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Vol 1 Issue No. 299

Karachi, Tue February 23, 2016

KARACHI

AFTAB CHANNA

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ollector Customs Export Dr Saifuddin Junejo, has streamlined the functioning of his collectorate and issued guidelines for the exporters who wish to claim DTRE concessions.

“In order to streamline the work of examining the application for DTRE, the Manufacturing Bond and Export Oriented Unit, the processing staff is hereby directed to ensure submission of the following docu-

Price Rs. 14.00

ments by the applicant,” according to a letter available with Customs Today. Now the exporters have to produce NTN certiSicate, sales tax registration certiSicate, certiSicate of incorporation under the Companies Ordinance, 1984, along with Form-29 showing names of the Directors or Partnership Deed or Proprietorship certiSicate, CNIC of the Directors/Partners or Proprietors as the case may be, veriSication of applicant’s signatures from bank concerned and the list of machinery installed in the applicant’s manufacturing facility.

Manufacturing process Slow chart showing extent of wastage at each step, per annum production capacity of the items intended to be exported, summary showing payment of utility bills during 2 months along with copy of last paid bill etc.

Customs Preventive seizes 800 grams of fine quality heroin from GPO

Govt facilitating traders under Voluntary Tax Scheme: Haroon Akhtar

PR rehabilitates 66 bridges to ensure safety standards

Faisalabad Customs collects Rs 156.8 million in 7 months

SCCI to develop own B2B E-Commerce website to facilitate traders

The DEC of Customs Preventive has seized fine quality heroin packed in a parcel | See pAge 02 |

SpecialAssistanttoPMonRevenueHaroon hassaidthatthegovtwantedtofacilitate | See pAge 03 |

Pakistan Railways has rehabilitated 66 bridges out of 159 and remaining | See pAge 04 |

The MCC has registered 137 cases of smuggling, besides collecting Rs 156.86m | See pAge 12 |

SCCI, in continuation of its legacy of imparting innovative practices | See pAge 09 |

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Islamabad High Court will hear several tax references today Tuesday, February 23, 2016

National

ISLAMABAD: The Islamabad High Court (IHC) will hear several tax references on Monday (today) involving Appellate Tribunal Inland Revenue and the Federal Board of Revenue’s field offices as appellant and respondents. At least three benches of the IHC would hear the sales and income tax references. A division bench comprising Justice Noor ul Haq N Qureshi and Justice Athar Minallah will hear three income tax references involving the Appellate Tribunal Inland Revenue filed by a citizen.

The bench would also hear a couple of tax references filed by Large Taxpayer’s Unit’s (LTU) Commissioner of Inland Revenue (Legal), Islamabad.

Customs preventive seizes 800g fine quality heroin from gpo

Appellate Tribunal Bench-i reserves verdicts in 8 cases KARACHI

AFTAB CHANNA

KARACHI

S r kHAN

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he Drug Enforcement Cell (DEC) of Customs Preventive has seized Sine quality heroin packed in a parcel.

According to details, the Customs authorities of DEC on Friday checked the parcel which was bound for the United Kingdom and recovered around 800 grams of Sine quality heroin worth millions of rupees. The Deputy Collector of Customs Preventive at airport Ali Turrabi informed Customs Today that the DEC ofSicials have seized a parcel at General Post OfSice located at main Shara-e-Faisal which was destined to United Kingdom containing Sine quality of heroin.

Responding to a query, the Deputy Collector said that the parcel was booked for Peshawar-Khyber Pukhtunkhwa while further investigation into the case is underway.

Deputy Collector Turrabi further said that the heroin was concealed in the consignment of surgical items, adding that the DEC ofSicials are still searching the concealed cavities of the parcel. Meanwhile, The Collector Customs Collectorate Appraisement (West) Dr Owais Agha Jawwad has called a meeting of the ofSicers in order to review the Collectorate’s performance.

Sources informed Customs Today

ustoms Appellate Tribunal Bench-I has reserved judgments on eight cases filed against Director General of Intelligence and Investigation (DGI&I) and Customs Collectorate, Islamabad.

Customs appellate tribunal division bench comprising of Chairman Ghulam Murtaza Bhatti and Member Technical Muhammad Nazim Saleem had reserved the decisions of cases after hearing conclusive arguments in recent week. The bench reserved judgments on cases filed by Malik Jehangir and M/s Saleem Silks. They had filed complaints against DGI&I, Islamabad.

Malik’s case was reheard after he filed a plea for rehearing following reservation of his case during previous hearings.

Appellant Abid butt, Sanaulllah, M/s Iqbal & Co, M/s Najamuddin and others, M/s Asmatullah, and M/s Laguardia Logistic Private Limited had filed cases against Model Collectorate of Customs, Islamabad. The bench also reserved judgments on these cases.

Meanwhile, the bench adjourned hearing of seven cases till March 3 which included petitions by Pakistan Royal Group, National Institute of Health, Islamabad, Expanded Programme in Immunization, Fahad Industries.

that the additional collectors, deputy collectors and assistant collectors had attended the meeting at the ofSice of the Collector.

During the meeting, the Collector Appraisement (West) emphasized for achieving the revenue targets by the end of the third quarters of the current Siscal year.

The Collector Appraisement (West) also stressed upon to take

effective actions against the mis-declaration, tax evasion and under-invocing and also directed the authorities concerned to take up the court cases which are in pending in different courts. The Collector Dr Owais Agha Jawwad also asked the authorities concerned to ensure recovery of stranded national exchequer so that the revenue generation could be enhanced.

The sources further informed that the Collector Appraisement (West) also directed the ofSicers of the Collectorate that the genuine grievances of the importers would be resolved within 24-hours adding that the strict action would be taken against unscrupulous elements who damaging the national exchequer through mal-practicing and other unfair means.

guidelines issued to trade missions abroad to boost exports

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ISLAMABAD

m ArSHAD

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n order to enhance exports of Pakistani products and secure market access, the Ministry of Commerce (MoC) has issued new policy guidelines to trade missions abroad. At present there are around 53 trade missions working in 36 countries around the globe, however, ofSices of the trade minister and commercial councillors are va-

cant in Sive important countries, including Afghanistan, Sweden, Russia, Germany and China.

Every trade mission abroad is given the speciSic targets to help resolve bilateral trade issues, coordinate with the relevant ministries in Pakistan and the host country and make necessary efforts to increase the exports. Documents of the Ministry of Commerce exclusively available with Customs Today reveal that according to the World Bank’s database, the standard ratio of exports of

goods and services to world GDP is 29.6 percent as estimated in 2014; however the ratio of Pakistan’s exports of goods and services to the GDP has been far lower than the prescribed standards. This ratio has been 13.51 percent, 13.97 percent, 12.40 percent, 13.28 percent and 12.28 percent in 2010, 2011, 2012, 2013 and 2014, respectively. Therefore, the Ministry of Commerce has directed trade missions to submit their monthly, quarterly and annual reports on a regular basis. The re-

ports are then evaluated by concerned wings at the Ministry of Commerce / TDAP. Performance of the trade ofSicers posted at the trade mission abroad is under evaluation for 2014-15 as annual reports for the period are being received. Furthermore, the overall performance of missions is monitored periodically. Ministry of Commerce has recently selected a new hatch of ofSicers on stringent criteria. At the same time, a new performance monitoring criteria is also being put in

place. The documents reveal that Ministry of Commerce has moved announced Sive major incentives for exports promotion in the proposed Strategic Trade Policy Framework 2015-18 These incentives include technology up-gradation, product development covering, branding and certiSication, support for gro processing and drawback of local taxes and levies. Ministry of Commerce is of the view that these initiatives will have signiSicant impact on enhancing exports of the country.

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Customs arrests railway employees for smuggling heroin to India LAHORE: The Customs officials have foiled a bid to smuggle five kilograms of heroin during routine search at Wagah border. The estimated value of the heroin is Rs 50 million. Sources told Customs Today that the Customs officials intercepted a wagon No 23651 owned by Pakistan Railways which was carrying cement to India via Wagha border. The authorities recovered five kilograms of heroin during an inspection, which was skilfully concealed inside the brake cylinder of the vehicle.

The authorities seized the packs of heroin and arrested the driver and guard who were identified as Imran Ali and Kamran Ashraf respectively.

Customs AFu officials seize 619 Samsung, iphone sets

Tuesday February 23, 2016

National

govt facilitating traders under Voluntary Tax Scheme: Haroon Akhtar

LAHORE

m imrAN meHAr

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he Customs Preventive Air Freight Unit has seized 619 smart phones from a passenger who had arrived from Bahrain. Sources told Customs Today that Gulf Air Flight No GF- 790 was diverted to Lahore from Faisalabad due to bad weather. It was reported that the passenger, Faisal Ashfaq, due to fear of examination left the bags of mobile phone of assorted companies including Samasung, IPhone and others. The sources said that the average value of one smart phone is Rs 10,000. The sources said that Ashfaq was travelling on Passport No GK 1846961 but in IBMS record he travelled on his second passport no GK 1846962.

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FBr decides to shift ioCo HQs, Dg office to islamabad KARACHI

S r kHAN

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he Federal Board of Revenue (FBR) has decided to make Input Output Co-efficient Organization (IOCO) more operational and also planning to shift the IOCO Headquarters and Directorate General Staff Office to Islamabad, it is learnt here.

Sources told Customs Today that the top management of the FBR, after a series of meetings, has decided to increase the authority/power of IOCO and owing to this; the authorities have almost decided to transfer the IOCO Headquarters and DG Staff Office to Islamabad. It is pertinent to mention here that the IOCO Headquarters is currently working in Custom HouseKarachi and its South Region Office is right now at the 5th floor of Custom House, building. Right now, an officer of BS-20 Shahnaz Maqbool is serving as Director-IOCO South Region.

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LAHORE

m HAYAT

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pecial Assistant to Prime Minister on Revenue Haroon Akhtar Khan has said that the government wanted to facilitate small traders by offering immunity to their bank accounts under Voluntary Tax Compliance Scheme (VTCS) 2016. Addressing an awareness session on VTCS at the Faisalabad Chamber of Commerce and Industry (FCCI), he said that a new bill was being Sloated to conSiscate all ‘Benami’ bank accounts in the country.

The session was also attended by Mian Muhammad Idrees, former president of the Federation of Pakistan Chambers of commerce and Industry (FPCCI), and Mohsin Nadeem, president of the All Pakistan Tax Bar Association.

He said that all macro-economic indicators were positive and the government had been striving hard to make Pakistan economically strong and prosperous.

He said that despite various hurdles, the government had successfully reigned in the challenges of load shedding, inSlation and availability of capital. He said the Government had also resolved the gas issue as LNG was available at a comparatively cheaper rate.

“The government has completed one LNG terminal while four are in the different stages of completion, similarly, the government is laying

gas pipeline from Iran to Pakistan while another line will be laid between Tajikistan, Afghanistan, Pakistan and India to cater to our future needs and these mega projects will make Pakistan energy surplus country within next Sive years”, he added. He said that $ 46 billion Chinese investment would also bring prosperity in the region in addition to generating much needed economic activity and helping Pakistan to attain the desired 7 percent

govt has completed one LNg terminal while four are in the different stages of completion, similarly, the government is laying gas pipeline from iran to pakistan while another line will be laid between Tajikistan, Afghanistan, pak and india to cater to our future needs and these mega projects will make pak energy surplus country

remand of alleged cell phones smuggler extended LAHORE

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m imrAN meHAr

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he Special Court of Customs Taxation and Anti-Smuggling remanded an alleged cell phone smuggler into the custody of customs by extending his judicial remand, besides adjourning 8 other cases on Friday.

As per details, an accused Tariq Kazmi was arrested by the Customs

at Allama Iqbal International Airport Lahore when he was coming back from a Gulf state following the recovery of 70 costly cell phones from his luggage. The authorities of Lahore Customs presented him before the court where the accused was sent on judicial remand.

After expiry of remand, the accused was against presented before the court where Special Judge Chaudhary Ameer Muhammad Khan approved his further judicial remand for 14 days.

In another mobile smuggling case, the court recorded statements of the parties and adjourned it for next week. Cases against Sajjad haider and Mushtaq Hussain were also scheduled on Friday in which court recorded statements regarding cases.

On Friday, total 9 different cases were scheduled for hearing in which a post arrest bail plea of Yar Muhammad yari was also included that customs court has adjiourned for next Tuesday.

growth rate of GDP. Meanwhile, Special Adivisor to Prime Minister on Revenue Haroon Akhtar has said that traders should avail the beneSits of Voluntarily Tax Compliance Scheme (VTCS) until February 29.

Speaking during a seminar, he warned that those who will not take beneSits of VTCS and fail to Sile their tax returns will have to pay 0.6 percent withholding tax on banking transactions.

Taxation Club to start functioning soon fficials of the FBR IR Islamabad and Rawalpindi have decided to restore the activities of the Taxation Club which was suspended during the last few years due to some unknown reasons.

Talking to Customs Today, Add C Inland Revenue Broadbase Abdul Razaq Khan said that annul dinner of Taxation Club will be held in the last week of February and for this purpose focal persons are already nominated in all RTOs and LTUs.

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Oil, gas companies accused of taking illegal profit Tuesday, February 23, 2016

Business

ISLAMABAD: The country’s renowned economic watchdog has accused oil and gas companies of violating Ogra’s decisions to maximise profits on the cost of consumers. Pakistan Economy Watch (PEW) President Dr Murtaza Mughal, in a statement here, claimed the Federal Ministry of Petroleum and Natural Resources had started bypassing the oil and gas regulator in favour of oil and gas companies.

He alleged that the oil and gas companies continue to use the energy crisis to mint money while the Oil and Gas Regulatory Authority (Ogra) had intentionally been kept impotent since long.

pSX loses 31,000 mark shedding 334pts KARACHI

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he bearish trend opened new trading week Monday as Pakistan Stock Exchange (PSX) benchmark KSE-100 index lost the psychological level of 31,000, shedding huge 334.09 points to drop to 30677.68 points level at closing.

The stocks recorded the highest trading level of 31062.84 points and lowest level of 30599.74 points, with the volume of 133.3 million shares, having about Rs 5.44 billion value.

As many as 312 companies were ac-

pr rehabilitates 66 bridges to ensure safety standards

tive; of which 71 advanced, 227 declined and 14 remained unchanged.

Commercial banks was the top traded sector with 28,098,200 volume, while technology & communi-

uSAiD to spend $450 million on various projects in pakistan

ISLAMABAD

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ISLAMABAD

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akistan Railways has rehabilitated 66 bridges out of 159 and remaining would be rehabilitated up to June 2017. The Railway administration desires to provide quick and safe journey to the travelling public within shortest possible time, official sources in the Ministry of Railways told APP. “There are 13,841 bridges including 532 major and 13,309 minor bridges over the system.

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cation remained second with 17,272,500 volume. The three top traded companies were TRG Pak Ltd with a volume of 11,711,500 and price per share of 23.50 (-1.23), NIB

Bank Limited with a volume 11,709,000 of price per share of 1.50 (-0.22), and Silk Bank Ltd with a volume 8,667,000of price per share of 1.50 (-0.13). The top three gainers were Bata (Pak) with price per share 3400 (99.89), Philip Morris Pak with price per share of 1774 (67.03) and SanoSi-Aventis price per share of 579.99 (26.48). The top three losers were Pak Tobacco with price per share of 1104.41 (-58.12), Ferozsons (Lab) XD with price per share of 738.54 (-38.87) and Murree Brewery per share of 721.81 (-37.99). Earlier, the bearish trend entered another week as the Pakistan Stock Exchange opened negative and lost psychological barrier of 31,000, shedding 54.82 points to reach 30956.95 points level in early trading.

he United States International Development Agency (USAID) has announced to spend about $450 million in next American Sinancial year on various projects from education to health and energy to agriculture beside others in Pakistan.

Mission Director USAID to Pakistan John Groarke said this while talking to APP on Sunday about projects being executed and

planned to be executed by the USAID in various parts of the country.

He said that the USAID had executed hundreds of projects focusing Sive major areas – health, education, agriculture, economic growth and energy besides other areas especially women empowerment programme. Responding to a question about agriculture dairy potential, the Mission Director said that Pakistan has a huge dairy farming potential to earn billions of dollars by exporting agricultural and dairy products. Giving examples of agriculture and dairy products, John

Groarke said that Pakistan has potential to export a large quantity of mangoes and oranges as these two Pakistani fruits were known worldwide. “Pakistan has capacity to earn billions of dollars by capturing the world market through exporting dairy products and vegetables”, the Mission Director said. Speaking about the importance of Pakistan for USA, the Mission Director said, “Pakistan is an important country for USA and a stable, secure and democratic Pakistan with a vibrant economy is in the national interest of the United States and Pakistan.

punjab govt striving to promote fish industry BAHAWALPUR

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he Punjab government is striving to promote fish industry as a fish processing zone is being established in South Punjab with the cooperation of Fisheries Department. This was stated by Punjab Fisheries Director General Dr Yaqoob, while addressing a seminar on “Fish Feed and Fish Feeding” at Fish Seed Hatchery Bahawalpur.

South Punjab has made the centre for the fisheries. In Rajanpur, Asia’s biggest Fish Seed Hatchery is being established on which developmental work is in progress while in Muzaffargarh a big hatchery is being established for the salt water fishes while in Derawar hundreds of private fish farms have been established, he said. He said that phasewise program of providing training for the fish farmers at their farmhouses was underway. He said that in Derawar, private fish farms were established on 500 acre of land which will help promote fisheries, he added. Free facility of modern laboratory has been provided for the fish farms mud and water analysis along with the fish related diseases eradication, he said, and added that from the facility.

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govt plans to set up two more LNg terminals ISLAMABAD

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he government is mulling to set up two more LNG terminals in its concerted bid to use this fuel being imported from Qatar to overcome gas shortages and signiSicantly increase power generation.

These two planned terminals of liqueSied natural gas would be established at the coasts of Sindh and

Makran (Gwadar), sources in the Ministry of Petroleum told APP. It may be mentioned that LNG is considered 50 percent cheaper as compared to diesel in power generation.

The government recently signed a deal to import the commodity from Qatar. “Another two LNG terminals will be established in Sindh and Gwadar and once they complete, the country’s gas shortage will be overcome,” ofSicial sources said.

Last year in March, the country’s

first LNG terminal was built in the shortest period of 11 months, through which around 200 mmcfd (million cubic feet per day) LNG was being pumped into the national system to meet the existing energy demand. Commenting on the fast-track completion of the first terminal, they said it had been completed in 335 days at a cost of $135 million, which was a record in world’s history. Normally, a terminal takes around three to four years

to complete and become operational, but it was to the credit of the present government that the country’s first LNG terminal was completed in just 11 months.

The sources termed the planned establishment of terminals a ‘milestone’ in history of the country and expressed confidence that with the import of LNG, there would be a significant decrease in electricity load-shedding as special focus was being given to over-

come the power shortage.

New LNG power plants, the sources said, were being established, because LNG was 50 percent cheaper as compared to the diesel power generation plants, and it would save over Rs 100 billion annually. They said importing LNG at the price of 4.78 dollars per mmBtu was the cheapest of its kind in South Asia. Besides it would help meet the country’s energy needs by 25 per cent.

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he Tax Reforms Commission (TRC) has not yet incorporated recommendations presented by members in its final report. On 8th of the current month, the TRC laid the final report before the members for finalization and approval, however, the members further moved more recommendations in the report for incorporation,� a source at the Federal Board of Revenue (FBR) told Customs Today.

The source said that in September 2014 constitution of Tax Reforms Commission (TRC) was announced by the FBR. Mandate of the TRC was to review and rationalize direct and indirect taxes, customs tariff, review of autonomy and administrative structure of the FBR, creation of border force to deal with illegal movement of persons and goods across the international borders and any other related issue.

As per rules of terms of reference (ToRs) TRC was required to finalize its recommendations in 120 days by February 15,2015. Since the Commission could not finalize its recommendations within stipulated time therefore, a number of extensions were granted for its tenure. At present, the tenure of the Commission is extended up to 12th February 2016.

However, on 08-02-2016, draft final report was presented by the Commission to its members for approval. The source said that the members recommended certain changes/ amendments in the draft report and also authorized

the Chairman, TRC to incorporate the changes and thereafter to present it to the Finance Minister. The details of finding and the implementation status shall be made public after the Final Report is submitted by Chairman, TRC to Finance Minister.

However, the source said that an implementation Committee had been notified to supervise implementation of recommendations, when these were submitted by Tax Reforms Commission and are approved by the federal government.

The source added that one of the agenda of tax reforms was the simplification of tax laws and tax forms so as to create conducive environment whereby taxpayers may discharge their tax liability in an easy manner. Therefore Voluntarily Tax

Compliance Scheme (VTCS) has been introduced by taking stakeholders on board to resolve these irritants by facilitating to new taxpayer trader to file single page income tax return under the simplified special provision of section 99A of Income Tax Ordinance, 2001.

VTCS is a scheme for simplified procedure of filing of Income Tax returns for traders. FBR has been holding discussions with the traders to facilitate their smooth entry into the taxnet. These discussions have finally borne fruits and a scheme has been designed that would meet the needs of traders while simultaneously protecting the integrity of the tax regime.

e ver, th e w o er. H minist that an e c n a Fin said e had source n Committe o se entati to supervi m e l p d im of otifie been n ementation these impl ions, when rms o at ax ref mend recom mitted by T proved by ub ap were s ion and are ment iss ern Comm federal gov the

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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

Challenges to national economy

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inance Minister Ishaq Dar has depicted a rosy picture of the economy and expressed the government’s resolve to confront the challenges facing the nation. He claims that 22 world financial institutions have projected the country’s economy as stable and the government has brought down the budget deficit from 8.8 percent to 4.3 percent of the gross domestic product. However, many economic variables belie his claim as Pakistan’s exports have been declining for the last couple of years. Though the economists hold global economic slowdown, high cost of production, energy crisis and inefficiencies of the private sector responsible for the situation, the country has failed to tap its potentials of growth on many occasions. Until now the government has failed to achieve any of the economic targets other than adding the burden of loans on the national economy and the situation has reached a breaking point. A recent media report suggests that Pakistan has to spend 42 percent of its budget on debt servicing, but the minister is still dodging himself or the nation that the economy is vibrant by all aspects. There are no two opinions on the notion that Pakistan has great potential to progress and has a bright future, but actions speak louder than words. Only a lip-service will not bring any change in the economy or in the lives of the people. He claims that the tax growth rate has increased to 33 percent in two years from 3 percent in the past and foreign exchange reserves have crossed $20 billion.

However, what will be the after effects of the rigorous drive against the business community is such a factor which has always been ignored by the government. He says that the government wants to increase the GDP growth rate up to 15 percent, but failed to explain how it will happen. The government has obtained foreign loans amounting to $45.94 billion from 2000 to 2013 and it is still piling up. The government has recently introduced a tax amnesty scheme which is a right step in the right direction. However, it should also invite the foreign investors to set up industries along the economic corridor to achieve real GDP growth. ‘Make in Pakistan’ is a good idea and Pakistan can become an attractive destination for the investors if government gives tax relief and provides modern infrastructure to the foreign entrepreneurs.

$50 billion debt bill A

LAHORE

Dr AFTAB AFZAL

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ccording to a report released by Bloomberg, about 42 percent of Pakistan’s outstanding debt is due to mature in 2016. The volume of the debt in dollar terms is roughly $50 billion and this amount is equivalent to the size of Slovenia’s economy. Experts fear the country could default on its debt as the credit default swaps have surged 56 basis points last week. The new government, after assuming the power in 2013, approached the International Monetary Fund for an extended facility programme and won a loan amounting to $6.6 billion to help avert an external

payments crisis. The fund projected the economy of the country to grow at 4.5 percent, which is an eight-year high after the Pakistan Army launched a crackdown on militants in tribal areas, Karachi, Peshawar and elsewhere bringing peace and stability to some extent across the country. The report says that the country’s high level of public debt, with a large portion Sinanced through short-term instruments, does make the sovereign’s ability to meet the Sinancing needs more sensitive to market conditions.

The report says that since Prime Minister Nawaz Sharif ’s government took the loan, the country’s debt due by end-2016 has jumped about 79 percent and is facing resistance in meeting the

IMF demands to privatize stateowned organizations, including the national carrier Pakistan International Airlines. This year’s debt amounting to $30 billion is due between July and September, and repayments will get tougher if borrowing cost further rises. In case the debt servicing cost rises, the government will have little options to maneuver. An amount of about $124 billion or 77 percent of the country’s budget for the year through June 30 has been earmarked for interest and principal repayment on loans.

However, experts also believe that the situation will not create panic in Sinancial circles of the country as the external liabilities are relatively modest, foreign-currency reserves have increased and

the fund is willing to help meet maturing the loans. The China Pakistan Economic Corridor has created conducive environment for the foreign investors while low budget deSicit will help increase investor conSidence in the country’s economic policies. According to the report, Pakistan has the 10th highest political risk score among more than 120 countries,even worse than Egypt and Iran. As a matter of fact, the government will have to overhaul the current Sinancial system to put the economy on the right track. The countries liabilities are increasing day by day without the support of a strong industrial base. It is hoped that commonsense will prevail and the government will Sind a way out to keep minimum reliance on foreign loans.

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Chile imports 921,600mt coal in Dec WASHINGTON: Chile imported 921,600 mt of coal in December, up 48.7% from 619,771 mt of coal imported in the same month of 2014, according to data released by the energy ministry.

Imports rose 21.9% compared with 780,300 mt in the previous month of November, the ministry said.

Chile imported 336,800 mt of coal from the US, 296,800 mt from Australia and 288,000 mt of coal from Colombia in December, the data show. Imports in 2015 totaled 9.873 million mt, down 3.1% from 10.19 million mt in 2014. Chile’s main coal suppliers during the period were Colombia (41.6%), the US (33.4%) and Australia (20.7%), the ministry said.Imports in 2015 totaled 9.873 million mt, down 3.1% from 10.19 million mt in 2014. Chile’s main coal suppliers during the period were Colombia (41.6%), the US (33.4%) and Australia (20.7%), the ministry said.

SCCi to develop own B2B e-commerce website to facilitate traders ialkot Chamber of Commerce and Industry, in continuation of its legacy of imparting innovative practices and initiatives for the betterment of the industry, has taken yet another bold step by building Sialkot’s vey first B2B E-Commerce website www.tradesialkot.com.

Senior Vice President of Sialkot Chamber of Commerce and Industry (SCCI) Muhammad Sarfraz Butt told meia persons that the “Trade Sialkot” is a real time e-commerce platform for the Industry of Sialkot which

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would provide the users with a unique opportunity to share information of raw materials and surplus stocks with local and foreign customers. In a matter of few clicks a potential user would be exposed to a new market where serious buyers meet serious sellers resulting in stronger business networking, he added. SCCI SVP revealed that the website has been revamped and fully operational and is expected to be used by the leading entrepreneurs of Sialkot attracting international traffic. The membership for Trade Sialkot is open and free of charge as we believe in providing latest quality services optimized for your business needs and that too; a few clicks away, he stated.

The membership for Trade Sialkot is open and free of charge as we believe in providing latest quality services optimized for your business needs and that too; a few clicks away, he stated.—CB Report

Tuesday February 23, 2016

Chambers

Trade volume not that big but potential exists: Argentinian envoy A

KARACHI

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mbassador of Argentina, Rodolfo J. Martin Saravia has said that although the trade volume was not that big between Argentina and Pakistan but lots of potential for enhancing trade exists which can be raised through collective efforts from both sides.

Exchanging views during his visit to Karachi Chamber of Commerce and Industry (KCCI), the Ambassador added that the business communities of both countries must join hands and work together for improving trade ties by regularly participating in exhibitions, organizing trade delegations’ visits and other such trade promotional activities in both countries.

Honorary Consul General of Paraguay Kamran Tariq, President KCCI Younus Muhammad Bashir, Senior Vice President KCCI Zia Ahmed Khan, Vice President Muhammad Naeem Sharif, Chairman of KCCI’s Special Committee for My Karachi Muhammad Idrees, Former Presidents KCCI AQ Khalil, Majyd Aziz and Khalid Firoz along with KCCI Manag-

ing Committee members were also present on the occasion. Rodolfo Martin informed that it was his farewell visit to KCCI as after serving for a period of 12 years in Pakistan as the Ambassador of Argentina, he will be leaving this country where he had some of the most memorable time of his life. “I Sind myself more a Pakistani than an Argentinean after spending such an extensive period in Pakistan”, he added while assuring to continue his efforts towards bringing the two countries closer even after stepping down as the Argentinean Ambassador in Pakistan. He said that a great change has been witnessed as the

new Argentinean government has taken charge in December 2015 and Argentina has opened its doors to the world including Pakistan. Thus, the Pakistani business communities must now explore trade opportunities in numerous sectors while the Argentinean businessmen must also look for possibilities of selling their products to Pakistan, he added. Identifying some of the potential sectors, the Argentinian Ambassador particularly mentioned agriculture and livestock sectors which can be explored and Pakistan will be able to beneSit from the Argentinian know-how and expertise in these sectors. He said that

efforts underway to curb street crimes

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dditional Inspector General of Karachi Police Mushtaq Ahmed Maher has said that controlling street crimes was a serious challenge but efforts were underway and strategies have been devised which would result in bringing down the street crimes in the next couple of months. Exchanging views during his visit to KCCI, Additional IG added that police department in association with NGOs has carried out a detailed research in which it has been identiSied that majority of the incidents pertaining to street crimes happen during trafSic jams at peak hours from 5:00PM to 10:30PM.To minimize street crimes during trafSic jams, the police ofSicers will try their level best to ensure smooth Slow of trafSic during

peak hours which would help in drastically improving the situation, he added. Chairman Businessmen Group and Former President KCCI Siraj Kassam Teli, President KCCI Younus Muhammad Bashir, Senior Vice President KCCI Zia Ahmed Khan, Vice President KCCI Muhammad Naeem Sharif, Former President KCCI Iftikhar Ahmed Vohra and KCCI Managing Committee members were present at the meeting.

Additional IG said that it was the responsibility of police to control street crimes which will be done by the department at any cost and if needed, they will seek assistance from Rangers and NGOs with a view to provide relief to Karachiites.

Commenting on the progress of Karachi Operation and referring to the concerns expressed by Siraj Kassam Teli over recurrence of crimes on completion of Karachi operation after two or three years, Mushtaq Ma-

her said that the Karachi Operation has resulted in improving the security situation of the city by effectively dealing with major crimes and they have Sinalized blueprints for three years and Sive years which focus on equipping the police department to such an extent that they become capable enough to maintain peace across the city without any assistance.

“A realization about the signiSicance of Karachi city and its role in economic prosperity of the entire country has developed amongst various state institutions and the general consensus is that there is no going back from Karachi Operation which if stops would result in a disastrous situation”, he added. He informed that the police department was currently looking at the possibility of making biometric veriSication mandatory for purchase of cellular phones as biometric veriSication proved very successful in registration of SIMs.

the technology being used in the Argentinian agriculture and livestock sectors can also be transferred to Pakistan. He informed that Argentina has been producing cheaper silo bags for many years and has been providing these silo bags to countries around the world which can safely preserve many dry commodities including sugar, corns, grains, wheat and rice etc. for a period of two years.

The concerned Pakistani businessmen and traders can also use these silo bags for preserving dry commodities and can also beneSit from Argentinean expertise in manufacturing of silo bags.

Visual China to invest $100m in getty images hinese image licensing company Visual China Group said it plans to invest up to US$100 million in Getty Images as the Shenzhen-listed firm expands its footprint in the global picture library. The deal comes a month after Corbis Entertainment, the image licensing firm owned by Microsoft Corp’s Bill Gates, sold its picture library business to Visual China for an undisclosed sum. That gave Visual China exclusive distribution rights to the Corbis content it bought for all regions, except China. With a market value of 16.4 billion yuan (US$2.5 billion), Visual China has partnered with Getty Images for more than a decade to market and distribute Getty’s content exclusively in China.—CB Report

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Vestas sees favourable winds despite low oil prices Tuesday February 23, 2016

World

COPENHAGEN: Danish wind turbine maker Vestas Wind Systems posted a full-year profit for 2015 that beat forecasts and despite low global oil prices expects revenues to continue rising this year here the other day. “The wind power industry has matured in recent years and we are now seen as one of the main contributors to a more sustainable power generation footprint,” chairman Bert Nordberg said in a statement. Net profit for the year rose to €685 million ($766 million) from €392 million last year, beating Bloomberg analyst consensus of €637 million. Revenue grew 22 percent to a record €8.42 billion — and is expected to reach at least €9 billion this year, which would be an increase of nearly 7 percent. Order intake rose by 41 percent last year to €8.2 billion, and the order book stands at just over one year of work.

philippines police nab two Saudi Customs seizes 60,000 Chinese with 8kg meth amphetamine pills from fuel tank MANILA

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drug entrapment operation conducted by the Pasay City police led to the arrest of two Chinese nationals who yielded around eight kilos of suspected methamphetamine hydrochloride or “shabu” worth P40 million here the other day.

A report reaching the Southern Police District (SPD) identiSied the suspects as Li Shao Xiong, 35; and Shi Qing Tian, 47, who also went by the name Angelo Santillan.

Senior Supt. Eusebio Adamero Mejos, SPD ofSicer in charge, said that the two men were from Fujian province in China. They entered the country as tourists although it was not known how long they had been staying here. Tian’s last known address, according to Mejos, was Plaza Lachambre Street in Binondo,

Bombardier to cut workforce by 7,000 anadian aircraft and train maker Bombardier Inc said it would slash its workforce by about 7,000 over the next two years, while ramping up hiring to support production of its struggling CSeries commercial jet program. The company said yesterday it had signed a letter of intent with Air Canada for up to 75 CS300 aircraft for US$3.8 billion, based on list price. Montreal-based Bombardier now has 678 total orders and commitments for the CSeries, including 243 firm orders. The company has been struggling to find buyers for the 100-150 seat CSeries jet, in to which it has sunk billions of dollars, due to fierce competition from Boeing Co and Airbus Group SE. Bombardier’s quarterly results missed analysts’ expectations, and it also forecast lower-than-expected revenue for 2016. The company expects to record US$250m-US$300m in restructuring charges in 2016 in connection with the layoffs.—CB Report

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Manila. “The two had been under surveillance for two months prior to the operation,” Senior Supt. Joel Doria, Pasay police chief, said.

According to Mejos, the suspects were arrested after they sold P40,000 worth of suspected shabu to an undercover policeman in the parking lot of a fastfood restaurant at the corner of Macapagal and Buendia Avenues in Pasay City at 9 p.m. As soon as the transaction was over, the police closed in on the suspects who tried to escape. They were cornered, however, by the operatives from the SPD’s District Special Operations Unit and the District Anti-Illegal Drugs Special Operations Task Group. Seized from the two Chinese men were around eight kilos of suspected shabu placed in several transparent resealable bags, the money paid by the undercover policemen and three cell phones, among others. Charges for violation of the Comprehensive Dangerous Drugs Act were set to be Siled against the suspects who remained in the custody of the SPD.

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lert customs ofSicers foiled an attempt to smuggle in 60,000 amphetamine pills at Al-Durra border checkpoint in the northern border of Saudi Arabia.

They searched a vehicle which looked suspicious and found the captagon pills hidden in the spare fuel tank. The ofSicers referred the driver, the seized vehicle and drugs to the relevant security authorities for legal action.

Meanwhile, Saudi customs foiled an attempt to smuggle 1501 bottles of alcohol into Saudi Arabia via the King Fahad Causeway. Customs ofSicers searched a boat, which was tied to a car, and found the bottles hidden under a layer of Sibreglass. Police arrested the driver and seized the boat including haul of liquor, reported Ara-

bic daily Al-Jazirah. The driver was later referred to competent security authorities. Meanwhile, Customs ofSicers seized 64,165 amphetamine pills at Abdul Mohsen bin Abdulaziz Airport, in the Governorate of Yunbu.

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The ofSicers became suspicious of a passenger and scanned his luggage.

They found the haul of drugs which was hidden in four boxes of factorypacked sweets in an attempt to deceive the customs ofSicers.

Taiwan Customs arrests Japanese for Arla revenue up in the uk armer-owned dairy company liquid milk category performance trying to smuggle banknotes Arla Foods said revenue in with Cravendale up 2.1 per cent.

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Japanese man was stopped by aviation police at Taiwan’s Taoyuan International Airport on Friday while carrying Japanese banknotes with a face value of ¥119 million ($1.05 million), well above the limit that can be legally transported out of Taiwan without being declared.

Taipei Customs said the money was discovered in the suitcase of a 48year-old Japanese man during routine luggage checks. After careful examination, it was determined that the stacks of banknotes are old versions

of ¥10,000 bills. The man, who had planned to take an early afternoon Slight to Manila, told authorities that he intended to take the banknotes to the Philippine capital for appraisal.

All of the banknotes have been conSiscated. When leaving and entering Taiwan, travelers are required to declare currency, gold, traveler’s checks, securities or stocks exceeding an amount equivalent to $10,000. Those who fail to declare or give incorrect information could see the undeclared cash seized.—CB Report

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

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 efficiencies 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.—CB Report

uS Customs seizes marijuana worth $8.5m

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S Customs and Border Protection ofSicers at the Mariposa Commercial Facility seized more than $8.5 million in marijuana approximately 17,060 pounds from a Mexican national Feb. 12 when he attempted to enter the United States

through the Port of Nogales.A narcotics detection canine alerted ofSicers to a shipment identiSied as aircraft parts, which was determined to be more than 17,000 pounds OfSicers discovered the drugs within six palletized boxes identiSied as aircraft parts in a tractortrailer driven by Gerardo Cruz, 23, of Colonia La Mesa, Sonora, Mexico, following an alert by a CBP nar-

cotics-detection canine.

Officers seized the entire shipment and referred Cruz to U.S. Immigration and Customs Enforcement’s Homeland Security Investigations.The Feb. 12 seizure at the Port of Nogales is the second largest incident; second only to November 13 when officers seized more than 10 tons. Nogales Port Director Guadalupe Ramirez praised

the efforts that resulted from this seizure. “Near record seizures such as this are the result of a combined effort by our officers, canine, and technology.” Ramirez concluded, “This seizure represents the second largest marijuana interception in Arizona’s port history; the most significant marijuana seizure was more than 20k pounds in November of 2013.”

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Germany posts ‘solid’ growth at 2015 end FRANKFURT: Robust domestic demand enabled the German economy, Europe’s biggest, to shrug off external headwinds and notch up “solid and continuous growth” at the end of last year, official data showed yesterday. It was a rare piece of good news in a week when global markets had been hammered over fears about the health of the world economy. The federal statistics office Destatis said that Germany’s gross domestic product (GDP) expanded by 0.3 per cent in the period from October to December, the same rate of growth as in the preceding three months. “The economic situation in Germany was characterised by solid and continuous growth in 2015,” Destatis said.

pm approves plans for $18.6m khanh Hoa port rime Minister Nguyen Tan Dung has given the green light to the Bac Van Phong project, which will see the construction of a giant multipurpose port in Van Ninh District’s Dam Mon Village by Cang Nha Trang JSC. Cang Nha Trang JSC has proposed to invest VND417 billion (US$18.6 million) to build the port, according to the Khanh Hoa People’s Committee, that was assigned to direct and guide the management board of the Van Phong economic zone.

The company intends to build two multipurpose ports in the initial phase of their investment plan by 2020, which will be capable of handling 1.5 to 2 million tonnes of products per

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Transnet exposes r843m port security system

Tuesday February 23, 2016

port metro Vancouver sees huge decline in coal exports to China ort Metro Vancouver didn’t ship a single lump of thermal coal to China in 2015.

The port authority released its 2015 statistics overview on Thursday, offering a detailed glimpse and what moves through Canada’s busiest terminals. Overall, Port Metro Vancouver handled 138 million tonnes of cargo last year, down one per cent from 2014. Robin Silvester, president and CEO of Port Metro Vancouver, told Metro the minor decrease is impressive considering the economic climate.

For example, the movement of thermal coal dropped 21 per cent to 9,150,273 metric tonnes.

Thermal coal exports to China, which has been aggressively transitioning to cleaner energy, from Port Metro Vancouver terminals disappeared completely in 2015.

None was shipped to China last year, compared to 1,313,954 metric tonnes in 2014 and 1,736,083 metric tonnes the year before. More than five million metric tonnes of metallurgical coal was still shipped to China through Port Metro Vancouver, but even that was down 29 per cent. Thermal coal exports to South Korea and Japan also substantially decreased by 17 and 27 per cent, respectively. A 33 per cent drop in crude petroleum exports also point to economic troubles in Alberta, Silvester said.—CB Report

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WASHINGTON

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year, and container ships of up to 50,000 deadweight tonnage. In the following phase, the company will build two additional ports that will be capable of handling 1 to 1.5 million tonnes of products and much larger container ships.

In previous years, Nha Trang port had been the major maritime port in the northen area of Khanh Hoa and Tay Nguyen provinces. However, two years ago, the Prime Minister decided to turn it into a tourism port. By taking over the multipurpose port function of Nha Trang, Bac Van Phong port will secure jobs for the experienced labour force and facilitate the product delivering process for the Khanh Hoa and Tay Nguyen provinces. By taking over the multipurpose port function of Nha Trang, Bac Van Phong port will secure jobs for the experienced labour force and facilitate the product delivering process for the Khanh Hoa and Tay Nguyen provinces.—CB Report

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ransnet National Ports Authority (TNPA) has introduced a state-of-the-art port security system, valued at over R800 million, aimed at boosting security at South Africa’s ports. In a statement, TNPA said the R843m system would help safeguard customer cargo, port users, as well as Transnet’s own port assets, staff and contractors. Richard Vallihu, chief executive at TNPA, said: “The National Ports Act 12 of 2005 and the International Ship and Port Facility Security (ISPS) Code of 2004

dictate that we as a port authority implement measures to assist in detecting security threats and take preventative measures against security incidents that may affect ships or port facilities used in international trade.”

The newly-renovated control room, which is located at the Port of Durban, went live on February 12. The CCTV system is integrated between all port sites, as well as the head ofSice, in order to give a bird’s eye view of the port security environment. It comprises of 2 100 high-deSinition cameras across the various sites, which is more than double the previous 864, as well as long-range cameras to monitor all port channel entrances and outer anchorages. Phumuzi Sigasa, head of TNPA’s Port Security Portfolio,

added: “In conformance with regulations and our own Integrated Security Management Systems – Security Strategy Plan, we are rolling out an upgraded security system across our eight South African commercial ports and our head ofSice in Johannesburg.

“CCTV is but one aspect of our broader integrated technological security system which encompasses technology, skills, systems.” Vallihu said that vehicle security within the port perimeters would also be enhanced through licence plate recognition systems, while increased night visibility would be enhanced through thermal imaging which would detect heat emitted by objects or bodies, especially in low visibility areas and through smoke, fog and haze.

Dolphin energy signs contract with Abu Dhabi ports

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olphin Energy announced it has signed a contract with Abu Dhabi Ports, the master developer, operator and manager of ports and Khalifa Industrial Zone Abu Dhabi (Kizad), to accommodate hardware for its Emergency Pipeline Repair System (EPRS) at its new facility based in Kizad A signing ceremony was held at Dolphin Energy’s ofSices, attended by

Dolphin Energy’s Chief Executive OfSicer, Mr Adel Ahmed Albuainain, and Captain Mohamed Juma Al Shamisi, CEO of Abu Dhabi Ports, as well as other senior management ofSicials from both companies. The EPRS project allows Dolphin Energy to intervene at short notice and address any damage sustained to its subsea pipelines (the 48” export line and the twin 36” sea lines). The project incorporates the development of a pipeline repair capability that encompasses the organization, resources, documentation and processes that support

intervention, recovery and repair in the shortest time possible. Strategically located at the Khalifa Industrial Zone Abu Dhabi (Kizad), the AED 55 Million-facility on 45,388 square metre-plot will accommodate all EPRS hardware which will be housed, maintained and kept in a state of readiness in the event it is required. The Dolphin Gas Project meets 30% of the UAE’s energy requirements every single day so it is a signiSicant strategic asset.

The EPRS will allow us to address in the shortest time possible any damage sustained to our subsea pipelines

and enhances our approach to risk management, quality and excellence.

We are delighted to join forces with Abu Dhabi Ports in this way, whose support is critical in helping us maintain energy security for the country,” explained Mr Adel Ahmed Albuainain.

Captain Mohamed Juma Al Shamisi, CEO of Abu Dhabi Ports, commented: “We are proud to support Dolphin Energy’s project by providing ready-built infrastructure and the integrated services needed to ensure the uninterrupted availability of natural energy resources.

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Gwadar Customs seizes 8,000 litres of Iranian diesel KARACHI: The Customs Gwadar has seized 8,000 liters of smuggled Iranian diesel and a huge quantity of foreign origin cigarettes in separate operations.

Sources told Customs Today that the customs authorities received information about some smuggling attempts after which they constituted a team which intercepted a vehicle at Gadani Beach and recovered 8,000 liters of smuggled Iranian diesel. The Customs team arrested the driver and registered a case against him.

Tuesday, February 23, 2016

CUSTOMS BULLETIN

Faisalabad Customs collects rs 156.8 million in 7 months FAISALABAD iQrA SHeHZADi

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he Model Customs Collectorate has registered 137 cases of smuggling, besides collecting Rs 156.86 million during the Sirst seven months (July-January) of the current Siscal year.

OfSicials said that Faisalabad Customs Collector Dr. ZulaSiqar Ali Chaudhary has improved environment in all wings of the department due to which the Anti-Smuggling Organization (ASO) has shown a tremendous performance in terms of conSiscating contraband items during the Sirst seven months.

The customs has made 49 cases of non-duty paid vehicles and 88 cases of contraband goods during the said period. The ASO conSiscated the smuggled items during different raids in Faisalabad, Sargodha, Mianwali, Sara-e-Muhajir and Jhang.

Meanwhile, The Anti-Smuggling Organization (ASO) seized different smuggled goods worth Rs 4.73 millions during January. Sources informed Customs Today Collector Faisalabad Dr. ZulSiqar Ali formed different teams to curb smuggling in the jurisdiction of Faisalabad under the

supervision of Deputy Collector Falik Shair Ali which also includes Muhammad Javed Mehmood (suerintendent),

Sardar Muhammad (deputy superintendent), Masood Saeed Chohan, Abdul Jabbar (inspector), Muhammad

Ashraf, Liaquat Ali, Israr Ahmad and Muhammad Abdullah (sepoys).

Sources said that above mentioned

team successfully impounds different type of three vehicles which were brought into the country.

govt working on removal of duty on potato from Afghanistan LAHORE

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inister for Agriculture Dr Farrukh Javed has said that the government is in contact with Afghanistan authorities to remove the duty on potato. He said Pakistani potatoes will be seen in Afghanistan’s markets after this intervention. He said that more than 70 percent of potato is still in farm-

ers’ custody so farmer is getting direct beneSit from potato export.

He said that a total of 96,585 metric ton potatoes have been exported to Russia, Sri Lanka, Malaysia, Bahrain, Qatar, Oman, Kuwait and the United Arab Emirates. Provincial Minister for Agriculture was presiding over a meeting to review the production and export of Potato. The minister said that the government is providing all possible facilities to exporters and export of potatoes will continue without any additional duty or tax. The meeting was told that Punjab has a capacity of exporting

3 lakh metric tons of potatoes this year. Dr. Farrukh Javed said that farmer’s interest is our top priority

and farmers are getting the direct beneSit of potato export. He said that potato has been cultivated

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over four lakh acres this year which is 3.5 per cent higher than the last year. Our prime objective is that the growers get maximum beneSit of their hard work and a better price can be offered to them, he added. He said that the government will export surplus potatoes so that farmers could be saved from economic crisis. He said that government is spending millions of rupees for providing the farmers with modern tools and equipment. He said that we are introducing local products in international markets and potatoes export is part of this mission.