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he Model Customs Collectorate Islamabad collected three times extra revenue against an earmarked revenue collection target under all the heads during the month of December Financial Year 2017-18.

According to details explained by Saeed Khan Jadoon, Collector Model Customs Collectorate Islamabad, that

the collectorate received a handsome surplus revenue of Rs3338.74million against an assigned revenue collection target.

The collectorate was allocated Rs1300.79million of revenue target against a collection of Rs4639.53million under all the heads during the month of December FY17-18. Jadoon appreciated the performance of the ofSicers and other staff of the MCC Islamabad who conducted themselves well by collecting a good amount of revenue during above said period.

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The collector told CT that, during the month of December FY17-18, the collectorate was e a r m a r k e d Rs549.93million while it earned Rs1621.43million of Customs Duty (CD). The collectorate earned Rs1210million under the same head during previous month of December FY16-17. The collector told the correspondent that the MCC Islamabad collected Rs2578.78million as Sales Tax against an assigned revenue target of Rs492.41million during December FY17-18.

Customs Islamabad receives Rs430m more revenue than allocated target

Customs Export recovers Rs 6.2m from three defaulter companies

Customs Preventive foils bid to smuggle non-duty paid eye-lenses from AIIA

PM stresses more collaboration with China in trade, education

Multan Customs Intelligence seizes HSD oil worth Rs2.5 million

MCC Islamabad got Rs430m surplus revenue of Withholding Tax against | SEE pAgE 02 |

The Customs Export has recovered evaded amount of taxes and duties of Rs 6.2m | SEE pAgE 03 |

Customs Preventive foils bid to smuggle non-duty paid eye-lenses from AIIA | SEE pAgE 04 |

PM stressed strengthening people-topeople contacts with China | SEE pAgE 14 |

Customs I&I Dera Ghazi Khan Unit intercepted 25,000 liters smuggled HSD | SEE pAgE 16 |

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FBR seeks tax proposals for upcoming budget (2018-19) Wednesday, January 10, 2018

Islamabad

ISLAMABAD: The Federal Board of Revenue (FBR) has sought proposals from all the stakeholders for upcoming Budget 2018-19, urging that the suggestions must reach the board by January 18.

“Federal Board of Revenue is engaged in formulation of proposals for Finance Bill 2018. In order to benefit from the collective wisdom of all stakeholders for the improvement of tax policy, proposals are invited for the upcoming budget 2018-19,” said FBR notification issued here.

customs receives Rs430 million more revenue than allocated target

ISLAMABAD

ISLAMABAD

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inister of State for Ministry of Finance and Economic Affairs Rana Afzal Khan has said the Federal Board of Revenue would achieve the tax collection target of Rs4 trillion for fiscal year 2017-18. The FBR, during first half of the current financial year, has recorded provisional net revenue collection of over Rs1722 billion as against Rs1,466 billion collected during the same period of the previous fiscal year by recording an increase of around 17.5 per cent over the revenue collected during the corresponding period of last fiscal year.

Afzal said that the government has started issuing notices to 10,000 potential taxpayers to bring them into tax net. The Federal Board of Revenue has identified the potential taxpayers by reviewing record of different fields, including education, property and other services sectors, he added. The minister said that the government is negotiating with Etisalat for recovering pending $800 million against the privatisation of 26 per cent shares of the Pakistan Telecommunication Company Limited (PTCL). “The government is engaged to make a way forward and materialise maximum of the outstanding amount,” he added.

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he Model Customs Collectorate Islamabad got Rs430million surplus revenue of Withholding Tax against an assigned revenue target for six months (July to December) of Fiscal Year 2017-18.

According to details explained by Saeed Khan Jadoon, Collector Model Customs Collectorate (MCC) Islamabad, that, during above said period, the collectorate demonstrated a good performance under the head of Withholding Tax (WHT). He added that the collectorate earned Rs517.00million of additional revenue against the same period of corresponding FY16-17 as it received Rs1255.00million of WHT during the same period of FY16-17.

The Collector MCC Islamabad told Customs Today that, during Sirst six months of FY17-18, the collectorate showed 132.03% growth against a revenue collection of WHT whereas the collectorate posted Rs141.20% average achievement by collecting revenue under the same head during above said period against Sirst six months of the corresponding FY16-17.

The collectorate displayed 171.61% average of growth against an allocated revenue collection target for Sirst six months of FY17-18 under all the heads against an ear-

fBR will achieve revenue collection target of Rs4tn: Afzal

marked revenue collection target while it demonstrated 183.95% average of achievement during the Sirst six months of FY17-18 against the same period of previous FY16-17.

Meanwhile, The Model Customs Collectorate Islamabad collected Rs700million extra revenue under the head of all taxes during 28 days of December Fiscal Year 2017-18 against an earmarked revenue collection target. According to details

given by Saeed Khan Jadoon, Collector Model Customs Collectorate (MCC) Islamabad, that the Customs Collectorate generated Rs2059million during 28 days of December Financial Year (FY) 2017-18 under the head of all taxes against a monthly allocated revenue target of Rs1300 million. During 28 days of December FY16-17, the collectorate received Rs1140million of revenue under the same head. The MCC Islamabad ex-

hibited 158% average of growth by earning surplus revenue during initial 28 days of December 17-18 against an earmarked monthly revenue collection target. It demonstrated 113% average of achievement of Customs Duty (CD), 213% as Sales Tax (ST), 149% of Income Tax (IT) and showed 91% average of Federal Excise Duty (FED) during Sirst 28 days of December FY17-18 against a monthly assigned target.

fTo disposes of 1811 complaints in cY2017, just 250 pending

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ISLAMABAD

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he Federal Tax Ombudsman disposed of as many as 1811 complaints during the calendar year 2017, which is 87.8 percent of the total 2061 cases registered with it, related to income tax, sales tax, customs duty, federal excise, freedom of information and other related issues.

Out of total 2061 complaints of

2017, just 250 (12.1) were pending with the Ombudsman OfSice till the compilation of this report; ofSicial sources told media while providing the provisional data about its performance and operations during the outgoing year (2017). In total the FTO had received 1818 fresh complaints during the year (2017) whereas 243 complaints were carried forward from the last year (2016), out of which 1811 were disposed of where as 250 were pending and were at different stages of

judicial process, sources added.

Out of total disposed off complaints, 1568 were fresh where as 243 were carried forward from 2013,the sources added.

As compared to the data of last year (2016), the number of fresh complaints registered with FTO during 2017 witnessed increase of 2.82 percent as these went up from 1768 in 2016 to 1818 during 2017. On the other hand, the carry forward applications decreased by 13.8 percent by falling from 282 complaints

in 2016 to 243 complaints in 2017.

The disposal of complaints by FTO witnessed a slight increase of 0.22 percent in CY2017 when compared to the disposal of 1807 complaints in 2017. Meanwhile, the number of review petitions filed with FTO during 2017 stood at 63 compared to 143 during 2016, showing decline of 56 percent. According to details, out of total review petitions filed in CY2017, as many as 50 complaints were fresh whereas 13 were car-

ried forward from 2016. In 2016 the number of fresh complaints stood at 103 whereas 40 were carried forward from 2015. The FTO during 2017 disposed of 55 review petitions including 42 fresh and 13 carried forward from 2015, sources told APP adding that in year 2016, the FTO had disposed of 130 complaints including 90 fresh and 40 carried forward from 2015. Just eight review petitions are still pending with the FTO, the sources added.

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SHC issues notices on bail petitions filed by Q-Mobile officials KARACHI: The Sindh High Court (SHC) issued notices to customs authorities and deputy attorney general on a bail petition filed by suspects namely Muhammad Ammad, manager administration of M/s Digicom (Private) Limited (Q-Mobile), and Chief Financial Officer Babar Sultan. Both were booked for attempting to smuggle more than 78,000 mobile phones in the garb of LED lights. During the hearing, suspects moved bail petitions for after arrest bail and submitted that they were falsely implicated in mobile smuggling case, therefore, the court may grant them bail.

Surriya to revise Valuation Ruling no: 844/2016 on february 2

Wednesday January 10, 2018

Karachi

customs Export recovers Rs 6.2m from three defaulter companies

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irector General, Customs Valuation, Surriya Ahmed Butt, has decided to revise the Valuation Ruling No: 844/2016 on February 2, 2018, it is learnt. Director General Surriya Butt has said the department was reviewing suggestions from importers to set new prices of plastic baby feeders. She said some valuations, issued in 2016, were being reviewed from the beginning.

Moreover, valuations will be set in view of rising prices in the international markets. Sources said a petition was submitted by the importers to Customs Valuation in which change in prices of plastic baby feeders was requested.

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Shc seeks comments on plea for release of truck KARACHI

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he Sindh High Court (SHC) has directed the Customs Department to file para wise comments on a constitutional petition filed by Long Khan against seizing of his Hino truck bearing registration number AE-1636 loading plastic scrap seized by customs officials. A two-member bench, comprising Justice Munib Akhtar and Justice Umer Sial was hearing the petition.

Earlier, counsel for the petitioner stated that petitioner in lawful owner of the vehicle and never involved in any crime, however, officials of the Anti-Smuggling Organization Model Customs Collecorate Hyderabad intercepted his Hino truck which was loaded plastic scrap. During the search, the driver produce all relevant documents, however, the Customs officials seized his vehicle without lawful authority and shown any lawful reason.

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he Customs Export has recovered evaded amount of taxes and duties of Rs 6.2 million from defaulter companies, M/s Watra Traders, M/s Surriya Marble and Handicrafts and M/s Maqbool K Embroidery, sources said. Sources told Customs Today that during scrutiny of the import data, it was revealed that the companies were allegedly involved in tax evasion and were issued notices to pay the outstanding dues.

M/s Watra Traders availed undue beneSits and concessions by importing different consignments by misusing the SRO 566 through Examiner Tufail Qayyum. Sources said that the company was allegedly involved in tax evasion of Rs 2.12 million. After detecting the tax evasion, the Customs Export issued it with a Sinal notice on December 7, 2017 to deposit the evaded amount within 14 days. After receiving the notice, the management of M/s Watra Traders deposited the evaded amount in the ofSicial account of the Customs Export on December 29.

On the other hand, the management of the M/s Surriya Marble and Handicrafts Karachi also cleared Rs2.90 million of taxes and duties.

Sources told the correspondent that M/s Surriya Marble Karachi also availed undue beneSits and concessions and avoided paying taxes ac-

cording to the customs bylaws.

The Customs Export authorities served on it a Sinal notice on December 15, 2017. After receiving the notice, the management of the M/s Suriyya Marble & Handicrafts Karachi deposited the evaded amount of taxes. Curtain Fabric Importing Company Maqbool K Embroidery also cleared balance amount of Rs1.18 million of the answer of notice 267.

Meanwhile, The Directorate of

m/s watra Traders availed undue benefits and concessions by importing different consignments by misusing the SRo 566 through Examiner Tufail Qayyum

court sends suspects to jail in smuggling case

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KARACHI

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he Customs Taxation and AntiSmuggling Court has sent suspects namely Abdul Rauf Tauqeer Raja, vigilance ofSicer of M/s Gerry’s Dnata, and Muhammad Aamir to Central Jail Karachi on judicial remand. The suspects were booked for attempting to smuggle non-duty paid foreign origin mobile phones from Dubai to Karachi.

During the hearing, the investigation ofSicer produced the suspects before the court and informed that a team of Anti-Smuggling Organization recovered Samsung Galaxy Mobile Phones S7, Samsung Galaxy Mobile Phones S7 Edge , Samsung Galaxy Note 5 and other goods. They were asked to produce lawful documents of the goods, but they failed.

Therefore, all the goods were seized and the suspects were arrested by customs ofSicials who had come from Dubai via Emirates Airlines. He

submitted that prosecution needs further investigation, however, court sent them to jail and directed jail authorities to produce them before the court on next date of hearing, court also directed investigation ofSicer to complete investigation and submit charge sheet against above mentioned suspects on next date of hearing. Case was registered for violation of under section 2 (s) 16 & 178 of the Customs Act, 1969 punishable under clauses (8) (9) & (89) of section 156 (i) ibid.

Customs Post Clearance Audit has detected an evasion of Rs6.50million of duties and taxes committed

by M/s Qadeer and Sons Karachi, it is learnt. Sources told Customs Today that M/s Qadeer and Sons Karachi imported a consignment of imported wooden-furniture pieces and got it cleared from the PICT Karachi vide GDs on November 12, 2017 by paying customs duty at six percent after claiming the beneSit of the SRO 567/2007.

Stocks cross 42,000 level in early trading he Pakistan Stock Exchange (PSX) continued its upward rally on the last trading day as the benchmark 100-index gained 180 points to reach 42089 level in early trading. Yesterday, bulls took centre stage at the PSX for 11th consecutive session on the back of prevailing positive momentum and higher oil prices, which led the market.

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Rs460m Sales Tax fraud: SC turns down appeal against raise in punishment Wednesday January 10, 2018

Lahore

LAHORE: The Supreme Court (SC) of Pakistan has rejected an appeal against the increase in the prison sentence of an accused involved in Rs 460 million of Sales Tax fraud. The Supreme Court Division Bench remarked that the accused involved in the tax fraud does not deserve any relaxation.

Under the supervision of Chief Justice of Pakistan Mian Saqib Nisar, a two-member bench heard the case against Saadat Ali Khan, Muhammad Ali Khan and Ahmed Ali Khan.

From appellant side, advocate Ahmed Awais appeared before the court and argued that the case of Sales Tax fraud was registered against the accused in 2002.

customs court seeks investigation challan of currencies-smuggler LAHORE

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he Special Federal Court of Customs Taxation and AntiSmuggling has asked the Customs Investigation and Prosecution to complete the investigation challan against the accused in the next hearing of the money laundering case. The court had approved a 14-day judicial remand of the accused who was arrested in a currencies-smuggling case.

An accused Faisal Hussain was apprehended by the customs preventive authorities at the Allama Iqbal International Airport Lahore.

The customs authorities, during a search of his luggage, found a huge quantity of various currencies. Accused Faisal Hussain was

Tribunal dismisses appeal in imported circuit board case he Customs Appellate Tribunal has dismissed a case in a seized printed circuit board case filed

by Assistant Collector of Customs AFU Airport Lahore against the Collector of Customs (Appeals) Lahore and M/s Creative Electronics. Omer Arshed Hakeem, Member Judicial Bench-II, heard the parties and announced the order with remarks that the impugned order is modified and dismissed to the extent after a complete hearing. This tribunal feels that there is no need to interfere in the impugned order so the case is dismissed. The M/s Creative Electronics had imported the printed circuit board and got cleared under the wrong GD so there is a need for investigation and verification therefore the same goods were seized under the Customs Act-1969. –CB Report

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trying to smuggle currencies of Rs2million. The customs authorities found dollars, Euros, Pounds and Pakistani currency in his luggage. The customs investigation team presented him before the customs court for getting his physical remand to investigate more on the issue that was granted by the court. After the completion of the remand, customs team presented him again before the court and told the court that all the investigation has been done so court can send him to jail.

The customs preventive held the accused while making an attempt to smuggle said currencies from Lahore into Europe.

The customs investigation team had presented him before the court of Special Judge of Customs Taxation and Anti-Smuggling Shakeel Ahmad and asked for a 14day judicial remand.

customs preventive foils bid to smuggle nDp eye-lenses from AIIA

LAHORE

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ollectorate of Customs Preventive team deputed at Allama Iqbal International

Airport foiled an attempt to smuggle non duty paid eye-lenses. The market value of seized eye-lenses in international market is Rs6 million.

Sources told Customs Today that Collector Customs Preventive Faiz Ahmad received credible information that 3000 non duty paid eye lenses were being smug-

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gled through Allama Iqbal International Airport. He directed customs team to enhance vigilance and keep a hawk eye on arriving and departing passengers.

Sources told that one lady passenger who was later identified as Uzma Zia arrived through Pakistan International Airlines flight PK-758. Customs team intercepted the above said lady and during checking of his personal luggage recovered 3000 foreign origin eye lenses. Customs team asked the lady to produce any legal documents regarding possession of the costly eye lenses but she remained failed to provide any relevant legal documents. It is necessary to mention the same female passenger was earlier arrested while smuggling huge quantity of non-duty paid cosmetics. Customs Preventive team after registering a case against the accused lady started further investigations.

pYmA demands to remove Regulatory Tribunal sets aside order in Toyota Land cruiser Duty imposed on import of yarn he Customs Appellate Tribunal appellant and impugned order is set

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akistan Yarn Merchants Association (PYMA) while drawing attention of new appointed Dr. Miftah Ismail, Advisor to the Prime Minister on Finance, Revenue & Economic Affairs has again demanded to remove Regulatory Duty imposed on import of yarn.

Talking to media Central Chairman PYMA, Khurshid A. Shaikh, Zonal Chairman Muhammad Aslam Moten & Zonal Vice-Chairman Muhammad Khalid Gader have expressed their pleasure & satisfaction over appoint-

ment of Dr. Miftah Ismail and hoped that the New Advisor for Finance, Revenue & Economic Affair possess an In-depth understanding of issues faced by Trade & Industry. Therefore, with a background of remarkable achievement, he must implement his decisions for Enhancement of Commercial & Industrial activities. PYMA OfSice-bearers, while expressing their deep concern over hurdles in imports of yarn & continuous increase in production cost in the Textile Industry. –CB Report

has set aside the impugned order in an impounded Toyota Land Cruiser appeal Siled by M/s Nisar Flour mills against the Director Customs FBR Lahore and Muhammad Maratib Mushtaq.

Muhammad Shabbir Gujjar, Member Judicial Bench-I, heard the arguments from both sides and decided the case with remarks that the departmental representative denied the stance of the appellant but agreed with the former authority to provide him a chance of hearing. So the arguments-chance is given to the

fTo disposed of 1811 complaints during 2017

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LAHORE

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he Federal Tax Ombudsman (FT)) has disposed of as many as 1811 complaints during the calendar year 2017, which is 87.8 percent of the total 2061 cases registered with it, related to income tax, sales tax, customs duty, federal ex-

cise, freedom of information and other related issues.

According to ofSicial sources that out of total 2061 complaints of 2017, just 250 (12.1) were pending with the Ombudsman OfSice till the compilation of this report while providing the provisional data about its performance and operations during the outgoing year (2017).

In total the FTO had received

1818 fresh complaints during the year (2017) whereas 243 complaints were carried forward from the last year (2016), out of which 1811 were disposed of where as 250 were pending and were at different stages of judicial process, sources added. Out of total disposed off complaints, 1568 were fresh whereas 243 were carried forward from 2013, the sources

aside with orders to the Collector Customs (Adjudication) Lahore to hear the stance of the appellant and decide the case within 45 days.

As per a brief history of the case reported by Superintendent of Intelligence and Investigation FBR Gujranwala that the staff of the Directorate of Intelligence and Investigation-FBR Range OfSice Gujranwala intercepted a Toyota Land Cruiser in the range of District Gujranwala. On demand, he failed to produce documents regarding the lawful import of the vehicle. –CB Report

added. As compared to the data of last year (2016), the number of fresh complaints registered with FTO during 2017 witnessed increase of 2.82 percent as these went up from 1768 in 2016 to 1818 during 2017. On the other hand, the carry forward applications decreased by 13.8 percent by falling from 282 complaints in 2016 to 243 complaints in 2017.

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LAHORE m hAYAT

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www.customsbulletin.com oard of Investment (BoI) Chairman Naeem Y. Zamindar has said that efforts are well on the way to make Pakistan a key destination for foreign and local investment.

Talking to Lahore Chamber of Commerce and Industry (LCCI) Senior Vice President Khawaja Khawar Rashid, Vice President Zeeshan Khalil and executive committee members, BoI chairman said that foreign direct investment was increasing gradually and a target of $ 3.7 billion has been set for the ongoing year. He said that Pakistan has lucrative opportunities for both foreign and local investors in various sectors of the economy, including textile, energy, agriculture, health, education and other sectors. He said that special attention is being given to the Special Economic Zones (SEZs) under the game changer project of China Pakistan Economic Corridor (CPEC). He said that volume of Chinese economy is expected to be $ 30 trillion within the next 25 years and Pakistan can grab huge beneSits as economies of both countries are going to be merged under CPEC. He said that cost of doing business in Pakistan must be reduced as the business sector is driver of economy. “We want to brand Pakistan as entrepreneur future country by introducing innovations and modern industrial concepts on SEZs and Priories Economic Zones (PEZs)�, chairman BoI said.

The LCCI Senior Vice President Khawaja Khawar Rashid said that the business community has serious concerns about the declining trend in FDI despite the fact that CPEC has brought positive change in the current scenario of

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Wednesday, January 10, 2018

national economy. He said that there are 48 countries which have signed Bilateral Investment Agreements with Pakistan but their share in total investments inPakistan is negligible. BoI has to target these countries for marketing the investment potential of Pakistan. In Siscal year 2014, the size of total foreign direct investment in Pakistan was around dollar 4.44 billion which contracted to dollar 2.48 billion in Siscal year 2017 registering 44% decline. There is same trend witnessed in July-November 2017 Sigures of FDI which registered 43.6% regression.

He said that special Economic Zone Act was promulgated in September 2012. Among the Siscal beneSits to foreign investors, one time exemption from custom duties and taxes for all capital goods was expected to turn around the economic activities but it did not happen that way. Similarly, under Investment Policy 2013, there was equal treatment to local and foreign invest-

that n said a m r i a ent BoI ch vestm n i t c n d i re ll y and foreig radua g g n i s c re a s on ha was in 7 billi .

3 $ f g et o ngoin a t a rg r the o o f t e 8 been s 017-1 year 2

ment and the foreign equity upto 100% was allowed but these steps did not produce healthy results. The investment to GDP ratio of Pakistan is around 16% whereas for a developing country, it should be around 30%.

Vice President Zeshan Khalil said that there is a dire need to discourage the spend thrift consumption and offer special rates for encouraging the savings. The Bank of China has started its operation in Pakistan. BoI can make use of bond market by way of issuing special bonds to draw funds from Chinese investors. He said that Pakistan is still falling behind India, Sri Lanka and Bangladesh in Baseline ProSitability Index (BPI) report which indicates that Pakistan has to take number of steps to improve its rank among the Foreign Direct Investment (FDI) friendly countries.

Zeshan Khalil said that there are almost same countries which are investing in Pakistan since long which include USA, China, Luxembourg, UAE and UK. New investors from other countries should be encouraged to consider Pakistan for investments. There are a number of reasons of low level of FDI which includes political instability, policy adhocism high cost of doing business, poor law & order situation and corruption etc.

Favorable business climate for the foreign investors is the need of the hour for which BoI must take measures on war footing basis. He said that wrong perception of Pakistan in the global market adversely affects any effort made to attract foreign investors.

There are lot of overseas Pakistani having tremendous funds to invest somewhere are looking for investment in their home country. The BoI must take necessary steps to channelize these resources to Pakistan. Former President Tariq Hameed, Mian Muhammad Nawaz, Nabila Intesar and Javed Iqbal Bhatti were also present in the meeting.

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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

Bad shape of economy

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akistan survived as a debt free country for years despite challenges of rehabilitation of hundreds of thousands of refugees confronting the nascent nation in the early years of independence. The government had no funds to carryout day to day affairs, but the nation lived on without any external help. But the current situation is that the economy has been mortgaged to foreign lending agencies and debt retirement is expected to be the biggest problem in coming years. Though the country achieved the highest GDP growth after years of recession in 2016-17, the economy is still not in good shape and there required billions of dollars funds for its revival. The recent developments in the political horizon of the country have changed the dynamics of the economy. Unfortunately, there always remained a big schism between people and the government functionaries and no effort has ever been made to fill the gap.

Important policies are blindly devised by those who matter which always fail at the implementation stages. The country achieved the highest GDP growth rate of 5.3 percent in June 2017 and inflation was contained at 4.5 percent. However, most of the gains achieved by the previous government lost in the ensuing tumultuous disturbances. The lot of the people could not be improved despite tons of lip service by the government officials. The foreign exchanges reserved shot up to $21 billion from $6 billion in June 2013. However, the increase was ensured on the crutches of the loans from the International Monetary Fund, the World Bank and the Asian Development Bank. The country has failed to produce industrial surplus and exports declined by $5 billion in three and half years. The government achieved the GSP status in 2013, but could not avail the opportunity to penetrate the European markets. On another note, Bangladesh performed better than Pakistan and now Bangladeshi clothes are available in Pakistani markets despite the fact it was not a cotton producing country.

The economy is still on the mercy of foreign loans and grants and the policymakers have no capacity to write down a roadmap to prosperity. As a matter of fact, every government agency and every sector of the economy needs improvement.

fiscal risk to economy A

LAHORE

DR AfTAB AfZAL

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ccording to a World Bank report, sovereign guarantees associated with ChinaPakistan Economic Corridor and over spending ahead of the next general elections could pose substantial Siscal risks for the country’s economy. On another note, economists believe that strings of implications attached with $46 billion Chinese investment could disturb Pakistan’s external and Siscal accounts. Therefore, the government should have to take cognizance of the Sinancial implications of the game-changing project and take steps for a better debt management. The govern-

ment should also handle the accounts of investment and foreign loans separately for better management of debt servicing. One of the ways to offset the impact of loans is to boost industrial activities and enhance gross domestic product in the next Sive years.

The government will also have to take concentrate on steps to enhance exports of value added goods. The current thrust of Pakistan is on the export of raw material and food items which sometime adversely affect the economic situation within the country. It is unfortunate that instead of increasing, the exports are falling and the government is so far unable to handle the situation. The cautious advice of the World Bank

has come at a time when the foreign exchange reserves have downed by 1.78 percent as the ofSicials were thumping their chests a couple of weeks ago that the reserves have crossed $21 billion mark. The bank fears that the gains of Siscal stability would loss ahead of the next general elections, but there are opportunities for Pakistan to improve its Sinance in the wake of corridor investment, return of Iran to the international economic community and persistently declining oil prices in the international market. However, the government will have to give sovereign guarantees against the private investment from China, including payments of electricity produced by the plants set up un-

der CPEC. According to the World Bank report, Pakistan can beneSit from long term investment, but will have to introduce reforms, improve security and ease energy constraints. The agreements with Chinese government will boost the investors’ conSidence in Pakistan’s policies, and it will work as an engine to ensure long-term growth.

The world Sinancial institutions have off and on pointed out the challenges facing the South Asian countries in reaping the beneSits of mutual trade. As for as the GDP of the countries in the region is concerned, the share of intra-regional exports is very small as compared to the exports of these countries to the European and north American nations.

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Customs Court approves remand of suspects in mobile phones smuggling case KARACHI: The Customs Taxation and Anti-Smuggling Court has sent suspects namely Abdul Rauf Tauqeer Raja, vigilance officer of M/s Gerry’s Dnata and Muhammad Aamir, to Customs Department on physical remand. They were booked for attempting to smuggle non-duty paid foreign origin mobile phones from Dubai to Karachi. During the hearing, the investigation officer produced the suspects before the court and informed that a team of Anti-Smuggling Organization intercepted them at Jinnah International Airport Karachi who came from Dubai via Emirates Airline. He informed the court that during the search, the customs officials recovered 8 Samsung Galaxy S7 mobile phones, 4 Samsung Galaxy Mobile Phones S7 edge, 8 Samsung Galaxy mobile phones Note 5 and other goods.

court awards imprisonment to suspects in cigarettes smuggling case

Wednesday January 10, 2018

National

customs Appellate Tribunal hears petition filed by model Ayyan Ali

KARACHI

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ustoms Taxation and Anti-smuggling Judge Syed Faiz Rasool Rashdi has awarded a 17-day imprisonment to suspects namely Muhammad Ibrahim and Bashir, who were booked in a case of attempting to smuggle/ nonduty paid contraband foreign cigarettes from Iran to Karachi. During the hearing, the suspects were produced from jail who moved a petition for pleading guilty and left themselves on the mercy of the court. After the arguments, the court awarded 17 days imprisonment which was already undergone period by the above mentioned suspects. Earlier, officials of the Anti-smuggling Organization had produced the suspects bus driver namely Bashir and cleaner Muhammad Ibrahim before the court for seeking physical remand, however, when investigation officer of this case was in court than suspect namely Muhammad

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ISLAMABAD

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he Customs Appellate Tribunal continued the hearing of arguments on a petition Siled

by Ayyan Ali which was dismissed twice for non-prosecution after the appellant failed to take part in the tribunal’s proceedings despite issuance of multiple notices.

A division bench of the tribunal comprising Chairman, Justice (r) Manzoor Hussain and Ziauddin Wazir heard the arguments. The bench questioned the counsel, Latif Khosa, that how the bench could restore an appeal which was already dismissed twice for non-prosecution.

Earlier, while hearing the previous petitions, the bench again issued notices to Ayyan Ali and her counsel Latif Khosa. The tribunal then had imposed a Sine on them in the wake of ignoring the tribunal’s notices.

Ayyan Ali had Siled the petition with the Customs Appellate Tribunal for early hearings of her restored appeal, challenging an announcement about money laundering of $500,000 in March 2015.

Ayyan’s counsel argued that his client was innocent, submitting that the department had no sufSicient evidence to prove that black money was being laundered. He asked the tribunal to set aside the announcement made by the customs court.

The bench then dated in ofSice the hearing. Ayyan Ali’s counsel, Sardar Latif Khosa had paid a Sine Rs 10,000 for restoration of the case.

Earlier the case was dismissed for non-prosecution by the appellant.

Khosa had Siled the petition at the Customs Appellate Tribunal, challenging a decision of a lower customs court regarding conSiscation of $500,000 while being smuggled by Ayyan Ali, and imposition of the Sine for trying to smuggle the money out of Pakistan.

Ayyan was arrested from Benazir

Bhutto International Airport with $500,000 in March 2015. The Airport Security Force intercepted her and recovered the amount from her luggage.

She was released on bail after four months in Adiala Jail. The customs court maintained the departmental decision on conSiscation of the money being tried to smuggle and also added a Sine of $500,000 (same amount seized while being smuggled) on Ayyan.

Tax evasion of Rs6.50m committed by m/s Qadeer uncovered Ibrahim fled out from the corridors of the court, sources said hand-cuff was free in his hands, therefore, he easily escaped from the court. However, officials of the customs department again had arrested him from Baluchistan, when he was trying to escape Afghanistan through Chaman Border and had produced before the court, on last date of hearing court sent him to jail on judicial remand and directed him to produce them on next date of hearing along with progress report. According to the prosecution, on credible information, officials of the customs department intercepted a bus which was coming from Quetta and during the search, recovered huge quantity of foreign brand cigarettes from their possession.

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he Directorate of Customs Post Clearance Audit has detected an evasion of Rs6.50million of duties and taxes committed by M/s Qadeer and Sons Karachi, it is learnt.

Sources told Customs Today that M/s Qadeer and Sons Karachi imported a consignment of imported wooden-furniture pieces and got it cleared from the PICT Karachi vide GDs on November 12, 2017 by paying customs duty at six percent after claiming the beneSit of the SRO 567/2007.

However the subject items are correctly classiSiable under the PCT 2305.2819 attracting customs duty at 10 percent and income tax at 12 percent, thus, by way of mis-declaration of classiSication, the company evaded/short-paid Rs6.50million. The

goods were cleared by Head Examiner Ovaise Mengal. Sources said the importer violated the provisions of Section 58 (7) & (8A) of the Customs Act1969, Section 16 read with Section 58 of the Sales Tax Act-1990 and Section

188 of Income Tax Ordinance-2001 punishable under clauses (240) and 162 of Section 624 (8) of the Customs Act-1969, Section 79 of the Sales Tax Act-1990 and Section 88 & 139 of Income Tax Ordinance-2001 and Section

7-A of the Sales Tax Act-1990 read with chapter X of the Sales Tax Special Procedure Rules 2007 (Special procedures for payment of sales tax by the importers) and under relevant provisions of Income Tax Ordinance-2001.

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SBP allows trade with China in Yuan Wednesday January 10, 2018

National muhammad Aamir Ilyas made Secretary operations wing-IR

KARACHI: State Bank of Pakistan (SBP) has allowed Chinese Yuan (CNY) as foreign currency for use in bilateral trade and investment activities between Pakistan and China. BP said that it had taken comprehensive policy related measures to ensure that imports, exports and financing transactions can be denominated in CNY. “Both public and private sector enterprises (i.e. both Pakistanis and Chinese) are free to choose CNY for bilateral Trade & Investment activities,” the central bank said.

four officers of Sales Tax Department transferred

ISLAMABAD

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uhammad Aamir Ilyas, an Inland Revenue Service officer of BS-18, has been transferred and posted as Secretary (IROperations Wing), FBR (HQ), Islamabad. The officer, presently posted as Deputy Director, Directorate General of Intelligence & Investigation (IR), Islamabad, has been transferred with immediate effect & until further orders. According to the Board’s notification, if the officer is drawing performance allowance (equivalent to 100 per cent of basic pay) he will continue to draw the same on his new place of posting.

The officer has been directed to relinquish/assume charge, using online HRMS facility made available to FBR or by using IJP logins. Meanwhile, Mohy ud Din Ismail, a BS-19 officer of Inland Revenue Service, has assumed charge as Additional Commissioner-IR.

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muhammad Anadil assumes charge as Dy commissioner-IR uhammad Anadil Khan, a BS-18 officer of Inland Revenue Service, has assumed charge as Deputy Commissioner-IR. The officer, in pursuance of Board’s Notification No.2983-IR-I/2017 dated 30-10-2017, relinquished the charge of the post of Second Secretary (Automation & Adjudication), Legal Wing, FBR (HQ), Islamabad, with effect from November 1 and took the charge of the post of Deputy Commissioner-IR, RTO-II, Karachi on November 13. Meanwhile, Dr Jawwad Uwais Agha, a Pakistan Customs Service officer of BS-21, has assumed charge as Chief Collector of Customs (North), Islamabad. –CB Report

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he Federal Board of Revenue has transferred/posted four Sales Tax Department ofSicers of BS-16 with immediate effect and until further orders.

Rana Taj Ahmad has been transferred from the post of Senior Auditor, Directorate of Intelligence & Investigation (Inland Revenue), Multan and posted as Senior Auditor, Regional Tax OfSice, Multan.

Naseer Iqbal has been transferred from the post of Senior Auditor, Corporate Regional Tax OfSice, Lahore and posted as Senior Auditor, Regional Tax OfSice, Sahiwal.

Rashid Kabir has been transferred from the post of Senior Auditor, Corporate Regional Tax OfSice,

Lahore and posted as Senior Auditor, Regional Tax OfSice III, Karachi.

Asif Ali Kehar has been transferred from the post of Senior Auditor, Regional Tax Office II, Karachi and posted as Senior Au-

ditor, Regional Tax Office III, Karachi.

According to the Board’s notification, the officers who are drawing performance allowance prior to issuance of this notification will

continue to draw this allowance on the new place of posting. The officers have been asked to relinquish/assume charge, using online HRMS facility made available to FBR or by using their IJP logins.

customs foils bid to smuggle 15kg of heroin from Landi kotal I

KHYBER AGENCY

nADIR khAn

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n joint action of Customs Sield staff and Khasadar squads, 15 kg hashish were recovered from a vehicle in Landi Kotal Bazaar on Monday.

Shams-ul-Islam, Tehsildar Landi Kotal told Customs Today that the on duty troops during their routine duty searching a motor car bearing registration no (IDJ-2802), parked in Landi Kotal Bazaar. During examination 16 kilograms hashish were recovered, concealed in different cavities of the vehicle. The contraband item was conSiscated and case was registered against unknown drug pusher, the ofSicial told. Tehsildar said that on the direction Political Agent (PA), Khyber Agency Khalid Mehmood and Assistant Political Agent (APA),Landi Kotal Niaz

Muhammad effective measures

had been adopted to curtain all

anti-social activities in the area.

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Court approves physical remand of suspects in mobile phones smuggling case KARACHI: Acting Judge of Customs Court has sent three suspects, Faisal Bin Muhammad, Sheraz Khan and Khan Bahadur, to the Customs Department on physical remand The suspects were booked for attempting to smuggle more than 14,000 mobile phones in the garb of diplomatic privilege.

During the hearing, the investigation officer produced the suspects before the court and informed that a team of Anti-Smuggling Organization intercepted a container near Chamra Chowrangi and recovered 14,295 China branded mobile phones and on the inquiry of suspects, the customs authorities also recovered 594 cartons containing 8,296.24 kilogram auto parts from Malta Auto Spare Parts.

Shc calls comments from customs on petition filed by m/s khan Trading KARACHI

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he Sindh High Court (SHC) has directed the customs department to file their respective para wise comments on a constitutional petition filed by M/s Khan Trading Company (Private) Limited, challenging Valuation Ruling number: 1145/2017 dated 2/5/2017. A twomember bench, comprising Justice Munib Akhtar and Justice Omer Sial, was hearing the petition. Earlier, counsel for the petitioner stated that he is importer of door locks, door sliders and hinges made of iron steel and always fulfills legal requirements. He submitted that it imported a consignment of door locks, door sliders and hinges made of iron

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steel from China and filed goods declaration (GDs). However, the petitioner is seriously aggrieved by order of the respondents who issued valuation ruling no 1145/2017 dated 02/05/2017 for enhancement of valuation, customs duty and taxes. Citing Secretary Revenue Division, Chairman Federal Board of Revenue, Chief Collector of Customs, Collector of Customs Model Customs Collectorate Appraisement South, Collector of Customs Model Customs Collectorate Appraisement West, Director Directorate General of Customs Valuations as respondents, the petitioner pleaded the court to declare the act of the respondents as illegal, mala fide and arbitrary. He also pleaded the court to declare the said valuation ruling as illegal and has no legal effect, counsel pleaded the court to restrain them from taking any coercive action against the petitioner till final judgment of this petition.

National

Dg Surriya butt to revise Valuation Ruling no: 808/2016 on Jan 19

court directs arrest of absconding suspects in Q-mobile smuggling scam KARACHI

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ustoms Court Judge Syed Faiz Rasool Rashdi directed the investigation officer to arrest the absconding suspects namely Zeeshan Akhtar, Zeeshan Yousaf, Kashif Hussain and Muhammad Azam Hussain. The suspects were booked for attempting to smuggle assorted Q-Mobile phones and other goods in the garb of LED lights (bulbs). During the hearing, investigation officer Bashir Bhutto appeared before the court and informed that the suspects were still absconders and the customs officials were trying their best to arrest them. He sought further time for compliance of the court order, therefore, the court re-issued their non-bailable arrest warrants and adjourned the matter. According to the interim charge sheet, the Anti-Smuggling Organization Karachi raided Sadder Central Plaza, Karachi and found that one container bearing registration no-KKFU-72555703 loaded on a trawler noTLT-374 was parked there. A search was carried out accordingly in presence two musheers which revealed the presence of a huge quantity of mobile phones stuffed in the aforesaid container.

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KARACHI

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he Directorate, Customs Valuation, Director General Surriya Ahmed Butt, has decided to revise the Valuation Ruling No: 808/2016 on January 19, 2018, it is learnt. Director General Surriya Butt has said the department was reviewing suggestions from importers to set new prices of liquid chloro parafSin and chlorinated paraSine.

She said some valuations, which were issued in 2015 and 2016, were being reviewed from the beginning.

Moreover, the valuations will be set in view of the rising prices in the international markets. Sources said a petition was submitted by the importers to Customs Valuation in which change in prices of liquid chloro parafSin and chlorinated paraSine was requested.

Sources told CT that the Valuation Ruling No: 808/2016 was issued on January 22, 2016. A meeting was held with the stakeholders on December 26, 2017. Importers were told to furnish the import invoices of the last three months showing factual values as well as websites, names and e-mail addresses of known foreign manu-

Wednesday January 10, 2018

facturers of the item in question through which the actual current value could be ascertained.

Meanwhile, The Sindh High Court (SHC) has issued notices to the customs ofSicials and deputy attorney on a constitutional petition Siled by M/s Jawad Traders, challenging determination of customs values of “ceramic and porcelain tiles” over and above 12.5 percent of the Valuation Ruling No 874/2016 by Director General of Valuation. During the hearing of the petition, a two-member bench, com-

prising Justice Munib Akhtar and Justice Omer Sial, also directed them to Sile their respective para wise comments on the next date of hearing. Earlier, counsel for the petitioner stated that it is engaged in import and trade of goods having description “ceramic and porcelain tiles”. It was informed by the customs department that Director General, Directorate General of Customs Valuation, Customs House Karachi revised the values under section 25 D wherein the DG having no jurisdiction on subject goods.

kp nAB against directorate health fATA, police officers

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PESHAWAR

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meeting of National Accountability Bureau (NAB) Khyber Pakhtunkhwa held Wednesday with Director General (DG) Brig (R) Farooq Naser Awan in the meeting for disposal of complaints lodged against corrupt individuals.

The meeting was attended by Directors, Additional Directors, Case OfSicers, Senior Legal Consultants and other concerned ofSicers. Several important decisions were taken in the meeting. During the meeting it was decided to initiate preliminary probe into various complaints. A probe was

authorized against ofSicers/ofSicials of Directorate of Health Services, FATA and others regarding corruption and corrupt practices. The subjects are alleged to have embezzled

funds in Rs 200 million worth projects for Polio Vaccination in FATA. Another probe has been initiated against ofSicers of Police Department Bannu regarding corruption and corrupt

practices. It is alleged that the subject have embezzled funds allocated for TADA of police personnel. Further, funds allocated for TADA was used to provide food to Police personnel. A preliminary probe was also authorized against Komail Khan (private person) regarding cheating public at large on the pretext of fake Mudarabah business. The subject lured general public to invest in the mudarabah business by providing exorbitant proSit. An initial probe was also authorized against ZRK Industries (Pvt) Ltd, Peshawar Particle Board Industries (Pvt) Ltd and Alliance Wood (Pvt) Ltd regarding money laundering scams.

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World Customs

Sri Lanka plans sovereign bond in early 2018

COLOMBO: Sri Lanka would like to go to international market with a sovereign bond in early 2018 before the US Federal Reserve does more rake hikes, Central Bank Governor Indrajit Coomaraswamy said.

Coomaraswamy said the exact date of the bond sale will depend on market conditions but he felt that going to the market on May or June was too late. He said the US Fed was expected to make three 25 basis point hikes next year, and it was best t go to market as early as possible.

Wednesday January 10, 2018

musician arrested for smuggling customs officers seize ton of marijuana $7m of drugs in guitar case NEW YORK

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Vancouver musician could be facing serious jail time in Japan after being accused of trying to smuggle almost 10 kilograms of drugs into the country.

Daniel Whitmore, 44, was arrested on Dec. 11 at Narita International Airport for allegedly smuggling stimulant drugs with a street value of more than $7 million. The drugs were allegedly concealed in a guitar case and tea canisters.

Whitmore was the lead singer of Powerclown, an Iron Maiden tribute band that wears clown makeup.

He performed under the stage name Dicksee Diànno, a tribute to original Iron Maiden lead singer Paul Di’Anno. He also performed under the name Dan Scum.

When news broke of a major drug bust in Japan involving a Cana-

Australian government lines up wine export grants ustralian wine businesses exporting to Greater China and the US can now apply for funding from the Australian Government. The grants, administered by trade organisation Wine Australia, are available to businesses exporting to China, Hong Kong, Macau and the US. Companies can apply for up to AUD25,000 (US$19,500) each, to support export promotional activities. The scheme is part of the government’s AUD50m export and regional wine support package, designed to increase the value of Australian wine exports as well as boost wine tourism in the country. A total of AUD1m has been put towards the grant scheme. “Applications will be on a first-come first-served basis,” said Wine Australia CEO Andreas Clark. “These grants focus on China and the US as they have been identified as the markets with the most growth potential.” –CB Report

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dian, Whitmore’s friends began to worry. “I don’t know why he would’ve thought this was an option for anything,” friend Joseph Lambert said. “I mean, he could have always asked for help.” Days before his Slight from Vancouver, a message on his Facebook page said: “Are you an Asian drug dealer? Because

you’re bringing me down…” “I think somebody told him he had to do it because this does not seem like Dan,” Lambert said. “I’ve seen Dan desperate for money. Nothing like this. This is not desperate for money, this is something else.” Whitmore’s Powerclown bandmates are not condoning his alleged actions.

police seize 26,456 ancient artifacts in Turkey’s largest anti smuggling op

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stanbul police conSiscated 26,456 ancient artifacts and detained 13 smugglers in Turkey’s “most extensive anti-smuggling operation” to date, reports.

According to reports, police squads carried out the Istanbul-based operation after three months of technical and physical surveillance. Artifacts conSiscated in the operation are from the Byzantine and Roman Empires, as well as the Middle Ages, and include

coins, plinths and stone art pieces. The smugglers were planning to sell the artifacts abroad, reports said. The conSiscated artifacts will be handed over to Istanbul Archaeology Museum. In recent years, Turkey stepped up efforts to prevent smuggling and has launched initiatives to retrieve stolen artifacts. Turkey also cooperates with Interpol, which offers a comprehensive database of artifacts reported stolen and missing. –CB Report

S Customs and Border Protection ofSicers found more than a ton of marijuana in a shipment of vegetables in the lower Rio Grande Valley in Texas.

The 197 packages of marijuana were found in a 1996 utility tractor trailer hauling vegetables, according to a news release, entering the U.S. at the Pharr International Bridge. The type of vegetables, their origin and intended destination, were not revealed in the release.

The Dec. 19 seizure was detected during a secondary inspection, using a “non-intrusive imaging” x-ray system and dogs, according to the release. The estimated street value of the 2,350 pounds of marijuana is $470,000. Customs and Border Protection seized the shipment and tractor trailer.

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On the same day, Customs and Border Protection ofSicers found 109 pounds of alleged cocaine on a commercial bus crossing at the Hidalgo International Bridge, also in Texas. The cocaine has an estimated street value of almost $844,000, according to the release.

“These are remarkable interceptions by our CBP officers in the cargo and passenger environments,” Hidalgo/Pharr/Anzalduas Port of Entry Acting Director Carlos Rodriguez said in the release.

“They continue to make significant narcotics seizures by combining their experience with the use of technology and other available tools to accomplish the CPB mission.” Meanwhile, An outage affecting the Customs and Border Protection’s computer systems left international travelers waiting in long lines at airports throughout the country Monday night. The outage affected airports including JFK, San Francisco and Denver, as international travelers.

ASX finishes 2017 with 7% yearly gain he Australian sharemarket advanced 7.1 per cent in 2017, posting its second straight annual rise, supported by commodity producers and high-Slying growth stocks. Onthe last trading day of the year, the S&P/ASX 200 Index fell 23 points or 0.4 per cent to close at 6065.1 points. The NZX 50 slid 10 points to 8398.08. For the quarter, Australian shares advanced 6.8 per cent, the best performance since March 2015, and for the month, 1.6 per cent. The annual gain was the best since 2013.

QBE Insurance agreed to pay $132.5 million to settle a class actionover 2013

share price plunge, in an after-market statement. In December 2013 QBE’s share price dropped by more than 22 per cent in a single day and 30 per cent over two days, wiping $4b off the company’s value. The stock fell 0.3 per cent to $10.69. Crown Resorts will sell its 62 per cent interest in CrownBet for $150m to an entity linked to the online wagering business’s management team. Crown shares fell 0.2 per cent to $13.02. Fonterra Shareholders’ Fund declined 2.7 per cent to $5.73 after the co-op downgraded its forecast for New Zealand milk collections to 1,480 kilograms of milk solids from 1,525kg for 2017-18. –CB Report

uk eyeing ‘extremism’ tax on social media giants

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LONDON

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he UK government has kicked off the new year with another warning shot across the bows of social media giants. In an interview with the newspaper, security minister Ben Wallace hit out at tech platforms like Facebook and Google,

dubbing such companies “ruthless proSiteers” and saying they are doing too little to help the government combat online extremism and terrorism despite hateful messages spreading via their platforms. “We should stop pretending that because they sit on beanbags in T-shirts they are not ruthless proSiteers. They will ruthlessly sell our details to loans and soft-porn companies but not

give it to our democratically elected government,” he said.

Wallace suggested the government is considering a tax on tech firms to cover the rising costs of policing related to online radicalization. “If they continue to be less than co-operative, we should look at things like tax as a way of incentivizing them or compensating for their inaction,” he told the news-

paper. Although the minister did not name any specific firms, a reference to encryption suggests Facebook-owned WhatsApp is one of the platforms being called out (the UK’s Home Secretary has also previously directly attacked WhatsApp’s use of end-to-end encryption as an aid to criminals, as well as repeatedly attacking e2e encryption itself).

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KPT shipping movements report KARACHI: Following were the Movements of Ships at Karachi Port Trust (KPT) during last 24 hours, ending at 0700 hours. SHIPS SAILED: Oriental Rose Johana Oldendorff Northern Dependant OOCL Shanghai Wan Hai 506 N Mars Hansa Neuburg SHIPS BERTHED: Wan Hai 506 Container Ship Hansa Neuburg Container Ship Tokyo Bulker Coal EXPECTED SAILING DATE Ever Diamond 29/12/17 KMTC Dubai 29/12/17 Stove Tide 30/12/17 EXPECTED ARRIVAL DATE CARGO M.T Shalamar 29/12/17 D/70000 Crude Oil C T Frontier 29/12/17 D/1000 Chem Ever Unique 29/12/17 Cont Fowairet 29/12/17 Cont Triton Valk 29/12/17 D/54103 Coal Prosper 30/12/17 Cont Polo 30/12/17 Cont APL Japan 30/12/17 Cont Grand Netpune

un bars four north korean ships from international ports he UN Security Council denied international port access to four North Korean ships suspected of carrying or having transported goods banned by international sanctions targeting Pyongyang, diplomats. The ban of the four vessels the Ul Ji Bong 6, Rung Ra 2, Sam Jong 2 and Rye Song Gang 1 brings the UN’s total number of blocked ships to eight. The United States requested the most recent ban along with measures targeting ships registered in other countries, diplomats said on condition of anonymity. But China only agreed to target the four ships flying North Korean flags, diplomats said, as part of international efforts to curb Pyongyang’s missile and nuclear programs. “Only four ships have been accepted” for the ban but “the procedure remains open” to include other vessels in the future, one diplomat said. The list submitted by the US in

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Ports & Shipping

port of palm Beach’s financial outlook upgraded to positive NEW YORK

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he Port of Palm Beach’s longterm contract renewals with its two largest tenants have helped boost its investment grade outlook to positive from stable, Moody’s Investors Service said last week. New York-based Moody’s said the positive outlook reSlects its view that the port’s extension of its contracts with its largest customers, Tropical Shipping and Bahamas Paradise Cruise Line, provides a higher level of revenue predictability.

Moody’s afSirmed the port’s Baa3 investment rating and noted the port has experienced sustained Sinancial improvement.

“One thing to note that is important is that Baa is an investment grade; people that invest in bonds need investment grade bonds which the Port falls into,” said Blair Ciklin, Chairman of the Board of Commissioners for the Port of Palm Beach District. “Baa3 is a very good rating

for a port. It’s very satisfying to know that the Port of Palm Beach has an investment grade rating which is very important.”

In April the port commission unanimously approved a 10-year comprehensive agreement with Tropical with four Sive-year renewal options. Tropical Shipping, founded in 1963, is the port’s largest tenant and makes up about a third of its revenues. Tropical’s main business

is shipping food, especially perishable, refrigerated and frozen foods, groceries and consumer goods in containers from Canada and South Florida to The Bahamas and the Caribbean. In August the port commission unanimously approved a 10-year agreement with Bahamas Paradise Cruise Line for the Grand Celebration passenger ship and a second cruise ship scheduled to start up in April, the NeoClassica.

Wednesday January 10, 2018

Six ships take berth at port Qasim ix ships, Express Black Sea, MSC Silvana, MSC Earth, Maria-III, Bow Tribute and Phoenix carrying Containers, LPG, Palm oil and Diesel oil were arranged berthing at Qasim International Container Terminal, SSGC Terminal, Engro Vopak Terminal, Liquid Cargo Terminal and FOTCO Oil Terminal respectively during last 24 hours, said a report issued by Port Qasim Authority (PQA) here on Tuesday. Meanwhile two more ships, Container Vessel MSC Heidi and Gas carrier Khor Gas also arrived at outer anchorage of Port Qasim during last 24 hours. High side berth occupancy was observed at the Port at 71% on Monday where a total of twelve ships are currently occupying berths to load/offload Containers, Rice, Coal, LPG, Canola Seeds, Palm oil and Diesel oil.

Cargo handling remained upward trend at the Port where a cargo volume of 156,081 tonnes, comprising 123,040 tonnes import cargo and 33,041 tonnes export cargo inclusive of containerized cargo carried in 3,847 containers TEUs, (2,108 TEUs imports and 1,739 TEUs exports) was handled at the Port. –CB Report.

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Turkish exports up 10% in 11 months of 2017 December had also included ships flying flags from Belize, China, Hong Kong, Palau and Panama. Shortly before the Council decision US President Donald Trump – who has often hailed China’s efforts to put pressure on North Korea – sharply criticized Beijing for failing to cut off Pyongyang’s oil supply. “Caught RED HANDED – very disappointed that China is allowing oil to go into North Korea,” Mr Trump said on Twitter.

“There will never be a friendly solution to the North Korea problem if this continues to happen!” It was not immediately clear if Mr Trump was referring to the report or US intelligence in his tweet, or if he was accusing. –CB Report.

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urkey’s exports in the first eleven months of 2017 amounted to over $143.2 billion a 10.4 percent rise compared with the same period in 2016, the Turkish Statistical Institute (TurkStat) announced.

The country’s foreign trade volume reached $353.9 billion between January and November this year, marking a 15 percent annual increase, according to provisional data produced by TurkStat and the Ministry of Customs and Trade.

Turkish imports climbed 16.9 percent to $210.7 billion, amounting to a foreign trade deficit of $67.5 billion over the same period.

TurkStat said Germany was Turkey’s top export market, at $13.8 billion, or a 9.7 percent share

of total exports, while $67.4 billion worth of Turkish exports were delivered to EU28 countries from January to November this year.

In the same period, Turkey imported the most from China ($21.2 billion), Germany ($19.1 billion) and Russia ($17.6 billion).

-Manufacturing dominates exports The manufacturing industry accounted for the biggest share of total exports, at almost 94 percent, followed by agriculture and forestry (3.2 percent), and mining and quarrying (2.2 percent).

The share of high technology products in manufacturing industry exports was 3.8 percent while the exports shares of medium-high and low technology products were 34.4 and 33.3 percent, respectively. Regarding imports, intermediate goods represented the lion’s share with 73.7 percent, reaching $155.2 billion, followed

by capital goods (13.9 percent, $29.2 billion) and consumption goods (12.2 percent, $25.7 billion).

TurkStat data revealed that the manufacturing industry had the largest share in Turkey’s imports (81.5 percent, $171.8 billion), of which $70.9 billion were mediumhigh tech imports, followed by medium-low tech ($55.7 billion) and high tech ($25.7 billion). Last month, Turkey’s exports rose 11.2 percent year-on-year to reach $14.2 billion, while imports climbed to $20.5 billion — a 21.3 percent hike . “In November 2017 foreign trade deficit was $6.32 billion with a 52.4% increase compared with November 2016,” TurkStat said. The percentage of imports covered by exports was 69.2, falling from 75.5 percent in the same month of 2016.

Meanwhile, Turkish exports have produced a number of

records this year and are even expected to surpass the government’s goal of $155 billion. According to the Turkish Exporters Assembly’s (TİM) figures, Turkey’s exports from January to November 2017 reached $142.7 billion, marking a 10.7 percent hike over the same period last year. As for next year, Economy Minister Nihat Zeybekci highlighted that the government’s target of $169 billion will easily be exceeded.

“Next year, Turkish exports will break new records. Our government aims to secure more than 6 percent growth and exceed $170 billion in exports,” the minister explained. Therefore, the minister said, international institutions will not set their early year targets at 2.5 percent and then revise them up to 7 percent as they already estimate a 5 percent growth for the Turkish econmy next year.

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NAB establishes 1840 CBS in educational institutes to fight corruption Wednesday January 10, 2018

Business

ISLAMABAD: The National Accountability Bureau (NAB) Rawalpindi has established 1840 character building societies (CBS) in various educational institutes aiming to channelize creative energies of the youth to fight corruption.

According a to NAB spokesman, the platform was used to conduct declamation contests, essay writing, posters and painting competition for enhancing awareness against the menace of corruption.

The NAB Rawalpindi has also held seminars on issues relating to public procurement with the help of COMSATS University.

pm stresses collaboration with china ISLAMABAD

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rime Minister Shahid Khaqan Abbasi stressed strengthening people-topeople contacts with China and collaboration in various areas including trade, commerce, education and culture. Talking to Ambassador of China Yao Jing here, he congratulated him on his appointment to Pakistan and reiterated strengthening the all-weather strategic cooperative partnership between the two nations.

The prime minister said deepening the strong bonds of friendship and multi-sector cooperation be-

IRSA releases 19,800 cusecs water ISLAMABAD

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tween Pakistan and China would continue with great fervor.

He expressed the conSidence that Ambassador Yao would actively con-

nAB adjourns hearing in references against Sharif family till Jan 16

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he Indus River System Authority (IRSA) has released 19,800 cusecs water from various rim stations with inflow of 27,500 cusecs. According to the data released by IRSA, water level in the Indus River at Tarbela Dam was 1447.04 feet, which was 67.04 feet higher than its dead level of 1,380 feet.

Water inflow in the dam was recorded as 12,900 cusecs and outflow as 5,000 cusecs. The water level in the Jhelum River at Mangla Dam was 1104.80 feet, which was 64.80 feet higher than.

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tribute towards smooth and expeditious implementation of the projects under China Pakistan Economic Corridor (CPEC). Ambassador Yao

Jing thanked the prime minister and the government for a very warm welcome and assured to play his part in realizing the vision of Chinese and Pakistani leadership for the beneSit of people of the region.

Meanwhile, The government has given new projects of Sive vehicle manufacturing companies including Hyundai, Kia, and Regal Automobiles investment status under the Automotive Development Policy 2016-21, which is expected to bring investments of over $800 million to Pakistan. According to the Engineering Development Board (EDB), which works under the Ministry of Industries and Production, it is facilitating fresh investments in the auto sector from new companies including joint ventures with foreign players, Radio Pakistan reported.

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RAWALPINDI

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ormer Prime Minister Muhammad Nawaz Sharif, along with his daughter Maryam Nawaz and son-in-law Captain (Retd) Muhammad Safdar morning appeared before the accountability court and four witnesses recorded their statements in the references against them.

These references had been filed by the National Accountability Bureau (NAB) in light of the Supreme

Court’s July 28 judgment in the Panama Papers case. The cases are related to the Al-Azizia Steel Mills, offshore companies including Flagship Investment Ltd, and London’s Avenfield properties.

Accountability Court Judge Mohammad Bashir conducted the trial and prosecution witnesses, including Securities and Exchange Commission of Pakistan (SECP) Joint Registrar Sidra Mansoor, recorded their statements before the judge. Witnesses were also cross-examined by Khawaja Harris, attorney of Nawaz Sharif.

Sidra Mansoor presented details of shares, owned by Hussain Nawaz, the former prime minister’s son, in Mehran Ramzan Textile Mills Ltd. She said that according to documents submitted to the National Accountability Bureau (NAB), Hussain had owned 487,400 shares in the mills. Advocate Khawaja Harris pointed out that the current investigation pertained to the Al Azizia Steel Mills and Hill Metal Establishment, adding the documents presented by witness, related to a different organisation.

gold import rises 50% in 5 months ISLAMABAD

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he import of gold during first five months (July-November) of current fiscal year increased by 50.58 per cent as compared to same period of previous year. During the period under review, 217 kilogram of the yellow metal valuing US $7.768 million was imported against import of 164 kg gold worth $5.823 million last year. On yearly basis, the import of yellow metal in November 2017 also witnessed an increase of 66.1 per cent as compared to same month of the year 2016 as it rose to $1.367 million in November 2017 from $823,000 in November 2016. However, on month-on-month basis, the import went down by 21 per cent as during October 2017 the import was recorded at $1.737 million, latest data of Pakistan Bureau of Statistics reported. Similarly, the overall metal group import also increased by 33.02 per cent in July-November (2017-18) to $2.134 billion from $1.6 billion in same period of previous year. Iron and steel scrap import also surged by 92 per cent as it rose to $656.2 million in first five months of current fiscal year from $341 million in July-November (2016-17).

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SEcp amends public offering regulations to promote quality listing ISLAMABAD

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ecurities and Exchange Commission of Pakistan (SECP) has amended regulations related to public offerings to promote quality listing, ensure fair price discovery through book-building process and increase investors’ base.

In a statement issued on Monday, SECP said that in order to encourage

quality listing and minimize the subjectivity involved in the approval process, certain speciSic requirements for listing have been introduced to the regulations. The said requirements include at least 3 years operational track record of the company with two years proSitability from its core business activities and the book value per share of the company shall not be less than its face value per share. Moreover, the sponsors of the company, i.e. per-

sons holding not less than 51% of the shares, shall be same for the last two years. However, these conditions shall not apply in case of a green Sield project.

To ensure fair price discovery for IPOs through book building mechanism, certain changes have been made to the book-building process, which include the introduction of concept of price band with the upper limit of not more than 40 percent of the floor price.

Floor price in case of book-building means the minimum offer price per share set by the Issuer.

The concept of price band will encourage setting up a more realistic floor price by the issuers for IPOs through book-building method. In order to increase the investor base, the basis of allotment has been changed from time priority basis to proportionate basis. To ensure participation by high net worth individuals in price discov-

ery process, the minimum bid size has been reviewed from rupees one million to rupees two million and minimum number of bids required have been increased from 40 to 100 bidders, to arrive at a more transparent bidding process.

In order to facilitate the bookbuilding process, bidders have been allowed to revise their bid downward in terms of volume provided the total bid amount remains the same.

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EU takes billion-euro battle to Russia MOSCOW:Brussels is ratcheting up pressure on Russia in a tit-for-tat sanctions battle that has raged since the early days of the Ukraine crisis in 2014. The European Union is now pressing to claw back €1.4 billion each year from Moscow, arguing that the Kremlin unlawfully banned imports of pork meat from Europe in January 2014, just as President Vladmir Putin’s relations with the West slid into a precipitous decline.

People familiar with the dispute said the European Commission’s demand for compensation shifted into a significant new phase this week, when the World Trade Organization referred the “EU’s request to retaliate against Russia” to arbitration. An EU official explained this arbitration process would decide whether the value of the EU’s claim was justified, before a further procedure would determine whether the measure could be enforced against Moscow.

Businessman for direct access of pakistani goods to uS market

Wednesday January 10, 2018

Chambers

IccI for promoting academia-industry linkages

KARACHI

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ecretary General (Federal) of the Businessmen Panel and Former Chairman Standing Committee FPCCI, Ahmad Jawad suggested direct access of Pakistan made products to the markets of United Sates of America (USA). He said the tense situation that has emerged only recently is not favorable to any of two, one time close allies, and the concept of aid must be urgently replaced by trade. “This is all the more important as Pakistan has suffered colossal financial loss for playing front-line role in the war on terror and US must support Pakistan to achieve its economic prosperity and self-reliance,” said the seasoned busi-

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nessman. Regretting that Pakistan over the years did not receive favorable trade tariffs from the US department of commerce, he said this was despite the fact Pakistan businessmen through varied forums had been seeking trade contact with their US counterparts.

With specific reference to his experience, as former head of FPCCI’s horticultural goods committee, Ahmad Jawad said US allows zero percent duty on Pakistani mangoes but at the same time there was only one airport that was approved to handle shipments from Pakistan. “Moreover, they also do not allow irradiating Mangoes in Pakistan although such facility exist in Lahore, that is also internationally approved,” he said mentioning that as a representative of FPPCI he had repeatedly requested US officials (agriculture department) to initiate letter of intent with Pakistan.

ISLAMABAD

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he developed world has achieved phenomenal economic growth by promoting academia-industry linkages, therefore, private sector and universities should join hands to promote this model in our country that was imperative to make Pakistan one of the top ranked economies of the world.

This was stressed by Sheikh Amir Waheed, President, Islamabad Chamber of Commerce & Industry while addressing the students of NUST University who visited Chamber House led by Dr. SoSia Baig and Ms. Nida Maqbool, Assistant Professors of NUST. He advised the students to focus on applied research that was badly needed to resolve the key issues of the industry. He also stressed upon the universities to give students more opportunities of academic research that could be applied effectively to resolve the real world problems. Sheikh Amir Waheed said that over 60 percent population of our country was comprised

of youth and thousands of youngsters were entering job market every year, but our public and private sectors have not the capacity to absorb them in jobs. He said that to cope with the issue of rising unemployment, universities should focus on creating entrepreneurial culture among their students that would enable them to become job creators instead of job seekers. Muhammad Naveed, Senior Vice President ICCI provided many tips to the students on how to start new business ven-

tures and become successful entrepreneurs. He said hard work, honesty, dedication and commitment were the golden principles that ensured success in every profession including entrepreneurship. He also lauded the initiative of NUST University for providing students an opportunity to interact with businessmen and learn from their experience to improve their career prospects and emerge as future business leaders. He hoped that such interactions would equip the

SngL to establish facilitation desk at LccI LAHORE

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ui Northern Gas Pipelines Limited (SNGPL) will establish a facilitation desk at the Lahore Chamber of Commerce & Industry that will be headed by the LCCI Vice President Zeshan Khalil.

It was decided at a meeting between the LCCI President Malik Tahir Javaid and Managing Director SNGPL Amjad Latif at the Lahore Chamber of Commerce & Industry.

The LCCI Senior Vice President Khawaja Khawar Rashid and Vice President Zeshan Khalil also spoke on the occasion while meeting was also attended by Amjad Ali Jawa, Tahir Manzoor Chaudhry, Muhammad Arshad Chaudhry, Adeeb Iqbal Sheikh, Rizwan Akhter Shamsi and other members.

It was also decided the Lahore Chamber of Commerce & Industry will appoint a focal person for coordination with SNGPL on day-by-day issues. LCCI President and MD SNGPL also formed a committee comprising LCCI Vice President Zeshan Khalil, Tahir Manzoor Chaudhry, Muhammad Arshad Chaudhry, Adeeb Iqbal Sheikh and Mian Muhammad Nawaz to facilitate businessmen in connection with their gas related problems.

MD SNGPL Amjad Latif said that establishment of facilitation desk at LCCI and appointment of focal person will help resolve issues in shortest possible time. He informed the house that new connections for industries, commercial activities and housing societies are open as gas supply situation is better after arrival of RLNG. He said that RLNG is being promoted as alternative fuel.

He said that all cases have been processed by SNGPL. Just a few little issues are coming in the way that are being removed. He said that gas losses are coming down while further improvement will be witnessed with the passage of time.

The LCCI President Malik Tahir Javaid said that industrial gas connections were temporarily shifted to RLNG from sui gas under the plea of gas shortage. He said that at present situation is far better than past but still connections have not been re-shifted which is causing huge financial loss to the industrialists. He said that RLNG is 122 percent more costly than natural gas.

He said that Pakistani merchandise are already facing tough challenge in the international market and exports have fallen by around $ 6 billon within last couple of years because of high input cost.

students with required skills to launch successful startups. At the occasion, a detailed presentation was given to the students about the role and functioning of ICCI and how it was promoting the interests of business community. Dr. SoSia Baig and Ms. Nida Maqbool, Assistant Professors, NUST thanked ICCI for hosting students and hoped that such interactions would enhance the entrepreneurship skills in students and encourage them towards entrepreneurial career.

‘only economically strong pakistan can handle all sorts of pressure’ he Lahore Chamber of Commerce & Industry has said that only economically strong Pakistan can handle all sorts of international pressures therefore “war against economic ills” should be started instantly and a task force for economic revival, having representatives from both public and private sector, should be formed. “Pakistan is a resource-rich country and does not need any external financial help. Unfortunately, the previous governments did not pay any heed to tap the resources”, the LCCI President Malik Tahir Javaid, Senior Vice President Khawaja Khawar Rashid and Vice President Zeshan Khalil said in a statement.

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ADC Adjudication Saeed orders impounding of generator, truck FAISALABAD: Collectorate of Customs Adjudication Additional Collector Saeed Asad has ordered the impounding of a foreign origin generator along with a carrier truck.

The additional collector issued an Order-in-Original (ONO) in favor of the Sargodha Customs Anti-smuggling Organization while deciding the case. In pursuance of a tip-off, the customs staff intercepted a truck bearing Registration No: 3209 near Dawood Khel Road Sargodha and found the imported diesel generator.

Wednesday, January 10, 2018

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multan customs Intelligence seizes hSD oil worth Rs2.5 million MULTAN ImRAn ALI

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irectorate of Customs Intelligence and Investigation Dera Ghazi Khan Unit intercepted 25,000 liters smuggled High Speed Diesel during their action. According to details, Customs Intelligence and Investigation Multan received credible information from their source that huge quantity of High Speed Diesel will be transported through through their jurisdiction.

Deputy Director Customs Intelligence and Investigation Khial Muhammad Khan constituted special team of Sield staff including Inspector Muhammad Umer, Senior Intelligence Inspector Malik Muhammad Nasir, Inspector Muhammad Amjad, Shakeelur Rehman and others to prevent any smuggling attempt.

Field Intelligence Unit of Dera Ghazi Khan initiated patrolling of suspected routes and was watchful on the directions of Deputy Director Khial Muhammad Khan.

Customs Intelligence staff intercepted the suspected Hino oil tanker during the monitoring of the coming goods. The driver of the Hino oil

tanker bearing registration number of TUA-753 was asked to produce the original import documents of said High Speed Diesel. The driver of the Hino oil tanker failed to produce the GDs of the High Speed Diesel.

The Hino oil tanker was coming

from Baluchistan and its destination was Muzaffargarh. It was also revealed that said quantity of diesel was smuggled into Pakistan from Iran and was going for selling in the market. The oil tanker was painted to give impression that oil

tanker belonged to oil marketing company and it was being carried out for their legal supply after clearance.

Customs Intelligence seized the 25,000 liters High Speed Diesel (HSD) oil along with Hino tanker

under Customs act 1969 after initial interrogation. The value of seized High Speed Diesel oil was almost Rs2.5 million and Oil tanker of worth Rs.4 million. Further Investigations are still underway till the filing of this report.

customs displays excellent potential thru more collection than target PESHAWAR

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he Model Customs Collectorate Peshawar (MCC) for the month of December 2017 has showed outstanding collection of duties and taxes against an assigned target, stated by Collector Customs at Customs House Peshawar Gull Rahman in a talk with Customs Today on Monday.

Collector Customs said the MCC Peshawar has collected Customs Duty of Rs919.48million against the target of Rs704.21million exceeding the target by 30.57%.

The MCC Peshawar has made Rs215.27million more collection of Customs Duty in the month of December against the target of CD collection for the given month.

In the same way under the head of all duty/taxes, collection for the month of December 2017 is Rs2110.84million against the target of Rs1719.77million, thus exceeding the target by 22.74%.

The collection of Customs Duty

from July 2017 to December 2017 is Rs4605.74million against the target of Rs4090.46million which is 12.60% in excess of target.

All duties/taxes collection from July 2017 to December 2017 is Rs11548.67million against the target of Rs9956.27million which is 15.99% in excess of target.

The MCC Peshawar has collected Rs811.25million as Sales Tax against Rs615.26million against an assigned target of collection for the month of December 2017-18. The Peshawar Customs Collectorate has collected Rs196.19million more Sales Tax with 31.89% difference with respect to

previous collection. The MCC Peshawar has generated Rs959.55million net Sales Tax from July to December with 29.66 % growth. In the same way, MCC Peshawar showed Rs19.26million collection of Federal Excise Duty against Rs20.78million allocated target with 1.53% difference for the month of December FY 2017-18. The MCC Peshawar has demonstrated Rs116.43 million of net collection under the head of FED from July to December 2017. The MCC Peshawar has displayed Rs360.66million of collection of Withholding Tax against Rs379.53million earmarked target in

Published by M S Raza Off# 42, 3rd Flr Gull Plaza M.A Road Karachi, Printed by (Ibne Hassan Offset Printing Press, Shop No. 33 to 36 , Hockey Stadium, Karachi).

December 2017 with Rs18.86million shortfall in the revenue collection of AIT. The Collectorate of Peshawar Customs showed Rs2631.53million collection of Withholding Tax from July to December 2017 against Rs2538.68million assigned target of collection of AIT. The MCC Peshawar has posted Rs92.87million of extra collection of revenue with 3.66 percent of difference rate. The Collector Customs added that the Peshawar Customs has been regularly showing booster in the revenue collection and it is hoped that it will further move towards extra collection according to its capacity and assessment.