this purpose.

He was addressing a seminar on “Tax Filing Scheme” which was held under the auspices of Rawalpindi Chamber of Commerce and Industry.

Prime Minister Advisor on Revenue Haroon Akhtar, and Chairman FBR Nisar Mohammad Khan was also present on the occasion. Addressing the participants Ishaq Dar said that we are working on structural reforms, we want to bring more and more people under tax net so the ratio of tax net should be decreased. He said that businessmen are equally stake holder in progress and

prosperity of Pakistan. Federal Finance M said that that during current fiscal year w definitely bring percentage of tax to GDP ab percent. He said when we will bring percen tax to GDP from ten percent to 15 perce budget deficit will almost end and our b will surplus. He said that we have succe turned FBR as people friendly.

Addressing the gathering Prime Minister sor on Revenue Haroon Akhtar has said th granted to more incentives to traders and n upto traders to avail this opportunity and come under tax net. He also warned that trader willfully avoid to pay tax then he wi

Minister we will bove 10 ntage of ent our budget essfully

r Advihat we now its d try to t if any ill have

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to face difficulties.

On this occasion in his address President All Pakistan Anjuman-e-Tajaran Ajmal Baloch has said that traders get whatever they want. He also advised traders to pay taxes now they have to pay to paisas of tax on hundred rupees. He said when 35 lakh traders will pay their taxes we will left China behind us. Addressing the traders Secretary General of All Pakistan Anjuman-e-Tajaran Naeem Mir said that Voluntarily Tax Compliance Scheme was the demand of the traders and now its upto traders to avail this opportunity and deposit their taxes. Meanwhile, Finance Minister Ishaq Dar has endorsed and approved the draft of Strategic

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Friday, February 19, 2016

Trade Policy Framework (STPF) 2015-18 after a thorough examination of the each and every clause. The Ministry of Commerce claimed this in a document presented in a meeting of the Senate Committee on Commerce here.

This claim has been made despite the fact that Secretary Commerce Shahzad Abrab had admitted that Prime Minister had shown reservations on the trade policy draft and directed the Ministry of Commerce to add measures to enhance exports. He made this admission before the Senate Committee over a month’s time ago But, the document present before the same committee said that in pursuance of the decision of the Cabinet Committee on Pro-

duction and Exports, the Ministry of Commerce submitted the STPF 2015-15 draft to the Chairman Committee on October 30, 2015 for subsequent submission to the Prime Minister for approval. The Ministry of Commerce further pressed that major thrust of the STPF 2015-18 was to provide support for technology up-gradation, product development, branding and certiSication apart from support to agro processing SMEs market access, trade diplomacy, institutional development are important part of the STPF. Thus STPF was submitted to the cabinet committee on production and exports constituted by the Prime Minister Headed

by Finance Minister Ishaq Dar.

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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

Business with Iran

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here is a huge potential of bilateral trade between Pakistan and Iran as both the countries not only share common history, religion and geography, but also economy and business interests. Iran has endured years of sanctions from the United States and European nations, but now it is ready to join the international community and is opening up a host of trade and investment opportunities for foreign investors. During the years of isolation, illegal trade between the two countries multiplied, but Pakistan had failed to grab the Iranian consumer market through legal channels. However, it is still not too late and Pakistani business community has the opportunity to enter the Iranian market before India takes advantage of the situation. Iran has developed textile industry, whereas Pakistan has made good progress in auto industry and both the countries can benefit from each other’s experience. Pakistan should prefer Iran over the distant countries in export of agricultural products.

The much-hyped Pakistan-Iran gas pipeline project is still in doldrums and there is no word from the government on the issue. The government has recently signed LNG import agreement with Qatar and it should also now give some considerations to start work on the gas pipeline as billions of dollars have already been invested in the project. Pakistan’s exports are dwindling and the industry is confronting severe energy crisis. It is hoped that both the issues will be resolved if gas pipeline project is completed and Pakistan ensures its presence in the Iranian auto market. The Iranian gas will give a new lease of life to the ailing industry of Pakistan while the project will also ensure flow of cash from Pakistan to Iran. The project was unveiled in Islamabad in 2008 and China was also ready to join it. Iran is also ready to supply 4,000 megawatt electricity and plans to build an oil refinery in Gwadar. A close trade and business cooperation is in the interest of both the countries, but there is a need to move forward with sincerity. There is also need to develop close liaison between central banks of both the countries. In the meantime, Pakistan will have to maintain cautious approach toward Iran in view of the geopolitical situation in the region as India will never allow Pakistan and Iran to maintain close business cooperation.

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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PH mulls over plans to hike sugar imports WASHINGTON: Sugar regulators are considering additional imports to help keep prices stable amid expectations of lower-than-estimated domestic output due to the effect of the El Niño phenomenon.

Currently, importers are allowed to bring in 1.25 tons of sugar for every ton of exports to the United States.

For the present US fiscal year that would end in September, the Office of the United States Trade Representative maintained the Philippines’ sugar quota allocation at 142,160 tons.

Based on Sugar Regulatory Administration (SRA) rules, the Philippines’ US quota suggests a maximum import volume of close to 177,700 tons.

SRA administrator Ma. Regina Bautista-Martin yesterday told reporters the regulator would come up with new guidelines for a proposed replacement program.

Durrani asks investors to avail benefit from industrial sector in karak he Federal Minister Akram Khan Durrani said a major Liquefied Petroleum Gas (LPG) plant had established in district Karak, and asked the investors to take full benefits from industrial sector in Karak.

He was speaking to members of business community during a meeting at Khyber Pakhtunkhwa Chamber of Commerce and Industry. President of KPCCI, Zulfiqar Ali Khan, trade bodies leaders, members of executive committee and others present on the occasion. He also urged the federal government to lift ban on in-

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dustrial and commercial gas connections. He said KP will not compromise on western route under multi-billion dollars China Pakistan Economic Corridor project.

The Federal Minister praised the role of business community economic development and better representation in the province. He criticised that the provincial government had completed failed to ensure protection of life and property of the masses. He said it would be better to establish close-liaison and coordination between KP government and Centre to resolve issues and problems on priority basis. He asked the allocated Rs 1 trillion for Green KP project should spend on improvement of law and order situation.

Earlier, speaking on the occasion the chamber president said KP had rendered matchless sacrifices in ongoing war against terrorism. He complained the growing incident of kidnapping for ransom, extortion and targeted killings in Khyber Pakhtunkhwa.—CB Report

Friday February 19, 2016

Chambers

Italian diplomat for enhancing scope of trade partnership C

KARACHI

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onsul General of Italy Gianluca Rubagotti, while stressing the need to further increase cooperation between Italy and Pakistan, said that both countries must make collective efforts and should focus on enlarging the scope of partnership in trade.

“In this regard, the Italian Consulate in Karachi and the Italian embassy in Islamabad with support from Italian Trade Commission (ITC) are trying to organize, for the very Sirst time, a road show for Italy in Pakistan to present the Italian economy and the possibilities of trading with Italy”, he added, while exchanging views at a meeting during his visit to the Karachi Chamber of Commerce and Industry (KCCI).

President KCCI Younus Muhammad Bashir, Senior Vice President KCCI Zia Ahmed Khan, Vice President KCCI Muhammad Naeem Sharif, Chairman Diplomatic Mission and Embassies Liaison SubCommittee KCCI and Former SVP KCCI Muhammad Ibrahim Kasumbi and KCCI Managing Committee

members attended the meeting.

Italian Consul General Gianluca Rubagotti further said, “There is a is a lot of unawareness about Italy in Pakistan and there is a lot of unawareness about Pakistan in Italy so we have to try to bridge this distance and get to know each other more intensely.”

He informed that a two-member delegation from the Association of Companies in Milan, which repre-

sents hundreds of Italian companies from different sectors, will be visiting Karachi in mid-March which will be followed by similar visits to Islamabad and Lahore. “This visit of Italian businessmen will provide a great opportunity to the business community of Karachi to have Sirsthand interaction with Italian companies”, Italian CG said.

Highlighting the activities for the planned Road Show, he said that a

SCCI concerned over crime incidents in city

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SIALKOT

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ialkot Chamber of Commerce and Industry (SCCI) has raised its voice against the rising henious natured crime incidents in Sialkot city here.

In a press release issued here, President SCCI Maj(Rtd) Mansur Ahmed has expressed grave concern over the daily rising incidents of dacoity and robbery in Sialkot here, in which he said that the local traders, industrialists and exporters are being targeted by the criminals by conducting dacoity incidents in their houses in export-oriented Sialkot city now-a-days.

SCCI President Maj (Rtd) Mansur Ahmed mentioned that a major dacoity incident took place at the house of Sialkot based exporters Mehar Tariq and Mehar Saleem in

Model Town Sialkot, located a few yards away from the Police Check Post Model Town Sialkot late at the last night. SCCI President revealed that the police personnel deputed at the Model Town Police Check Post Sialkot were timely informed about this major dacoity incident by the grieved family, but policemen reached there with an inordinate delay due to which the dacoits managed to escape from the scene after looting gold ornaments, cash, electronics and other valuables (worth of Rs. 2 million) from there.

He said that the bandits could be arrested if the police reached there timely, but the police adopted traditional delaying tactics in reaching there. SCCI President termed it a matter of grave concern.

He revealed that it was the sixth to seventh major dacoity incident against local traders and exporters in Sialkot city during the last few

days due to failure of the local police in Sialkot. SCCI President Maj (Rtd) Mansur Ahmed demanded early arrest of the culprits directly or indirectly involved in the rising henious natured crimes against the local traders, industrialists and exporters in Sialkot , besides, providing them the security of life and property as well.

Meanwhile, High Commissioner of Australia to Pakistan Margaret Adamson has assured the Sialkot exporters to provide level playing Sield for the promotion of SialkotPakistan exports to Australia, besides, assuring to make all out sincere efforts to ensure the easy access of the Sialkot exports to Australian and other European markets through Australia. She stated this while addressing an important meeting with local exporters held at Sialkot Chamber of Commerce and Industry (SCCI) here today.

session will be held to present Italy as a possible destination for Pakistani goods which will also focus on looking for possibilities of selling Italian products in Pakistan. “Secondly, we will also organize a series of meetings where the business community of Karachi can raise issues in dealing with Italian counterparts and ask for guidance and support, besides telling what they would like to do with Italy in this regard”, he added.

China’s Jan exports down 6.6%, imports 14.4% he Ministry of Commerce says China’s trade numbers fell in January, suggesting sluggish demand at home and abroad. The ministry said Wednesday that total foreign trade value in January declined 9.8 percent year on year to 1.88 trillion yuan. That’s as exports fell 6.6 percent in January and imports plunged 14.4 percent. The decline widened China’s monthly foreign trade surplus to about 406 billion yuan from 382 billion yuan in December. Exports and imports by state-owned companies were among those badly hit, diving 15.7 and 25.7 percent year on year respectively. Private companies reported about a one-percent increase in both exports and imports.—CB Report

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OCBC Bank’s net profit up 13% in 2015 Friday February 19, 2016

World

SINGAPORE: Oversea-Chinese Banking Corporation Limited (OCBC Bank) said on Wednesday that it recorded a net profit of 3.9 billion Singapore dollars for the whole year of 2015, an increase of 13 percent from a year ago.

For the fourth quarter, net profit was up 21 percent to reach 960 million Singapore dollars, the bank added. The earnings was underpinned by higher net interest income, fee and commission income growth, as well as improved trading and investment income. The Singapore-headquartered banking group’s net interest income rose 10 percent to 5.19 billion Singapore dollars last year while the group’s non-interest income rose 10 percent to 3.53 billion Singapore dollars. Fee and commission income also increased 10 percent to a new high of 1.64 billion Singapore dollars, led by growth in wealth management, brokerage and fund management fees.

US Customs confiscates marijuana worth $74k TUCSON

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ustoms and Border Protection ofSicers at the Raul Hector Castro Port of Entry arrested a McNeal, Ariz. resident Thursday for an alleged attempt to smuggle nearly 149 pounds of marijuana worth $74,000.CBP ofSicers discovered packages of marijuana within the tire of a smuggling vehicle.

OfSicers arrested Thomas Reade, 26, after a CBP narcotics-detection canine alerted to drugs concealed within his Jeep SUV. OfSicers removed more than 100 packages of marijuana, hidden throughout the vehicle and within all four tires.

Officers seized the drugs and vehicle, and turned Reade over to Immigration and Customs Enforcement’s Homeland Security Investigations. Meanwhile,The United States Customs and Border

Beijing police bust 3 billion yuan tax fraud eijing police have busted a tax fraud case involving more than three billion yuan ($460 million) and 1,500 firms across 29 provinces and cities. A police officer from Haidian district said that 20 suspects in the gang were caught during a joint operation by tax and police departments in November last year.

Last October, Haidian police received a report from the state tax department that a trade company was suspected of purchasing and selling VAT invoices worth around 200 million yuan each month. Tax officials then discovered many similar firms in Beijing.

Police found the gang established shelf companies with no business activities, cheated the invoices from tax bureau, and made profits by selling them to firms which wanted to inflate their VAT invoices to get increased tax rebates.—CB Report

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Protection (CBP) agency says its Air and Marine Operations (AMO) seized 93 pounds (42 kilos) of cocaine after intercepting a 25 footvessel about six nautical miles in Caribbean waters and arresting two men onboard.

CBP estimated the street value of the cocaine to be about US$1.2 million. “We leverage our assets and work with all our partners to intercept smuggling attempts such as this one,” said Johnny Morales, Director of Air Operations at the CBP Caribbean Air and Marine Branch.

CBP said a Marine Patrol Aircraft (MPA) detected a vessel about two nautical miles northwest of Culebra Islands, off Puerto Rico, traveling westbound without navigation lights. The vessel was described as a 25 foot-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, the statement said.

Saudi Customs foils attempt to smuggle 1,501 alcohol bottles RIYADH

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audi customs foiled an attempt to smuggle 1501 bottles of alcohol into Saudi Arabia via the King Fahad Causeway. Customs officers searched a boat, which was tied to a car, and found the bottles hidden under a layer of fibreglass. Police arrested the driver and seized the boat including haul of liquor, reported Arabic daily Al-Jazirah. The driver was later referred to competent security authorities.

Meanwhile, Customs officers at Dhiba port foiled an attempt to smuggle 616, 470 amphetamine pills into Saudi Arabia.

They became suspicious of a shipment carrying woods and searched it to find the haul of drugs

Dubai Customs effectively contributes in food trade

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ubai Customs has effectively contributed to the growth of food trade by providing quality Customs facilities for this sector, and ensuring speedy customs clearance of all its shipments, in order to cater to the food needs of the community without unnecessary delays.

Figures released by Dubai Customs, in parallel with Gulfood 2016; the world’s largest annual food and hospitality trade show, showed a 4% hike in foodstuff foreign trade volumes, from AED 66b in the Sirst 9

months of 2014 to AED 68.6b in the same period of 2015. During the same period, imports recorded a surplus of 2%, standing at AED 43.7b compared to a close AED 43 billion in the previous year. Exports also rose slightly to AED 10.2b, up by 3% from the AED 9.9b recorded through Q3 2014, while re-exports saw a 13% increase, from AED 12.9b to AED 14.6b. Of the commodities traded, Rice was the most accounted for in Dubai’s foodstuff imports at AED 2.5b.—CB Report

hidden between wooden blocks, reported Arabic daily Sabq. Police arrested the persons in charge of the shipment and referred them to the Bureau of Investigation and Public Prosecution. Meanwhile, Customs officers seized 64,165 amphetamine pills at Abdul

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Mohsen bin Abdulaziz Airport, in the Governorate of Yunbu. The officers became suspicious of a passenger and scanned his luggage.

They found the haul of drugs which was hidden in four boxes of factory-packed sweets in an attempt to deceive the customs officers.

arla revenue up in the Uk

armer-owned dairy company Arla Foods said revenue in the UK increased in 2015 but warned that its UK business wasn’t immune to headwinds facing the broader business including the increasing supply of milk.

Overall revenue in Arla’s UK business increased from £2.19bn in 2014 to £2.27bn in 2015 but the UK business isn’t immune to the challenges facing the broader industry including the increasing supply of milk. Arla Foods UK saw record sales in butter and spreads with Lurpak and Anchor up 4.6 per cent. It also reported strong liquid milk category performance with Cravendale up 2.1 per cent. The company also said

it is launching a new health strategy in the coming months to take advantage of the growing consumer demand for healthier products. While Arla delivered a strong cost control programme and increased its competitiveness in 2015, it said improved efSiciencies will continue throughout 2016 to maintain a strong performance in what it describes as a challenging market. Peter Giørtz-Carlsen, executive vice president at Arla Foods UK, said: “A relentless focus on supporting our farmer owners, product innovation and continually delivering efSiciencies and cost savings will ensure that we stay ahead of the game.—CB Report

Malaysia Customs seizes cocaine worth RM622,000

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KUALA LUMPUR

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ustoms ofSicers have arrested a woman from South Africa at the KL International Airport and foiled an attempt to smuggle into the country 3.11kg of cocaine valued at RM622,000 in chocolate tins. KLIA Customs director Datuk

Chik Omar Chik Lim said today the 28-year-old woman was held after she Slew in from Dubai on Sunday and was waiting to board a Slight to Kota Baru. The woman, suspected to be a drug mule, had the drugs in four of nine chocolate tins in her cabin luggage, he told a press conference at the KLIA Customs Complex. “A scan of the luggage showed suspicios-looking objects,” he said,

adding that an inspection revealed 166 packets of cocaine wrapped like chocolate. The four tins containing the cocaine had been placed below the Sive containing chocolate, he added. Chik Omar said the woman, who was unemployed, was on her maiden visit to Malaysia. “She claimed she going on a holiday in Kota Baru but we suspect she wanted to hand over the cocaine to

a drug trafSicking syndicate there,” he said. He said the woman had been remanded for seven days for investigation under Section 39B of the Dangerous Drugs Act. The legislation provides for the death sentence upon conviction. “The arrest and seizure was the outcome of intelligence and monitoring work and sharing of information with authorities in other countries,” he said.

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Late surge propels UK to fibre export record LONDON: The UK, Europe’s largest exporter of recovered paper, established a new overseas shipment record last year of 4.88 million tonnes, bettering by 0.7% its previous best of 4.847 million tonnes set in 2008. The milestone was overtaken during a frenetic end to the year in which the UK exported 466 232 tonnes in December alone, a monthly total beaten only once last year by the 505 116 tonnes shipped abroad in June. Around the turn of the millennium, the UK’s exports had amounted to some half a million tonnes for the whole year. Across last year as a whole, the UK’s mixed & mechanical exports climbed 5.8% to 1.983 million tonnes and overseas deliveries of corrugated & kraft jumped 10.5% to 2.717 million.

Canadian ports on high terror alert he port and shipping industry could be at threat after it was found that a fifth of high-risk exports are not screened and could potentially allow terrorists to build weapons of mass destruction, with Canada being a prime location for this type of crime to occur, since its borders are often short staffed and its technology outdated, according to VICE. The Canada Border Services Agency (CBSA) said in a report: “Partly as a response to staffing levels, the counterproliferation targeting unit had reduced the number of shipments that it had been recommending for examination. “At one port of exit, no export control examinations were conducted when the assigned border services of-

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Ports of Los angeles, Long Beach volume gains in Jan

Friday February 19, 2016

general aviation airplane shipments fall slightly in 2015 eneral aviation airplane shipments fell slightly last year, from 2,376 aircraft delivered in 2014 to 2,267 in 2015, representing a slowdown in demand at a time when new piston, turboprop and jet models are poised to hit the market.

According to the data released by the General Aviation Manufacturers Association this week, shipments of pistonengine airplanes fell for the first time since 2010, by 6.5 percent, from 1,129 delivered in 2014 to 1,056 in 2015.

Turboprop shipments also saw a decline, from 603 in 2014 to 557 in 2015.

Business jet shipments were relatively flat, up 1.6 percent, from 644 in 2014 to 654 in 2015. While the numbers appear to show a net decline for the general aviation industry, the cool down is almost certainly attributable in part to buyers who are waiting for new models to hit the market.

The HondaJet is a prime example of a new product that should should help boost GAMA delivery numbers in the years to come, along with the Cirrus Jet, a new mystery single-engine turboprop in the works at Cessna, the Pilatus PC-24, Gulfstream G500 and G600 and many more. Once all these new models enter the market, it’s entirely possible we may look back on 2016 as the start of the next market boom.—CB Report

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WASHINGTON

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ficer was on vacation.”

Security issues can also affect commercial shipping lines, especially in the areas of cyber security and piracy, with the latter on the increase in Asia.

BIMCO has recently launched cyber security measures which aim to inform commercial shipping lines of cyber security risks and how to best deal with them. Meanwhile, The operator of the Port of Oakland’s second-largest terminal filed for bankruptcy Monday less than two weeks after it suddenly announced ceasing operations about seven years into a 50-year lease. Ports America announced on Jan. 19 it would wind down operations at the port’s Outer Harbor terminal over the next 90 days, saying it wanted to concentrate on other West Coast ports. But in court filings Monday as Ports America filed for Chapter 11 bankruptcy protection, the company said it has been operating at a loss for years in Oakland and is expecting to have difficulty immediately paying its utility bills as it winds down its operations, estimated to be about $221,500 per month.—CB Report

Ports & Shipping

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anuary volumes at the Port of Los Angeles (POLA) and the Port of Long Beach (POLB) were both strong to kick off 2016, according to data respectively issued by the ports last week.

POLA and POLB are the two largest North American ports, and they collectively account for more than 40 percent of U.S. imports. As previously reported, West coast port

volumes, especially in Sirst half of 2015, had been uneven, as ports had to work through the backlog caused by the nine-month West Coast port labor dispute between the PMA and ILWU, which reached a resolution in the form of a new contract agreement that was reached last spring.

Total POLA volume was up 33 percent annually in January at 704,398 TEU (Twenty-Foot Equivalent Units), with the port noting the month saw its highest-ever volumes for January.

POLA imports saw a 41.6 percent annual increase to 367,208 TEU, and exports were up 1.5 per-

cent at 126,240 TEU. Empties rose 44 percent to 210,949 TEU. “Record January volumes is a very encouraging way to start 2016, particularly after the slow start that West Coast ports experienced last year,” said POLA Executive Director Gene Seroka in a statement. “As cargo owners replenish their inventories after the holiday season, our terminals and supply chain partners continue to demonstrate progress in moving larger container volumes per ship call, and we are grateful for the work they’ve done in recent months to increase supply chain efSiciencies and optimization.”

Trade volume at ports declines by 60% in Nigeria

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WASHINGTON

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hief Remi Ogungbemi, the Chairman, Association of Maritime Truck Owners (AMATO) on said trade volume at the nation’s ports had declined by 60 per cent.

Ogungbemi, who made the remark in an interview with the News Agency of Nigeria (NAN) in Lagos, expressed concern about low business at the ports He said that the increase in the

exchange rate had reduced importation of goods, adding that this had consequently affected the haulage business. Ogungbemi said that the situation had rendered truck owners redundant.

“The forex rate of N310 to a dollar is killing businesses at the ports.

The trade volume has reduced by 60 per cent. “We are service providers in a chain that aids trade.

We cannot on our own conduct businesses without importation,’’ Ogungbemi told NAN. He said that at peak period, the

ports were full of transactions which kept the truck owners busy.

Ogungbemi , however, said that all factors responsible for trafSic gridlock were still unattended to.

He said that a huge number of persons were directly or indirectly affected by the prevailing situation.

The truck owner urged the Federal Government to rehabilitate the ports access roads to reduce unemployment.

Meanwhile, The two busiest U.S. ports on Thursday reported slight growth in imports, the latest sign

that many companies are holding back on spending as they wait for the economic picture to clear.

The ports of Los Angeles and Long Beach, which form the largest port complex in the Western Hemisphere, reported a 37% jump in container imports from a year earlier, when both ports slowed to a crawl amid protracted labor negotiations. Compared to the same period in 2014, the ports’ combined volume only grew 1%. Exports were up 5% from last year but down 18% from January 2014.

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Customs to establish database of smuggled mobile phones KARACHI: The Pakistan Customs is going to establish a database for the millions of mobile phones on WeBOC (Web-Based One Customs) so that the PTA as well as the telecom service providers could verify whether the cell phone is provided to a customer after payment of duties/taxes, it is learnt. Sources told Customs Today that a database was being developed to maintain data of smuggled cellular phones in the country and only those (cell phones) whose duties/taxes are paid would be turn on for any service. In the WeBOC system.

Friday, February 19, 2016

CUSTOMS BULLETIN

Collector ahmed Reza directs staff to start anti-smuggling campaign SIALKOT SaLEEM awaN ShEIkhU www.customsbulletin.com

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ollector Customs Sialkot Ahmed Raza directed the staff to start of anti-smuggling campaign to curb smuggling in the jurisdiction of Sialkot.

Sources informed Customs Today that Collector Raza directed his staff to take every possible measure to get rid of this menace. He instructed staff to control the sale of smuggled items in markets. Sources said that ASO staff is also enhanced their surveillance to check non-customs paid vehicles which are plying on the road, specially those who are entering the city from Peshawar, Rawalpindi and Karachi. Collector Ahmad Raza also directed the ofSicials to seize all those vehicles who are plying without payment of token tax. He said that these vehicles only be released after payment of token tax and other taxes liable against the owner of the vehicle.

Meanwhile, Collector Customs Ahmed Raza presided over a meeting of Anti-Smuggling Organization (ASO) in Gujranwala. Sources told Customs Today that Collector Ahmad Raza told the meeting that the gov-

ernment has made a plan to curb smuggling from countries like

Afghanistan, India, China, Russia and Iran. He directed all the ofSicials con-

cerned and departments to enhance their surveillance on roads and check

all suspicious vehicles which come from Quetta, Peshawar and Karachi.

wasif convenes meeting to determine values of cereal foods KARACHI

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irector, Directorate General of Customs Valuation Dr Wasif Memon has convened a meeting to determine the customs values of cereal foods. The meeting would be held on February 18, 2016.

As per the notiSication, the meeting would be held under the chairmanship of Director Custom

Valuation Dr Wasif Memon at his ofSice, at Custom House.

Those participating in the meeting have been instructed to bring invoices of imports during last three months showing actual value, websites, names and e-mail addresses of know foreign suppliers of the items in question through which the actual current values can be ascertained, copies of contracts made/LCs opened during the last three months showing the value of items in question, copies of sales tax invoices issued during last four months showing the differences in prices

(excluding duty and taxes) to substantiate that the beneSit of difference in price is passed on to the local buyers. Furthermore, the stakeholders have been asked to bring other relevant document if any like test reports, literature and representative samples and proposed calculation in support of their contentions so that the meeting is purposeful and the issue is decided quickly.

Meanwhile, The Customs Valuation Department has been shaken up after new management takes over. New Director General of Customs Valuation Tanveer Ahmed

and Director Customs Valuation Wasif Memon, after assuming the charge of their ofSices, presided over a meeting to cope with the issues related to importers.

According to details, Director General Customs Valuation and Director Customs Valuation Wasif Memon seems much eager to improve the performance of the department. According to sources, the importers have made many complaints to the high ofSicials against the smuggling of shoe polish, cosmetics items, toys, dry milk and auto mobile parts through border. The importers lauds the

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appointment of Tanveer Ahmed as the new Director General Customs Valuation and feel their grievances will soon be resolved. Meanwhile, The Customs Collectorate Appraisement-West has decided to increase the numbers of close circuit television cameras (CCTV) in appraisement hall in order to keep strict vigilance on the working of the Customs ofSicials in the hall.

Sources told Customs Today that around 35 cameras have already been installed in the appraisement hall of the Appraisement West to overview the performance of the appraising ofSicers.