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ustoms Dry Port allegedly cleared 701 illegal consignments from 2015 to 2017, causing billions of rupees losses to the customs exchequer, revealed ofUicial documents. According to the NAB documents received by Customs Today, an interrogation process has been started at a high level to trace corruption in clearance of old and used cars which were imported under amnesty scheme. Customs Today has been the Uirst to disclose the fraud carried out at the Peshawar Dry Port from 2015 to 2017 where different appraisers cleared illegal consignments. Earlier, the Customs Department initiated a departmental investigation against Athar Naveed, the then deputy collector of the dry port, and found that he allegedly misused his authority and illegally cleared the consignments in violation of the applicable rules. Malik Aman, Mumraz Alhaaj Gul and others, being superintendents, allegedly helped clear the con-
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signments in violation of the applicable rules. In connivance with each other, they illegally assessed and cleared 488 consignments and caused Rs 9,180.75 million losses to the national exchequer. DC Customs Dry Port Peshawar during the period from 2015 to 2017 cleared 213 illegal consignments which were supposed to be conUiscated and auctioned under the provisions of Customs Act, 1969 and persons leveled in the matter were liable for Uines of more than ten times of the worth of the goods. Shahid Akbar in connivance with other accused persons misused his authority and cleared machinery worth Rs 269.24 million in violation of the Customs Acts, 1969, Import Policy order, 2016 and foreign exchange manual where as the market value of the said machinery was Rs 1314.78 million and so far colossal loss could be worth Rs 4007.17 million. Ex Appraiser Abdul Hadi at Customs Dry Port Peshawar has illegally cleared 226 consignments from 2015 to 2017 when he was appraiser. He misused his authority and cleared the said machinery in violation of Customs Acts, 1969, Import Policy order, 2016 and foreign exchange manual.
Issued show cause notice may be decided ex parte if nobody appears at hearing
Customs Export recovers evaded duties, taxes of Rs 13.58m from defaulter cos
FTO directs counsels to conclude final arguments
DG Valuation revises customs values of industrial roller chains
About 4800 cartons of Iranian juice seized by anti-smuggling Multan
Dr. Arslan Subugteen, Collector Adjudication, issued a show cause notice | See pAge 02 |
Customs Export has recovered evaded duties and taxes of Rs 13.58 million | See pAge 03 |
FTO Mian Munawar heard an appeal filed by Muhammad Shakeel, a cloth dealer | See pAge 04 |
DG Valuationhasrevisedthecustomsvalues ofindustrialrollerchainsvideVRNo:1268 | See pAge 11 |
ASO Multan has impounded the Iranian origin NDP 4,800 cartons of Rani Juice | See pAge 16 |
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FBR directs LTU to recover federal excise duty, ST of Rs 5,534.20m Wednesday, March 21, 2018
Islamabad
ISLAMABAD: The 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.
Issued show cause notice may be decided ex parte if nobody appears at hearing
ISLAMABAD
ISLAMABAD
NAeem ULLAH tARIQ
tARIQ DeRYA
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slamabad High Court relisted three customs matters involving Customs Appellate Tribunal and Collectorate of Customs, Islamabad. IHC division bench comprising Justice Athar Minallah and Justice Hassan Aurangzeb had to hear the cases. The bench had earlier relisted the cases including the one filed by M/s Awan CNG Re-Filling Corporation Private Limited. The company had filed cases against Collectorate of Customs. The bench had also dated in office hearing of matters filed by Directorate General Intelligence and Investigation against Malik Muhammad Ajmal Khan. M/s Comfort Sales Corporation had filed case against ATIR and customs department. M/s Comfort Sales Corporation had filed case against ATIR and customs department. M/s Comfort Sales Corporation had challenged the act of recovery of said amount by commissioner Inland Revenue of Large Taxpayer’s Unit, Islamabad. ATIR was also made respondent in the case as the tribunal had sustained departmental decision regarding issuance of show cause notice and demand of recovery of outstanding tax amount in head of federal excise duty.
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r. Arslan Subugteen, Collector Adjudication Islamabad, issued a show cause notice against the illegal import of Toyota Mark-X (300G Turbo) taken into possession by Directorate of I&I, Regional OfUice Rawalpindi. Telling the facts and background of the case’s sources of Customs Adjudication Islamabad, it has been reported by the Deputy Director Intelligence and Investigation (I&I) that, during January 2018, the I&I intercepted the Non-Duty-Paid (NDP) smuggled Toyota Mark-X (300G Turbo) bearing chassis No: GRX121-3001757, Model 206 (3000 CC), without a No-Plate after a long chase while driver Uled the scene by parking the vehicle on the roadside. The sources told CT that no import data was found of the said vehicle nor any documentary proof of legal import was shown. It was further mentioned in the show cause that, after the seizure of the vehicle sent for forensic science laboratory Islamabad, provided no evidence that any registration number has been traced. It was told that the said vehicle was neither claimed by anyone nor were any legal documents produced however import data was also checked which found no record of the said vehicle. So it was proved that the said vehicle was
IHc relisted three customs references
brought into the country illegally through unauthorized route which is a violation of the provision of section 2(s) & 16 of Customs Act-1969. Now the Collector Adjudication
has issued a show cause notice that the case will be heard again on March 20, 2018. If anyone wants to submit a written reply against this show cause, he must contact the re-
porting agency before two days of hearing. If no one appears at the hearing for defending the case of the impounded vehicle then the case will be decided ex parte.
exports up by 11.11% during first seven months of current FY 17-18
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ISLAMABAD
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ational exports have started the recovery process by registering double digit growth during the Uirst half of the Uinancial year 2018. Exports had been decreasing for the last three years, during the last seven months export have increased by 11.11% compared with the corresponding period of last year.
This is all due to the fact that Ministry of Commerce (MoC) has taken a number of measures to facilitate the exporters to enhance their exports like Prime Minister export package of Rs180 billion which is applicable for nearly 18 months for the period from January, 2017 to end of June this year. “Out of the total annual allocation of Rs120 billion, an amount of Rs107.5 billion has been allocated to textiles sector (Rs 87.5 billion for Draw Backs and Rs 20 billion
for withdrawal of duties / taxes on import of cotton and machinery), whereas an amount of Rs 12.5 billion is the annual allocation for draw backs on export of non-textiles (other value added sectors)” a well placed official source at MoC told Customs Today. The source told that under Strategic Trade Policy Framework (STPF) 2015-18, a total of Rs. 6 billion was allocated for current year to be spent on the development of the export sector. 2% additional incentives is being
provided for exports to nontraditional markets i.e. Africa, Latin America, non-EU European countries, Common-wealth of Independent States and Oceania “The initiatives, inter-alia, include a. Technology Up-gradation: An incentive for technology up gradation in the shape of investment support of 20% and markup support of 50% up to a maximum of Rs1 (one) million per annum per company for import of new plant and machinery” the source observed. Moreover,
the source said that draw-back of local taxes and levies was also given to exporters on free on board (FOB) values of their enhanced exports if increased by 10% and beyond (over last year’s exports) at the rate of 4% on the increased exports. Furthermore, the source said that MoC signed an agreement with Indonesia to reduce tariff to zero on 20 tariff lines of Pakistan’s prime export goods which were mangoes, broken rice, tobacco, yarn, fabric, denim, garments, towels and bed linen.
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SHC issues notice to customs on petition filed by Chatriwala International KARACHI: The Sindh High Court issued notices to the customs department and deputy attorney general on a constitutional petition filed by M/s Chatriwala International through its proprietor seeking order for renewal license working as ship chandler under the license for Pakistan Customs. While the hearing of petition, a two-member bench, comprising Justice Munib Akhtar and Justice Omer Sial also directed them to file their respective para wise comments on next date of hearing.
customs court awards jail term to suspect booked in tax fraud case
Wednesday March 21, 2018
Karachi
customs export recovers evaded duties, taxes of Rs 13.58m from defaulter cos
KARACHI
m B RANA
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he Customs Court Judge Syed Faiz Rasool Rashdi awarded 20 months imprisonment and fine of Rs25,00,000 to suspect namely Khurram Aftab Vohra, who was booked in a case of sales tax returns fraud case. During the hearing, counsel for the suspect argued that his client is innocent and was falsely implicated in this case, he argued that prosecution has not provided any evidence against his client, therefore, court may acquit him from this case, however, counsel for the customs department argued that prosecution has submitted concrete evidences against him which are enough for conviction, therefore, court convict him as capital punishment.
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pcA detects tax evasion of Rs7m by Shamil enteprises KARACHI
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he Directorate of Customs Post Clearance Audit has detected duties and tax evasion of Rs 7 million by M/s Shamil Enterprises (deals in medical accessories) Karachi, it is learnt here. Sources told Customs Today that M/s Shamil Enterprises imported a consignment of medical accessories, include hand gloves, imported sugar and blood testing machines , and got it cleared from the PICT Karachi vide GDs on August 17, 2017 by paying customs duty at 8 percent after claiming the benefit of the SRO 569/2007. However, the subject items were correctly classifiable under the PCT 2478.2498 attracting customs duty at 12 percent and income tax at 10 percent, thus, by way of mis-declaration of classification, the company evaded/short-paid Rs 7 million.
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he Customs Export has recovered evaded amount of taxes and duties of Rs 13.31 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 Yousuf Textile availed undue beneUits and concessions after importing different consignments by misusing the SRO 568 through Examiner Usman Ali on 19th December 2017. Sources further told that the company was allegedly involved in the tax evasion of Rs 5.45 million. After detecting the tax evasion, the Customs Export served on it a Uinal notice on 26th February, 2018 to deposit the evaded amount within fourteen days. After receiving the notice, the management of M/s Yousuf Textile deposited the evaded amount in the ofUicial account of the Customs Export on 11th March. On the other hand, the management of the M/s Glamour Handicrafts also cleared Rs 7.86 million of taxes and duties. Sources told the correspondent that M/s Glamour Handicrafts also availed undue beneUits and concessions and avoided paying taxes according to the customs bylaws. The Customs Export authorities issued to it a Uinal notice on February 28th , 2018. After re-
ceiving the notice, the management of the M/s Glamour Handicrafts deposited the evaded amount of taxes into the ofUicial account on Monday. Meanwhile, The Customs Export has recovered an evaded amount of taxes and duties of Rs9.89million from defaulter companies which had been 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 Rohail Zari
customs export served on it a final notice on 26th February, 2018 to deposit the evaded amount within fourteen days
SRB restores St registration of Siemens pak
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KARACHI
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indh Revenue Board (SRB) has restored sales tax registration of M/s Siemens Pakistan Engineering Company Limited, which was suspended on March on allegation of tax fraud. In an order issued by the SRB, the suspension of the taxpayer has been revoked to give chance for Uiling true declaration. “In case of failing to fulUilment of
stated remedial actions, registration of the taxpayer may be subject to suspension,” the order said. The SRB suspended the registration of the taxpayer for adjusting inadmissible input tax to the tune of Rs127.28 million and failed to declare true and correct Sindh sales tax returns for the period May 2016 to December 2017, by means of declaring fake, false, forged, Ulying or fraudulent invoices, which comes under the ambit of tax fraud. In its response, the taxpayer said that it had
not malaUide intention behind the case and it was remained compliant taxpayer with the SRB. The taxpayer also stated that due to suspension of the company’s registration it was facing with difficulties in fulfilling their tax obligation with SRB and with their clients. Meanwhile, Sindh Revenue Board (SRB) has restored sales tax registration of eight companies, which were suspended on July 25, 2017 for non-compliance of payment and filing monthly returns.
Works Karachi availed undue beneUits and concessions by importing different consignments of Zari Fabrics by misusing the SRO 569 through Examiner Majid Khan on December 16 2017. Sources told Customs Today that the company was allegedly involved in tax evasion of Rs05million. After detecting the tax evasion; the Customs Export served on it a Uinal notice on January 23, 2018 to deposit the evaded amount within 14 days.
Stocks open week on positive note he Pakistan Stock Exchange opened week on positive note and added 57 points to reach 43420 level in early trading. Last week, overall, stock market activity remained volatile with the benchmark KSE 100-index ultimately closing at 43,363 points, up by a mere 0.8% on week-on-week (WoW) basis.
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Deputy Collector declares seizure of NDP goods as legal Wednesday March 21, 2018
Lahore
LAHORE: Collectorate of Customs Adjudication Deputy Collector Shahzad Liaquat Ranjha has issued Orderin-Original No 55/2018. According to the details pursuant to an information on 19.9.2017 the staff of Customs Anti Smuggling Organization intercepted foreign origin digital satellite receiver (600 pieces) lying outside M/s Pak International Goods Transport Company Bhatti Chowk, Lahore. On query a person came out of the said goods transport company and identified himself as representative of said goods transport company. On demand he provided a bilty bearing no. 5635 dated 18.9.2017 issued by the said goods transport company showing transportation of 60 cartons.
FBR’s IR enforcement Network launches anti-counterfeit cigarettes drive LAHORE
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he Federal Board of Revenue’s Inland Revenue Enforcement Network (IREN) has launched effective and successful raids against the locally manufactured tax-evaded and counterfeit and foreign smuggled cigarettes during the last one year. So far, an estimated 1.63 billion nonduty paid cigarette sticks and raw material of illicit sector worth billions of rupees have been seized throughout the country by the IREN that was established last year to take on illicit tobacco trade. The FBR’s Uield formations including Intelligence and Investigation-Inland Revenue (I&I-IR) and Regional Tax OfUices (RTOs) are operating in liaison with IREN against the illicit
pU staff Urges FIA to withdraw case group of teachers from Punjab University decried the Federal Investigation Agency’s (FIA) Cyber Wing demanding that the agency withdraw the case against them. They also asked the vice-chancellor to hold an inquiry into the matter. The faculty members presented their demands during a press conference at the Lahore Press Club on Thursday. PU Law College Principal Dr Shazia Qureshi, former principle Dr Dil Mohammad Malik and Dr Mahboob Hussain along with other faculty members addressed the press conference. They said that the FIA had registered a case on the complaint of University Law College Lecturer Khujista Rehan against Assistant Professor Dr Sania Zahra Malik, Assistant Professor Imran Alam, Assistant Professor Muhammad Shafique, Assistant Professor Imran Javed and Dr Abid Hussain for abusing her on a Whatsapp group on January 31. –CB Report
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tobacco manufacturers, suppliers and traders in Karachi, Lahore, Islamabad, Rawalpindi, Quetta, Peshawar, Faisalabad, Hyderabad, Sahiwal, Attock, Muzaffarabad, Mirpur and other major cities of Pakistan and Azad Jammu and Kashmir (AJK) that were regarded as hubs of illicit tobacco. Major raids resulted in the conUiscation of around 32 million sticks of non-duty paid cigarettes and another 10.15 million nonduty paid cigarette sticks in respective operations in Peshawar, over 5.35 million and 1 million sticks in separate raids in Sahiwal, over 1 million nonduty cigarette sticks in Hyderabad, around 0.8 million non-duty paid cigarette sticks in Karachi and recovery of similar illicit chunk of cigarettes from other cities. Even though crackdown against illicit cigarettes is seen as a major headway against pervasive tobacco black market, experts believe that much needs to be done to achieve the desired objectives.
Fto remands back appeal filed by m/s Descon technical Institute LAHORE
SAJID NAwAZ
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he Federal Tax Ombudsman (FTO) has heard a tax refund appeal Uiled by M/s Descon Technical Institute against Corporate Regional Tax OfUice (CRTO) until the next date. The same appeal is remanded back for fresh hearing. 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 OfUice (CRTO) had failed to release the tax refund of the last two years claimed by the company. He said that the RTO collected excessive tax during the last two years. He approached the commissioner concerned many times for issuance of refunds but the CRTO ofUicials did not pay the refunds after the passage of reasonable time. At
Additional collector Zahra Haider issues oNo in car seizure case
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ollectorate of Customs Adjudication Additonal Collector Zahra Haider has issued Orderin-Original no 30/2018. According to the details, Superintendent Anti-Smuggling Organization intercepted a Toyota Premio car bearing registration no: LEC-967. The ASO team asked the owner of the vehicle, who was identiUied as Muhammad Sarwat Hakeem, to produce documents of the vehicle but he remained failed to provide any relevant legal documents. The team
impounded the vehicle and forward the case to the Customs Adjudication. Additional Collector Customs Adjudication issued several show cause notices to the owner of the vehicle to appear and explain his position. But despite several notices he remained failed to appear and clear his position. After his failure, Additional Collector Zehra Haider issued Order-in-Original in favour of Customs Anti-Smuggling Organization by declaring seizure of Toyota vehicle as legal. –CB Report
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 Uinancial year but the situation is quite otherwise. Delay in issuance of refunds put bur-
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den on the taxpayers, he said, adding that the CRTO Lahore should make audit of the cases and release the extra amount collected by it from the taxpayer. fter hearing the arguments from both sides, FTO adjourned the case until next date for further hearing and directed the parties to appear on said date to present arguments in the case.
weekly inflation falls 0.26% he Sensitive Price Indicator (SPI) based weekly inUlation for the week ended on March 15 for the combined income groups witnessed a decrease of 0.26 percent as compared to previous week. The SPI for the week under review in the above mentioned group was recorded at 221.67 points against 222.25 points last week, according to latest data released by Pakistan Bureau of Statistics (PBS). As compared to the corresponding week of last year, the SPI for the combined group in the week under review witnessed increase of
0.76 per cent. The weekly SPI has been computed with base 2007, 2008=100, covering 17 urban centers and 53 essential items for all income groups. Meanwhile, the SPI for the lowest income group up to Rs 8,000 also decreased by 0.29 percent as it went down from 209.95 points in the previous week to 209.35 points in the week under review. As compared to the last week, the SPI for the income groups from Rs 8001 to 12,000, Rs 12,001 to 18,000, Rs 18,001 to 35,000 and for income groups of above Rs 35000 also decreased by 0.27 percent. –CB Report
Dc Adjudication declares seizure of skimmed milk as legal
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LAHORE
m HAYAt
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ollectorate of Customs Adjudication Deputy Collector Shahzad Liaquat Ranjha has issued Orderin-Original 42/2018 by declaring seizure of skimmed milk as legal. Brief facts of the case as reported by Superintendent of Customs Preventive
through contravention report No. 01/ASO-310/2017/826 dated 14.10.2017 are that during pursuant of an information on 25.9.2017, the staff of Customs Anti Smuggling Organization recovered a huge quantity of skimmed milk powder lying outside M/s Babar Sadaat Goods Forwarding Agency Derra No 27 Pul Datanagar Lahore. On query the person identiUied himself as Muhammad Waseem
claimed the ownership of the skimmed milk. The owner provided two GDs bearing No 695 dated 16.5.2017 and 435 dated 18.1.2017 showing import of whey powder with importer’s name as M/s Abdul Hameed and Sons. During detailed examination, the ASO team recovered spray skimmed milk powder Uirst grade production date 12.8.2017 expiry date 18.8.2019, batch no. 339999 each bag having
weight 20 kilograms Iranian brand. The GDs provided by the owner was found irrelevant with the examined spray skimmed milk powder with regard to date of manufacturing and date of import. On demand, the above said owner or any other person could not produce any further documentary evidence or otherwise, in support of lawful possession of above said foreign origin goods.
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tARIQ DeRYA
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he Anti-Smuggling Organization (ASO) showed an outstanding performance by impounding 44 NDP vehicles valued at Rs44million and Iranian diesel priced at Rs9.188million during Uirst 15 days of March FY17-18. According to details given by Ashraf Ali, Collector, Model Customs Collectorate (MCC) Quetta, while giving an exclusive interview to Customs Today that the ASO Quetta is working with full devotion to frustrate the trafUicking of smuggling. During Uirst 15 days of March FY17-18, the ASO Quetta seized a large quantity of foreign origin fabrics worth Rs0.905million whereas it also did 650 kilogram of black and green tea priced at Rs0.350million. The collectorate conUiscated 295 imported smuggling tyres and tubes worth Rs1.002million. During Uirst 15 days of March FY17-18, the ASO Quetta seized smuggling auto parts valued at Rs4.007million while it did 150,350 liters of Iranian smuggling diesel priced at Rs9.188million while the ASO Quetta conUiscated 1000 liters of foreign origin smuggling
mobil oil worth Rs0.210million. Ashraf Ali told CT that, during above said period, the ASO impounded 18 cartons of fake foreign origin cigarettes priced at Rs0.977million while it did 132 contraband carpets worth Rs2.5 million. The ASO took into possession 42 smuggling blankets valued at Rs00.88million. It was informed that the ASO Quetta conUiscated imported smuggling medicines worth Rs1.386million whereas it did 19,000 sachets of Zafrani tea priced at Rs0.112million as well as the ASO Quetta impounded 1536750 sachets of gutka priced at Rs6.805million while it did miscellaneous smuggling goods priced at Rs5.856million. Ashraf told CT that the ASO took into possession smuggling goods and Non-DutyPaid vehicles worth Rs79.715million during Uirst 15 days of March FY17-18. Giving details of Uirst eight months (July to February) FY17-18, he added that the ASO Quetta seized more smuggling goods
priced at Rs1198million whereas it did 2864 kilogram of hashish worth Rs43.600million. During Uirst eight months, the ASO conUiscated 538 NDP vehicles valued at Rs42.042million while it did 29 numbers of arms and ammunition, 273 bottles of whiskey, 1320 liters of petrol and 556062 liters of diesel priced at Rs41.95million. The ASO arrested two persons involved in the illegal businesses during eight months of FY17-18.
ge d a lar e z i e s s tta fabric o Que origin the AS n g i e s it for herea ity of w t n n o a i l u q 5mil ck and Rs0.90 of bla m a r worth kilog d at id 650 also d a price e t n e gre on 0milli Rs0.35
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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 hike in electricity, gas taris
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he bubble of the so-called macroeconomic stability has burst as the government has no other option left but to listen to the directions of the International Monetary Fund and immediately increase electricity and gas prices. The government has also assured the fund officials that it will scrutinise the foreign-funded projects to reduce the risks to fiscal and external accounts. The IMF has already expressed concern over the debt profile of the country which is going to reach nearly 70 percent of the gross domestic product but the government officials still expect positive outcome of the policy measures. Reportedly during the negotiations between Islamabad and the fund managers, the issues of structural reforms and lossmaking public sector organizations were also discussed without reaching a conclusion at the end. The foreign financial institutions had times and again reminded the government that structural reforms are not necessary, but indispensible. However, the matter is still pending and the government is going to complete its tenure this year. The real worth of the foreign exchange reserves is lower than one billion dollars and this money is not enough for a few months import bill. In this situation, probably only one option has been left and that is to increase electricity and gas prices. The government has assured the fund administration that it fully understands the vulnerabilities of the external sector, but has the capacity of debt servicing. However, the policymakers only relied on the depreciation of the rupee which had failed to restore foreign exchange reserves and minimize the trade deficit. When debt servicing is turning into a snowball, it will be strange to bank on the policy measures and expect to boost confidence of the foreign investors. There is a need to strengthen fiscal discipline by reducing debt-related vulnerabilities and control the current account deficit. However, the IMF has recommended the government to take additional measures and contain budget deficit to 5 percent of the gross domestic product. The mandate of the current government is going to end this year and the economy has been oscillated between hope and despair since 2013.
First step toward reforms I
LAHORE
DR AFtAB AFZAL
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t is probably always better to late than never as the government has Uinally decided to improve its position at the ease of doing business index. Pakistan is one of the worst countries in the world where little job is the bigger job when it is concerned with a government agency. Pakistan has also the worst record where most of the laws are scary and are with inherent Ulaws, giving undisputed powers to the government ofUicials to twist the arm of any person any time. The people are even restricted to abide by the provisions of a law when it comes to implementation stage. According
to newspaper reports, the Securities and Exchange Commission of Pakistan and the Federal Board of Revenue have now jointly launched a one-window operation to facilitate the potential entrepreneurs to register their companies and get national tax number without wading through the bureaucratic rigmarole. The move is part of the reforms programme under which the country’s position at the ease of doing business index will be improved. The onewindow facility will also hold the back-end integration between the computerized systems of the two giant organizations. If implemented in a letter and spirit, the facility will provide an opportunity to the entrepreneurs to login
to the eServices portal of the SECP to get their companies registered and receive the NTNs automatically at their email addresses. The government authorities hope the facility will pave the way for achieving higher ranking in the World Bank’s starting-a-business and the composite doing business indicators. This is the most simpliUied procedure for the business registration and a hazing prevention initiative. It will save an entrepreneur of the hassle of visiting different government organizations and to integrate registration procedures. The facility will not only promote investment climate, but also pay the way for documentation of the economy. There is lack of coordination and cooperation between
the government agencies and the new step will facilitate government-to-government technical integration at the process level and will provide a conducive environment for the potential investors in Pakistan. Another important step could be the capacity building of the government ofUicials who do not want to work and who are the big hurdle in every positive initiative. The government should not only ensure that the computer systems should work properly but also ensure the training and attendance of the staff concerned. The government should tell the ofUicials that it means business and failure of the Uirst practical step toward reforms will be the failure of the economy.
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Boosting exports since June 2017 keep its trend constant by posting 16% growth ISLAMABAD: The increasing exports since June 2017 continued its trend during February 2018 by achieving the highest monthly growth in the fiscal year by posting 16% growth in dollar terms and 22% in rupee terms compared to the exports in February 2017. The current year’s export performance has already contributed additional forex inflows of around USD1.5billion during the first eight months and is expected to reach the figure of additional USD2.5billion during 2017-18. This increase in economic activity in external sector reflects an increase of 0.8% of GDP. This means additional around Rs280billion of income to trade, industry, agricultural sectors and the resultant additional employment.
customs welfare Shop remains closed due to unknown reasons since a year ISLAMABAD
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he Customs Welfare Shop at the MCC Islamabad has been closed due to unknown reasons for the last one year. The lower customs staff is demanding its reopening soon. The welfare shop was inaugurated by Sarwat Tahira Habib, former Chief Collector, Customs North Region, on March 2017. Officials informed Customs Today that consumer and other miscellaneous goods were offered for sale at the shop. It was added that, on the direction of the FBR, the Islamabad Customs constituted an operating procedure for the welfare shop which were strictly followed. The sources told that a fourmember management committee constituted consisted of additional collector (HQ) as president, deputy /assistant collector (HQ), state warehouse superintendent and Customs House officers. Under the rules for the shop, all
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Wednesday March 21, 2018
National
ministry of ports & Shipping takes notice of unjustified payment of Rs 30.6m T
ISLAMABAD
m FAIZAN
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he Ministry of Maritime, Port and Shipping has taken serious notice of unjustified payment of additional design fee of Rs 30.6 million to M/s Atkin International and M/s Techno Consult International Karachi by Karachi Port Trust. Sources told Customs Today that the ministry observed that the design study for the work was already completed by M/s Scott Wilson and thereafter the BOQ of the work was formulated. The ministry is also of the view that Karachi Port Trust did not properly analyzed the original design in accordance with their requirement, and due to carelessness of the Karachi Port Trust the design was changed with additional cost which resulted in loss to trust. Tje Karachi Port Trust plead that the design of the berths 10-17 was carried out in 2006/07 by M/s Scott Wilson in association with M/s Zaheerud Din Consultants. At the time, no provision was considered to carter to turning circle for maneuvering bigger vessels and
ships, thus the design was prepared for straight quay wall length. Later, on when turning circle was completed it was proposed that the turning circle will be established in front of Berth No 17 during reconstruction of Berths No 15-17 A,
than a tentative plan was prepared to accommodate the turning circle and more berthing of 400 meter was added. Karachi Port Trust admitted that in the original design no provision for turning circle was considered and subsequently the
design task of the turning circle was given to the supervisory consultant. Ministry has recommended that responsibility may be Uixed for not analyzing the important aspect of turning circle at the time of preparing original design.
‘Income tax, duty rates to be slashed in next budget’ decisions of the committee are signed by the president and all other members. Goods are received by the Customs Welfare Shop from the Customs State Warehouses of the collectorate after the payment of all government taxes. All goods received by the shop were being duly entered in the stock book and ledger, and daily sale statement was also being prepared. The sale was being done entirely against cash payment and credit sale was not being allowed under any circumstances. Sale proceed was being deposited into the designated bank within 24 hours against the current account in the National Bank of Pakistan (NBP) which was operated by the president of the committee.
ISLAMABAD
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he adviser to the prime minister on finance, Dr Miftah Ismail, has said that the government will announce a taxfree budget and cut income tax and regulatory duty rates in a bid to provide maximum relief for all segments of the society. Miftah said the government would also aim to strike a balance between the consolidated and expansionary fiscal policy by trying to restrict the budget deficit to around 4.5% of total national output in fiscal year 2018-19 (FY19). But the target was not final and was subject to internal reviews, he added. He vowed to reduce the number of withholding taxes in the
new budget that had not contributed to the revenue growth but increased problems for the people. Tax rates for the salaried class would also be considerably reduced, Ismail emphasised. The adviser declared that the outgoing government would not launch new development projects nor announce a fattened Public Sector Development Programme (PSDP) for 2018-19. It was for the first time that the government’s new economic wizard spoke about the budget 2018-19, which would be the current government’s sixth budget, slated for announcement on April 27. The government has advanced the budget calendar by at least six weeks as it does not want to leave the task of fiscal policymaking with the caretaker setup
which will be announced in the first week of June. Ismail said all the export incentive schemes announced in the previous budgets would be rolled back, arguing it was not the government’s job to provide concessionary loans for only a limited segment of the society. In the 2018-19 budget, there would not be any winners or losers and the government would not give preferential treatment to one class over the other, he added. The budget 2018-19 would not be complicated, would be liberal, tax-free and focus on a few areas where the government could ensure improvement, Ismail said while explaining the philosophy of his government’s sixth budget. To a question about the possibility of an expansionary fiscal policy ahead of general elections, the adviser said con-
trary to common perception, the government would not announce new development programmes. The finance adviser said the government would also rationalise tax rates, adding the current income tax exemption threshold of Rs400,000 per annum would be significantly increased, which would lower tax burden on the salaried class. To a question on whether the government would increase the exemption threshold to Rs1 million, Ismail said the issue was “close to the prime minister’s heart” and that his decision would be implemented. However, the Federal Board of Revenue (FBR) could resist the move as the annual tax returns filed by the salaried class were providing face-saving to the 21,000-strong FBR workforce that has failed to expand the tax base.
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Pak rupee depreciates by 5 paisas Wednesday March 21, 2018
National customs, IR officers barred from making direct communication with pRAL
KARACHI: The Pakistani rupee on Monday depreciated against the US dollar in open market and remained firm in interbank. As per the local money market, the greenback gained 10 paisas in open currency market for buying at Rs111.60 for selling at 111.90. The dollar remained unchanged in interbank at Rs 110.30 for buying and Rs110.50 for selling. On Friday, the dollar lost five paisas in open currency market for buying at Rs111.50 for selling at 111.80. The dollar remained firm in interbank at Rs 110.30 for buying and Rs110.50 for selling.
Deputy collector Adjudication issues oNo in favour of ASo
LAHORE
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LAHORE
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he Federal Board of Revenue (FBR) urged Customs and Inland Revenue field formations to refrain from direct communication with Pakistan Revenue Automation Limited (PRAL) and inform IT Wing of the board for the resolution of issues. It was observed that various officers from the FBR were directly communicating with PRAL for IT requirements and issues which pertained to exemption certificates, registration and changes in profiles (income tax/sales tax), de-registration and other-related matters. Such direct communication results in confusion regarding the exact needs of the offices concerned which leads to delay in the completion of projects. This direct communication is also compelling PRAL to make ad-hoc arrangements to resolve the issue rather than to find a permanent solution.
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Habibullah khan made member IR operations ederal Board of Revenue (FBR) on transferred and posted Habibullah Khan, an Inland Revenue Service officer of BS-21 as Member (Inland Revenue Operations). Habibullah Khan has been transferred from the post of Chief CommissionerIR, Large Taxpayers Unit (LTU), Islamabad. Habibullah was posted at the post after the retirement of Khawaja Tanveer, who was retired from service in February 2018. Mustafa Sajjad Hassan (BS-21) officer of IRS, who is currently posted as Chief Commissioner-IR, Regional Tax Office, Islamabad, has been assigned the look after charge of the post of Chief Commissioner-IR, LTU Karachi till the posting of a regular incumbent.
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ollectorate of Customs Adjudication Deputy Collector Shahzad Liaquat Ranjha issued Order-in-Original No 61/2018 in favour of Customs Preventive Anti Smuggling Organization. Brief facts of the case as reported by the Superintendent of Customs ASO Lahore vide contravention report in case no: 322/2017 issued on 4.11.2017 that Customs Preventive ASO team intercepted 118 rolls of BOP Uilm lying outside M/s Al Khair Pakistan Goods Forwarding Agency Opposite Gao Shala near Bhatti Chowk, Main Bund Road Lahore. On query a person came out from the said adda and identiUied himself as Karamat Ali and introduced as mun-
shi of the said good forwarding agency. On demand he provided a bility no: 317 of November 3, 2017 issued by M/s Al Khair Pakistan Goods Forwarding Agency, Karachi showing transportation of 200 rolls
of reel plastic from Karachi with recipients name as Imran out of which only 188 rolls were found available there. Therefafter detailed examination of the BOP Uilm was conducted in presence of the said mun-
shi and other independent witnesses which revaled foreign origin BOP Uilm transparent (stickers are removed each roll) 118 rolls weighing 1382 kilograms. On demand the above said munshi or any other person could not produce any documentary evidence or otherwise, in support of lawful possession of the above mentioned BOP Film. There were, thus sufficient reasons to believe that the BOP film was non duty paid and had been brought into the country in breach of restrictions and probhibitions for the time being. ASO team seized the entire rolls under Customs Act 1969 and issued show cause notice to the owner of the films but despite issuing several notices the owner or any his representative failed to attend the proceeding.
customs export retrieves arrears of Rs10.18m from defaulter companies after notices served T
KARACHI
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he Customs Export has recovered an evaded amount of taxes and duties of Rs10.18million from defaulter companies which were issued with notices to pay the outstanding dues on Monday. Sources told Customs Today that, during scrutiny of the import data, it was revealed that M/s Sunshine Traders Hyderabad availed undue beneUits and concessions after importing different consignments by misusing the SRO 566 through Examiner Basheer-uz-Zaman on September 2017. Sources further said that the company was allegedly involved in the tax evasion of Rs5.68million. After detecting the tax evasion in the month of March 2018, the Customs Export served on it a final notice on 2nd
of March 2018 to deposit the evaded amount within fourteen days, but it failed to do so. After 19 days of the notice, the man-
agement of M/s Sunshine Traders Hyderabad deposited the evaded amount in the official account of the Customs Export on
19th of March. On the other hand, the management of the M/s Basoo Chemicals also cleared Rs4.50million of taxes and duties.
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FBR grants monitoring license to M/s NLC Construction Solution KARACHI: With the aim to ensure safe journey of containers from port-to-port movement, the Federal Board of Revenue (FBR) has granted the tracking and monitoring license to M/s. NLC Construction Solution (Pvt) Limited. In a circular issued by Model Customs Collectorate (MCC) Preventive on Monday said that the FBR had granted the tracking and monitoring license to M/s. NLC Construction Solution (Pvt) Limited for the period of three years under SRO 413(I)/2012 of Tracking and Monitoring of Cargo Rules, 2012.
Appraisement east busts another huge quantity of betal nuts consignment KARACHI
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ustoms Collectorate Appraisement East apprehends another huge quantity of betal nuts consignment worth millions of rupees. According to the details, after introduction of additional health and safety requirements by the Government on import of betel nuts, unscrupulous elements are using illicit means to smuggle betel nuts in the garb of miscellaneous goods through mis-declaration. Under the supervision of the Collector Saeed Akram, Customs Collectorate of Appraisement (East) Karachi is endeavoring hard to curb these elements for the safety of general public, Research & Development (R&D)’s team comprising of-
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Muhammad Ali Malik-Deputy Collector. Dost Muhammad-Principal Appraiser and other Appraising Officers have sufficiently improved level of deterrence against crime. Moreover, Risk Management System (RMS) of WeBOC has also been improved to foil such evil attempts of criminals. A consignment comprising of 2×40 containers no. GATU8317984 & TINU9203481 imported by M/s Best Hope Enterprise, Karachi (NTN: 2452419) from Singapore was lying at South Asia Pakistan Terminal (SAPT). Keamari, Karachi. The importers themselves filed a Goods Declaration No. KAPE-HC-159719-09-03-2018 for clearance thereof, declaring description of the imported goods as “54 Metric Ton Turmeric Finger”. The GD was marked for physical examination through WeBOC’s selectivity criteria.
National
Dg Valuation revises customs values of industrial roller chains
ten offending and NDp vehicles impounded by ASo in first week of march KARACHI
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he Anti-Smuggling Organization Islamabad took into possession 10 offending and NDP vehicles worth Rs8.9million during first week of March FY17-18 According to details explained by Majid Hussain Gaad, Assistant Collector, Anti-Smuggling Organization (ASO) Islamabad that, during above said period, the ASO Islamabad made extraordinary seizures and took action against the possessors of Non-Duty-Paid (NDP) and offending vehicles. During first week of March FY17-18, the ASO Islamabad impounded nine offending vehicles valued at Rs7.4million while it did one NDP vehicle priced at Rs1.5million. The assistant collector told CT that, during said period, the ASO Islamabad seized 5,138 kilogram of foreign origin fabrics worth Rs2.7million whereas the ASO confiscated miscellaneous smuggling goods from different locations under the jurisdiction of Model Customs Collectorate (MCC) Islamabad which valued at Rs5.6million. The ASO Islamabad has seized worth Rs17.2million seizures during first week of March FY17-18.
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KARACHI
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he Directorate General of Customs Valuation has revised the customs values of industrial roller chains vide Valuation Ruling No: 1268/2018 under Section 25A of the Customs Act-1969. The Customs values of industrial roller chains were determined vide Valuation Ruling No 641/2014 dated 03-03-2014. As the ruling was very old and the custom values determined vide Valuation Ruling No. 641/2014 dated 03-03-2014 do not reUlect international market trend. Therefore, an exercise was initiated to determine the customs values of the aforementioned goods under Section 25-A of the Customs Act, 1969. Stakeholders’ participation in determination of Customs values: Meeting with stakeholders was held on 01-01-2018 and 15-2-2018. The participants were requested to submit ‘following documents before or during the stakeholders meetings. Invoice of Imports made during last three months showing factual value. Websites, names and e-mail address of known foreign suppliers / manufacturers of the item in ques-
Wednesday March 21, 2018
tion through which the actual current value could be ascertained Copies of contracts made / LCs opened during the last three months showing the value of items in question. Copies of sales tax paid invoices issued during last four months (excluding duty and taxes) to substantiate the contentions of the importers. However, the requisite documents were not submitted
even after a lapse of considerable time. Method adopted to determine Customs values: Valuation methods given in Section 25 of the Customs Act, 1969 were applied sequentially to address the valuation issue at hand. Transaction value method under Sub-Section (1) of Section 25 of the Act ibid was found inapplicable because required information under the law was not available.
New amnesty scheme in current month, govt tells Sc
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ISLAMABAD
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he government has told the Supreme Court that an amnesty scheme is being introduced during the ongoing month (March). The Supreme Court had observed that transfer of money abroad without justiUication was disastrous for the country and hinted at banning the practice. A three-judge bench, headed by Chief Justice Mian Saqib Nisar, was hearing the suo motu notice about the foreign bank accounts held by Pakistani citizens. Chief Justice Mian Saqib Nisar asked Additional Attor-
ney General Waqar Rana as to whether the Supreme Court can halt transfer of money abroad. The law ofUicer replied, “We should have a multilateral agreement with the countries for exchanging the information.” Justice Ijazul Ahsen, another member of the bench, diverted the attention of the law ofUicer by giving an example of Germany that had got back money from Switzerland. The Chief Justice expressed annoyance at the performance of the Federal Board of Revenue (FBR) as well as the State Bank of Pakistan (SBP) for failure to comply with the court’s earlier order for collecting information regarding the
volume of accounts, opened by the Pakistanis abroad. “Still it is not known about the volume of accounts opened by the Pakistanis abroad,” the CJP remarked adding that sending money abroad without justiUication was disastrous for the country. “My focus is on two things, Uirst how much properties have been established by the Pakistanis abroad and second what they have mentioned in their foreign accounts,” the CJP asked. “Still it is not known that the foreign exchange transferred abroad was tax-paid or not,” Justice Umer Ata Bandial, another member of the bench, observed.
“What the government has done so far for discouraging this process and whether the government was sleeping,” the Chief Justice questioned. During the hearing, Secretary Finance Arif Ahmed Khan and Chairman FBR Tariq Pasha appeared before the court. The secretary Uinance told the court that they have held Uive sessions for evolving an amnesty scheme and bill in this regard will be sent to parliament for approval. In your existing local law, there are certain loopholes and this perception had been reinforced in the Panamagate case as well, Justice Umer Ata Bandial told the Uinance secretary.
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World Customs
China steps up scrutiny of bank shareholders
BEJING: China’s banking regulator has ordered shareholders that have acquired more than 5 per cent stakes in commercial banks through the use of financial products like insurance and asset management schemes to reduce their holdings within a year. The regulation, dated Feb 2 but made public late on Friday, is the latest in a series of measures to control risk and excessive leverage in the financial system, with everything from doggy lending practices to shadow banking under the microscope.
Wednesday March 21, 2018
Netherlands leads to arrest of Lehigh Acres man
SA business confidence retreats from 2 year high
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CAPE TOWN
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AMSTERDAM
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Lehigh Acres man was arrested after authorities connected him to a package shipped from the Netherlands that was allegedly Uilled with drugs. Nelson Pechter, 31, was arrested at his home in the 900 block of Hillcrest Avenue. According to an arrest report from the Lee County Sheriff’s OfUice, a package to Pechter from the Netherlands was selected for inspection by U.S. Customs OfUicers. On Thursday, an undercover cop delivered the parcel to the home on Hillcrest Avenue. Pechter was not home, but during surveillance, authorities saw him arrive at the home and pick up the package. Pechter is accused of trafUicking in amphetamines, marijuana cultivation, possession of marijuana with intent to sell, evidence destruction,
Riyadh seeks solution to $2.6b tax row with banks rown Prince Mohammad Bin Salman has directed the Saudi government to resolve a dispute with banks facing higher Islamic tax liabilities, banking sources say, in an attempt to avoid any damage to his push to diversify the economy. It follows disclosures by major Saudi banks in recent weeks that the government’s General Authority of Zakat and Tax (GAZT) is asking them for additional payments of zakat — the name of the tax — for years going back as far as 2002. In some cases, the demands exceed half of a bank’s annual net profit. Banks are contesting the extra payments, which are estimated at around 9.8 billion riyals ($2.6 billion) across 11 of the kingdom’s 12 listed banks. Analysts have warned the liabilities could hurt liquidity at the banks. –CB Report
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possession of 10 or more counterfeit bills, possession of counterfeit ID, possession of controlled substance, possession of drug equipment to manufacture drugs. Meanwhile, Wolters Kluwer N.V. is on the hunt for acquisitions in the U.S. following the federal tax over-
haul, according to the company’s Uinance chief. We continue to evaluate smaller bolt-on acquisitions to strengthen our portfolio,” Chief Financial OfUicer Kevin B. Entricken Thursday said in an interview with CFO Journal. “If these [targets] are in the US, that does help,” he added.
Russian economy stagnates as presidential election approaches
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ussia approaches, the Kremlin has sought to shore up the government’s position by highlighting indicators that the country’s economy is in recovery and promising to improve social conditions. While President Vladimir Putin is expected to easily win re-election, popular dissatisfaction with his regime has grown in recent years, bound up with an economic downturn linked to
falling oil prices and Western sanctions. Evidence points to continuing economic stagnation and distress for the overwhelming majority of the population. In 2017, Russia’s gross domestic product grew by 1.5 percent, ending two consecutive years of decline. The uptick was largely driven by rebounding world prices for oil and gas, which continue to be the mainstay of the country’s economy. –CB Report
outh African business conUidence pulled back in February after hitting a 2-1/2 year high in January as exports, imports and retail sales fell, but prudent economic policies could help boost sentiment going forward, a survey showed. The South African Chamber of Commerce and Industry’s (SACCI) monthly business conUidence index (BCI) fell to 98.9 in February from 99.7 in January – which was its highest since late 2015. “The relative large negative monthly effects came from lower merchandise trade export and import volumes, and real retail sales,” SACCI said in a statement. Business conUidence was dented by policy uncertainty under the leadership of Jacob Zuma but economists say President Cyril Ramaphosa’s election as leader of the ruling African National Congress in December, and as president last month, has raised expec-
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tations that the country will make economic reforms. “The budget was a Uirst step towards prudent and consistent economic policy to re-establishing long-term investor conUidence,” SACCI said. “However, pivotal to a sustainable and inclusive economic growth performance over the longer-term is a substantial increase in Uixed investment by local and foreign investors.” Meanwhile, In addition, there’s an increase in the grants to low income level people in SA as well. That’s the official message out there from the ministry. I think it is a bit more complicated than that. The zero-rated food items have been more or less static since the inception of VAT about 28 years ago. So, whether zero-rated items are really scientifically proven to assist the poor is a big question mark. I think there will be a very strong impact on the poor. However, I’m also not saying that the increase was wrong or the incorrect thing to do at the time.
Iran to buy wheat for flour exports he Persian Gulf nation has agreed to buy the grain from Russia and Kazakhstan, and total shipments may reach as much as 1 million tons a year over the next Uive years, Tehran Chamber of Commerce, Industries, Mines and Agriculture said. The wheat can only be used to make Ulour for export and a ban imposed in 2016 on wheat imports for domestic consumption remains in place. is unused capacity at Iran’s Ulour mills,” Kaveh Zargaran, chairman of the Agriculture Committee at the Iranian trade organization, said in an interview with Bloomberg in
Moscow. “Shipments may start at the end of next month, if Iran’s private millers can obtain loans to buy the grain.” Russia has been shipping out wheat at a record pace this season, as the world’s top exporter ofUloads its biggest ever harvest. Attractive prices for the grain have helped the country grab market share from places like the US and Europe, while Moscow has also been eying up new destinations such as Iran and Saudi Arabia. Russian Energy Minister Alexander Novak, who oversees trade with Iran, said on Tuesday he expects sales to Iran to reach 1.5 million tons a year. –CB Report
property tax not just aimed at taming home prices in china
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BEIJING
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hina will “prudently advance legislation on real estate tax,” Premier Li Keqiang said on Monday while delivering his annual government work report at the opening of the 2018 two sessions. It is expected that the country will go
one step further in rolling out a property tax nationwide, an arrangement that is common in most other countries. There is already a tax system for activities related to real estate in China, with 10 types of taxes, including tax on the use of arable land, land value-added tax and deed tax. But the structural problem with the tax system is that it doesn’t add
much to the costs of holding onto a property. In light of this, China’s property tax reform is supposed to essentially focus on addressing the structural issue with the existing tax system, by tilting the taxation toward a property tax levy. In speciUic terms, this means a combination and modiUication of the current taxes levied on property development and transactions so as to
lower the tax burden on the Ulow of new homes and second homes. Additionally, strengthened efforts will be required to push for taxes on holding a property, which means an extension of the pilot scheme into the wider region, the broadening of the tax base to include the stock of existing homes, and also the availability of dynamic assessment of property values.
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KPT ships movement, cargo handling report KARACHI: Following were the movements of ships and cargo handling at the Karachi Port Trust (KPT) during the last 24 hours, ending at 0700 hours on Monday. SHIPS ARRIVED: Talassa Container Ship HC Eva Marie General Cargo Talassa Container Ship Virgo Container Ship Wieland Container Ship UAFL Zanzibar Container Ship M.T.Shalmar Tanker Bunga Lavender Tanker Sea Duck Tanker Chem Newyork Tanker Mohar Cement SHIPS SAILED: Da Zi Yun Bermuda Northern Dedication Talassa Lidia Glorious Voyager M.T.Quetta Horin Trader Hyundai Courage Virgo Chem Newyork Wieland APL Austria CARGO HANDLING TURNOVER.
exporters talk chinese ban’s operational and financial impacts uring a plenary session at the Plastics Recycling Conference last week, major exporters opened up about alternative markets, quality improvements, and operational and contractual changes they’ve made in response to China’s import restrictions. Although some exporters say they’re waiting to see whether China makes more changes before adjusting their operations, others, including the nation’s largest hauler, are moving forward under the assumption China maintains its current course. As of this year, many types of scrap plastic are banned from import into China, and most materials that aren’t banned will be limited to 0.5 percent contamination beginning in March. “I don’t see China necessarily reversing
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Ports & Shipping
Banks steer european shipping towards low carbon LONDON
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fforts to green the European shipping industry have received a boost this week, with two major banks pledging to fund €300 million worth of clean tech investments in ships over the next three years. The Dutch bank ING and the European Investment Bank (EIB) will each contribute €150 million to retroUit existing vessels so that they cause less emissions and are more fuel efUicient, and to ensure that new ships are more climate friendly. Such steps are important to reach the goals of the Paris Climate Change Agreement, given that maritime transport is responsible for around 2.5% of global greenhouse gas emissions and carbon emissions from shipping and aviation are growing at a combined rate of 3-5% annually. “I think it’s no secret that the shipping sector is a major contributor to CO2 emissions. Climate action is one of the EIB’s top priorities,
and this type of Uinancing should be seen as an incentive for ship owners to consider doing things differently.” said EIB President Werner Hoyer. The Paris Agreement’s aim is to strengthen the global response to the threat of climate change by keeping a global temperature rise well below 2 degrees Celsius above pre-industrial levels and to pursue efforts to limit the temperature increase even further to 1.5 degrees Celsius. Action in all areas of the economy is crucial to reach this goal. The invest-
ment money will be used for a range of projects with a green innovation element, including both the construction of new vessels or retroUitting of existing vessels. The measures will apply to inland and seagoing shipping. Isabel Fernandez, Head of Wholesale Banking at ING Bank said: “Sustainability is an important strategic priority for ING and we are very proud to partner with the EIB to encourage our shipping clients to think about more green and sustainable Uinancing options.”
Wednesday March 21, 2018
Iranian steel billet export offers rise ran Daily reported that Iranian steel billet exporters are now almost fully sold until end of April but expect higher bids for their next deals,. Khouzestan Steel Co.’s Sales Deputy Bahman Tajalizadeh told S&P Global Platts that “Our 50,000 tonne billet cargo recently was sold at USD 520 per tonne FOB but we had a USD 540 per tonne bid for slab now.” Mr Tajalizadeh added that “We still expect higher prices, I think USD 550 per tonne for late April or May-delivery will be practical within next ten days.” A trader said that “Only a few of exporters accept new orders now and most of them prefer to be out of the market maybe until the next Iranian year (beginning from March 21) and after the New Year (Norouz) holidays.” He added that “South Kaveh Steel is in the market and has recently opened an exporting tender.” The company announced Thursday it is going to focus on export markets more than before. –CB Report
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kpt ships movement and cargo handling report KARACHI
any of the bans they have in place today, and I think we’re conducting business as though that ban is in place, 0.5 (percent) is in place,” said Brent Bell, vice president of recycling at Waste Management. “And we have to look for, if it’s banned material, for alternative markets, and if it’s not banned material, we have to look to make that kind of quality.” Recycling leaders from Waste Management, Fosimpe SL and Newport CH International had a broad discussion of the new plastics recycling market during the conference session. They also shared their views on the driving forces behind China’s decision to restrict scrap plastics. –CB Report
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ollowing 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: AL Mahboobah Tanker X-Press Kailash Container Ship Prosper Container Ship C T ACE Tanker Sima Genesis Container Ship SHIPS SAILED: Sea Duck Taj TAlassa Hc Eva Marie XPress Kailash M.T.Shalamar C T Ace Prosper CARGO HANDLING TURNOVER: The total cargo handled at Karachi Port during the last 24 hours closed at 112,023 metric tonnes. The breakup shows that the port has handled 47,838 metric tonnes of export cargo and 64,185 Metric tonnes of import cargo during the said period. Commodity wise handling in
metric tonns is given below. COMMODITY: IMPORT: EXPORT: TOTAL: Containers 22,236 29,873 52,109 BulK 17 200 217 Loose Bulk Cement 6,336 6,336 Stone 6,969 6,969 Wheat Sugar 60 Oil/Liquid 41,932 4,400 46,332. Meanwhile, The Karachi Port Trust (KPT) issued the following shipping report for the last 24 hours, ending 0700 hours on Tuesday. ALONG SIDE (Bulk Oil Pier) OPII Al Mahboobah D. Chemical East Wind 12/03/18 OP-III CTG Cobalt D. Base Oil GAC 13/03/18ALONG SIDE (East Wharves): 1Bunga Lavender L. Ethanol Alpine 11/03/18 14/15 Astra Centaurus L. Wheat East Wind 06/03/18 15/16 UAFL Zanzibar D. L. Cnt. Golden 11/03/18 ALONG SIDE(P.I.C.T): 8/9 Sima Genesis D. L. Cnt. East Wind 12/03/18 ALONG SIDE(PDWCP): Berth Vacant…. Along Side(West Wharves) 25 Mohar L. Cement Argonaftis 11/03/18
ALONG SIDE (K.I.C.T): Berth Vacant… EXPECTED ARRIVALS: CONTAINER (GEARLESS) Cosco New York COSCO 12/03/18 Not Sched 600 Cnt. 600 Cnt. Mol Endowment MOL Pak 22/03/18 Not Sched 800 Cnt. 1000 Cnt. CONTAINER (GEARED): Polo Golden 15/03/18 Not Sched 557 Cnt. 480 Cnt. GENERAL CARGO: Damas COSCO 13/03/18 Not Sched Ni 163 G.C Karina Danica Gulf Maritime 14/04/18 Not Sched 7 Cnt. Nil Hermann-2 GAC 15/03/18 Not Sched 30,974 Steel Nil Kobe Star GAC 15/03/18 Not Sched 28,716 G.C Nil Yangtze Fortune Sea Trade-Sh. 15/03/18 Not Sched 2,926 Heads Nil Rickmers Tokyo Delta 16/03/18 Not Sched 1,901 GC Nil Royal Jade GAC 16/03/18 Not Sched 14,349 Steel Nil COAL: Bao Tong OC-Services 14/03/18 Not Sched 60,053 Nil SBI Leo OC-Services 14/03/18
Not Sched 59,915 Nil LOADER: Dubai Galactic OC-Srvices 14/03/18 Not Sched Nil 55,000 Wheat OIL TANKER: BW Rhine Trans Maritime 13/03/18 Not Sched 2,500 Base Oil Nil Selin D Trans Maritime 13/03/18 Not Sched Nil 3,500 Chemical SHIPS OFF PORT: Vessel Name Type Agent expected Berth No. Arrival Date Arrival Time Remarks Seaodyssey Oil Tanker Alpine 27/03/18 16:18 Lyric Camellia Oil Tanker GAC 07/03/18 16:00 BW Rhine Oil Tanker Alpine 08/03/18 10:00 Mid Fortune Oil Tanker East WInd 11/03/18 12:12 Ribe Maersk Oil Tanker Transtrade 12/03/18 03:18 Selin D Oil Tanker Trans Maritime- 12/03/18 15:10 Blue April Oil Tanker Trans Maritime 12/03/18 22:48 Al Salam II Oil Tanker Wilhelmsen 13/03/18 04:15 Sea Lion Wheat WMA Shipcare 13/03/18 05:12.
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Italian businessmen keen to explore business opportunities Wednesday March 21, 2018
Business
ISLAMABAD: Italian Ambassador Stefano Pontecorvo on Wednesday said that Italian investors were being informed about the investment potential in various sectors of Pakistan’s economy and they had expressed keenness to take advantage from these opportunities. The ambassador called on Adviser to Prime Minister on Finance Miftah Ismail and apprised the adviser regarding various bilateral cooperation initiatives underway between the two countries. The adviser on finance appreciated the dedicated efforts of Italian envoy for promoting Pak-Italy economic cooperation.
NAB decides to conduct four investigations KARACHI
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he National Accountability Bureau (NAB) Karachi decided to conduct four investigations after an inquiry against Sindh government functionaries and others for illegally allotting 307 acres of land to various beneUiciaries. The decision was made in a Regional Board Meeting held under the Chairmanship of Director General of NAB Karachi Mohammad Altaf Bawany at the NAB Karachi, said a statement here. The board decided to make a recommendation to the NAB Chairman to authorize the NAB Karachi four
Foreign exchange rates FAISALABAD
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investigations after an inquiry concluded against the Sindh government functionaries and others regarding re-alignment or construction of Malir River Bund for the purpose of housing societies and illegal allotment of
Secp issues draft rules for independent director’s selection
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he Excise and Taxation (E&T) Department, during general hold-up, took action against 655 vehicles on default of token tax and violating the rules and regulations. The checking team checked 6682 vehicles at different roads and impounded 655 vehicles for not paying token tax of Rs1.5 million. The team also removed un-approved, fancy and green number-plates from 580 vehicles during this operation, a spokesman for E&T said.
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land from within Malir River bed. The inquiry recommended for the investigations which contain prima facie allegations of misuse of authority allegedly committed by 20 government ofUicials including senior of-
Uicers of Chief Secretary level and below along with various beneUiciaries and front-men. Preliminary calculation of loss to the national exchequer is calculated Rs.15.7 billion. The meeting was attended by Directors of three Investigation Wings and respective Investigating Teams of cases concerned. After thorough consultation some decisions were made which includes an investigation which was approved for Uiling of Reference against ofUicers of District Accounts OfUice Dadu and others on the charges of embezzlement / misappropriation of pension funds allocated to District Dadu. The Reference allegedly contains charges against Ghulam Mustafa Lund, Muhammad Nazir Bhutto both former District Accounts OfUicers of Dadu and others for corruption.
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ISLAMABAD
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ecurities and Exchange Commission of Pakistan (SECP) has issued draft regulations for companies regarding selection of independent directors of board. In a statement, the SECP said that independent directors play a key role in good governance and efUicient functioning of the board. The Companies Act, 2017, deUines qualifying criteria as an independent director and requires that such direc-
tors be chosen from databank maintained by an institute/body authorized by the SECP. Accordingly, in January 2018, the SECP had notiUied the Pakistan Institute of Corporate Governance (PICG) for maintenance of such databank. These regulations specify the manner and procedure of selection of independent directors from such databank who fulUill the qualiUications and other requirements. The qualiUication criteria speciUied through the said regulations is aimed at encouraging new professionally qualiUied entrants
along with experienced individuals. Furthermore, minimum details required for inclusion in such databank is provided along with modus operandi for access of such details by independent directors as well as companies. The due diligence of selection of independent directors, as envisaged in the new law, continue to rest with the company. The regulations are aimed at strengthening the profile of independent directors as envisaged in the Companies Act and reinforce the best governance practices in companies.z
Rs11.7b wheat of last year yet to be sold SIALKOT
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he Punjab government has sought the details the of wheat stock available at 345 official and private godowns of Food Department in Gujranwala Division. Officials said that 3,610,000 bags of last year’s wheat yield were stocked at the godowns. The worth of the wheat yield was stated to be Rs11.71 billion. These bags of wheat were to be sold out till April 15, 2018. Only one month has left behind to achieve this wheat sale target. After the final deadline, the sale of the last season’s wheat would be closed in this region, the officials added. In Gujranwala Division, the Food Department has yet to sell out 1,430,000 bags of last year’s wheat worth Rs4.66 billion. According to the senior officials of the Food Department, the Punjab government might set 432,000 tons wheat procurement target at the official procurement centres this year in Sialkot, Narowal, Gujrat, Mandi Bahaud Din, Hafizabad and Gujranwala districts. This season’s official wheat procurement will be started in Gujranwala region from April 15 as the government has fixed the wheat supporting price of Rs.1300 per mound (40kg) wheat here, the officials stated.
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ADB, kp sign $140 million loan pact to improve roads ISLAMABAD
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he Asian Development Bank (ADB) and Pakistan signed a $140million loan agreement to improve the provincial roads in Khyber Pakhtunkhwa (KP). The loan agreement was signed by ADB Country Director for Pakistan Xiaohong Yang and Economic Affairs Division (EAD) Secretary Syed Ghaz-
anfar Abbas Jilani in Islamabad. Communication and Works Department Secretary Shahab Khattak and Pakhtunkhwa Highway Authority Managing Director Ahmed Nabi Sultan signed the project agreement on behalf of the government of KP. “The project signed here is a continuation of ADB support for upgrading Pakistan’s vital infrastructure to stimulate economic growth and job creation.” said Ms Yang. “ADB continues to look forward
to work very closely with federal and provincial governments to accelerate economic development by among others- developing road for improving mobility and connectivity.” The overall cost of the project is around $164million, which the government of Pakistan would contribute only $24million and rest would be obtained as loan from the ADB. The KP Provincial Roads Improvement Project will rehabilitate eight key road sections with total
length of 214 kilometres with a higher road safety and climate resilience standard to ensure for uninterrupted Ulows of people and goods within the province, across the country and beyond. Pakhtunkhwa Highways Authority (PKHA) intends to rehabilitate a part of its provincial highway network under this project to improve the performance of its roads and achieve a higher service level in the province. With the rehabilitation of these roads, the over-
all maintenance cost will reduce signiUicantly. Due to the proposed interventions, these 214 Kms of roads will require only periodic maintenance after 5-6 years and resultantly the maintenance burden on PKHA will be reduced in the forthcoming years. The rehabilitation of these candidate roads, in accordance with the proposed program, will not only enhance their capacities but will also result in improved service delivery.
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Russian soybean exports to China hitting new highs MOSCOW: Soybean exports from Russia reached a record some 92 KMT in December 2017/18 against 73.7 KMT in the previous month and 61.2 KMT in December 2017. Overall, soybean shipments in the current 2017/18 season (September-January) stayed at the highest level: they totaled 248 KMT, i.e. almost 68% more than at the same time last season. In MY 2017/18, Russian soybean exports are focused on the key importers. So, export shipments to China grew to 227.6 KMT versus 89 KMT a year ago, while those to Iran rose to 17.4 KMT versus 5.9 KMT in 2016/17. These were the largest volumes ever supplied by Russia to the above countries.
traders want conducive business environment
Wednesday March 21, 2018
Chambers
ApcpcI urges govt to constitute separate cpec cell in all departments
LAHORE
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he government and private sector are vital for each other and the government must develop policies conducive to business environment and address genuine issues of the business community. This was stated by the LCCI Acting President Khawaja Khawar Rashid and Vice President Zeshan Khalil while speaking at a dinner hosted by Textile Traders Association. Iftikhar Ai Malik, Farooq Iftikhar Sheikh Muhammad Asif, Abdul Basit, Awais Saeed Piracha, Ch. Aurangzeb Aslam, Sheikh Zafar Iqbal, Ch. Khadim Hussain, Rana Mahmood and Nadeem Abbas also spoke on the occasion. Kh Khawar said that business community
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is driving force of the economy but it cannot play its due role for economic wellbeing of the country while carrying huge burden of the problems like withholding tax on banking transactions, misuse of the discretionary powers by the tax collection machinery, high prices of utility prices and delay in refunds etc. He said that there is an urgent need to reform the taxation system by engaging all the stakeholders. He urged the government to withdraw withholding tax on bank transactions in the larger interest of the trade and industry. He said that this tax has forced the business community to conduct its monetary transactions in cash. He said that withdrawal of withholding tax on bank transactions would give a big relief to the business community. He also called to remove the double taxation system that is hampering the trade and economic activities in the country.
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ll Pakistan Chambers Presidents’ Conference International (APCPCI) urged the government to constitute a separate China Pakistan Economic Corridor (CPEC) cell in all the Federal departments to facilitate the businessmen and foreign/domestic investors who intend to invest under CPEC regime. One window operation for the investors should be introduced to cater out the problems of the businessmen and facilitate the processes in an efUicient manner under the proposed board. Addressing the APCPC’s concluding session at Gwadar, President of Rawalpindi Chamber of Commerce and Industry (RCCI) Zahid Latif Khan urged government that Gwadar region should be facilitated with efUicient connectivity with other parts of the country which Includes air links, railways, marine and double sided roads to connect the surrounding cities. He also proposed that Special Economic Zones (SEZ) should be prioritized in the remote areas of Sindh,
Punjab, KPK, Balochistan and AJK and there should preferably be sizeable percentage of hiring local manpower into all the projects of that speciUic area. While commenting on taxation, Zahid Latif Khan said tax rate should be rationalized and widened and pointed out that the business community of Pakistan believes that taxation system for small and medium sized business shall be fundamentally reengineered and simpliUied with the concept of the “Pay as you go” in simpliUied categorized. The RCCI president said Tax rate should be brought down to 15 percent and focus should be on ex-
pansion of tax net. Interprovincial sales tax adjustment should be facilitated while the rate of sales tax should be brought to one digit. He opined that withholding tax deduction on cash withdrawal of Tax payers be abolished while it may continue for non-tax payers. Tax Amnesty Schemes should be abolished and in case is it is to apply then it may not deal with the repeat cases. The conference urged that government should eradicate the corruption elements and develop a culture without harassment by the Government departments. The two-day 10th APCPC moot adopted joint dec-
Foreign investors call for consistency in policies KARACHI
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akistan is on the radar of foreign investors who rate the country positively for investment but there is a dire need for consistent and transparent policies along with affordable taxes, Overseas Investors Chamber of Commerce and Industry (OICCI) President Bruno Olierhoek said. The Overseas Investors Chamber, Mr Olierhoek said that Pakistan – with a consumers market of 220 million people and a GDP growth rate of over 5 per cent – offered great attractions for potential foreign investors. He stressed that there is a need to explore and attract new investments, adding that many American and European companies are keen to invest.
Pakistan is operating at 25-30pc of its potential, noted Mr Olierhoek. There is a need to drive it to the optimum level by attracting more investment and creating jobs because around two million new job seekers enter the market every year, he added. The OICCI president noted that it was easy to do business in the informal sector in Pakistan where no taxes are paid. However, there exists an opportunity for the formal sector to make inroads and capture such vast and open markets, he added. The OICCI chief suggested that the government should make doing business difUicult in the informal sector and easy for the formal sector. Only then new investments would come and help reduce the growing role of informal sector in the economy of the country, he stressed. He further said that Pakistan offers good incentives for foreign investors but despite improvement in security situation the country is not able
to attract large foreign direct investment (FDI). Responding to a question, he said, the main reason for low FDI in Pakistan was the negative perception about the country which needs to be managed more professionally. Issues including the World Bank low ranking in the ‘Ease of Doing Business’ survey, issues related to taxation and Intellectual Property Right (IPR) policies need to be addressed too. He said there is poor coordination between federal and provincial agencies on issues related to food standards, tax rates and Workers ProUits Participation Fund (WPPF). He suggested introducing a comprehensive taxation system between the FBR and provincial revenue authorities. Olierhoek said that the OICCI wants corporate tax rate be reduced to 25pc to attract foreign investment in Pakistan and the government should eliminate 3-4pc super tax as had been committed.
laration with an aim to promote business and trade activities throughout the country as without a stable economy the goal of self sufUiciency could not be achieved. The APCPCI, hosted by RCCI, adopted Uive points agenda including focus on CPEC and decrease the ratio of Sales Tax to single digit, increase tax net, tax base, removal of Discretionary powers given to the commissioners, ease of doing business, skill development and more connectivity to Gwadar. The RCCI Chief said that its an honor and legacy for RCCI that it has been organizing this event for the last nine years on regular basis.
‘Spain keen to boost ties with pakistan’ mbassador of Spain in Pakistan Mr Carlos Morales on has said that Spain was much keen to boost mutual trade ties with Pakistan, pledging to make efforts to remove hurdles from the way of promoting the mutual trade between the both countries. He said this while addressing a meeting held at the Sialkot Chamber of Commerce and Industry (SCCI) here, the ambassador said that the time was high to do more for further increasing mutual trade ties between Pakistan and Spain. SCCI President Zahid Latif Malik, SVP Abdul Waheed and VP Abid Ahmed Khawaja presided over the meeting while other senior officials of the Spanish Embassy also attended the meeting.
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Anti-Smuggling Multan takes two vehicles into possession MULTAN: The Anti-Smuggling Organization Multan has impounded two vehicles in its crackdowns. The organization took into possession a non-duty-paid Suzuki Alto worth Rs0.8million involving customs duty and taxes of Rs650000. The said vehicle was impounded near Nawan Shehar Multan during a road checking by the Anti-Smuggling Squad. In another action, an ASO team took into possession a Suzuki Alto, Model 2008, from Gulgasht Colony in the action.
Wednesday, March 21, 2018
CUSTOMS BULLETIN
About 4800 cartons of Iranian juice seized by anti-smuggling multan MULTAN ImRAN ALI
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he Anti-Smuggling Organization Multan (ASO) has impounded the Iranian origin non-duty-paid 4,800 cartons of Rani Juice valued at Rs500000 during a special checking. Following the strict guidelines issued by Customs Collector Ambreen Ahmad Tarar, the AntiSmuggling Organization team executed the anti-smuggling action to obstruct the attempt of delivery and save the national exchequer through this action. The AntiSmuggling Organization team comprised of Superintendent Habib-ur-Rehman, Inspector Maqsood Ahmad, Inspector Ghulam Asghar including some Sepoys and a driver who participated in the said action. The whole action was supervised by Deputy Collector Saqib-ur-Rehman. The team intercepted a goods transport vehicle near Kot Sabzal Sadiqabad and recovered the abovementioned foreign origin non-duty-paid item. Before the recovery, the AntiSmuggling Squad asked the driver to produce any legal document about the possession of the Iran-
ian Origin Rani Juice but he was unable to prove anything legal, so the consignment was seized under the Customs Act 1969. The driver
informed the Anti-Smuggling Squad that he was going to deliver these juices to Bahawalpur area. The seized Juice was deposited to
the state warehouse Multan Customs and further investigations are underway. It is pertinent to mention here that due to effective
policy adopted by customs Collectorate there is marginable decrease is witnessed in the smuggling attempts in the region.
48 new border posts constructed on pak-Afghan border, NA told ISLAMABAD
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he National Assembly was informed that forty eight additional border posts have been constructed on PakAfghan border to curb smuggling. Parliamentary Secretary for Interior Dr. Muhammad Afzal Khan Dhandla, while replying to a question, said that after the start of Operation Zarb-e-Azb and Raddul Fassad, the
smuggling of illegal weapons has been curtailed in the country. Replying to another question, he said the government has taken a number of steps to give maximum protection to journalists so that they could perform their duties without any fear or threat. Dhandla maintained that all the Station House OfUicers (SHO) in Islamabad have been directed to register the case on receipt of any complaint by any journalists without delay. Similarly, mobile patrolling has also been increased in areas where ofUices of journalists, press clubs and residences are situated.
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