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Karachi, Tue March 27, 2018
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he Collectorate of Customs Appraisement has lodged a case against M/s Ahmed Packages, M/s Modern Shipping Agencies and others for defrauding the government and importing contraband goods. Investigation & Prosecution Cell MCC Lahore has detected smuggling of betel nut
in the garb of galvanized plain sheets through replacement of cargo during transshipment to the dry port, Lahore. According to the details, M/s Ahmed Packages imported a consignment declared to be as galvanized plain sheets from United Arab Emirates (UAE) and filed transshipment permit (TP) for dry port Lahore. Investigation & Prosecution Branch of Apppraisement Lahore found the shipping seals on the con-
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tainers in a very suspicious condition while the containers were also in poor/damaged condition. A committee was formed comprising officials Javed Jafar, Zafarullah Niazi, Mohammad Yaqoob and Akmal Shahzad to examine the consignment. The examination found the goods to be galvanized steel sheets in coils without international packing. Meanwhile, Collector Appraisement Jamil Nasir Khan received the information that the importer had actually imported the betel nut and declared the same as galvanized plain sheets in GD. The betel nut was then replaced with galvanized steel sheets in coils during transit.
Customs North Region posts rare performance by earning Rs404m
Customs Export recovers Rs82.78m from defaulters companies
FTO reserves verdict of appeal filed by M/s Nagina Engineering Wroks
Polyester Filament Yarn’s Valuation Ruling No: 1269/2018 revised
Quetta Customs goes surplus with earning of Rs1741 million of ST
Customs North Region generated Rs404million extra revenue | See pAge 02 |
Customs Export has retrieved Rs82.78million | See pAge 03 |
FTOreservedaverdictofataxrefundappealfiled byproprietorsofNaginaEngineeringWorks | See pAge 04 |
DGValuation, has revised the customs values of Polyester FilamentYarnValuation | See pAge 09 |
Model Customs Collectorate Quetta collected a surplus revenue of Rs1741m | See pAge 16 |
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Top govt officials reluctant to file tax returns Tuesday, March 27, 2018
Islamabad
ISLAMABAD: The top officials of federal government are reportedly reluctant to file their income tax returns despite strict instructions from Prime Minister Shahid Khaqan Abbasi. Sources said that a large number of civil servants, including secretaries, were not filing their tax returns even though they were earning taxable income. According to available data, the Industry and Production Secretary (Incharge) Main Asad Hayaud Din, Petroleum Division Secretary Muhammad Jalal Sikandar Sultan, Power Division Secretary Yousaf Nassem Khokhar, Planning Commission Secretary Shoaib Ahmad Siddique.
customs north region posts rare performance by earning rs404m
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single bench of the Customs Appellate Tribunal reserved a decision on a customs matter submitted by M/s Indus Laboratory against filed office of the Federal Board of Revenue (FBR). Muhammad Nasir Khan, Member Technical of Customs Appellate Tribunal, reserved the decision. Earlier, the parties were directed to submit record of cases before the bench by the next date of hearing. The bench dated in office the hearing of other case submitted by Zamanul Haq. Appellants, Zamanul Haq and M/s Indus Laboratory had challenged decision announced by appellants in all of the said cases had challenged MCC decisions before the tribunal relating to import of machinery by the appellants. The department had seized the imported items owing to queries about classification. The appellants had prayed the tribunal to direct the department on release of imported items. Appellants, Zamanul Haq and M/s Indus Laboratory had also filed some other references before the tribunal which were being heard by different benches.
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he Customs North Region generated Rs404million extra revenue under all the heads during first 15 days of March FY2017-18 against a revenue collection under the same heads during the identical corresponding FY16-17. The sources of North Region told Customs Today that, during first 15 days of March, the North Region, comprising Customs Islamabad, Peshawar, Samberial and Gilgit-Baltistan, demonstrated an extraordinary performance during above said period against the previous same duration. The North collected Rs1426.92million during 1st to 15th of March FY17-18 against a revenue collection of Rs1022.43million under all the heads during the same corresponding period. The North’s Customs Station Islamabad received Rs770.65million of all taxes during first 15 days of March FY17-18 against a revenue collection of Rs608.91million during the identical previous period. The Collectorate of Islamabad earned Rs161.74million extra revenue under all the heads during 15 days of March FY17-18 against the same corresponding duration. The Collectorate of Peshawar got Rs731.40million under the head of all taxes during first 15
Appellate Tribunal reserves verdict of plea filed by indus Laboratory
days of March FY17-18 against a revenue collection of Rs403.29million during the same previous period. The Collectorate of Peshawar generated Rs328.11million extra revenue under all the heads during 15 days of March FY17-18 against
the same corresponding period. The Collectorate of GilgitBaltistan is still closed due to heavy snow while the Collectorate of Samberial collected Rs.75.13million under all the heads during first 15 days of March FY17-
18 while it earned Rs10million under the same heads during the identical previous duration. It was added that the Samberial created 834.37% of difference under all the heads against first 15 days of March FY16-17.
‘upcoming Budget 2018-19 to be pro-poor, business friendly’
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pecial Assistant to Prime Minister on Revenues, Senator Haroon Akhtar Khan has said that budget 2018-19 would be pro-poor, business-friendly and government would focus on the areas, which were not covered properly during the previous years. Addressing a launching ceremony of payment of taxes through banks, alternative de-
livery channels at Federal Board of Revenue (FBR), he said that the initiative would enable the tax payers to pay their federal taxes online through mobile, ATM and through laptops. The initiative would facilitate the tax payers and made the payment system more simple and save the time and manual documentation processing, beside increasing the tax compliance and enforcement. He said that during last Qive years, FBR had achieved landmark progress in many Qields and
introduced several measures to boost revenue collection in the country. He said that revenue collection witnessed about 70-75 percent growth during the period under review, adding that the collections were doubled during last Qive years. Whereas, he added that the tax collections witnessed about 20 percent growth on year on year basis, as the government had introduced several measures for enhancing the collection including broadening the tax base, bringing
transparency and modernizing the infrastructure. Steps were taken to facilitate the taxpayers and bridging the trust deQicit among the tax payers and tax collecting authorities and introduced universal selfassessment scheme, besides strengthening the existing laws. Later, talking to media, he said that the outstanding amount of tax refund was recorded at Rs 150 billion and government would clear refunds of over 50 billion by the end of this Qiscal year. He said that tax tar-
gets set for Qiscal year 2017-18 of Rs 4,013 billion would be achieved. He said that the government was planning to introduce tax amnesty scheme which would help collect about US$ 4 to 5 billion. Speaking on the occasion, Chairman FBR Tariq Mehmood Pasha said that the facility would increase Pakistan’s ranking in ease of doing business, adding that automation of companies registration was also initiated in collaboration with Securities and Exchange Commission of Pakistan.
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Karachi Intelligence to auction vehicles, goods KARACHI: Directorate General of Customs Intelligence and Investigation has announced to auction confiscated goods and vehicles on March 26 at PECHS Karachi. CNG Cylinder (Subject to submission of fitness certificate from the Hydrocarbon Development Institute of Pakistan by the successful bidder on his own expenses.): 226 numbers Foreign Office sofa / curtain cloth: 1,840 kgs Mix cloth rolls foreign offices: 8810kgs i. Cool & Cool Deodorant Body Spray 200 ml (UAE): 19872pcs Coo & Coll Air Freshner Spray 300 ml (UAE): 3096pcs.
customs court approves bail plea of suspect in diesel smuggling case
Tuesday March 27, 2018
Karachi
customs export recovers rs82.78m from defaulters companies
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ustoms Court Judge Syed Faiz Rasool Rashdi granted post-arrest bail to suspect namely Ahmed Ali, who was booked for trying to smuggle 25,000 liters nonduty paid foreign origin high speed diesel. During the hearing, the suspect appeared before the court and moved the bail petition. His counsel argued that the prosecution has not provided any evidence against his client; therefore, the court may grant him bail till final judgment in the same. After the hearing, the court granted him bail against the surety bonds of Rs 200,000 and directed him to appear before the court on the next date of hearing.
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Sindh excise collects rs42,426m revenue in eight months KARACHI
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rovincial Minister for Excise & Taxation and Narcotics Control Mukesh Kumar Chawla has said that the Sindh Excise Department has recovered more than Rs42426.069 million during last eight months in current fiscal year from July 2017 to February 2018 in heads of various taxes while in the same period during last fiscal year Rs37293.108 million were recovered. Secretary Excise & Taxation and Narcotics Control Abdul Haleem Shaikh, Director Generals Shoaib Ahmed Siddiqui and Shabbir Ahmed Sheikh and other directors also attended the meeting. While briefing the meeting the concerned directors said that Rs4669.220 million were recovered in terms of Motor Vehicle Tax, Rs32530.603 million in terms of Infra Structure Cess, Rs275.159 million in terms of Professions Tax.
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he Customs Export has retrieved Rs82.78million in the past 15 days of March and presently the department is issuing notices to defaulter companies for recovery of amounts. Customs Export has recovered evaded amount of taxes and duties of Rs11.58million from defaulter companies which were issued with notices to pay the outstanding dues. Sources told Customs Today that, during a scrutiny of the import data, it was revealed that M/s Balachi Associates Karachi availed undue benefits and concessions by importing fancy headlights and radiators by misusing the SRO 568 through Examiner Wasif A. Khan on December 16, 2017. Sources further told Customs Today that the company was allegedly involved in tax evasion of Rs06.58million. After detecting the tax evasion; the Customs Export issued it with a Qinal notice on February 21, 2018 to deposit the evaded amount within 14 days. The management of M/s Balachi Associates Karachi deposited the evaded amount in the ofQicial account of the Customs Export on 13th of March. Another company named M/s Mukarram Towels also cleared Rs05million of taxes and duties. Sources told the correspondent that M/s Mukarram Towels also availed
undue beneQits and concessions and avoided paying taxes according to the customs bylaws. The Customs Export authorities served on it a Qinal notice on February 26, 2018. After receiving the notice, the management of the M/s Mukarram Towels deposited the evaded amount of taxes on Friday. Meanwhile, The Customs Export has recovered the evaded taxes and duties amounting to Rs13.24million from defaulter
Sources told customs Today that, during a scrutiny of the import data, it was revealed that M/s Balachi Associates karachi availed undue benefits and concessions by importing fancy headlights and radiators by misusing the Sro 568 through examiner wasif A. khan
court rejects bail of suspect involved in tax evasion
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ustoms Court Judge Syed Faiz Rasool Rashdi on Friday rejected the bail petition of a suspect, Sikandar Mirza, proprietor of M/s Realex International, who was booked in a duties and taxes evasion case of Rs 1.57 million. The suspect was arrested after rejection of the bail application. During the hearing, the suspect
moved pre-arrest bail. Mirza’s counsel argued that his client was innocent and was falsely implicated in this case, who was ready to face trail, however, he had apprehension of arrest, therefore, court might grant him bail till Qinal judgment in this case. However, counsel for the Customs Department argued that the prosecution had concrete evidence against the suspect, therefore, the court might reject his bail. After hearing the arguments, the court rejected his prearrest bail and ofQicials of the Customs Department arrested him outside the
court and shifted to customs jail. According to the prosecution, above mentioned suspect and other importers namely Muhammad Ishaq son of Muhammad Naeem, owner of M/s AlSudia Enterprises, Syed Mubashir Ali Qadri son of Muhammad Ali, General Manager M/s Realex International in active connivance with their clearing agents have mid-declared C&F value of the imported goods and submitted fake and fabricated import invoices to evade legitimate amount of government in the tune of Rs15,717,601.
companies which were issued with notices in this regard. During the scrutiny of the import data, it was found that M/s United Knitwear availed undue benefits and concessions by importing different consignments in the month of November 2017. The consignment was got cleared through Examiner Sardar Rab from Port Qasim by misusing the SRO 568. The company was found involved in a tax evasion of Rs4million.
pak rupee further drops to rs117.20 he US currency’s value further soared in open market but remained unchanged in interbank market. As per the local money market, the greenback gained 10 paisas in open market for buying at Rs116.20 and for selling at Rs117.20. It remained unchanged in interbank for buying at Rs114.30 and for selling at Rs114.50.
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FIA arrests illegal traveller at Lahore airport Tuesday March 27, 2018
Lahore
LAHORE: The Federal Investigation Agency’s (FIA) Immigration officials have arrested a passenger after he landed at the Allama Iqbal Airport from South Africa on an emergency passport. The passenger, Nasir Mehmood of Umer Kot, travelled abroad from Lahore on a visit visa in 2014. Later, he went to Kenya and from there he entered South Africa via road without travel documents, the FIA official said. FIA officials arrested him and handed him over to FIA Anti-Human Trafficking Cell for investigation.
customs Appraisement fTo reserves verdict of appeal filed holds medical workshop by M/s nagina engineering wroks for dryport employees LAHORE
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ollectorate of Customs Appraisement and Batool Foundation hold a medical workshop for the employees of Mughalpura Dryport. Chief Collector of Customs Central Region Zeba Hai Azhar and Collector Customs Appraisement Jamil Nasir Khan inaugurated the medical camp. Addressing the participants of the workshop Chief Collector Zeba Hai said that sound health is necessary for mental health also. He also hailed the step to hold medical workshop for the employees of the Collectorate. Prominent among those who attended the medical workshop includes Additional Deputy Collector Customs Munib
‘e&T facilitation centres to be functional by June 30’ unjab Minister for Excise and Taxation Mujtaba Shuja ur Rehman has said motor vehicle regulatory system had been computerised throughout the province while property tax collection system had also been interlinked in 26 districts through digitalisation. “The task will be 100 per cent achieved within the completion of present Punjab government tenure,” he added. The minister expressed these views while addressing the training session of newly recruited staff of Excise and Taxation Department at a local hotel. The event was attended by Secretary Excise and Taxation Dr Ahmed Bilal, Shahid Akram Gondal the Director General E&T and all directors and senior officers who delivered training lectures to the participants. The minister said as compared to other departments, the biggest chunk of public contact with the E&T department which had more than four million properties and 15m. –CB Report
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Sarwar, Rashid Munir, Saima Aftab, Additional Collector Azmat Tahira, Deputy Collector Asma Bashir, Principal Appraiser, Nasir Kasuri, Humayun Mukhtar and other employees of Mughalpura Dryport. In his address Collector Model Customs Collectorate Jamil Nasir Khan said that Collectorate is taking all possible measures for the welfare of the employees. He said that devoted and honest employees are the asset of the Collectorate. He said that Customs Collectorate Appraisement has already adopted a comprehensive strategy to achieve revenue collection target assigned by Federal Board of Revenue (FBR) for Fiscal Year 201718. Collector Jamil Nasir Khan said that due to this effective strategy he is quite optimistic that Customs Appraisement will definitely achieve revenue collection target for current Fiscal Year of 2017-18.
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ederal Tax Ombudsman (FTO) Advisor Mian Munawar Ghafoor has reserved a verdict of a tax refund appeal Qiled by proprietors of M/s Nagina Engineering Works against the Regional Tax OfQice (RTO-II) Lahore. During the proceedings of the case, the counsel for the appellant argued that the RTO-II had failed to release the sales tax refund to the appellant since the last two years. He said the RTO-II collected excessive taxes from the company during the last two years. The petitioner approached the ofQicials concerned several times for the release of refunds, but the RTO ofQicials failed to clear refunds after the passage of a reasonable time. Finally, the appellant decided to approach the FTO
seeking intervention in this case. The counsel appealed the FTO advisor to direct the RTO-II to clear the refund claims. The counsel further said that delay in release of refunds put burden on taxpayers, adding that the RTO-II should make audit of the case and release the extra
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amount collected by it from the taxpayer. On the other hand, counsel for RTO-II argued that the appellant has not submitted all record to the ofQice for claiming refunds. If appellant provides the accurate record, the RTO-II will release refunds after a proper assessment, he added.
customs Tribunal orders release of water shortages threatens crop losses vehicle to lawful owner unconditionally he current water Qlows in River of 112 MAF. There would be no car-
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he Customs Appellate Tribunal has set aside an Order-inOriginal in an impounded Hino Ranger truck. The appeal was Qiled by Abdul Ghani, a resident of Khyber Agency, and Maqbool Ahmed against Collector of Customs, Customs House Lahore. Muhammad Shabbir Gujjar, Member Judicial, examined the record and heard all arguments from the appellant and the respondent sides. The tribunal passed the judgment by setting aside the impugned order and di-
rected the respondent to release the vehicle to the appellant unconditionally. According to the details of the case, staff of the Customs Intelligence and Investigation intercepted a foreign origin iron and steel loaded container. On demand, driver of the vehicle introduces himself as Abdul Ghani and he could not produce any document regarding the lawful import of the vehicle. The customs staff took into possession the vehicle under Section 2 (kk) of the Customs Act-1969. –CB Report
Jhelum are at a 42-year low level and will lead to around 40 per cent water shortage in earlyKharif season, posing serious threat to upcoming crops, authorities said. A technical committee of the Indus River System Authority (Irsa) comprising technical experts from federal agencies including Wapda, Meteorological Department and representatives from the four provinces calculated total water availability at 95 million acre feet (MAF) for Kharif season compared to 107 MAF last year and post-Tarbela dam average
ryover water storage in Kharif after many years and the entire irrigation would depend purely on river Qlows, said Director Operations Irsa, Khalid Idrees Rana, who presided over the meeting. He said the Met OfQice briefed the meeting about the prevailing weather conditions and predicted above normal temperatures in April and yet below normal snow melting in catchment areas. Based on current data, the Met ofQice forecast normal rainfall in monsoon season but would Qirm up those projections by end-May. –CB Report
nAB grills Ali Jahangir in stock manipulation case
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LAHORE
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he National Accountability Bureau (NAB) has grilled Ali Jahangir Siddiqui, an aide to the prime minister and ambassador-designate to the United States, in connection with a case of stock manipulation. Sources said that a
combined investigation team of the Lahore NAB had quizzed Mr Siddiqi for 90 minutes regarding the alleged role of his company – M/s Azgard Nine Limited (ANL) – in the manipulation of shares that caused losses of billions of rupees to the national exchequer. “Mr Siddiqui recorded his statement and provided documented details in response to the CIT’s written
queries,” a source said, adding that the CIT would once again summon Mr Siddiqui, a director of the ANL, if they felt that his reply was unsatisfactory. NAB is probing affairs of the ANL with regard to siphoning off funds amounting to 23.7 million euros in 2008, which were used to purchase an Italian Company, Monte Bello SRL. A foreign company, Fairtal SRL, Sweden, was used
for the deal, which suffered losses along with its shareholders. There are also allegations that the shares of a company named Agritech Limited were sold to various financial and government institutions at a price higher than the market rate to settle loan defaults. This resulted in a loss of Rs40bn to various financial and government institutions, says NAB.
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n a bid to simplify the Qiling of tax returns as well as to bring more and more people into the tax net, the Federal Board of Revenue (FBR) is going to give the option of Qiling returns in Urdu language in the coming tax year. This proposal is under consideration at the highest level and is most likely to be Qinalized prior to the beginning of tax year 2018-19. Moreover, as an initiative to simplify returns, the FBR is also in the process of drafting a single page return for salaried individuals, which will be notiQied for tax year 2018. “FBR is continuously striving to simplify the process of return Qiling and to remove the difQiculties faced by taxpayers while Qiling returns. In this regard, FBR has made efforts in taking facilitative steps to simplify tax returns for the taxpayers,” sources at the FBR told Customs Today. They added that taxpayers had the facility to Qile their returns electronically through IRIS, an ERP (Enterprise Resource Planning), covering all business process of income tax. The sources said that IRIS had a business rule engine covering all provisions of the Income Tax Ordinance, 2001 and the taxpayer simply has to provide the Qigures of his income, receipts and expenses. The system automatically calculates the tax liability on the basis of the legal provisions applicable for the tax year for which the return is being Qiled.
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“The system automatically performs all calculations including totaling and reconciliation of assets. In case the wealth statement of the taxpayer is not reconciled, the system prompts the taxpayer indicating the exact amount by which the wealth is un-reconciled so that the taxpayer can rectify,” the sources maintained. The sources told that during preparing wealth statement the Qigures of the wealth statement Qiled for the previous year were automatically imported so the taxpayer does not have to Qill all the columns again. A similar option of importing last year’s data had been provided in the Income tax return as well in previous Tax Year 2017. The sources said that FBR also launched Customer Relationship Management software in which queries by taxpayers, lodged either by e-mail phone or website is handled and redressed. The existing return form has separate parts dealing with different categories of tax payers. Taxpayers deriving income from salary or any speciQic head of income have to Qill only that portion of return which is relevant to them. Meanwhile, The Qield ofQicers supported by the IT experts of PRAL are speedily Qinalizing the process of Qield-based withholding system of consumers’ tax deducted and deposited by the telecom companies. The Qield ofQicers comprising six members are conducting this process under the Income Tax Ordinance, 2001 for the quarter July – September, 2017, at company’s premises. After the Qinalization of the procedure, ofQicial
source at FBR told Customs Today that the team would prepare its Qindings in the form of a report and submit to the FBR’s relevant wing. The concerned wing/ department sort out discrepancies in the system committed by telecom companies and proposed action as per relevant provisions of the law, wherever discrepancies would be found. The source told that taxes collected /withheld by cellular companies was deposited in the national exchequer and the same was declared in their monthly withholding statements. The monthly withholding statements Qiled and tax deposited is reconciled in terms of applicable withholding income tax rates and the total revenue reQlected in the audited accounts of the taxpayer, and if a discrepancy is found, the action is taken under relevant provision of the Income Tax Ordinance, 2001. To a question about parameters for the selection of a company for tax audit, the source told that selection was done by both the concerned commissioner and Federal Board of Revenue (FBR) on the bases of risk parameters approved by the Board. The audit of cellular companies is conducted subject to selection of case under relevant law. “After selection of case for audit, the Audit Manual prescribes a pre-audit conference with the taxpayer in which scope of audit and time line for completion of audit is decided. Consequently Information Document Request (IDR) is issued for seeking relevant records and information from the tax payer” the source said.
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Depreciation of pakistani rupee
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he rupee has been under pressure and is in grip of severe meltdown for the last few days, thanks to ill planned financial policies and mishandling of economic affairs by the people at the helm of affairs during the last four years. The State Bank allowed the rupee to lose 4 percent against the dollar; as a result, the rupee ended as lower as Rs 115 in the inter-bank market and Rs 119 in the open market. The rupee lost nearly 5 percent of its value to reach Rs 110.64 against greenback in December 2017 and had been struggling to stay at the level since then. However, in the recent spell, it lost another four percent, creating conditions for corrupt elements, money launders and black marketers to play with the economy at their will. Officially, the rupee lost nine percent of its value, but put the economy in dire strain on the whole. The actual foreign currency reserves have fallen to below $8 billion, the worst level as compared to the regional economies. The officials at the central bank believe the meltdown was the result of rising demand for dollars, but the idea is hard to sell to the independent financial experts as it belies the reasoning. The reasons behind the latest the meltdown of the rupee could be the foreign loans; pressure from international financial institutions and corruption, but the government is not in a mood to ascertain the real causes behind it. The authorities are trying to create a balance in external trade and increasing volume of the current account deficit, which is adversely affecting the government ability to manage the rising import bill. The nine percent depreciation in the Pakistani rupee actually means nine percent loss in the total economy of the country. The move will open the floodgates of inflation, discourage foreign investment in the country, pave the way for capital flight and plunge the economy into the further chaos. Keeping in view the level of disinformation in the country, no one expects anything good from the devaluation strategy of the government where financial secrecy is open to everyone. The wiz-kids may have earned billions of rupees in one night in the devaluation process as transparency is worthless commodity in this country.
crossing limits of budget deficits A
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ccording to a dispatch from the International Monetary Fund, the country’s budget deficits are expected to reach nearly 6 percent of the gross domestic product for the current fiscal year which are almost 2 percent more than the budgetary limit of 3.9 percent. The fund puts the fiscal deficits for 201617 at 6.3 percent, at least 0.5 percent higher than the official accounts, closing at 5.8 percent of the GDP. The deficits include the sale of a printing press owned by the government to the State Bank, sale of an LNG-based power project to a government-
owned development fund, and allegedly acquisition of the ‘dormant’ accounts from the public saving schemes. The government also admits and projects the deficits at 5.8 percent of the GDP for 2016-17 against 3.8 percent budgeted targets. The IMF dispatch claims the fiscal deficits have reached 1.2 percent of the GDP during the first quarter of 2017-18 as compared to 1.3 percent during the same period of the last year. The 0.1 percent lower deficits are attributed to the strong growth of revenue collection by the Federal Board of Revenue which is purportedly increased by 20 percent. The fiscal deficits are expected to be Rs 1.956 trillion or 5.5 percent of
the GDP, excluding grants, for the current fiscal year. The country is suffering fiscal deficit, trade deficit, budget deficit and all other kinds of deficits and still the government seeks loans and grants from international financial institutions without realizing the consequences. The government ministers and fund managers are not tired of claiming the good shape of economy whereas the economic recovery has not only been halted, but also sent into the reverse gear. Dr Miftah Ismail, the Prime Minister’s current Adviser on Finance, Revenue and Economic Affairs, has rejected the IMF projections with regard to the public sector development programme. The IMF has
projected the allocations for the programme at Rs 800 billion for the current Qiscal year and the adviser puts the allocations beyond Rs 900 billion. Amid political crisis and currency meltdown, there is no hope for economic recovery during the current government’s tenure. The nation has already been mortgaged to the foreign lending agencies and now the government is eying on public saving schemes. The prices of petroleum products are increased every month and duty and tariffs in the utility bills have crossed the actual amount of electricity and gas. No one knows when the policymakers will learn to manage the Qinancial and economic affairs of the country.
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Political parties not yet registered with FBR ISLAMABAD: Not a single major political party of the country is registered with the Federal Board of Revenue (FBR). The FBR has started scrutinizing tax matters of political parties throughout the country. The political parties which are not registered with the FBR include Pakistan Muslim League-Nawaz (PML-N), Pakistan People’s party (PPP), Awami Muslim League (AML), Mutahida Qaumi Movement (MQM), Pakistan Tehreek-e-Insaaf (PTI), Pakistan Muslim League-Quaid e Azam (PML-Q), Awami National Party (ANP), Jamaat-e-Islam (JI), Jamiat Ulema-e Islam-Fazal-ur-Rehman (JUI-F), Majlis Wahdat-e-Muslimeen (MWM), Pakistan People’s Party-Parliamentarians (PPP-P) and Tehreek-e-Labaik Pakistan (TLP). The FBR has sent this list to regional offices for further action.
iHc adjourns hearing of announced judgment upheld by ATir ISLAMABAD
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he Islamabad High Court continued the hearing arguments in customs cases filed by M/S Awan CNG Corporation Private Limited and Muhammad Zubair. The IHC bench, comprising of Justice Athar Minallah and Miangul Hassan Aurangzeb, heard the cases and dated in office for more arguments on the next date of hearing. M/s Awan CNG Corporation Private Limited and Zubair had filed the case challenging a judgment made by the Appellate Tribunal Inland Revenue (ATIR)-through which it had upheld the decision announced by the department’s adjudication pertaining to the show cause notice to appellants for outstanding tax recovery. Through both references, the appellants had named Chief Commissioner Inland Revenue, LTU, Assistant Commission Inland Revenue Withholding, LTU, Commissioner
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Tuesday March 27, 2018
National
polyester filament Yarn’s Valuation ruling no: 1269/2018 revised T
KARACHI
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he Directorate General, Customs Valuation, has revised the customs values of Polyester Filament Yarn Valuation Ruling No: 1269/2018 under Section 25A of the Customs Act-1969. Earlier, the customs values of the polyester Qilament yarn were determined vide Valuation Ruling No. 1049/2017 dated 20.02.2017. There was a representation from Filament Yarn Manufacture Association (Pakistan), wherein they contended that due to the upward trend of value of basic raw materials i.e. Pure Terephthalic Acid (PTA) and Mono Ethylene Glycol (MEG) for polyester Qilament yarn, the customs values determined in the existing Valuation Ruling are not true reQlective of prices in international markets. Keeping in view the prevailing prices of the subject goods, this Directorate General initiated an exercise for determination of the Customs Values of the Qilament yarn in terms of Section 25-A of the Customs Act-1969. Stakeholders’ participation in determination of customs values: Meet-
ing for the determination of customs values of the polyester Qilament yarn was scheduled on 14.3.2018. The stakeholders were requested to provide the following documents:-a) Invoices of imports during last three months. b) Websites, names and E-
mail addresses of known foreign suppliers through which the actual current value can be ascertained. c) Copies of Contracts made LCs opened during the last three months. d) Copies of Sales Tax Invoices issued during last four. The
meeting was attended by ofQicebearers of the Filament Yarn Manufacturer Association (Pakistan), Pakistan Yarn Merchants Association (PYMA) Karachi, Filament Yarn Merchant Association (FYMA) Karachi and other importers.
fBr seeks property owners’ data from dealers Inland Revenue (Appeals), LTU, and Federal Government of Pakistan through the chairman of Federal Board of Revenue (FBR) as respondent in the case. The appellants had prayed the court to direct the LTU not to recover the said amount and abstain from any coercive action in this regard. The petitioners had prayed the court that the operation of the impugned notices issued by the tax authority may kindly be suspended till the decision of appeal pending before the LTU. Earlier, Justice Athar Minallah and Justice Miangul Hassan had heard M/s Dancom Pakistan’s case and reserved the judgment as the parties concluded arguments and submitted relavent record.
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he Federal Board of Revenue (FBR) has started seeking personal and Qinancial data of property owners from realty dealers to net untaxed money in an estimated Rs7 trillion real estate market. According to the ofQicial sources, the FBR started screening the investments made in properties with an objective to identify new taxpayers and compel the existing taxpayers to Qile their annual tax returns and declare assets. An ofQicial at Regional Tax OfQiceII (RTO) Karachi said the tax authorities have so far issued notices to property registration authorities and housing societies to obtain details of investors. FBR granted property registration authority, housing
societies and construction industry with power to collect withholding tax from buyers and sellers of properties. “Now, we have invoked section 176 of Income Tax Ordinance 2001 to obtain information of in-
vestors of the past Qive years from the withholding agents,” a RTO-II ofQicial said. “The real estate sector is one of the biggest undocumented sectors.” Various estimates put the investment in real estate sector at
more than seven trillion rupees. OfQicials of Association of Builders and Developers Association (Abad), which is the leading body representing builders in Pakistan, confirmed that the association’s members have received a number of notices seeking investors’ information. “All the required information is already available with the FBR when property is transferred,” a letter sent by Abad to Adviser to Prime Minister on Finance Miftah Ismail said, requesting him to stop the exercise. ABAD officials said FBR officers are asking the association’s members to personally appear and submit the required information, “which is resulting in harassment”. Arif Yousuf Jeewa, chairman of Abad said the FBR’s drive would sabotage the proposed tax amnesty scheme as well as affect foreign investments.
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Khan Faisal posted as Secretary (OPS) Legal Wing Tuesday March 27, 2018
National 14 inland revenue officers of BS-20 relinquish, assume charge
ISLAMABAD: Khan Faisal, a BS-18 officer of Inland Revenue Service, has been transferred and posted as Secretary (OPS) (Legal Wing). The officer, presently posted as Additional Commissioner-IR (OPS), Regional Tax Office, Islamabad, was posed as Secretary (OPS) (Legal Wing) at Federal Board of Revenue (HQ), Islamabad with immediate effect and until further orders. He has been asked to relinquish/assume charge, using online HRMS facility made available at all FBR major field offices or by using IJP login.
Habibullah khan takes charge as Member ir operations
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s many as 14 Inland Revenue Service officers of BS-20 have relinquished/assumed the charge of their respective posts with effect from the dates indicated against each. The officers relinquished/assumed the charge pursuing the Board’s Notification No. 0567-IR-I/2018, dated 09.03.2018. Meanwhile, Dr Saqib Ahmad Khan, a BS-19 officer of Inland Revenue Service, has assumed charge as Additional Commissioner-IR. The office, pursuing the Board’s notification No. 0566-IR-I/2018, dated 09.03.2018, relinquished the charge of the post of Secretary, Legal Wing, Federal Board of Revenue (HQ), Islamabad with effect from March 12 and took the charge of the post of Additional Commissioner-IR, Regional Tax Office, Rawalpindi on the same date.
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Sumrera kanwal assumes charge as Dc-ir umrera Kanwal, an Inland Revenue Service officer of BS18, has assumed charge as Deputy Commissioner-IR. The officer, in pursuance of Board’s Notification No.0566-IR-I/2018 dated 09-03-2018, relinquished the charge of the post of Deputy Commissioner-IR, RTO-II, Lahore with effect from March and took charge of the post of Deputy Commissioner-IR, CRTO, Lahore on the same date. Meanwhile, As many as 14 Inland Revenue Service officers of BS-20 have relinquished/assumed the charge of their respective posts with effect from the dates indicated against each. –CB Report
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abibullah Khan, a BS-21 ofQicer of Inland Revenue Service, Wednesday took charge as Member (Inland Revenue Operations). The ofQicer, pursuing the Board’s NotiQication No. 0588-IRI/2018, relinquished the charge of the post of Chief Commissioner-IR, Large Taxpayers Unit, Islamabad with effect from March 14 and assumed the charge of the post of Member (Inland Revenue Operations), Federal Board of Revenue (HQ), Islamabad on the same date. Meanwhile, Ahmed Ali Mukhtiar, an Inland Revenue Service ofQicer of BS-18, has assumed charge as Deputy Commissioner-IR. Mukhtiar, pursuing the Board’s NotiQication No.0566-IR-
I/2018 dated 09-03-2018, relinquished the charge of the post of
Deputy Commissioner-IR, RTO-II, Karachi with effect from March 9 and
took the charge of the post of Deputy Commissioner-IR, CRTO, Karachi.
customs Quetta with fc impounds coach loaded with contraband gutka & cigarettes T
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TAriQ DerYA
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he Anti-Smuggling Organization (ASO) Quetta, with the assistance of Frontier Constabulary (FC), took into possession a vehicle loaded with a large quantity of expiry contraband extra strong Indian origin Gutka and smuggled cigarettes from Sorab worth Rs21.56million. A tip-off was received by the Collector of Customs which was communicated to the Deputy Collector Preventive that foreign origin non-customs-paid goods will be transported from Quetta to Karachi through an unfrequented route. Sources of the MCC Quetta told CT that the staff of the Customs ASO Quetta, with the assistance of FC Kalat Scouts at Khuzdar, intercepted a coach bearing registration No: BSC-808 and re-
covered 1,360 packets (100 each in packet) of Gutka valued at
Rs11.56 million and seized Davidoff named foreign origin ciga-
rettes in quantity of 150 packs priced at Rs0.3 million.
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Court approves physical remand of accused involved in HSD Oil smuggling KARACHI: The Customs Court Judge Syed Faiz Rasool Rashdi sent suspect namely Mola Bux son of Ghulam Muhammad and Hasil Khan son of Karim Bux on physical remand, who were booked in a case of attempting to smuggle non- duty paid foreign origin Iranian 14,000 liters High Speed Diesel (HSD). During the hearing, investigation officer produced the above mentioned suspects before the court and informed that on a credible information, officials intercepted oil tanker and recovered 14,000 HSD oil valuing to Rs12,60,000 and during the search, suspects were asked to produce any lawful documents of said oil, however, they failed to produce any lawful documents, therefore, after the formalities, they were arrested and the said oil was seized by the officials.
Director nadeem invites additional staff to assess pcA potential ISLAMABAD
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irectorate Customs Post Clearance Audit Director PCA Nadeem Memon called a meeting of the additional staff in the next week in which Director PCA will review the performance of the PCA since nine months. On Friday, Directorate Customs Post Clearance Audit has detected the evasion of duties and taxes of Rs05.48million committed by M/s Delawar Autos, it is learnt here. Sources told Customs Today that M/s Delawar Autos imported new and used vehicle-excels, engine parts and other items and got them cleared from Port Qasim Karachi vide GDs on October 16, 2017 by paying customs duty at 10 percent after claiming the benefit of the SRO 562/2007. However the subject items
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were correctly classifiable under the PCT 4528.2489 attracting customs duty at 14 percent and income tax at 12 percent, thus, by way of mis-declaration of classification, the company evaded/short-paid Rs05.48million. The goods were cleared by Head Examiner Mustafa Ahmed Bolgrami. Sources said that the importer violated the provisions of Section 23 (2) & (9A) of the Customs Act-1969, Section 46 read with Section 69 of the Sales Tax Act1990 and Section 121 of Income Tax Ordinance-2001 punishable under clauses (85) and 93 of Section 457(9) of the Customs Act-1969, Section 75 of the Sales Tax Act-1990 and Section 66 of Income Tax Ordinance-2001 and Section 7-A of the Sales Tax Act-1990 read with chapter X of the Sales Tax Special Procedure Rules-2007 (Special procedures for payment of sales tax by the importers) and under relevant provisions of Income Tax Ordinance-2001.
National
customs Appellate Tribunal orders release of furnace oil to lawful owner
Saad rafique to appear before nAB in paragon city case LAHORE
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ailways Minister Khawaja Saad Rafique is slated to appear before the National Accountability Bureau today in relation to a corruption probe into the Paragon housing scheme in Lahore. Punjab’s Health Minister Khawaja Salman Rafique, who is Saad’s younger brother, has also been summoned in a separate probe on March 26. On March 15, in an official handout, the anti-graft body’s spokesman said that NAB Chairman Justice (r) Javed Iqbal had approved investigation against Khawaja Saad, several PR officials and others for alleged embezzlement in the procurement of modern computerbased interlocking system, generators and other equipment for Rohri-Tando Adam Khan sector. Earlier, NAB confiscated several laptops and document files during a raid at Paragon City office. The raid was conducted in relation to the ongoing investigation against alleged mega corruption and irregularities in Ashiana Housing Scheme. The NAB has expanded its investigation of Ashiana Housing scandal and LDA City projects after arresting former Lahore Development Authority (LDA) director general Ahad Cheema and Bismillah Engineering Company’s.
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he Customs Appellate Tribunal has accepted an appeal Qiled by the Ghafoor Ilahi, a resident of Lahore, against the additional collector of Customs Adjudication Multan and others. Muhammad Shabbir Gujjar, Member Judicial, heard the appeal in details and examined the record which they produced. The appeal has been decided with remarks that 44,000 liters of conQiscated furnace oil and tanker be released to its lawful owner unconditionally. According to the details of case, the superintendent of Customs Anti-Smuggling Organization Multan had seized a huge quantity of furnace oil which was transported from Karachi to Lahore. The oil tanker was brought to the office of customs I&I examination and also checked the record through forensic laboratory and seized oil and the tanker under the law. After show cause notice, adjudication proceeding were culminated and Order-in-Original (ONO) was passed while the stance of departments was accepted and declared
Tuesday March 27, 2018
that goods are confiscated correctly. Being aggrieved from the order, complainant was filed the appeal before the Customs Appellate Tribunal on the grounds that order in original was passed without consideration of facts the report of testing lab also match with the specification of furnace oil. All the record produced by the appellant
is denied by the seizing agency so the same ONO is liable to set aside. On the other side, the respondent department denied all allegations and appeal for the rejection of appeal. After hearing the arguments from both sides, Customs Appellate Tribunal accepted the appeal and orders to release vehicle to its lawful owner.
Ministry of commerce alive to expiry of uS gSp Scheme
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espite mounting differences on political fronts with the United States, the Ministry of Commerce (MoC) is quite alive to the expiry of US Generalized System of Preference for Pakistan. Pakistan is a beneQiciary of the US Generalized System of Preferences (GSP) program, which provides duty free access to over 3,500 products. Sectors covered under the GSP include various manufactured items and inputs like jewelry, agricultural products, chemicals, minerals, marble and carpets
Now the USA is planning to review its GSP scheme’s beneQiciaries. The South Asian countries will be analyzed on the Qirst stage in 2018. However, MoC has started review of Augmented Joint Action Plan agreed in a meeting between the then Prime Minister Nawaz Sharif and President Obama in October 2015. Secretary Commerce, Younus Dagha told Customs Today that the expiry of US’s GSP scheme was barely a blip on the radar as the US was Pakistan’s biggest market with $3.7 billion exported in the last Qiscal year. Under the GSP, 3,500 products are covered that make up more than $17 billion of US’s imports.
The source told that the GSP scheme excluded market access to textiles and its products, therefore MoC had reiterated request for grant of meaningful market access especially in the textile sector. Then in July last year, the US government included some items into GSP scheme like travel bags (leather), travel goods (leather) of export interest to Pakistan. The source added that MoC had started organizing seminars, conferences and workshops on GSP outreach to create awareness on Pak-US GSP among the stakeholders as well as to convince the decision makers both in Pakistan and the US. It is pertinent
to mention here that Pakistan and the US exercise their cooperation in commerce and trade sectors under Trade and Investment Framework Agreement (TIFA) signed in the year 2003. Under this agreement both sides discuss issues of mutual interest with the objective of improving cooperation and enhancing opportunities for trade and investment. Moreover, the agreement has also constituted council comprising representatives of both countries, co-chaired by the Minister of Commerce and the US Trade Representative (USTR). TIFA Council monitors trade and investment relations.
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Saudi Arabia to keep oil exports below 7m barrels a day
World Customs
RIYADH: Saudi Arabia is planning to keep its crude exports below 7 million barrels a day (b/d) in April, according to a statement released by the Energy Ministry. In the statement, the ministry also said that it is planning to keep production below 10 million b/d. “Despite nominations coming in at 100,000 b/d, higher than the previous month, allocations were maintained on par with their March levels,” it said.
Tuesday March 27, 2018
African eu states focus russian organized crime anti-trafficking efforts operates just about everywhere
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ussian MaQia has a reputation challenging the Sicilian MaQia in the United States. It is equally brutal and well organized. One estimate states there are over 300,000 members from Russia in the United States, right now. The Russian MaQia also goes by the name of The Odessa or Bratva MaQia. The group established itself in the Brighton Beach of New York City between 1975 and 1981. There are a number of major cities that have a signiQicant number beside New York City: Chicago, Los Angeles, Atlanta, Miami, Los Vegas, Philadelphia, and Kansas City among them. “On June 7, 2017, 33 Russian MaQia afQiliated and members were arrested and charged by the FBI, U.S. Customs and Border Protection and NYPD, for: Extortion, Racketeering,
gST regime derails Mainland china’s expansion plans he expansion plans of Speciality Restaurants Ltd (SRL), which owns brands like Mainland China, Oh! Calcutta, and Sigree Global Grill, have been hit hard under the goods and services tax (GST) regime.Anjan Chatterjee, founder and managing director, SRL, said while restaurateurs could claim input tax credit under the previous value-added tax (VAT) system, that was not the case now.The new indirect tax system, he added, had affected SRL’s profitability by 12 per cent, limiting its scope for expansion across geographies on account of lower cash availability.During the first three quarters of the current financial year, the company posted a net income of Rs 2.24 billion, a 7.44 per cent decline from the corresponding period last year. –CB Report
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Illegal gambling, Firearm offenses, Narcotic trafQicking, Wire fraud, Credit card fraud, Identity theft, Casino slot machine fraud, Using electronic hacking devices, Murder for hire.” The money trail is interesting. For example. Prostitution. The ladies in Vegas can earn about $10,000 per night. She keeps
$500.00, the pimp gets $750.00, the MaQia gets $8,750.00. The MaQia sends $6,750.00 to Moscow for Vladimir Putin. He is considered one of the richest men in the world. Did you know that marijuana was grown in Jamestown settlers around 1600? Before the Civil War the U.S. government sold it for revenue.
Dutch embassy issues statement on the importation of onions
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he embassy of the Netherlands spoke about the production and export of onions, due to the recent questions about Panama’s Dutch onion imports. The embassy’s statement stresses that Panama and the Netherlands agreed on a protocol for the importation of Dutch onions to Panama in 2016. This protocol established, among other things, that Dutch onions can only be sold
within 120 days after they have been harvested. As a result, Panama doesn’t import Dutch onions in its main onion harvest months: March, April, and May. The harvest in the Netherlands normally ends in late October / early November. This means that, in general, according to the 120-day term, Dutch onions can not be sold to Panamanian consumers since the beginning of March. –CB Report
n ministerial-level talks, they agreed to “attack underlying causes of irregular migration,” according to a joint statement. The countries also vowed to strengthen national laws to prosecute trafQickers and improve coordination among police and judiciary in Qighting human smuggling. The one-day “conference on coordination of the struggle against trafQickers of migrants” took place against a backdrop of renewed concern in Europe over illicit migration, three years after a massive human inQlux led to a rise in xenophobia and far-right populism in several EU states. Niger, one of the large nations lying south of the Sahara in West Africa, has become one of the main routes for African migrants heading north to the Mediterranean coast in the hope of crossing to Europe. Collomb said because of a series of preventive measures taken
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by Niger, the number of Europebound migrants passing through the country had “dropped drastically” from 330,000 in 2016 to 70,000 last year. Two Africa-EU summits in 2017 put the focus on training police and paramilitary gendarmerie forces, help with conducting border checks and the creation of identity databases. Europe’s part in taking on irregular migration in Africa gained force with “migratory pacts” signed in 2015 in Valetta, capital of Malta, which built on previous accords to reach a global approach dating back to 2006. Meanwhile, Victims of the world’s worst listeriosis outbreak in South Africa will be invited to sue the owner of the factory named as the source, a human rights lawyer said. Attorney Richard Spoor conQirmed that his Qirm would Qile a class action suit against Tiger Brands whose facility was last weekend ofQicially revealed to be the origin of the listeria epidemic that has claimed 180 lives.
kSA introduces new tax on hotels
he new tax comes on top of the value-added tax (VAT) and the already existing service tax. According to hotel industry sources, a guest will now have to pay somewhere between 25% and 30% extra on their room tariff. This will be in addition to food and beverages and other taxable facilities in the hotel. The Ministry of Municipal and Rural Affairs has imposed a Qlat levy of 5% on each room occupied in hotels and furnished apartments across the Kingdom. The levy for rooms in three star hotels and downwards will be 2,5 %. This is on top of 5% VAT which is
collected by the General Authority of Zakat and Tax (GZAT). The levy, known as municipal tax, came into effect. Municipal tax, however, will be levied only on occupied rooms. It is mandatory for all hotels of any size, furnished apartments of any standard and any other commercial residence facilities. Hotels and furnished apartments will deposit the tax taken from guests with the ministry every month. Hotels and other commercial residential facilities will have to register with the ministry which in turn will issue them a unique number to get access to their accounts in the ministry. –CB Report
South African firm to invest $1b to expand trade in Africa
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frican Export-Import Bank (AFREXIMBANK) said it was launching a $1 billion Qinancing programme with the Export Credit Insurance Corporation (ECIC) of South Africa to promote trade expansion and investments in Africa.
A statement sent to PREMIUM TIMES on said a memorandum of understanding was signed between the two partners in Cairo, Egypt on Monday to launch the programme. Under the terms of the MOU, AFREXIMBANK and ECIC would jointly implement a South AfricaAfrica Trade and Investment Promotion Programme (SATIPP) aimed at expanding trade and investment
in the continent. “SATIPP will involve the two institutions working together on identiQication, preparation and appraisal of trade transactions and projects; exploration of co-Qinancing and risk-sharing opportunities, and knowledge-sharing work, with particular emphasis on intra-African trade matters, through technical cooperation, staff exchange, research and joint events,”
the statement said. South Africa joined AFREXIMBANK as shareholder in November 2017, while ECIC was named as its designated investor, the statement added. By virtue of the country’s status as shareholder, AFREXIMBANK President, Benedict Oramah, said South Africa would be eligible to access the Bank’s trade promotion programmes and Qinancial services.
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Thailand gained over 200b baht trade surplus in 2017 BAGKOK: Ministry of Agriculture and Cooperatives’ (MOAC) Spokesman Sorawit Thaneto disclosed that the trade value of Thai agricultural products shipped to ASEAN countries in 2017 increased to 439.13 billion baht, with 328.90 billion baht worth of exports and 110.23 billion baht imports. Thailand gained a total trade surplus of 218.68 billion baht as a result. According to the Office of Agricultural Economics’ Secretary-General Vinaroj Supsongsuk, items with biggest export value were sugar and sugar products, beverages, fruits (longan, durian and mangosteen), natural rubber, rice and grains respectively.
Thai february export growth seen slowing to 9.2pc hailand’s customs-cleared annual exports in February likely grew at a slower pace than in the previous month, a Reuters poll showed, as demand was lower over Lunar New Year holidays. The poll’s median forecast was for exports, a key driver of Thai growth, to grow 9.2 percent in February from a year ago. In January, exports jumped 17.6 percent from a year earlier, more than expected. The commerce ministry targets an export growth of 8 percent this year after a 9.9 percent increase in 2017 despite a strong baht, which is hovering above four-year highs. February imports likely increased 15.35 percent from a year earlier after jumping 24.3 percent in January, the poll showed. Thailand is expected to have recorded a trade surplus of $800 million in February, according to the
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kpT ships movement and cargo handling report
russia ramps up fuel exports in fight for european market
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ussia plans to sharply increase fuel exports and carve out a larger share of the European market following an extensive $55 billion modernization of its refineries, companies’ plans and analysts’ reports show. Russia embarked on a modernization of its biggest refineries in 2011 following a fuel shortage crisis. It also changed its tax system to favor production of cleaner and higher-quality fuel. The modernization, which has not been completed yet, led to a surge in output of light products and exports, which has hurt European refineries’ margins. Russian think tank Vygon Consulting expects Russian primary oil refining volumes to rise by 8 million tonnes this year, matching a record high of 289 million tonnes reached in 2014 thanks to the modernization and rising oil prices. The consultancy forecasts Russia’s exports of light oil products, including diesel, will increase this year to 106 million tonnes from around 95 million tonnes in 2017 as domestic consumption sags. –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: OOCL California Container Ship Alam Mulia Coal Argent Hibiscus Tanker Ever Diamond Container Ship Kota Kamil Container Ship SHIPS SAILED: Kong Que Song Wan Hai 503 MS Tiger Ariane Makara Kiran Bosphorus Sima Giselle Xin Chang Shu Soho Trader CARGO HANDLING TURNOVER: The total cargo handled at Karachi Port during the last 24 hours closed at 182,422 metric tonnes. The breakup shows that the port has handled 64,585 metric tonnes of export cargo and 117,837 metric tonnes of import cargo during the said period. Commodity wise handling in metric tonnes is given below. COMMODITY: IMPORT: EXPORT: TOTAL: Containers 30,909
54,239 85,148 BulK 2,622 250 2,872 Coal 54,006 54,006 Rice 1,683 1,683 Oil/Liquid 30,300 8,200 38,500. Meanwhile, The Karachi Port Trust (KPT) issued the following shipping report for the last 24 hours, ending 0700 hours. ALONG SIDE (Bulk Oil Pier) OP-II Lyric Camellia D. Mogas GAC 15/03/18 OP-III Silver Eterna D. Mogas Trans Maritime 13/03/18 ALONG SIDE (East Wharves): Bunga Lavender L. Ethanol Alpine 15/03/18 2/3 Dubai Galactic L.
Wheat OC-Services 14/03/18 10/11 Astra Centaurus L. Wheat East Wind 15/03/18 15/16 Sea Lion D. Wheat WMA Shipcare 13/03/18 ALONG SIDE(P.I.C.T): Berth Vacant ALONG SIDE(PDWCP): SAPT-4 Wan hai-510 D. L. Cnt. Riazeda 15/03/18 Along Side(West Wharves) 20/21 Sevgi D. Ge. Cargo Ace Shipping 14/03/18 24 Selin D L. Chemical Trans Maritime 13/03/18 25 SC Jupiter D. Base Oil Alpine 14/03/18 ALONG SIDE (K.I.C.T): 28/29 Maliakos D. L. Cnt.
philippines exports grow at slowest pace in 14 months MANILA
poll, following a deficit of $119 million in January. Meanwhile, Thai Deputy Prime Minister, Somkid Jatusripitak has called for the necessary laws that will regulate the cryptocurrency market in Thailand to be passed within the month. In February 2018, BTCManager reported that the ICO regulations were imminent in Thailand. Both the country’s Securities and Exchange Commission (TSEC) as well as the Stock Exchange body have been collaborating to prepare a comprehensive legal framework to regulate the ICO market in Thailand. An important part of the process of establishing regulatory measures to prevent fraud, according to the country’s. –CB Report
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ollowing the data, the peso weakened to 52.14 to the U.S. dollar from Thursday’s close of 52.03, not far from a 12-year low of 52.45 reached in mid-February. The Philippine currency has fallen 4 percent this year. “The trade deficit has narrowed but remains at worrisome levels pointing to an elevated current account gap,” said ANZ economist Sanjay Mathur, adding the slow growth rate in exports was “worrying.” Exports rose 0.5 percent to $5.22 billion in January from a year ago. It was the slowest growth since shipments declined 4.5 percent in November 2016. The export data for December 2017 was revised to show a year-on-year rise of 2.3 percent compared with a previous figure
that showed a decline of 4.9 percent. Exports of electronic products, which account for about half of shipments from the Southeast Asian nation, rose 10.8 percent to $2.62 billion, still a healthy growth that prompted some economists to say the slower growth in overall exports may be temporary. Philippine
exports grew at their slowest pace in more than a year in January, keeping the country’s trade deficit at a high level that could further weigh on the peso, the worst performing Asian currency, which is languishing near a 12-year low. The wide trade gap has been spurred by a sustained surge in imports of
construction materials and machinery as President Rodrigo Duterte’s government overhauls outdated railways and airports. Meanwhile, The Philippines’ tax bureau filed a criminal complaint on Thursday accusing news site Rappler and two executives of evading 133.8 million pesos ($2.6 million) in tax, the latest move against a network whose reporting has irritated the government. The case comes eight weeks after the Securities and Exchange Commission rescinded Rappler’s operating license for violating foreign ownership rules. Rappler continues to operate pending an appeal and says it has done nothing wrong and is being punished on multiple levels for scrutinizing the government. It says the complaint is another case of “harassment”, having already received seven complaints from state agencies in recent weeks.
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Two-day Int’l Agri-Tech Expo from April 6 LAHORE: Punjab Agriculture Department is organising country’s biggest International Agri Tech 2018 Expo for promotion of agricultural machinery here at Expo Centre on April 6 and 7. A spokesman for the Agriculture Department said on that the exhibition’s prime purpose is to promote the advanced mechanisation and educate the farming community about how to make use of the high-tech machines in farming. The exhibition would prove to be a blessing for the agriculture sector because it would be for the first time that the importers and exporters of the advanced agricultural machines would find a platform providing opportunities for their businesses to grow.
Tuesday March 27, 2018
Business
cpec offers potential for pak to boost economy ISLAMABAD
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n order to improve local conditions in areas from where the China-Pakistan Economic Corridor (CPEC) will pass, the relevant stakeholders will have to undertake complementary measures, according to a joint study carried out by four international donors. With investments in roads, railways and ports, the $60-billion CPEC offers enormous potential for Pakistan to boost its economy, reduce poverty, spread benefits widely and help those likely to be affected by the new trade route, a new report “The Web of Transport
‘punjab, Sindh face 33pc water shortfall’
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Corridors in South Asia”, states. The study has been carried out by the Asian Development Bank (ADB), United Kingdom’s Department for International Develop-
nAB arrests pwD member for corruption in housing scheme
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he Indus River System Authority (IRSA) said that both Punjab and Sindh faced 33 per cent water shortfall for the current Rabi season so far. Meanwhile, IRSA released 45,800 cusecs water from various rim stations with inflow of 44,600 cusecs. According to the data released by IRSA, water level in the Indus River at Tarbela Dam was 1386.00 feet, which was 06.00 feet higher than its dead level of 1,380 feet.
ment, Japan International Cooperation Agency (Jica) and World Bank. The World Bank on Thursday released a press release that briefly discussed few aspects of
the study, but did not publish the full report. “Appraisal simulations for CPEC and the Kolkata-Dhaka corridor suggest that complementary measures are needed to improve local conditions that, in turn, will create formal jobs and generate tax revenues that could pay for corridor investments,” said the statement. In light of the international evidence and specific analyses for South Asia, the report advocates a more comprehensive design of corridor programmes that actively manages trade-offs and closes potential financing gaps in a sustainable manner. “The ability of large-scale transport investments to generate wider economic benefits depends on the population density in the areas they cross,” it said.
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he Rawalpindi National Accountability Bureau arrested PWD technical member Imran Ahmad Khan in the case against the management of Pak PWD Employees Cooperative Housing Society in Islamabad. The technical member along with his cohorts was arrested for misusing his authority by illegally converting residential plots into commercial plots. Rawalpindi NAB Director Gen-
eral (DG) Irfan Naeem Mangi said that in light of the directions of the NAB chairman, all out efforts were being made to recover the looted money from swindlers and corrupt individuals. He said that the NAB chairman had categorically directed NAB officials of all ranks to transparently pursue corruption cases proactively as per NAB’s Standard Operating Procedures (SOPs) and take necessary measures to arrest corrupts and proclaimed offenders in order to eradicate corruption from the country. Meanwhile, A high-level investi-
gation team of National Accountability Bureau (NAB) has started probing into the director general and regional directors of the AntiCorruption Establishment (ACE) Punjab. Sources in the bureau said that the inquiry was started on the directives of NAB chairman Justice (retd) Javed Iqbal. ACE Punjab director general Brig (retd) Muzaffar Ali Ranjha will be probed for misuse of ofQicial power. Among the regional directors, Imtiaz Ahmad Malik, the regional director in Sahiwal, will be the Qirst ofQicers to be inquired by the NAB CIT.
Mobile phone imports reach $526.036m ISLAMABAD
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obile phone imports in the country have witnessed a growth of 14.51 percent in first eight months (July-February) of 2017-18 as they stood at US $ 526.036 million as compared to US $ 459.380 million during same period last year. Mobile phone imports in February 2018 remained US $ 69.779 million, increasing by 16.24 percent as compared to US $ 60.029 million in February 2017, but decreased by 12.52 percent as compared to $79.762 million in January 2017, revealed latest data issued by Pakistan Bureau of Statistics (PBS). Overall telecom imports saw an increase of over 13.76 per cent during July-February 2017-2018, compared to same period last year. Total telecom imports were recorded at US $ 1.003 billion during this period as compared to US $ 882.175 million in July-February 2016-17. Telecom imports remained US $ 127.388 million in February 2018 and registered 25.61 per cent growth, as compared to US $ 101.415 million during February 2017. Other telecom apparatus import also witnessed a growth of over 12.94 percent in July-February 2017-18 as it stood at US $ 477.519 million against US $ 422.795 million during same period last year.
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Avenfield reference: nawaz, Maryam appear before nAB court ISLAMABAD
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ormer prime minister Nawaz Sharif, his daughter Maryam Nawaz and son-in-law Captain (r) Safdar appeared before Accountability Court (AC) on Thursday in AvenQield reference. The National Accountability Bureau (NAB) had Qiled three interim references against Sharif family in
light of Supreme Court’s Panama Papers verdict of July 28. The anti-graft watchdog has recently Qiled three supplementary references as well. During the hearing on Wednesday, Wajid Zia who headed the Joint Investigation Team (JIT), established by Supreme Court to probe Sharif family’s assets, will resume recording his statement and submit the documents. On the last hearing on March 20, Nawaz’s lawyer Qiled a petition seeking clarity on what Zia can sub-
mit. A day later, the court ruled that Zia could not comment on whether the defendant was accused and the court will form its own judgement, independent of Zia’s statement. While talking to media outside the accountability court, the former premier said that he cannot understand why NAB is trying to put his and his families names in ECL. “The person who pulled out the country from darkness by ending the load shedding, why is he being treated like this,” he asked.
Commenting on Pakistan Tehreek-eInsaf (PTI) politics, Nawaz said that there is deQinitely change in Imran’s politics as he used to do rallies in grounds and now he is conducting them streets. “The politics of PPP has also disappointed me and now there will be no talks regarding interim prime minister with them,” he added. Meanwhile, Nawaz Sharif and Maryam have submitted the application seeking exemption from next week’s hearing. The court has re-
served the verdict. The NAB has in total Qiled three references against the Sharif family and another against the then-Qinance minister Ishaq Dar in the accountability court, in light of the Supreme Court’s orders in the Panama Papers case verdict of July 28. The anti-graft body was given six weeks, from the date of the apex court’s order, to Qile the reference in an accountability court while the accountability court was granted six months to wrap up the proceedings.
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IESE out to work with local industry for developing solutions to its issues ISLAMABAD: A delegation of the Institute of Environmental Sciences and Engineering (IESE) of the National University of Science and Technology (NUST), led by Dr. Yousaf Jamal, visited Islamabad Chamber of Commerce and Industry and showed readiness to work with the local industry for developing optimum solutions to its various problems. Dr. Anwar Baig, Dr. Sher Jamal, Dr. Faheem Khokhar, Dr. Muhammad Arshad and Dr. Salah-ud-Din Azad accompanied the members of the delegation. Speaking to the delegation, Dr. Yousaf Jamal and other members of NUST delegation said that the IESE has the capacity to develop the treatment plants and find solutions to various problems of industry. He said that steel, marble, flour and other industries were generating lot of waste material that could be recycled and utilized for producing by-products.
pcJcci identifies potential sectors for pak-china joint ventures
Tuesday March 27, 2018
Chambers
Zafar Ali Shah calls for promulgation of rent control law in islamabad
LAHORE
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ak-China Joint Chamber of Commerce and Industry (PCJCCI) has identified seven high potential sectors for joint ventures and investment between Pakistan and China, which include handicrafts, textile, leather, gemstone, sportswear, surgical instruments, technology based agriculture along with reclamation and salinity control. PCJCCI Office-bearers presented a research paper to Ms Teng Shaung, Deputy Minister China, counsel for the Promotion of International Trade Jinan, during a meeting here at Expo Centre, according to joint chamber’s spokesperson on Monday. Ms Teng Shaung was heading an 81-member delegation to participate in
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the Auto Show, which got the entire auto engineering sector assembled under one roof. All government high-ups, local and international buyers and manufacturers along with machinery manufacturers, raw material providers, and service providers were present at the event. She also distributed a questionnaire backed by the primary research to have direct feedback from the stakeholders of auto market on this occasion. Ms Teng Shaung was satisfied and hopeful for the joint business ventures in different sectors of automotives. She thanked PCJCCI President SM Naveed and other office-bearers for serving as a bridge between business communities of Pakistan and China to explore and expand the opportunities in the commercial and industrial sector. During her trip, Ms Teng Shaung also visited many places including different trade bodies, expo centers and wholesale markets, and shared her primary research with local stakeholders.
ISLAMABAD
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he senior central leader of Pakistan Muslim League(N) and former Senator Syed Zafar Ali Shah has called upon the government to take measures for the early promulgation of new rent control act in Islamabad to meet the long-standing demand of the traders of federal capital. He said this while exchanging views with Muhammad Naveed, Senior Vice President, Islamabad Chamber of Commerce & Industry during his visit to Chamber House. Syed Zafar Ali Shah said that traders of Islamabad have been demanding since long for new rent law but long delay in its enactment had created frustrations in them. He stressed that the current government should arrange the passage of amended bill of rent law from the parliament and enforce it in its current tenure so that traders of Islamabad could take a sigh of relief. He said for promoting business activities, traders needed peaceful and secure environment and added
that the promulgation of new rent law would help in realizing these objective. Speaking at the occasion, Muhammad Naveed, Senior Vice President, Islamabad Chamber of Commerce & Industry said that in consultation with all the stakeholders, an amended bill of rent law for Islamabad was prepared and presented long time ago in the National Assembly. However, no ac-
tion has been taken so far to pass the said bill into law and delay in its enactment was creating frustrations in the trading community. He said that Prime Minister of Pakistan in a meeting with local business leaders had assured that he would use his influence for the passage of amended bill of rent law from the parliament, but so far nothing has been done in this regard. He ap-
Lcci decries crackdown against cosmetics sector LAHORE
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he Lahore Chamber of Commerce & Industry has demanded of the Pakistan Standard & Quality Control Authority (PSQCA) to stop crackdown against Cosmetics & Food Sector as these hard line initiatives will further aggravate the business atmosphere. In a statement, the LCCI acting President Khawaja Khawar Rashid, Vice President Zeeshan Khalil and members of Executive Committee said, that Pakistan Standard & Quality Control Authority (PSQCA) sudden & abrupt raids, requiring stoppage of sales of un-registered cosmetics and food products on the pretext that superstores are involved in selling substandard cosmetics and food products of unreg-
istered and illegal companies. Apropos to the above, manufacturers are now required to pay a substantial amount of Rs. 11000 as Registration fee, visit and evaluation fee to PSQCA for each product which is a very big deterrent to registering each and every product. Further the time period required, usually varies from three to six months which again is a long duration and the process cumbersome. An additional 0.1% on the quarterly sales value has also been demanded by PSQCA is also not understood. The PSQCA has few designated labs and coupled with limited technical staff, causes considerable delay in the registration process. It has also been conveyed to manufacturers, that the packaging of food and cosmetic products must contain PSQCA stamp, as such most of packing will require replacement. Imposing high Qines is not only detri-
mental to economic growth, it also breed corruption. There is a need to revisit the Registration process, which should be made simpler, transparent and must not be a medium for corruption. There is need to have more testing laboratories on PSQCR panel. PSQCR also need to have more technical staff for timely testing of the products”, the LCCI ofQice-bearers said. The acting president further emphasized that raids on stores only creates panic in the business circles besides inQlicting large scale Qinancial losses, thus further deteriorating the economic situation. The LCCI, in larger national interest, supports standardization of products efforts by Pakistan Standards and Quality Control Authority (PSQCA). However the efforts of the Government should aim at standardization registration but not at a cost to business commodity.
pealed to the PM to honor his promise. Nisar Mirza, Vice President ICCI stressed that government should pass the bill into law without wasting further time so that traders could promote business activities with a sense of security and peace of mind. He also thanked Syed Zafar Ali Shah for lending support to this important cause of the trading community.
oicci for removal of super tax
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he Overseas Chamber of Commerce and Industry (OICCI) has recommended removal of super tax from fiscal year 2018/2019 as such taxation hampering foreign direct investment (FDI) inflows into Pakistan. In its budget proposals for next fiscal year starting July 01, 2018, the OICCI – representative body of foreign investors in Pakistan – recommended that super tax at the rate of three percent and four percent, which was imposed through Finance Act, 2015, should be deleted. The other recommendations are as follow: The effective Corporate Income tax rate should be 25 percent, w.e.f fiscal year 2018-19, considering the average tax rate of less than 22 percent in Asia. –CB Report
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Customs Court approves four day physical remand of smuggler MULTAN: The Special Court of Customs Taxation and Anti-smuggling has approved four-day physical remand of smuggler who is involved in the smuggling of foreign origin tyres and clothes. According to details, Multan Customs Anti-Smuggling Organization has intercepted huge quantity of foreign origin clothes and various brands of tyres from Muzaffargarh region in their action. Multan Customs has also arrested offender in their action alongwith foreign origin seized goods.
Tuesday, March 27, 2018
CUSTOMS BULLETIN
Quetta customs goes surplus with earning of rs1741 million of Sales Tax QUETTA TAriQ DerYA
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The Model Customs Collectorate Quetta collected a surplus revenue of Rs1741million as Sales Tax during July to 15th of March FY1718 against a revenue collection during the same corresponding duration under the same head. According to details given by Ashraf Ali, Collector, Model Customs Collectorate (MCC) Quetta, that the collectorate earned Rs6533.641million of Sales Tax (ST) during July to 15th of March FY17-18 while it generated Rs4791.858million under the identical head during the same previous period of FY16-17. The MCC Quetta got Rs417.305million as ST during Qirst 15 days of March FY17-18 whereas it received Rs236.082million under the same head during the identical previous duration. The MCC Quetta generated Rs181.223million extra revenue during Qirst 15 days of March FY17-18 against the same corresponding period. The collector told CT that MCC Quetta received Rs734.506million of ST during the entire February FY17-18 against a revenue collection of Rs622.849million under the identical
head during the same previous duration. The MCC Quetta earned Rs11.657million extra revenue during February FY17-18 under the head of
ST against the same corresponding period. The Collector MCC Quetta told the correspondent that the collectorate collected Rs968.628million of Sales
Tax during the month of January FY1718 while it earned Rs747.058million under the identical head during the same duration of FY16-17. The collec-
torate got extra revenue of ST amounting to Rs221.57million during the month of January against the same previous period.
Saad asks nAB to postpone ‘grilling’ in housing scam LAHORE
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ailways Minister Khawaja Saad RaQique has requested the National Accountability Bureau (NAB) Lahore to postpone his interview in a housing scam. The request came as Saad and his younger brother Punjab Minister for Specialised Health Khawaja Salman RaQique didn’t turn up before a NAB
team. The NAB had summoned Saad and Salman Thursday (March 22) and Monday (March 26) respectively but the latter was also asked to appear before the investigators on the same day, Thursday. According to a NAB ofQicial, a lawyer appeared before the investigators and sought some time on their behalf so they could respond to the allegations. Another notice could be issued to both the PML-N leaders very soon, he added. It may be relevant to mention that NAB had summoned both the brothers to question them about their role, if there is any, in Paragon Housing Society which is currently
under investigation in connection with Aashiana Housing Society scam. Talking to media Saad said he received the NAB summons.“I am currently in Islamabad and busy with ofQicial work. I have to meet the Chinese ambassador as well,” he said, adding that he had sent a letter to the NAB asking to set another date for questioning. “I am willing to cooperate with NAB and provide them all the details. I will submit a reply to all the questions asked by the Bureau,” he said. The federal minister reiterated his earlier claims and said accountability is being used as a pretext to target people. “The ac-
countability process has never been transparent in Pakistan. People continue to be targeted under the name of accountability.” He described the NAB law as ‘black law’, but added he would still before NAB. Meanwhile, State Minister for Information and Broadcasting Marriyum Aurangzeb has said that denial of seven-day exemption to Nawaz Sharif and Maryam Nawaz by an accountability court was a negation of fundamental rights. The minister made these remarks while talking to the media at the Ladies Gala organised by the Parks and Horticulture Authority at
Published by M S Raza Off# 42, 3rd Flr Gull Plaza M.A Road Karachi, Printed by (Ibne Hassan Offset Printing Press, Shop No. 33 to 36 , Hockey Stadium, Karachi).
Nawaz Sharif Park in Rawalpindi. She was responding to an accountability court’s verdict wherein Nawaz and Maryam’s plea for exemption from appearing before the court was dismissed. Marriyum said that Nawaz Sharif was waging a war for the sanctity of vote and the court’s decision would strengthen his resolve to uphold the truth. The minister said that on the one hand a dictator, who had violated the constitution, was sent out of the country on the pretext of backache and on the other hand a thriceelected prime minister was not being allowed to visit his ailing wife.