March 16 layout 1

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pAKIStAN’S fIRSt INDeptH NewSpApeR oN cuStomS

Daily

Vol 1 Issue No. 310

Karachi, Wed March 16, 2016

PESHAWAR

NADIR KHAN

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he Model Custom Collectorate collected Rs 13.831 billion as duty and taxes during the last eight months (JulyFebruary) of the ongoing Rinancial year 2015-16, surpassing the Rs 12.189 billion collected during the same period of the last year.

The Peshawar Customs under the head of customs duty collected Rs4.985 billion against Rs 4.047 billion collected last year and surpassed it by Rs 937.8 million, show-

Price Rs. 14.00

ing 23.17 percent positive growth.

In term of sales tax on import, it generated Rs 3.249 billion against Rs 3.592 billion collected during last year and registered 9.53 percent decrease, as it collected Rs 342.37 million less revenue than last year.

In wake of sales tax levied as federal excise duty on palm oil, the collectorate collected Rs 1.524 billion during eight months of current fiscal year showing 21.61 percent negative growth over last year when it had collected Rs 1.944 billion. The collectorate generated Rs 474.55 million in wake of sales tax value addition on commercial importers against the previous year’s collection of Rs 471.53 million with total difference of Rs 3.02 million showing 0.64 percent growth. As federal excise duty, it collected Rs 162.57 million against Rs 157.80 million collected during last year.

Zahid Khokhar’s Enforcement-South collects Rs 2929.83m customs duty

FBR assure traders to clear refund claims upto Rs 5m till March 31st

Time to enhance domestic investment: SBP governor

Customs central region collects Rs 90b in seven months of FY 2015-16

Sialkot exporters urged to divert business activities to Tajikistan

Zahid Enforcement-South Region and Export PQ have collected Rs 2929.83m | See pAge 02 |

FBR high-ups assures businessmen that all necessary measures are already adopted | See pAge 03 |

SBP Governor Monday said it is best time to acceleratedomesticinvestmentinthecountry | See pAge 04 |

Customs central region has collected Rs 90.925b customs duty and taxes | See pAge 12 |

Tajikistan Ambassador to Pakistan Sherali S. Jononov has assured the Sialkot | See pAge 09 |

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IHC postpones hearing of four tax references until March 28 Wednesday, March 16, 2016

National

ISLAMABAD: The Islamabad High Court (IHC) on Monday adjourned the hearing of four tax references involving Customs Appellate Tribunal and Appellate Tribunal Inland Revenue (ATIR).

A division bench of the IHC, comprising Justice Shaukat Aziz Siddiqui and Justice Mohsin Akhtar Kayani, heard an income tax reference, 75/2013, filed by M/s Aftab Traders and adjourned its hearing until March 28. This reference had challenged an ATIR decision about imposition of income tax which the appellant stated that was unlawful and in violation of law.

Zahid Khokhar’s enforcement-South collects Rs 2929.83m customs duty

Assistant collector Sadia usman directs staff to be punctual ISLAMABAD

m fAIZAN

KARACHI

AftAB cHANNA

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he Customs Collectorates Preventive, Hyderabad, Quetta, Gwadar of Enforcement-South Region and Export (Port Muhammad Bin Qasim) have collected Rs 2929.83 million under the head of customs duty in February of the Riscal year 2015-16.

Sources told Customs Today that the Customs Preventive collected Rs 2334.03 million in terms of Customs Duty while Rs 132.19 million on February 29. The Customs-Hyderabad collected Rs 175.55 million customs duty and Rs 5.14 million in just a single day i.e. February 29, 2016. Customs Exports, Port Muhammad Bin Qasim, collected Rs 515.19 million customs duty and Rs 4.25 million on the last working day.

Moreover, the Customs-Quetta collected Rs 366.80 million in the whole month while Rs 55.09 million on February 29. The Customs Gwadar collected an amount of Rs 313.96 million while Rs 5.74 million on February 29. The insiders told Customs Today that the revenue collection had been remarkably enhanced with efforts of Chief Collector-Enforcement(South) Zahid Khokhar who was encouraging the ofRicials at every stage. In the months of July upto February 29, 2016, sources said, Customs Pre-

ssistant Collector (HQ) Sadia Usman has issued a circular regarding observance of punctuality. In circular she said that “it has been observed that the staff members posted in various sections of the (HQ) office do not observe punctuality and reach office late.

“In order to implement policy of discipline in letter and spirit and to avoid the casual approach of staff in observance of punctuality. It has been directed that all the staff posted in various section of the ( HQ) office shall mark their attendance in the combined attendance sheet at the reception desk by 09:2am daily. “The attendance sheet will be checked by the undersigned daily and who is found late, will be issued warning letters and after that the case will be recommended for disciplinary proceeding under the Government Servants ( E&D) Rules , 1973. In case of approved leave, the leave application shall be submitted to the admin branch in advance.”

The copy of this circular has been sent to collector and additional collector all section incharge of (HQ) office and the chief accountant officers for information.

ventive collected at least Rs 19254.72 million customs duty, Customs Hyderabad collected Rs 1495.33 million, Customs Exports (PMBQ) collected Rs 2907.50 million, Customs Quetta collected Rs 2307.73 million and Customs Gwadar Rs 2321.52 million.

Meanwhile, The Customs Collectorate Appraisement West has

strictly instructed all the sepoys and hawaldars to be in neat and clean uniform during duty hours.

In this regard, the Custom House OfRicer, Appraisement West has also issued an ofRice order. “It has been noticed with grave concern that sepoys and hawaldars of the Collectorate are not performing ofRicial duty in complete uniform, which is

against the ofRice decorum,” according to a letter exclusively available with Customs Today. “Henceforth, all sepoys, hawaldars are directed to wear neat and clean uniform during office hours failing which strict disciplinary action shall be initiated besides disconfirmation of performance allowance”, the letter added.

faisalabad customs seizes smuggled goods worth Rs 0.5m T

FAISALABAD

NAeem SHeIKH

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he Customs Intelligence has recovered 1,000 kilograms of foreign origin red chilly seeds and auto parts worth Rs 0.5 million during a crackdown.

Sources informed Customs Today that Additional Director Azmat Tahira received credible information about some smuggling attempts.

She formed a raiding team comprising Asghar Mehdi Naqvi (IO ) and Zulfiqar Ali Awan and Shoukat Hayat. The Customs team intercepted a Mazda truck bearing registration No FSD- 1189 loaded with smuggled goods near New Truck Stand Jhang Road and recovered smuggled red chilly seeds and auto parts. The customs team asked accused persons who were identified as Nusrat Iqbal, Muhammad Sajid and Muhammad Shafique to produce legal docu-

ments regarding possession of loaded goods, but they failed to provide any relevant documents in this regard.

The customs team seized the goods under Customs Act 1969 and forwarded the case to customs adjudication for further proceedings. Meanwhile, The Customs Intelligence and Investigation has confiscated smuggled items and a truck worth Rs 1.38 million involving duty and taxes to the tune of Rs 480,459.

The Customs Intelligence staff intercepted a truck near Shahkot Toll Plaza, Shiekhpura Road, Faisalabad and recovered miscellaneous items, including fabric, micro fine tag pin zips, etc. The team asked the driver namely Muhammad Iftikhar to produce documents regarding the legal import of the items.

The driver showed a cargo slip issued by M/s Pervaiz Goods Transport Company but failed to provide proof of customs clear-

ance. Therefore, Mazda Truck and goods worth Rs 1.38 million were confiscated under Section 2kk and 17 of the Customs Act, 1969 and a served notice on the suspect.

After considerable passage of time, no one appeared before the seizing agency to claim the ownership of seized goods, as well as no proof of its legal import and lawful possession was produced.

Later, the Customs Intelligence submitted the seizure report to the Adjudication Department.

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RTO-II Chief Commissioner Zaheer for achieving target of March LAHORE: Federal Board of Revenue (FBR) Regional Tax Officer-II (RTO-II) Chief Commissioner Khawaja Adnan Zaheer has held a meeting with subordinates to figure out a plan in order to meet the revenue collection target for March, 2016. According the details, Chief Commissioner Khawaja Adnan Zahir chaired the meeting, which was attended by Inland Revenue (IR) zone-VII Commisioner Dr. Sarmad, IR zone-VIII Commissioner Yasir Pirzada and IR Commissioner Mujtaba Bhatti to review the performance and make plan to achieve the target. During the meeting, the chief commissioner directed the commissioners to meet the target, besides expediting the arrears; recovery from taxpayers.

‘customs issued Rs 8.24 billion export rebate in fY 2014-15’

Wednesday March 16, 2016

National

fBR assures traders of clearing refund claims upto Rs 5m by 31st

KARACHI

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he export rebate, issued by the Pakistan Customs during the fiscal year 2014-15, surged by 3.93 per cent to Rs8.24 billion as compared to Rs7.93 billion it issued in 2013-14. According to the Year Book issued by the Federal Board of Revenue (FBR), a sum of Rs2.417 billion was issued to the textile sector during the last fiscal year, up 37 percent as against Rs1.764 billion paid in 2013-14. Rebate issued to leather sector during the period under review stood at Rs1.736 billion as compared to Rs1.698 billion in 2013-14, depicting an increase of 2.2 percent.

Carpet and handicraft received rebates, amounting to Rs112 million.

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LHc seeks govt reply on increasing tax on poL products LAHORE

muHAmmAD NAwAZ www.customsbulletin.com

he Lahore High Court (LHC) sought reply from the federal government, Oil and Gas Regulatory Authority (OGRA) and Ministry of Petroleum in a case regarding the increase of sales tax on petroleum products. Justice Mamoon ur Rasheed heard the case in which the appellants’ counsel, Azhar Sadiq argued that the benefits of decreasing oil prices in international market properly were not being passed on to the general public by the government. On one side, the government announced a small decrease in the prices, but in the meantime rate of sales tax was increased on petroleum products, he added. He also pleaded the court to declare the increase in sales tax as null and void. After hearing the arguments, the court issued notice the federal government, OGRA and Ministry of Petroleum seeking reply of the case until March 16.

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ISLAMABAD

m fAIZAN

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Federal Board of Revenue (FBR) high-ups assures businessmen that all necessary measures are already adopted to clear refund claims of Rs 5 million till March 31st, 2016.

Sources of FBR informed Customs Today that a delegation of businessmen which includes General Secretary of United Business Group Zubair Taufail, Chairman Pakistan Tanners Association Gulzar Feroz, ShaRi Nasim held a meeting with FBR Member Sales Tax Rehmatullah Wazir and Member Customs Nasir Masroor Ahmad. The delegation was led by CEO TDAP S.M. Muneer.

Speaking on the occasion CEO TDAP said that exporters should adopt measures to enhance exports of the country because country’s exports are decreasing day by day.

He said that besides other reason, payment of rebate to exporters is also a main reason behind decrease in exports. He informed the participants of the meeting that there is 14 percent decrease in exports of Pakistan. Zubair Tufail said that majority of exporters are worried because FBR is not clearing their refund despite passage of marginable time. He said Chairman FBR Nisar Mohammad said already assured the exporers that their refund claims will be cleared by March 15.

Meanwhile, Federal Board of Revenue Chairman Nisar Muhmmad Khan has directed the ofRicials to launch a campaign against non-taxpayers by making strict policies in order to bring them into tax net and to expedite the tax recovery process He stated this during his visit to Rawalpindi RTO along with Inland Revenue (IR) Operations Member Dr Muhammad Irshad. The chairman and member also held a meeting with Rawalpindi RTO Chief

Speaking on the occasion ceo tDAp said that exporters should adopt measures to enhance exports of the country because country’s exports are decreasing day by day. He said that besides other reason, payment of rebate to exporters is also a main reason behind decrease in exports

fBR employees want performance allowance SIALKOT

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he employees of Federal Board of Revenue (FBR) in Gujranwala have said that performance allowance should be resorted so they could continue their work actively to make Voluntary Tax Compliance Scheme successful.

If performance allowance which they termed as right of employees

were not restored, the employees will start a protest from March 15, 2016 to get their right, they said.

The employees will also start 2 hours pen down strike till the restoration of performance allowance. They further said that board was requested repeatedly to de-freeze the allowance but no any action has been taken so far.

Meanwhile, Following the directions of the Federal Board of Revenue (FBR), the Regional Tax OfRice Gujranwala has issued notices to

300 tax defaulters to recover outstanding dues.

OfRicials told Customs Today that the defaulters have not been paying taxes since long and now the FBR has warned them to clear their taxes within a month otherwise stern action will be taken against them. They further said that FBR will seal their properties, impound vehicles and conRiscate their other items including passports; credit cards etc if they failed to pay the taxes during the said time period.

Commissioner Tanveer Akhtar, commissioners, additional commissioners, deputy commissioners, assistant commissioners and IR officers and reviewed the tax collection performance, besides discussing the response showed by traders regarding tax amnesty scheme. In order to get the desired results, Federal Board of Revenue Chairman Nisar Muhmmad Khan has directed the high ups of Regional Tax Office.

fIA nabs 40 human traffickers he Federal Investigation Agency (FIA), acting on special directives of Federal Interior Minister Chaudhry Nisar Khan, has recently arrested 40 human smugglers in a nationwide operation.

According to a report, the alleged human traffickers were arrested from Islamabad, Lahore, Gujranwala and several other cities.

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NHA completes 11 highway projects in 2 years ISLAMABAD: National Highway Authority (NHA) has completed eleven highway projects over one thousand kilometres length during past two years. Talking to APP here Sunday an official source said that the present government was focussing on the development of international standard motorway and highways network in the country. Giving details of the completed projects, he said that 58-kilometre MultanKhanewal Motorway project inaugurated in November last year cost Rs 14 billion while 58 km Faisalabad-Gojra section of M-4 which cost Rs 10.3 billion was opened for traffic in March last year.

Wednesday, March 16, 2016

Business

pSX loses 116pts over profit-taking KARACHI

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he Pakistan Stock Exchange (PSX) Tuesday witnessed a bearish day over proRit taking and shed 115.54 points to drop to 32623.02 points level at closing.

The stocks recorded the highest trading level of 32769.18 points and lowest level of 32585.04 points, with the volume of 204.12 million shares, having about Rs8 billion value. As many as 314 companies were active; of which 108 advanced, 181 declined and 25 remained unchanged. Commercial banks was the top traded sector with 87,649,000

Load shedding to end by 2018: minister ISLAMABAD

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tate Minister for Water and Power Abid Sher Ali Monday apprised the National Assembly that loadshedding from the country would be ended by 2018 due to timely completion of power generation projects in pipeline. Replying to a question, the minister said that Minister of Water and Power had taken various steps in this regard during the tenure of present government which included completion of under construction projects on war footing basis.

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volume, while power generation & distribution remained second with 38,392,800 volume.

The three top traded companies were NIB Bank Limited with a vol-

ume of 75,463,500 and price per share of 2.38 (0.23), K-Electric Ltd with a volume 35,564,500 of price per share of 7.04 (0.23), Engro Foods Ltd with a volume 4,996,900

of price per share of 167.09 (7.28).

The top three gainers were RaRhan Maize SPOT with price per share 7990 (150), Indus Motor Co XD with price per share of 972.75 (28.50) and Philip Morris Pak price per share of 1700 (26.67).

The top three losers were Nestle Pak with price per share of 6650 (350), Sapphire Fiber with price per share of 616.45 (-24.10) and Jubile Life Ins.SPOT per share of 504.09 (14.91). Earlier, the Pakistan Stock Exchange (PSX) opened with negative note and shed 30.47 points to drop to 32708.09 points level in early trading. Bearish note further deepened till midday as the stock market lost 111.69 points to reach 32626.87 points level. On Monday, the stocks showed recovery amid bull-run in global equities.

time to enhance domestic investment: SBp governor KARACHI

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tate Bank of Pakistan Governor Ashraf Mahmood Wathra Monday said it is best time to accelerate domestic investment in the country to take it to the next level of robust high growth.

As a key note speaker at a media brieRing on the economy of country, SBP Governor linked his assertion/theory to the historically low interest rates, marked improvement

in security conditions and energy supplies, and launch of CPEC-related initiatives. A good number of members of Pakistan Stock Exchange (PSX), investors, brokerage house representatives and banks’ presidents/CEOs were present. Earlier, the Governor performed the traditional gong ceremony that symbolises opening of trading at PSX. SBP Governor, citing a recent analysis of non-Rinancial companies listed at the stock exchange, revealed that overall the corporate sector is fairly liquid and possesses a healthy surplus of investable

funds. He said Pakistan’s economy had shown remarkable recovery during the last two Riscal years, growing by over 4 percent, after low rate of 2.8 percent on average in the preceding Rive years. The macroeconomic stability had been the key feature of this recovery with budget deRicits being contained without compromising on indispensable public spending. The adequate level of foreign exchange buffers built up crossing dollars 20 billion for the Rirst time, and inRlation and inRlationary expectations less likely to resurge anytime soon, he said.

cement exports decline by 22.54% to 3.8m tonnes in 8 months LAHORE

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he cement exports from the country registered a massive decline of 22.54pc as the volumes reduced from 5 million tons during July 2014-Feb 2015 to 3.8 million tons during July 2015- Feb 2016. However, overall the cement industry has posted a growth of 8.71pc during the first eight months of current fiscal year compared with same period during last fiscal year. The overall domestic and exports volumes were 2,981,904 tons and 467,287 tons respectively during Feb 2016 compared to 2,297,568 tons and 460,510 tons during Feb 2015. The domestic sales in north during Feb 16 were 2,428,597 tons compared to the domestic sales of 1,885,982 tons during same month last year, showing growth of 28.77 percent. The local sales in South during February 16 were 553,307 tons compared to the local sales of 411,586 Tons during same month last year showing growth of 34.43 percent. Exports from southern units during February 16 declined by 18.9% to 169,809 tons against 209,461 tons done during February 15. Exports from north increased from 251,049 tons during February 15 to 297,478 tons during February 16 i.e. by 18.5 percent.

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Sale of trucks, buses increases by 40% LAHORE

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he sales of trucks and buses have posted an increase of 40pc annually to reach at 3,803 units during eight months of the current Riscal year mainly due to surge in demand to China Pakistan Economic Corridor (CPEC) and improving law & order situation in the country. According to the latest

Rigures, local car assemblers registered 46 percent growth during the last eight months of FY16 owing to rise in auto Rinancing due to 42-year low interest rates, taxi scheme and overall improvement in economic situation in the country. During the corresponding period, the local vehicle sales reached 149,311 units from 102,491 units in the same period last year. Experts forecast local car sales to grow at 15 percent in FY16 to reach at 206,777 units. This

lower growth is due to 1) completion of taxi scheme in Feb 2016 and 2) decline in Civic volumes in anticipation of new model, which is expected to hit the market in mid 2016. Amongst individual companies, Pak Suzuki (PSMC) sales increased by 71 percent YoY to 91,608 units in 8MFY16 primarily due to Punjab Govt. Taxi Scheme. Volumes decreased by 16 percent YoY (-34 percent MoM) in Feb 2016 to 8,420 units primarily due to completion

of Taxi Scheme. Indus Motors (INDU) sold 41,723 units in 8MFY16 versus 34,375 units in 8MFY15.

In Feb 2016, INDU sales stood at 5,275 units, up 4 percent YoY due to high number of working days in the month of Feb. On MoM basis, sales decreased by 12 percent YoY due to early buying in the month of Jan owing to New-year registration phenomenon and less working days in Feb 2016 compared to Jan 2016.

Honda Cars (HCAR) sold 15,793

units in 8MFY16 compared to 14,041 units in the same period last year. In Feb 2016, HCAR sold 2,168 units, down 3 percent YoY (-28 percent MoM). We believe that Honda City remained the major contributor in this growth. Volumes of Honda Civic are expected to dry out in coming months in anticipation of new model launch in mid 2016. Pakistan tractor segment posted a decline of 37 percent YoY during 8MFY16 to reach at 17,772 units.

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Senator Rubina Khalid said that there was a vast scope of cottage industry among the SAARC www.customsbulletin.com countries and she was contributing a lot for its promotion in the country by herself. She said enator Rubina Khalid, a member of the Senate that cottage industry provides employment opCommittee for Commerce, has advised the gov- portunities at the door step and government ernment to pay attention to establish a strong should concentrate on establishing business cottage industry in the country. She said that pickets in different areas of the country, for exdue to energy crisis, Pakistan’s exports were ample there was huge scope of hand looms in gradually decreasing and the industrial sector West Punjab, Bahawalpur, and Khairpur, but this was dire in need of power generation. industry is also decreasing gradually due to govDuring exclusive interview with Customs Today, ernment ignorance. Senator Rubina Khalid said she said that exporters were facing various prob- that if present government seriously implements lems due to energy crisis and were unable even its commerce policies then people of the counto meet the deadlines given try must get some fruitful results. by their clients. She said that Replying to a question about taxation system the government was she said that government should take some comavoiding to review prehensive measures to expand net, but also taxation policies. avoid to take such steps which discourage tax payers. Senator Rubina Khalid said that there is no tax culture in our country so government must take some steps to promote tax culture. She said “we have to determine our people that if they will pay tax, they will get better facilities”. She said that in our country every body is talking about its own rights but very e r a we t don’t know that there are bound a h t said s u re s d to perform their some of their i a l e a h m nt aK e n x i national duties. Senator Rubina m a b t n u r R ove r y of Khalid said that “right and dur ex p i g fo r g

ISLAMABAD m fAIZAN

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e at waitin ill take aft aid th s e w h t S i which ty Scheme. scheme one s st y Amne a m n e m o n ey i n t o x a t gh ck t h ro u i t s b l a a s u re i s t r e v n s me c an co the ut thi b e ers on t i y a p wh x ta raging hand u o c s i d other

ties and attached with each other” so we have to follow this rule.

She said that Lahore Chamber of Commerce and Industry forwarded a proposal to government that they applied taxes on commercial enterprises after accessing their electricity bills.

This measure will expose that our an industry which is paying Rs 100000 as electricity bill but avoiding to pay Rs 10000 as income tax.

She said that more tax payers will bring under tax net if government introduced some modules for them. Rubina Khalid said that we are waiting for government measures which it will take after expiry of Tax Amnesty Scheme. She said that through tax amnesty scheme one can convert its black money into white but this measure is discouraging tax payers on the other hand. She advised government not to harass people who are paying income tax regularly, but on the other hand FBR must introduce tax friendly policies this will improve the conRidence of tax payers.

Answering a question Senator Rubina Khalid said that government should take some concrete measure to discourge “Thana Culture”. She said due to thana culture people prefer to settle their disputes among themselves instead of solving them through thana. She said that efforts are not being made on parliamentary level for promotion of tax culture. Rubina Khalid said that we have to think as Pakistanis, leaving behind our political afRliations.

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Wednesday, March 16, 2016

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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

money in Swiss banks

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ccording to news reports, at least $200 billion has been stashed in Swiss banks allegedly by insincere politicians, tax evaders and corrupt bureaucrats, but the government has so far failed to bring it back to Pakistan.

Switzerland, which was once a hub of black money deposited by criminals from all over the world, changed its 300 years banking secrecy rules a few years ago, paving the way for countries to recover their stolen assets. At a time the governments are struggling to get their money back, the Pakistani government has not made any request to the Swiss authorities even for exchange of information.

The leadership of the present government had promised the nation that it would do its best to recover the money, but the issue is apparently not in its priority list. The political will is also missing in the government to do anything good in the national interest.

The hope of the nation on the current breed of politicians is dwindling as no concrete step has been taken to bring back the looted money and black sheep in the government are also buying time to shift the money from Switzerland to some other destination. It is no denying the fact that the government agencies know every detail of the deposits in the Swiss banks, but their wings are clipped by the influential criminals and the sincere oďŹƒcials have no other option but to hush up the matter. Pakistan is still a member of the club of the most corrupt countries whereas corrupt politicians, bureaucrats, and tax evaders are continuing transactions of black money to foreign banks.

The government fulfills the cash requirements of the country by taking loans, pushing the nation into further chaos. The nation wants transparency and discipline in every financial matter whether it is the case of development projects, utilization of foreign loans or tax collections. Selective accountability is in no way in the national interest as it will speed up the process of capital flight. The economic situation of the country is increasingly becoming fragile and only panacea to the problems is to give level playing field to the corrupt elements by allowing them to invest their black money within the country. Otherwise, the black money will continue to drain o the country. Through a judicial order, the federal government had been directed to disclose the names of Pakistanis who are account holders in Swiss banks and to take steps to get the money back.

Iron, gold and copper deposits in chiniot P

LAHORE

DR AftAB AfZAL

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rime Minister Nawaz Sharif has called the discovery of the huge mineral reserves near Chiniot district in Punjab as the great treasure which could change the lot of this nation. He announced the presence of rich deposits of copper, iron and gold contrary to former Punjab chief minister Chaudhry Pervez Elahi’s claims that the iron ore found in Chiniot is not of a good quality while the gold and copper deposits have not yet been conRirmed. According to him, the government is just creating media hype about the reserves which were actually discovered 10 years

ago when he was the chief executive of the province. On another note, renowned scientist Dr Samar Mubarakmand, German consultants and Chinese Metallurgical experts claim that the quality of iron ore deposits is similar to those which are found in Brazil, Russia and India. The samples of the ore were sent to the scientiRic laboratories in Canada and Switzerland which conRirmed that the iron ore is of high quality.

According to experts, the mineral deposits found in the area are estimated to be in thousands of tons. Various studies are currently being conducted, covering an area of 28-square-kilometre. Another survey will be conducted in an area of 2,000-square-kilometre and the experts believe that a

huge quantity of mineral deposits will be ready for excavation. The geologists working in the area are recommending the government to focus on the excavating of copper which is more expensive than iron in the international market.

Copper price is $5,000 per ton as compared to $100 per ton iron in the global market. The prime minister indicated that the local and foreign investors will be invited to take part in excavation of the minerals and also set up industries in the area. A feasibility study for excavating the reserves have already been completed.

It is good omen that the chief executives of the country and province are taking keen interest in the discovery of minerals in Punjab. Pakistan is already in con-

tact with Germany and China on various technological projects and more cooperation is required to excavate the minerals in the area.

What the government needs to do is to ensure transparency in the process of awarding contracts to foreign companies. Uncertainty still shrouds the future of the world-class gold mine, Reko Diq, due to poor handling of the project by the government authorities. The government could not make any good from the gold and copper mine which has the value up to $500 billion. It should be noted that Khyber Pakhtunkhwa and the Azad Kashmir have large deposits of precious stones, but the respective governments could not produce value added goods from the raw stones.

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Pakistani traders should avail business opportunities in Iran LAHORE: Iran is in high demand of textiles, meat and dairy and livestock based products therefore Pakistani dealing in these sectors must avail this unmatched business opportunity. This was revealed by the LCCI Senior Vice President Almas Hyder on his return from a six-day Iran visit. He took a 26-member delegation to Iran who visited Tehran, Sheraz, Mashhad Chambers of Commerce and Industry, Qom Free Zone and Industries located in TUS Industrial Estate, Mashhad apart from having B-2-B meetings with their Iranian counterparts and high government officials. The delegation received very warm reception in Iran.

On the arrival of Tehran Airport, the delegation was received by the Staff of Commercial Section of Pakistan Embassy. Almas Hyder said that Iran has a higher requirement of our textile products including T-Shirts, Denim Jeans and Home Textiles.

S Arabia wants to further enhance bilateral trade with pakistan: envoy delegation of Islamabad Chamber of Commerce and Industry led by its President Atif Ikram Sheikh called on Abdullah Marzouq Al-Zahrani, Ambassador of Royal Embassy of Saudi Arabia to discuss ways and means for further enhancing bilateral trade between Pakistan and Saudi Arabia. Sheikh Pervez Ahmed, Senior Vice President and Sheikh Abdul Waheed, Vice President Islamabad Chamber of Commerce and Industry, Iftikhar and Tanveer Afsar Malik were also in delegation. Speaking at the occasion,

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Abdullah Marzouq Al-Zahrani, Ambassador of Saudi Arabia said that his country considered Pakistan an important trading partner and wanted to further enhance import of many products from Pakistan. He said Pakistani entrepreneurs have tremendous opportunities to promote trade with Saudi Arabia by improving the quality of their products.

He said Saudi investors were interested in investment and joint ventures in various sectors of Pakistan’s economy. He identified steel manufacturing and food processing as potential areas for joint ventures between the two countries. He stressed that both countries should organize single country exhibitions and encourages frequent exchange of trade delegations to explore all untapped areas of mutual collaboration. He assured that his Embassy would facilitate Pakistani business community in visiting to explore for business opportunities.Atif Ikram Sheikh President, Sheikh Pervez Ahmed Senior Vice President and Sheikh Abdul Waheed Vice President, Islamabad Chamber of Commerce and Industry.—CB Report

Wednesday March 16, 2016

Chambers

Sialkot exporters urged to divert business activities to tajikistan T

SIALKOT

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ajikistan Ambassador to Pakistan Sherali S. Jononov has assured the Sialkot exporters to make all out sincere efforts to ensure the direct imports of Sialkotmade sports goods and surgical instruments direct from Sialkot-Pakistan instead of purchasing these products from other European countries on higher prices.

He made this assurance while talking to the Sialkot exporters during an important meeting held at Sialkot Chamber of Commerce and Industry (SCCI). SCCI President Mansur Ahmed, SVP Muhammad Sarfraz Butt, former SCCI President Fazal Jillani and others also attended the meeting. Ambassador of Tajikistan stressed the need of promoting the bilateral trade between Pakistan and Tajikistan. He invited the Sialkot exporters to divert their business activities to Tajikistan besides participating the international trade and industrial exhibitions being held in Tajikistan soon.

“We are rich in hydel energy and we are going to export hydel energy

to Pakistan in order to meet the growing demands,” he added.

He informed that Pak-AfghanTajik trade delegations would boost trade among the countries.

He expressed keen interest in the direct import of sports and surgical items from Sialkot-Pakistan, instead of purchasing these products from other European countries on high prices. Jononov also assured the easy access of

Sialkot exporters to international trade markets of Tajikistan and other Central Asian states.

On this occasion, SCCI President Mansur Ahmed said that Pakistan could be a gateway for the Central Asia for trade and commerce. Similarly, he said Central Asian states including Tajikistan could be a very strong market for Pakistan presenting immense opportunities to boost trade. SCCI President said

‘tDAp promoting Smes to increase exports’

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SIALKOT

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hief Executive Traders Development Authority of Pakistan (TDAP) S.M. Munir said that Pakistan is developing day by day under the best policies of Prime Minister Muhmmad Nawaz Sharif and basic facilities will be provided to public on their door steps soon whereas dearness is decreasing and stability is improving by the better diplomacy of present rulers in the country. He was addressing to members of Sialkot Chamber of Commerce And Industry (SCCI) other day.President SCCI Major (R) Mansoor Ahmed,Vice President Syed Ihtisham Mazhar,Senator Ilayas Balour, SCCI Pattern Chief Sheikh Riazuddin and others participated the meeting.

S.M. Munir said that the ex-

porters have so many problems and export is decreasing in Pakistan because their are no best policies for export improving by Federal Finance Ministery.He said it has been cleared that export has also decreasing in whole world due to inRlation whereas we should leave trend of export of traditional items rather we should export items with news technology.

He said that I clear our Federal Finance Minister Ishaque Dar is not in favor of exporters rather he is not playing vital role for increasing of export.He said that Federal Finance Ministry should clear the all rebate claim of exporters whereas government should pay the Export Development fund (EDF)so that the concerned chambers start their projects for business community after receiving EDF.He said that cheques of Rs 800 billions are ready for payment of rebate but their is

no amount in accounts of issuing authority for drawing of cheques.

He said the business community has intimated many times Federal Finance Minister for this purpose but he do’nt care of demand of business community.He said that the government should make sure 1% adhoc relief immediately to exporters whereas government clear rebate claims of years 2009-10 of Sialkot Business Community.

He said that he will refer all matters to Federal Minister Finance about income tax, duty draw back and other refunds of Sialkot business community.He said that it is very fruitful matter that child labour has been eliminated from soccer ball industry Sialkot and government is supporting this programme whereas SCCI should not end this programme rather he will must take serious interest for allocation of government grant Rs 35 million.

that regular exchange of trade delegations, developed contacts between the chambers of commerce and Industry of Pakistan and Tajikistan and holding of the joint trade exhibitions would help in promoting the bilateral trade between Pakistan and Tajikistan. SCCI SVP Muhammad Sarfraz Butt said Pakistan and Tajikistan need to build upon the available avenues of cooperation to improve trade.

Decrease in oil prices, power tariff lauded akistan Industrial and Traders Front (PIAF) Chairman Irfan Iqbal Sheikh has lauded the government decision to reduce petrol prices by Rs8.48 per litre and reduction of Rs4.11 per unit in power tariff.

Irfan Sheikh, in a statement, said that this decision would significantly escalate the trade and business activities across the country while the transport fares have already been cut due to decline in diesel prices. The PIAF had constantly been asking the government to provide cheap energy to industries by lowering the oil prices and now we are happy that authorities listened to the business community and announced significant cut in oil prices.—CB Report

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Iran to resume oil exports to pre-sanctioned level Wednesday March 16, 2016

World

TEHRAN: Iran has said that it is aiming to restore oil exports to level that existed prior to western sanctions. Iranian President Hassan Rouhani made the comment during a televised address on Sunday.

Iran exported more than 2.6 million barrels of crude oil a day in 2011 before the sanctions.

The sanctions then cut the country’s exports to around 1 million a day.

The country’s oil exports are expected to rise to 2 million barrels per day within the first half of this year.

Mr Rouhani said, Iran’s economy grew 3 percent in the current Iranian calendar year, which ends on 20th March.

He said, the country would see a leap in economic growth next year.

uS customs seizes meth worth $77,000 TUCSON

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ustoms and Border Protection ofRicers arrested a Mexican national for attempting to smuggle almost 26 pounds of methamphetamine through the Port of Nogales.CBP ofRicers at the Port of Nogales arrested a Mexican national after a search of a vehicle led to the discovery of $77,000 worth of meth OfRicers at the Dennis DeConcini crossing referred a 21-year-old man from Nogales, Sonora, Mexico, for further inspection of his Pontiac sedan and found multiple packages of meth worth nearly $77,000.Multiple packages of meth were removed from a smuggling vehicle at the Port of Nogales. CBP ofRicers seized the drugs and vehicle, and turned the subject over to U.S. Immigration and Customs Enforcement’s Homeland Security Investigations.

Iran’s oil exports rise to 1.8m bpd ran’s oil exports have risen to 1.8 million barrels per day (bpd) for the first time since 2012, Managing Director of the National Iranian Oil Company (NIOC) Rokneddin Javadi says.

“The rising trend of crude oil exports will continue” in the next Iranian year which begins on March 20, during which total production will rise to 4 million bpd, the Shana news agency quoted him as saying in Tehran Wednesday. “To materialize future objectives of the National Iranian Oil Company in the oil sector, 2 billion barrels of oil must be produced a year,” he said. Since the lifting of sanctions in January, Iran has been working to raise production by 1 million bpd on top of another million barrels which the country has already been producing. As many as 29 vessels reportedly loaded crude from the country last month.—CB Report

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Meanwhile, A male Mexican national was arrested for attempting to smuggle slightly more than $95,000 in unreported U.S. currency into Mexico through the Port of Lukeville here the other day.

U.S. Customs and Border Protection ofRicers conducting outbound inspections selected a Chevrolet truck driven by a 45-year-old Mexican national for further inspection.

During the search, ofRicers found an ice chest between the front seats concealed compartment containing three packages of U.S. currency hidden beneath ice and food items. The cash was seized. The case have been referred to U.S. Immigration and Customs Enforcement’s Homeland Security Investigations for further investigation.

“This is a collaborative effort by CBP, HSI, and DEA,” said Lukeville Port Director Peter Bachelier. “This formation is a “force-continuum” against the war on drugs and its proceeds. Our strategies are stronger and more accurate than ever.”

customs officers foil bid to smuggle 631g heroin RIYADH

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ustoms ofRicers foiled an attempt to smuggle 631 grams of heroin via the King Abdulaziz International Airport in Jeddah. An ofRicer screened a passenger and detected 556 grams of heroin capsules in his abdomen. On further screening, 75 grams of heroin was found in his luggage also. King Abdulaziz International Airport customs director-general Abdulla AlFallay said that the trafRicker was referred to competent authorities, reported local Arabic daily Sabq.

Meanwhile, Security officials have stepped up their crackdown on drug trafficking syndicates, busting several gangs and arresting 953 smugglers including 695 foreigners during the last four months. The foreigners involved in

Sri Lankan navy seizes smuggled gold worth Rs 34.5 million

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ri Lankan navy has foiled a bid by two people to smuggle 6.94 kilogrammes of gold worth nearly 34.5 million Sri Lankan rupees to India in a Rishing boat, ofRicials said on Monday.

Sri Lankan navy yesterday arrested the two people from northern Jaffna peninsula’s Madagal area as they were trying to smuggle the gold to India. 6.94 kilogrammes of gold, worth nearly 34.5 million Sri Lankan rupees, was seized from them. The suspects were attempt-

ing to transfer the stock of gold by means of a dinghy, a navy statement said. The items were handed over to Sri Lanka Customs in Jaffna for further investigations, it said.

Meanwhile, Following Sri Lanka failing to achieve the 2 million tourist arrival target for 2015, future targets have been amended to realistic levels, the country’s tourism chief said. A document with the revised Rigures was handed over to Prime Minister Ranil Wickremesinghe this week.—CB Report

rampant drug smuggling were from 35 different countries,” said Maj. Gen. Mansour Al-Turki, spokesman of the Ministry of Interior.

Addressing a press conference at the Security Forces Club in Riyadh, Al-Turki expressed concern over the high incidence of drug-related crimes, prompting the authorities to intensify their crackdown. The Saudi security forces fought with traffickers and opened fire in most of the cases, which re-

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sulted in fierce resistance from traffickers killing some 28 security personnel,” he said.

According to the gathered data, the police succeeded in conRiscating 26 million amphetamine pills and more than 16 tons of hashish besides SR26 million in cash during the last four months, noted the spokesman. Al-Turki said that all arrested people have been referred to the general investigation and persecution for trail.

turkey suspends phone probe he Turkish government on March 4 terminated investigations into mobile phones imported from Viet Nam without safeguard measures, according to the Vist Nam Competition Authority (VCA).

On December 5, 2014, an investigation into mobile phones imported from Viet Nam was launched by the Turkish government on the request of Turkey’s Vestel Elektronik Sanayi Company Ve Ticaret A.S. The company claimed that the increasing number of mobile phones being imported from Viet Nam had hurt domestic producers proRits, sales revenues and shares.

The value of Vietnamese mobile phones exported to Turkey was US$418 million in 2013 and $643 million in the Rirst 11 months of 2014. On March 3, 2015, a Turkish investigation agency held a public hearing with concerned parties.

Viet Nam Trade OfRice in Turkey partnered with related Vietnamese enterprises to participate in the hearing. VCA said the case showed it ensured the rights and legitimate interests of Vietnamese enterprises and created a positive precedent for cases of trade remedy investigations against export products from Viet Nam.—CB Report

cannabis worth £300,000 seized in Newtownabbey

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BELFAST

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olice have seized an estimated £300,000 worth of herbal cannabis in Newtownabbey. The drugs were found during a search of commercial premises on Wednesday.

A 30-year-old man was arrested

and taken to a Belfast police station for questioning.

Detective Inspector Sean Taylor said: “OfRicers have also searched properties in Randalstown and Ballymena and our enquiries are continuing. This is the latest in a series of unrelated drugs seizures this week which brings to total value recovered since Monday to more than £1 million.

“We are aware of the threat posed by illegal drugs and are determined to use every opportunity to take these substances off the streets and bring anyone involved in their sale, supply or distribution before the courts.”

Meanwhile, Detectives in the North have seized high purity cocaine with a large quantity of benzocaine. The cocaine has a minimum

street value of £60,000.

Two males aged 25 and 30 are being questioned at Musgrave Police Station as part of a joint operation between PSNI and An Garda Siochana National Drugs Unit.

A 20-year-old woman and a 37year-old man have been released on Police bail. A 20-year-old woman and a 37-year-old man have been released on Police bail.

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Thailand’s low cost airline hub opens new terminal BANGKOK: Don Mueang International Airport, Thailand’s hub for low-cost airlines, officially opened a second terminal on Tuesday to cope with soaring passenger traffic but is likely to run out of capacity again before the end of the year. The new terminal raised the centuryold airport’s annual passenger capacity to 30 million from 18.5 million, but actual traffic in 2015 has already grown to 28.8 million, an 85% increase from 2013. According to the Centre of Asia Pacific Aviation (CAPA) in Sydney, Don Mueang has become the world’s largest low-cost carrier airport in terms of passenger traffic. As more people travel with budget airlines, Prasong Poonthaneat, chairman of government-controlled operator Airports of Thailand, expects that traffic at the airport will increase around 20% in 2016.

Adani ports may test Rs 237, BHeL Rs 108 rakash Gaba of prakashgaba.com told CNBC-TV18, “I like the structure of Adani Ports , it has given a beautiful breakout at the base formation around Rs 205, upmove is there. A tight stop below the levels of Rs 224 should be fine, target on the upside could be in the vicinity of Rs 237.” ” BHEL has a base formation. The risk reward ratio is in our favour, so BHEL can climb to levels, the first target I have is around Rs 108, it can move even higher in the days to come.

Looks like the move is just starting and keep a stop loss below Rs 100 which is a psychological support,” he said. “I like the breakout gap in Granules India , after a good base formation it tells me when you have a gap like this perhaps an upmove is still on the cards. So Granules India can climb to levels closer to Rs 122. That is a first target but even once it crosses Rs 122-123 levels, it is going much higher. Maybe a new initial move is starting on Granules India, keep stop loss below Rs 115.”“The en-

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ergy stocks were doing well yesterday and this is a base formation in JSW Energy . So it is raring to go. Again a fresh upmove has started here and it can climb to levels closer to Rs 68, that is a first target because of a long weekend but once it crosses Rs 68-68.50-69, I think it is going to Rs 74. So I feel that the new initial move is starting and is the better bet out here. Keep stop loss below Rs 65.” Meanwhile, Coal stocks at 17 major Indian ports totaled 12.32 million mt as of March 3, down 1% week on week, data released by Indian shipbroker Interocean showed. The stockpile comprised 10.12 million mt of thermal coal, up 1.7% from 9.95 million mt the previous week; and 2.08 million mt of coking coal, down 9.3% over the same period from 2.29 million mt, the data showed.—CB Report

Ports & Shipping

port Hedland iron ore exports higher in february

Wednesday March 16, 2016

South carolina ports Authority brings solar power to terminals he South Carolina Ports Authority announced plans to bring solar power to the Wando Welch and Columbus Street terminals, making SCPA the largest rooftop solar host in the state and further enhancing the Port’s commitment to environmentally-responsible operations.

Two solar panel arrays generating 3.7 total megawatts of electricity will be installed on warehouse rooftops at the two SCPA terminals by summer 2016.

The panels will provide a significant off-set to the Port’s energy usage, returning power to the grid during peak hours of energy demand and resulting in a direct reduction to SCPA’s power costs. “The solar project is an exciting step that deepens the Port’s ongoing efforts to be an environmental leader in our industry,” said Pat McKinney, SCPA Board Chair. “The Board fully supports our staff’s recommendation of a rooftop lease agreement, which allows us to focus on our core business of running a port while still achieving both environmental and financial benefits.”

Under a 25-year rooftop lease agreement, the panels will be owned and maintained by SolBright Renewable Energy, LLC with no direct expense to SCPA. The panels are expected generate $1.5 million or more in profit for the SCPA over the life of the lease.—CB Report

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WASHINGTON

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ron ore exports from Australia’s Port Hedland climbed last month, rebounding after a cyclone disrupted shipments in January, and as a cargo-tracking report said that Gina Rinehart’s Roy Hill project had dispatched its first cargo of 2016.

Total shipments from the world’s biggest bulk-export terminal were 36.63 million metric tons in February from 33.78 million the previous

month and 35.67 million a year earlier, according to data on the port authority’s website on Friday. Exports to China were 29.14 million tons in February, compared with 28.91 million a month earlier and 30.25 million in the same month in 2015. Iron ore has surged this year as Chinese mills started to ramp up output after February’s Lunar New Year break, and analysts including Capital Economics and National Australia Bank said that exports had been disrupted, temporarily tightening supplies. The recovery contrasts with three annual losses to 2015, when surging lowcost output from top miners including BHP Billiton and Fortescue Metals

Group – which route cargoes through Port Hedland – spurred a glut amid shrinking steel demand in China. The new Roy Hill mine, which plans to ramp up operations this year, shipped 166,200 tons of ore last month, Sanford C. Bernstein & Co said in a report on Thursday. A vessel sailed on February 27 from Port Hedland bound for Pohang, South Korea, Bernstein said. Roy Hill Holdings Pty did not respond to questions from Bloomberg for comment on the report. Cargoes from Port Hedland for South Korea rose to 3.14 million tons last month from 2.36 million tons in January and 2.54 million tons in 2015, according to port authority data.

uSg people revenue jumps 11.9% in Q4

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AMSTERDAM

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utch recruitment firm USG People nv (AMS: USG) reported revenue rose 11.9% in the fourth quarter, but gross margin narrowed to 20.7% from 21.3 % in the same period last year.

Revenue in the company’s Dutch business rose 15% in the fourth quarter; Belgian revenue rose 13%.

USG People a stand-alone, pub-

lic company at this time is in the process of being acquired by Tokyo-based Recruit Holdings, one of the world’s largest staffing firms. The Recruit acquisition is scheduled to be completed in the second quarter. The company operates in Belgium, France, Germany and the Netherlands. Its brands include Start People, Unique, Secretary Plus, USG Professionals and Solvus.

Meanwhile, At the end of January, the market research firm IDC revealed that 1.4 billion smart-

phones have been shipped in 2015 (up 10.4% over 2014), with Microsoft nowhere to be found in the top five vendors list for 2015. But today, IDC released its latest Worldwide Quarterly Mobile Phone Tracker numbers and the market research company shared this about Windows Phone market share in 2015: This past year was another challenging year for Windows Phone as shipments were down 18% in 2015 to 11.1 million units with roughly 95% of that volume

coming from Microsoft (or Nokia) branded devices. The recent MWC conference in Barcelona showed a few new products from partner OEMs although it remains unclear how serious the Windows Phone offerings will be from OEMs. These new data seems weird to us as in its last Worldwide Quarterly Mobile Phone Tracker from December 2, IDC forecasted 31.3M Windows phones shipments in 2015. We don’t know how IDC explains this 20.2M shipments difference.

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RTO-II recovers Rs 4.1 million from Nasar Limited LAHORE: The Regional Tax Office-II (RTO-II) of the Federal Board of Revenue (FBR) has recovered Rs 4.1 million by attaching the bank accounts of Nasar (Private) Limited.

According to the details, the RTO-II recovered this amount in the wake of arrears, which were not paid by the company despite lapsing long time.

The RTO-II team comprising Inland Revenue Commissioner Dr Sarmad, Deputy Commissioner Naveed Ahmed and Moazim Rasheed froze the bank accounts and recovered the arrears.

Wednesday, March 16, 2016

CUSTOMS BULLETIN

customs central Region collects Rs 90b in seven months of fY 2015-16 LAHORE m HAYAt

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ustoms central region has collected Rs 90.925 billion customs duty and taxes during the seven months of financial year 2015-16 registering a growth of 3 percent compared to the corresponding period last year.

According to details, Lahore Appraisemnet collected Rs 39,142 million registering an impressive growth of 12 percent compared to the same period last financial year.

Lahore Preventive collected Rs 20004 million duty and taxes against the target of Rs 22232 million during the seven months of FY 2015-16.

The Customs Multan generated Rs 27193 million customs duty registering a growth of 3 percent during the period under review against the same period last financial year.

The Customs Faisalabad collected Rs 4584 million duty and taxes against the target of Rs 4,768 million during the seven months of financial year 2015-16. The central region was given a target of Rs 87865.81 million and collected Rs 90925 million.

Haroon for enhancing tax-to-gDp ratio from 11% to 18% KARACHI

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here is need to enhance the tax-to-GDP ratio from the present 11 percent to 17-18 percent, said Minister for State and Special Assistant to the Prime Minister on Revenue Haroon Akhtar Khan.

Speaking to businessmen at the Karachi Chamber of Commerce and Industry (KCCI), he said that

with the addition of six percent in the tax-to-GDP ratio, the country’s budget deRicit will not only vanish, but the country would have surplus budget for development expenditures. The state minister alleged that the local residents have misused tax immunity given on foreign remittances. He shared the facts about the weaknesses in the taxation system and tax culture and said that the Federal Board of Revenue (FBR) had unearthed Rs3 billion transactions by a school against which the education institute had not declared even Rs3 million. “The directors of the

school receive huge pays and perks and transferring [the money] in the country through availing of the immunity,” he added.

Under Section 111(4) of the Income Tax Ordinance, 2001, there is immunity of questioning the source on inRlows of remittances received through normal banking channels in Pakistan.

Khan said there is a need to change culture in tax collecting machinery. He said a computerised system of a hospital was investigated, which had concealed Rs5 billion, whereas the doctors were paid millions of rupees as consul-

tancy charges.

Further explaining the disappointing situation in the payment of taxes, especially indirect taxes, he said that during the last Riscal year, the total sales tax (domestic) collection was Rs500 billion. “Only 329 companies paid 95 percent of the total tax collected under the head of sales tax (domestic),” he said, adding that of the 329 units, only 10 units paid half of the 95 percent tax. The state minister said to broaden the tax base, the FBR had started issuing notices to tax evaders. “Without carrot and stick policy no taxation system can be

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improved,” he added.

Talking about the Voluntary Tax Compliance Scheme (VTCS), he said, every facility extended in the scheme was demanded by the representatives of the business community. So far, under this scheme, an amount of Rs32 billion has been declared and the FBR received Rs320 million as revenue, he added. He expressed surprise that despite addressing the objections of traders in the scheme, the business community is demanding more incentives. “In fact the traders do not want to become part of the tax net,” he added.