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he Federal Board of Revenue (FBR) has granted exemption in sales tax on import of materials and equipment for construction and operation of Gwadar Port and Gwadar Free Zone. Sales tax exemptions have been provided under table-1 of the sixth schedule to the Sales Tax Act, 1990 and third

schedule to the Federal Excise Act, 2005. “The provision of exemption was almost invariably made subject to the condition that imported items/ goods were not manufactured locally,” sources said. The sources told Customs Today that interest of local manufacturing sector, textile and leather in particular had been safeguarded by subjecting ready to use Rinished articles of textile and leather to sales tax @ 17%. Whereas similar articles of local manufacturing sector were subject to reduced sales

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tax rate of 5% later enhanced to 6% vide Finance Act, 2017. However, the sources said that exemption from sales tax to medical equipment, machinery and items for mine construction, for Thar Coal Field, for power generation projects, power transmission projects, for marble, granite and gems stones extraction and processing industries, to items for promotion of renewable sources of energy is available under table-III of the Sixth Schedule to the Sales Tax Act, 1990 had also been granted.

Customs displays adequate potential by impounding 186 vehicles & items

Adjudication-II gets Rs 7.58m in reply to a final notice issued to defaulter

FTO accepts refund appeal filed by M. Safder against RTO Sargodha

Surriya poised to revise Valuation Ruling No: 800/2016 on May 2

Multan Customs issues attachment warrant for retrieval of Rs50m of arrears

ASO took into possession 186 vehicles along with a large quantity | See pAge 02 |

Adjudication-IIreceivedRs7.58minresponse to a final notice served on a defaulter cos | See pAge 03 |

FTO against RTO Sargodha.The decision of samecasewillbeannounceafterthehearing | See pAge 04 |

DG Valuation has decided to revise the ValuationRulingNo:800/2016on2nd May | See pAge 09 |

MCCMultan,RecoveryBranch,hasissuedan attachmentwarrantforMushtaqIndustries | See pAge 16 |

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Islamabad Customs falls short of Rs215m against an earmarked revenue Wednesday, March 28, 2018

ISLAMABAD: The Model Customs Collectorate (MCC) Islamabad suffered a loss of Rs215million revenue under the heads of all taxes during first 15 days of March FY17-18 against an assigned proportional revenue target. According to details given by official sources of the MCC Islamabad that, during first 15 days of FY17-18, the Model Customs Collectorate showed slow performance against an allocated proportional revenue collection target.

Islamabad

customs displays adequate potential by impounding 186 vehicles & items

ISLAMABAD

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tARiQ DeRYA

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he World Bank’s project to help Federal Board of Revenue to set up a tax intelligence unit and a market monitoring and intervention unit to develop the Board’s capacity to carry out sound tax policy analysis has been delayed for more than a year. The World Bank is expected to extend the completion date up to June 2019. The World Bank-assisted project aimed at strengthening tax systems and building tax policy analysis capacity. The $4.9 million project is part of the Department for International Development (DFID) and consists of two components: updating tax administration data centres to strengthen FBR’s capacity in information technology and building FBR’s fiscal research and tax policy analysis capacity. The delay is attributed to the fact that the project was initially not included in the public sector development programme (PSDP) 2017-18 at the time of budget approval in June 2017. A report of the World Bank says all the issues have now been solved and the budget for the project has been allocated by the government, allowing the opening of the ‘Revolving Fund Account’ and enabling the project to commence disbursement.

he ASO Islamabad took into possession 186 vehicles along with a large quantity of other smuggling goods worth Rs453million during July to 10th of March FY17-18. According to details explained by Majid Hussain Gaad, Assistant Collector, Anti-Smuggling Organization (ASO) Islamabad, while giving an exclusive interview to Customs Today that, during above said period, the ASO Islamabad showed satisfactory performance whereas the ASO Islamabad launched a crackdown on intra-Kashmir trade. He said the ASO Islamabad seized thousands of kilograms of perishable contraband goods coming from Kashmir and destroyed Indian origin banana because it is hazardous for human health. Majid Hussain said that the ASO Islamabad impounded Rs453.217million’s worth Non-Duty-Paid (NDP) and offending vehicles including various types of smuggling items. He further said that the ASO took into possession 157 offending vehicles valued at Rs163.87million while it did 29 NDP vehicles priced at Rs121.84million. Assistant Collector ASO told CT that, during July to 10th of March FY17-18, the ASO conRiscated contraband goods including 48924 yards of imported cloth worth Rs26.56million whereas it did

world Bank’s project to improve fBR’s tax system delayed

99366 kilogram of food grains including smuggling Indian origin banana, apple and many other articles. The ASO Islamabad impounded 10319kg of black and green tea priced at Rs3.045million. Under the guidance of ZulaRiqar Ali Chaudhry, Collector MCC Islamabad, the ASO is working with more conRidence and energy as, during above said period, the ASO seized 778 smug-

gling tyres valued at Rs2.63million while ASO conRiscated 17217 kilograms of auto parts worth Rs7.35million as well as it impounded 1808 kilograms of alloy rims priced at Rs0.519million. During Rirst eight months and 15 days of FY17-18, the ASO seized 5640 packs of fake imported smuggling cigarettes worth Rs1.22million whereas it did 4965 liters of imported mobil oil priced at

Rs4.27million as well as the ASO conRiscated 18153 electronic goods valued at Rs0.421million. The ASO seized 406 blankets worth Rs0.102million, 4392 toys and 612 dinner sets priced at Rs00.98million. It also impounded India made gutka of all brands along with miscellaneous contraband foreign origin items valued at Rs66.9million and Riled seizure cases against smugglers.

Rupee depreciation good for exports

ISLAMABAD

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he recent currency depreciation is good for the exports as they would get theoretically more cushion; therefore cash rebate in textile package must be utilized swiftly to beneRit from rupee devaluation. Exports would beneRit more; however, imports may not fall much. Moreover there is intense competition between exports and imports

because ours is a buyer market therefore and seller will have to share part of increased margins and imported raw materials will also partially nullify the gains. The good news is that it won’t bring too much imported inRlation and in turn its adverse impact on growth through demand adjustment would not be much. There will, however, be some price increase in automobiles, energy and few other sectors. And imports in these sectors might take a dip. “Apart from manufacturing ex-

ports” a source privy to Secretary Commerce told Customs Today that it was high time to get rid of wheat and sugar surpluses lying for years before they get rotten. The subsidy requirement would be reduced. The source told that devaluation was undertaken as a mean of correcting a deRicit in trade balance and the balance of payments; it raised the domestic price of imports and reduced the foreign price of exports. It is common to Rind arguments for and against devaluation but the is-

sue is to Rind the effects of devaluation in terms of trade, as devaluation lowers the prices of exports and raises the prices of imports. “A necessary and sufficient condition for an improvement in the trade balance is a combination of a sufficiently large price elasticity of demand and a sufficiently small price elasticity of supply” the source added saying that devaluation would be implemented to encourage the exports and to improve the trade balance and also

to reduce the real exchange rate appreciation in short run. “In short and long run” the source said that a real devaluation of currency improved the trade balance in the less developed countries like Pakistan. Devaluation improve the trade balance and there is a long run relationship between real effective exchange rates and the trade balance using bound testing co-integration approach, if the trade balance is used as a dependent variable.

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ASO Preventive recovers smuggled cigarettes, gutka KARACHI: Customs Preventive’s Anti-smuggling organization (ASO) has seized Rs12.5 million worth of smuggled cigarettes and gutka packets concealed in the secret cavities of a passenger bus. The ASO staﬀ stopped a passenger bus at Mochko check point and recovered large quantity of smuggled cigarettes including Pine and Dunhill along with large quantity of gutka and assorted tyres. The goods have been seized and investigations are underway.

court approves physical remand of suspect in sales tax evasion case

Wednesday March 28, 2018

Karachi

Adjudication-ii gets Rs 7.58m in reply to a final notice issued to defaulter

KARACHI

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ustoms Court Judge Syed Faiz Rasool Rashdi on Saturday sent a suspect, Muhammad Altaf Hussain, owner of M/s Tuba International, to the Customs Department on physical remand for six days. The suspect was booked in a sales tax evasion case of Rs 15 million. During the hearing, investigation oﬃcer produced the suspect before the court and informed that owner of M/s Tuba International and others are involved in sales tax evasion and during investigation the prosecution collected evidences. However, he said the prosecution needs further investigation and arrest of other suspects, therefore, the court might grant his physical remand and send him back to the Customs Department.

SRB suspends St registration of wateen telecom KARACHI

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indh Revenue Board (SRB) has suspended the registration of M/s. Wateen Telecom Limited for non-compliance in depositing and e-filing monthly return. In a notice dated March, 2018, the SRB said that the telecom has failed to make payment of sales tax on services for the period for January – February 2018 and also unable to comply with requirement of return filing for the month of January 2018. The provincial revenue authority said that the suspension would be revoked if the company discharge sales tax liability along with default surcharge and e-file the true and correct monthly Sindh sales tax returns for the period by April 02, 2018. The SRB further warned that in case of non-satisfactory response or failure to take remedial measures as suggested above on or before April 02, 2018, the case of registration of the company.

KARACHI

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he Customs Adjudication-II received Rs 7.58 million in response to a Rinal notice served on a defaulter company named M/s Glamour Star Traders. The adjudication has also issued a show cause notice to M/s Shama Knitwear Karachi. M/s Glamour Star Traders was allegedly involved in tax evasion. The company imported commercial generator parts in the month of November 2017 which was examined through Arsalan Ghafoor who used the wrong PCT heading. After a careful investigation, the Customs Adjudication-II served a Rinal notice on the company on 5th of March. The company cleared the amount of Rs 7.58 million on Monday. Source said that another company namely M/s Shama Knitwear got cleared a consignment of Silk fabric (Thaan) on November 12, 2017 and evaded a tax amount of Rs2.87million. After the investigation, the Customs Adjudication-II served a show cause notice on company on March 13, 2018 and assured the court of clearing the amount within 14 days. Meanwhile, The Customs Adjudication-II received Rs6.80million in response to a final notice served on a defaulter company named M/s Kamran Traders. The adjudication has also issued a

show cause notice to M/s Bali Sanitary and Export Karachi. M/s Kamran Traders was allegedly involved in a tax evasion. The company imported marble polish machines’ parts on 2nd of December 2017 which was examined by Niaz Ahmed Khan who used the wrong PCT heading. After a careful investigation, the Customs Adjudication-II issued a final notice to the company on February 20. The company cleared the amount

M/s Shama knitwear got cleared a consignment of Silk fabric (thaan) and evaded a tax amount of Rs2.87million

SHc seeks remarks on plea filed by universal Auto

KARACHI

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he Sindh High Court (SHC) has directed the Customs Department and deputy attorney general to Rile their para wise comments on a constitutional petition Riled by M/s Universal Auto Engineering against Valuation Ruling No 1230/ 2017 dated 08/12/2017. A two-member bench, headed by Justice Munib Akhtar, was hearing the

petition. Earlier, counsel for the petitioner stated that it is engaged in the lawful import of cars, buses and their parts. He stated that the customs authorities issued valuation ruling no 1230/2017 on rear engine intercity buses without following various methods of valuation and completely ignored the substantial import date of various models in CBU condition imported into Pakistan at range below $70,000. He argued that its consignment is laid down at the port and ofRicials of the

department are not clearing it according to the law. Citing Chairman Federal Board of Revenue, Secretary Revenue Division, Director General of Valuation, chief collector of Customs Appraisement South, Collector of Customs Collectorate Appraisement East as respondents, he pleaded the court to declare that act of the respondents as illegal, mala Ride and arbitrary. He also pleaded the court to direct the ofRicials of the customs department to release its consignment immediately.

of Rs6.80million. Source said that another company named M/s Bali Sanitary and Export got cleared a consignment of sanitary items on November 12, 2017 and evaded a tax amount of Rs5.86million. After the investigation, the Customs Adjudication-II served a show cause notice on the company on March 15, 2018 and mentioned it that the amount has to be cleared within 14 days.

pak rupee strengthens in open market he Pakistani rupee strengthened in open market and remained unchanged in interbank market. As per the local money market, the US currency dropped Rs1.30 in open market for buying at Rs114.90 and Rs1.50 for selling at Rs115.70. The dollar remained firm in interbank for buying at Rs114.30 and for selling at Rs114.50.

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FIA arrests 14 deportees from Kuwait at Allama Iqbal Airport Wednesday March 28, 2018

Lahore

LAHORE: FIA’s Immigration officials arrested 14 deportees who landed at Allama Iqbal Airport on emergency passports from Kuwait. According to FIA officials, the deportees have been handed over to Anti-Human Trafficking Cell (AHTC) of FIA Lahore.Meanwhile, 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.

customs Appellate tribunal sets aside ono in auto parts import case LAHORE

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he Customs Appellate Tribunal has set aside an Orderin-Original in auto parts. The appeal was Riled by Iqbal Hussain, a resident of Karachi, against the Collector Customs (Appeals) Lahore and others. Justice (r) Malik Manzoor Hussain, Chairman/Member Judicial Bench-II, heard the arguments from both sides and decided the case with remarks that the impugned order is set aside and the appeal is accepted in the favor of the appellant. M/s Automative Products (Private) Limited imported large number of consignments containing huge quantity of auto parts. Staff of Intelligence and InvestigationFBR Lahore produced record of all

water shortages threatens crop losses he current water flows in River 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 of 112 MAF. There would be no carryover water storage in Kharif after many years and the entire irrigation would depend purely on river flows, said Director Operations Irsa, Khalid Idrees Rana, who presided over the meeting. –CB Report

transactions passed through importer. After getting the permission from the magistrate the record were seized and shifted to Directorate of Customs Intelligence and Investigation Lahore. After the complete investigations it was found that importer has evaded taxes and duties and charged with Rs23,089,137 with order to pay. Adjudication proceedings were culminated in the case and, after considering the facts, order was passed against the importer also imposed one million penalty on importer and Rs 2, 00, 000 on the director of clearing agents mentioned in the show cause notice. The importer, not being satisRied with the order, Riled an appeal before the Collector Customs (Appeals) who also heard the case and decided in favor of the department. The complainant, being aggrieved from the order, Riled an appeal before the Customs Appellate Tribunal.

fto accepts refund appeal filed by M. Safder against Rto Sargodha LAHORE

SAJiD nAwAZ

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he appeal of Muhammad Safder has been has been accepted for hearing. The tax refund case was Riled before the Federal Tax Ombudsman (FTO) against Regional Tax OfRice (RTO) Sargodha. The decision of same case will be announce after the hearing of complete arguments from the parties. As per details, FTO Advisor Mian Munawar Ghafoor heard the complainant number 38Lhr/IT(29)/208/2018 in which the counsel for the appellant argued that the RTO Sargodha has not released the refund to the appellant of the from last two years. He said that the RTO Sargodha collected excessive tax from the appellant during the last two years. The company approached the ofRicer concerned many times for issuance of

finance ministry proposes Rs800b development budget

he Rinance ministry has proposed Rs800 billion development budget for the next Riscal year, which is one-Rifth less than the Public Sector Development Programme (PSDP) for this year and would affect physical progress on almost 1,100 schemes. The finance ministry on Thursday formally informed the Ministry of Planning, Development and Reform about its intentions to allocate Rs800 billion for fiscal year 2018-19, said sources in the min-

istry. The amount is Rs201 billion or 20% less than the budget for the current fiscal year 2017-18 that is ending on June 30. The indicative PSDP ceiling for fiscal year 201819 is in line with the Adviser to Prime Minister on Finance’s recent announcement. Dr Miftah Ismail had said that the PML-N government would not announce a fattened PSDP on April 27, as the next year’s development budget would be allocated only for ongoing schemes. –CB Report

refunds but the department did not pay the refunds after the passage of a reasonable time. Finally, the appellant decided to approach the Federal Tax Ombudsman (FTO), seeking interference in this case. The counsel appealed the FTO advisor to direct the commissioner of RTO Sargodha to clear the refund claims. The counsel further said that the delay in issuance of refunds put burden on the

taxpayers, adding that the RTO should make audit of the cases and release the extra amount collected by it from the taxpayer. On the other hand, counsel for the RTO argued that the appellant has not submitted all record in the ofRice on basis of which it is claiming for refunds. If appellant provides accurate record, the RTO will issue the refunds if any after proper assessment, he added.

indus Motor hikes car prices ndus Motor Company – the maker of Toyota Corolla in Pakistan – has increased car prices in the range of Rs75,000-300,000 of different variants to pass on the increase in cost of production arising from the fresh rupee devaluation. This is the second increase in prices within a short span of three months. Both times, it revised prices upwards post rupee devaluation event. The State Bank of Pakistan (SBP) allowed the rupee to 4% to Rs115 to the US dollar in the inter-bank market on Wednesday. The central bank has so far devalued the currency by a total of 9%, including

the 5% plunge in December 2017. Earlier, the company increased the price of cars ranging Rs50,00060,000. However, it was a partial pass on the increase in cost of production, which is why the company announced increasing prices in a wider range of up to Rs300,000, it was reliably learnt. The devaluation has increased the cost of imports, as the carmaker imports signiRicant amount of raw material, mostly steel. In addition to this, the government put additional regulatory duties on the import of raw material, said the industry ofRicials. –CB Report

Saad asks nAB to postpone ‘grilling’ in housing scam

LAHORE

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ailways Minister Khawaja Saad RaRique 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 RaRique didn’t turn up before a NAB team. The NAB had summoned Saad and Salman respectively but the latter was also asked to appear before the investigators on the same day. According to a NAB ofRicial, 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 Geo News, Saad said he received the NAB summons

on Wednesday. “I am currently in Islamabad and busy with official 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.

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ISLAMABAD

M ARSHAD

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espite problems in the signing a Free Trade Agreement, the Pakistani exports to Turkey will be increased to $1 billion by the end of the current Riscal year, sources said. The Ministry expects that both the countries will resolve the issues in the light of third High Level Strategic Council where prime ministers of both the countries expressed the resolve to promote cooperation in commercial and trade sector. “The Ministry Commerce is searching new potential markets in different parts of the world to increase the country’s trade. Pakistan’s major imports from Turkey, include manmade textiles, towels, steel structure, tanning and plastic chemicals, processed milk and whey. Pakistan’s major exports to Turkey are denim PET, ethanol, cotton yarn, fabric, rice, garments, leather, carpets, surgical instruments, sports good and chemicals,” sources told Customs Today. The sources said that the commerce ministry has asked the government for clear-

Wednesday, March 28, 2018

ance to take a long simmering dispute with Turkey to the World Trade Organisation (WTO) after prolonged discussions on a Free Trade Agreement (FTA) between the two countries have hit an impasse. The sources told that the commerce ministry believed that the Turkish government was under an obligation to extend GSP+ status to Pakistan because the former was a member of the EU customs union. The sources said that more than 100 Turkish Rirms were operating in Pakistan; however, Turkish investments were mainly focused on energy, Rinance, infrastructure projects and contracting

sectors. Construction is the leading sector for Turkish investors in Pakistan. So far, the total amount of projects completed or undertaken by Turkish contractors are over 45 projects and the investment exceeded $ 2.7 billion in Pakistan. The sources said that some 58 Pakistani companies were working in Turkey with main focus on electronics, telecommunications, machines, trade and banking. Moreover number of Pakistani tourists visiting Turkey has increased during the past few years, the number is still below the desirable level. Furthermore, the sources said that Turkey had been providing development aid to Pakistan since 2004; the total amount of ofRicial development aid allocated for Pakistan in last 14 years had crossed the digit of $ 800 million. To further streamline the development activities, the sources said that the Turkish Cooperation and Coordination Agency has also become active and operative in Pakistan from some eight years back to administer civilian developth the ment aid. o b t a cts th

expe ues in inistry the iss e m v e l h o t egic es l Strat s will r e e v i r e t L n cou d High rs of of thir iniste t m h e g i l m the re pri d the il whe presse x e s e counc i tr n in e coun eratio h p t o o h c t bo omote tor e to pr de sec v a l r o t s d e r an ercial comm

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eDitoRiAL

enigma of high cost of production

ccording to former State Bank of Pakistan governor Dr Ishrat Hussain, the cost of production is very high in Pakistan due to high utility bills. The erstwhile governor is true to some extent as not only the business and industry suffer high cost of electricity and gas bills, but also are there several other hidden and shown expenses which increase the cost of production. Besides, there are several government agencies which aggressively hunt the business organizations on one pretext or the other to mint money. In the absence of a national coherence policy, the departments work in isolation and create hurdles for the business operations. The former governor also criticized the country’s taxation system, which is one of the biggest hurdles in the promotion of business, trade and industry in the country. The officials enjoy unlimited powers and the target of their actions is the taxpayers. Those who avoid coming under the tax radar avail all the government utilities and facilities without paying anything in return. There is a need to rationalize tax rates and enhance tax net by devising a mechanism and not by witch-hunting the business community. The tax system is complex and sometime taxes are overlapping which need to be rationalized and simplified. The number of indirect taxes should be decreased and the area of direct taxes be enhanced through a mechanism. On another note, despite various positive indicators, the exports of the country dwindled during the last four and half years. Dr Ishrat regretted inability of the Pakistani business community in exploiting GSP Plus status and failed to enhance exports despite getting zero tariff granted by the European Union. According to him, the government blames the industry for the failure and the industry holds the government responsible for the situation. Both the government and the business community could not timely avail the windows of opportunities. Quoting a World Bank study, he says that a 1 percent rise in tariff complexity contributes to a 13 percent decline in export growth. The situation is even worse when the government fails to realize that high tariff rates actually axes export volume.

crossing limits of budget deficits A

LAHORE

DR AftAB AfZAL

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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 Riscal 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 Rinancial and economic affairs of the country.

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SBP denies issuance of Rs10,000 banknote KARACHI: State Bank of Pakistan (SBP) denied the news regarding issuance of Rs10,000 banknotes. “The existing banknote denominations satisfactorily meet the payment, settlement and other allied needs of the economy and thus there is no need for issuing higher denomination banknotes,” the central bank said. The general public is advised to not pay heed to such rumours and check the authenticity of any news item related to banknotes on the SBP website and its social media accounts. SBP regularly updates its website and social media pages and any news item associated with SBP can be verified from these sources.

customs pcA detects tax evasion of Rs 6.85m by M/s Star Associates KARACHI

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he Directorate of Customs Post Clearance Audit has detected duties and tax evasion of Rs 6.85 million committed by M/s Star Associates, it is learnt here. Sources told Customs Today that M/s Star Associates imported a consignment of 800cc sports motorcycle parts and got the same cleared from the PICT Karachi vide GDs on September 16, 2017 by paying customs duty at 12 percent after claiming the benefit of the SRO 568/2007. However the subject items were correctly classifiable under the PCT 3548.2508 attracting customs duty at 16 percent and income tax at 12 percent, thus, by way of mis-declaration of classification, the company evaded/short-paid Rs 6.85 million. The goods were cleared by Head Examiner Yousuf Nayyer. Sources told

Wednesday March 28, 2018

National

Surriya poised to revise Valuation Ruling no: 800/2016 T

KARACHI

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he Directorate General, Customs Valuation, Director General Surriya Ahmed Butt has decided to revise the Valuation Ruling No: 800/2016 on 2nd of May 2018, it is learnt. Surriya Butt said the department is reviewing suggestions from various importers to set the new prices of Sodium Lauryl ether sulphate and sodium Lauryl Sulphate. She said some valuations, which were issued in 2016, are being assessed from the beginning. Moreover, the valuations will be set in view of the rising prices in the international market. Sources told Customs Today that a petition was filed with the Customs Valuation in which change in prices of Sodium Lauryl ether sulphate and sodium Lauryl Sulphate was requested. Sources further told CT that Valuation Ruling No: 800/2016 was issued on 2nd of January 2016. A meeting was held with the stakeholders on 19th of March 2018. Importers have been advised to furnish the import invoices of the

past three months showing factual values as well as websites, names

and e-mail addresses of known foreign manufacturers of the item in

question through which the actual current value can be ascertained.

SBp governor for promoting agriculture, SMes that the importer violated the provisions of Section 45 (7) & (6-A) of the Customs Act-1969, Section 28 read with Section 36 of the Sales Tax Act-1990 and Section 78 of Income Tax Ordinance-2001 punishable under clauses (87) and 248 of Section 289(3) of the Customs Act1969, Section 96 of the Sales Tax Act-1990 and Section 86 & 148 of Income Tax Ordinance-2001 and Section 9-A of the Sales Tax Act1990 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.

SIALKOT

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tate Bank of Pakistan (SBP) governor Tariq Bajwa has pledged to make all-out efforts for the promotion of agriculture, SMEs and housing sectors in Pakistan under the vision of the central bank, saying the promotion of these sectors by SBP was vital to boost the national economy. He said that the SBP was making hectic efforts to remove all the obstacles from the smooth way of promotion of the SMEs. He stated this while addressing an important joint meeting of the Sialkot exporters and bankers held at Sialkot Chamber of Commerce and Industry (SCCI) here Thursday. SCCI president presided over this meeting. Local senior ofRicials of SBP Sialkot, SCCI ofRicials

and representatives of the local main trade bodies also attended this meeting. Governor SBP said that the SBP was bringing further betterment and easiness in the credit allocations for the SMEs, saying that efRicient credit allocations were critical for sustainable and inclusive economic growth. Tariq Bajwa added that the SBP has further simpliRied the procedure of loans applications for the SMEs in the country, saying that this step would help a lot the SMEs to grow up and Rlourish. He said that there was a dire need of ensuring the beneRits of SBP’s SMEs promotion policy to the SMEs a swell. SBP Governor revealed that the SBP has resolved the Direct Documentation Issue of the SMEs amicably. He said that SBP was also simplifying the taxation regime to bring maximum people under the tax net. Tariq Bajwa added that the SBP

would soon give a “special barrier” to all the commercial banks for controlling the interbank rates and minimising the difference of the rates of the foreign currencies to help the SMEs as well. Governor SBP said that the SBP was also making effective and positive measures to make the Exim Bank as an active institution to boom up the importers and exporters as well. He said that there were some issues of the capitalisation due to which the Exim Bank was not yet established. Governor SBP Tariq Bajwa said the country’s business community has been playing its pivotal role in strengthening the national economy by increasing the exports. During this meeting, the SCCI ofRicials highlighted the perturbing problems of Sialkot businessmen and sought the help of governor SBP for early amicable solution to these problems.

Governor SBP said that the business community has the full capacity to pull out country from the existing economical crisis. He said that the national economy was growing due to positive and effective policies of the government. Governor SBP assured the country’s business community about the continuity of the government’s effective and positive economical and trade policies for strengthening the national economy and promotion of sustainable trade activities in the country. He highly hailed the unique export culture of Sialkot and said that the Sialkot business community has written a unique golden history of self help by completing this mega project, advising others to replicate it. He said that the industrialists and exporters of Sialkot had set a unique precedent for others in the country to follow by successfully launching a mega project on self-help basis.

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IHC seeks complete record of customs matter filed by Comfort Sales Corporation Wednesday March 28, 2018

National fBR considering promoting senior MiS oﬃcers to BS-17

ISLAMABAD: The Islamabad High Court (IHC) directed parties to submit related record while hearing a customs matter involving Customs Appellate Tribunal and Collectorate of Customs, Islamabad. A division bench of the IHC comprising of Justice Athar Minallah and Justice Hassan Aurangzeb heard the cases and issued directives. The bench had also dated in office the hearing on matters filed by DG Intelligence and Investigation against Malik Muhammad Ajmal Khan. M/s Comfort Sales Corporation had filed case against ATIR and the customs department.

‘taxpayers outreach programme to promote culture of tax compliance’

ISLAMABAD

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ISLAMABAD

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he Federal Board of Revenue (FBR) is considering promoting MIS officers (BS-16) to the post of Assistant Director (MIS) (BS-17). The board told the FBR and Customs officers that senior most MIS officers (BS-16), who were in promotion zone and working under chief commissioners and chief collector of the customs administrative control, should be directed to complete their PERs of the last five years up to June 30, 2017 and furnish the same to second secretary (ERM-I) FBR (HQ) at the earliest. In addition, the documents/details must also be furnished to the undersigned in respect of concerned MIS Officers (BS-16). Certificate to the effect the no criminal/disciplinary case is pending against the officer and that he/she is not the beneficiary of NRO 2007. Details of disciplinary proceedings in progress/pending, if any. Details of the penalties imposed on the official, if any, during last five years.

tribunal upholds onA in impounded container case he Customs Appellate Tribunal has dismissed an appeal filed by Additional Director, Intelligence and Investigation-FBR Multan, against Nisar Ahmed, a resident of Multan, and Collector of Customs (Appeals) Lahore. Tribunal Member has heard the appeal in detail and arguments made by the complainant and respondent and decided the case with remarks that the respondent has benefited from the purchase of goods and successfully set a record, so the appeal is dismissed. The customs staff intercepted a truck loaded a container. On search, the container was found loaded with used but serviceable monitors of different brands. –CB Report

s part of the Federal Board of Revenue (FBR) taxpayers outreach programme aimed at acknowledging the contribution of taxpayers and offering them further help and assistance in a bid to broaden the tax base, Ms Nausheen Javaid Amjad, Member Facilitation and Taxpayers Education (FATE) Wing FBR met the top leadership of Pakistan State Oil Company Limited at the Company’s headquarters in Karachi. Sheikh Imranul Haque, Managing Director & CEO PSO, Yacoob Suttar, DMO-Finance/CFO PSO and Imtiaz Jaleel General Manager Finance PSO received the FBR Member FATE at the PSO House and discussed with

her ways and means for further strengthening the relationship between FBR and PSO. Senior ofRicers from Large Taxpayers UNit (LTU) Karachi were also present. Member FATE FBR Ms. Nausheen Javaid Amjad said FBR wanted to reach out to the corporate world to offer them all

kinds of technical help and assistance to discharge their tax related obligations. “FATE Wing of the FBR has undertaken this initiative since September last year at the behest of Chairman FBR Mr. Tariq Mahmood Pasha to strengthen our relationship with the corporate world and build a

culture of trust and shared responsibility that leads to optimal revenue generation and tax compliance,” she told the PSO leadership. Ms. Nausheen Amjad mentioned a marked increase recorded this year in the number of tax returns Riled by the salaried class, both in the private and the public sector, due to timely technical assistance and facilitation provided by FATE Wing to the taxpayers as part of FBR’s outreach efforts. “Our aim is to create greater awareness and understanding about the signiRicance and advantages of discharging tax obligations for the taxpayers and Rilers who can beneRit signiRicantly in terms of paying lower rates of taxes on a host of Rinancial and business transactions as compared to non-Rilers who have to pay far higher rates for their non-compliance,” she said.

evasion of taxes and duties of Rs12.89m detected by pcA Directorate T

KARACHI

wAQAR AnSARi

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he Directorate Customs, Post Clearance Audit, has uncovered an evasion of duties and taxes of Rs12.89million committed by M/s Elyas Plastic and Export Karachi, it is learnt here. Sources told Customs Today that M/s Elyas Plastic and Export Karachi imported a consignment of special quality of plastic Dana and six molding machines and their parts and got them cleared from the Port Qasim Karachi vide GDs on November 19, 2017 by paying customs duty at 6 percent after claiming the beneRits of the SRO 564/2007. However the subject items were correctly classiRiable under the PCT 2809.2479 attracting customs duty at 10 percent and income tax at 12 percent, thus, by way of mis-declaration of classiRication, the company

evaded/short-paid Rs12.89million. The goods were cleared through Appraiser ShaRiq Mumtaz. Sources said that the importer violated the provisions of Section 21 (8) & (9A) of the Customs Act-1969, Section 25 read with Section 98 of the Sales Tax

Act-1990 and Section 47 of Income Tax Ordinance 2001 punishable under clauses (243) and 122 of Section 159(8) of the Customs Act1969, Section 64 of the Sales Tax Act-1990 and Section 12 of Income Tax Ordinance 2001 and Section

5-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.

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Two clearing agencies and as many companies served notice due to misdeclaration of value ISLAMABAD: The Collector Adjudication Islamabad issued a show cause notice to the A.R Enterprises and Hamza Customs Agency, Central Asian Linkers and Sadaqat Clearing Agency due to mis-declaring value on the consignment of groundnut. According to details given by sources of the Adjudication Islamabad that a tip-oﬀ was received by the Directorate of Customs Intelligence and Interrogation (I&I) that certain importers and customs clearing agents are involved in tax evasion of huge duties and taxes. Acting upon the aforesaid information, relevant import data of groundnut for February 2017 to November 2017 was retrieved from the PRAL

Rupee devaluation to reduce sovereign debt burdens ISLAMABAD

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he Finance Ministry has high hopes that recent currency devaluation will reduce the sovereign debt burdens on the national economy. The buying and selling rate of one dollar was Rs 118.80. “A government may be incentivized to encourage a weak currency policy if it has issued sovereign debt to service on a regular basis. If debt payments are fixed, a weaker currency makes these payments eﬀectively less expensive over time,” oﬃcial sources at the Finance Ministry told Customs Today “Take for example a government who has to pay $1 million each month in interest payments on its outstanding debts,” the sources said, adding that if that same $1 million of notional pay-

ments become less valuable, it would be easier to cover that interest. In our example, if the domestic currency is devalued to half of its initial value, the $1 million debt payment will only be worth $500,000 now. “Again, this tactic should be used with caution” the source said adding that as most countries around the globe had some debt outstanding in one form or another, a race to the bottom currency war could be initiated. This tactic will also fail if the country in question holds a large amount of foreign bonds since it will make those interest payments relatively more costly. Persistent deficits are not uncommon today and many other nations running persistent imbalances year after year” the source added saying that economic theory, however, stated that ongoing deficits were unsustainable in the long run and could lead to dangerous levels of debt which could cripple an economy.

Wednesday March 28, 2018

National

punjab budget will be tax free: Dr Aysha ghous pasha

KARACHI

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dministration of the Karachi Port Trust (KPT) has started the investigation against the collision of two vessels at South Asia Port Terminal Limited (SAPT). According to the details, operations at the South Asia Port Terminal Limited (SAPT) got suspended after two vessels collided while berthing at SAPT-3 of Karachi Port trust (KPT) leaving a heavy loss to the containers and the vessels however the administration managed to avert possible damage to the cranes installed at the berth. The sources in Karachi Port Trust informed Customs Today that twenty one containers were drown after the vessel Mv Tolten collided with the vessels with Mv Hamburg Bay berthed at South Asia Port Terminal Limited (SAPT). The source also informed that the collision happened due to the Tug boat pilot who was trying to berth the vessel Mv Tolten after its arrival at South Asia Port Terminal Limited (SAPT), the vessels was loaded with different containers to its height.

LAHORE

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unjab Finance Minister Dr Aysha Ghous Pasha said that the next Riscal budget for the 2018-19 will be tax free but the expansion of the tax net will remain the agenda of the provincial government, besides focusing on social sector development projects. Chairing the maiden meeting of the resource mobilization committee for the Riscal year 2018-19 budget, the minister said budget will also focus on the development of the Punjab and selection of development projects would be made on the output of the projects and facilitate agriculture and export promotion. She said the Punjab government focused on comprehensive taxation reforms for collection of tax and non tax revenue in order to increase the indigenous resources of the province. The meeting was co-chaired by Provincial Minister for Commerce and Industry Sheikh Alaudin and attended by MPAs Haji Ilyas Insari, Abdul Rauf Mughal, Nadia Aziz, Secretary Livestock Naseem Sadiq, PRA Chairman Raheel Ahmed Siddique, DG Excise and Taxation Akram Asharf Gondal, Additional Sec-

two vessels collided at SApt, 21 containers drowned fearing heavy loss

retary Budget Rana Ubaid, Deputy Secretary Resources Faiqa and other ofRicials concern of the provincial departments. Dr Aysha said the government was working to introduce online tax collection procedures in order to minimize the tax evasion and to increase the direct interaction with the taxpayers. “An application is being created to bring the all tax collection on a single platform to facilitate the taxpayers and end the hassle of the various ofRices to pay the taxes,” she

said. To implement it, recently the Punjab government has launched a Business Registration Portal for the business through which they can complete all business registration process without visiting any government ofRice, she said. The minister informed the meeting that all revenue collection agencies of the Punjab achieving their targets of tax collection as a result of the reforms introduced through resource mobilization committee recommendations.

‘new amnesty scheme soon, no new tax in next budget’

KARACHI

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dviser to Prime Minister on Finance, Revenue and Economic Affairs Miftah Ismail said the government would announce a new amnesty scheme in next few days and there would be no new tax in the forthcoming budget. While addressing the World Islamic Economic Forum in Karachi, Miftah Ismail said the federal government had excellent proposals for the budget 2018-19. He said Prime Minister Shahid Khaqan Abbasi had issued directives to lessen tax burden on com-

mon men. Miftah Ismail said the government was promoting Islamic Banking in different departments while local industries were also being brought towards Islamic Finance. The adviser said the economic indicators were positive and the growth rate had reached 6 percent. He said they wanted to bring the growth rate to 8 to 10 percent. He said the standard of life of people living was being improved after the economic situation stabilized. Miftah Ismail said the Country suffered the scarcity of electricity, adding 10,000 to 12,000 megawatts electricity was

added to the national grid system during the tenure of incumbent government. He said the industries were being fully provided with gas and electricity. Moreover, he said law and order was established throughout the Country including in Karachi. He said law and order situation had a direct link to the economy, and improved law and order situation had restored the economic activities in Karachi. Miftah Ismail said it was now no longer difficult to achieve economic growth targets after the improved law and order situation in the Country. The adviser on finance also said

an improvement had also been witnessed in tax collection while the tax collection system had been made people-friendly. The adviser said that the GDP growth rate is at 10 year high. He hoped to curtail inflation rate at 5 percent. He said that the economic growth had been achieved through improvement in security situation and energy availability. Miftah Ismail said that the present government installed 12,000 MW energy projects during the past five years. He said that the government was carefully assessing the situation of current account deficit.

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French pensioners protest loss in income due to new tax

World Customs

PARIS: Thousands of retired workers are taking to the streets across France to protest against a new hike in a tax taken from their pensions. Protests are planned in several cities around the country over the 1.7 percent hike implemented in January. The retirees will be joined by employees working in retirement homes, who are protesting degraded working conditions and want better wages.

Wednesday March 28, 2018

french consulate employee suspected of smuggling arms

Swiss project debt ratio to fall to 28.8 pct in 2018

ZURICH

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PARIS

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rench citizen, an employee of France’s consulate in Jerusalem, on suspicion of smuggling weapons to Palestinians. In a statement, the Shin Bet security service said Romain Franck used a consulate vehicle to elude Israeli security checks and move a total of 70 pistols and two assault riRles across the Gaza-Israel border and on to the occupied West Bank on at least Rive occasions. A spokesman for the French Embassy in Tel Aviv described the suspect as “a member of the consulategeneral in (occupied) Jerusalem” and said France was taking the case seriously and cooperating with Israeli authorities. The suspect was arrested in an investigation of what the Shin Bet described as a Palestinian network that smuggled mili-

trade between Russia & france growing despite sanctions ussia-France trade grew by almost a fifth last year despite the economic restrictions from both sides, according to Russian Ambassador to France Aleksey Meshkov. Meshkov added that direct French investment in the Russian economy is also growing and reached almost $14 billion, while Russia’s direct investment in France is $3.2 billion.“More than 500 companies with the participation of French capital, as well as about 40 Russian companies in France, contribute to this in various sectors of the economy. None of them have quit during the crisis, although they have been forced to freeze promising projects,” said the ambassador. France has a 2.83-percent share in Russian foreign trade. Minerals comprise around 80 percent of Russia’s exports to France, while its imports include chemicals, machinery and food. –CB Report

tary-grade weaponry from the Gaza Strip, an enclave controlled by Hamas, to the occupied West Bank. Meanwhile, France’s Areva SA settled a long-running dispute with Finland’s Teollisuuden Voima (TVO) by agreeing to pay 450 million euros ($554 million) for cost overruns and delays at a nuclear reactor it is building with Germany’s Siemens.

Originally planned to begin production in 2009, the Olkiluoto 3 plant in southwest Finland is still not completed. The plant suppliers and TVO had been claiming billions of euros from each other at an arbitration court. Following the deal, the companies said they would withdraw all ongoing legal actions.

taiwan to send high-level oﬃcial to uS for tariﬀ negotiations

aiwan’s government is planning to send a high-level ofRicial from the Ministry of Economic Affairs (MOEA) to the U.S. to negotiate for the exemption of the country’s steel and aluminum exports from recently announced tariffs, according to an unnamed ofRicial from Taiwan’s representative ofRice in the U.S. The ofRicial, who spoke on condition of anonymity, said that the visit

will take place before March 23, which is when the tariffs will go into effect for any steel and aluminum imports into the U.S. from countries not on the exemption list. The White House announced on March that US President Donald Trump signed an order under Section 232 of the Trade Expansion Act of 1962 to impose a 25 percent tariff on imported steel and a 10 percent tariff on imported aluminum. –CB Report

witzerland’s public sector debt ratio is set to fall below 29 percent of economic output this year as the country runs budget surpluses and its social security funds reduce debt, the Rinance ministry projected. Although not a European Union member, Switzerland forecast the debt ratio using the EU’s Maastricht criteria for overall government and social security Rinances would dip to 28.8 percent from 29.7 percent in 2017. The federal, cantonal and local governments plus social security funds were set to run a combined surplus of 0.8 percent of GDP this year, it said, down from 1.2 percent in 2017, when surging tax receipts helped the federal government post an unexpectedly large surplus. Meanwhile, Gwinnett County is gaining another international manufacturing business, this time a Swiss company’s Rirst plant outside

of Switzerland. Gezolan makes granules used in synthetic Rlooring, running tracks and playground surfaces. It is opening a new 60,000-square-foot facility at 4345 Hamilton Mill Road in Buford. Gezolan ofRicials joined ofRicials from Partnership Gwinnett to announce the opening. The $12 million facility houses Gezolan’s U.S. manufacturing plant and operations. “Our decision to expand in Gwinnett was fueled by our need to meet the current growth rate of the company and U.S. market, as well as the 15-year experience of one of our sister companies in Gwinnett,” Gezolan CEO said in a statement. “Their experience paired with the access to strong communication infrastructure and logistic resources, as well as human talent, made the decision process much easier.” The Buford manufacturing facility will be Gezolan’s only manufacturing plant outside of its international headquarters in Switzerland, according to Partnership Gwinnett.

BD on right track of economic success xperts from Bangladesh and Singapore stressed on how consistent Bangladesh’s economic growth has been and advised more on what needs to be done for further development. This was part of a joint panel discussion between Singapore’s Institute of South Asian Studies (ISAS) and Bangladesh’s Cosmos Foundation at the Ballroom of the city’s Orchard Hotel on March 5. “At a point in time, when Bangladesh is powering ahead across a broad spectrum in socioeconomic activities, a lot remains to be done,” he said. He also added that the panel

discussion is an icebreaker on the issue of Bangladesh as an investment destination. “The result of the discussion should be an excellent example what we can achieve together.” In his opening remarks, ISAS Chairman, Ambassador Gopinath Pillai, recollected memories of being part of the Singapore State Trading Corporation group which had established a garment factory in the early 1980s in Bangladesh, being one of the Rirst foreign organizations to do so. Drawing the anecdote of Henry Kissinger terming Bangladesh as a “bottomless basket”, he said. –CB Report

Afghan traders sign $20.5m in deals at Dubai food show

A KABUL

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fghan traders have inked US$20.5 million in signed and potential deals for high-value agricultural products due to their participation in February at the Gulfood Exhibition in Dubai. USAID supported 25 Afghan ex-

porters at the February 2018 Gulfood Show, where Afghanistan’s agricultural riches, including world-class pomegranates, saffron, apples, apricots, melons, grapes, nuts, and raisins were on display for international buyers. Gulfood is the world’s largest annual food and hospitality show. Now in its 23rd year, the event showcased 5,000 exhibitors from the food, drink, food services, and hospitality

industries. This year’s exhibition welcomed more than 97,000 visitors in the course of the Rive-day event. USAID-supported exporters have yielded tens of millions of dollars in deals since Afghan participation began in 2010. This year, India was the lead buyer of Afghan produce, with 48 percent of the US$12 million in conRirmed deals signed at the event, followed by Saudi Arabia, which

came in at 17 percent. Potential deals totaled US$8.5 million. The 2,500 metric tons of produce negotiated included raisins, Rigs, pistachios, saffron, and pine nuts. ‘As a result of our participation in Gulfood, we signed the largest contract our company has ever received to export Kandahar pomegranates,’ said Mr. Mahmood, the owner of Afghan Red Pomegranate.

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France’s Total wins major oil concessions in Abu Dhabi PARIS: Total now holds a fifth of the Umm Shaif and Nasr concession and five percent of the Lower Zakum concession, together worth some 5.3 billion dirhams (1.2 billion euros), ADNOC said in a press release. The concessions are effective from 9 March for 40 years, the statement said. The signing took place at the Louvre Abu Dhabi, which President Emmanuel Macron inaugurated last November. Abu Dhabi, which is home to most of the Unitd Arab Emirates’ vast oil reserves, is currently awarding new oil concessions, as previous agreements have either expired or will run out this month.

kpt shipping intelligence report he Karachi Port Trust (KPT) issued the following shipping report for the last 24 hours, ending 0700 hours. ALONG SIDE (Bulk Oil Pier) OP-I Al Salam II D. HSD Wilhelmsen 20/03/18 OP-II Rich Sino D. Palm Oil Alpine 20/03/18 OP-II FPMC 21 L. Naptha Alpine 22/03/18 ALONG SIDE (East Wharves): 1 Al Safa L. Naptha East Wind 22/03/18 2/3 Thorco Cygnus D. Steel OC.World 22/03/18 4 Zoitsa Sigala D. Coal OCServices 20/03/18 10/11 Dubai Galactic L. Wheat OC-Services 20/03/18 11/12 Sea Lion L. Wheat WMA Shipcare 20/03/18 ALONG SIDE(P.I.C.T): 6/7 KMTC Dubai D. L. Cnt. U.M.A 22/03/18 ALONG SIDE(PDWCP): SAPT-4 Tolten D. L. Cnt. United Arab 19/03/18 Along Side(West Wharves) 24 Excellent Pescadores L Wheat East Wind 19/03/18 ALONG SIDE (K.I.C.T): 28/29 Ever Delight D. L. Cnt. Green Pak 21/03/18 EXPECTED ARRIVALS: CONTAINER (GEARLESS) Mol Endowment

MOL Pak 22/03/18 Not Sched 800 Cnt. 1000 Cnt. Ever Union Green pak 23/03/18 Not Sched 600 Cnt. Nil Kota Lagu P-Delta 25/03/18 Not Sched 1500 Cnt. 1500 Cnt. Kota Kasturi P-Delta 28/03/18 Not Sched 300 Cnt. 300 Cnt. Kota Layar COSCO 28/03/18 Not Sched 600 Cnt. 600 Cnt. MOL Explorer MOL Pak 28/03/18 Not Sched 700 Cnt. 1000 Cnt. Zante COSCO 30/03/18 Not Sched 600 Cnt. 600 Cnt. COSCO Durban COSCO 01/04/18 Not Sched 600 Cnt. 600 Cnt. GENERAL CARGO: Arife Portlink 22/04/18 Not Sched Nil 07 Cnt. Damas COSCO 22/03/18 Not Sched Nil 163 G.C Hermann-S GAC 22/03/18 Not Sched 30,974 Steel Nil Kobe Star GAC 22/03/18 Not Sched 28,716 G.C Nil Lada Universal22/03/18 Not SChed 67 G.C Nil Royal Jade GAC 22/03/18 Not Sched 14,349 Steel Nil Leopold Staﬀ Sinotrans. –CB Report

Ports & Shipping

port & Shipping playing role to strengthen economy: Bizenjo ISLAMABAD

Jan ferrous scrap imports steady on month at 237,206 aiwan imported 237,206 mt of ferrous scrap in January, 0.5% higher than in the previous month, according to data released by the finance ministry. The figure was up 11% year on year. The US remained Taiwan’s largest supply source in January with 120,018 mt, accounting for 51% of total imports. Imports from the US were 10% higher than in December, the data showed. They comprised mainly heavy melting scrap grades imported via containers, with some shipped in bulk too, Taiwanese buyers said. Hong Kong was in second place, with 13,205 mt or 6% of Taiwan’s total imports in January. Scrap from Hong Kong, also mostly HMS, is usually shipped to Taiwan in bulk vessels of 3,000-5,000 mt, although some are in containers, Hong Kongbased suppliers said. Taiwanese buyers said Hong Kong scrap is not as preferred as US scrap because of quality differences. –CB Report

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inister for Maritime Affairs Mir Hasil Khan Bizenjo Sunday said Maritime, Port and Shipping were playing an important role to further strengthen the national economy. China had given importance to Gwadar port because it was focusing to trade with other countries through seas, he said. The minister said many countries of the world wanted to trade through seas because it was cheaper as compared to airlines. South Asian Communicable Terminal (SACT) was a signiRicant terminal in the country, which was also generating and offering power to K-Electric, he added. He said two LiqueRied Natural Gas (LNG) terminals were established at Port Qasim and helping to reduce power load-shedding from the country. Meanwhile, After embarkation of more container of frozen sea food from Gwadar Port, the ship pro-

Wednesday March 28, 2018

ceeded to Jebel Ali Port. An impressive ceremony was held at port on arrival of MS TIGER. The reception xeremony was attended by Commander Coast of Pakistan Navy, Rear Admiral Moazzam IIyas. The CPEC is a game changer project for Pakistan. Success of this project is a prelude to the economic prosperity of the country and hence has taken a central stage in the economic, political and security calculus of not only

Pakistan but the entire region. Considering the importance of the Gwadar Port as focal point of CPEC, its security is paramount. For this purpose, Pakistan Navy has raised Task Force 88 to undertake defence of Gwadar Port and its surrounding areas. This Task Force is providing defence to Gwadar Port from seaward approaches and Merchant Vessels visiting the Port through deployment of Pakistan Navy assets.

Shipping activity at port Qasim KARACHI

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ix ships, Maersk Denver, MSC Tomoko, African Macaw, Dreggen, Agri Princes and Mocoma carrying Containers, Chemicals, Palm Kerne, Soya Bean and LNG were arranged berthing at Qasim International Container Terminal, Multi-Purpose Terminal, Engro Vopak Terminal, Grain & Fertilizer Terminal and Engro Elengy Terminal respectively on Tuesday. Meanwhile two more bulk cargo carrier, Baltic Panther and TVS Beach Wood also arrived at outer anchorage of Port Qasim during last 24 hours. A total of eight ships namely, Maersk Denver, MSC Tomoko, African Macaw, Agri Princes, Christina-L Thor Maximum, Macoma and Dreggen are currently occupying PQA berths to load/ofRload container, Steel Coil,

Soya been seeds, Coal, Phosphoric Acid, LNG and Palm Kernel during last 24 hours. Cargo handling remained at 131,417 tonnes, comprising 113,918 tonnes import cargo and 17,499 tonnes export cargo inclusive of containerized cargo carried in

3,721 containers (TEUs), (2,800 TEUs imports and 921 TEUs exports) was handled during last 24 hours. Two ships, container vessel Maersk Denver and Bulk cargo carrier Christina-L are expected to sail on Wednesday in the afternoon. Two

ships, Sea Meray and Baltic Panther Scheduled to load/ofRload Rice and Coal are expected to take berths at MW-2 and MW-4 respectively on Wednesday. Meanwhile, Two ships, M.V Sea Meray and M.T Totono Bottiglieri scheduled to load 13,500 tonnes Rice and 32,500 tonnes Condensate took berths at Multi-purpose Terminal and FOTCO Oil Terminal respectively on Wednesday. Meanwhile three more ships Teno, Du Juan Song and GH Storm Cat carrying Containers, General cargo and Coal also arrived at outer anchorage of Port Qasim during last 24 hours. A total of Nine ships namely, MSC Tomoko, Sea Meray, Totono Bottiglieri, African Macaw, Agri Princes, Christina-L, Thor Maximum, Macoma and Dreggen are currently occupying PQA berths to load/ofRload Containers, Rice, Condensate, Palm Kernel, Soya been seeds, Coal, LNG and Phosphoric Acid during last 24 hours.

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IRSA releases 45,900 cusecs water Wednesday March 28, 2018

Business

ISLAMABAD: The Indus River System Authority (IRSA) released 45,900 cusecs water from various rim stations with inflow of 45,200 cusecs. According to the data released by IRSA, water level in the Indus River at Tarbela Dam was 1386 feet, which was 6 feet higher than its dead level of 1,380 feet. Water inflow in the dam was recorded as 16,800 cusecs and outflow as 16,300 cusecs. The water level in the Jhelum River at Mangla Dam was 1,050 feet, which was 10 feet higher than its dead level of 1,040 feet whereas the inflow and outflow of water was recorded as 12,500 cusecs and 13,700 cusecs respectively.

iHc rejects Zafar Hijazi’s dismissal plea ISLAMABAD

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slamabad High Court (IHC) on rejected the plea of the former chairman of the Securities and Exchange Commission of Pakistan (SECP) Zafar Hijazi to dismiss record tampering case against him, in which the Hijazi was accused of tampering record of companies owned by the Sharif family After hearing arguments from both sides, Justice Mohsin Akhtar Kiyani had reserved the judgment on March 7. In one application Riled by Hijazi’s counsel, the former SECP chairman challenged the special court’s judgment of November 10,

foreign currency Account Scheme KARACHI

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2017, requesting to set aside the trial court’s order and acquit him from the case. Following IHC decision, the record tampering case will continue in the trial court where the next hearing is scheduled for April

nBp chief moves iHc to reject nAB reference against Dar

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he Foreign Exchange Rates Committee of Financial Markets Association of Pakistan issued the following Base Rate. FOREIGN CURRENCY ACCOUNTS SCHEME RATES BAY BID MAXIMUM RATES FOR PAYMENT OF INTEREST BY ETHERIZED DEALERS R A T E S U.S. DOLLARS VALUE 27-03-18 For 3 months and over but less than 6 months 2.0356% PA 2.7856% PA % PA For 6 months and over but less than 12 Months 1.1973% PA 2.9473% PA For 12 months.

10. Earlier, in October 2017, a special court of the Federal Investigation Agency (FIA) indicted Hijazi in a record tampering case pertaining to Chaudhry Sugar Mills owned by the Sharif family. According to the

charge sheet, Hijazi had coerced his subordinates to change dates on documents related to the sugar mills. Hijazi pleaded not guilty to the charges before the special court judge, Iram Niazi. His counsel argued that the statement of SECP ofRicer, Maheen Fatima, was not solid enough to initiate trial proceedings against Hijazi. However, the prosecutor opposed the remarks, following which Hijazi was indicted. Hijazi was arrested by FIA on July 21 after the expiry of his bail before arrest. A 28-page enquiry report was submitted by the FIA to the Supreme Court on July 9, in which it had accepted the decision of the joint investigation team investigating the offshore assets of then prime minister Nawaz Sharif with regards to the Panama Papers case.

ISLAMABAD

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ational Bank of Pakistan (NBP) President Saeed Ahmed on approached the Islamabad High Court, challenging the March 20 verdict of an accountability court, dismissing his plea for acquittal in a supplementary reference pertaining to the assets case filed against former finance minister Ishaq Dar. A two-judge bench, comprising Justice Amir Farooq and Justice

Mohsin Akhtar Kayani, will hear a petition filed by the NBP president challenging the trial court’s decision. On March 20, Accountability Judge Muhammad Bashir dismissed an application moved by Ahmed calling for quashment of the reference. Saeed Ahmed moved the application in the court under Section 265-D of the Criminal Procedure Code seeking his acquittal for lack of evidence. On Feb 26, the National Accountability Bureau (NAB) filed a supplementary reference against Ishaq Dar in the assets case with regard to

alleged accumulation of assets beyond his known sources of income. Three suspects, including Saeed Ahmed, Mansoor Raza and Naeem Mehmood, were nominated in the reference. In his application, the NBP president argued he came to know in 2016 that as many as seven accounts were being operated in his name. His signatures were faked to open such accounts, he claimed. A NAB prosecutor argued that millions of rupees were transacted into the foreign currency accounts, which were operated from 1997 to 2006.

Rice export surges 22.14% in 8 months ISLAMABAD

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he export of rice from the country surged by 22.14 percent during first eight months (July-February) of current fiscal year as compared to same period of last year. According to details, the rice export jumped to $1.262 billion in JulyFebruary (2017-18) as against the export worth $1.003 billion in same period of the preceding year. In terms of quantity, the rice export increased to 2.67 million metric ton from 2.334 million MT in July-February (201617), showing an increase of 11.48 percent, according to a latest data released by Pakistan Bureau of Statistics (PBS). On yearly basis, the rice export also increased by 24.24 percent as it rose to $194.342 million in February 2018 from $156.43 million in same month of the year 2017. On month-on-month basis, the exports however witnessed a decrease of 10.8 percent as the exports during January, 2018 were recorded at $217.9 million. The overall food group export also witnessed an increase of 21.7 percent during JulyFebruary (2017-18) as compared to same period of last year. During the period under review, the food exports jumped to $2.84 billion as compared to the exports of $2.334 billion in same period of last year.

govt urged to reduce tax on tractors KARACHI

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akistan Automotive Manufacturers Association (PAMA) has requested the government to reduce the rate of input tax on tractors, which is resulting in liquidity crunch affecting the tractor industry. The rate of sales tax charged on sales of tractor is 5 percent, as against, components pur-

chased locally as well as imported required to manufacture tractors are subjected to sales tax at the rate of 17 percent. This has resulted in accumulation of legitimate refunds with FBR which currently stands at Rs2.4 billion approximately for the industry. Due to this, the entire tractor industry is facing liquidity crunch affecting the trust of foreign investors/shareholders. “Presently, Original Equipment Manufacturers (OEMs) have to suf-

fer substantial financial burden due to lengthy reviewing process of FBR and incomplete documents/details submitted by small vendors,” stated Abdul Waheed Khan, DG PAMA. “As sales tax on imports is directly collected by the government at the import stage and no other intermediaries are involved, therefore it is advisable for the authorities to implement this measure; avoiding hassle of refund processing,” he suggested.

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SCCI for taking measures to check rupee depreciation PESHAWAR: President Sarhad Chamber of Commerce and Industry (SCCI), Zahidullah Shinwari suggested for taking measures to stop the depreciation of rupee’s value against US dollar. He was commenting on increase of Rs4.93 in dollar rates in the interbank market, according to press statement. He was of the view that the increase in value of dollar would have an impact on current account and external debt, urging for taking measures to check this trend.

icci urges fBR to stop harassing builders and developers

Wednesday March 28, 2018

Chambers

icci shows concerns over sharp fall in value of rupee

ISLAMABAD

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heikh Amir Waheed, President, Islamabad Chamber of Commerce and Industry has urged the Federal Board of Revenue to stop harassing builders and developers because such tactics would discourage investment in the real estate sector and hurt the economic growth of the country. He said on the pretext of expanding tax net, FBR has started issuing notices to builders and developers for providing details of buyers of shops and flats in the construction projects which was not a wise approach as it was creating harassment in the business community of real estate sector. He said that after the agriculture, construction industry was the second largest jobs providing industry in the

country and the growth of over 100 other ancillary industries was directly linked with the growth of construction industry. He said many countries in the world were providing good incentives to the real estate and construction industry in order to give boost to economic activities, but in Pakistan, tax machinery was taking measures to create more diﬃculties for this industry. He said all the details were provided to FBR at the time of transfer of property while the builders and developers were paying gain tax and advance tax on the lease and registration of property. Sheikh Amir Waheed said that seeking the details of property buyers from builders and developers was tantamount to a conspiracy against the construction industry. He said due to such measures of FBR, investment in construction projects would be discouraged and would be confined to just buying and selling activities in real estate sector that would push the construction industry to the verge of collapse.

ISLAMABAD

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he Islamabad Chamber of Commerce & Industry has shown great concerns over the sharp fall in the value of rupee against dollar as it would unleash a new wave of inRlation in the country and create additional problems for the business and industrial activities. Sheikh Amir Waheed, President, Islamabad Chamber of Commerce & Industry said that rupee has fallen from Rs.110 per dollar to Rs.115 per dollar in a single day that should be a cause of great concerns for the policy makers. He said the rupee was devalued by about Rive percent in December last year in similar manner and another devaluation of over 4.5 percent in a single day would create new challenges for the economy. He said instead of withdrawing support for the rupee in the daily market, State Bank of Pakistan should make efforts for a stable currency as volatile currency was disturbing the efforts of private sector for longterm business planning.

He said falling value of rupee would increase debt burden on the country as devaluation of Rs.1 caused Rs.60 billion jump in the public debt burden. He said the local industry needed new technology and machinery to upgrade itself and compete effectively with Chinese counterparts in the CPEC projects. However, the sharp fall in the value of rupee against

dollar would make the import of industrial machinery costlier and thwart efforts aimed at up-gradation of industry. He stressed that government should take urgent measures to end volatility and bring stability in the local currency. Muhammad Naveed Senior Vice President and Nisar Mirza Vice President ICCI said that common man was already over-

Rescue plan for local Lpg producers demanded LAHORE

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nconsistent policies regarding pricing of local LPG and undue advantage to importers is turning the country into paradise for traders & importers. At an urgent meeting, Chairman LPG Association of Pakistan (LPGAP) Farooq Iftikhar said that despite the fact that the country is facing huge trade deRicit, no efforts to control are visible, as a matter of fact, importers are being encouraged. Farooq Iftikhar said that import of low quality LPG, injurious to health is obviously selling at cheaper rates and LPG Marketing Companies selling good quality local LPG are incurring heavy losses as presently there is a difference of Rs. 10,000 per MT between indigenous

LPG and low quality imported LPG. Chairman LPGAP said that Marketing Companies selling locally produced LPG are not even recovering their basic cost and it is getting difRicult for them to continue their business in face of non-supportive attitude of the Government and local producers. He said that at present over 155 LPG marketing companies are operating in Pakistan. Around 4050 having local allocation are bound to lift their allocation even if they have to sell below landed cost and bear huge loss. He said that local LPG industry of Pakistan which is instrumental in selling environment friendly fuel is also solely responsible in bringing down massive trade deRicit, a big economic challenge presently for the Government, but MP&NR policy on LPG is supporting importers only. Farooq Iftikhar said that low priced inferior quality LPG is

Rlooding the Country by way of misdeclaration of quantity smuggled through land routes by evading taxes. He said that un-restricted inRlow of spurious / low quality LPG through Taftan, Chaman and Mand etc and also low spec LPG through SSGC & EVTL terminals is causing not only substantial loss to the national exchequer (as most of these importers are using illegal Hundi system to siphon money out of Pakistan) but also to the indigenous producers of LPG and all those LPG Marketing Companies who have paid substantial premium in the form of Signature Bonus to them to secure LPG allocation face closure because of continuous loss. Chairman LPGAP said that both auto sector & Industry, which were previously using LPG is shifting back to CNG because of availability of both LNG and Natural Gas to them in adequate quantity & less price.

whelmed by the inRlation and sharp devaluation of rupee would give rise to high inRlation putting additional burden on the general public. They urged that the government in consultation with private sector should evolve a new strategy to deal with the issue of falling value of currency and to put the country on the path of sustainable economic growth.

g-B chamber president visits Scci ilgit-Baltistan Chamber of Commerce and Industry (GBCCI) President Nasir Hussain Raki has stressed the need for making collective efforts for promotion of strong mutual trade ties between Sialkot and Gilgit-Baltistan chambers. He was addressing the Sialkot exporters during his visit to the SCCI. Raki highly hailed the unique export culture of Sialkot and district’s socio-economic and human evelopment on self-help basis. He discussed in detail matters of mutual interest with Sialkot exporters. On this occasion, the senior SCCI officials gave a detailed briefing to GBCCI president about socio-economic and human development-oriented projects undertaken by Sialkot exporters on self-help basis. –CB Report

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Quetta Customs seizes smuggled cigarettes worth Rs4.2m QUETTA: The Customs authorities have has seized huge quantity of smuggled cigarettes worth Rs4.2 million from passenger buses. Quetta Collector Ashraf Ali forwarded the information to Additional Collector Preventive Zubair Shah that an attempt would be made to transport smuggled goods. A raiding team was constituted which intercepted two passenger buses for checking at Lakpas Checkpost. However, the drivers of the buses tried to escape by speeding away.

Wednesday, March 28, 2018

CUSTOMS BULLETIN

Multan customs issues attachment warrant for retrieval of Rs50m of arrears MULTAN iMRAn ALi

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he Model Customs Collectorate Multan, Recovery Branch, has issued an attachment warrant for M/s Mushtaq Leathers Industries for the recovery of outstanding amount of Rs49.524million. The Mushtaq Leather Industry Ltd has imported raw material for the manufacturing of goods and evaded tax amount of almost Rs49.524million by paying less duties and taxes during the clearance of their import consignments from Multan Dry Port. The collectorate Multan has asked the importer several times for the payment of remaining duties and taxes but he failed to do so. The Recovery Branch has attached their bank accounts and immoveable properties to recover the arrears in this regard. The Multan Customs has also impounded a vehicle and is auctioning two commercial shops located near Clock Tower, Ghanta Ghar Multan, for the recovery of outstanding amount after serving a Rinal notice. The accused has taken stay order from the Lahore High Court Multan Bench against the decision of the Multan Customs. The Multan Cus-

toms has revived their recovery notice. Said importer has been using delaying tactics for depositing of

their duties and taxes for the past few months. Now Superintendent Muhammad Yousaf Baloch has been

appointed as an attachment ofRicer for recovery under the Customs Rules-2001.The Multan Customs will

also attach the bank accounts of defaulter for recovery under Section 202 of the Customs Act-1969.

govt urged to take action against smuggling of livestock, foods ISLAMABAD

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he Ministry of National Food Security and Research (MNFS&R) is not paying attention to preventing smuggling of livestock and food grain, industry stakeholders complain. They say that smuggling of livestock instead of their use in tertiary sector industries was depriving the country of precious

foreign exchange. “There is a misconception that poor farmers get better value of their animals if they export them or smuggle them outside of the country. They can better value if they supply animal parts including hides to the industries inside the country,” says Agha Saiddain, the senior executive of Pakistan Tanners Association. “Due to export of live animals there are many industries which suffer due to shortage of raw material. Among these are tanning industry, leather garments, footwears, gloving, sports goods, casing, wool and

poultry industry.” “The value addition of cow hide is 71 percent when converted into Rinished leather. It is unfortunate that we are no longer a member of the billion-dollar export club, and the leather sector has witnessed around 29 percent decline in volumes and around 15 percent in value during September to February 2018. Pakistan faces competition from countries like Bangladesh, besides those in the developed world.” “Pakistan is currently at second position, after Italy as far as quality of leather is concerned, and under these

circumstances, it is not difRicult for leather industry to achieve the growth rate of 48 percent. “The exports from Pakistan to European Union after the grant of Generalised System of Preferences plus status have showed a downward trend. The export of this sector stood at around $1.11 billion per year, around seven years ago. “These have declined by 21.5 percent on the whole during last six Riscal years. Our exports are stagnant at around $981 million. “Pakistan has lost around 40 percent global market share whereas the global growth rate

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from 2007-08 to 2016-17 was around 46 percent. “The global market has grown to $144.18 billion whereas Pakistan exports got reduced by 21 percent. “The government should stop smuggling of live animals through Chaman and Khyber Pakhtunkhwa,” he maintained. Saiddain says that export of live animals on average per year stands at 61,000 (buffalo), 6,000 (pure bred animals), 25,000 (sheep) and 24,000 (goat). “The same buffalo and cow if sold domestically fetches more revenue and accelerates our economy.