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Karachi, Thu March 15, 2018

PESHAWAR

IRFAN BAHADUR

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he Pakistan Customs is in hot water for detection of leakages to the national exchequer by large importers and exporters through trade via various routes on the borders lines.

For better surveillance of trading courtiers, it’s important to share big data infor-

mation for effective facilitation of the trade activities between Pakistan, Afghanistan, China and Iran. On the other side, implementation of standard mechanism is also needed for establishment of digital system for carrying out credit transfer and checking of goods declaration papers. Mohammad Saeed Jadoon, Acting Director Trade and Transit Routes and Collector Customs at the Model Customs Collectorate Peshawar, said this while

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talking with Customs Today on Tuesday at the Customs House Peshawar. In order to effectively beneTit from the China Pakistan Economic Corridor, the Pakistan Customs has to be linked with China Customs to curb or minimize the fraud in trade.

The same efforts needed to be done for trade with Emirates, Afghanistan, Iran, Turkey, Europe and other countries which pose capacity to give beneTit to the national exchequer of Pakistan.

Customs fares well by posting 11 pc growth in comparative eight months

Customs Export recovers Rs12.25m from defaulter companies

Appraisement Lahore unearths Rs4.4m tax evasion thru under-invoicing

DG Valuation to revise VR No 792/2016 on April 25

Customs Quetta reimburses Rs06m extra rebate refunds to exporters

MCC Islamabad showed 75% increase of revenue under all the heads | See pAge 02 |

Customs Export has recovered evaded taxes and duties of Rs 10.25 million | See pAge 03 |

Appraisement Lahore has detected a mass under-invoicing on goods imported | See pAge 04 |

DG Valuation has decided to revise the Valuation Ruling No: 792/2016 on April 25 | See pAge 09 |

MCC Quetta paid off additional rebate refunds of Rs6.00million of CD | See pAge 16 |

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Ten Inspectors of MCC Islamabad reshuffled to various sections Thursday, March 15, 2018

Islamabad

ISLAMABAD: Chaudhry Zulfikar Ali Chaudhry, Director Model Customs Collectorate Islamabad, transferred 10 Inspectors of the MCC Islamabad to different sections under the jurisdiction of MCC Islamabad.

According to details explained by sources of the Model Customs Collectorate (MCC) Islamabad that, under the office order C.No01 (02) ADM/2017/2543, the Collector MCC Islamabad ordered the transfers of nine male and one female Inspectors to various locations.

customs fares well by posting 11 pc growth in comparative eight months

RAWALPINDI

ISLAMABAD

cUStomS BULLetIN RepoRt

tARIQ DeRYA

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he Anti Narcotics Force organised the Force Commanders Conference at its Headquarters. The conference was chaired by Director General ANF Major General Musarrat Nawaz Malik and was attended by Force Commanders of all ANF Regional Directorates and ANF senior staff officers. The ANF DG showed satisfaction over overall organisational performance of ANF. Progress on counter-narcotics operations, international commitments and drug abuse prevention and treatment programmes was comprehensively reviewed. During the conference, exceptionally stringent measures were recommended to trace and bust the dark nets involved in indoor and outdoor trafficking of Ecstasy Tablets and Amphetamine Type Stimulants (ATS). In addition, aspects related to enforcement, intelligence, assets investigation, prosecution, mass awareness, finance, administration and infrastructure development were discussed at length while futuristic goals were also set forth with special focus on undertaking fresh initiatives and capacity building plans.

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he Model Customs Collectorate Islamabad showed 75% increase of revenue under all the heads during first eight months (July to February) FY17-18 against the same corresponding FY16-17 while the collectorate demonstrated 64% hike of revenue under all the heads during the same period against the assigned revenue target for first eight months of FY2017-18. According to details explained by Zulafikar Ali Chaudhry, Collector Model Customs Collectorate (MCC) Islamabad, that the collectorate displayed an outstanding performance during above said period under all the heads. The collectorate exhibited 45% growth of Customs Duty (CD) during first eight months of FY1718 against the same corresponding period. The collectorate gained 28% increase against an allocated revenue target for first eight months of current FY17-18 he said.

Chaudhry told CT that the collectorate generated 126% more revenue as Sales Tax (ST) during eight months of FY17-18 against the same previous period. The collectorate fetched 125% extra revenue under the head of ST against an earmarked revenue target for first eight months of FY17-18.

He further said that the collec-

ANF reviews progress on counter-narcotics operations

torate earned 43% extra revenue of Income Tax (IT) during Tirst eight months of FY17-18 against a revenue collection during the same previous period while the MCC Islamabad showed 34% growth under the same head against an assigned revenue collection target from July to February FY17-18.

The Collector MCC Islamabad told Customs Today that, during Tirst eight months of FY17-18, the collectorate demonstrated 90% hike of Federal Excise Duty (FED) against the same corresponding period while it received 74% increase under

the same head against an allocated revenue target for Tirst eight months of FY17-18. Meanwhile, The ASO Islamabad generated an additional revenue of above Rs20million during the month of February FY17-18 against the same corresponding FY16-17 by taking into possession smuggling goods and vehicles. According to details given by ZulTikar Ali Chaudhry, Collector Model Customs Collectorate (MCC) Islamabad, while talking with Customs Today exclusively, that, during the month of February FY17-18, the Anti-Smuggling Organization showed good per-

formance. He said that, during February FY17-18, the ASO made big seizures of perishable smuggling goods which were smuggled via Kashmir. The MCC Islamabad has ordered its staff to launch a strict crackdown on the illicit Kashmir trade. He said that he has informed the ASO Islamabad to take every possible action to curb the smuggling activities via Azad Jammu and Kashmir (AJK) because this smuggling causes the genuine traders and government discouragement and losses who pay proper duties and taxes to the exchequer of the country.

IHc relists three matters involving customs tribunal & mcc

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ISLAMABAD

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he Islamabad High Court relisted three customs matters involving Customs Appellate Tribunal and Model Customs Collectorate Islamabad.

The IHC Division Bench, comprising of Justice Athar Minallah and Justice Hassan Aurangzeb, heard the cases. The bench had earlier relisted the cases including the one Tiled by

M/s Awan CNG Re-Tilling Corporation Private Limited. The company had Tiled the cases against the Model Customs Collectorate. The bench had also dated in ofTice the hearing on matters Tiled by DG Intelligence and Investigation against Malik Muhammad Ajmal Khan. M/s Comfort Sales Corporation had Tiled a case against the ATIR and Customs Department.

M/s Comfort Sales Corporation had Tiled the case against the ATIR and Customs Department. M/s Comfort Sales Corporation had challenged the

act of recovery of said amount by Commissioner Inland Revenue of the Large Taxpayers Unit Islamabad. The ATIR was also made a respondent in the case as the tribunal had upheld the departmental decision regarding the issuance of the show cause notice and demand of recovery of outstanding tax amount under the head of the federal excise duty. M/s Comfort Sales Corporation prayed the court that the FBR ofTice had issued a recovery notice to the company which did not hold lawful grounds.

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Notice issued to Port Qasim Customs in vacuum cleaners import case KARACHI: Sindh High Court (SHC) has issued notice to Port Qasim Customs for March 8 in a vacuum cleaners import case.

A SHC division bench, comprising Justice Munib Akhtar and Justice Asrhaf Jahan, issued notices in the case of two containers cleared in 2013.

Hawks International, importer of vacuum cleaners moved the court, challenging a demand raised by Pakistan Customs regarding consignment cleared in 2013 and said re-assessment after five years is invalid as per custom rules.

court grants protective bail to accused in mobile smuggling case

Thursday March 15, 2018

Karachi

customs export recovers Rs12.25m from defaulter companies

KARACHI

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indh High Court has granted protective bail to an accused in mobile smuggling case.

Justice Saleem Jessar granted the accused protective bail for ten days against a solvent surety of Rs50,000. The court earlier heard Miss Dil Khurram Shaheen advocate, counsel for accused Babar Azad booked by Pakistan Customs, Jinnah Airport Terminal after one Khawar Ansari told the Customs officials that mobile he was carrying from Dubai to Karachi were owned by Babar. The mobiles confiscated include I-Phones and other costly mobile sets worth Rs1.1 million.

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et&Nc to launch new website soon: mukesh kumar KARACHI

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indh Minister for Excise, Taxation and Narcotics Control Mukesh Kumar Chawla has said that the new website of Excise and Taxation & NC department has been developed and soon it will be made operational to facilitate the people and to maintain accurate data. This he said while presiding over a meeting in his office on Tuesday, said a press release. He asked the director concerned to strictly follow the administrative departments’ guidelines / approval data sharing and no data sharing should be done without approval of the Administrative department. Mukesh Kumar Chawla directed the officers concerned to dig out the statistical data with meaningful insight to broadening of tax net and safeguard the government revenue throughout Sindh province.

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KARACHI

wAQAR AHmeD ANSARI www.customsbulletin.com

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he Customs Export has recovered evaded taxes and duties of Rs 10.25 million 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 Mougheera & Company availed undue beneTits and concessions after importing different consignments by misusing the SRO 568 through Examiner Usman Ali on August 2017. Sources further said that the company was allegedly involved in the tax evasion of Rs 4.56 million. After detecting the tax evasion in the month of February 2018,, the Customs Export served on it a Tinal notice on February 22 , 2018 to deposit the evaded amount within fourteen days, but Defaulter Company couldn’t submit amount. In March After receiving the notice, the management of M/s Mougheera & Company deposited the evaded amount in the ofTicial account of the Customs Export on 5th, March 2018. On the other hand, the management of the M/s Classic Paints Gharo also cleared Rs5.69 million of taxes and duties. Sources told the correspondent that M/s Classic Paints Gharo also availed undue beneTits and concessions and avoided paying taxes according to the customs bylaws.

The Customs Export authorities issued to it a Tinal notice on February 19, 2018. After receiving the notice, the management of the M/s Classic Paints Gharo deposited the evaded amount of taxes into the ofTicial account on Monday.

Meanwhile, The Customs Export has recovered an evaded amount of taxes and duties of Rs11.08million from defaulter companies which had been issued with notices to pay the arrears. Sources told Customs Today

After detecting the tax evasion in the month of February 2018,, the customs export served on it a final notice on February 22 , 2018 to deposit the evaded amount within fourteen days, but defaulter company couldn’t submit amount

SRB restores St registration of 11 taxpayers

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KARACHI

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indh Revenue Board (SRB) has restored sales tax registration of 11 taxpayers, whose registrations were suspended on non-compliance.

Sources said that, SRB has asked to restore the sales tax registration of 11 taxpayers, who were suspended along with 4,338 taxpayers on July 25, 2017. In

view of the foregoing position, the SRB asked the PRAL to restore the

registration of taxpayers listed below: M/s. Bilal Ahmed Contractor M/s. Al-Rehmania International M/s. Chetan Jaipal Government Contractor M/s. Nawal Ali Government M/s. Barkat Ali Construction M/s. Unique International M/s. Rajput Enterprises M/s. Habibullah & Brothers M/s. Tariq Enterprises M/s. Arz Muhammad & Co. M/s. Altaf Hussain Jatoi hare.

that, during a scrutiny of the import data, it was revealed that M/s Tufail Fertilizers availed undue beneTit and concession after importing different consignments by misusing the SRO 567 through Examiner Usman Ali on December 9, 2017. Sources further said that the company was allegedly involved in the tax evasion of Rs6.50million. After detecting the tax evasion, the Customs Export served on the company a Tinal notice on January 30, 2018.

pak rupee makes recovery against dollar he Pak rupee made recovery against the US dollar both in open market and interbank. As per the local money market, the greenback shed 15 paisas in open currency market for buying at Rs111.70 for selling at 112. The dollar also lost 10 paisas in interbank at Rs 110.20 for buying and Rs110.40 for selling.

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Commissioner Appeals bans tax collection from two companies Thursday March 15, 2018

Lahore

LAHORE: The Commissioner Appeals has banned the tax recovery from the two known companies till further orders. The Commissioner Appeals of the Inland Revenue has heard the appeal filed by the two companies named Emco Private Limited and ZKB Limited.

Before the Judicial forum, the counsel for the appellant presented the relevant arguments and prayed for the ban of recovery from the companies by the relevant zone of the FBR. The zonal officer for the Regional Tax Office also appeared before the Commissioner Appeals and requested the rejection of the complaint.

court to announce judgment Appraisement Lahore unearths Rs4.4m against money laundering tax evasion thru under-invoicing accused in next hearing LAHORE

LAHORE

m ImRAN meHAR

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he Special Federal Court of the Customs Taxation and Anti-Smuggling has received an investigation challan of the Customs Investigation and Prosecution against the accused of the money laundering. Now the court has reserved the verdict against the accused which will be announced in the next hearing.

Accused Faisal was arrested by the Customs Preventive Authorities at the Allama Iqbal International Airport Lahore. During a thorough search of his luggage, the authorities found a huge quantity of currencies. Accused Faisal was trying to smug-

customs Appellate tribunal hears 14 cases, reserves verdict of two he Customs Appellate Tribunal (single & double) bench heard 14 cases on Thursday and adjourned all for different dates without those two appeals in which the verdicts were reserved. The single bench-II, comprising Omer Arshad Hakeem, Member Judicial, heard six cases including Syed Muhammad and Sons Trading versus Directorate Intelligence and Investigation Faisalabad. The case was reserved for March 14, 2017. The single bench-II also heard a case M/s Qasir Enterprises versus Customs Lahore which was adjourned till March , 2018. The appeal of M/s Orient Coating and Finishing Mills versus Customs Faisalabad has been reserved for 21st March, the case of Abdul Majeed versus Customs Lahore has been adjourned till March 14 and verdict is reserved in appeal of M/s Habib Ullah versus Directorate of Intelligence and Investigation Faisalabad has been reserved. –CB Report

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gle currency of Rs02million. The customs authorities found dollars, Euros, Pounds and Pakistani currency into his luggage.

The customs investigation team presented him before the customs court for getting his physical remand to investigate more on the case that was approved by the court.

After the completion of the remand, the customs team presented him again before the court and told it that all the investigation had been done, so court could send him to jail. The court ordered the investigation team to present his investigation challan that was submitted. The customs authorities have registered a case against him under Pakistan Customs Act-1969. The customs authorities have registered a case against him under Pakistan Customs Act-1969.

m HAYAt

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he Pakistan Customs Appraisement Mughalpura Lahore has detected a mass under-invoicing on goods imported from Thailand. An initiative has also been taken to recover the evaded revenue by the Customs Department. The Collector Customs Mughalpura received information that M/s Serap Internationals imported a consignment which is not correctly declared. M/s Serab Internationals imported surveying instruments from Thailand that were declared with the value of $1155.

During the assessment, the Customs Appraisement found that the value of the imported consignment is more than $10million. The accused party caused the national kitty a big loss of Rs4.4million by

NAB delivers Rs10.8 million cheques to LDA

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ational Accountability Bureau (NAB) Lahore Director General Shahzad Saleem handed over cheques amounting Rs10.8 million of recovered money to Lahore Development Authority (LDA) Director General Zahid Akhtar Zaman at NAB ofTice. Spokesperson for the NAB said the bureau had been probing numerous graft cases related to LDA in which allegedly hefty amounts were known to be embezzled. The cases included illegal commercialisation of properties through

unjustiTied means with the alleged connivance of LDA ofTicers and ofTicials, whereas, some culprits have been arrested by NAB in this regard. Moreover, other cases were related to preparing and selling of bogus and illegal Tiles of different plots in renowned private housing societies with connivance of LDA ofTicials and other private property dealers, the spokesperson said. Speaking on the occasion, Shahzad said the anti-graft watchdog was determined to make Pakistan a corruption-free country. –CB Report

doing the under-voicing. The Customs Appeasement Mughalpura also has a detailed record of exports and imports of the accused as well.

Subsequently, two Additional Collectors have been tasked to scruti-

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nize the import data of the goods of the company to ascertain whether there is any recoverable revenue.

The Additional Collectors in their report conTirmed the corruption of mass under-invoicing done.

Fto reserves verdict of tax refund appeal he Federal Tax Ombudsman (FTO) has heard an appeal Tiled by M/s Abbas Corporation (Private) Limited and reserve its verdict which will be announce later on. The appeal has Tiled against Corporate Regional Tax OfTice (CRTO). According to the details, FTO Consultant Mian Munawar Ghafoor heard the case in which the counsel for the appellant argued that the Corporate Regional Tax OfTice (CRTO) had failed to release tax refund of the last two years claimed by the company.

He said that the RTO collected ex-

cessive tax during the last two years.

He approached the commissioner concerned many times for issuance of refunds but the CRTO ofTicials did not pay the refunds after the passage of reasonable time.

At the end, the company decided to approach the FTO, seeking interference in this case. The counsel appealed the FTO advisor to direct the CRTO to clear the refund claims.

The counsel further said that CRTO should refund the excess collection in wake of taxes by the end of Tinancial year but the situation is quite otherwise. –CB Report

FBR freezes accounts of NtDc over Rs1.26b outstanding wHt

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LAHORE

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ederal Board of Revenue (FBR) has frozen the entire bank accounts of the National Transmission and Despatch Company Ltd (NTDCL) for its failure in depositing withholding tax of over Rs1.26 billion for the fiscal year

2009-10. The NTDCL administration has protested over the attachment of accounts, stating that the action may delay a number of important power transmission projects, including those being executed on fast track under the China Pakistan Economic Corridor (CPEC). “We have already contested this case by going into an arbitration since we believe we

have already paid the tax (Rs50 million approximately) for the year 2009-10 manually. But the FBR doesn’t accept this manual way of paying tax despite the fact we already told them that it was not possible to pay and show it electronically in our tax returns due to the non-availability of such facility in 2010,” a senior NTDC official said. The official said NTDC tried

hard to convince the FBR to audit the former’s accounts in detail, but the latter didn’t agree. “We even hired an independent consultant to review our accounts and check the authenticity of our documents.

The consultant also endorsed our claim, but the only problem was the manual deduction and deposition of tax in 2010 that is not being accepted by the FBR,” he explained.

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ISLAMABAD

m ARSHAD

www.customstoday.com

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he soaring performance of Federal Board of Revenue (FBR) in last five years has played key role in fiscal consolidation of national economy. FBR demonstrated marvelous consistent performance in terms of revenue collection which hiked during every fiscal year in last five years.

In Tiscal year 2012-13 FBR’s revenue collection stood at Rs1,946 billion which gone up to Rs,361 billion in last year. FBR has collected revenue amount of Rs 1,730 billion during Tirst six months of current Tiscal year 2017-18 which is Rs263 billion more than the revenue collected in the corresponding time of previous Tiscal year. It was Rs1467 billion.

Regulatory duties (RDs) are helping contain imports and export package has helped in increasing exports by 11.8% from July-January 2017-18 as compared to same period last year. Therefore, the foreign exchange reserves had hit $ 11 billion in FY 2013, which rose to $ 24.5 billion in October 2016, but have since declined as a result of higher imports of growth enhancing capital equipment and machinery. OfTicial source at FBR told Customs Today that FBR had played key role in Tiscal consolidation because it had been achieved through improved revenue collection by elimination of tax concessions and exemptions, broadening of tax base and better tax admin-

istration as well as prudent expenditure management by rationalization of untargeted subsidies. Fiscal deTicit contained yet Federal PSDP increased three folds since FY 2013.

The source told that positive development seen in both working capital and Tixed investment, on account of lowest policy rate in 45 years, at 5.75% till Tirst half of FY 2017-18, down from 9% in FY 2012-13. Policy rate has recently been increased to 6% in January, 2018. In 2015-16 inTlation hit a 47year low at 2.86% thus enabling price stability and consolidating the purchasing power of a common person. The increased revenue collection due to FBR’s strenuous efforts, the source said that Pakistan’s public debt dynamics witnessed various positive developments therefore government continued to adhere to the targets set forth in Medium Term Debt Management Strategy (MTDS) to ensure public debt sustainability. Major debt sustainability indicators have improved in last four years of the present government, a fact that is acknowledged by global stakeholders.

“ReTinancing Risk of the Domestic Debt Portfolio” was reduced through lengthening of the maturity proTile as percentage of the domestic debt maturing in one year was reduced to 55.6% at end of June 2017 compared with 64.2% at end of June 2013″ the source maintained. The source told that exposure to the Interest Rate Risk was also reduced as the percentage of public debt re-Tixing in one year decreased to 47.8% at the end of June 2017 compared to 52.4% at the end of June 2013.

Similarly, share of External Loans Maturing within One Year” was equal to around 27.7% of ofTicial liquid reserves at the end of June 2017 as compared with around 68.5% at the end of June 2013 indicating improvement in foreign exchange stability and repayment capacity. Meanwhile, The Federal Board of Revenue (FBR) has started scrutiny and examination of 199 cases of sales tax refunds involving Rs 166.38 million, it is learnt here.

Sources told Customs Today that refunds had been sanctioned by the Tield formations allegedly without veriTication of payment of tax by suppliers, payment to suppliers through banking channel and checking the stock consumption which made the sanctioning orders provisional. Sources said that rule 36 (1) of the Sales Tax Rules 2006, provides that after disposing of the refund claim, the ofTicer-incharge shall forward the relevant Tile to the post-refund audit division for post-sanction audit and scrutiny, which inter-alia includes veriTication of input tax payments by respective suppliers under Section 8-A of the Sales Tax Act, 1990 and compliance of Section 73 of the Act, regarding payment against certain purchases through the banking channel.

The irregularity was pointed out by the Federal Board of Revenue to Tield formations and instruct them to furnish the report. In 138 cases involving Rs1,132.86 million Tield formations failed to complete the report, in two cases of Rs. 3.59 million it was reported that post refund audit had been initiated and in 89 cases of Rs226.19 million.

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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

possible risks to economy

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s the general elections are approaching fast, the economy of Pakistan could experience a significant decline in its growth rate as, usually; no one in the interim government takes responsibility of the economic aairs. On another note, the International Monetary has expressed concern over widening external and fiscal imbalances, reduction in foreign currency reserves and emerging risks to the financial outlook. The macroeconomic stability, which the government had achieved after entering a three-year $6.64 billion multitranche Extended Fund Facility with the IMF, was lost soon after Ishaq Dar left as the finance minister. Now the fund managers have advised the government to refocus on nearterm policies to get back to fiscal discipline and minimize the risks of economic lost. There was a need to adopt austerity measures at the higher levels and maintain medium-term debt sustainability, but the government failed on both the accounts. The country’s fiscal deficit is growing and could reach 5.5 percent of the gross domestic product and the current account deficit could cross 4.8 percent of the GDP. It is believed the economic growth rate would stay at 5.6 percent instead of 6 percent projected in the budget. Though the nearterm economic growth outlook is favourable, risks to macroeconomic resilience could jeopardize the overall outlook of the economy.

When loans are the only option for the government to resolve financial troubles, the jugglery of words would not resolve chronic issues. The fund wants the government to do more, cautioning it on external liabilities, whereas the public sector entities are continuing to incur losses. The government will have to concentrate on debt management to lower fiscal risks. Experts firmly believe that stimulation of the industrial sector should be main priority of the policymakers instead of foreign loans. The so-called fiscal discipline cannot be strengthened by burdening the nation with more loans and more taxes. The government will also have to stop overspending in non-productive sectors.

Besides austerity measures, tax concessions and investment friendly policies need to be implemented. Creating diďŹƒculties for imports will create more risks than any benefit as the government had earlier slapped duties on several hundred commodities to curtail volume of exports.

threat of food scarcity P

LAHORE

DR AFtAB AFZAL

www.customstoday.com

akistan is predominantly an agricultural economy with best canal irrigation system in the world and fertile lands, but has been appearing as a major importer of food products in recent years. The international media reports suggest Pakistan is one of the countries which could face food shortage in near future.

Pakistan has imported vegetables worth $1.37 billion from China during the first half of the current fiscal year. In the wake of unstable political situation and lethargy of the official cadre, no programme has

been launched to assess the food needs of the country and how to fight possible threat of food scarcity. India is continuously building dams on the rivers meant for Pakistan in violation of international agreements as rivers Ravi, Sutlej and Chenab are drying up, leaving the whole plains of Punjab and Sindh barren. This serious issue appears to be a non-issue for the officials who matter. The Indian Punjab province is the one third of the Pakistani part of Punjab in size, but it not only catering to the food needs of entire India, but also exports vegetables and fruits worth millions of dollars to Pakistan. This shows

how limited is the scope of agriculture sector in the country. According to an update of the State Bank, the import bills rose to $21.3 billion in the first half of the current fiscal year. Most of the imported products relate to agriculture and dairy sectors. The lavish spending on the import of edibles is putting extra-burden on the already depleting foreign exchange reserves. The reports show the import of vegetable products in the first sixmonth was 29 percent higher than the corresponding period of the previous fiscal. The rising import bill is also an indication that how much the country is depending on the

foreign agriculture products.

Reports also suggest that Pakistan imported edible fruits and nuts worth $74.9 million during the first half of the current fiscal year. The imports of the same products were $49 million during the last year.

Besides, Pakistan spent $64.6 million on the import of dairy products and another $23.9 million on the import of halal animals. Pakistan is major importer of palm oil which is incompatible with health chemistry of the local population. A national action plan against food scarcity is the need of the hour otherwise the situation would continue to go from bad to worse.

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Customs impounds offending truck loaded with 5732kg of fabric & other items on tip-off ISLAMABAD: The Anti-Smuggling Organization Islamabad took into possession 5,732 kilogram of foreign origin fabric plus other contraband goods along with an offending vehicle on a secret information of Collector MCC Islamabad. According to details given by sources of the Model Customs Collectorate (MCC) Islamabad that, on a tip-off shared by Zulafikar Ali Chaudhry, Collector MCC Islamabad, the ASO staff set up a picket on GT Road Sahiela and intercepted a Mazda truck bearing registration No: LOT 4561. It was told that the ASO staff asked the possessor of the smuggling items to show the relevant documents (Goods Declarations) if any but he failed to produce anything legal which could prove that the loaded goods are not smuggling articles.

ImF declares pakistan’s near-term outlook for economic growth favourable ISLAMABAD

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he International Monetary Fund (IMF) has declared Pakistan’s near-term outlook for economic growth as broadly favorable with real GDP expected to grow by 5.6 percent in FY 2017/18, supported by improved power supply, investment related to the China-Pakistan Economic Corridor (CPEC), strong consumption growth, and ongoing recovery in the agriculture sector. Inflation has remained contained, it said. However, the IMF has also said that continued erosion of macroeconomic indicators could put this outlook at risk. Following significant fiscal slippages last year, the fiscal deficit is expected at 5.5 percent of the GDP this year, with risks towards higher deficit ahead of upcoming general elections. The IMF Executive Board, on the conclusion of first Post-Program Monitoring Dis-

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Thursday March 15, 2018

National

Dg Valuation to revise VR No 792/2016 on April 25 T

KARACHI

wAQAR AHmeD ANSARI www.customsbulletin.com

he Directorate General, Customs Valuation, Director General Surriya Ahmed Butt has decided to revise the Valuation Ruling No: 792/2016 on April 25, 2018, it is learnt. Surriya Butt said the department was reviewing suggestions from various importers to set new prices of food supplements (drinking powder Milo, and others).

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

Moreover, the valuations will be set in view of the rising prices in the international market. Sources told Customs Today that a petition was Tiled with the Customs Valuation in which change in prices of Food Supplements ( Drinking Powder Milo, and others) was requested. Sources further told that Valuation Ruling No: 792/2016 was issued on January 11, 2016. A meeting was held with the stakeholders on 5 February 2018. Importers were advised 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 manufacturers of the items in question through which the actual current value could be ascertained.

Meanwhile, The Directorate General of Customs Valuation has revised the customs values of Egg Powder Valuation Ruling No: 1265/2018 under Section 25A of the Customs Act-1969. Earlier, cus-

toms values of Whole Egg Powder, Egg Yolk Powder and Egg Albumin/White Powder (High Gel) were determined and notiTied vide Valuation Ruling No. 1086/2017 dated 17-03-2017. A representation was received from local manufacturer of the subject items wherein they contended that values need to be realigned with international market

trend. Moreover, they also complained that notiTied customs values in the ruling are not being implemented in certain clearance formations. In response, this Directorate General immediately sensitized the concerned clearance collect orates and requested them to ensure that existing notiTied values are correctly implemented.

Sc allows collection of regulatory duty on over 356 import items cussions with Pakistan, observed that surging imports had led to a widening current account deficit and a significant decline in foreign exchange reserves despite higher external financing. The FY 2017/18 current account deficit could reach 4.8 percent of the GDP with gross foreign currency reserves further declining in a context of limited exchange rate flexibility. Against the background of rising external and fiscal financing needs and declining reserves, risks to Pakistan’s medium-term capacity to repay the Fund have increased since completion of the Extended Fund Facility (EFF) arrangement in September 2016.

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he Supreme Court of Pakistan has temporarily allowed the Federal Board of Revenue (FBR) to collect regulatory duty on over 356 import items.

After interim relief by a threejudge bench – headed by Chief Justice of Pakistan Mian Saqib Nisar – against a decision of the Sindh High Court (SHC), the FBR would be able to collect potential revenues of Rs90 billion. Last month, the SHC had struck down an amendment to the Customs Act which became the basis for imposition of the regulatory duty on more than 356 goods in order to curb growing imports.

The provincial court declared the Statutory Regulatory Order (SRO) 1,035 of 2017 unconstitutional,

which the FBR had issued in October 2017 in exercise of powers conferred by the amended Section 18(3) of the Customs Act. The SHC declared the amendment to the Customs Act “ultra vires and unconstitutional”. However, the SHC suspended its judgement for 30 days in order to enable any aggrieved party to appeal against the verdict. On this basis, the FBR Tiled a Civil Petition for Leave to Appeal (CPLA) in the SC, requesting the court to grant it relief against the decision.

The SC allowed the FBR to collect the regulatory duty till the time it took a final decision, said an official of the FBR after the court proceedings. The FBR has estimated that it would collect Rs90 billion in revenues on account of the SRO 1,035 in the current fiscal year 2017-18 (FY18). The relief comes at a time when tax authorities are

struggling to achieve this year’s Rs4.013-trillion tax collection target. The regulatory duty on imported items remains an important tool for the FBR for increasing the collection of duties and sales tax at the import stage.

Total tax collection at the import stage, which is inclusive of regulatory duty, customs duty, withholding taxes and sales tax is estimated at roughly 45% of FBR’s total collection. The SHC had made a Supreme Court’s judgement the basis for declaring the amendment to the Customs Act 1969 through the Finance Act 2017 unconstitutional.

In the August 2016 verdict, the Supreme Court had deTined the federal government as the federal cabinet plus the prime minister and barred the premier or any minister from unilaterally taking decisions on Tiscal matters.

In order to defeat the Supreme Court’s ruling, then Tinance minister Ishaq Dar had acquired special powers by inserting a similar clause in all the four Tiscal laws. The clause stated that the board (FBR) with approval of the federal minister in charge may by notiTication make changes in the tax rates. The SHC had upheld the principle of taxes and duties being imposed only by parliament. “Those functions of the federal government that relate to the exercise of legislative powers cannot be conferred at all, ie, cannot be regarded as part of the designated functions,” said the SHC judgement. Although the SC’s interim relief would address the FBR’s Tiscal concerns, the government will still have to address the legal issue that became the basis for declaring the SRO 1,035 illegal, according to legal experts.

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FIA seals medical store, 2 held for selling spurious drugs Thursday March 15, 2018

National traders want body to settle rent disputes

FAISALABAD: An FIA team sealed a medical store and arrested two accused persons for selling spurious drugs in Pir Mehal, Toba Tek Singh.

FIA official said that an FIA team, along with Provincial Drug Inspector, conducted surprise raid at Ali Zaib Medical Store, Bhussi Adda Pir Mehal, and recovered spurious/ unregistered tranquilliser drugs including Dosovil Injection (500), Yellow Liquid Injection (250), Black Cobra Tablets (45), Aminophyline Inj (Expired 45) and Tenzil Tablets (300 Tablets).

FBR grants performance allowance to 6 female appraising officers

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usiness community of the capital city here has urged the government to form a reconciliation committee under the aegis of chamber to settle rent disputes of traders. Addressing a rally of traders taken out to press for promulgation of new rent control law in Islamabad, Senior Vice President, Islamabad Chamber of Commerce and Industry Muhammad Naveed said that the incidents of forced evictions of traders from shops due to rent disputes have recently increased in the federal capital that have created great concerns in the trading community. He said the absence of a new rent law was giving rise to such incidents and called upon the government to arrange early promulgation of rent control act in Islamabad save the traders from further problems.

He assured that ICCI would all support moves for early promulgation of rent control act in Islamabad to facilitate the growth of trade activities.

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capital Investment Summit and expo from today apital Investment Summit and Expo 2018 will be held at the Pak-China Friendship Center Islamabad from March 13 to 15. The 3day event will be a forum for government and business leaders to discuss current key investment challenges, as well as suggest road map to achieve potential economic growth, said a press release issued here. The event is supported by Board of Investment, Ministry of Finance, Ministry of Overseas Pakistan and Overseas Pakistanis Foundation. Pakistan’s potential future economic growth, taxation, regulations and future of capital of capital market in Pakistan will be discussed in consultative sessions on day of the event. –CB Report

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ederal Board of Revenue (FBR) has granted performance allowance to six female appraising ofTicers. The ofTicers, including Nitasha Ahmed, Anika Malik, Ayesha Jamil, Uzma Kanwal, Faiza ShaTi and Saima Sweety, posted at Model Customs Collectorate, Islamabad, were selected through the process of internal job posting (IJP). The ofTicers were granted performance allowance equal to 100 per cent of minimum of their basic pay (in pay scale-2011) with effect from February 22 i.e the date of approval of the competent authority. Grant of performance allowance will be governed through the terms and conditions laid down vide Circular No.

6(96)S(BIC)/2013-14 dated 06.03.2015 to be read with Para-10 of Finance Division’s

O.M.No.1(3)/Imp/2015-360 dated 07.07.2015. The allowance will be discontinued in case prescribed

terms and conditions are not fulTilled within one month from the date of issuance of this notiTication.

FBR directs LtU to recover federal excise duty, sales tax of Rs 5,534.20m from pIAc T

ISLAMABAD

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he Federal Board of Revenue (FBR) has ordered the Large Taxpayers Unit Karachi to expedite efforts for recovery of Rs 5,534.20 million from Pakistan International Airlines Corporation (PIAC) under the head of federal excise duty and sales tax.

Sources told Customs Today that M/s Pakistan International Airline Corporation (NTN 0803450-8), registered with Large Taxpayers Unit Karachi, has failed to deposit the federal excise duty and sales tax amounting to Rs 5,534.20 million. According to rule 41-A of the Federal Excise Rules 2005 read with Table-II of First Schedule of the Federal Excise Act 2005, federal excise duty on services provided by aircraft operators in respect of travel air

passengers within the Pakistan and international air travel of passengers embarking from Pakistan is payable by airline by the

15th day of the following second month. Pakistan International Airline received Rs5,443.20 million and Rs91 million from air

passengers under the head of federal excise duty (FED) and sales tax (ST) but not deposited in national exchequer.

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FBR seeks nationality status of officers working in Pakistan Revenue Automation Ltd LAHORE: The Federal Board Revenue (FBR) directed Chief Executive Officer (CEO) of the Pakistan Revenue Automation Limited (PRAL) to provide information of dual nationality of the officers working under his control.

The FBR referred to the Establishment Division’s O.M. No 621/1/2018-E-I dated 06.03.2018 on the subject and said that the Establishment Division has conveyed the directions of the Honorable Supreme Court of Pakistan that detailed information may be collected as per attached Performa in respect of all cadre/ex-cadre/regular/contract government servants including officers on deputation (BS-17 & above) and their spouses, and that the same be forwarded to NADRA / Establishment Division.

Bok earns Rs1790mn profit for the year 2017 PESHAWAR

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meeting of the Board of Directors (BoD) Bank of Khyber was today informed that the bank posted Rs.1790 million profit after tax (PAT) for the year ended December 31, 2017. The BoD meeting was presided over by Chairman BoD Dr. Shahzad Khan Bangash, Additional Chief Secretary, KP. The meeting was attended by Shakeel Qadir Khan, Finance Secretary, Maqsood Ismail Ahmad, Javed Akhtar, Asad Muhammad Iqbal, Rashid Ali Khan and Shaharyar Ahmad. The acting Managing Director, Muhammad Shahbaz Jameel was also present in the meeting. The Board was pleased to note that during the year 2017, the Bank‘s deposit increased to

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Rs159,247 million whereas investment stood at Rs140,474 million. A commendable increase of 143% has been witnessed in the gross advances of the Bank which soared to Rs. 87,673 million as compared to Rs. 36,054 million of the previous year 2016. The Banks total assets reached to Rs. 245,132 million registering an increase of 19% over year-end 2016.

The Board was informed that by the end of year under review, the Bank was operating with 166 branches wherein 84 branches were functioning as dedicated Islamic Banking Branches. The Board expressed its satisfaction on the annual results and advised the management to work more diligently to achieve the targets and play its proactive role in the socio economic uplift of the province and the country as a whole.

National

tribunal directs authorities to release vehicle on payment of 30% redemption fine

French customs arrests another pIA official for smuggling drugs ISLAMABAD

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rench authorities interrogated the whole crew of PIA’s flight PK-749 to investigate the drug smuggling case and arrested one more official.

French Customs officers launched an inquiry into the drug smuggling case, after they detected narcotics in the airport screening. French officials raided a hotel in Paris, where the flight crew sojourning at a hotel in Paris was searched. Sources reveal that a flight attendant was arrested from the hotel. One day ago, flight official Tanweer Gulzar on flight PK-749 travelling from Islamabad to Paris, was arrested in Paris, after he was found in possession of illegal drugs. Tanweer was found carrying 400 kilogrammes of heroin. According to the PIA spokesperson, the French police while conducting the routine inspection reportedly found illegal drugs in Gulzar’s possession. Earlier this year, the Anti-Narcotics Force (ANF) seized 673 kilogrammes (kg) narcotics valuing Rs658.66 million in the international market, arrested 30 people, including two women, involved in drug smuggling, and impounded eight vehicles in 22 counter-narcotics strikes across the country.

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LAHORE

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he Customs Appellate Tribunal ordered the release of an impounded Hino truck to its lawful owner on the payment of 30 percent redemption Tine. The appeal was Tiled by Rehmat Ali, a resident of Sheikhupura against the Collector Customs, MCC Faisalabad, and others. Justice (retired) Malik Manzoor Hussasin, Chairman/Member Judicial, examined the record and heard all the arguments from the appellant’s and respondent sides. The tribunal passed the judgment with remarks that the impugned order is set aside and directed the authorities concerned to release the loader to the lawful owner.

According to details of the case, Superintendent Customs Intelligence and Investigation-FBR intercepted a used Hino truck loaded with foreign origin dyed art silk cloths. On demand, the driver of the vehicle could not produce any document regarding the lawful import of the vehicle. The customs staff took into possession the vehicle under Section 2 (kk) of the Customs Act-1969. After the show

Thursday March 15, 2018

cause notice, the adjudication proceedings were culminated and Order-in-Original was passed with remarks that the show cause notice stands established and vehicle was brought into the country via unauthorized route. Being aggrieved from the order, the appellant filed the appeal with the Customs Appellant Tribunal and challenged the Order-in-Original.

The counsel for appellant argued before the tribunal that the ONO

passed was in a mechanical fashion without the consideration of facts about the case. On the other side, the respondent side produced the documents and appeal for the rejection of the appeal.

After hearing arguments from appellant’s and respondent sides, the Customs Appellate Tribunal decided the case with remarks that Order-in-Original is set aside and orders the department to release the vehicle to its lawful owner.

punjab govt making efforts to modernize farming sector

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LAHORE

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unjab Finance Minister Dr Ayesha Ghaus Pasha has said that Connected Agriculture Platform Punjab Programme was all about digitizing the small/landless farmer community to make them well connected, aware, and well controlled farming workTlow.

She said this after inaugurating the programme at a local hotel on Monday.The Punjab government was striving hard, in accordance with the vision of Punjab Chief Minister Muhammad Shehbaz Sharif to make agriculture sector modernized

and equipped with latest technology in the interest of farming community, she added. She said that under this scheme, during initial stage 110,000 smart phones would be distributed among registered farmers of Kissan package and during next stage all registered farmers would get smart phones which would be equipped with special apps that would help farmers to interact with agriculture experts for seeking guidance regarding improvement of crops, getting information about weather conditions and would be able to see videos about latest production technology of crops.

A first of its kind program in

the Asia-Pacific region, Connected Agriculture Platform Punjab Programme was launched for the benefit of farming community, she added. Punjab Agriculture Secretary Muhammad Mahmood said that this phase of the scheme was designed because a lack of a systematic and efficient way to educate/inform the farmers was observed. A man-based, slow flow of information was the norm, resulting in farmers making not proper decisions based on poor information which was leading to financial losses, he added. He said the Punjab department of Agriculture, in collaboration with Te-

lenor and PITB (Punjab Information Technology Board) had developed a carefully crafted mobile apps services, keeping its unique target audience in mind, to enable technology to rapidly assist and cater to farmer needs. The Secretary said that it would create a technology-driven echo system that would give confidence to the farmers deciding what to sow, when and where to sell, adding that applications in the phones would also help farmers to receive alerts about weather conditions, crop diseases and protection and timely use of fertilizers and pesticides.

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World Customs

Russia proposes to ditch flat individual tax regime

ROME: Millionaires from Russia to Norway and the US are seeking to take advantage of Italy’s low tax rates for the superrich.

In an effort to attract capital, Italy unveiled a measure last year allowing ultrawealthy individuals taking up residency to pay a flat tax of €100,000 ($123,000) a year, regardless of their income, Bloomberg reported.

Around 150 people, including some with wealth of above the “hundreds of millions”, inquired about the measure, Fabrizio Pagani, head of the office of the minister of economy and finance said in an interview in London.

Thursday March 15, 2018

Australian tax office to crack SLt group eBItDA grows 5.4%, revenue up 2.6% down on crypto tax evaders S

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ustralian Tax OfTice will be going after cryptocurrency investors to ensure they are accurately Tiling their crypto gains on their taxes this year, Business Insider Australia reported.

The Australian Tax OfTice will use data matching and “100-point identiTication checks” to track down crypto investors, as well as bilateral tax treaties and anti-money laundering commitments to get more information out of the traditionally anonymous crypto sphere and markets. In May 2017, the Australian government conTirmed that it would treat Bitcoin “just like money,” and that it would no longer be subject to double taxation. The end of double taxation legislation was ofTicially passed in September 2017, meaning that the goods and services tax

Saudi private sector growth picks up slightly rowth in Saudi Arabia’s non-oil private sector picked up in February after slowing in January, when a 5 percent value-added tax was imposed and domestic fuel prices were hiked, a corporate survey showed on Monday. The seasonally adjusted Emirates NBD Saudi Arabia Purchasing Managers’Index edged up to 53.2 last month from 53.0 in January, when it hit its lowest level since the survey began in August 2009. A level above 50 means business is expanding.However, demand remained softer than in the fourth quarter of 2017, prompting firms to cut selling prices last month by the most since the survey began in August 2009.”

Input price inflation fell to 53.8 in February as the initial impact of a tax and fuel price hike faded, while output price inflation turned negative with a reading of 47.6, a sign that companies might be discounting to keep market. –CB Report

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(GST) would no longer be applied to both the purchase of the crypto and again for its use in an exchange.

The Sept. 2017 legislation also says that crypto will be treated as Tiat money for GST purposes, backdating the bill to July 1, 2017.

However, in February 2018, the Australian Tax Office said that it

considers cryptocurrencies as “property,” meaning that financial profits made from selling cryptocurrencies should be subject to a capital gains tax. The ATO has released a warning in late January that they will be taking “strong action” against those attempting to dodge their tax obligations.

Netherland seeks bolt on acquisitions following US tax law change

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olters Kluwer N.V. is on the hunt for acquisitions in the U.S. following the federal tax overhaul, according to the company’s Tinance chief. We continue to evaluate smaller bolt-on acquisitions to strengthen our portfolio,” Chief Financial OfTicer Kevin B. Entricken said in an interview with CFO Journal. “If these [targets] are in the U.S., that does help,” he added.

The Dutch information services and

software company generates around 60% of its revenues in North America, the majority of that in the U.S. Total revenues were €4.42 billion ($5.39 billion) in 2017, up 3% from €4.28 billion in 2016.

The drop in the U.S. corporate tax rate to 21% from 35% is making investments in the country more attractive, Mr. Entricken said. This “is good for a company like us,” Mr. Entricken said. –CB Report

ri Lanka Telecom (SLT) Group saw its EBITDA grow 5.4 percent year-on-year to LKR 21.2 billion in 2017. The group comprises 8 subsidiaries including Mobitel. This improvement is a result of revenue growth and minimum escalation of operational costs, the company said. In 2017, the group reported revenue of LKR 75.7 billion, which represents an increase of 2.6 percent year-on-year.

The Group’s operating proTit reached LKR 3.9 billion, down 31.6 percent compared to 2016. The decline was mainly due to the signiTicant increase in depreciation and amortization, the company said. The group proTit after tax for 2017 amounted to LKR 3.9 billion. Escalation of depreciation and amortization has brought down the proTit of the year by 17.7 percent year-onyear. Sri Lanka Telecom alone reported EBITDA of LKR 11.4 billion

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for 2017, which represents an increase of 14.9 percent year-on-year.

SLT’s revenue amounted to LKR 44.5 billion in 2017, up 3.3 percent year-on-year, while operating costs reached LKR 33.1 billion, which was slightly lower than in 2016, the lompany also said. SLT’s proTit after tax amounted to LKR 1.4 billion in 2017.

Meanwhile, The Singapore Business Mission to Sri Lanka organized by the Singapore Business Federation (SBF) together with International Enterprise Singapore (IES) and Singapore Indian Chamber of Commerce & Industry (SICCI) recently held a seminar on doing business in Sri Lanka, at the Paramount Tower in Nawala. S.S. Teo, Mission Leader, SBF Chairman and Managing Director of PaciTic International Lines, said, ‘This is the Federation’s fourth visit to Sri Lanka since 2008, with our last visit in June 2016.

Today, we have a 32-strong delegation comprising 24 companies and organizations across the ICT, real estate development, hospitality, infrastructure, logistics and general trade sectors.

Iran losing to capture gas market share he long-awaited gas pipeline project of Turkmenistan, Afghanistan, Pakistan and India (TAPI) connecting the energyrich Central Asian nation with the South Asian countries was inaugurated couple of days ago.

Considering the facts on the ground including political differences of the involved countries in the project and also insecurity and instability in the region many experts believe the successful realization of the project will depend on the ability of the project participants to maneuver through among others geopolitical, Tinancial and technical

challenges. The vague statement by the Turkmenistan government regarding the loan provided by Saudi Fund of Development failed to bring clarity to the loan terms and the actual amount of the loan. Moreover, the consortium has yet to bring clarity to the technical questions such as the transit fees and sales-andpurchase agreements for the gas.

The integrity of the Afghanistan stretch of the pipeline will depend on security guarantees provided by a non-state actor such as Taliban and tribe leaders. Fragile nature of the relations between Afghanistan and Pakistan. –CB Report

china aviation oil profit dented on deferred tax assets

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BEIJING

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hina Aviation Oil (CAO) was hit with a near seven-fold increase in income tax expense for the fourth quarter of 2017, due to a decline in deferred tax assets as a result of the utilisation of unabsorbed tax losses from prior years to offset

the current year’s proTits, the group said in its earnings statement. Income tax expense was US$3.33 million for Q4 2017 compared to US$0.42 million a year ago.

The increase was also due to recognition of deferred tax liabilities on the group’s share of undistributed retained earnings from associates and tax expenses incurred on transfer of shareholding in Oil-

hub Korea Yeosu consequent to the liquidation procedures of CAOT Pte Ltd, CAO said. Earnings per share for Q4 2017 came in at 1.64 US cents, down from 2.08 US cents a year ago, and net asset value per ordinary share for the same period was 84.12 US cents, up from the previous year. For the overall 2017 Tinancial year, gross proTit decreased by 12.1 per cent to US$38.7 million,

mainly due to lower gains from trading and optimisation activities as markets reclined to backwardation, exacerbated by increases in supply and operational costs incurred due to various supply disruptions caused by weather and reTinery outages in the third quarter of 2017, CAO said. CAO’s board has proposed a dividend of 4.5 Singapore cents per share for FY2017.

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Five ships take berth at Port Qasim KARACHI: Shipping activity remained active at the port where five ships, MS Tiger, Genava, Ocean Phoenix, Argent Habiscus and Corona scheduled to load/offload Containers, Rice, Coal, Phosphoric Acid and Palm oil were allotted berths at Qasim International Container Terminal, Multi-purpose Terminal, Pakistan International Bulk Terminal, Engro Vopak Terminal and Liquid Cargo Terminal respectively on Sunday.

Meanwhile Container ships, MSC Silvana and MSC Saturn, and gas carrier Express also arrived at outer anchorage of Port Qasim on Monday morning. A total of eleven ships, MS Tiger, Jack London, Genava, Amadeus, Ocean Phoenix, Pacific Victory.

Shipping Activity at port Qasim hipping activity remained active at the port where three ships, OOCL Washington, Central Park and Thor Courage carrying Containers, Chemicals and Coal were arranged berthing at Qasim International Container Terminal, Engro Vopak Terminal and Port Qasim Electric Power Terminal respectively. Meanwhile two more Container ships, CMA CGM Amazon and Qingdao Tower, and a LPG carrier Tomson Gas also arrived at outer anchorage of Port Qasim during last 24 hours. Berth occupancy was observed at the port at forty seven percent on Thursday where a total of eight ships namely, OOCL Washington, MSC Busan, Amadeus, Ionna Pol, Thor Courage, Central Park, Yuhua Star and Al-Salam-II were occupying at PQA berths to load/offload Containers, Soya been seeds, Coal, Phosphoric Acid, Palm oil and Diesel oil during last 24 hours. Cargo volume of 88,347 tonnes, comprising 59,277 tonnes im-

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Italian ship arrives pakistan on a three- day goodwill cruise ISLAMABAD

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n Italian Navy Ship accorded a warm welcome during an impressive reception by senior ofTicials from Pakistan Navy and Embassy of Italy on their arrival on a three days good will cruise. The visit of the Ship, Carlo Margottini (F592) is aimed at strengthening mutual collaboration and interoperability between the two Navies through conduct of exercises and discussions on issues of common interests. During the visit to Karachi, professional interactions, sports and social activities, including wreath laying ceremony at Quaid’s Mausoleum were also held, said a press release here. Visits of various operational and training units of Pakistan Navy by OfTicers and personnel of Italian Navy Ship were also conducted. On completion of the port visit to Karachi, exercises at sea are also planned between Pakistan Navy Ships and Italian Navy Ship,

covering wide range of naval operations to enhance interoperability between the two navies while further honing the professional skills, mutually beneTicial for each other.

Meanwhile, Brisk shipping was recorded at the Port where six ships, Marie Delmas, Lowland Amster, Secon-7, Rainbow Island, YM Saturn and British Emerald carrying Containers, Coal, Palm oil, Chemicals and LNG were allotted berths at

Qasim International Container Terminal, Multi-purpose Terminal, Port Qasim Electric Power Terminal, Liquid Cargo Terminal, Engro Vopak Terminal and Engro Elengy Terminal respectively during last 24 hours. Five more ships, Al-Soor-II, Meltemi, Red Eagle, Gas Esco and Amadeus carrying Diesel oil, LPG and Soya Bean seeds also arrived at outer anchorage of Port Qasim during the same period.

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India’s exports imports hit as banks tighten credit checks ndia’s infamous Punjab National Bank scam has cast a long shadow over the export-import trade with lenders becoming extra-cautious while issuing Letters of Understanding (LoU) and offering them at a premium.

The huge fraud case has made it difficult for many companies to raise money through LoUs from abroad.

However, bankers are confident there will not be a complete freeze on LoUs as that could affect genuine business operations, reports the Press Trust of India. This tightening of controls and checks has led to a rise in costs for Indian exporters and importers. Even for LoUs already issued, a “risk premium” has been imposed. An LoU is a guarantee by a bank to pay another lender for imports by companies and is considered crucial for cross-border trade. The scam unearthed at PNB’s branch in Mumbai allegedly involved diamond merchant Nirav Modi and various officials from his company colluding with senior bank officials to issue LoUs without proper checks and securities. –CB Report

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kpt shipping intelligence report port cargo and 29,070 tonnes export cargo inclusive of containerized cargo carried in 1,685 Containers (TEUs), (155 TEUs imports and 1,530 TEUs exports) was handled at the port during last 24 hours. Four ships, Central Park, Yuhua Star, OOCL Washington and Ionna Pol sailed out to sea on Friday morning, while containers vessel Qingdao Tower is expected to sail at night hours. Following ships are currently at outer anchorage for waiting to berths. A total of seven ships, CMA CGM Amazon, Qingdao Tower, Uni Florida, Pacific Victory, Tomson Gas, Chemroad Sirius and Petali Lady carrying Containers, Coal, LPG, Palm oil and Diesel oil are expected to take berth at QICT, MW-4, SSGC, LCT and FOTCO respectively. –CB Report

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he Karachi Port Trust (KPT) issued the following shipping report for the last 24 hours, ending 0700 hours. ALONG SIDE (Bulk Oil Pier) OP-I Lahore D. Crude Oil GAC 04/03/18 OP-II Eternal Diligence D. Mogas GAC 03/03/18 OPIII Caribbean D. Base Oil Alpine 03/03/18 OP-III YM Mirinda D. MEG General-Sh 04/03/18 ALONG SIDE (East Wharves) 1/2 MTM Hong Kong L. Ethanol East Wind 02/03/18 2/3 Excellent Pescadores L. Wheat OC-Services 27/02/18 2/3 Sea Meray L. Rice East WInd 04/03/18 5 Soho Trader D. Coal Wilhelmsen 04/03/18 11/12 UM Elhanaya D. Coal Wilhelmsen 04/03/18 15/16 Kiran bosphorus D. Gen. Cargo M.T Traders 02/03/18 ALONG SIDE(P.I.C.T) 6/7 Libra D. L.

Cnt. Riazeda 03/03/18 ALONG SIDE(PDWCP): SAPT-4 CMA CGM Narmada D. L. Cnt. CMA CGM Pak 04/03/18 Along Side(West Wharves) 21 Taj L. Sugar WMA Shipcare 23/02/18 24 Kong Que Song D. Gen. Cargo COSCO 03/03/18 ALONG SIDE (K.I.C.T): Berth Vacant… EXPECTED ARRIVALS: CONTAINER (GEARLESS) Ms Tiger COSCO 05/03/18 Not Sched 300 Cnt. 300 Cnt. Ever Diamond Green Pak 07/03/18 Not Sched 800 Cnt. 900 Cnt. Mol Emerald Mol Pak 08/03/18 Not Sched 800 Cnt. 1000 Cnt. Talassa COSCO 09/03/18 Not Sched 600 Cnt. 600 Cnt. CONTAINER (GEARED): UAFL Zanzibar Golden 05/03/18 Not Sched 535 Cnt. 400 Cnt. GENERAL CARGO: Damas Crystal Sea 02/03/18 Not Sched Nil 163 G.C Hermann-S GAC 02/03/18 Not Sched 30,974 Steel Nil Kobe Star GAC 02/03/18 Not Sched 28,716 GC

Nil Royal Jade GAC 02/03/18 Not Sched 14,349 Steel Nil Kong Que Song COSCO 03/03/18 Not Sched 6,735 GC Nil Da Zi Yun COSCO 07/03/18 Not Sched 974 GC Nil Rickmers Tokyo Delta 11/03/18 Not Sched 19,001 GC Nil COAL: Alam Mulla Crystal Sea 05/03/18 Not Sched 59,349 Nil Sbi Hermes Crystal Sea 05/03/18 Not Sched 59,439 Nil OIL TANKER: Argent Hibisucs Alpine 05/03/18 Not SChed 9,000 Chem./Base Nil SHIPS OFF PORT: Vessel Name Type Agent expected Berth No. Arrival Date Arrival Time Remarks Kota Kamil Container Ships P-Delta 05/03/18 03:12 Astra Centaurus Fertilizer Bulk-Sh. 01/03/18 21:30 1Copenhagen General Cargo Gulf Maritime 25 03/03/18 22:30 Nobel Coral General Cargo Universal 05/03/18 07:35 Enternal Diligence Oil Tanker GAC OP-II 23/02/18 06:12 Seaodyssey Oil Tanker Alpine

27/02/18 16:18 PaciTic Horizon II Oil Tanker Alpine 01/03/18 11:25 Horin Trader Oil Tanker GAC 01/03/18 19:06 Sea Duck Oil Tanker Alpine 02/03/18 23:42 Ariane Makara Oil Tanker East Wind 03/03/18 12:48 LEGEND: 1 Shifted from B.No.11/12 to O/A. Meanwhile, Following were the movements of ships and cargo handling at the Karachi Port Trust (KPT) during the last 24 hours, ending at 0700 hours. SHIPS ARRIVED: Solto Trader Coal Eternal Diligence Tanker Caribbena Tanker Libra Container Ship UM Elhanaya Coal M.T Lahore Tanker CMA CGM Narmada Container Ship YM Mirinda Tanker WAH HAI 503 Container Ship SEA Meray Rice SIMA Giselle Container Ship XIN Chang Shu Container Ship Liberty Pride CAR Carrier X-Press Makalu Container Ship Triton Swallow Coal XIN Chang SHE Container Ship SHIPS SAILED.

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NAB arrests ex-cooperative district officer on graft charges ISLAMABAD: The National Accountability Bureau (NAB) Rawalpindi has arrested Imdad Hussain Mian, former district officer cooperative, on graft charges.

The anti-corruption watchdog had launched an investigation against the management of the Pak PWD Employees Cooperative Housing Society, Islamabad and others regarding misuse of authority by illegally converting residential plots into commercial plots. Imdad Hussain Mian is accused of misusing his authority by illegally converting residential plots into commercial plots.

Thursday March 15, 2018

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Business

‘political stability vital to strengthen economy’ ISLAMABAD

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inister for Interior Ahsan Iqbal has said political stability was essential for strengthening national economy and it was the collective responsibility of all the political parties to work together for the betterment of the country.

Talking to a private news channel, he said national economy had strengthened during the Pakistan Muslim League Nawaz’s (PML-N) government. He said enemies of the country were trying to sabotage the China Pakistan Economic Corridor(CPEC) project which was the

‘punjab, Sindh faced water shortage’ ISLAMABAD

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game changer not only for Pakistan but entire region as well. The minister said it was realty that the glorious future of the country was linked to the supremacy of constitution and democracy. He said the

Smart cards to replace vehicle registration books from 15th

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he Indus River System Authority (IRSA) said that Punjab faced 31 per cent water shortage, Sindh 32 per cent, Balochistan 7 per cent and Khyber Pakhtunkwa 21 per cent during the period October 1, 2017 to March 10, 2018. As per IRSA account report, Punjab utilized 11.9 million acre feet (MAF) water against 17.3 MAF share, Sindh utilized 9.13 MAF against 13.4 MAF, Balochistan 1.05 MAF against 1.12 MAF and KPK 0.46 MAF against 0.56 MAF.

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PML-N wanted the chairman of Senate a person who strongly believe in democracy, adding Pakistan Peoples (PPP) Party should have to nominate Raza Rabbani for the chairman due to his services and ef-

forts for democracy and rule of law.

He said it was become a fashion to criticize the successes of democratic governments. Replying to a question, he said national security agencies were eradicating the menace of terrorism from the country and they had rendered a lot of sacriTices in this regard. Meanwhile, Pakistan and Switzerland agreed to open new avenues of cooperation in museum sector through capacity building of museum experts, arranging exchange visits and conducting joint research programmes.

In this regard, a Memorandum of Understanding (MoU) was signed

by Department of Archaeology and Museums, National History and Literary Heritage (NH&LH) Division, Pakistan and Rietberg Museum, Zurich, Switzerland.

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RAWALPINDI

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he vehicle owners would be issued Smart Cards from March 15 as Excise and Taxation Rawalpindi is Tinalizing all the arrangements in this regard.

According to Director, Excise and Taxation Rawalpindi, Tanveer Abbas Gondal, the new vehicle registration system is being introduced for facilitation of the citizens. He said, the system was to be introduced from Jan Tirst but delayed for two months. The whole

process would include smart cards, number plates and universal number.

Talking to media, Excise and Taxation OfTicer, Admin, Numan informed that the Excise and Taxation Department and Punjab Safe City Project (PSCA) had proposed to introduce new vehicle number plates design for the province.

The reason behind new number plate design is that CCTV cameras were not able to detect and read the current number plates. The modiTied size and font size of the universal number plates would make them camera-readable, he added. From March 15, Universal Number plates will be issued across

the province, he said. The Punjab government is going to introduce new system of vehicles registration from March which will not only discourage fabrication, forged documents but streamline the whole process of registration. No one can get registered, a vehicle already registered with same chassis number in any other district of the province, he added. He further said, the universal number system would help curtail registration load on big districts like Lahore and Rawalpindi due to their higher resale values and small district would be able to get their revenue share.

weekly Inflation: prices of 15 essential items ISLAMABAD

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he Average prices of 15 essential items increased during the week ended on March, 2018 as compared to the previous week. According to data of Sensitive Price Indicator (SPI) based weekly inflation for the week under review released

by Pakistan Bureau of Statistics (PBS), the average prices of 08 items registered decrease, while that of 30 items remained unchanged. The weekly SPI has been computed with base 2007, 2008=100, covering 17 urban centers and 53 essential items for all income groups. The items, which registered increase in their prices during the week under review as compard to the previous week included chicken farm (5.3%), garlic (1.7%), washing soap (1.16%), bananas (0.97%), sugar (0.87%), tea (0.78%), lawn printed (0.77%), red chilly powder (0.34 %), vegetable ghee (0.2%), mutton (0.2%), cooking oil (0.19%), gur (0.16%), rice basmati (0.16%), and pulse masoor (0.08%). The items, which registered decrease in prices included potatoes (3.37%), onions (2.69%), tomatoes (2.42%), LPG cylinder (1.57%), eggs farm (0.66%), pulse moong (0.62%), pulse gram (0.51%), and pulse mash (0.21%).

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kp NAB to probe corruption in FAtA anti-polio programme ISLAMABAD

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he National Accountability Bureau’s (NAB) provincial chapter has announced to launch an inquiry against employees of the Federally Administered Tribal Areas (Fata) Secretariat over alleged embezzlement of funds. This decision was taken during a meeting of the NAB regional board which authorised

the inquiries over corruption and for accruing assets beyond their known sources of income. The board meeting was held in Peshawar with Khyber-Pakhtunkhwa NAB Director General Farmanullah Khan, a statement released by the bureau on Sunday.

The meeting was attended by directors, deputy prosecutor general (DPGA), case ofTicers, and other concerned ofTicers. The board authorised an inquiry against employees of the Health Services Directorate under the

Fata Secretariat and others for allegedly embezzling funds worth millions of rupees from the polio vaccination projects in the tribal areas.

Another inquiry was authorized against Irshad Muhammad Khan, a senior engineer working with the Cantonment Board of Peshawar. He is accused of accumulating assets beyond known sources of income including residences in Pakistan and abroad which are worth millions of rupees. The board also authorised an

inquiry against ofTicials of the Malakand Revenue Department for alleged corrupt practices and the misuse of authority. The ofTicials are alleged to have misused their authority by deliberately not collecting rent since 1995 from lessees of evacuee property of the central government measuring 2,042 Kanals (agriculture land) in Dargai Tehsil of Malakand District. Meanwhile, A high level meeting at National Accountability Bureau (NAB) on decided to conduct

Complaint VeriTication of alleged corruption in Billion Tree Tsunami Project against relevant authority of Khyber Pakhtunkhwa (KP) government.

NAB Chairman Justice (Retd) Javed Iqbal chaired the meeting here, which also decided to conduct Complaint VeriTication against the former prime minister and ofTicers of the Establishment Division in case of alleged illegal appointment of Higher Education Commission (HEC) Chairman Dr Mukhtar Ahmed.

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Iran experiences leap in wheat exports TEHRAN: Around 236,000 tons of wheat worth $84 million were exported from Iran during the first 10 months of the current Iranian year (March 21, 2017- Jan. 20), registering a whopping 1,317% and 724% growth in weight and value respectively compared with the similar period of last year.

This was announced by Abdolmehdi Bakhshandeh, deputy agriculture minister for planning and economic affairs, Mehr News Agency reported. Iran exported its first wheat consignment of 29,630 tons to neighboring Oman on June 12, 2017. Iran has been self sufficient in wheat production for two years now and only imports wheat for export purposes after processing it into flour.

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Finland ready to help pakistan in health, energy and forest sectors

Thursday March 15, 2018

Chambers

‘corruption raises cost of doing business by at least 20pc in pakistan’

ISLAMABAD

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he Roving Ambassador designate of Finland to South Asia H.E.Mr.Harri Kämäräinen alongwith Mr. Asad Ansari Honorary Consul of Finland in Pakistan visited Islamabad Chamber of Commerce & Industry and said that his country has advanced technology and expertise in health, energy and forest sectors and it could help Pakistan in these areas for improvement. He said Finland’s company Nokia has brought revolution in health sector due to its involvement in health technology. He said health was the fastest growing exports industry in Finland and Pakistan could get good benefits from Finland’s

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advancement in this field. H.E. Harri Kämäräinen said that Finland has been using forest resources for business and industry for the last over 500 years and Pakistan could learn a lot from Finland for improving its forest industry and promoting green environment. He said Finland has achieved great progress in energy efficiency and by developing close cooperation with Finland, Pakistan could make efficient use of energy in industrial and other sectors. He said IT sector also offered good potential for cooperation between the two countries as many students of Pakistan were already getting IT education in Finland. He said Finland’s Outotec company provided process technologies and services for metals and mining, industrial water treatment, alternative energy & chemical industries and it could help Pakistan in developing its mining sector on modern lines.

KARACHI

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irector General of National Accountability Bureau (NAB) Sindh Mohammad Altaf Bawany, while referring to a recent international research study, stated that the research report revealed that corruption raises the cost of doing business by 10 percent in many countries around the world but in Pakistan’s case, this corruption raises the cost of doing business by at least 20 percent.

Speaking at a seminar on “Role of Business Community in Curbing the Menace of Corruption”, he said, “All of us are somehow responsible for rising corruption in the country as we give bribe to the ofTicers in order to get the work done at the earliest.

Unfortunately in Pakistan, laws exists to deal with bribe seekers but no law has been devised so far to deal with bribe givers.”

Chairman Businessmen Group & Former President KCCI Siraj Kassam Teli, Vice Chairmen BMG, Zubair Motiwala, Haroon Farooki and Anjum Nisar, President KCCI Muffasar

Atta Malik, Senior Vice President Abdul Basit Abdul Razzak, Vice President KCCI Rehan Hanif, former Presidents Haroon Agar and Iftikhar Vohra along with KCCI managing committee members attended the seminar. In order to completely eradicate corruption from the society, DG NAB stressed that jihad has to be carried out against corruption.

“Jihad doesn’t mean we should go on war but we have to struggle against corruption”, he added.

Altaf Bawany advised that any honest businessman should not be

scared after receiving summon from NAB which must immediately be responded. NAB takes action only when the individual fails to respond to the summon notices which are sent thrice by the Bureau prior to taking action.

Highlighting the functioning of the Bureau, he informed that NAB takes strict action against its own officers who are involved in any corruption or malpractice. In this regard, 35 officers have been expelled from NAB, of which many are still in jail. DG NAB said that he

wApDA to launch first ever National water policy soon LAHORE

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hairman WAPDA Lt. General ® Muzammil Hussain has said that Tirst-ever National Water Policy would be launched soon that would help overcome water challenges. He was talking to the LCCI President Malik Tahir Javed, Senior Vice President Zeshan Khalil, Tahir Manzoor Chaudhry, Mudassar Masood Chaudhry, Mian Muhammad Nawaz and Syed Mukhtar Ali also spoke on the occasion. Chairman WAPDA said that that energy and food security is as essential as security of borders. He said that country is preserving only 10 percent of Tlowing water despite the fact that water resources are depleting. He said that Pakistan stood at 15th in the list of water deprived countries. He said that economic

worth of water being wasted to sea is around $ 14.5 billion. He said that we have to plan today for our future as population of Pakistan will be crossed the mark of 300 million by 2050. He said that government is working on various water and power projects out of which a number are near to be completed. The LCCI President Malik Tahir Javaid said that though government has largely overcome the energy shortfall and there has been a considerable decline in electricity load shedding but there is a dire need to bring down the electricity prices to give some relief to industry.

He said that some three decades ago the energy mix of Pakistan was roughly 70% from hydel resources and 30% from others. This proportion has almost reversed. Expensive Energy Mix is causing more problems for us. The high price of energy adversely affects the export compet-

itiveness of country as it takes major share in the production cost. The business community will be much relieved if per unit price of electricity is brought down because that would make our products more competitive in international market.

The LCCI President said that unlike Pakistan, India took right steps at appropriate times while building a number of small and large size dams in the same period of time. We kept hoping against hope and relying mostly on thermal based power plants. Resultantly, we are suffering as a nation on account of not being able to generate sufTicient and cheap electricity. Malik Tahir Javaid said that due to its inherent advantages, hydel power is the best bet for overcoming the energy shortage in Pakistan which ranged from 5000 MW to 7000 MW in the peak season in 2017 according to unofTicial sources.

was also against the Amnesty Scheme which was being introduced for recovery of taxes but if the income has been earned from illegal means, NAB has the right to take action against such individuals. He informed that plea bargain is only carried out by NAB to recover funds which saves individuals from being sent to jail but they are considered as offenders who simply cannot hold any government for a period of 10 years and they also remain deprived from availing any Tinancing from banks.

Industrialists urge govt to release Rs250b tax refunds akistan Industrial and Traders Associations Front (PIAF) Chairperson Irfan Iqbal Sheikh has urged the government to ensure early and timely payment of stuck tax refund claims of export-oriented sectors worth Rs250 billion, which had already been promised many times by government officials. He contended that customs rebate claims of approximately Rs50 billion were pending with the Federal Board of Revenue (FBR) whereas sales tax refund claims including deferred claims amounted to around Rs200 billion. Sheikh, along with other officials of the association, said in a statement businessmen were bearing huge financial costs of their own money and the FBR chairperson should look into the matter. –CB Report

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Customs Peshawar fetches Rs264m thru auction of vehicles & items PESHAWAR: The Customs House Peshawar has auctioned off during the Non-Duty-Paid vehicles and goods worth Rs264millions.

The Customs House Peshawar has impounded 35 vehicles and NDP items during different raids. These cars were of different models which include Toyota, Mercedes, Vitz, Mehran, Cultus and XLI motor cars. The use of NDP cars has been strictly discouraged for which special teams have been constituted.

Thursday, March 15, 2018

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customs Quetta reimburses Rs06 million extra rebate refunds to exporters QUETTA wAQAR AHmeD ANSARI www.customsbulletin.com

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he Model Customs Collectorate Quetta paid off additional rebate refunds of Rs6.00million of CD during the month of February FY17-18 against paid off refunds to the exporters during the same period of FY16-17.

According to details explained by Ashraf Ali, Collector Model Customs Collectorate (MCC) Quetta, that, during February FY17-18, the collectorate accommodated the business community well as it reimbursed exporters with an amount of Rs7.949million under the head of Customs Duty (CD) while the collectorate compensated Rs1.075million rebate refunds under the same head during corresponding February FY16-17. the collector told CT that the MCC Quetta paid off rebate refunds of Rs112.533million as CD during Tirst eight months (July to February) FY17-18 while the collectorate reimbursed Rs107.405million under the same head during FY16-17. The MCC Quetta paid off Rs104million as refund claims of CD during the Tirst seven months of (July to January) FY17-18.

The collector, explaining the

month-wise details, said that, during the month of January 2017-18, the Collectorate of Quetta compensated Rs5.171million to the ex-

porters under the head of CD while it did Rs8.474million of rebate refunds during the month of December FY17-18. During the month of

November FY17-18, the collectorate paid rebates of Rs6.247million as CD while the MCCQ reimbursed Rs29.902million under the head of

CD. The Rebate Section of the MCCQ paid Rs11.894million rebate refunds during the month of September FY17-18 under the same head.

NAB to probe misappropriation of funds in Sindh sports dept KARACHI

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he National Accountability Bureau (NAB) Karachi will conduct an inquiry against ofTicials of the Sindh Sports and Youth Affairs Department over alleged misappropriation of development budget and award of contracts of various schemes worth Rs. 417 million allegedly in

violation of rules. The inquiry was authorised at a meeting of NAB’s Regional Board chaired by NAB Director General Karachi Mohammad Altaf Bawany, at NAB Karachi on Monday, said a press release of NAB issued here. The meeting was attended by Directors of Investigation Wings, Additional Director Complaint VeriTication Cell (CVC) and respective Investigating teams of concerned cases. “Inquiry was authorized against ofTicers and ofTicials of Sports & Youth Affairs Department Govt. of Sindh on the allegation of misappropriation in

development budget and illegal contracting of various schemes in violation of rules and by awarding contracts worth Rs. 417 Million to the favorite contractors,” said the statement. Another inquiry was also authorised against Haji Gul Muhammad Brohi and other alleged land grabbers of District Jamshoro on the allegations of illegally occupying government land behind Al-Habib Restaurant Super Highway, land behind LUMHS University, piece of land adjacent to Shell patrol pump on Indus Highway and eight shops in Shahi Bazar near Railway

Crossing Hyderabad. Allegedly the accused in connivance with others has caused loss to government worth billions of rupees, the press release said. The NAB board also authorized an inquiry against retired ofTicial Jalaluddin-Hesbani Baloch who has allegedly accumulated assets beyond the known sources of income in his capacity as Executive Engineer Irrigation Department District Matiari, Government of Sindh. The accused has been alleged of causing loss to the state exchequer worth more than Rs.

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160 million.

NAB Director General Mohammad Altaf Bawany, at the end of Board meeting, appreciated the conTidence reposed by general public for coming forward to lodge 34 and 46 complaints, showing an increasing trend during previous two public hearings (Khuli Katchehry), which, he said, is a great contribution in process of accountability. He called upon general public for joining hands with the NAB in Tight against corruption by lodging their complaints under the National Accountability Ordinance 1999.