Thursday, 25 January 2018

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TARIQ DERYA

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ll the customs stations, working under the jurisdiction of the MCC Islamabad, received Rs18million less revenue than an assigned proportional revenue collection target of CD for first half of January FY17-18.

According to details explained by sources of the Model Customs Col-

lectorate Islamabad that, during above said period, the Customs Sections, comprising Islamabad Dryport (IDP), Air Freight Unit (AFU), Customs Bond Section, Unaccompanied Baggage (UAB), Accompanied Baggage (AB), International Mail OfSice (IMO) and Rebate Refund, showed a reduction of CD against an allocated proportional revenue target except IDP and UAB. During Sirst half of January FY17-18, all the stations generated Rs275.63million against an

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earmarked proportional target of Rs294.21million under the head of CD. Sources notiSied CT that the IDP earned Rs198.51million as CD against an assigned revenue target of Rs161.85million.

It was told that, during Sirst half of January FY2017-18, the AFU Islamabad got Rs75.97million of CD while it was allocated Rs133.31million.

The Customs Bond Section collected Rs1.49million against a target of Rs1.69million and the UAB generated a revenue of Rs0.42million against an earmarked Rs0.24million as CD during above said period.

Margallah Dryport earns Rs36m of surplus CD during 15 days of Jan

Customs Export recovers Rs 7.44m from different defaulter companies

Customs Preventive impounds Rs80m NDP ceramics tiles from Umer Traders

Gwadar Customs impounds non-duty paid auto parts, tyres worth Rs 9.58m

;Demanding bribe from truck drivers harming business activities’

Margallah Dryport Islamabad collected Rs36 million of extra revenue | SEE pAgE 02 |

Customs Export has recovered the evaded taxes and duties to Rs 7.44 m | SEE pAgE 03 |

Customs Preventive while raiding a godowninRaiwindhasseizedoverRs80m | SEE pAgE 04 |

Gwadar Customs has impounded different types of vehicles chassis, tyres | SEE pAgE 11 |

Pakistan has a functional transport sector that accounts for about 11 pc | SEE pAgE 16 |

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Govt announces procedure for duty, tax payment for imported cars Thursday, January 25, 2018

ISLAMABAD: Ministry of Commerce has announced procedure for payment of duty and taxes under import of cars under various schemes.

The Commerce Division announced the following mechanism devised by State Bank of Pakistan (SBP) for payment of duties/taxes on import of vehicles under personal baggage, transfer of residence and gift schemes.

In case of import of vehicles under personal baggage, transfer of residence or gift schemes, the remittance for payment of duties and taxes should originate from the account of Pakistani national sending the vehicle from abroad.

Islamabad

margallah Dryport earns Rs36m of surplus cD during 15 days of January

ISLAMABAD

ISLAMABAD

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he Customs Recovery Cell Islamabad has generated Rs50million of revenue by taking action against tax evaders. According to details given by sources of the Model Customs Collectorate (MCC) Islamabad that the Recovery Cell has sorted out important cases in which huge revenue amounts are involved.

The source was informed that the MCC Islamabad has initiated the attachment of property in F-7 Islamabad in Gadoon Synthetic, the payable estimated value in said case is Rs12.4million. Source was told that the Recovery Cell Islamabad has registered another case of tax evasion against Shalimar Bonds. Source added that the Recovery Cell has also taken measures by attachment of property of the Shalimar Bond situated at Misirial Road Rawalpindi.

Sources notified CT that Rs6.9million of revenue is payable by the said party. Sources informed the media that the Recovery Cell Islamabad Customs is also following a case against the National Highways Authority regarding the payable dues.

The said case was followed at the tribunal forum in which Rs33.33million of revenue is involved.

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he Margallah Dryport Islamabad collected Rs36million of extra revenue of CD during Sirst half of January 2017-18.

According to details explained by Dr. Tahir Iqbal Khattak, Deputy Collector Margallah Dryport Islamabad, (MDPI) that, during Sirst 15 days of January FY17-18, the port received Rs198.51million as Customs Duty (CD) against an allocated proportional revenue collection target.

During said period, the MDPI showed 123% average of achievement during 1st to 15th of January FY2017-18.

During Sirst half of the corresponding January 16-17, the MDPI generated Rs183.76million of CD. Tahir added that the MDPI earned an extra revenue of Rs14.73million.

Deputy Collector said the MDPI has been earmarked a revenue collection target for the month of January in value of Rs334.49million under the head of CD while MDPI posted 59.35% average of growth by revenue collection of a half-month of January FY17-18 against the monthly revenue target.

Deputy Collector told CT that the IDP got Rs985.212million an extra revenue against an assigned revenue target for Sirst six months of FY17-18.

The IDP also surpassed the target of the same previous period of FY16-17

About Rs50m retrieved from tax evaders by customs Recovery cell

with an extra amount of Rs994.35million under the head of CD. During Sirst six months of FY17-18, the IDP collected Rs1276million of CD against an earmarked target of Rs303million.

The IDP generated Rs244.321million revenue during the month of November FY17-18 while it was allocated a

target of Rs277.19million. The popular imports during Sirst 02 Q were seen as foreign origin fabric, old and new spare parts. He said the IDP has been focusing on the proper examination and valuations throughout the half quarter of current Financial Year 2017-18 and will maintain them dur-

ing the coming months also. Tahir Khattak told CT that, under the leadership of Dr. Saeen Khan Jadoon, Collector Model Customs Collectorate Islamabad, the IDP is working up to the standard and providing full facilitation to the business community.

Ihc relisted customs appeal filed against appellate tribunal

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ISLAMABAD

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ustice Athar Minallah and Justice Miangul Hassan Aurangzeb of the Islamabad High Court (IHC) on Tuesday relisted Malik Nasir Khan’s customs appeal Siled against Custom Appellate Tribunal, Islamabad.

The IHC division bench directed the staff to relist the appeal to be heard along with other cases of similar nature. Earlier, Justice Aamer Farooq

of IHC had disposed of a customs matter involving M/s Hasas Engineering and Construction Company (Private) Limited.

The appellant had challenged the act of recovery by commissioner Inland Revenue of Large Taxpayer’s Unit, Islamabad. The bench had earlier reserved a decision after hearing arguments in the case with submission of record.

ATIR was also made respondent in the case as the tribunal had sustained departmental decision re-

garding issuance of show cause notice and demand recovery of outstanding tax amount in head of federal excise duty (FED).

M/s Hasas Engineering and Construction Company Private Limited had prayed the court that FBR ofSice had issued a recovery notice to the company which did not hold lawful grounds. The appellant had prayed the court to declare the act as illegal and without any lawful authority and an interim stay may be granted against recovery proceedings.

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SHC grants bail to manager of M/s QMobile in mobile phones smuggling case KARACHI: The Sindh High Court (SHC) has granted bail to suspect namely Muhammad Ammad, manager administration of M/s Digicom (Private) Limited (QMobile) against the surety bonds of Rs 500,000 and directed him to appear before the trail court and join investigations. The suspect was booked for attempting to smuggle more than 78,000 assorted mobile phones in the garb of LED lights. It is pertained to be mentioned here that counsel for the suspect had moved a bail petition before the customs court and argued that his client was innocent and was been falsely implicated in this case.

Therefore, the court might grant him bail.

Shc seeks comments on petition seeking exemption of duty & taxes on tiles

Thursday January 25, 2018

Karachi

customs Export recovers Rs 7.44m from different defaulter companies

KARACHI

m B RAnA

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he Sindh High Court (SHC) has directed customs officials and counsel for the petitioner to come prepare and argue on a constitutional petition filed by M/s Nutshall Traders, seeking exemption in duty and taxes on a consignment of tiles imported from Sri Lanka, A twomember bench was hearing the petition. During the hearing, counsel for the petitioner stated that petitioner is lawful importer and always fulfills all the liabilities according to the law and never involved in any criminal or tax evasion case. He also stated that petitioner imported a consignment of tiles from Sri Lanka which arrived at Karachi Port.

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Appraisement East collects Rs 6,349.36m KARACHI

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he Customs Collectorate of Appraisement East has collected Rs 6,349.36 million under the heads of customs duty, sales tax, income tax and federal exercise duty during the first ten days of January. Sources told Customs Today that Customs Appraisement East received Rs 4,125 million as customs duty, Rs 1,248 million under the head of sales tax, Rs 958 million as income tax and Rs 18.36 million under the head of federal excise duty during the 10 days of January. If we talk about previous month so Customs Collectorate of Appraisement East has generated Rs 36,328 million customs duties, sales tax, income tax and federal exercise duty during the month of December 2017. Sources told that Customs Appraisement East has collected Rs 15,670 million customs duties, Rs 15,275 million sales taxes.

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KARACHI

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he Customs Export has recovered the evaded taxes and duties amounting to Rs 7.44 million from different companies which were issued with notices to pay outstanding dues.

Sources told Customs Today that during scrutiny of the import data, it was revealed that M/s Posh Carpets Karachi availed undue beneSits and concessions by importing different consignments and misusing the SRO 566. The goods were cleared by Examiner Shoaib Ali. The company found involved in tax evasion of Rs 2.88 million. After detecting tax evasion, the Customs Export issued them with Sinal notice on 18th December, to deposit the evaded amount within seven days. After receiving the notice, the management of the M/s Posh Carpets Karachi deposited the evaded amount in the ofSicial account of the Customs Export. On the other hand, the management of the M/s Jibran Traders cleared Rs3 million of taxes and duties. Sources told that M/s Jibran Traders also availed undue beneSits and concessions and avoided paying taxes according to the customs bylaws. The Custom Exports authorities issued them with a Sinal show cause notice. After receiving the notice, the management of M/s Jibran Traders deposited the evaded amount of taxes. Sources told that

another defaulter company M/s Muqeem Knitwear deposited Rs 1.56 million against the Sinal notice No: 259/2017 issued on December 19, 2017. Meanwhile, The Customs Export has recovered the evaded taxes and duties amounting to Rs6.06million from defaulter companies which were issued with notices to pay the outstanding dues.

Sources told Customs Today that, during scrutiny of the import data, it was revealed that M/s A.A Hosiery

After receiving the notice, the management of the m/s posh carpets karachi deposited the evaded amount in the official account of the customs Export. on the other hand, the management of the m/s Jibran Traders cleared Rs3 million of taxes and duties

court awards jail term to suspect in cloth smuggling

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KARACHI

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ustoms Taxation and AntiSmuggling Court Judge Syed Faiz Rasool Rashdi has awarded 17 days imprisonment and a Sine of Rs 100,000 to a suspect namely Arafat son of Anar Khan who was booked for attempting to smuggle 3,810 kilogram non-duty paid foreign origin cloth worth Rs 1,905,000. During the hearing, the

suspect appeared before the court along with his counsel and Siled a petition for pleading guilty and left himself on the mercy of the court.

After the arguments, the court awarded 17 days imprisonment to him as undergone period and a Sine of Rs 100,000. According to the prosecution, staff of the Customs Department intercepted Nissan trailer bearing registration number C-8356 SWAT and recovered 26 bags, foreign origin cloth valuing Rs 19,05,000 in open market. During

the search, driver Arafat was asked to show lawful documents of the goods, but he failed. Therefore, he was arrested and the cloth was also seized by the customs authorities.

According to the charge sheet suspect evaded the duty and taxes Rs71,38,560 to the national exchequer. Case was registered for violation of under section 2 (s) 16, 157 (3) of the Customs Act 1969 punishable under clauses (8) (89) of sub-section (1) read with sub-section (2) of section 156 ibid.

Karachi availed undue beneSits and concessions by importing different consignments through SRO 566. The company was allegedly involved in tax evasion of Rs3.28million. After detecting the tax evasion, the Customs Export issued them with a Sinal notice on December 27, 2017 to deposit the evaded amount within 14 days. After receiving the notice, the management of M/s A.A Hosiery Karachi deposited the evaded amount in the ofSicial account of the Customs Export.

kSE-100 ends flat after see-saw ride he KSE-100 Index underwent a volatile ride, hitting an intra-day low of 44,465.31 before institutional buying helped stocks recover to close almost flat. The benchmark-100 started off in the red with investors resorting to profit-taking. The index plunged 432 points in intra-day trading before valuebuying and upcoming results announcements provided the positive triggers.

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SBP to brief senate body on remittances, forex Thursday January 25, 2018

Lahore

ISLAMABAD: The Senate Committee on Finance, Revenue, Economic Affairs and Narcotics Control would be briefed on on foreign exchange remittances by the State Bank of Pakistan (SBP).

According to senate notification, the committee meeting, scheduled to be chaired by Senator Saleem Mandviwalla, would be provided details by SBP on sector-wise and month-wise details of foreign Airlines’ remittances under selling of tickets in Pakistan for last two years.

The SBP would also present its progress report on the installation of counterfeit notes detection equipment in cash disbursing branches of the commercial banks, the notification added.

customs court directs to conclude arguments in mobile smuggling case LAHORE

m ImRAn mEhAR

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he Special Federal Court of Customs Taxation and AntiSmuggling has directed counsels to conclude arguments in renowned case of Rs 6 million mobile smuggling.

According to details an accused Muhammad Naveed and Muhammad Faisal were arrested by the customs intelligence authorities from Lahore. Customs intelligence recovered 9700 mobile phones of different models from their warehouse.

Sources told that worth of the smuggled mobile phones is more than Rs 6 million in local market and the accused has caused a huge loss to the national kitty in the wake

customs Tribunal remands back appeal in seized hino truck case ustoms Appellate Tribunal has set aside the appeal and remanded back the appeal in case filed by Gogha Shahbaz versus Collector of Customs (Adjudication) Faisalabad and superintendent, Customs Intelligence and Investigation-FBR Faisalabad. Omer Arshed Hakeem, Member Judicial heard the appeal with details that learned Collector of Customs (Adjudication) after hearing the arguments from both parties and considered the evidences produced by the parties and passed the fresh speaking order. As per briefs of case the staff of Customs Intelligence and Investigation-FBR Faisalabad was intercepted a Hino Ranger truck. On demand, driver failed to produce legal documents regarding lawful import of vehicle. –CB Report

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of taxes. The accused were intercepted by the customs authorities at Hall Road. Customs Intelligence also recovered accessories of mobile phones from their possession.

Customs recovered mobile phone chargers, hand frees and data cables from a warehouse belonged to the accused. Worth of the recovered items is more than Rs 6 million in local market. The accused have made a huge loss to the national kitty in the wake of duty and taxes.

Customs investigation team presented them before the customs court for getting their physical remand to investigate more on the issue that was approved by the court.

Customs Judge Tahir Sabir approved their remand for three days.

After completion of their remand customs team produced them again before the customs court for further and court sent them to jail on judicial remand.

customs preventive impounds Rs80m nDp ceramics tiles from umer Traders LAHORE

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ollectorate of Customs Preventive while raiding a godown in Raiwind has seized over Rs80 million non-duty paid tiles. The sources told Customs Today that the tiles godown belonged to Umer Traders who are running their outlets on Ferozepur Road Lahore. The sources told that the Customs authorities on information raided the warehouse in Raiwind and detained the tiles worth Rs 80 million and demanded legal documents against the tiles.

However, the owners failed to produce any legal documents against the tiles. The customs authorities said that the tiles would be seized if the owner does not provide documents of clearance.

The raid was conducted on the di-

rections of collector customs Faiz Ahmed while the raiding team was led by Deputy Superintendent Muhammad Moazam Raza with superintendent Nasir Minhas, Agha Qadeer, Gulzar Bhatti and other officials.

Meanwhile, Collector of Customs Preventive Anti-Smuggling Organi-

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zationTuesday impounded a Honda Civi car loaded stuffed with Rs 3 million Q-Mobiles from GT Road.

The official sources told Customs Today that the Customs ASO team on suspension intercepted a black car at Sheikhupura Road and the driver of the car reacting turned the car on the GT Road.

About 50 heroin filled capsules recovered Remittance grow by 8.2pc in five years from smuggler’s stomach at AIIA he remittances sent by the data. The data further revealed that

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he customs officials have retrieved about 50 heroin-filled capsules from the stomach of a foreign passenger travelling by a Pakistan International Airlines flight from Lahore to Colombo.

A team of Pakistan Customs foiled an attempt of smuggling of 50 capsules filled with costly heroin that was being smuggled from Lahore into Sri Lanka. A Nepali citizen travelling from Lahore to Colombo by PIA-184 flight was checked by the customs and

ANF at the Lahore Airport. He was identified as Sukh Shi. The customs, after observing suspicious activities of the man, informed the ANF team that took action against him and confiscated his luggage and shifted him to a hospital to recover capsules from stomach.

The value of the smuggling heroin is more than Rs one million in the international market. Meanwhile, the Pakistan Customs has also seized two bottles of alcohol from airport. –CB Report

Overseas Pakistanis working abroad during the last Sive years witnessed an aggregate annual growth of 8.2 percent during the last Sive years (2013-2017), ofSicials sources said.

The remittances during 2012-13 increased by 5.6 percent to $13.921 billion while in 2013-14, the remittances were recorded at $15.838 million, showing growth of 13.8 percent. Similarly, the sources added that during 2014.15, the remittances witnessed growth of 18.2 percent to $18.720 billion, according to ofSicial

during 2015-16, the remittance touched $19.915 Sigure by posting growth of 6.4 percent, however during the Siscal year 2016-17, the remittances witnessed negative growth of 2.8 percent by falling to $19.351 billion. As evident from the data, the highest growth of 18.2 percent was witnessed in year 2014-15 followed by 13.8 percent in 201314; 6.4percent in 2015-16 and 5.6 percent in 2012-13 while the lowest growth of -2.8 percent was witnessed during last Siscal year (201617), the data revealed. –CB Report

‘E-payment to bring about revolutionary change in tax collection’

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LAHORE

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ollectorate of Customs Appraisement Collector Appraisement Jameel Nasir Khan has said that in times to come, Epayment module will prove instrumental in bringing about revolutionary change in the tax collection

mechanism which has to be aligned with the vision of State Bank of Pakistan (SBP) for year 2020 that aims at facilitating taxpayers at large.

He said that E-payment system will facilitate tax payers. He was addressing the participants of seminar on e-payment facility in WeBOC system here the other day at the Lahore Chamber of Commerce of and Industry (LCCI).

They said that joint initiative by the LCCI and Federal Board of Revenue (FBR) will help understand entire process of E-payment in WeBOC. The LCCI President Malik Tahir Javaid said that the Lahore Chamber of Commerce and Industry has been making persistent efforts to make the government realize that it is the need of the hour to revamp the whole taxation system. The LCCI has always demanded that the

numbers and frequency of taxes have to be reduced and the taxpayers should have the options to pay taxes online.

He said that now tax liabilities can be discharged through credit cards and from anywhere that is a good facility for the business community. He said that there is a factor called “Paying Taxes” which contributes in determining the overall ranking of a country in terms of ease of doing business.

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ISLAMABAD

m ARShAD

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he Federal Board of Revenue (FBR) has addressed almost all the grievances of the real estate stakeholders regarding withholding tax charges on bank transactions for non Silers. Last year, through Finance Bill, an amount of 0.4 percent is charged from every bank transaction exceeding Rs 50,000 from a non-Siler.

Prior to levying this WHT on bank transactions, then Finance Minister and FBR Chairman had held detailed discussions with the real estate representatives bodies. However, the real estate industry and other stakeholders, levy of this amount had made doing of business costlier for them; therefore, they had contacted the National Assembly Standing Committee on Finance and Revenue for the redressel of their concerns. On Tuesday, the National Assembly Standing Committee on Finance and Revenue, placed the concerns and reservations of real estate industry before the Member Inland Revenue (IR) Dr Muhammad Iqbal and his team members who expressed strong resolve to address the issues / anomalies in future with the consultation of real estate stakeholders in this regard.

The committee also discussed the matter pertaining to industrial importer at import stage for raw material falling under chapter

25 to 55 to be charged with 2% adjustable WHT with non-issuance of exemption certiSicate to industries. The Chapter 25 to 55 also provided an option to levy 4% WHT on commercial importers of raw material whereas rest of WHT regime remained the same which was for Sinished product.

The committee members have shown their displeasure about non-cooperative attitude of Federal Board of Revenue (FBR) for implementing the recommendations of the committee. The committee discussed the property issues being faced by the real estate sector with regard to the anomalies highlighted by Pakistan Real Estate Investment Forum (PREIF) and ABAD, etc.

The Committee recommended that real estate stakeholders would be called in its next meeting for further deliberations on the anomalies. The Committee Members were of the view that Section 236-W of Income Tax Act, 2016 should be reviewed for removing the upper cape, deSined by FBR. Qaiser Ahmed Shaikh Chairman of the Committee stated that government will achieve more revenue by taking such kind of positive measures. He was also of the view that FBR officers should understand the problems being faced by the general public. He added that government should further introduce public friendly policies for business community in the country, as well. While considering “The Controller General of Accounts (Appointments, Functions and Powers)

(Amendment) Bill, 2017” (moved by Asad Umar, MNA). The Secretary Ministry of Finance informed the Committee that subject Bill had already been considered in the meeting of the Standing Committee on Finance of the Senate, wherein, it has decided that subject Bill should be referred to the Standing Committee on Cabinet, because Ministry of Finance has already been taken its action in this regard.

The committee decided that the bill should be submitted before the speaker for further guidance whether it relates with Standing Committee on Cabinet. The committee deferred agenda item regarding presentation of report on the recommendations of the Committee about misappropriation in promotion process for National Bank of Pakistan’s employees, due to the request of the Governor State Bank of Pakistan. The Committee once again expressed its concern on the promotions made by the NBP and directed to President NBP to consider the appeals received from NBP employees. President NBP informed that they have received more than five hundred appeal applications for consideration. He further assured that NBP will address the grievances of NBP employees on priority basis, as requested by the honorable members.

The committee once again recommended that agriculture loaning to small farmers should be on lowest markup rates, which could be single digit.

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EDIToRIAL

SBp quarterly report

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n its first quarterly report on the state of the economy, the State Bank of Pakistan has expressed the hope that the economy will achieve growth rate of six percent during the current fiscal year. The prospects of growth are strong as the country is converting into a big consumer market which is spurring retail sales and commercial activities. However, there is a need to work on external sector by consolidating the gains of export growth and attract foreign direct investment to keep the overall balance-of-payment deficit within limits. The exports had been declining for the last four and half years which widened the current account deficit as the imports gained the volume twice of the exports. But the emergence of the country as a strong consumer market has created interest in entrepreneurs of various developed economies to get their share of slice in the economy of Pakistan.

Unfortunately, whenever economic activities begin to take a step forward, some unusual even throws it back, undermining the growth cycles. The State Bank takes increase in revenues collections as an outcome of the expanding tax base the first quarter of the current fiscal year.

As the foreign donor agencies are already calling for introduction of structural reforms in the fiscal and the external sectors for the achievement of macroeconomic stability, the report also stressed the need for preparation and implementation of reforms. However, the political leadership and the government policymakers are not yet ready for any paradigm shift in the policy matters. The report claims the recent deprecation in Pakistani rupee has increased demand for Pakistani products in the international markets, but fails to mention increase in the cost of product due to increase in the value of the imported raw material.

According to the report, average inflation will remain below its annual target of 6 percent during 2017-18, but devaluation of rupee will increase the cost of imported goods and uncertainty in the oil prices can pose risks to the production sector. However, the bank kept the police rate by 425 basis points since the autumn of 2014 due to low inflation. Analyzing the bank report, it is diďŹƒcult to predict which way the economy will move in the near future when the country is already passing through political uncertainty and foreign powers are pressuring Pakistan to get involved in a war which has nothing to do with the nation.

Loss of national wealth A

LAHORE

DR AfTAB AfZAL

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ccording to news reports, Pakistan has lost Reko Diq mining case in international courts and is facing $11.43 billion in damages, thanks to corruption and inefficiency of the successive governments in Balochistan. The provincial governments frequently changed the agreements of ownership from one company to another from 1998 to 2006 allegedly in violation of Chagai Hills Joint Venture Exploration Agreement. This is the case of a project which is one of the biggest assets of Balochistan. It is yet to be de-

cided what had prompted the provincial government to sign this agreement in haste, mortgaging the national wealth to a foreign company. Who permitted the government to accept the hostile conditions and illadvised sections and clauses of the contract in the first place?

In the absence of an accountability process, the culprits in the case are walking free and the nation has to pay billions of dollars from the national wealth. There is no doubt in the notion that successive governments in Balochistan mishandled the case and those who are responsible for the mess have no tinge of conscience in them.

A point to ponder is that Pak-

istan has so far lost every case in the in International Court of Justice and other world forums.

The Tethyan Copper Company Siled a suit for international arbitration with International Court in 2012 for the Settlement of Investment Disputes of the World Bank when the provincial government of the time had rejected a request from the company to lease the landmine. During the proceedings, the case had been decided against Pakistan for breaching the Bilateral Investment Treaty of 1998 between Pakistan and Australia. The losing of case in the international court means Pakistan has to offer its gold to the foreign company free of cost. The case is also a clas-

sic example in which multi-national companies are appearing as the neo-colonialists in this modern age. The companies have taken the role of East India Company and the likes in this era of science and technology and free will. A question still remains that who should be held responsible for the national losses. The companies are occupying resources of the developing nations and the international courts are deciding in favour of corporate sector. In the home front, the central and the provincial government should bring the ofSicials responsible for the losses to book and put strict conditions on the company in line with the law and constitution of Pakistan. Enough is enough.

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Customs Gwadar takes into possession Iranian tanker filled with 32,000 liter of diesel KARACHI: The Customs Collectorate Gwadar has impounded a huge quantity of Iranian diesel worth more than Rs3.25million.

Sources told Customs Today that an operation against smuggling and smuggled items and non-duty-paid luxury vehicles is going on in full swing and several raids have been conducted during the previous month of December and during the current month of January.

Sources told that Deputy Collector Gwadar constituted a team of Customs Anti-Smuggling Organization (ASO) under the supervision of Customs Preventive Inspector Mushahid Ali and others. The team, during a search operation on Highway Road, intercepted a container bearing registration No: SG-274 which was going out of the city.

pak-Saudi Jmc for reactivating pak-Saudi Joint Business council

Thursday January 25, 2018

National

fBR asks stakeholders to send customsrelated budget proposals by Jan 31

ISLAMABAD

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akistan-Saudi Arabia Joint Ministerial Commission, called for reactivating Pak-Saudi Joint Business Council (JBC) by first quarter of 2018 followed by the first meeting of the council. For focused and regular sectoral liaison, both sides agreed to nominate the focal persons from both sides for cooperation in the fields of trade, energy, investment, education, agriculture, etc. Pakistan offered Saudi Civil Aviation training courses at Civil Aviation Training Institute, Hyderabad in the field of air traffic control, communication, navigation and surveillance engineering and aviation management. Pak-Saudi JMC held concluding session here co-chaired by Commerce Minister Mohammad Pervaiz Malik, and Saudi Minister for Trade and Investment Dr Majid bin Abdullah Al Qasabi and signed Protocol of the

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ISLAMABAD

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TARIQ DERYA

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he Federal Board of Revenue (FBR) has requested all the stakeholders to send their customs-related budget proposals to the board by January 31, which would be considered to be incorporated in the budget for the Siscal year 2018-19.

“Customs Budget exercise for FY 2018-19 has been initiated and Customs Budget section has requested all stakeholders to send their budget proposals latest by 31st January, 2018,” ofSicial sources said.

In order to enable Custom Wing to properly process and evaluate each proposal, the board has designed three separate MS Excel formats to facilitate the stakeholders.

The stakeholders have been requested to send their proposals through e-mail: secretary.customsbudget@Sbr.gov.pk. The three forms designed by the board ask for suggestions related to changes in customs tariff rates, rules and procedures as well as changes in customs act 1969, according to an FBR noti-

Sication. On changes in customs tariff rates, the stakeholders have been asked to propose existing rate of duty during the Siscal year 2017-18 and thereby suggest new rates for FY 2018-19 by giving justiSication and rational for the change.

On rules and procedure side, the stakeholders have been asked to suggest change in existing rules and have also been asked to sug-

gest amendment in the Customs Act 1969. It is pertinent to mention here that earlier during the first week of January; the board had sought proposals from all the stakeholders for upcoming Budget 2018-19, urging that the suggestions must reach the board by January 18 as it was engaged in formulation of proposals for Finance Bill 2018. The board had re-

quested the stakeholders to give their input and suggestions in a specific format developed by the board. The stakeholders were requested to give their proposals for improvement in tax laws, broadening of tax base for wider participation in revenue generation efforts, enhancement of tax to GDP ratio, generation of revenue and facilitation of taxpayers.

govt takes tax related measures to protect local industry Session. JMC focused on issues, especially focusing on trade, commerce, energy, consular affairs, education, health and other matters of mutual interest.

As per protocol of session, both the both sides agreed to hold exhibitions of new products in each other’s countries. First single country exhibition of Pakistan in Saudi Arabia will be held in the second half of 2018. Both sides agreed to review and simplify the procedure of business visa issuance. The business visa fee will also be rationalized. A Commercial Attache will soon be designated in Saudi Embassy, Islamabad. Pakistani side stressed the importance of cooperation between Saudi oil and gas companies to develop oil production in Pakistan including setting up of refineries.

ISLAMABAD

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n a bid to protect the local manufacturing sector, the Finance Ministry has taken a number of tax related measures along with incentives for the local industry.

In this regard, customs tariff cascading is done in such a manner that statutory rate of customs duty is the highest on import of products which are manufactured locally. Similarly, regulatory duty has also been levied on import of many items which are locally manufactured.

“The concessionary notiSications/schemes for import include condition that such items are not locally manufactured. The list of locally manufactured items is notiSied through a Customs General Order issued by the Federal Board of Rev-

enue” said a well-placed source at Federal Board of Revenue (FBR) while talking to Customs Today.

There are various concessions available local manufacturers belonging to different sectors such as pharmaceutical manufacturers; textile industry, solar sector, aviation, mining industry, agro-based industries etc. Many concessions / exemptions are also extended to local industry involved in exports such as Duty Drawback Scheme, Duty & Tax Remission for Export (DTRE) Scheme, manufacturing bond, export processing zones, temporary importation scheme, small & medium Enterprises and Export Oriented Units (EOU) etc.

Refunds / input adjustment and duty drawback schemes are also available for manufacturers.

The source said that exemption from sales tax to medical equipment,

machinery and items for mine construction, for Thar Coal Field, for power generation projects, power transmission projects, for marble, granite and gems stones extraction and processing industries, to items for promotion of renewable sources of energy is available under Table-3 of the Sixth Schedule to the Sales Tax Act, 1990. However, to safeguard the interests of local manufacturing sectors, the said exemption is subject to the conditions that imported machinery/goods are not manufactured locally. Similarly, the source said that exemption from sales tax had been provided under Table-1 of the Sixth Schedule to the Sales Tax Act, 1990 and 3rd Schedule to the Federal Excise Act, 2005 to materials and equipment for construction and operation of Gwadar Port and Gwadar Free Zone.

To incentivize local manufacturing sector this exemption is equally available

to materials and equipment produced and supplied for these projects by local manufacturing sector. It may be noted that wherever exemption from sales tax and federal excise duty is proposed to be provided, the provision of exemption is almost invariably made subject to the condition that imported items/ goods are not manufactured locally. The source further added that interest of local manufacturing sector, textile and leather in particular had been safeguarded by subjecting ready to use Sinished articles of textile and leather to sales tax @ 17% whereas similar articles of local manufacturing sector were subject to reduced sales tax rate of 5% later enhanced to 6% vide Finance Act, 2017. However, on objections of European Union and to ensure favorable decision on GSP+ status of Pakistan identical rate of sales tax has been Sixed on ready to use Sinished articles of textile and leather.

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Pakistan emerges as business, investor-friendly country: Analyst Thursday January 25, 2018

National pcA karachi uncovers duty, tax evasion committed

by Sattar garments

ISLAMABAD: Economist Dr Shahid Hassan Saddiqui has said that international Economic Forum has great importance and it can help resolve our economic issues. He said that Pakistan can get great benefits by participating in such activities because it has emerged as business and investor friendly country.

He said Pakistan has become centre of attention for mainstream international business community due to close collaboration with China and rapid completion of CPEC.

customs north Region earns surplus revenue of Rs500m in first half of Jan

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ISLAMABAD

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he Directorate of Customs Post Clearance Audit has detected duty and tax evasion of Rs5.36million by M/s Sattar Garments and Export Karachi, it is learnt here. Sources told Customs Today that M/s Sattar Garments and Export Karachi imported a consignment of printing and ruling machines including cotton folding machines, and got it cleared from the PICT Karachi vide GDs on November 17, 2017 by paying customs duty at 10 percent after claiming the benefit of the SRO 567/2007.

However the subject items were correctly classifiable under the PCT 2408.3658 attracting customs duty at 16 percent and income tax at 10 percent, thus, by way of mis-declaration of classification, the company evaded/short-paid Rs5.36million.

The goods were cleared by Head Examiner Shams Uddin.

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Dg nAB to hold “open court” on Jan 25 irector General (DG) National Accountability Bureau (NAB) Multan, Atiq-ur-Rehman will hold “Open Court” on Jan 25 here at his office to address public complaints. According to a press release issued on Tuesday, in line with special directions of Chairman NAB Justice (Rtd) Javed Iqbal, ‘khuli kutchery’ will be organised at all regional bureaus of the country every month to resolve public complaints.

The people could visit NAB office situated at Bahadrpur Chowk Bosan road to register their complaints.They could also call at 061-111-622-622 or multan@nab.gov.pk for registration of their complaints.

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he North Region collected an extra revenue of Rs500million under all the heads of duties and taxes during the Sirst half of January FY17-18 against a revenue collection of the same period of previous January FY16-17 under the same heads. According to detail explained by sources of North Region, which includes the Collectorates of Islamabad, Peshawar, Samberial and Gilgit-Baltistan, that, during above said period of FY17-18, the MCC Islamabad earned Rs914.68million of all taxes while it did Rs607.07million under the same heads during the same period of FY16-17.

The sources told CT that the MCC Islamabad exhibited 50.67% of dif-

ference in revenue growth during the Sirst half of January FY17-18 against a revenue collection during the same period of FY16-17 under the head of all taxes.

During the Sirst half of January FY17-18, the Collectorate of Peshawar received Rs844.99million

under the head of all taxes against a revenue collection of Rs523.00million under the same head during the Sirst half of January FY16-17. Peshawar demonstrated Rs.61.57% difference of achievement during the Sirst half of January FY17-18 against the collection of the same

period of FY16-17. OfSicial sources notiSied the correspondent that North Region’s Customs Station of Gilgit-Baltistan remained closed due to heavy snowfall while the Collectorate of Samberial generated Rs65.12million of all taxes during the Sirst half of January FY17-18.

Appraisement East earns Rs11867.58m under all duties & taxes during 22 days T

KARACHI

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he Customs Collectorate of Appraisement East has collected Rs11867.58million of customs duty, sales tax, income tax and federal exercise duty during Sirst 22 days of January.

Sources told Customs Today that the Customs Appraisement East received Rs8245million as customs duty, Rs1847million of sales tax, Rs1745million as income tax and Rs30.58million of federal excise duty during 22 days of January. If we talk about Sirst 15 days, the Customs Collectorate of Appraisement East has generated Rs6744.56million under the heads of customs duty, sales tax, income tax and federal exercise duty during Sirst 15 days of January including Rs6458million as customs duty, Rs1686million of sales tax,

Rs1578million as income tax and Rs22.56million of federal excise duty during 15 days of January.

During first 10 days of January, the Customs Collectorate Ap-

praisement East has generated Rs6349.36million under the heads of customs duty, sales tax, income tax and federal exercise duty including Rs4125million as

customs duty, Rs1248million of sales tax, and Rs958million as income tax and Rs18.36million of federal excise duty during 10 days of January.

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Four offending vehicles, mobile phones, other items impounded by Customs Islamabad ISLAMABADA: The MCC Islamabad took into possession four offending vehicles, mobile phones and various types of smuggling goods worth Rs11.33million during a first half of Januay 2017-18. According to details given by Assistant Collector ASO Majid Hussain Gadd while talking with Customs Today that, during the first 15 days of January FY17-18, the AntiSmuggling Organization (ASO) Islamabad impounded four offending vehicles (vehicles used for carrying smuggling goods) valued at Rs6.30million.

Gadd told CT that, during the said period, the ASO seized 150 pieces of dish receivers priced at Rs0.100million while it did 216 liters of foreign origin hair oil worth Rs0.036million while it confiscated 5,700 pieces of different types of mobile phones valued at Rs3.0million.

court awards imprisonment to suspect in diesel smuggling case ISLAMABAD

TARIQ DERYA

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ustoms Taxation and Anti-Smuggling Court Judge Syed Faiz Rasool Rashdi has awarded 16 days imprisonment and fine of Rs 100,000 to suspect namely Muzafar Khan, who was booked in a case of attempting to smuggle 25,000 liter Iranian high speed diesel.

During the hearing, the suspect appeared before the court along with his counsel and filed a petition for pleading guilty and left himself on the mercy of the court. After hearing the arguments, the court awarded 16 days imprisonment as undergone period and fined him Rs 100,000. Earlier, Investigation Officer Muhammad Arshad produced the suspects before

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the court and informed that a team of Marine Wing of the Pakistan Coast Guard, Kemari Town, intercepted a boat Safina Kamal bearing registration number 21704-B model 2017 and recovered 25,000 liters diesel.

The suspect was asked to produce lawful documents of diesel,but he failed. Therefore, diesel was seized and the suspect was also arrested.

Investigation officer had submitted that prosecution needs further investigations, therefore, court may grant physical him remand of suspect, after his arguments, however, court had sent him to Central Jail Karachi on judicial remand and directed jail authorities to produce him before the court on next date of hearing.

Court also directed investigation officer to complete investigations and submit charge sheet on next date of hearing.

National

customs pcA karachi uncovers duty, tax evasion committed by m/s Sattar garments

Dg Valuation issues Valuation Ruling no 1240/2017 KARACHI

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he Directorate General of Customs Valuation has revised the customs value of Glass Lid Valuation Ruling No 1240/2017 under Section 25A of the Customs Act, 1969. Customs values of Glass Lid were determined and notified vide Valuation Ruling No.1198/2017, dated 08-08-2017. A representation was received from Gujranwala Chamber of Commerce & Industry, Gujranwala for revision of the above mentioned Valuation Ruling No. 1198/2017, dated 08-08-2017.

Therefore, an exercise was undertaken to determine the customs values of the subject item under Section 25-A of the Customs Act, 1969, to reflect the prices prevailing in the international market. Stakeholders’ participation in determination of Customs values: Meeting with Stakeholders was held on 07-12-2017. The same was attended by representatives of wala Chamber of Commerce & Industry, Gujranwala and FPCC&1 The importers requested to submit invoices of imports during last three months showing factual value.

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he Customs Collectorate Gwadar has impounded different types of vehicles chassis, tyres and alloy rim, radiator worth more than Rs 9.58 million.

Sources told Customs Today that on the directives of the Deputy Collector Gwadar Junaid Mehmood , operation against smuggled items and non-duty paid luxury vehicles is going on in full swing and several raids have been conducted in December.

The operation is still going on in the current month of January.

Sources said that morning deputy collector Gwadar constituted a team of Customs Anti-Smuggling Organization (ASO) under the supervision of Customs Preventive Inspector Junaid ur Rehman and others. The team, during a search operation on Gwadar highway, intercepted a truck bearing registration GBS-743 which was going out of the city.

During the raids, the customs team impounded four vehicles chassis, 25 tyres, a number of imported alloy rim, and some radiators worth Rs9.58 million. The customs team

Thursday January 25, 2018

arrested two smugglers who were involved in smuggling and registered an FIR against the accused persons and started investigations, later the accused persons identiSied as Sabahat Khan and Noor Alam.

Customs team also impounded the truck which was being used for smuggling. It is necessary to men-

tion here that during last week Customs Collectorate Gwadar has impounded different type of fabrics include( Iranian bed sheets and Indian silk fabrics worth more than Rs 6 million, and last raid Customs Collectorate has impounded electronics items and some vehicles accessories worth Rs 6.58 million.

Shc seeks remarks on plea filed by Bashir pipe Industries

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he Sindh High Court (SHC) has directed customs ofSicials to Sile their para wise comments on a constitutional petition Siled by M/s Bashir Pipe Industries (Private) Limited against SRO No 1035/2017 over imposition a regular duty on imports of various items, including steel sheets and other similar goods.

A two-member bench heard the petition. During the hearing, counsel for the customs authorities sought time to Sile comments on behalf of the ofSicials, therefore, the court granted him time and directed him

to Sile comments on the next date of hearing. Earlier, counsel for the petitioner stated that it is engaged in the lawful business of import of steel sheets and other similar goods.

He submitted that Secretary Revenue Division issued notiSication dated 16/08/2017 being SRO 1035/2017 in supersession of review SRO and in purported exercise of power under section 18 (3) of the Customs Act, 1969 imposed a regular duty on imports of various items including steel sheets and others similar goods illegally. Citing Secretary Revenue Division and Statistics/ Chairman Federal Board of Revenue, Collector of Customs Collectorate Ap-

praisement East, Collector of Model Customs Collectorate Appraisement West as respondents, he pleaded the court to declare the act of the respondents as illegal, mala Side and

arbitrary. He also pleaded the court to set aside impugned SRO and restrain them from taking any coercive action against the petitioner till Sinal order in this petition.

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World Customs

Jordan doubles exports to Russia 2017

AMMAN: Jordan’s Minister of Agriculture, quest the expanding trade exchange with Russia, as the volume of Jordanian agro exports doubled in 2017, compared with 2015. Jordanian exports of numerous agricultural products to the Russian market reached about 2,100 tons in 2017, while it counted only 900 tons in 2015. The Ministry of Agriculture is considering new bilateral agreements, to be made between Jordanian and Russian foundations, meant to widen the volume of mutual trade exchange, after discussing several offers with the concerned official bodies from both countries.

Thursday January 25, 2018

S Lanka’s STf arrests two in kilinochchi for drug smuggling

Drug smugglers selling opium laced with lead KABUL

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fSicers from Sri Lanka’s Special Task Force detained two men in Kilinochchi for the alleged possession of cannabis last week. The Island reports that two people were arrested after being “intercepted” by a team of ofSicers from STF base at Mullaitivu”.

The latest arrests come as drug use in the North-East has increased since the end of the armed conSlict.

Meanwhile, The Crime Investigation Department (CID) in India is to obtain the help of Interpol to extradite wanted red sanders smugglers hiding in different countries, including Sri Lanka, The Hindu newspaper reported. “CID, which is the nodal agency for Interpol in the State, is trying to bring the notorious smugglers wanted in red sanders cases in different police stations,” said CID

chilisin Electronics revenue soared 130pc last year onsolidated revenue jumped 133.13 percent year-on-year to NT$12.537 billion (US$424.65 million), the nation’s largest power inductor manufacturer said in a filing with the Taiwan Stock Exchange (TWSE).

Chilisin was the third Taiwanese passive components maker to report annual revenue exceeding NT$10 billion, after Yageo Corp and Walsin Technology Corp TWSE statistics showed. Chilisin, which is 16 percent held by Yageo, was on an acquisition spree last year as part of its efforts to become one of the top three power inductor makers globally and the largest molding choke maker in the world. The company in May bought a 49.9 percent stake in Hunnan Provincebased YuanLing Xianghua Electronic Technology Co and in June completed the acquisition of supply chain peer Ralec Electronic Corp. –CB Report

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Additional Director-General of Police Ch. Dwaraka Tirumala Rao. “The Anti-Smuggling Task Force is doing a great job in protecting the red sanders plantations in Chittoor, Kadapa, Anantapur districts in the State. Task Force teams headed by IG M. Kantha Rao arrested some thou-

sands of smugglers, but some were hiding in different countries,” the Additional D-G said. The CID police were entrusted to extradite the wanted red sanders smugglers, who are following up the cases Siled against the smugglers in various law and order police stations.

Salmonella tainted baby formula may hurt france’s china exports

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ontaminated baby formula making headlines in France could spell trouble for the country’s sales to China, the world’s biggest market for infant milk, industry observers said. French health authorities reported that 35 children fell ill last year after eating baby food from closely held dairy company Lactalis.

Economy Minister Bruno Le Maire slammed the company on Thursday, saying Lactalis had failed in its recall

of salmonella-contaminated formula and suggesting the case had implications for French dairy exports. France capitalizes on its reputation of excellence and quality,” said Pierre Begoc, international director at farm and foodindustry adviser Agritel. “Current events are bad news for the French dairy industry in general.” China accounts for 10 percent of French exports of baby formula, according to data provided by Agritel. –CB Report

fghan opium traders may be adding lead to their product in order to boost proSits, a report suggests. New Sield notes released by the US Centres for Disease Control and Prevention detail multiple cases of lead poisoning among opium users and drug couriers in Iran, the main pathway for Afghani opium to the rest of the world.

The report, compiled by toxicologists Hossein Hassanian-Moghaddam and Nasim Zamani of the Shahid Beheshti University of Medical Sciences, in Tehran, Iran, covers cases recorded in 2016, but was released by the CDC in early January, 2018.

The researchers report a Sirst case of lead poisoning in an opium user presenting at the university’s hospital in February, 2016. Over the following eight months, approximately 3000

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more users were found to have elevated blood lead levels. During the same period, 14 couriers caught attempting to move drugs across borders by carrying them in their gastrointestinal tract were also tested.

The abdomens of the couriers were scanned using computerised tomography, which found “amorphous radiodense material suggestive of lead” in four of them.

When the packages secreted inside all 14 were retrieved, intact, the four with the positive results turned out to be smuggling opium. The remainder were smuggling heroin, or methamphetamine. The CDC report notes that lead poisoning is a significant risk for oral opium users in many countries. Although consumption and absorption rates vary widely, the researchers estimate that users consuming 10 milligrams of opium a day may ingest as much as 0.03 grams of lead during the same period. The World Health Organisation sets maximum safe lead ingestion at 0.0018 grams per week.

Jordan year in development

ordan’s Economic Development Authority gave a review of Jordan’s economic and development endeavors in 2017 during its Dec. 19 meeting. It has been a year of ups and downs. Thomas Nikunen, Jordan’s city administrator, said every project has its challenges. Jordan has had a few projects and challenges, that is in 2017.One of the items mentioned in the Economic Development Authority’s year-end report was the St. John the Baptist Catholic Church redevelopment site, which was “discussed during many of the meetings.” The authority wrote a letter of support for rede-

velopmen of the site and the Jordan City Council approved up to 15 years for a tax increment Sinancing district. The developer couldn’t make the numbers work at this time,” Nikunen said. “Also, the tax law changes starting Jan. 1 take away the ability to issue tax-free bonds for housing so that makes it less St. John’s leadership made the announcement to its congregation earlier this year. A statement Nikunen received from the church read: “The parish has decided to not proceed with anything at this time.

There does not appear to be a compelling interest.” –CB Report

Egypt stock market tops investment opportunities in 2018

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gypt’s stock market is seen as a huge investment opportunity in 2018, with interest rates likely to embark on a downward trajectory, according to investors polled by Daily News Egypt.

The survey conducted by Daily

News Egypt included company ofSicials, investors, and market analysts.

Most participants in the survey chose healthcare, consumer, and bank stocks as their top picks for 2018. Investors are also positive about companies winning contracts on large infrastructure projects and say consumer stocks are recovering from the shock of 2016’s currency devaluation. Egypt’s main stock

gauge advanced more than any other in the Middle East in 2017 as the government moves forward with structural reforms, which attracted foreign investors to its debt and equity markets. Positive sentiment towards equities will continue this year as many stocks trade at attractive valuations, while conditions in the Egyptian economy are supportive. Khaled Darwish, money

manager at CI Capital Asset Management, expects pharmaceutical and healthcare stocks to outperform most of Egypt’s stocks in 2018, with the government introducing a new healthcare act. “These stocks have a defensive nature. For example, stocks in this sector didn’t suffer as much as others during the 2011 uprising that ousted President Hosni Mubarak,” he said.

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Waiver of duty on imports from Afghanistan urged KABUL: Afghan Joint Chamber of Commerce and Industry (PAJCCI) has asked Islamabad to withdraw the regulatory duty on imports from Afghanistan. PAJCCI Chairman Zubair Motiwala issued the call during a meeting with Miftah Ismail, adviser to the prime minister on finance, revenue and economic affairs. According to The News International, the issue of regulatory duty on imports from Afghanistan was raised at the meeting. Private sector and government officials of both countries should meet to help sort out issues. The Finance Ministry was urged to evaluate the effects of recent political turmoil on bilateral and transit trade, which has been on a nosedive in the last three years. Motiwala estimated the annual trade potential between the two countries at $5 billion.

Sri Lanka achieves record exports in 2017 ri Lankan merchandise exports grew to an all time record of over US$11.4bn in 2017, surpassing the previous high of US$11.1bn achieved in 2014. Once, again the EU and the USA were our biggest markets taking US$ 3bn each. The sectors showing particularly strong year-onyear growth were tea 20 percent and fisheries 40 percent. Tea benefitted from higher prices and enhanced access to Middle Eastern markets, particularly, Iran. Fisheries benefitted from both the lifting of the EU ban in June 2016 and the GSP Plus concession in May 2017. Apparel which accounts for over 40 percent of all goods exports and employs over 300,000people directly, mostly women, recorded a modest 2 percent growth over 2016.

However it is encouraging that the past 4 months showed 10 percent year-on-year growth as new orders from the EU were secured due to the GSP Plus benefit of 12 percent duty exemption. 2018 is expected to be a

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Ports & Shipping

hamad port starts new korean shipping service

Taiwan plans on Lng imports from uS to reduce deficits aiwan will soon import liquefied natural gas (LNG) from the United States to reduce its trade surplus with the world’s largest economy, Economic Affairs Minister Shen Jong-chin has said. Shen said Taiwan’s state-owned energy company CPC Corp. has signed a 20-year contract to import LNG from the U.S. that will kick in this year, according to a Politico report published Tuesday based on an interview with Shen conducted in late December.

With the LNG imports, “we believe we can efficiently solve the problem of deficits between Taiwan and the U.S.,” Shen was quoted as saying by the political news website. Taiwan is the 10th-largest trading partner with the U.S., and it had a US$15.5 billion trade surplus with the U.S. through the first 11 months of 2017, up from US$12.5 billion from the same period in 2016, the report said, citing US Department of Commerce data. –CB Report

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amad Port yesterday announced the addition of a new service from South Korean shipping line Hyundai Merchant Marine (HMM) to its growing network. HMM’s 365.5m-long Hyundai Drive made its Sirst call to Hamad Port yesterday, marking the ofSicial start of the Hyundai Merchant Marine’s KME (Korea Middle East Express) service, Qatar Ports Management Company (Mwani Qatar) said in a statement.

With a capacity of 13,154 TEUs and a draft of 14m, Hyundai Drive is the largest container vessel to enter Hamad Port – Qatar’s gateway to world trade, the statement noted.

The new KME service plans to operate weekly direct services to Hamad Port covering a number of major ports in Asia, including the ports of Kwangyang, Busan (South Korea), Ningbo, Kaohsiung, Yantian and Shekou ports (China), Singa-

Thursday January 25, 2018

pore and Port Klang (Malaysia).

Capt Abdul Aziz al-Yafei, director of Hamad Port, said: “We are pleased to announce the start of a new direct service from one of Asia’s largest shipping lines to Hamad Port, which will enhance customer options and provide fast and secure solutions to local and international import/export companies with less transit time and lower cost.

“This significant accomplish-

ment comes within the framework of a comprehensive plan implemented by Mwani Qatar under the supervision of the Ministry of Transport and Communications in order to expand Hamad Port’s direct shipping line networks and eliminating the intermediate ports by 100%, supporting the port’s status regionally and internationally and ensuring the stability of the domestic market.”

port of Amsterdam receives LmE certification strong year for the apparel manufacturers. Services exports comprising ICT/BPM, logistics, financial services and construction contributed an additional US$ 3.7 billion of exports, an increase of 8 percent compared to 2016.

The growth in services in 2017 was significant compared to the year 2016 where ICT/BPM grew at 7.7 percent and logistics at 5 percent. Furthermore, ICT/BPM companies are expected to show a double digit growth next year with thebudget support for IT SMEs to be executed in 2018,while benefiting from grant schemes for innovation and entrepreneurship. In addition the 40 percent foreign ownership restriction will be removed from freight forwarding to facilitate investment into the sector. –CB Report

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ort of Amsterdam was awarded an LME certiSication this week by the London Metal Exchange (LME). From now on, Amsterdam is listed as a goods delivery point for aluminium, aluminium alloy, lead, nickel, tin and zinc. This will enable our terminals and forwarding companies to strengthen their position in the ferro and nonferro markets for short and deep sea. The application for the certiSication was submitted by Port of Amsterdam to the London Metal Exchange (LME) in November 2017.

The arrival of two ship-to-shore gantry cranes at HCT in the summer of 2017 made this application complete. The certiSication will become effective 90 days after the Sirst business has been approved by LME.

This award contributes to the diversiSication policy pursued by the Port. Amsterdam already has a leading position globally in the storage and trading of soft commodities (cocoa). This certiSication Sittingly complements the storage and trading of commodities in general.

Meanwhile, The Port of Palm Beach’s long-term 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 five-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. Moody’s said the contract renewals extend through the maturity of the port’s $24 million in outstanding debt.

The Port’s credit strengths include a notable improvement in financial margins over the last five fiscal years, strong liquidity of approximately 820 days of cash on hand at the end of fiscal year 2016, and low leverage which provides financial flexibility and capacity for future capital investment. Located in Riviera Beach, the 162-acre Port of Palm Beach is a full-service, diversified port, offering cruise and cargo services to more than 30 onsite tenants and users.

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China invites Pakistan in first-ever import expo-2018 ISLAMABAD: China has invited Pakistan to attend a six-day international ‘Import Expo’ scheduled to be held at its National Exhibition and Convention Center , Shanghani, from November 5 to 10 this year.

“Pakistan has been invited as a guest of honor in the first-ever such an exhibition and China wants to see Pakistan as a guest of achievement at the international event,” Chinese ambassador to Pakistan Yao Jing said while addressing a news conference along with Minister for Commerce and Textile Industry Pervaiz Malik.

Thursday January 25, 2018

Business

pm to interact with world, business leaders ISLAMABAD

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rime Minister Shahid Khaqan Abbasi left here Tuesday to participate in the Annual Meeting of the World Economic Forum (WEF) in DavosKlosters, Switzerland, where he would interact with key world leaders and Chairpersons and CEOs of fifteen leading multinational organizations from the US, Europe, China and Japan. The Prime Minister is undertaking the two-day visit on the invitation of the Founder and Executive Chairman of the World Economic Forum (WEF) Professor Klaus Schwab.

fIA stops Rao Anwar from fleeing country ISLAMABAD

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A statement from the Foreign Office said the Prime Minister will participate in a number of important events and hold bilateral

‘E-commerce on rise in pakistan, Rs9.8b payments accepted through banks’

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he Federal Investigation Agency (FIA) stopped former Senior Superintendent Police Rao Anwar from fleeing the country early Tuesday morning at Benazir International Airport, Rawalpindi.

He was barred from leaving the country

by FIA, as he is involved in an ongoing investigation against him regarding the‘extrajudicial murder’ of Naqeebullah Mehsud. Anwar was stopped from boarding an international flight, however, was not taken into custody and was allowed to leave the airport.

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meetings. He will interact with Heads of States and Governments at a Special Session of the Informal Group of World Economic

Leaders (IGWEL), besides participating in a WEF session titled “the Belt and Road Impact”.

The Prime Minister has a busy schedule with the media and would give interviews to major international outlets including the Wall Street Journal, Nikkei/FT Group, the Washington Post, CNN, and “Participation of the Prime Minister in WEF Annual Meeting 2018 provides an opportunity to project Pakistan as prime destination of business, investment and trade,” the Foreign Office said.

“The event will provide an opportunity to showcase Pakistan’s upward economic trajectory and its huge potential, besides providing an informal setting to meet world leaders and share views on different issues.”

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RAWALPINDI

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usiness to consumer E-Commerce (e-B2C) is on the rise in Pakistan as 571 local e-commerce merchants were already accepting payments through banking channels as of end-June 2017, with cumulative annual domestic sales worth Rs 9.8 billion.

In addition to that, transactions worth Rs 20.7 billion were carried out by consumers on international e-commerce websites, stated State

Bank of Pakistan in its quarterly report while quoting latest e-commerce data. According to the report, growing incomes, coupled with advancement in communication technology and expansion of internet access and branchless banking, had been propelling the sector forward.

Various beneSits such as comfort of shopping from home, wider selection variety, ubiquity of 24×7 service, and interaction possibilities like reviews to make an informed decision were the main sources of attraction to the consumers. Businesses, meanwhile, are venturing into digital platforms to

increase their reach, the report added. “Additional beneSit comes from low operating costs and Slexibility in inventory management (based on feedback, recommendation, and just-in-time mechanisms) which results in increasing margins,” the report said. Thus, a range of businesses has shifted to this medium to cater to the growing demand and to remain competitive in the changing market environment, it added. This is an encouraging trend as it provides a potential to document transactions that would otherwise not become part of the formal retail segment.

TDAp holds consultative session on STpf 2018-23 HYDERABAD

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rade Development Authority of Pakistan held a consultative session with stakeholders organized by the TDAP here at a local hotel in connection with formulation of Strategic Trade Policy Framework (STPF) 2018-2023. The Director TDAP Abdul Kareem Memon briefed the participants about the measures being adopted by the government to enhance trade activities under comprehensive policy in order to strengthen the economy of the country. A delegation of Hyderabad Chamber of Small Traders and Small Industry (HCSTSI) led by Muhammad Akram Ansari has called upon the officials of Trade Development Authority of Pakistan and moved proposals for ensuring maximum facilities to business community in order to enhance exports so that the traders could be able to earn maximum foreign exchange for the country. The HCSTSI delegation emphasized the withdrawal of regularity duty as well as timely inspection of goods at the port so that importers and exporters could not face inconvenience carrying out their business activities.

Among others, Senior Vice President HCSTSI Sikandar Ali Rajput.

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nADRA reduces verification cost for micro-insurance policies ISLAMABAD

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ational Database and Registration Authority (NADRA) has agreed to reduce the cost of veriSication for micro-insurance policies on the recommendation of Technical Committee on Insurance.

This will apply to the microinsurance policies sold through mobile, Internet, digital and/or non-

digital modes. The cut in the NADRA veriSication cost will reduce the premium for microinsurance policies, making it affordable for the low-income segments.

It is expected that this will pave the way for development of the microinsurance segment thereby achieving the objectives of the NFIS, said a statement issued on Monday.

The government of Pakistan had launched the National Financial Inclusion Strategy (NFIS) to enhance

Sinancial inclusion across all parts of the Sinancial sector, including the banking, insurance and investments.

Accordingly, the NFIS governance structure was established in the form of NFIS Council, chaired by the Finance Minister, and the NFIS Steering Committee, chaired by the State Bank governor. In its Sirst meeting the NFIS Steering Committee resolved to form seven technical committees to focus on dedicated areas, one of which is the Technical Committee on Insur-

ance (NFIS-TCI), which is co-chaired by the Insurance Association of Pakistan (IAP) and Securities and Exchange Commission of Pakistan (SECP). The committee decided to promote microinsurance segment by providing conducive operating environment. Microinsurance is the small ticket size insurance aimed at those segments that remain uncovered since the insurers are reluctant to serve them due to limited commercial viability of microinsurance products.

The cost of NADRA veriSication became a special concern in case of microinsurance since it is signiSicant in proportion to the value of microinsurance policy and the premium and is eventually recovered from the end consumer, i.e. microinsurance policyholder in the form of additional premium. Therefore, in April 2017, the NFIS Technical Committee on Insurance had taken up the matter with the NADRA to rationalize the veriSication cost for microinsurance policies.

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Iran, Belarus agro trade up 58% TEHRAN: Iran and Belarus traded $14.5 million worth of agricultural products during the 10 months to Oct. 31, 2017, to register a 58% increase compared with last year’s corresponding period.

This was announced by Belarusian Deputy Minister of Agriculture and Director of the Veterinary and Food Control Department Ivan Smilgin on the first day of the 14th session of Iran-Belarus Economic Commission held in Tehran on Monday, IRNA reported.

Iran’s major agro exports to Belarus include fruit and vegetable, while it imports pastries, juice and chocolate from the East European country. The volume of Iran’s agricultural exports is larger than its imports from Balarus.

kccI strongly condemns grenade attack in kharadar cloth market

Thursday January 25, 2018

Chambers

IccI lauds the services of mD pakistan Baitul mal for society

KARACHI

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hairman Businessmen Group & Former President Karachi Chamber Siraj Kassam Teli and President KCCI Muffasar Atta Malik, while strongly condemning the hand grenade attack at Kharadar Cloth Market in which an elderly citizen was killed and five others were injured, urged the Sindh Government and Law Enforcing Agencies to save small traders and shopkeepers from the clutches of extortion mafia, which is responsible for sabotaging peace and security in Karachi by triggering the element of fear across the city. In a statement, Siraj Teli and Muffasar Malik stressed that LEAs must devise strict strategies to completely wipe out

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extortionists and ensure foolproof security to the business and industrial community, particularly small traders and shopkeepers of the Old City Areas who continue to receive threats and were being victimized by the Extortion Mafia.

They said that Extortion Mafia elements were fearlessly carrying out their activities at some of the busiest markets of the city during broad daylight, which clearly highlights the lapses of Police, Rangers and other LEAs to deal with the situation. “LEAs including Pakistan Rangers Sindh and Police have been urging shopkeepers and Small Traders to refrain from paying extortion money and assuring to provide security to their lives and businesses but keeping in view the constant threats by Extortion Mafia and the recent incident in Kharadar Market, it appears that the perturbed shopkeepers are at the mercy of extortionists as any refusal to succumb to their demands usually results in dire consequences”, they added.

ISLAMABAD

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uhammad Naveed, Senior Vice President, Islamabad Chamber of Commerce and Industry along with Baser Daud, former President ICCI called on Barrister Abid Waheed Sheikh, Managing Director, Pakistan Bait Ul Mal (PBUM) and lauded his valuable services for the nation. He said under the leadership of Barrister Abid Waheed Sheikh, Pakistan Bait Ul Mal was taking good initiatives for poverty alleviation from the country by providing various social safety net services to vulnerable & under-privileged people. He said it was encouraging that Barrister Abid Waheed Sheikh has promoted transparency, efficiency and accessibility in Pakistan Baitul Mall by introducing IT integrated system and e-governance that has greatly facilitated the needy people including those in need of urgent medical treatment.

He appreciated Barrister Abid Waheed Sheikh for running some valuable projects to provide various

social safety services to orphans, widows, disabled and other needy persons. It said it was laudable that PBUM has established hundreds of vocational schools for women empowerment and national centers for rehabilitation of child labor to provide free education. He said PBUM was disbursing a huge sums of money to the needy persons including cancer patients which was highly laudable. He hoped that under the

dynamic leadership of Barrister Abid Waheed Sheikh, Pakistan Bait ul Mal would launch many new projects for the welfare of needy and deserving persons. Speaking at the occasion, Baser Daud, former President, Islamabad Chamber of Commerce & Industry appreciated the role of Barrister Abid Waheed Sheikh for bringing innovation and transparency in Pakistan Bait Ul Mal and said it was encouraging that government has

TuSDEc to support surgical industry SIALKOT

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lamgir Chaudhry, CEO, Technology Up-gradation & Skill Development Company (TUSDEC) has said that the government has focused on the development and up-gradation of the surgical instruments and cutlery sectors of Sialkot, enabling them to be modernized through advanced technology.

He stated this while addressing an important meeting of the Sialkot exporters held at Sialkot Chamber of Commerce and Industry (SCCI) here today. SCCI President Zahid Latif Malik presided over the meeting.

CEO of TUSDEC added that the TUSDEC has successfully started implementation on a project “Industrial Technology Benchmarking” in order to address the needs of the

technology advancement for priority sectors including Surgical & Cutlery in Sields of Electromedicals, Dental & Surgical Implants and Mass Scale Production & Continuous Polishing of Tableware for Cutlery Sector. He also gave a detailed brieSing to the Sialkot exporters about the initiative of “Technology Benchmarking” in the highly value added sectors of Surgical Instruments and Cutlery Sectors of Sialkot.

During the meeting, Alamgir Chaudhry, CEO TUSDEC, shared with the Manufacturers of Surgical Insturments and Cutlery Sector that Rs36 million were allocated for study of gaps in the above mentioned sectors for which 3 International Consultants would be hired for each subsector including Electro Medical Instruments, Surgical Implants and Cutlery & Tableware.

The study would identify the precise

need for technology and the possible way forward in the adoption of the best high tech practices through establishment of common facility centers, joint ventures and skill upgradation, he added. CEO said that the practice would not only allow the exporters of Surgical Instruments and Cutlery Sector to exploit the potential that lied in the high tech products markets but would also serve to enhance the production processes of existing products. While addressing the meeting, the President SCCI Zahid Latif Malik said “I believe that this is a right step taken by the Government of Pakistan to enhance the two most value added sectors of Pakistan. The project would not only beneSit the existing manufacturing setups in the two priority sectors but would also serve to achieve the long desired goal of export diversiSication and entering high value markets through technology benchmarking”.

appointed a dynamic and highly qualiSied professional from the private sector to lead Pakistan Bait Ul Mal. He said that Pakistan Bait Ul Mal was playing vital role in combating poverty and stressed that all well-todo people should extend maximum cooperation and support to PBUM so that it could work more effectively to uplift the people from poverty and enable them to play a constructive role in our society.

LccI for a “powerful” Trade policy he Lahore Chamber of Commerce & Industry has expressed the hope that upcoming Trade Policy will be focused on enhancement of export competitiveness of the country. In a statement, the LCCI President Malik Tahir Javaid, Senior Vice President Khawaja Khawar Rashid and Vice President Zeshan Khalil said that economic challenges, particularly low exports and high trade deficit have underlined the need for a well-consulted and powerful trade policy which can perform as driving force for the economy. The LCCI Office-bearers said, government should realize that the country needs a paradigm shift to enable local businessmen to become globally competitive and can export those products which are valued more in the international market. –CB Report

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Customs impounds items, vehicles worth millions in 79 executions PESHAWAR: The Anti-Smuggling Squads of Customs House Peshawar in separate crackdowns have taken into possession non-duty-paid goods worth millions of rupees and shifted them along with vehicles to State Warehouse Peshawar which will be auctioned off during January, said by sources of the Customs House Peshawar the other day. Different crackdowns were conducted by ASO Peshawar from December 2017 to January 2018 in Peshawar region and NDP goods worth millions in 79 different raids were confiscated by the Anti-Smuggling Units of the Model Customs Collectorate Peshawar.

Thursday, January 25, 2018

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Demanding bribe from truck drivers harming business activities: Ziaur Rehman efSicient functioning of the domestically supply chain. EfSicient transport and telecommunication network reduces production and transaction cost in poor regions which serves as stimulus for domestic commerce but transporters in Pakistan has been rubbed at various check posts established by customs ofSicials of Intelligence and Investigation wing specially in Southern Punjab borders.

In a study this loss ranges between 4-6% of GDP annually. Pakistan’s logistics mostly rely on the road network, he added.

This market distortion has led to an overemphasis on trucking in Pakistan and despite an outdated Sleet trucking is the backbone of freight transport in Pakistan.

He was really chuffed to have his photo taken. Niamat Ali said that often he has been caught by the Customs I&I team and with empty pocket to provide the money his truck has been taken into custody despite clear cheat from Karachi sea port he remain stranded on Sakkur check post. He added that often the owners cut of the paid amount to I&I Sield from our salaries which increase burden on us. He demanded of the Customs high ups to take serious notice of the corruption been done with trucking on the way from Karachi to Peshawar.

PESHAWAR IRfAn BAhADuR

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akistan has a functional transport sector that accounts for about 11 percent of its GDP, 17 percent of Gross Capital Formation and 6 percent of employment said by the owner of M/s Sarhad Kakakhel Goods Transport Company in Peshawar. Zia ur Rehman owner of goods transport business at Peshawar while talking with Customs Today said that the transport sector consumes 35% of the total energy annually and accounts for approximately 15% of Public Sector Development Projects.

However, much of the economic gains that can be reaped from an efSicient transport sector are lost in Pakistan’s case due to poor performance of the customs I&I Sield ofSices who take bribe up to Rs15,000 to Rs20,000 from single truck which passes from customs check post established at Sakkur posing loss of millions.

According to some estimates the country suffers a loss of 8.5 percent of GDP annually due to leakages to the revenue. Ziaur Rehman said that the transport sector contributing for

customs Appraisement committed to serve business, trade: ADc LAHORE

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ollectorate of Customs Appraisement Additional Collector Rashid Munir has said that on the direction of Collector Customs Appraisement Jamil Nasir Collectorate is committed to facilitate trade and business in every possible way.

Talking to Customs Today, he said that the very strategy has

proved instrumental in enabling Collectorate of Customs Appraisement posted the mega customs duty collection growth of 44 percent in customs duty by collecting Rs16,880 million from July 2017 to December 2017 against Rs11,888 million collected during the same period of the last year.

The additional collector of Customs Appraisement said that collector Jamil Nasir has congratulated all the ofSicers for ensuring unprecedented increases in revenue collection and advised them to extend maximum facilitation to the importers and exporters for

speedy clearance of goods.

He said that a performance review meeting of the ofSicers of Model Customs Collectorate of Appraisement was held to review revenue collection and other initiatives taken by the Collectorate during the last six months. “Collector Jamil Nasir chaired the meeting. During the meeting, it was noticed that Model Customs Collectorate Appraisement has shown remarkable growth in revenue collection during Sirst half of the Siscal year as it has consistently met its monthly, quarterly as well as six monthly targets of revenue collection,” he added, further informing

during July 2017 to December 2017 customs duty amounting to Rs16880/- million was collected against Rs11888 million collected during previous corresponding period, thus registering record increase of 42%. “Besides optimum revenue collection, the performance of other areas like audits, recovery of arrears, auction and overhauling of different sections was also discussed,” Rashid Munir said. He said that Rs457 million have been collected through audits conducted by Post Release VeriSication (PRV) Cell, MBCO and DTRE sections. “Fresh initiatives taken by the Collectorate in the Sields of Hu-

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).

man Resource Management and ICT interventions were also discussed.

Collector Jamil Nasir expressed his satisfaction on feedback mechanism started through Collectorate’s indigenously developed software FAST (Feedback and Suggestion Tool) as well as ‘Employee of the Month’ scheme,” the additional collector said.

He said that on achieving the signiSicant growth the Collector of Customs Lahore appraisement congratulated all the ofSicers on unprecedented increases in revenue collection and advised to extend maximum facilitation to the importers and exporters for speedy clearance of the goods.