Wednesday, 7 March 2018

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Karachi, Wed March 7, 2018

FAISALABAD

NAEEM SHEIKH

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he Collectorate of Customs Anti Smuggling Organization (ASO) has seized contraband items worth Rs29,614,786 during the month of February 2018.

According to the details, the ASO seized contraband items from different locations of Faisalabad city, including Chanab Nagar, Sargodha Road, Gattwala, Karkhana Bazar, Railway Colony and other

areas of its jurisdiction.

The items were seized on the information of Collector Asif Mehmood Jah and under the supervision of Assistant Collector Shah Samad Hamadani according to Import and Export Control Act 1950 punishable under section 156(1)89(i) 90 of the Custom Act 1969.

The ASO team comprising Superintendent Tanveer Raza Naqvi, Inspector Faizi Raza, Muhammad Tanveer, Sepoys Muhammad Khalid, Muhammad Naeem, Muhammad Ashraf, Liaqat Ali, and Afzal Hussain participated in the

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raids. The customs ofUicials conUiscated the items as the accused persons failed to produce documents regarding legal import of the items.

Later, the seizure report was submitted to the adjudication department for further proceedings.

As per the details in the seized items included ten vehicles under Section (U/S 157) being used for smuggling transportation worth Rs 9800000 and four others non duty paid vehicle under section (U/S 16 NDP) worth Rs 33,00,000 foreign origin cloth 4040 kilograms worth Rs 2266000 tyres and tubes.

About 5,000kg of lotrence polyester along with loader impounded on tip-off

Adjudication-II exhibits brilliant potential by taking actions against defaulters

Customs ASO detains 2120 crates of NDP Rani Juice

Surriya Butt set to revise Valuation Ruling No: 765/2015 on April 9

Multan Customs forms special body for verification of seized QMobiles

ASO Islamabad seized 5,000 kg of Lotrence Polyester (Plastic grains) | SEE pAgE 02 |

Adjudication-II showed outstanding performance by taking actions against | SEE pAgE 03 |

ASO seized 2120 crates of non customs paid Iranian origin Rani Juice | SEE pAgE 04 |

DGValuation has decided to revise the Valuation Ruling No: 765/2015 on April 9 | SEE pAgE 09 |

Customs has formed special committee for verification of seized Q mobile | SEE pAgE 16 |

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Customs North Region gets extra take of Rs126m Wednesday, March 7, 2018

Islamabad

ISLAMABAD: The Customs North Region earned Rs126million extra revenue under all the heads during of February FY17-18 against the same period of corresponding FY16-17.

According to details given by the official source of the North Region, which comprises Collectorates of Islamabad, Peshawar, Samberial and GilgitBaltistan, it generated Rs1825million under all the heads of duties and taxes during 1st to 22nd of February FY17-18 .

About 5,000kg of lotrence polyester along with loader impounded on tip-off

ISLAMABAD

ISLAMABAD

NAEEM uLLAH tArIQ

tArIQ DErYA

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he Islamabad High Court directed the parties to submit the record of cases involving Directorate General of Intelligence and Investigation and Appellate Tribunal Inland Revenue, and dated hearing in office during recent week. The IHC Division Bench, comprising of Justice Athar Minallah and Justice Miangul Hassan, heard the matter and issued directives. The bench had earlier relisted the cases including the one filed by M/S Awan CNG Re-Filling Corporation Private Limited.

The company filed cases against the Model Collectorate of Customs. 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 a case against the ATIR and Customs Department. The M/s Comfort Sales Corporation had challenged the act of recovery of said amount by Commissioner Inland Revenue of Large Taxpayers Uni Islamabad. The ATIR was also made a respondent in the case as tribunal had upheld departmental decision regarding the issuance of show cause notice and demanded recovery of outstanding tax amount under the head of Federal Excise Duty.

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he Anti-Smuggling Organization (ASO) Islamabad seized 5,000 kilogram of Lotrence Polyester (Plastic grains) from GT Road, Rawat Rawalpindi.

According to details given by sources to Customs Today that Collector ZulUikar Ali Chaudhry received a tip-off about some smuggling attempts. He immediately constituted different anti-smuggling squads to enhance the vigilance in the region. The anti-smuggling squad, comprising Superintendent Malak Abid Hussan and Inspector Hafeez, intercepted a vehicle and recovered 5,000 kilogram of lotrence polythene from 200 cartons.

Prior to the interception of the loader, the ASO team asked the driver of the vehicle to produce the legal documents regarding the import and transportation of the loaded goods. But the driver remained failed to provide any relevant documents. It was added that the ASO squad impounded the item along with a Mazda truck bearing registration No: LXC-873.

Sources told CT that, after registering a case against the possessor of the smuggling item, the case has been forwarded to the Customs Adjudication Department for further proceedings. It is necessary to mention here that Collector Customs

IHc orders parties to submit record of cases involving Dg I & I

Model Customs Collectorate Islamabad Chaudhry ZulUikar has adopted a comprehensive strategy to curb the smuggling attempts in the region.

Due to this policy, there is a reasonable decrease in the smuggling attempts in the jurisdiction of the MCC Islamabad. Meanwhile, All the customs stations working under the jurisdiction of the MCC Islamabad collected Rs40million additional Customs Duty (CD) during the Uirst

three weeks of February FY17-18 against a revenue collection during the same period of corresponding FY16-17. This was stated by Dr. ZulUikar Ali Chaudhry, Collector MCC Islamabad, while talking to Customs Today in an exclusive interview on Saturday. He said he has instructed all the stations and sections to make all possible efforts to meet the assigned revenue targets for the month of February FY17-18. He further said

that, during Uirst three weeks of February FY17-18, all the stations, comprising Islamabad Dry port (IDP), Air Freight Unit (AFU), Unaccompanied Baggage (UAB), Accompanied Baggage (AB), International Mail OfUice (IMO), Rebate Refund Section working under the umbrella of MCC Islamabad, showed satisfactory performance under the head of CD against the revenue collection during the same previous FY16-17.

parliament asks fBr to report on tax relief to chinese firm

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ISLAMABAD

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parliamentary committee has sought the details of the government’s agreement with China State Construction Engineering Corporation Limited (CSCECL), which had received Rs11 billion tax exemption from the Federal Board of Revenue (FBR).

The Senate Standing Committee on Finance and Revenue, which met

under the chair of Senator Saleem Mandviwalla, has once again discussed the calling-attention notice submitted by senators for giving tax exemptions to the Chinese company, which is constructing Karachi-Peshawar Motorway (Sukkur-Multan section). The FBR on the approval of Economic Coordination Committee had given an exemption to the tune of Rs11 billion to the Chinese Uirm .

National Highway Authority (NHA) Chairman Jawwad RaUique Malik informed the committee that

government had given tax exemption to the Chinese company under the framework of China Pakistan Economic Corridor (CPEC).

Three companies had participated in the bidding process of Karachi-Peshawar Motorway (Sukkur-Multan section). However, China State Construction Engineering Corporation Limited had offered Rs400 billion for the construction of the Motorway. The government had given tax exemption the company as it provided in other proj-

ects of the CPEC, he added.

Senator Noman Wazir said that government is borrowing at higher interest rate for the CPEC projects.

The volume of the loan is increasing and next generations would have to pay its price. He accused that it was connivance of the NHA and China State Construction Engineering Corporation Limited for getting tax exemptions worth of Rs11 billion.

Committee chairman Mandviwalla said that government had given the tax exemption after one

and half year of the issuing tender of the project. “Local industry is suffering due to the tax exemptions given to the Chinese companies,” he said and added that government should treat local and Chinese companies equally in terms of tax exemptions and other incentives. Benazir Income Support Programme Chairperson Marvi Memon gave detail brieUing the committee on the functions of the BISP. She informed that BISP is providing assistance to 5.6 million people.

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SHC issues notice to Customs officials in Indian Tulley fabric case KARACHI: The Sindh High Court has issued notices to the Customs officials for in a petition challenging assessment of Indian Tulley fabric under guideline instead of valuation ruling. Shaista Traders filed the petition through Franklin Law Associates on ground that custom authorities instead of assessing the imported item under section 25 are bent upon assessment and determination of custom duty and other taxes on the basis of guideline issued by the relevant officer which is an act beyond jurisdiction.

SHc seeks comments on petition filed by Nutshall traders

Wednesday March 7, 2018

Karachi

Adjudication-II exhibits brilliant potential by taking actions against defaulters

KARACHI

M B rANA

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he Sindh High Court (SHC) directed parties to come prepare and argue on a constitutional petition filed by M/s Nutshall Traders seeking exemption duty and taxes on a consignment of tiles imported from Sri Lanka, A twomember bench was hearing the petition. During the hearing, counsel for the petitioner stated that petitioner is lawful importer and always fulfills all the liabilities according with law and never involved in any criminal or tax evasion case. Counsel for the petitioner stated that petitioner imported a consignment of tiles from Sri Lanka which arrived at Karachi Port.

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SrB restores St registration of 9 taxpayers KARACHI

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indh Revenue Board (SRB) has restored sales tax registration of nine taxpayers, whose registration was suspended on noncompliance for payment of tax and non-filing of monthly returns. In an official note sent to Pakistan Revenue Automation Private Limited (PRAL), the SRB said these nine taxpayers have paid the penalty for non-filing and produced relevant CPRs. The SRB in July 2017 suspended sales tax registration of around 4,338 taxpayers for non-compliance. The taxpayers providing services are unable to fulfil their contracts due to state of suspension. Therefore, since July many taxpayers have paid outstanding and started filing monthly returns to get restored their registration.

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KARACHI

wAQAr AHMED ANSArI www.customsbulletin.com

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he Customs Adjudication-II showed outstanding performance by taking actions against tax defaulters and issuing many notices during 26 days of the current month. Source told Customs Today that Customs AdjudicationII served a Uinal notice on a defaulter company named M/s Wajid Ceramics Importers on Saturday and recovered Rs6.58million from M/s Junaid Plastic Karachi.

M/s Wajid Ceramics was allegedly involved in tax evasion. The company imported various types of ceramic accessories and other items on November 12, 2017 and got cleared through Examiner Waheed Khan, and used the wrong PCT heading. After a careful and long investigation, the Customs Adjudication-II issued a Uinal notice to the company on February 24, 2018 and cleared the outstanding amount of Rs4.48 million. Source said another company M/s Junaid Plastic got cleared a consignment of imported hard plastic Dana on November 11 and evaded a tax amount of Rs6.58million. After the investigation, the Customs Adjudication-II served a show cause notice on the company on December 15, 2017 but it failed to clear the arrears. The Collector Customs Adjudication-II issued a Uinal notice to the company on January 22, 2018. After receiv-

ing the notice, the company deposited Rs6.58million in favor of the Customs Department on February.

Meanwhile, The Directorate of Customs Post Clearance Audit has detected duties and tax evasion of Rs 8.88 million by M/s Zoobia Haq Enterprises Gharo, it is learnt here.

Sources told Customs Today that M/s Zoobia Haq Enterprises imported a consignment of aluminum sheets including round and square shapes and other things,

M/s Junaid plastic got cleared a consignment of imported hard plastic Dana on November 11 and evaded a tax amount of rs6.58million

court seeks challan in betel nuts smuggling case

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KARACHI

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he Directorate General of Intelligence and Investigation Customs submitted a Uirst information report before the customs court against 14 suspects for smuggling 612,032kg betel (Areca) nuts.

Reports suggest the nuts, worth Rs. 1.503 billion, were of poor quality, infested and unUit for human consumption.

During the hearing, investigation ofUicer appeared before the court and submitted the FIR according to which a customs team raided a private godown namely M/s Arbaz Godown situated at plot no A-41 near police station, SITE Karachi and recovered 8,536 bags weighing 612,032kg smuggled/ non-duty paid foreign origin poor quality betel (Areca) nuts.

He informed the court that a case was registered against Adnan, proprietor of M/s ABR Enterprise, Khalid Ahmed, Proprietor of M/s Anees &

Sons, Farhan Ahmed, Proprietor of M/s Farhan Impex, Abdul Ghani Ronjah, Proprietor of M/s Kiran Food Products, Farheen Irfan, Proprietor of M/s Rohain Corporation, Ghulam Mehdi Nayani, Arif Shahban, Mansoor Ahmed Proprietors of M/s Dilwala & Co and others to be ascertained during the investigation. He said that during the investigation, it was revealed that above mentioned suspects in connivance and collusion with each other and their other representatives, associates-in-crime.

and got it cleared from the PICT Karachi vide GDs on December 15, 2017 by paying customs duty very low at 8 percent after claiming the benefit of the SRO 563/2007.

However, the subject items were correctly classifiable under the PCT 2409.2479 attracting customs duty at 12 percent and income tax at 10 percent, thus, by way of misdeclaration of classification, the company evaded/short-paid Rs 8.88 million.

pak rupee closes firm against dollar he Pak rupee on closed firm against the US dollar both in open market and in interbank. As per the local money market, the greenback closed unchanged in open market and interbank for selling at 112.25 and 110.50 respectively. On Friday, the dollar gained 25 paisas in open currency market for buying at Rs111.95 for selling at 112.25.

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IRSA releases 58,200 cusecs water Wednesday March 7, 2018

Lahore

ISLAMABAD: The Indus River System Authority (IRSA) Thursday released 58,200 cusecs water from various rim stations with inflow of 41,700 cusecs.

According to the data released by IRSA, water level in the Indus River at Tarbela Dam was 1387.20 feet, which was 07.20 feet higher than its dead level of 1,380 feet.

Water inflow in the dam was recorded as 16,000 cusecs and outflow as 31,000 cusecs.

The water level in the Jhelum River at Mangla Dam was 1050.00 feet, which was 10.00 feet higher than its dead level of 1,040 feet whereas the inflow and outflow of water was recorded as 7,200 cusecs and 8,400 cusecs respectively.

tribunal orders recovery of duties from polyester staple fiber importer LAHORE

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he Customs Appellate Tribunal has ordered the Deputy Collector Multan and Collector Appeals to recover duties and taxes with the defaulted amount on the wrong use of DTRE in the import of 307,520 kilograms of polyester staple fiber.

The appeal was Uiled by the M/s Gulistan Textile Mills Limited Multan against Deputy Collector, MCC, Multan and Collector Customs (Appeals).

Imran Tariq, Member Technical, heard the case in details and passed the judgment with remarks that, according to the bylaws, appellant has failed to produce the legal documents regarding the import of 307,520 kilograms of polyester staple Uiber. The

‘Investigation against cDA officials started’

ational Accountability Bureau (NAB), Rawalpindi has formally started investigation against officers and officials of Capital Development Authority (CDA) and M/s BNP Pvt Ltd. They allegedly misused their authority in allotment of plot to M/s BNP Group for construction of Grand Hayatt Tower at Constitutional Avenue Islamabad. Director General, Rawalpindi Irfan Naeem Mangi Wednesday said the NAB was committed to eradicating corruption from the country under leadership of Chairman Justice (Retd) Javed Iqbal dream of corruption-free Pakistan could be achieved. –CB Report

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Member Technical also remarked that the department has also failed to recover all the taxes and duties with the defaulted amount. According to details of the case, M/s Gulistan Textile Mills Limited Multan had imported 307,520 kilograms of polyester staple Uiber and misused the bylaws. After the complete examination of the record and goods, adjudication proceedings were culminated and Orderin-Original (ONO) was passed with remarks that the department will have to recover Rs940750 with penalty of Rs50000 from importer.

The order was challenged before the collector of Customs Appeals who decided the appeal and passed the order before the appellant. Being aggrieved from the order, the appellant Uiled the appeal before the Customs Appellate Tribunal on the grounds that the order passed by earlier authority was not according to the facts and was passed in a mechanical fashion.

customs ASo detains 2120 crates of NDp rani Juice LAHORE

M HAYAt

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ollectorate of Customs Preventive Anti Smuggling Organization (ASO) seized 2120 crates of non customs paid Iranian origin Rani Juice during special checking. Sources told Customs Today, that Collector Faiz Ahmad received credible information about some smuggling attempts. He immediately constituted a different anti smuggling squads to enhance vigilance in the region. The anti smuggling squad comprising Inspector Gulzar Bhatti, Inspector Waheed Bhatti, Muhammad Yasir and Zafar Khan intercepted a vehicle and recovered 74 cartons of 383.61 kilograms of Iranian origin Iranian juice, 148 bags of skimmed milk weighting 3700 kilogram.

The ASO team asked the driver

of the vehicle to produce legal documents regarding import and transportation of loaded goods. The driver of the vehicle remained failed to provide any relevant documents.

After his failure Customs anti smuggling squads seized the entire goods and after registering a case against the owner of the goods forwarded the case to Cus-

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toms Adjudication for further proceedings. It is necessary to mention here that Collector Customs Preventive Faiz Ahmad adopted a comprehensive strategy to curb smuggling attempts in the region and due to this policy there is marginable decrease is being witnessed in the smuggling attempts in the region.

Banks urged to pay minimum pension fto reserves judgment on tax refund appeal of rs8,000 with annual increment of 5pc he Federal Tax Ombudsman concerned several times for the re-

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upreme Court of Pakistan (SCP) has ordered payment of minimum pension of Rs,8000 for retired employees of banks.

The banks have also been ordered to add increment of 5 percent every year starting January 01.

According to Taurus Research report issued said the apex court had released a detailed judgment disposing the suo moto taken by taken by the Chief Justice of Pakistan citing the exorbitant disparity in the wages of bank executives

and the pensions paid to the former employees of ABL, HBL and UBL. Effective immediately the above Banks must pay at least Rs8,000 per month to any pensioner (including their widows, where applicable), along with an annual increment of 5 percent in the aforesaid pension, effective on January 01 every year. The revised pension will be paid to pensioners linked to the basic pay ‘frozen’ category in past years for all the three banks. –CB Report

(FTO) has reserved a verdict on an appeal Uiled by the proprietors of M/s Faqeer Hussain against the Regional Tax OfUice (RTO-II) Lahore.

During the proceedings of the case before Advisor Mian Munawar Ghafoor, the counsel for the appellant argued that the RTO-II had failed to release the sales tax refund to the appellant since two years.

He said the RTO-II has been collecting excessive taxes from the company for the last two years. The petitioner approached the ofUicials

lease of refunds, but the RTO ofUicials failed to address the complaint after the lapse of a reasonable time.

Finally, the appellant decided to approach the FTO seeking its intervention in the case. The counsel appealed to the FTO advisor to direct the RTO-II to clear the refund claims.

The counsel further said that delay in release of refunds puts a burden on taxpayer therefore the RTOII should make audit of the case and release the extra amount collected from the taxpayer. –CB Report

tea imports into country grew by 11.35% in seven months

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LAHORE

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ea imports into the country during first seven months of current financial year increased by 11.35 percent as compared the imports of corresponding period of last year. During the period from July-January, 2017-18,

about 115,172 million tons of tea worth US$ 339.997 million imported to fulfill the domestic requirements as against the import of 119,314 million tons valuing US$ 303.343 million of the same period of last year, according the data of Pakistan Bureau of Statistics. During the period under review, about 80,171 metric tons of spices worth US$ 93.23 million im-

ported as compared the imports of 68,965 metric tons valuing US$ 75.939 million of same period last year, showing an increase of 22.15 percent. The imports of milk cream and milk for infants grew by 9.92 percent and about 55,042 metric tons of the commodity worth US$ 152.331 million imported as compared the imports 46,525 metric tons valuing of US$

138.584 million of same period of last year, it added. During the period under review, soyabean oil imports into the country also grew by 82.18 percent as about 118.795 metric tons of above mentioned commodity valuing US$ 105.778 million imported as compared the imports of 38,254 metric tons valuing of 58.063 million of same period of last year.

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PESHAWAR

IrfAN BAHADur

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he Customs House has collected Rs 1974.57 million revenue during the month of February against Rs1611.78 million collected during the same period of FY 2016-17.

The Customs House Peshawar generated Rs 362.79 million more revenue in February of Y which predicts that the tax collection has been on rise and customs department has not only achieved target but also surpassed the previous target with good margin.

The collection stated by MCC Peshawar showed that up to February the Collectorate have surpassed the proposed target of revenue collection. The Collector Muhammad Saeed Jadoon while giving short interview to Customs Today praised the customs staff of Customs House for generating extra revenue through made hard work.

The Collector Customs lauded the performance of customs staff for showing collection of Rs681.21 million under the head of customs duty in February which is more than Rs432.76 million generated in the same period of time during February of previous FY 2016-17.

The Customs Collectorate of Peshawar also received Rs 264.55 million through rebate claims up to the month of February which is very positive sign through which refunds has been collected. An amount of Rs 710 million has been collected under the head of sales tax on goods during February of current FY 201718 against Rs497.37 million collected in February of previous FY 2016-17 for which the collector lauded customs ofUicers and said that the credit of this collection goes to the whole Customs House. In between the collector said Pakistan Customs has been one of the major tax collection department and it’s stations are spread in all over Pakistan to collect major taxes in order to fulUil their services of collecting taxes which become 47 percent of whole collection done by Federal Board of Revenue. The Peshawar High Court earlier stopped Federal Board of Revenue to not collect Sale tax and Customs duty from FATA and PATA which also falls in the jurisdiction of Customs House Peshawar the Collector Customs added. The Collector Customs lauded the tax collected on head of FED in month of February which has been Rs 16.95 million and up to February the Customs House Peshawar has collected Rs 123.28 million FED on Imports which is a good sign for progression of

collecting more duty. The Customs department on head of with holding taxes collected Rs 301.86 million revenue in February and up to February the net collection carried out on head of WHT become Rs 3084.74 million on which the collector customs appreciated the customs staff. The Collector Customs further said that matters will be set out with Importers at Torkham border soon but no compromise will be made on securing national interests. The Collector customs added that several times educative seminars were arranged for customs clearing agents but they neither attended the seminars nor applied any positive attempts to understand the procedure of Web OC service at once.

The Collector customs further elaborated that it has been the time to move with international community for securing border management and providing favourable trade atmosphere to multinational importers and exporters. Collector Customs added that special direction has been given to carry out compete checking of vehicles loaded goods who reach Dry Port stations. The Collector Customs also has directed to facilitate importers at Bacha Khan International Airport in order to further enhance customs rules to be applied on luggage carriages and commercial movers.

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Founder & Chairman Zulfiqar Ali Editor rahil Yasin editor@customsbulletin.com.pk For advertising & subscription marketing@customsbulletin.com.pk www.customsbulletin.com Phones: 042-35781643-4, Fax: 042-35781645 Address: 627, Siddiq Trade Centre, Gulberg, Lahore

EDItorIAL

wto moot in New Delhi

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t a time the Indian army is committing daily violations of the peace agreement by continuous shelling on the Line of Control, New Delhi has invited Pakistan to attend a ministerial conference of the World Trade Organization scheduled to be held in March to iron out disagreements on subsidies and duties on fisheries and other commercial goods. Since the Bhartiya Janata Party took over the rein of the government in India four years ago, it started a policy of confrontation with Pakistan for domestic reasons. Even the driving force behind the birth of the Janata Party and its coming to power was antiPakistan rhetoric which it used successfully before and after the elections. Both the countries had signed an agreement back in 2003 to keep peace and stability on the border and coordinate not only for the resolution of outstanding issues, but also for the enhancement of trade volume. However, the new Indian government held up a jingoist posture and left no stone unturned but to spoil peace and regional stability for one reason or the other. India was a rising economic power during the previous Congress government, but now the ratio of the progress has been nose diving. The Modi government failed both on the internal and external fronts. Earlier, India had bulldozed a conference of the SAARC heads of states which was scheduled to be held in Islamabad two years ago. After years of conflicting statements and hostilities, now the Indian government has invited Pakistan to attend the WTO moot. A mini-ministerial conference of the member states of the World Trade Organization is arranged to make fresh eorts to reach consensus on issues, including on fisheries subsidies and e-commerce duties.

Commerce Minister Pervaiz Malik has been invited to attend the conference, but the Pakistan government has to decide if he would be available for the meeting or not.

The Indian government has been exposed not only as a troublemaker in the regional context, but also in the international forums where it always tries to put horse before cart by floating unreasonable demands. Reports suggest bilateral trade between the two countries was in the India’s favour as Pakistan’s exported goods worth only $392 million in 2014 while its imports from India remained $2.1 billion.

Another amnesty scheme T

LAHORE

Dr AftAB AfZAL

www.customstoday.com

he financial system of the country is on uneven trajectory as the process of making and breaking is going on unabated since inception. If a scheme is introduced for one term, it is rejected in another term by another team of financial managers. As a result, a practical system to fix taxes and duties as well as a mechanism of revenue collections could not be evolved. The laws are strictly made in a way that no one would be able to indulge in tax evasion, but the same laws are blatantly violated at the implementation

stage. According to Minister for State on Finance and Revenue, the government is going to introduce an amnesty scheme for the citizens who have stashed their money in foreign countries. The scheme will apparently provide the people an opportunity to bring their foreign assets back to the country. The government has also made a plan to rationalize tax rates and will raise the minimum slab for charging income tax to Rs800,000 from the existing Rs400,000. The rate of the corporate income tax will also be gradually reduced from 30 percent to 20 percent.

In the wake of increase in the import bill, which reached

$55 billion during the last fiscal year, the foreign exchange reserves have significantly declined. Another blow to the foreign exchange reserves is imminent as the government has to pay $3 billion to the International Monetary Fund. The export sector has recently revved up to some extent after four years of giving bleak performance. However, the rising gap between imports and exports created a huge trade deficit of $32 billion and increased pressure on the foreign exchange reserves. The authorities who are responsible for the payment of sales tax refunds go in hibernation and the exporters have to knock the doors of courts to

get their dues back. This is common practice in every government department as an effective system of check and balance of the government officials is absent in this country. It is yet to be seen how the government meet its targets by launching an amnesty scheme, it is plausible to rationalize the tax rates and reduce the number of taxes. The tax system should be simplified and authorities of the officials concerned should also be curtailed.

Otherwise, the people would continue to avoid payment of taxes and the government would continue to introduce amnesty schemes without any positive results of any kind.

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Customs I&I frustrates smuggling attempt of electronic goods from Quetta into Karachi KARACHI: The Directorate of Customs Intelligence and Investigation has foiled a bid to smuggle different electronic items including Plasma TVs, roof charging fans, different kinds of juicers and other goods worth Rs12.50million during a special checking.

Sources told Customs Today that Director Customs Intelligence and Investigation Quetta Muhammad Akram Chaudhary received a tip-off that some smugglers are trying to smuggle electronic items from Quetta into Karachi. He constituted a raiding team under the supervision of Superintendent Arif Ali and others. The team enhanced the surveillance near Bara Market Road and started searching of vehicles.

During the search operation, the team intercepted a truck bearing registration No: MGL-958 which was going out of Quetta.

IHc disposes of customs reference by remanding it back to Mcc for rehearing

Wednesday March 7, 2018

National

Surriya Butt set to revise Valuation ruling No: 765/2015 on April 9

ISLAMABAD

cuStoMS BuLLEtIN rEport www.customsbulletin.com

he Islamabad High Court disposed of a customs reference filed by the Model Customs Collectorate Islamabad. The IHC’s Division Bench, comprising of Justice Shaukat Aziz Siddiqui and Justice Mohsin Akhtar Kayani, disposed of the matter remanding back the case to the MCC for rehearing. The bench had reserved the decision after hearing the matter for several times.

The MCC filed this case against M/s Al Haj Enterprises. The bench had earlier directed the counsels to submit related record prior to the next date of hearing.

This case has been pending with the court since 2013. The same bench also issued fresh notices to parties about assisting the court on the matter of the M/s Hasas Engineering and Construction Company Private Limited. The appellant challenged the act of recovery of said amount by Commissioner Inland

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KARACHI

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wAQAr AHMED ANSArI www.customsbulletin.com

irectorate General, Customs Valuation, Director General Surriya Ahmed Butt has decided to revise the Valuation Ruling No: 765/2015 on April 9, 2018, it is learnt. Surriya Butt said the department was reviewing suggestions from various importers to set new prices of furnishing fabrics.

She said some valuations issued in 2015 were being reviewed from the beginning.

Moreover, the valuations will be set in view of the rising prices in the international markets. Sources told Customs Today that a petition was Uiled with the Customs Valuation in which change in prices of furnishing fabrics was requested.

Sources further told CT that Valuation Ruling No: 765/2015 was issued on October 9, 2015. A meeting was held with the stakeholders on 23rd of February 2018.

Importers were advised to furnish the import invoices of the last three months showing factual values as well as websites, names and

e-mail addresses of known foreign manufacturers of the item in question through which the actual current value could be ascertained.

Meanwhile, The Directorate General of Customs Valuation has revised the customs values of energy drinks

vide Valuation Ruling No: 1260/2018 under Section 25A of the Customs Act-1969.The Customs values of various brands of energy drinks from different origins were earlier determined vide Valuation Ruling No. 1203/2017 dated 22.08.2017. Direc-

tor General Customs Valuation vide Order-in-Revision No. 420/2017 dated 19.12.2017 directed to determine the customs value of non-carbonated energy drinks with brand name Carabao under section 25-A of the Customs Act, 1969.

Business community to get maximum benefits from cpEc: Dg FAISALABAD

Revenue of Larger Taxpayers Unit Islamabad. ATIR was also made a respondent in the case as the tribunal had upheld departmental decision regarding the issuance of a show cause notice and demand of the recovery of outstanding tax amount under the head of the federal excise duty. M/s Hasas Engineering and Construction Company Private Limited had prayed the court that the FBR office issued a recovery notice to the company which did not hold lawful grounds. The appellant had prayed the court to declare the act as illegal and without any lawful authority and an interim stay may be granted against the recovery proceedings.

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usiness community should give viable but futuristic proposal to get maximum beneUits from the industrialization phase of CPEC, so that targets of GDP growth could be achieved enabling Pakistan to get a berth in 20 major economies of the world during next ten to twelve years.

Addressing a seminar on ChinaPakistan Economic Corridor (CPEC), Syed Hamid Ali Director General CPEC cell of the Board of Investment (BOI) said that this major infrastructural project was consisted of four Phases, adding that Ministry of Planning was responsible of its Uirst three phases including Gwadar sea port, IPPs and infrastructure development from Gwadar to Hurmchi.

He said that fourth and Uinal phase was the industrialization stage which had been entrusted to BOI. It is actually a long term plan which will be completed by 2030, and during this phase special incentives would be offered to investors who will set up industries in nine proposed Special Economic Zones (SEZs) across the country. He clariUied that all investors including Chinese will get the same facilities from the Pakistani side. Regarding relocation of Chinese industries, he said that they are interested to invest in Textile, Steel & Iron, Mining and Agro base industries.

He further told that special incentives would also be offered to industries that will use local raw material and provide maximum jobs to Pakistani workers with minimum value addition of 20% in addition to exporting 80% of their products.

He encouraged the proposals of lunching maximum joint ventures and said that BOI is fully convinced to promote this mode of cooperation as it will help Pakistan to upgrade its industrial sector with use of new technologies. “On the other hand, the re-location of industries will help Chinese to avail from our cheap labor,” he added.

About the marketing of SEZs, he said that a road show will be arranged in UK on March 26, 2018.

Similar road show would also be arranged in China, USA and other countries to attract maximum investors, he added. He said that BOI is offering the facility of One Window Operation (OWO) to facilitate the potential investors in addition to upgrading its website. He further told that BOI is cooperating with CPEC center of excellence, where at least 50 Phd scholars are working exclu-

sively on the pros and cons of this mega project. He requested president FCCI to submit viable proposals to start joint venture with Chinese investors. He assured to provide a standardized format to get required information from FCCI members who are willing to launch joint venture with their Chinese counterparts. In his welcome address, President FCCI Shabbir Hussain Chawla said that China is under taking Uive corridors under “one belt one road” initiative and among these CPEC has attained distinctive position as a Ulagship project. He said that realizing the importance of investment of $60 billion FCCI had established a CPEC cell in FCCI last year. A standing committee on CPEC has also been created to concentrate on CPEC related issues. This committee has so far published two study reports on different aspects of CPEC.

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Excise and Taxation seals 291 properties, impound 124 vehicles Wednesday March 7, 2018

National SMEDA identifies 13 sectors for investment

SIALKOT: Special recovery teams of Excise and Taxation (E&T) department has sealed 291 properties and impounded 124 vehicles of chronic defaulters during a campaign here.The E&T teams had set up special pickets at all entry and exit points in Gujranwala division’s all six districts: Sialkot, Narowal, Gujrat, Mandi Bahauddin, Hafizabad and Gujranwala.

The teams checked more than 3,000 vehicles, out of which 124 were impounded for non-payment of registration and token taxes.

world Bank team reviews infrastructure up-gradation plan

SIALKOT

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ISLAMABAD

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mall and Medium Enterprises (SMEDA) Chief Executive Officer Sher Ayub Khan has said keeping in view the importance of China-Pakistan Economic Corridor (CPEC), SMEDA had prepared a detailed report highlighting the avenues of investment by China and Pakistan. The CPEC would open new vistas of development, prosperity and industrial growth in Pakistan and it will be much supportive in increasing exports to China to manifolds, he added. Talking to APP at Sports Industries Development Centre (SIDC), he said that SMEDA in its report had identified sectors in which business related investments could be made by Chinese businesses. He revealed that a total of 13 sectors had been identified for investment and development and these sectors had also been addressed in the SMEDA SME Development Plan which was a part of Pakistan Vision 2025.

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Excise dept to establish taxation court: Minister indh Minister for Excise, Taxation and Narcotics Control, Mukesh Kumar Chawla has said that the Sindh Excise Department will establish a Taxation Court to trial tax defaulters. He said this while presiding over a meeting here at his office on Thursday, said a statement. Sindh Secretary Excise and Taxation and Narcotics Control Abdul Haleem Shaikh, Director General Shoaib Ahmed Siddiqui and other officers also attended the meeting. He asked the Director Taxes to hire a suitable private accommodation on rental basis for establishment of Taxation Court within the budgetary allocation as per rules/policy. –CB Report

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ayor of Karachi, Wasim Akhtar, has said that road network in Karachi needs immediate attention and to this effect KMC has a comprehensive plan to repair, rehabilitate and reconstruct city bridges, Ulyovers and roads which had been constructed during last 50 years and are now in a dilapidated condition.He said that the World Bank will be provided with all possible help in its survey and study of such projects so that the basic city infrastructure could be made better.

On the directive of Mayor Karachi, senior ofUicers of KMC gave a detailed brieUing to the World Bank team comprising of environ-

mental municipal engineer Joseph A. Gadek, senior social development expert Najm-ul-Sehar and consultant Kabeer Dawani which paid a visit to the Karachi Metropolitan Corporation (KMC) Head OfUice to get the details of the development

projects.KMC ofUicers including director technical to Mayor S.M Shakaib, senior director municipal services Nauman Arshad, senior director anti-encroachments Basheer Siddiqui, senior director I.T S.M Taha, chief engineers of different

districts of Karachi and I.T Consultant Daniyal Ahmed were also present on this occasion. The delegation of World Bank was informed that repair and maintenance and extension of different bridges and Ulyovers would be done with an estimated cost of Rs.500 million.

The bridges were constructed over time of fifty years in the city and include the Old Clifton bridge, PIDC bridge, Lily bridge, Natha Khan bridge, Jam Sadiq bridge, Teen Hatti bridge, KCR bridge, Rashid Minhas Road bridge, Jinnah bridge Keamari and different bridges on Orangi, Lyari and Malir river. The KMC has also planned to start the Gujjar Nala bridge extension with a cost of Rs.500 million and repair and rehabilitation of Landi Kotal and Cafe Piyala Bridge costing Rs.500 million.

Multan rto surpasses revenue collection task T

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IMrAN ALI

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he Regional Tax OfUice has surpassed the revenue collection target as it has collected Rs 6.39 billion against assigned target of Rs 6.12 billion after the late-night collection of February 2017-18.

According to reliable sources of RTO that Federal Board of Revenue has assigned Rs.3.30 billion under the head of income tax target for the month of February and Regional tax authorities collected Rs.3.40 billion in terms of income tax. “The RTO has surpassed the assigned target of sales tax as it collected Rs.2.71 billion against the assigned target of Rs.2.70 billion for the month of February.

The Regional Tax OfUice has successfully achieved the allocated revenue tasks of February due to effective measures taken by authorities on

the directions of Chairman Federal Board of Revenue Tariq Pasha. The

Regional Tax OfUice has collected Rs.280 million against the revenue

task of Rs370 million under the head of federal excise duty (FED).

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Indian fabric import case: SHC issue notices to Customs officials for March 15 KARACHI: The Sindh High Court has issued notices to the Customs officials for March 15 in a case pertaining to Indian fabric import case.

A SHC appellate bench, comprising JusticeMunib Akhtar and Justice Mrs Ashraf Jahan, heard a lawyer appearing for the petitioner N.J Textiles which imported raw material from India. The consignment was detained by the Directorate of Intelligence and Investigations which was then challenged before the adjudicating authority. An Order in Original was also passed but the same was not implemented forcing the petitioner to file the instant petition.

Appraisement East foils bid to import betel nuts as auto parts at pIct KARACHI

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ustoms’ Appraisement East has foiled an attempt to import huge quantity of betel nuts under the guise of auto parts at Pakistan International Containers Terminal (PICT). Appraisement East Collector Saeed Akram got information that some Lahorebased importers were misusing the facility of transshipment for smuggling of betel nut into the country through misdeclaration. Reacting on it, a team of the officers of Research & Development section has been constituted for strict surveillance to curb the menace. Under the supervision of Deputy Collector Muhammad Ali Malik, the team has raided at Pakistan International Container Terminal (PICT) and intercepted a

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consignment of M/s Al-Noor Enterprises, Lahore comprising of lx40 container no TCKU9539735 and destined for NLC Terminal, Lahore. The team after detailed examination of the container recovered 25 metric tons of betel nuts being cleared in the garb of cables, glass beads, etc, resultantly, the recovered betel nuts were seized on the spot. During initial course of investigation, it was revealed that M/s Al-Noor Enterprises filed a Transshipment GD for Lahore NLC Station Lahore declaring Networking Cables Glasswares, Mobile Speakers Glass Beads and Soaps imported from Jebel Ali, UAE CFR@ $10800. The goods are to be taken to Lahore by bonded carrier M/s Arrow Transport Logistic Private Limited. A case has been registered against the importer. Further investigation was under way.

National

pak-Afghan trade up by 14.08pc in first half of fiscal year 2017-18

fSt issues fresh orders to submit record of cases being fought by fBr employees ISLAMABAD

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he Federal Service Tribunal during a recent week issued fresh directives to submit the relevant record of cases being contested by the employees of the FBR. FST Chairman Justice (R) Sayed Zahid Hussain and and Dr Nazir Saeed heard three cases filed

by M Sulaman Javed, Muhammad Nawaz, Muhammad Shakeel Akhtar and others. Muhammad Sulaman Javed had prayed the tribunal to ensure the implementation of its already given decision. Muhammad Nawaz had challenged the dismissal from services and Muhammad Shakeel Akhtar did the removal from services.

Tribunal’s bench had also recently reserved the decision on the promotion cases filed by M Iqbal, Habib Ahmed, Tariq Tanveer and Noreen Safia. Both employees of the FBR had submitted complaints regarding their promotions and asked the tribunal to direct the department for awarding them meritorious scale in the department.

Tariq Tanveer and Noreen Safia had filed these petitions in which they had pleaded against the dismissal from services.

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rade between Pakistan and Afghanistan had been declining for the last two Uiscal years, but increased by 14.08 percent during the Uirst six months of the current Uiscal year, sources said.

Pakistan’s exports to Afghanistan has increased by 10.95 percent and imports by 23 percent, they said.

Afghanistan has imposed high tariffs on Pakistani products like juices, cement, pharmaceuticals and PVC pipes. However, the recent increase witnessed in trade volumes indicates an improvement. The volume of bilateral trade between the two countries has come down from $1.846 billion in 2015-16 to $1.623 billion in 2016-17. Pakistan’s exports to Afghanistan have also decreased from $1.437 billion to $1.286 billion while imports from Afghanistan witnessed a decrease from $0.409 billion to $0.337 billion during the same period. Sources at Ministry of Commerce (MoC) told Customs Today that Ministry of Commerce had been trying to engage the Afghan Trade Ministry for a meaningful dialogue to overcome

Wednesday March 7, 2018

impediments towards growth in bilateral trade. The response from Afghan side is awaited. The sources said that the reasons of declining trade during 2016-17 were decrease in aggregate demand as a result of the withdrawal of NATO forces from Afghanistan, increasing trust deUicit of Afghanistan, worsening law and order situation in Afghanistan, frequent closure of the Pak-Afghan border and diversion of

Afghan trade to Iran and others.

Moreover, the sources said that security threats to Pakistan due Afghanistan’s increasing engagement with India, restrictions on visa and travel, poor infrastructure at borders and international donor funding in Afghanistan dropped for development projects also contributed largely in reducing bilateral trade between both the countries.

fBr amends It rules to curb tax evasion by multinational cos

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ISLAMABAD

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n order to tax evasion by multinational companies, the Federal Board of Revenue (FBR) has made amendment in income tax rules to work along with the Organization for Economic Cooperation and Development (OECD).

The multinational companies are in practice of tax avoidance through shifting proUits to tax-havens and claiming higher expenditures. The FBR has recently made new amendments to the Income Tax Rules 2002, making them compatible with requirements of the OECD. By

amending Rule 27G of the Income Tax Rules 2002, the FBR has withdrawn the condition of Uiling country-by-country report by the multinational companies for tax year 2017. Now the companies will be required to Uile these reports for 2018. Multinational companies are shifting their proUits to low-tax countries to avoid heavy taxation and expenses to destinations where they are counted at higher rates. The OECD has undertaken a number of initiatives to counter this phenomenon. The OECD is working to align transfer pricing – an accounting standard where various entities of a multinational company transact

with each other – with value creation to curb tax avoidance.

G20 nations have developed a 15-point action plan to curb tax avoidance in which point 13 gives detailed guidelines for transfer pricing documentation and also provides a standardised reporting format called Country-by-Country Reporting (CBCR). Commenting on the new FBR amendments, Tola Associates, a chartered accountancy Uirm, said that CBCR was likely to cause a meaningful impact on both the FBR and taxpayers. But it said the requirement of maintaining the Master File and CBCR would overburden the companies that were al-

ready meeting local documentation requirements. This may signiUicantly enhance the cost and create new administrative challenges for the multinational companies, it added.

The chartered accountancy Uirm said the FBR’s risk-based approach for transfer pricing assessment would help tax authorities to identify the mismatch in value creation and allocation of income by the multinational companies. The turnover limit for reporting purposes is Rs50 million for the local Uile and Rs100 million for the Master File. Pakistan is closely working with the OECD to strengthen its legal framework.

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Exports sweeten turnovers for Swiss chocolate makers

World Customs

ZURICH: Swiss Chocolate Manufacturers (Chocosuisse) reported total sales of CHF1.85 billion ($1.98 billion) for the year. The volume of chocolate sold also increased by 2.7% to 190,731 tons.

However, sales inside Switzerland dropped by 1.3%. Swiss residents consumed “only” 10.5 kg of chocolate per person in 2017; half a kilo less than the year before. It was the growth in exports that offset the decline in domestic. The volume sold abroad increased by 4.8% to 127,923 tonnes, while total export turnover increased by 6.9% to CHF936 million.

Wednesday March 7, 2018

four taiwanese held for smuggling gold into India

Swiss insurer starr appeals denial of 38M tax refund ZURICH

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TAIPEI

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our Taiwanese have been arrested in New Delhi and Mumbai earlier this month on charges of smuggling gold into India. According to customs ofUicials at the Indira Gandhi International Airport in New Delhi, on Feb. 2, they had stopped a Taiwanese national arriving from Hong Kong and found four gold bars wrapped in a newspaper in the pocket of his trousers.

“We interrogated him with the help of a Chinese speaking passenger and traced another Taiwan national for being part of the racket,” said the customs ofUicial, requesting anonymity, reported the Hindustan Times daily. Earlier, two other Taiwanese had been arrested on the same charge in Mumbai. They had brought the gold from Hong Kong.

Meanwhile, Taipei and Taoyuan

chittenango native leading initiative against taliban ommander Andrew Patterson, a Chittenango native, is an intelligence officer in the United States Navy Reserve, and is the current branch chief of Intelligence, Surveillance, and Reconnaissance (ISR) Plans/Operations in Afghanistan. As the branch chief of ISR Plans and Operations, he is in charge of conducting intelligence collection operations against the Taliban throughout Afghanistan. Patterson and his team work with joint regional U.S. Military personnel to support U.S. Forces Afghanistan priorities and objectives.

“It is an honor to serve my country and serve alongside so many dedicated professionals,” Patterson said. “Having known people killed in the attacks on Sept. 11, 2001, I have a somewhat unique perspective of what it means to be over here. –CB Report

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cities in Taiwan are equipped with artiUicial visual sensors that see threats ahead and warn the drivers of them. The technology was created by Mobileye, an Israeli Uirm. It is the most prominent example of cooperation in high technology between Taiwan and Israel.

“Mobileye is the leading company in its Uield in the world,” said Asher Yarden, representative of the Israel Economic and cultural ofUice in Tai-

wan. “It improves security for the vehicle and the driver and cuts the costs of insurance.” In May 2017, Intel paid US$15.3 billion to acquire Mobileye, the most expensive acquisition ever of an Israeli high-tech company. The man who sold the Mobileye system to the Taipei and Taoyuan city governments was Edward Wen, secretary-general of the Taiwan Israel Chamber of Commerce, set up in 2011.

french jewelers showcase high end creations in HK

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rench expertise is being be showcased at its own pavilion featuring Uive exhibitors at the Hong Kong International Jewellery Show from March 1 to 5 at the Hong Kong Convention and Exhibition Centre, Hall 3C. Two French professional manufacturers are also joining the 5th Hong Kong International Diamond, Gem & Pearl Show until March 3 at AsiaWorld-Expo.

France’s Uine jewelry industry

represents a turnover of 2.1 billion euros. As the world’s seventh biggest exporter, France produces and exports 7.6 billion euros worth of Uine jewelry each year. With a pool of 11,000 jobs, the industry comprises more than 2,700 brands in France and overseas. France is also the sixth biggest supplier to Hong Kong, exporting more than 844 million euros, worth of Uine jewelry every year. –CB Report

wiss insurer Uighting for a $38.2 million tax refund in the U.S. appealed two decisions against it from a D.C. federal court on Monday, saying that the Internal Revenue Service was wrong to deny it preferential tax treatment under a U.S.-Switzerland tax treaty.

Starr International Co. Inc. has lost twice in its September 2014 lawsuit against the U.S. government.

U.S. District Judge Christopher R. Cooper ruled Uirst in March 2016 that the court lacked power to grant monetary relief.

Meanwhile, The accord Uinalises negotiations that began back in 2010. In August 2016, Switzerland’s executive body, the Federal Council, had signed off on a plan outlining Switzerland’s political role and the impact on tax revenues.On Sunday,

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Maurer also spoke with the Saudi Uinance minister about cooperation in Uinancial matters and the creation of a regular dialogue on such issues between the two countries. The Swiss minister had arrived in Riyadh on Saturday for a four-day visit to the Middle East, accompanied by Swiss State Secretary for International Financial Matters Jörg Gasser, as well as representatives of some dozen Swiss Uinancial institutions.

During the trip to the two countries which a Uinance ministry press releaseexternal link described as “important target markets for Swiss Uinancial service providers outside Europe,” the Swiss delegation will meet with representatives of supervisory authorities, central banks, and private sector actors. According to the press release, these meetings “will deal with enhancing dialogue and cooperation in Uinancial and tax matters with two important partner states of Switzerland in the Gulf region, and bilateral and multilateral concerns regarding Uinancial matters and concrete cooperation.”

Swiss chocolate makers’ exports grow ales of Swiss chocolate grew by 3.1 per cent in 2017 thanks to foreign demand, despite a decline in domestic consumption, Chocosuisse reported. Chocosuisse, the Federation of Swiss Chocolate Manufacturers, reported total sales of 1.85 billion Swiss francs (1.98 billion US dollars) for the year. The total volume of chocolate sold also increased by 2.7 per cent to 190,731 tonnes, said the 80-yearold federation. However, sales inside Switzerland dropped by 1.3 per cent. Swiss residents consumed “only” 10.5 kilogrammes of chocolate a person in 2017; half a kilo

less than the year before. It was the growth in exports that offset the decline in domestic consumption. The volume sold abroad increased by 4.8 per cent to 127,923 tonnes, while total export turnover increased by 6.9 per cent to 936 million Swiss francs. After a three-year decline, the German market climbed in 2017, reporting a 16 per cent increase in sales.

Except for the United States, which was down by seven per cent, the other top Uive consumer destinations also grew: the UK by two per cent, France by eight per cent and Canada by six per cent. –CB Report

Jordanians should see better economy by year-end or 2019

H AMMAN

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is Majesty King Abdullah on Monday said that Jordanians should see better economic conditions by the end of the year or 2019, according to a video showing part of a meeting with tribal leaders that was published on local news

sites. At a meeting with Bani Sakher notables in Muwaqqar, 20km east of Amman, the King said that the economic challenge is “what keeps me awake at night”, but he voiced hope that growth will be achieved and investors lured into the country.

King Abdullah noted that during his visit to India, due to start Tuesday, the issue will be on his agenda as he talks to Indian leaders.

He said India is interested to beneUit from Jordan as a gateway to Iraq, which is going through a rebuilding process, and Africa, so they will establish factories and businesses in the country for that purpose, also aware that the Kingdom has free trade deals with the US, the EU and other major world economies. The King said that other countries are also interested, including China.

However, he said such a development necessitates that “government agencies open their doors [to incoming investors]”. “I have been very tough on ofUicials. I have been giving them deadlines to carry out certain tasks within weeks or months and if they fail, they will be Uired,” His Majesty said. “We are all on the same boat: If we want to improve economy and protect the Middle class.

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US port to receive four Chinese-made cranes NEW YORK: A Chinese heavy-lift ship carrying four big container cranes is sailing toward Tacoma, a port city in Washington state, local authorities said this week.

The 47,107-ton heavy load carrier Zhen Hua 28, which is 232 meters long and carries the flag of China’s Hong Kong, is scheduled to arrive on Friday in the port of Tacoma, according to the latest announcement by the Northwest Seaport Alliance (NSA), the port authority based in the Puget Sound region that comprises the seaports of Tacoma and Seattle, the largest city in Washington. The ship will sit at anchor in Commencement Bay for a day or two before delivering the cranes to Husky Terminal at the northwest end of the Blair Waterway, the NSA said.

Shipping activity at port Qasim risk shipping was recorded at the Port where six ships, Marie Delmas, Lowland Amster, Secon-7, Rainbow Island, YM Saturn and British Emerald carrying Containers, Coal, Palm oil, Chemicals and LNG were allotted berths at Qasim International Container Terminal, Multi-purpose Terminal, Port Qasim Electric Power Terminal, Liquid Cargo Terminal, Engro Vopak Terminal and Engro Elengy Terminal respectively during last 24 hours.

Meanwhile five more ships, AlSoor-II, Meltemi, Red Eagle, Gas Esco and Amadeus carrying Diesel oil, LPG and Soya Bean seeds also arrived at outer anchorage of Port Qasim during the same period.

Berth occupancy was observed at the port at 59% on Wednesday where a total of ten ships namely, Marie Delmas, MSC Heidi, Daranee Naree, Panorama, Lowland Amster, Secon-7, YM Saturn, British Emer-

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Ports & Shipping

port of gdynia to invest pLN 1 billion by 2020 WARSAW

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lanned changes include the creation of a ferry terminal by 2021, deepening the port to 16 metres, widening the entrance to the port by 40 metres, and development of wharves.

Port of Gdynia CEO Adam Meller said that this heralds “a time of great investment and great changes” for the port. The investment in the port’s facilities is happening as the government invests in local transport infrastructure, with two railway lines being expanded to give the port better links to urban areas.

Gdynia is one of the largest ports in Poland. In 2017 it handled a record 21.2 million tons of goods, making a net proUit of PLN 77 million (EUR 19 million).

The port’s authorities have further ambitious projects in the pipeline and expect the port’s surface area to roughly double over the next decade. Meanwhile, A Chi-

nese heavy-lift ship carrying four big container cranes is sailing toward Tacoma, a port city in Washington state, local authorities said this week. The 47,107-ton heavy load carrier Zhen Hua 28, which is 232 meters long and carries the flag of China’s Hong Kong, is scheduled to arrive on Friday in the port of Tacoma, according to the latest announcement by the Northwest Seaport Alliance (NSA), the port authority based in the Puget Sound region that comprises the seaports of Tacoma and Seattle, the largest

city in Washington. The ship will sit at anchor in Commencement Bay for a day or two before delivering the cranes to Husky Terminal at the northwest end of the Blair Waterway, the NSA said.

The four cranes are part of the eight new super-post-Panamax cranes ordered by the NSA from Shanghai Zhenhua Heavy Industries Co. Ltd (ZPMC), a Chinese multinational engineering company and one of the world’s largest manufacturers of cranes and large steel structures.

Wednesday March 7, 2018

taiwan’s exports imports surge in January oth Taiwan’s exports and imports registered double-digit growth in January, mostly due to global economic recovery and demand ahead of the Chinese Lunar New Year holiday, according to a report by the Taiwan Institute of Economic Research (TIER) Monday. The report showed that Taiwan’s exports rose 15.33 percent from a year earlier in January, growing at a double-digit pace for three consecutive months.

Driven by the demand for consumer goods ahead of the Chinese Lunar New Year, Taiwan’s imports in January increased 23.3 percent compared with the same period last year. Taiwan’s trade surplus in January stood at 2.42 billion U.S. dollars, down 30.8 percent from the same period last year. Meanwhile, Taiwan’s export orders in January are expected to rise for the 18th straight month but at a slower pace than in December, as demand for the island’s technology products remained robust, a Reuters poll showed.

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Kpt shipping movement, cargo handling report ald, Rainbow Island and Constantinos are currently occupying berths to load/offload Containers, Cement, Soya been seeds, Coal, Chemicals, LNG, Palm oil and Diesel oil during last 24 hours. Cargo handling during last 24 hours remained at 141,414 tonnes, comprising 87,532 tonnes import cargo and 53,882 tonnes export cargo inclusive of containerized cargo carried in 3,243 Containers (TEUs), (949 TEUs imports and 2,294 TEUs exports) was handled at the port during last 24 hours. Oil tanker ‘Constantinos’ sailed out to sea on Thursday morning, while three more ships Marie Delmas, MSC Heidi and YM Saturn are expected to sail on same day in the afternoon.

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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: LOS ANGELES TRADER Cont VIRGO Cont OOCL America Cont Navios Felicitas Container Ship Shandong Hai Sheng General Cargo Lian Le Hu Tanker Newark Container Ship SHIPS SAILED: Mol Eminence Prosper Nordspring Los Angeles Trader M.T.Karachi Virgo Cargo Handling Turnover: The total cargo handled at Karachi Port during the last 24 hours closed at 226,567 metric tons. The breakup shows that the port has handled 66,198 metric tons of export cargo and 160,369 metric tons of import cargo during the said period. Commodity wise

handling in metric tons is given below. Commodity Import Export Total Containers 87,051 50,374 137,425 BulK 3,004 600 3,604 Dap 18,177 18,177 Sugar 524 524 Oil/Liquid 52,137 14,700 66,837.

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-I Lian Le Hu D. Jet Oil Alpine 25/02/18 OP-II Al Mahboobah D. Chemical Wilhelmsen 24/02/18 OP-III Wei Chi L. Naphta Alpine 21/02/18 ALONG SIDE (East Wharves) 11/12 Astra Centaurus D. Dap Bulk-Sh. 22/02/18 12/13 Shandong Haisheng D. Gen.Cargo M.R Traders 25/02/18 ALONG SIDE(P.I.C.T) 8/9 Los Angeless Trader D. L. Cnt. Riazeda 24/02/18 ALONG SIDE(PDWCP): Berth vacant….

Along Side(West Wharves) 21 Taj L. Sugar WMA Shipcare 23/02/18

ALONG SIDE (K.I.C.T): 26/27 OOCL America D. L. Cnt. OOCL Pak 25/02/18 28/29 Navios Felicitas D. L. Cnt. CMA CGM Pak 25/02/18 28/30 Newark D. L. Cnt. NYK Line 25/02/18 EXPECTED ARRIVALS: CONTAINER (GEARLESS) COSCO Durban COSCO 26/02/18 Not Sched 600 Cnt. 600 Cnt. Mol Earnest Mol Pak 28/02/18 Not Sched 700 Cnt. 1000 Cnt. Xin Chang Shu P-Delta 02/03/18 Not Sched 600 Cnt. 600 Cnt. Kota Kamil P-Delta 07/03/18 Not Sched 300 Cnt. 500 Cnt. GENERAL CARGO: CMB Virgine General-Sh 26/02/18 Not Sched 20,352 Steel Nil Indian Light OC.World 27/02/18 Not Sched 16,227 Steet Coils Nil Kobe Star GAC 23/03/18 Not Sched 28,716 GC Nil Damas Crystal Sea 23/02/18 Not Sched Nil 163 G.C Hermann-S GAC 23/02/18 Not Sched 30,974 Steel Nil Industrial Revoution Project-sh 28/02/18

Not Sched 65 GC Nil Royal Jade GAC 23/03/18 Not Sched 14,349 Steel Nil Kong Que Song COSCO 03/03/18 Not Sched 3,735 GC Nil LOADER: Excellent Pescadores OCServices 26/20/18 Not Sched Nil 15,000 Wheat OIL TANKER: YM Mirinda General-Sh. 26/02/18 Not Sched 3,000 Chemical Nil SHIPS OFF PORT: Vessel Name Type Agent expected Berth No. Arrival Date Arrival Time Remarks Kota Karim Container Ship P-Delta 25/02/18 22:30 Lake Sturgeon Oil Tanker GAC 13/02/18 13:50 Gloiriious Oil Tanker Alpine 21/02/18 08:00 BW Zambesi Oil Tanker GAC 21/02/18 13:30 1 Enteral Diligence Oil Tanker GAC 23/02/18 06:12 Amazon Guardian Oil Tanker PNSC OP-III 24/02/18 13:38 BW Cobalt Oil Tanker Alpine 24/02/18 23:30 Corona Oil Tanker Alpine 25/02/18 22:30 LEGEND: 1 Shifted form OP-II TO O/A.

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PML-N govt brings CPEC, initiates 10,000 MW energy projects: Zubair Wednesday March 7, 2018

Business

ISLAMABAD: Governor of Sindh Muhammad Zubair said that credit goes to Pakistan Muslim League-Nawaz (PML-N), government for bringing China Pakistan Economic Corridor (CPEC), and launching 10,000 megawatt power projects to resolve loadshedding problems.

The PML-N government took initiatives for restoration of peace in Karachi, he said while talking to a private news channel.

‘Budget 2018-2019 to focus on broadening tax base’ ISLAMABAD

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dviser to Prime Minister on Finance, Dr. Miftah Ismail has said that budget 2018/2019 to focus on broadening tax base. He said while chairing a meeting to review the activities related to preparation of Budget 2018-19. The additional secretary budget gave the meeting a brieUing on the budget preparations and shared timelines for various activities. The adviser directed that budget related activities be given due priority and agreed timelines be fully adhered to.

He said that keeping in line with

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the traditions of the past four years of the PML-N government, due importance would continue to be accorded to proposals from all the

cement sector registers 14.30pc growth during first 8 months

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OREIGN CURRENCY ACCOUNTS SCHEME — RATES BAY BID MAXIMUM RATES FOR PAYMENT OF INTEREST BY ETHERIZED DEALERS R A T E S U.S. DOLLARS VALUE 05-03-18 For 3 months and over but less than 6 months 1.7746% PA 2.5246% PA For 6 months and over but less than 12 Months 1.9749% PA 2.7249% PA For 12 months 2.2575% PA 3.1325% PA For 2 Years 2.2575% PA 3.6325% PA For 3 Years 2.2575% PA 3.8825% PA For 4 years.

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stake holders, particularly business community and the chambers of commerce and industries. He added that the budget would re-

flect government’s efforts for having inclusive economic growth, measures for expanding the taxbase and tax net while also taking steps for improvements in all sectors of the economy.

The meeting was attended by senior officials of the budget wing of the ministry of finance.

Meanwhile, Pakistan Agricultural Research Council (PARC) and Centre for Global Strategic Studies (CGSS) have signed an MoU. A delegation headed by Maj Gen (r) Khalid Jaffery, HI (M), president of CGSS, visited PARC HQs and attended the memorandum of understanding signing ceremony. As per terms and conditions of the memorandum, both organizations will be responsible to strengthen mutual visits, communication, expertise.

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LAHORE

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|he cement sector is experiencing dream growth particularly in the domestic market for the last three years, as the industry has registered an overall growth of 14.30 percent during Uirst eight months period (July-Feb) of the current Uiscal year.

According to the latest data released by All Pakistan Cement Manufacturers Association (APCMA) on Friday, the total cement despatches in the

Uirst eight months of this Uiscal stood at 30.106 million tons compared with despatches of 26.339 million tons during the corresponding period of last year. This is an increase of almost 4 million tons in eight months. The data shows that the cement despatched crossed volume of 4 million tons in two months of Jan and Feb 2018. The total cement despatches were recorded as 3.781 million tons in Feb 2018. Out of this, despatches in the North were 3.052 million tons while cement despatches in Southern part amounted to 0.729 million tons. The exports from North based mills

amounted to 0.181 million tons and from South based mills was 0.120 million tons. The capacity utilization in the Uirst eight months of this Uiscal was 91.34 percent of the total installed capacity of the cement sector. The spokesman for APCMA said that cement industry is among the highest contributors to the national exchequer over the last few years. The contribution has increased to Rs117 billion in 2016-17 from Rs39 billion in 201213. Attributing domestic growth in the sector to the policies of the government and its thrust on mega infrastructure projects.

Inflation rate falls 3.8pc in feb ISLAMABAD

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nflation rate has fallen to 3.8 percent in February despite continuous increase in petroleum products prices and the government’s decisions to devalue the rupee against the US dollar. Inflation measured through Consumer Price Index (CPI) has recorded at 3.8 percent in February 2018 as against the same month of the previous year, according to the latest data of Pakistan Bureau of Statistics (PBS). The inflation had recorded at more than 4 percent during last three months (November to January). Due to increase in inflation, the State Bank of Pakistan had raised the interest rate to 6 percent to pre-empt overheating of the economy and inflation breaching its target rate. The central bank has also warned that inflation would increase in the months to come due to impact of rupee depreciation and rising international oil prices. However, it has come down to 3.8 percent during February that contradicted the SBP projections. The federal government is continuously increasing the petroleum products prices from last several months. Apart from the SBP, the economic experts also believed that rising oil prices would fuel the inflation rate.

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Development, economic stability agenda of pML-N ISLAMABAD

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inister for Interior Ahsan Iqbal said Sunday that development and economic stability was the agenda of Pakistan Muslim League Nawaz (PML-N) government and its leadership.

Talking to a private news channel, the minister said the PML-N believed in supremacy of the law and

always worked for strengthening the national institutions.

He said the PML-N emerged as a big victorious political party in the Senate and no body could remove love of Nawaz Sharif from the hearts of the people. He said popularity graph of Nawaz Sharif and his party was increasing day by day, adding that people of the country were not accepting the decision of disqualiUication of their beloved leader and results of all by elections were proof

of this fact. Ahsan Iqbal said PML-N and its leadership was respecting the judiciary, however added that showing reservations or criticising its decisions was the constitutional right of every citizen. He said, political target killing was being held against the PML-N in the country and it was continuously being attacked since 2014. Replying to a question, he said the PML-N and its leadership was in favour of accountability but it should be held in

transparent manner, without any discrimination. All national institutions should work in their constitutional parameters and they should avoid to interfere in matters of each others, he added. He said the prudent policies of former Prime Minister Muhammad Nawaz Sharif had made the country peaceful and strengthened national economy. The incumbent government also overcame energy shortfall, started many mega developmental projects in-

cluding China Pakistan Economic Corridor (CPEC), he said adding that it was Nawaz Sharif who made the country impregnable nuclear power.

He said Pakistan had rendered sacriUices in war against terror and achieved unprecedented successes in this regard during last three years. The PML-N would win the general elections 2018 on the basis of its Uive years performance. He said people would decide who would rule the country.

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HCCI welcomes decision of Sindh Govt to control environment pollution HYDERABAD: The Vice President Hyderabad Chamber of Commerce and Industry Ziauddin has welcomed the decision of Sindh Government for imposition of Section 144 Cr. P.C. banning the tossing up the garbage on roads and streets to control environment pollution. In a statement on Wednesday, he said that accumulation of garbage dumps in various parts of Hyderabad particularly at the business centres was causing great inconvenience to citizens particularly the businessmen. The banning on tossing up the garbage and its burning under Section 144 Cr.P.C. would help in creating healthy environment in the city, he said and appealed to citizens to avoid tossing up garbage on roads and streets. Welcoming the formation of Water Commission by the Supreme court, the Vice President HCCI assured that traders and industrialists would extend their full cooperation to follow the directives of the commission in letter and spirit.

romania eyes $500m annual bilateral trade with pakistan in near future

Wednesday March 7, 2018

Chambers

pakistan aims $5b annual trade with Africa in next five years

ISLAMABAD

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E Nicolae Goia, Ambassador of Romania said that his country was aiming to take annual bilateral trade with Pakistan up to $500 million in near future as both countries have great potential to promote trade in many areas.

He was addressing business community during his visit to Islamabad Chamber of Commerce & Industry. Mihai Stefan Dinu, Minister Counselor and Deputy Head of Mission of Economic Affairs also accompanied at the occasion. The Envoy said that Pakistan and Romania enjoyed excellent political relations but economic relations were not up to real potential. He said Romania was keen to develop strong economic ties with Pakistan as it was an

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important country with great potential for business relations. He said CPEC was an important project for Pakistan as it would promote regional connectivity and bring great economic dividends to Pakistan. He said Romania was also interested in becoming a part of CPEC. Nicolae Goia said that the security situation was quite better in Pakistan that would help in promoting business and investment activities. He said that Pakistan has the potential to achieve economic development like Japan in next 10-15 years as it has huge natural resources and potential to grow. He assured that his Embassy would work with ICCI to promote contacts between private sectors of Pakistan and Romania. Speaking at the occasion, Sheikh Amir Waheed, President, Islamabad Chamber of Commerce & Industry that the current volume of bilateral trade of around $100 million was not reflective of actual potential of both countries and strong efforts from both sides were needed to improve it.

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he Islamabad Chamber of Commerce & Industry in collaboration with Trade Development Authority of Pakistan/Ministry of Commerce organized a “Look Africa” Trade Forum that was aimed at exploring new avenues of promoting trade and exports with African countries. The diplomats of Nigeria, Kenya, Libya, Sudan, Tunisia, Mauritius, and Egypt attended the trade forum. Ms. Maria Kazi, Joint Secretary, Ministry of Commerce and Khalid Rasul, Director, TDAP were also present at the occasion. Addressing the Trade Forum, Sheikh Amir Waeed, President, Islamabad Chamber of Commerce & Industry said that 54 African countries were a market of over 1 billion people with huge potential for Pakistan to promote trade and exports.

He urged that government should sponsor trade delegations to African region to explore new avenues of trade with it. He said that total trade volume of Africa was around $ 1 trillion, but Pakistan’s total trade with

it was only 3 billion, which was quite negligible. He emphasized that government should provide incentives to private sector for organizing exhibitions in African countries to introduce more Pakistani products in the region. He said Pakistan has resident missions in only 15 African countries and stressed that Pakistan should open its missions

in all major African countries that would help in improving trade and economic relations with the region.

Ms. Maria Kazi, Joint Secretary, Ministry of Commerce gave a detailed presentation on trade potential with Africa. She said Pakistan’s exports to Africa were conUined to few products including rice, pharmaceuticals, cement, textiles, surgical and sports

pak chinese traders hold moot at pcJccI DOHA

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akistan China Joint Chamber of Commerce and Industry (PCJCCI) here Wednesday organized B2B (business to business) meetings of 31-member high proUile, multi-sector Chinese Trade delegation with Pakistani businessmen, investors, and entrepreneurs.

The delegation was headed by Teng Shuang, Deputy Minister China Council for the Promotion of International Trade Jinan. The Delegation came with a purpose to hold interactive B2B meetings with potential partners in Pakistan. The area of interest was mainly Auto Parts manufacturing sector including electrical accessories, electrical equipment, sheet metal processing, , Uiber laser cutting machine and precision ma-

chinery along with many other. The head of delegation, Teng Shuang invited the PCJCI members to Jinan and extended her precious regards and offer to fully cooperate with the Pakistani ofUicials. The B2B meetings were exclusively arranged by the members of PCJCCI to increase the scope of trade and investment in the above-mentioned areas. The delegation was warmly welcomed by Dr Iqbal Qureshi, Senior Vice President of PCJCCI. In the interest of promoting bilateral trade facilities between China and Pakistan, he expressed utmost aspiration to make these business engagements purposive and productive for the businessmen of both countries. Dr Iqbal Qureshi said that Pak China Joint Chamber of Commerce and Industry was highly grateful to the Chinese ofUicials for being amazingly supportive and concerned about the business development of

both countries. He said, China had been an incredible support of Pakistan at all times, the constant assistance of China would do wonders for the emerging economic status of Pakistan and these B2B meetings would certainly have a positive impact on the business community.

The meeting included various dignitaries including Sohail Qadri from Punjab Board of Investment who talked about the investment policies for boost the ongoing economic activities in Pakistan. He also brought to notice the importance of CPEC in his conversation with high profile delegates from various industries and hoped for the industrial boom of both nations. PCJCCI invited top most auto parts manufacturing Pakistani companies to represent the auto industry of Pakistan before Chinese investors.

goods and urged that private sector should focus on exporting more products to Africa. About planned initiatives of the government for Africa, she said new commercial sections would be opened in Africa and Pakistan would offer PTAs/FTAs on bilateral basis and with African Trading Blocks to promote its trade and exports.

SccI to send high profile trade delegation to S Korea ialkot Chamber of Commerce and Industry (SCCI) has announced to send a high profile trade delegation to South Korea for finding out the new vistas of mutual trade and business. SCCI’s International Trade and Exhibition Committee chairman Qaisar Baig told the media that SCCI trade delegation’s visit to South Korea would also help in boosting mutual trade ties between Pakistan and South Korea, besides, ensuring Sialkot exporters’ easy access to South Korean international trade markets as well.

He said that SCCI had selected eight exporting companies through a draw for the SCCI trade delegation to visit South Korea.

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Field Intelligence Unit Sargodha impounds non-duty-paid heavy loader FAISALABAD: The Field Intelligence Unit (FIU) Sargodha has seized a nonduty-paid Hino truck bearing registration No: TKA-230 (Jafarabad), Model 1992, worth Rs05million involving customs duty and taxes of Rs2.9million.

Sources told Customs Today that Deputy Director Irfan Shouqat received a tip-off about a non-duty-paid vehicleplying on the road. He constituted a team comprising Superintendent Muhammad Tahir, Intelligence Officers Mansoor Nasir, Saad Iqbal, Driver Muhammad Aslam, Sepoys Muhammad Ashraf, Asad Iqbal, Khalil Ahmed and others.

Wednesday, March 7, 2018

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Multan customs forms special body for verification of seized QMobiles MULTAN IMrAN ALI

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he Customs Collectorate has formed special committee for veriUication of seized mobile of importer M/s Digicom Trading (Pvt) Ltd QMobiles.

Multan Customs has constituted the special committee under the supervision of Assistant Collector Omer Bin Zafar Chatha for the reconciliation of all kinds of documentary evidences provided by importer M/s Digicom Trading (Pvt) Ltd regarding seizure case no.129/2017. Special Committee consists of eight persons including Assistant Collector Customs Multan Dry Port Muhammad Ikram who has also appointed in-charge of this committee. While other members include Principal Appraiser Multan Customs Dry Port Mehmood Ahmad Khan, Inspector Shahid Nawaz Mirza (Dry Port), Inspector Ghulam Asghar ASO, Inspector Muhammad Azam Sargana ,Upper Division Clerk Shahkar Sadiq and Lower Division Clerk Muhammad Imran Khan. The special constituted team will complete the veriUication of seized cell phones of M/s Digicom Trading (PVT) Ltd in the presence of company authorised representative to satisfy them. M/s Digi-

com Trading (PVT) Ltd has also nominated their resource person Abdur Rehman for coordinating with constituted committee of Collectorate in veriUication process. All seized cell

phones will be IME numbers will be veriUied with Pakistan Telecommunication Authority record along with import record provided by importer.

It is also pertinent to mention here

that Collectorate of Customs team raided a house located in cantonment area and recovered huge quantity of non-customs paid mobile phones (Q Mobile) and Max mobiles of worth

approximately Rs88 million. These recovered 9500 non-customs paid cell phones were non-customs paid and brought into country through unauthorized route.

NAB to launch new probes against Sharifs, Dar, pervez Khattak ISLAMABAD

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he National Accountability Board (NAB) has approved supplementary references against the Sharif family in the Panama Papers case besides approving several highproUile corruption probes against various inUluential personalities of the country. The anti-graft bureau took this decision in its executive

board meeting that was chaired by its chief Justice (r) Javed Iqbal in Islamabad. In a post-meeting statement, the NAB clariUied that all inquiries and investigations will be initiated on the alleged charges; however, the bureau will provide a chance to accused to clarify their position after initiating the inquiries.

PANAMA LEAKS: Taking action against the individuals named in Panama Leaks, the NAB’s executive board approved inquiries against multiple individuals, including the Uiling of three supplementary references against the

Sharif family. The executive board approved supplementary references against Pakistan Muslim League-Nawaz (PML-N) Quaid Nawaz Sharif and his family accused over corruption in Flagship Investment Limited, Al-Azizia Steel Mills, Hill Metal Investments, AvenUield Flats, and other Uifteen companies. The Supreme Court in Panama Papers’ July 28 verdict had ordered NAB to Uile graft reference against Nawaz Sharif, his sons, Hassan and Hussian Nawaz, daughter Maryam Nawaz, and sonin-law Muhammad Safdar.

In the light of the same decision,

the NAB also approved a supplementary reference against ex-Uinance minister Ishaq Dar for embezzlements and possessing assets beyond known sources of income. Additionally, the bureau approved probes against various bigwigs, including Pakistan People’s Party (PPP) Senator Usman Saifullah Kakar, Anwar Saifullah, Salim Saifullah, ZulUikar Bukhari, Bashir Dawood, Maryam Dawood, and former Port Qasim Authority managing director Abdus Sattar Dero, for having offshore companies that were revealed in the wake of the Panama Papers. PPP Senator Usman Saifullah Khan, Anwar Sai-

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).

fullah, Salim Saifullah and others will be investigated by the bureau for having 34 offshore companies, while ZulUiqar Bukhari, a close friend of PTI chief Imran Khan, will come under scrutiny for possessing assets beyond known sources of income and having at least Uifteen offshore companies. Bashir Dawood, Maryam Dawood and others will be probed for having offshore company in the light of the Panama Papers scandal.

The meeting also ordered a probe against Abdus Sattar Dero, former MD Port Qasim Authority for having offshore company in the Panama Papers scandal.