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Vol 1 Issue No. 276

Karachi, Sat January 16, 2016

ISLAMABAD

M ARSHAD

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ederal Board of Revenue (FBR) Chairman Nisar Mohammad Khan has said that the FBR had done a lot of work to check under-invoicing and menace of smuggling during the last two years.

While brieRing the National Assembly Standing Committee on Finance and Revenue, he said that taxation system had been largely based on indirect taxes for the last 68 years in the country. On the be-

Price Rs. 14.00

ginning of current month, Finance Minister Ishaq Dar presented amnesty scheme bill in the National Assembly for easing of businessman up to Rs 500 million after paying taxes.

Under Income Tax ordinance 2001 (Amendment) bill different privileges have been provided for the tax defaulters. Even over 70 percent indirect taxes had been introduced during the last two Rinance bills and as a result current ratio of indirect taxes in the total tax system amounts to over 40 percent,” he said, adding that “by burdening the poor with more indirect taxes.

Duty collection on transportation of goods goes up: Collector Qurban

SRB will definitely achieve revenue target: Tashfeen Khalid Niaz

Abbasi refutes allegations of corruption in LNG deal

Multan Customs Intelligence seizes non-customs paid jeep

SECP discussed companies’ bill with business community at MCCI

CollectorCustomsPeshawarQurbanAlihas saidthevolumeofdutycollection | See pAge 02 |

SRB Chairman Tashfeen Khalid has said that the department is quite optimistic | See pAge 03 |

Abbasi, refuting the allegations levelled by PTI regarding corruption | See pAge 04 |

The Customs Intelligence has seized a non-duty paid jeep worth Rs 3.5m | See pAge 12 |

The SECP held a meeting at MCCI on Thursday in the wake of‘ companies bill | See pAge 09 |

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FBR seeks lists of good performers for rewards Saturday, January 16, 2016

National

KARACHI: The Federal Board of Revenue (FBR) has directed all field formations to send a list of employees who brought the rate of revenue collections to 20 percent during second quarter of the fiscal year 2015-16.

Talking to Customs Today, Regional Tax Office-III Additional Collector Malik Mumtaz said that those officers, who showed good performance would be rewarded cash equivalent to their basic salaries.

It may mention here that Finance Minister Ishaq Dar has approved rewards for officers in a recent chief commissioners’ conference.

Duty collection on transportation of goods goes up: collector Qurban

govt will have to bring down rate for promotion of tax culture LAHORE

M HAYAt

PESHAWAR

nADiR kHAn

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or the promotion of tax culture in Pakistan, the government will have to bring down the rate of the taxes besides bringing the untaxed sectors into the tax net. This was stated by executive committee member of the Lahore Chamber of Commerce and Industry Raja Adeel Ashfaq here the other day. He said that flaws in taxation system causing loss of billions of rupees to the national exchequer. He said that a large number of taxes and difficult taxation system is also creating troubles for the taxpayers.

He said that tax reforms like developed countries could enhance the government revenue. Raja Adeel Ashfaq said that most of the challenges being faced by the economy are directly linked to complicated and lengthy taxation procedures. He said that flaws in taxation system causing loss of billions of rupees to the national exchequer. He said that a large number of taxes and difficult taxation system is creating troubles for the taxpayers. He said that tax reforms like developed countries could enhance the government revenue. He said that government would have to facilitate the business community to achieve the huge revenue target set for the ongoing financial year.

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ollector Customs Peshawar Qurban Ali Khan has said the volume of duty collection on transportation of goods between Pakistan and Afghanistan is much more than the Rigures collected in year 2014 during the last six months from July 1 to December 31, 2015. Talking to the media persons, Collector Customs Peshawar informed that in the year 2014, revenue collection from trade via Torkham border was Rs 2,426 million. While during the last six months of 2015, it shoots up to Rs 3528 million, showing an increase of Rs 1102 million. The Custom Department, Qurban Ali continued has embarked upon a policy of facilitating business community of the country by providing them maximum facilities besides generating revenue for the ofRicial kitty.

He informed that the whole custom department has been computerized to expedite processing of documentations relating to clearance of goods for imports and exports. Earlier, the process was under taken through manual system which took a lot of time. Collector Qurban Ali Khan said about 20 years ago in Custom department there was only one Collector for whole KP, FATA and Gilgit Baltistan, but now there are

around 1000 ofRicials in the whole Khyber Pakhtunkhwa.

Recently the Custom Collectorate has also deputed Assistant Collector at Parachinar (Kurram Agency) from where around 600 trucks are crossing border from Parachinar to Afghanistan on daily basis and similarly trucks are coming here loaded with goods including fresh fruit and other items. Meanwhile, The Model Custom Collectorate Peshawar has collected Rs 1,511.31 million under

the head of duty/taxes during December of current Riscal year 201516. According to the ofRicial Rigures available to Customs Today, the Peshawar Customs collected Rs 634.09 million in the wake of custom duty and showed growth to the tune of Rs 128.06 million, as it had generated Rs 506.03 million during same period in 2014. In term of sales tax on imported items, it collected Rs 389.21 million against Rs 469.62 million, which was collected last year. The

customs generated Rs 164.88 million in wake of sales tax levied as federal excise duty on the import of palm oil but during December of last year, it had collected Rs 208.36 million, which was Rs 43.48 million more than the current collections. Similarly, in term of sales tax levied as value addition on commercial importers, the collection is standing at Rs 61.14 million against the previous year collection of Rs 58.15 million with total difference of Rs 2.99 million.

fBR urges uAe for curbing illegal transactions T

ISLAMABAD

M fAiZAn

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he Federal Board of Revenue (FBR) has asked the United Arab Emirates (UAE) to discourage the illegal transaction of money, besides effectively implementing the double-taxation treaty between Pakistan and UAE. The FBR raised these points when UAE Ambassador to Pakistan Essa Abdulla Albasha Al-Noaimi met

with FBR Chairman Nisar Mohammad Khan and Adviser to PM on Revenue Haroon Akhtar.

Sources said that the FBR chief also sought the names of Pakistanis who invested in UAE and transacted huge amounts of money from Pakistan through illegal channels.

It may be mentioned here that the FBR is currently tracing the people who invested in real estate market of UAE and sending money there through illegal channel in order to avoid taxes. Despite demanding the

list of investors, the UAE has not provided any name to the Pakistani government.

The FBR is also taking stern actions against the companies involved in persuading the people to invest in real estate market of UAE. On the other hand, Ambassador Essa Abdulla Albasha has assured the FBR that he will discuss the issues raised by it before his government. During the meeting, the Ambassador also shed light on the problems, which were faced at ports

while importing the items into Pakistan under UAE social welfare programmes. Responding to the matter, the FBR chairman said that department will settle the issues following rules and regulations.

The sources said that the FBR was striving to bring the people into tax net who are investing in foreign countries without paying taxes.

Meanwhile, Federal Board of Revenue (FBR) Member Administration Waqar Ahmad heard the case of Jahan Ara who is serving in BS-18 in

the FBR. She presented her point of view on the case. She is facing disciplinary action against her.

Sources told Customs Today that an inquiry is already in progress against her to Rind out the real facts.

Sources said that some allegations are proved against her on the basis of solid evidences. She appealed to Member Administration to allow her to present her point of view in her defense. Sources said that Jahan Ara termed all the allegations against her as false and baseless.

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Faisalabad FIA arrests human trafficker FAISALABAD: The Federal Investigation Agency (FIA) has arrested human trafficker allegedly involved in sending people abroad illegally.

According to the details, FIA Assistant Director Chaudhary Mazharullah and Inspector Muhammad Javaad conducted raid and arrested the accused, Muhammad Bashirullah Ahmad who was running illegal business of sending innocent people abroad, especially to European and Middle East countries after extorting big amount from them.

The FIA has also seized passports and several fake visas of different countries from his possession.

iHc adjourns hearing of income tax references filed by oDDcL

Saturday January 16, 2016

National

SRB will definitely achieve revenue target: tashfeen niaz

ISLAMABAD

M fAiZAn

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slamabad High Court Division Bench adjourned hearing of income tax references filed by the Oil and Gas Development Corporation Limited (OGDCL). IHC Division Bench comprising of Justice Shaukat Aziz and Justice Mohsin Akhtar Kayani heard and adjourned three income tax references by OGDCL against commissioner income tax of the Regional Tax Office (RTO).

OGDCL had filed the plea through advocate Nasim Sikandar who submitted the petition challenging RTO decision imposing a penalty of Rs 20 million over the said petitioner.

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gwadar customs recovers smuggled cigarettes, alcohol KARACHI

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ollectorate of Customs Gwadar recovered a huge quantity of smuggled cigarettes, and eight bottles of wine from a ferry during a routine checking near the port. Sources said that Customs authorities received secret information regarding some smuggling attempts in Jeewani area after which the customs team enhanced their routine checking and intercepted a ferry and recovered foreign liquor and smuggled cigarettes.Customs team seized the smuggled goods and arrested three persons who were identified as Maula Bux, Ismail, and Khan Zaman. Customs team registered a case of smuggling against accused persons. Customs team registered a case of smuggling against accused persons.

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KARACHI

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indh Revenue Board Chairman Tashfeen Khalid Niaz has said that the department is quite optimistic to achieve revenue target set for the Riscal year 2015-16. Talking to Customs Today, he said that the ofRicials are trying the level best to achieve the target.

He said our entire staff is working hard to surpass the revenue target set by Federal Board of Revenue for Fiscal Year 2015-16.

He said, “We are avoiding to pressurize people to pay taxes.” Replying to a question, he said that the staff always ready to extend full cooperation to people who voluntarily come forward to pay taxes. “We are also supporting government efforts to promote tax culture in our country,” he said. He said that the Sindh Revenue Department is only working with the work force of 182 people and trying best to achieve revenue target.

Meanwhile, The Sindh Board of Revenue (SRB) has suspended the sales tax registration of Ishtiaq Khan and Sons for not Riling the monthly sales tax statement and also for tax evasion. OfRicials said that the company has not paid Rs 1,645,000 tax for the period of February 2015 to December 2015, adding that it has not Riled the sales tax statement for March 2014 to December 2015.

The provincial revenue author-

ity has asked the company to clear outstanding dues and Rile the statement by January 22; otherwise the registration of the company will be cancelled.

During January 2015-December 2015, the SRB had suspended the registration of 8 companies out of which seven cleared their outstanding dues while the registration of one company was cancelled due not paying the taxes.

Meanwhile, The Regional Tax Of-

He said, “we are avoiding to pressurize people to pay taxes.”

Replying to a question, he said that the staff always ready to extend full cooperation to people who voluntarily come forward to pay taxes.

faisalabad excise motor branch collects Rs 390m FAISALABAD

nAeeM SHeikH

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he motor branch of the Excise and Taxation Department has achieved up to 46 percent target during the Rirst six months of the current Riscal year, as it collected Rs 390.36 million against the assigned target of Rs

857.580 million for the year. As per details, the motor branch collected Rs 301.24 million against the yearly target, which is Rs 645.36 million from Faisalabad. It has achieved target up to 47 percent during the said period. From Jhang, it has generated Rs 39.339 by achieving yearly target or 41 percent, which is Rs 96.458 million. Rs 15.450 million was collected from Chiniot, while its target for the year is Rs 32.494 million that has been achieved up to 48 percent.

It has collected Rs 34.33 million

from Toba Tek Singh, while the target for the year is Rs 83.192, which has been achieved up to 41 percent.

The motor branch checked vehicles, including motor bikes, commercial and private vehicles at Shiekhpura Road, Sargodha Road, Khanowal Chowk, Samanabad, Jarwala Road and at other places to nab the tax defaulters. Following the directions of head of motor branch, Muhammad Afzal Goraya, the excise team comprising ETO Muhammad Sajjad, Inspector Muhammad Nazim Khan.

Rice-I (RTO-I) of the Federal Board of Revenue (FBR) collected Rs 85.703 billion during December of the current Riscal year. As per details, the RTO-I collected Rs 83.375 billion in wake of income tax, Rs 2.292 billion under the head of sales tax and Rs 36 million as federal excised duty during the said period. However, the Rield formation had collected Rs 96 million as sales tax and Rs 3.924 billion in wake of income tax during the Rirst ten days of December.

fBR may re-extend returns’ filing date ederal Board of Revenue (FBR) is likely to extend last date for filing of income tax returns mainly due to delay in approval of tax amnesty scheme for traders by the National Assembly. The government has already revised the returns filing dates several times and announced ‘final date’of January 31. The sources said if the rift between government and opposition parties on the proposed income tax amnesty scheme.

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Turkish lemon exports decline, prices rise Saturday, January 16, 2016

Business

ANKARA: In Mersin, Turkey, the lemon yield and exports have declined, but the prices have risen. Last year lemons were bought from the growers for around €0.30, this has increased by 50% this year to €0.45. In 2014, the city harvested 650,000 tons of lemons, this figure fell to 500,000 in 2015. According to the Mediterranean Exporters Association (AKIB) in 2014 in the June to December period, the most lemons were exported to Russia, 18.64 million dollars worth, in the same months in 2015, this figure fell to 11.15 million dollars. The second highest volume of exports was made to Iraq, in the last 6 months of 2014, 9.2 million dollars of exports were realised, in 2015.

pSX gains 51 points to reach 31492 as bulls hit back KARACHI

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he Pakistan Stock Exchange Friday witnessed some Rluctuation till midday, however, it remained in green zone as benchmark KSE-100 index added 51.44 points to reach 31492.46 points level. The stocks recorded the highest trading level of 31637.22 points and lowest level of 31410.58 points, with the volume of 60,866,990 shares, having

garment makers fear further drop in exports

over Rs2.773 billion value. As many as 253 companies were active; of

Abbasi refutes allegations of corruption in Lng deal

LAHORE

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akistan Readymade Garment Manufacturers and Exporters Association (PRGMEA) on Wednesday cautioned the government to address the issues of valueadded textile sector as continued drop in exports might widen further due to Vietnam-EU Free Trade Agreement, and massive decline in cotton production and high import duty on yarn.

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which 151 advanced, 89 declined and 13 remained unchanged. The three

top traded companies were TRG Pak Ltd with a volume of 17,978,000 and price per share of 27.20 (-0.71), Pak Elektron with a volume 3,229,000 of price per share of 64.00 (0.94), and Telecard Limited with a volume 2,994,000 of price per share of 3.11 (0.51). The top three gainers were Service Ind.Ltd with price per share 925 (35.50), Sapphire Fiber with price per share of 701 (31) and Atlas Battery price per share of 740 (18).

The top three losers were Pak Tobacco with price per share of 1105.35 (-58.17), Pak Services with price per share of 500 (-24) and Shifa Int.Hosp per share of 285 (-11).

ISLAMABAD

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inister for Petroleum and Natural Resources Shahid Khaqan Abbasi, refuting the allegations levelled by Pakistan Tehreek-e-Insaf (PTI) regarding corruption in LNG project, has said that the liqueRied natural gas (LNG) deal with Qatar was being done in a transparent.

Replying to a calling attention notice of Shireen Mazari, Asad Omar

and others in the national Assembly, the minister further said that the international community had declared this agreement Asia’s cheapest deal.

Abbasi said the PTI was only getting political point scoring on this project of national importance, adding that to meet gas supply, the only way was to import LNG. He said the government was also working on Pak-Iran gas pipeline and Turkmenistan Afghanistan Pakistan and India (TAPI) gas pipeline. He rejected the PTI stance that power producers were not taking interest in LNG deal, adding that the project would save

billions of dollars annually and would help overcome energy crisis.

Meanwhile, Finance Minister Mohammad Ishaq Dar chaired a meeting to review implementation status on the Prime Minister’s interest free loan scheme. Ms. Laila Khan, Chairperson PM Youth Programme, CEO, Pakistan Poverty Alleviation Fund (PPAF), and senior ofRicials of Ministry of Finance and BISP participated in the meeting. The meeting was informed that under the Scheme an amount of Rs.3.5 billion had been provided to the PPAF which had disbursed Rs.2,250 million.

fisheries Dept to construct hatchery, five nurseries in punjab with Rs467m LAHORE

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he Punjab Fisheries Department has announced to construct one large fish hatchery in Lahore and five new nurseries in other districts at an estimated cost of Rs467 million. This was revealed

by Punjab Fisheries Director General Dr Muhammad Ayub, while talking to media. He said that the main objective of the project was to deliver better fish seed and extension services to the fish farmers for the promotion of fisheries sector in Punjab.

He stated that a large hatchery was being established in Lahore at Bhaseen area on 60 acres of land at a cost of Rs 254 million, whereas five nurseries consisting on six acres each in Pakpattan, Mandi Bahauddin, Narowal, Chiniot and Nankana Sahib at a cost of Rs 197 million, while Rs 16 million would be spent on the office management. He said that through establishment of large fish seed hatchery and nursery units in five districts, production of additional three million quality fish seed of culturable fish species could be made possible, as well as problems of fish farmers would also be addressed, given the fact that these districts are lacking this facility.

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2,747 new companies registered in 6 months with 25% growth ISLAMABAD

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he Securities and Exchange Commission of Pakistan (SECP) registered 2,747 new companies during the Rirst six months of ongoing Riscal year 201516, with a growth of 25% over the corresponding period of last year.

According to a statement issued by the SECP, the growing trend in

company registration is a sign of enhanced investors’ conRidence on SECP’s policies and procedures. During July-Dec 2015, around 90% companies were registered as private limited companies, 7% companies were registered as single member companies, while 3% of the companies secured registration as public unlisted, associations’ not-for-proRit, trade organizations and foreign companies. The trading sector took lead in incorporations by registering 357

companies, followed by services with 349, information technology with 244, construction with 225, tourism with 204, power generation with 97, communications with 87, education with 83, corporate agricultural farming with 78, broadcasting and telecasting and food and beverages with 75 each, pharmaceutical with 72, engineering with 70 and 731 companies registered in other sectors. Also, 25 foreign companies were also registered by CROs in Karachi, Islam-

abad and Lahore. Moreover, foreign investment has also been observed in 154 new companies. These companies received investors from Afghanistan, Australia, Bahrain, Belgium, Burma, Canada, Cayman Islands, China, Denmark, Georgia, Germany, Hong Kong, Indonesia, Iran, Ireland, Italy, Jordan, Kazakhstan, Korea (South), Lebanon, Libya, Malaysia, Mexico, New Zealand, Nigeria, Norway, Peru, Qatar, Russia, Singapore, Spain, Sweden, Taiwan,

Tunisia, Turkey, UAE, UK, Ukraine and the US. Furthermore, in December 2015, the SECP registered 531 new companies, of which 87% were registered as private limited companies, 9% companies were registered as single member companies while 4% were registered as public unlisted, associations’ not-for-proRit and foreign companies. Incorporations during December 2015 include seven foreign companies and foreign investment in 35 local companies.

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ollector, Collectorate of Customs AdjudicationII, Chaudhary Muhammad Javaid has issued an Order-in-Original No 138/2015-16 against M/s ICI Pakistan Limited for evading Rs 21.1 million on import of titanium dioxide by mis-declaration. A penalty of Rs 500,000 has also been imposed on the importer in this regard.

According to details, the Directorate of Post Clearance Audit, Customs Karachi, found that M/s ICI Pakistan Limited imported consignments of titanium dioxide by mis-declaring HS Code. In the ONO, Collector Chaudhary Muhammad Javaid stated that chemical analysis report produced by the respondent clearly indicates that the goods are not amorphous and there is crystal growth as a deRinite particle size exists.

Further the classiRication opinion of the World Customs Organization clearly states that titanium dioxide of anatase type, not surface treated, falls under HS Code 3206.11. In the light of afore-stated facts the goods are correctly classiRiable under HS Code 3206.1100.

“It is established that the respondent mis-declared the classiRication of the titanium dioxide to get the undue beneRits and therefore, the charges leveled in the show cause notice stand established”, the ONO added.

“Therefore, in exercise of powers conferred upon me under section 32(I) and 32(3)(A) of the Customs Act, 1969 the respondent namely M/s ICI Pakistan Limited ICI House West Wharf Road Karachi are directed to deposit the duty and taxes amounting to Rs 21.1 million into the government treasury. A penalty of Rs 500,000 is also imposed on the respondent namely ICI Pakistan Limited in terms of Clause 14 of Section 156(I) of the Customs Act, 1969”, it concluded. Meanwhile, Collector MCC Appraisement West Dr. Owais Aagha Jawwad has initiated a recovery campaign to realize 1pc surcharge imposed on oil well drilling companies on revalidation of time of their bank guarantees.

In this regard a team headed by Additional Collector Bank Guarantee Azhar Merchant and comprising Deputy Collector Adnan RaRiq, Principal Appraiser Kalhoro and Appraising OfRicer Shahid Ibrahim Dusty was formed to scrutinize the bank guarantees and realize the due revenue.

Subsequently, 12 oil well drilling companies were blocked in the system, which resulted in recovery of over Rs 30 million from three companies.

Recently, SRO 610(i)/2015 imposed 1.0 percent surcharge on C&F value of the imported goods against the corporate guarantee being secured for re-

lease of the consignment under SRO 678(I)/2004.

Since the secured bank guarantees pertaining to the consignments imported by various oil well drilling companies and released against corporate guarantees under SRO 678(I)/2004.

The SRO 678(I)/2004 provides the imported goods are either required to be re-exported within 2 years time, failing which the corporate guarantees are ripe for encashment, however re-validation of time of guarantees may be extended upon 1.0 percent surcharge of C&F values as per SRO 610(I)/2015.

ce learan d c t s o n p ate of arachi, fou r o t c e Dir oms k an Limited t s u c , t Audit /s ici pakis nts of e m n M that ted consig y misb impor m dioxide e. d u i titan ring HS co decla

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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

whitening the black money

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inancial managers, economists and legal experts in Pakistan are facing a serious question: does the amnesty scheme introduced by the government to whiten black money by paying one percent tax is legal or illegal and that this step by the holders of black money should be regarded as tax compliance or tax evasion. Whenever the government in the office introduces such a scheme, it invites criticism from various circles that government is giving a legal cover to money-laundering. However, the other way round, when the government takes hard steps to bring the rich people under tax net, capital starts flying from the country to land in Dubai, Malaysia or Switzerland. The government has opted for a short cut to enhance tax net, but it is better than a long cut if the country loses money no matter it is black or white. The amnesty schemes will give legal cover to utilize the money within the country.

According to some other experts, the scheme will bring up to 100,000 new taxpayers under the tax net. The scheme was first introduced in the country in 1958 in which an amount of Rs1.120 billion was declared by taxpayers. Ten years later, this scheme whitened Rs920 million and again in 1976, at least Rs1.5 billion. The economy enormously gained through the schemes introduced in 1985, 1991 and 1998 as the money was invested within the country under legal protections.

Former president Pervez Musharraf also announced a tax amnesty scheme in 2000 which resulted in recovery of Rs10billion on the declaration of assets and another scheme offered in 2008 raised Rs3.16billion. According to some experts, there is no need to give a special amnesty scheme as there is a permanent window for money whitening under section 111 (4) of Income Tax Ordinance 2001. But it is to be noted that tough laws always support corruption as the official concerned exploit the laws in their favour, giving least chance to the taxpayers to find a legal remedy.

According to the government circles, the scheme does not cover assets and only allows whitening of business capital held by retailers and wholesalers,leaving a little room for corruption.

Sales tax on service sector T

LAHORE

DR AftAB AfZAL

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he Punjab government has decided to impose sales tax on 11 unregulated small businesses and service providers as the province is gradually heading towards corporate economy.

The government had initially decided to impose up to 16 percent sales tax on the service sector which the stakeholders had been resisting for the last one and a half years. Now the rate of the sales tax has been fixed between 5 to 14 percent, hoping a voluntary compliance of tax liabilities by a majority of businesses in this sector. The imposition of sales tax came on the recom-

mendations of the Punjab Revenue Authority under Section 10 of the Punjab Sales Tax on Services Act 2012.

The government has classified the service sector in two categories. According to a notification issued by the provincial finance department, the sales tax will be charged at 5 percent on individuals or the companies offering services, including dry cleaners, healthcare centres, gyms, hair-cutting saloons,airconditioned shopping malls, real estate dealers and builders, who undertake projects with an aggregate value not exceeding Rs 50 million in a financial year. According to another notification, the franchise services will be charged at 10 percent rate while

tour operators, travel agents, chartered accountants, auditors, actuaries, tax consultants, liquidators, auctioneers and corporate law consultants will be charged at 5 percent. The services provided to the textile, leather, carpet, surgical and sports goods sectors in respect of manufacturing or processing will also be charged at speciRic rates. As a matter of fact, collection of sales tax is very tricky business as some service providers are earning not in thousands, but in millions while many many others eke out a meager existence. The assessment of the annual income is linked with the ability of the government ofRicials and giving the present state of affairs, one can imagine the results of the whole

exercise. This exercise can lead to more chaos on the streets than cash in the government exchequer. The best option is that the government should classify business centers in various categories according to the revenue these centers generate in Riscal year and then impose Rixed tax on every shop. It should be noted that not all the businesses generate taxable income and enblock imposition of sales will discourage the small business owners. The small business owners should also not be placed on the mercy of the government authorities in the given economic situation in the province and the country. The time is running out and the government has to resolve sales tax issue at the earliest.

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Australia apple, pear exports increase in 2015 CANBERRA: Apple and pear exports from Australia increased significantly between January-November 2015, climbing 111% and 46% respectively. Oneonta apple shot Total apple exports in the period reached 3,612 metric tons (MT), valued at some AUD$10.3 million (US$7.2 million), according to Apple and Pear Australia Limited (APAL). The positive results were influenced heavily by a five-fold increase in the apple trade to Thailand, while Pink Lady trade to the U.K. also impacted results.

Regarding pears, exports reached 9,785MT for the period, valued at AUD$15.7 million (US$11 million), with New Zealand and Indonesia as the main market destinations. In terms of imports, Australia purchased 13% more overseas-grown apples at 693MT with the main share imported from China. Pear imports swelled 60% year-on-year to reach 1,082MT.

icci for channelizing remittances he Islamabad Chamber of Commerce and Industry (ICCI) has called upon the government to take policy measures and offer good incentives for channelizing the remittances towards the productive activities that would help in promoting business activities and increasing economic growth of the country.

ICCI President Atif Ikram Sheikh said that remittances were on the rise in the country as overseas Pakistanis remitted over $9.7 billion during the first six months (July to December) of current financial year showing an

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increase of over 6 percent compared to the same period of preceding year. He said if this trend continued, annual remittances could reach $20 billion this year. He stressed that government should take concrete measures to develop required expertise and institutional mechanism to directly channelize the remittances towards promoting business and economic activities. He said remittances were an important source of economic wellbeing for a large number of families in the country and were helping in boosting consumption that benefited our industries. However, remittances could play significant role in strengthening the economy if their major portion was channelled towards savings and investment. He said due to encouraging policies, many expatriate Chinese and Indians have returned to their home countries to start business ventures and Government of Pakistan should also take necessary measures to encourage and train overseas Pakistanis for engaging them in business activities in the country.—CB Report

Saturday January 16, 2016

Chambers

Secp discussed companies’ bill with business community at Mcci T

MULTAN

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he Securities and Exchange Commission of Pakistan (SECP) held a meeting at Multan Chamber of Commerce and Industry (MCCI) on Thursday in the wake of ‘ companies bill’ to aware as well as to include the suggestions of business community, lawyers, chartered accounts, corporate consultants and professionals in the drafting of the bill.

On this occasion, MCCI Vice-President Tariq Khan said it was the demand of time that the compulsory changes should be brought in the bill of company laws by the consultation of all chambers of Pakistan and other concerning sectors.

He further said in the past the business and economic laws had been implemented without the consultaion of business community and by doing so the problems of the business sector enhanced and along with the required results of the laws were also not achieved. He also appreciated the efforts of SECP, Multan for holding an awareness session with the concerning sectors regard-

ing the ‘companies bill’ at MCCI. The Registrar of Companies Securities and Exchange Commission of Pakistan Javed Hussain also briefed the participants of meeting

about the companies’ bill and discussed the technicalities as well as noted their suggestions in respect of bill. The joint registrar of SECP Syed Iftikhar-ul-Hassan Naqvi,

textile industry seeks benefit of declining oil prices

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KARACHI

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he textile industrialists have asked Prime Minister Nawaz Sharif to pass on the impact of falling oil prices in full to the industry. All Pakistan Textile Mills Association (Aptma) Chairman Tariq Saud, in a statement, said that high cost of doing business had created a hole in the viability of textile industry, particularly the large section dependent on electricity supply in Punjab, which was resulting into fast closure of textile units, steep fall in textile exports and the consequent rampant unemployment.

He hoped that reduction in industrial tariff by the prime minister would enable the textile industry to compete with immediate regional textile players through availability of level playing Rield. He appealed

for removal of the tariff rationalisation surcharge, while adjusting the Rs 3 per unit reduction in industrial tariff. “Textile industry cannot pass on them system inefRiciencies and line losses wrongly inRlicted upon it in the name of tariff rationalisation surcharge,” he stressed. He urged the prime minister to direct the Ministry of Water and Power for issuing a notiRication in this respect, as reduction in the industrial tariff is applicable from January 1st. “It will enable the industry to book export orders without delay, as many textile millers are still uncertain over the fate of tariff rationalisation surcharge,” he said. The Aptma chairman further added that only the prime minister could put an end to the ongoing indecisiveness by removing the tariff rationalisation surcharge from the industrial tariff. “A timely decision would enable the textile industry to deliver and mate-

rialise the prime minister’s dream of industrial revolution in Pakistan,” he vowed. He expressed his gratitude to the prime minister for Rs 3 per unit reduction in electricity tariff for Industry, saying that this single step would greatly help textile industry for revival of its presently compromised viability. Meanwhile, Pakistan Rangers Sindh Director General Maj Gen Bilal Akbar has said that Karachi operation will continue until its logical end. He said that there is no hurdle in the way of the operation and the Sindh and federal governments will resolve their issues amicably. “Despite the ongoing push and pulls, I have been clearly instructed by the heads of armed forces and the federal government to go on with Karachi operation. The future of Karachi operation is bright and it will continue until it reaches its logical conclusion,” DG Rangers said.

deputy registrar Fozia Parveen, Muhammad Younis Ghazi, A. Moeed Khawaja, Waqas Khalid, Usman Hadi and Khurram Javed were also present in the meeting.

AptA kp chapter rejects tax amnesty scheme ll Pakistan Traders Association Khyber Pakhtunkhwa chapter has decided to re-launch movement against withholding tax and rejected the tax amnesty scheme announced by the government. In a statement traders community said that the government should talk to real representatives of the traders. He rejected the tax amnesty scheme as fraud and said that the scheme was aimed at to benefit only the capitalists. He said that a convention of the all traders would be held tomorrow in Islamabad, which would take decision about future line of action. He said that the traders could go for shutter down strike in protest against withholding tax.—CB Report

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Hong Kong to ban import, export of ivory Saturday January 16, 2016

World

HONG KONG: Hong Kong will ban the import and export of ivory, the city’s leader announced on Wednesday, in a “historic” move hailed by animal welfare activists. Chief executive Leung Chun-ying told lawmakers in his annual policy address that officials were determined to crack down on the trade in Hong Kong. The southern Chinese city is a major hub of ivory sales and has been criticised by environmentalists for fuelling the illegal trade that leads to rampant poaching across Africa.

“The government is very concerned about the illegal poaching of elephants in Africa. It will kickstart legislative procedures as soon as possible to ban the import and export of elephant hunting trophies,” Leung said at the Legislative Council on Wednesday.

Afghan drug raid seizes more than ton of heroin: govt

customs dog discovers 18 smuggled puppies DUBLIN

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KABUL

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special Afghan task force has seized more than a tonne of heroin in a raid on an illegal narcotics factory in the northeast of the country, the interior ministry said in a statement here the other day.

The bust by 60 police ofRicers in the remote province of Badakhshan, which borders Tajikistan and Pakistan, also uncovered 1,500 liters of morphine, the statement added.

In addition, police found chemicals and equipment to manufacture and process the drugs.

No arrests were made, but at least two weapons were seized in the raid, the statement said. It is believed the plant had been abandoned. Afghanistan has long been the largest producer of opium and heroin in the world, with proRits

Hk customs seizes 288 smartphones worth $1.3m ong Kong Customs detected a suspected smuggling case at Lok Ma Chau Control Point here the other day and seized a total of 288 smartphones worth about $1.3 million. Customs officers intercepted an outgoing lorry for inspection in the small hours this morning. Officers found the batch of smartphones concealed inside false compartments at the rear axle differential unit of the lorry. The 56-year-old male driver was arrested and has been released on bail pending further investigation. The lorry was detained for further examination. Under the Import and Export Ordinance, the maximum penalty for attempting to export unmanifested cargo is a fine of $2 million and imprisonment for seven years. Members of the public may report any suspected smuggling activities to the Customs 24-hour hotline 2545 6182.—CB Report

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from the illicit trade helping fund Taliban insurgents who have been waging a deadly insurgency against government and NATO forces.

A tonne of heroin has a street value of about 40 million euros in

France, according to United Nations Rigures. However, a report by the U.N. last month said lower levels of cultivation meant total opium production dropped 48 percent in 2015 over 2014.

Malaysian police seize drug shipment worth RM8.1 million

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massive drug shipment due for export to Singapore and Indonesia was seized during a police operation in Johor Bahru last week. The drugs – 58kg of Ecstasy in powder form, 5,290 Ecstasy pills and 1kg of syabu (the colloquial name for the psycho-stimulant drug called amphetamine) – were found in a house in Taman Pelangi, which allegedly operated as a “mini drug lab”. They had an estimated street value of RM8.1 million (S$2.6 mil-

lion) and could have reached around 190,000 drug users, reported the New Straits Times. Among the other items seized: drug-making equipment and chemical products used in the manufacture of drugs, as well as four air riRles and two air pistols.

Bukit Aman Narcotics Criminal Investigations Department director Mokhtar Shariff told reporters at a press conference on Monday that two men, aged 37 and 40, had been arrested.—CB Report

reland’s reputation as the puppy farm capital of Europe is being challenged as the Government looks to clamp down on the illegal trade of animals.

It comes after a Customs dog used to sniff out drugs and illegal cigarettes discovered 18 puppies being illegally exported to England in the boot of a car.

The DSPCA said that the illegal trade of animals across borders was a huge issue. DSPCA Head of Education Gillian Bird said that the illegal trade of puppies costs the taxpayer millions in lost revenue every year.

Some puppy traders are making proRits of 1,000pc by illegally selling animals. “These puppy traders are buying animals without microchips and the relevant paper work for €80 or €120 and then selling them on

in the UK or on the continent for €800 to €1,000,” said Ms Bird.

“Some of these animals are sold cheaply but the way that they are reared means some might have long-term health issues,” she added.

Three of the 18 dogs discovered

by Customs ofRicials in Dublin Port this week are said to be in poor health. All of them were discovered in the back of a saloon car that was on the way to England where they were due to be sold on.

The DSPCA is now caring for the animals and they hope that they will be able to make the puppies available for adoption in the next three weeks.

“There is nothing wrong with being a puppy trader as long as your vehicle is registered for the safe transportation of dogs and the animals have passports,” said Ms Bird.

“These dogs were all travelling in the boot of a car and had no paperwork. The dog who found them was looking for drugs so this was a stroke of luck.”

Ring members smuggling heroin arrested at airport

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he case of a drug ring was sent to New Taipei prosecutor’s ofRice Wednesday after two of its members were arrested earlier this month at an airport for trying to smuggle in heroin from Vietnam, the police said.

The Rirst suspect, a woman identiRied as Hsiao, was caught Jan. 10 concealing 847 grams of heroin in her crotch and under her breasts at the Taiwan Taoyuan International Airport upon arrival from Vietnam, according to the police.

Two days later, a male suspect

surnamed Cho, was arrested under similar circumstances, with 205.1 grams of heroin found in his intestines, the police said.

It is now believed that the two belong to the same drug ring, which had sent them on Rlights to Vietnam on Jan. 3 and Jan. 8, respectively, to pick up the heroin to be smuggled into Taiwan, it said.

The other Rive members of the ring were arrested in New Taipei and Taoyuan afterwards, the police said, adding that it was acting on a tip received last July.—CB Report

Sri Lankan customs targets Rs 1t record revenue in 2016

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COLOMBO

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ri Lanka Customs (SLC) is expected to collect Rs. 1 trillion as tax revenue for 2016, Director General Chulananda Perera said.

Speaking at a seminar on Sri Lanka Customs’ Single Window Implementation for Boarder Regulatory Au-

thorities, Perera said the Customs will take proactive measures to reach this target. Perera however noted that the SLC is not willing to touch every aspect in an ad-hoc manner to realize this target. Commenting on operational beneRits and the processes of the recently implemented single window system, Perera said the new system will help increase the efRiciency of customs’ related activities and will be

beneRicial to both traders and the Sri Lanka Customs. The system will also help ensure the smooth Rlow of information between the government, traders and to help the government ensure efRicient deployment of resources and correct revenue yield. Under the program all public and private sector institutions involved in the import export sector will be allowed to lodge information with a single

body to fulRill all import or export related regulatory requirements. With a view to facilitating legitimate trade; necessary measures will be taken to improve the technical aspects relating to export and import activities of the Sri Lanka Customs.

The DG said that measures have also been taken to acquire advanced passenger information and cargo information systems.

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Port Qasim witnesses busy day KARACHI: The Port Qasim Friday witnessed activity as three ships carrying containers and Soya been seeds were berthed at Qasim International container terminal and FAP terminal respectively.

Meanwhile, three more ships carrying containers and coal also arrived at outer anchorage of Port Qasim during last 24 hours. Berth occupancy was 65% at the port on Friday where a total seven ships namely MSK Stadle Horn, MSC Busan, Jadrana, Calim Seas, Ginga Saker, Al Soor II and GSW Fabulous are currently occupying berths to load/offload Containers, Soya Been Seeds, Chemical, Diesel Oil and Edible Oil respectively during last 24 hours.

chennai port to import apples he Directorate General of Foreign Trade (DGFT) has lifted restriction on apple import through Chennai Port. This move will increase revenues for the port and will also bring down the cost of apples by a few rupees. Statistics indicate that the Chennai Port imports more than 50 per cent of apples. In September 2015, the DGFT issued a notification that apples would be imported only through the Nhava Sheva Port in Maharashtra. After that price of the fruit shot up in many places including Tamil Nadu.

“There were issues relating to customs valuations and valuations of apple and that is why import was stopped,” said an official from a Chamber of Commerce. “Chennai Port handles more than 6,000 cartons of apples. Post the restriction the port lost huge revenues.

There was a customs revenue loss of more than Rs 500 crore,” said Chozha

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Naachiar Rajasekar, President of the Tamil Chamber of Commerce. India imports apple from countries including New Zealand, Australia, China and US. Within India, apple growing areas include Jammu & Kashmir, Himachal Pradesh, Uttaranchal and Arunachal Pradesh. Meanwhile, The Directorate General of Foreign Trade (DGFT) has lifted restriction on apple import through Chennai Port. This move will increase revenues for the port and will also bring down the cost of apples by a few rupees. Statistics indicate that the Chennai Port imports more than 50 per cent of apples. In September 2015, the DGFT issued a notification that apples would be imported only through the Nhava Sheva Port in Maharashtra. After that price of the fruit shot up in many places including Tamil Nadu. —CB Report

Ports & Shipping

Asian container traffic increase at B.c. ports

Saturday January 16, 2016

Diana Shipping signs loan facility with eXiM Bank of china iana Shipping Inc. a global shipping company specializing in the ownership of dry bulk vessels, announced that yesterday it signed, through three separate wholly-owned subsidiaries, a term loan facility for up to US$75,734,900 with The Export-Import Bank of China. The purpose of this facility is to partially finance, after delivery, the acquisition cost of two new-building Newcastlemax dry bulk vessels of approximately 208,500 dwt each and one new-building Kamsarmax dry bulk vessel of approximately 82,000 dwt. The signing of the relevant shipbuilding contracts was announced by the Company on May 21, 2013 and January 8, 2014, respectively. Based on latest information received from the yards, the one new-building Newcastlemax dry bulk vessel is now expected to be delivered to the Company during the third quarter of 2016 and the second new-building Newcastlemax dry bulk vessel as well as the one new-building Kamsarmax dry bulk vessel are expected to be delivered during the fourth quarter of 2016.

Excluding the three aforementioned vessels, Diana Shipping Inc.’s fleet currently consists of 43 dry bulk vessels (2 Newcastlemax, 14 Capesize, 3 Post-Panamax, 4 Kamsarmax and 20 Panamax).—CB Report

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WASHINGTON

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C’s ports are providing some light for Canada in the prevailing economic gloom of downbound commodities and energy fortunes. According to container shipping trade numbers compiled by Drewry Maritime Research and released this week, North American western seaboard ports ended 2015 on a far brighter note than they began the year.

For example, container trafRic Rlowing from Asia to North America’s West Coast in November grew 6.6% yearon-year, one point behind growth in

container trafRic from Asia to the continent’s east coast. But B.C. ports in general and Prince Rupert in particular were the real winners in the increased container trafRic Rlow. While Drewry pointed out that even though Asian goods trafRic through U.S. West Coast ports was up 5% in November compared with the same month a year ago, year to date it was still down 2.3%. Growth in Asian imports for B.C.’s ports, meanwhile, was up 15.2% in November to around one million 20-foot containers (TEU) and up 17.5% year to date. The U.K.-based shipping consultancy pointed to Prince Rupert as the West Coast port that “continues to draw the cargo with global imports climbing almost 7% in November, and by almost one quarter on a year-to-date basis.” Reasons for

Prince Rupert’s success, according to Drewry, include diversion of cargo from American West Coast ports, the decision by 2M partners (Maersk Line (CO:MAERSK.B) and Mediterranean Shipping Company), to add Prince Rupert to their New Orient service, which began in September, and Canadian National Railway’s (TSX:CNR) “aggressive marketing … offering direct connections from Prince Rupert to key inland points such as Chicago, Memphis and New Orleans. As Business in Vancouver reported last week, DP World, the Dubai-based company that owns Prince Rupert’s Fairview and Vancouver’s Centerm container terminals, announced plans in December to study further expansion of Fairview to increase its annual container handling capacity to more than.

Mobile shipments expected to grow 5.3% in 2016

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obile phone shipments in the Middle East region are expected to grow at a faster rate then PCs and tablets, according to industry experts. The regional handset shipments are expected to grow 5.3 per cent to more than 123 million this year compared to 117 million units last year.

At the same time, the PC market is expected to grow by 2.85 per cent

to 14.4 million this year compared to 147 million last year. The tablet market is expected to grow by 4.81 per cent to 17.4 million this year compared to 16.6 million last year.

“The handset market is slowing down despite a positive growth as the smartphone category is getting saturated in the Gulf countries. The market will not grow in double digits as it used to be,” Nabila Popal, research manager for mobile phones and displays at IDC Middle East, Africa, and Turkey, told Gulf News.

According to IDC market stats, the

Middle East also includes Africa, Turkey, Israel and Pakistan.

She said that Africa and Pakistan markets are set to grow much faster as these countries are still dominated by basic phones and there is a big room for shift to smartphones. Out of the total 123 million handset sales this year, smartphones is expected to account for over 70 per cent. Popal said that about 7.7 million units are expected to be shipped into the UAE this year compared to 7.4 million last year. The country registered a growth of 27 per cent in 2014 but it

will slow down to 13 per cent in 2015 as fourth-quarter Rigures are to be released, and further again by just over four per cent this year. Fouad R. Charakla, program manager for personal computing, systems, and infrastructure solutions at International Data Corporation (IDC), said that some PC deals are expected to happen in the latter part of the year and government-driven education initiatives are expected to continue contributing healthily to the growth of the tablet market, particularly in regard to detachable tablets.

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Customs Court grants bail to Toufeeq Butt in gold smuggling case LAHORE: The Special Court of Taxation and Anti-Smuggling has granted bail to Toufeeq Butt, who was on judicial remand following the charges of gold and currency smuggling from Pakistan to United Arab Emirates.

The special court has awarded him bail against the surety bonds and personal guarantees. Earlier, Toufeeq Butt was on pre-arrest bail granted by the Lahore High court (LHC), which was cancelled later. After the cancellation of the bail, the customs authorities arrested him and presented him before the Customs Court.

Saturday, January 16, 2016

CUSTOMS BULLETIN

Multan customs intelligence seizes non-customs paid jeep MULTAN SAJiD BASHiR

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he Customs Intelligence and Investigation has seized a non-duty paid jeep worth Rs 3.5 million in the jurisdiction of Chowk Qureshi police station, a town 83 kilometers away from Multan. According to details, a special team of Customs Intelligence and investigation Multan region, on the instructions of Additional Director Nisar Ahmad, took a prompt action and seized a non- customs paid Prado jeep of model 2001 under the customs act 1969.

The Additional Director received a secret information from a source about the non-duty paid jeep and he sent a team to conRiscate it. The owner could not produce the required documents so the team seized the jeep. According to customs ofRicials, the expected value of the seized Prado Jeep is worth Rs 3.5 million. Meanwhile, he Customs Intelligence and Investigation impounded a smuggled vehicle worth Rs 1.5 million from Dera Ghazi Khan. As per details, Additional Director Nisar Ahmad received secret information that a smuggled Toyota Corolla X car was in DG Khan so he

constituted a team to capture the car.

The DG Khan Rield investigation unit chased the vehicle after having an encounter but the miscreant escaped

from the scene. Later, the intelligence team received information that the vehicle was parked in backside of a local hotel namely Shalimar. The team

raided the place and found vehicle, which was impounded. It is learnt that the owner of the hotel interrupted and refused to hand over the car but the

customs ofRicials called police to tackle the situation and Rinally held the car on the non-availability of import documents under the Customs Act, 1969.

nA standing committee passes income tax Bill 2016 ISLAMABAD

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he National Assembly Standing Committee on Finance, Revenue, on Thursday, passed the Income Tax (Amendment) Bill 2016 as majority members of the committee supported the bill.

Three opposition members, including Abdul Rashid Godil (MQM), Nafeesa Shah (PPP) and

Asad Umar (PTI) submitted their notes of dissent while four members of the PML-N, including Daniyal Aziz, Muhammad Pervaiz Malik, Mian Mian Abdul Mannan and Rana Shamim Ahmed Khan voted for the bill.

During the course of debate on the said bill, the opposition members strongly criticized the existing tax system and emphasised on continuation of tax-reform process to enable the tax authorities to bring more and more people into the tax net.

Asad Umar and Nafeesa Shah were vocal on the subject and they

were of the viewpoint that tax amnesty schemes in the past had not produced any good result economically; therefore, the proposed scheme would also have the same fate. They said that government should avoid running the Rinancial affairs of the country on ad hocism basis. However, Asad Umar appreciated Prime Minister Nawaz Sharif’s vision of desiring a Hong Kong resembling tax system with lower tax rates but across the board taxation without any discrimination. Nafeesa Shah Rlouted Rive recommendations passed by the Senate Finance Committee to

the said bill said that the recommendations should be incorporated in the bill. She moved that members of the parliament should be omitted from the part VI of the bill. Moreover, withholding tax rate on bank transactions for non-Rilers must be lowered to 0.2 percent. Law should be applicable only on companies and not on individuals. Filers and non-Rilers must be given six months time for joining or rejecting this scheme as well as FBR must publish data of 2.2 million potential taxpayers.

Committee Chairman Qaiser Ahmad Sheikh assured the commit-

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tee members to continue with the tax reform process at committee level as well as assured the opposition members to consider their recommendations in future while discussing the said bill both inside the House as well as inside the committee. The Committee directed FBR Chairman to provide details of revenue collection of withholding tax and the annual tax collection of the Rilers report with regard to the questions rose by the members during the meeting pertaining to outcome of amnesty scheme launched by the Movement since 1947.