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Karachi, Thu November 9, 2017

ISLAMABAD

M HAYAT

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he Federal Board of Revenue (FBR) is examining the Paradise Leaks papers.

The papers mention the names of 135 Pakistani nationals, including former prime minister Shaukat Aziz.

Sources told Customs Today that the Pakistanis, whose name appeared in the latest data dump of Rinancial papers, will be issued a no-

tice in the regard. The sources said that the list of names was extensive and all those Pakistani nationals named in the papers would be investigated. It is necessary to mention here that the Paradise Papers is a database comprising around 13.4 million documents, which reveals over 25000 companies owned by the world’s rich and inRluential individuals. The documents were obtained from two companies in Singapore and Bermuda by a German newspaper and shared with the ICIJ. A major part of the

Vol 2, Issue No. 287

Price Rs. 14.00

Panama Papers comprises leaked Riles from company ‘Appleby’.

The Riles reveal data of over 25,000 companies owned by individuals from 180 countries, from 1950 to 2016. Moe than one hundred politicians and public ofRicials (14 current or former country leaders included) from more than 47 countries, the documents revealed. It is one of the biggest leaks in the history of journalism instead of the biggest, and then one may also compare some of the different Rigures related to the data size between Paradise Papers and previous leaks.

Collector Adjudication assures early disposal of impounded vehicle cases

DG Valuation Surriya Butt to revise VR No 818/2016 on November 16

Deputy Collector Shahzad Ranjha issues ONO in favour of ASO

‘Trade cooperation to strengthen Pak-Poland ties’

Pickup loaded with 18,000 bullets impounded by Peshawar Customs

Customs Adjudication Dr. Naeem has assured DG I&I Shaukat that all cases | SEE PAGE 02 |

DG Valuation, has decided to revise the Valuation Ruling No: 818/2016 | SEE PAGE 03 |

Customs Adjudication has issued ONO by declaring of seizure of NDP welding rods | SEE PAGE 04 |

NA Speaker Sardar Ayaz said that Pak attached immense importance to Poland | SEE PAGE 11 |

The Mobile Squad-1 of the Customs House Peshawar has taken into possession | SEE PAGE 16 |

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FST remands bank complaint filed by FBR employee Thursday, November 9, 2017

Islamabad

ISLAMABAD: The Federal Service Tribunal remanded back Muhammad Ferozuddin’s complaint on ‘implementation’ to the Federal Board of Revenue (FBR). The FST bench comprising Members Ishtiaq Ahmed and Dr Nazir Saeed had reserved the decision on the matter. Disposing of the matter, the bench remanded back the matter to the board for immediate disposal as per the board’s regulations. Earlier the bench had directed the FBR to submit a reply in the case along with other cases of ‘special allowance’ and ‘implementation’ filed by the board employees.

Collector Adjudication assures early disposal of impounded vehicle cases

ISLAMABAD

ISLAMABAD

CUSTOMS BULLETIN REPORT

M FAIZAN

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ederal Board of Revenue (FBR) on Tuesday released sales tax refunds worth Rs12.5 billion against Refund Payment Orders (RPOs) issued by August 31. In this regard the FBR asked State Bank of Pakistan (SBP) for payment of Rs12.5 billion refunds against 3,261 RPOs issued up to August 31, 2017, through direct electronic credit to the claimants account. The amount shall be so credited within 24 hours.

In a meeting with FBR management held in the Finance Division on 26th October, the Minister for Finance and Revenue Senator Mohammad Ishaq Dar had issued directives for payment of sales tax refunds by 31st October, 2017, against RPOs issued up to 31st August, 2017. The directives were aimed at facilitating the business and resolving the liquidity problem faced by refund claimants particularly exporters. It is added that the government has been able to contain the problem of refund pendency despite the increase in taxpayer population and increase in tax payments. FBR has been trying to facilitate the businessmen so that they are encouraged to pay their taxes.

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ollector Customs Adjudication Dr. Naeem Ijaz Querashi has assured Director General Customs Intelligence and Investigation Shaukat Ali that all cases related to the seized foreign origin non-duty paid smuggled vehicles will be decided within three months. Sources told Customs Today that Director General Customs I&I Shuakat Ali requested Collector Customs Adjudication Islamabad that the cases of seized non-duty paid vehicles be decided on priority bases. his request was the part of new strategy of Director General Customs I&I regarding the auctions of seized NDP vehicles. On the request of DG I&I a special meeting was held in the Collectorate of Customs Adjudication Islamabad which was presided over by Collector Adjudication.

Director Directorate General Customs Intelligence Abdul Waheed Marwat, Deputy Directors Afzal Watto, Khaldun ul Haq and Zaheer Abbas attended the meeting while Additional Collector Adjudication Imran Chaudhary and Deputy Collector Adjudication Khansa Raza also participated.

Director Customs I&I Abdul Waheed Marwat briefed the Collector Adjudication about the reasons be-

FBR releases Rs12.5 billion sales tax refunds

hind this request and told them that due to late decisions in the cases of seized non duty paid smuggled vehicles are caused delay in auction and during this periods the seized vehicles bodies and their parts effected very badly due park in open parking area at state warehouse. He

also mentioned that bad conditions of seized vehicles are caused huge revenue losses to the national exchequer in the head of auction price.

He requested to Collector Adjudication that if Collectorate decided the cases of seized vehicles in less period of time it will help

to generate the revenue for national exchequer.

Collector Adjudication has assured that he is completely agreed with suggestions of DG I&I and the cases of seized vehicle in future will be decided with in the period of three months.

IHC reserves verdict of case matter against Customs

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ISLAMABAD

NAEEM ULLAH TARIQ www.customsbulletin.com

he Islamabad High Court (IHC) as reserved a decision on a customs matter involving M/s Aftab Traders and Collectorate of Customs. The IHC bench comprising Justice Athar Minallah heard the matter and reserved the decision after hearing arguments from parties.

Collector Customs had Riled the case against M/s Aftab Traders. The

bench also issued directives for submission of record while hearing a petition Riled by M/s Pak Telecom Mobile Limited.

M/s Pak Telecom Mobile Limited had Riled the reference in which the company had challenged a show cause notice issued by the Large Taxpayers Unit, Islamabad. M/s Pak Telecom Mobile Limited had contested show cause notices issued by the Rield ofRices of Federal Board of Revenue. According to details, M/s Pak Telecom Mobile Limited had

challenged recovery of issued to it in head of outstanding sales tax by the LTU, Islamabad.

M/s Pak Telecom Mobile Limited had submitted that the department had issued the demand notice for the tax year 2010 in head of sales tax. Federal Board of Revenue (FBR), ofRicers of LTU including commissioner Inland Revenue, commissioner Inland Revenue (Appeals) and Appellate Tribunal Inland Revenue (ATIR) were made respondent in the case.

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SHC seeks comments on petition for release of Toyota Crown KARACHI: The Sindh High Court (SHC) has directed customs officials to file their respective para wise comments on a constitutional petition filed by Jahangir Khan Tareen son of Allah Noor seeking release of his Toyota Crown Saloon bearing registration number BEZ-998 seized by customs authorities on the charge of smuggling. A twomember bench, comprising Justice Munib Akhtar and Justice Omer Sial, was hearing the petition. Earlier, counsel for the petitioner stated that he is lawful owner of the vehicle and purchased it after fulfillment of all legal requirement, however, the customs authorities seized the vehicle without showing any lawful reason.

NAB arrests seven revenue officials for illegal land transfers

Thursday November 9, 2017

Karachi

DG Valuation Surriya Butt to revise VR No 818/2016 on Nov 16

KARACHI

CUSTOMS BULLETIN REPORT www.customsbulletin.com

he National Accountability Bureau (NAB) has arrested seven officials of the provincial revenue department for embezzlement and illegal land transfers. A spokesman for the bureau’s Sindh chapter said that the seven accused were arrested upon cancellation of ad-interim bails by the Supreme Court of Pakistan’s principal bench in Islamabad. The seven revenue officials are charged with illegal transfer of precious government land on the basis of fake and fabricated documents in Deh Rehri, Bin Qasim Town, District Malir, Karachi. The charges include inserting fake entries in the name of non-existing individuals and subsequent transfer in the name of private individuals.

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PM asked for extension in date for filing of returns KARACHI

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akistan Tax Advisors Association (PTAA) has approached Prime Minister Shahid Khaqan Abbasi for extension in date for filing of income tax returns upto December 15, 2017. In a communication to the PM, PTAA Chairman Javed Iqbal Qazi requested that the returns of Total Income in respect of companies having closing other than June 30th, Individuals & Association of Persons are due by October 31, 2017. The Return in respect of Limited Companies was put on the web on 19.10.2017 while Return for Individuals & Association of Person was loaded Officially on the Net on 28.09.2017; which definitely is not a sufficient time allowed for filing, as compared to 90 days allowed by law.

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KARACHI

WAQAR AHMED ANSARI www.customsbulletin.com

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he Directorate General, Customs Valuation, Director General Surriya Ahmed Butt, has decided to revise the Valuation Ruling No: 818/2016 on November 16, it is learnt.

Sources told Customs Today that Surriya Butt said the department was reviewing suggestions from importers to set new prices. She said that some valuations, which were issued in 2015 and 2016, were being reviewed from the beginning.

Moreover, the valuations will be set in view of rising prices in the international markets. Sources told that a petition was submitted by the importers to Directorate General Customs Valuation in which change in prices of cereal foods was requested. Sources said the Valuation Ruling No: 818/2016 was issued on March 3, 2016. A meeting was held with the stakeholders on October 26, 2017. Importers were told 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 whey powder (H.S.Code:0404.1010) vide Valuation Ruling No 1217/2017 un-

der Section 25-A of the Customs Act, 1969. Customs values of whey powder were earlier determined through Valuation Ruling No.789/2016 dated 08.01.2016.

There was representation from the Head of Economics Department, Embassy of France through the Federal Board of Revenue Islamabad for re-determination of customs values of whey powder afresh.

They claimed that the prices of whey powder of France origin are

Sources told that a petition was submitted by the importers to Directorate General Customs Valuation in which change in prices of cereal foods was requested. Sources said the Valuation Ruling No: 818/2016 was issued on March 3, 2016

Court awards jail term to suspect in smuggling case

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KARACHI

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ustoms Court Judge Syed Faiz Rasool Rashdi awarded 12 days imprisonment and Rs 100,000 Rine to suspect namely Murtaza son of Mustafa, who was booked for attempting to smuggle contraband foreign currency worth Rs 3,717,300 from Dubai to Karachi.

During the hearing, the investigation ofRicer produced the suspect

before the court who moved a petition for pleading guilty and left himself on the mercy of the court.

After arguments, the court framed charge against suspect and awarded 12 days imprisonment and Rs 100,000 Rine to him as already undergone, if Rine is not paid than he shall suffer further two months in Central Jail Karachi. According to the prosecution, on a credible information, a team of the Anti-Smuggling Organization intercepted a passenger namely Murtaza at Jinnah International Airport Karachi and searched his bag,

during the search, ofRicials of the customs department recovered UAE Dirham 1,05,500 Saudi Riyal 25,000 from his possession, suspect was asked to explain his lawful position, however, he failed to explain and produced lawful documents and reasons, therefore, he was taken into custody along with smuggled foreign currency. Case was registered against him for violation of under section 2 (s) of the customs act, 1969 punishable under clauses (8) of section 156 (i) ibid read with notiRication of state bank of Pakistan.

lower in the international markets than the customs value determined in the existing valuation ruling, which is over one year old, hence it is required to be revised in the light of Sindh High Court, at Karachi’s orders dated 10.11.2015. Since 90 days have passed and representation is received regarding values determined in the valuation ruling dated 08.01.2016, hence an exercise was initiated to re-determine the values of the subject items.

SECP holds registrars’ conference he Securities and Exchange Commission of Pakistan (SECP) held a twoday Registrars’Conference, under the theme of“Business Registry and its Role as a Regulator – Vision 2020”. The objectives of the conference was sharing knowledge to meet new challenges faced in the administration of new legislations and identify strategic objectives that will help to deliver the registry’s vision.

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Customs Court send accused to jail on judicial remand of 14 days Thursday November 9, 2017

Lahore

LAHORE: The Special Federal Court of Customs Taxation and Anti Smuggling has sent an accused to jail for judicial remand f 14 days on Friday. Earlier the accused was on physical remand for three days and he was in custody of customs for investigation. His remand was approved earlier this month.

According to details available to Customs Today the accused Khursheed Ahmad was arrested by the customs team. After arresting the accused customs team started investigation against them and got his physical remand as well for this Now the accused has sent to jail for judicial trial. Customs intelligence has also recovered huge quantity of foreign made smuggled cloths and related goods from his possession.

FTO adjourns hearing of tax refund case against RTO Sialkot LAHORE

SAJID NAWAZ

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he Federal Tax Ombudsman (FTO) has adjourned the hearing of a case filed

by Muhammad Anwar against the Regional Tax Office (RTO), Sialkot, until the next hearing.

According to details, FTO Advisor Mian Munwar Ghafoor heard the case in which counsel for the appellant argued that the RTO had failed to release the sales tax refund of the last two years claimed by the company. He said the RTO collected excessive tax from Muhammad Anwar for the last two years. He approached the commissioner concerned many times for issuance of refunds but the RTO officials did not pay re-

Tribunal sets aside ONO in seizure of generators case he Customs Appellate Tribunal has accepted an appeal filed by one Tanveer Hussain, a resident of Faisalabad, against the Additional Collector of Customs (Adjudication) and Superintendent Customs ASO, MCC Faisalabad. A case was filed against the customs department’s actions against the appellant. As per department’s action, Staff of the Customs ASO Faisalabad recovered two foreign origin used diesel generators and one alternator which were to be installed at the poultry farm.

On demand, owner of the generators could not produce any documentary proof for the legal import of said goods.

Therefore goods were taken into possession. Tanveer Hussain appeared before the investigation officer and claimed the ownership of seized generators. After a primary investigation, goods were confiscated under Section 16 and 18 of the Customs Act-1969. –CB Report

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funds even after the passage of reasonable time.

At the end, the company decided to approach the FTO seeking interference in this case. The counsel appealed the FTO advisor to direct the RTO to clear refund claims. The counsel further said the RTO should refund the excessive collection in the wake of taxes by the end of financial year but the situation is quite otherwise. Delay in issuance of refunds put burden on taxpayers, he said, adding the RTO Sialkot should audit cases and release extra amount collected from the taxpayers. On the other hand, counsel for the RTO argued that appellant Muhammad Anwar has not submitted all the record to the office on which basis it is claiming for refunds. If appellant provides accurate record, the RTO will issue refunds, if any, after a proper assessment.

Deputy Collector Shahzad issues ONO in favour of ASO

LAHORE

M HAYAT

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ollectorate of Customs Adjudication Deputy Collector Shahzad Liaquat Ranjha has

Hearing of cigarettes-smuggling into US postponed for next week

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he Special Court of Customs Taxation and Anti-Smuggling has adjourned a case of smuggling of cigarettes for next week.

A case was registered against an accused apprehended by the customs authorities from the Allama Iqbal International Airport while attempting to smuggle a big quantity of cigarettes.

Sources told Customs Today that accused Shahid Iqbal was arrested on the charges of smuggling of cigarettes into America. He was making an attempt to smuggle cigarettes into USA

while declaring these as cloths. The worth of the item is more than Rs1.3million. The customs court heard the case again on October 11 and canceled the bail of the accused.

The court has also asked the customs authorities to arrest the accused as soon as possible and present him before the court for further proceeding.

Earlier, as per details available to Customs Today, customs investigation team presented accused Shahid Iqbal before the court of customs taxation and anti-smuggling judge. –CB Report

issued Order-in-Original (ONO) by declaring of seizure of non duty paid welding rods as legal. Brief facts of the case as reported that on 3.7.3027 on pursuance of an information staff of Customs Preventive Anti Smuggling Organization intercepted 126 cartons of foreign origin welding electrodes lying outside

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Ali Plaza Brandeth Road, Lahore. On query a person standing near the said cartons introduced himself as Akram Khan son of Khanzada claimed the ownership of the said cartons. Thereafter, the examination of the said cartons was conducted in presence of the said owner which resulted recovery of welding electrodes 126 cartons (2520 kilograms). On demand the said owner of any other person failed to provide any documentary evidence or otherwise in support of lawful import or legal possession of the above said recovered welding electrodes.

Accoding a show cause notice were issued to the respondents and case was Rixed for hearing on 6.9.2017 and 2.10.2017. No one appeared on behalf of respondent side whereas Inspector Mansoor Elahi appeared on behalf of the department. Deputy Collector Shahzad Ranjha after examining the whole case issued ONO in favour of Customs ASO declaring of seized goods as legal.

DC summons owner of NDP vehicle eputy Collector Customs Adjudication Mohammad Hasan Farid has summoned the owner of the non duty paid Honda Civic car. According to the details, Anti Smuggling Organization intercepted a Honda Accord car bearing registeration no: NV-542 (Islamabad) opposite Moon Market Allama Iqbal Town, Lahore.

The person on the driving seat introduced himself as Ahsan Rehman son of Abdul Rehman claimed the ownership of the vehicle. On demand the owner of the vehicle failed to provide any legal

documents regarding possession of the vehicle.

Customs team impounded the vehicle according to customs laws and after registering a case against the owner forwarded the case to Customs Adjudication.

Deputy Collector Adjudication after examining the case summons the owner of the vehicle on 23rd November at 11 a.m. to explain his position and point view. A representative of seizing department will also directed to attend the proceedings, failing which ex-parte proceedings will take place. –CB Report

Customs Tribunal declares seizure of passenger bus legal

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LAHORE

CUSTOMS BULLETIN REPORT www.customsbulletin.com

he Customs Appellate Tribunal has dismissed an appeal in an impounded bus case filed by one Baram Khan, a resident of Peshawar, against the Collector of Customs (Appeals), Deputy Collector of Customs (Adjudication),

and others. The staff of the Customs Intelligence and Investigation-FBR Lahore intercepted the bus. On cursory inspection, a big quantity of foreign origin goods was found in the rare portion of the bus. On demand, the driver failed to provide any legal proofs of the possession of recovered items. So goods were confiscated under Section 168 (1) of the Customs Act-

1969. After a show cause notice issued to the appellant for contravention of provision of law, the adjudication proceeding was culminated and Order-in-Original passed that the bus is released to a lawful owner on the payment of 20 percent Redemption Fine equal to customs value.

Being aggrieved from the order, appellant filed the appeal before

the Customs Appellate Tribunal order passed in arbitrary manners therefore it is void and liable to be set aside on the score value.

The imposition of Redemption Fine on the bus in question on the allegation of smuggling is against the facts of the case. On the other side, respondent denied the allegation and appealed for the rejection of the case.

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he Hazara Customs Station of Model Customs Collectorate Peshawar has generated Rs130.96million of revenue in the month of October during the current FY2017-18.

The sources informed Customs Today on Tuesday that Collector Customs at Model Customs Collectorate Peshawar had questioned the sudden decline in the revenue generation of Hazara Customs Station in the current month of October and directed the authorities to take immediate step in order to increase the revenue generation of the Hazara Customs Station. The Hazara Customs Station had received Rs41.27million Customs Duty in October and Rs0.15million of which had been generated from ST in the same span of time.

The Hazara Customs had collected Rs60.85million revenue from ST on VM palm oil and an amount of Rs24.28million had been done from AIT. In the same way, it generated Rs4.41million as Federal Excise Duty in October of current FY2017-18. Meanwhile, The Deputy Collector Customs at Torkham Customs Station took serious note of the problems faced by ex-

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Thursday, November 9, 2017

porters/importers on Torkham Border in order to further expand the tax collection procedure there in the current month of November.

The Torkham Customs Station of Model Customs Collectorate Peshawar has collected Rs1101.75million revenue during the whole month of October FY 2017-18, said by Deputy Collector Customs at Customs Station

had tation S s m o a Cust llion Hazar .27mi 1 4 s R d ed ber an receiv n Octo i y t u ad sd hich h w custom f o n e millio T in th Rs0.15 from S d e t a ener f time been g span o same

Torkham on Tuesday.

Deputy Collector Muhammad Najib Anjum appreciated the duty collection of Customs Station Torkham in October of current year against the revenue generated in October of previous FY2016-17. The Torkham Customs Station received Rs501.18million of Customs Duty in October in which Rs242.92million Regulatory Duty was generated along with Rs3.06million by selling miscellaneous goods and Rs2.16million by EDS. The Torkham Customs Station had got Rs261.46million Sales and Rs25.19million has been collected as ST on VM Imports. The Torkham Customs Station has generated Rs0.42million ST on VM palm oil. The sources close to Deputy Collector further informed Customs Today that Rs313.50million A.I.T has been collected in which an amount of Rs230.11million has been done as AIT Imports and an amount of Rs83.39million has been done by AIT Exports.

The Deputy Collector will especially register goods with WeBOC service in order to establish one window trade mechanism between Pakistan and Afghanistan.

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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

Meeting tax collection target

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ccording to the provisional figures compiled by the Federal Board of Revenue, only 580,000 individuals and companies have filed their annual income tax returns by the expiry of an extended deadline. In a situation where tax to GDP ratio in Pakistan is already the lowest in the region, the shrinking tax base should be a matter of concern for the policymakers. Reports suggest that the collections also fell short of meeting the target by Rs40 billion in the first four months of the current fiscal year. The low tax collection is not the failure of the FBR, but the mechanism due to which the number of tax returns is not compatible with the number of potential taxpayers in the country. Finance Minister Ishaq Dar took various steps to enhance tax base, but ended up in enhancing tax ratios by tightening the noose around the neck of the individuals and companies that were already registered as taxpayers. The tax base cannot be enhanced by issuing royal decrees or orders, but devising a proper mechanism to automatically bring the potential taxpayers under the tax net.

Prime Minister Shahid Khaqan Abbasi has also adopted the hackneyed path of his predecessors and declared that the broadening of the tax base is his foremost priority without giving guideline or a practical shape to the tax collection system.

However, the number of tax returns filed until October 31 stood at 580,000 whereas September 30 was the original date for filing tax returns for individuals, association of persons and companies.The finance minister had extended the deadline for one month to match the last year’s performance.

At least 4.3 million people are registered taxpayers, but the FBR has no mechanism to ascertain how many of them are actually drawing the taxable income. Many individuals or companies take tax number to fulfill certain requirements for the government contracts and are never been able to get taxable income. At least 1.21 million individuals and companies had filed income tax returns last year. However, it is not clear how many businesses have been closed down and how many individuals have left the country. Without access to the financial transactions of taxpayers or potential taxpayers, sending across the board notices will only open the floodgates of corruption.

Economic outlook of Pakistan I

LAHORE

DR AFTAB AFZAL

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n its annual Middle East and Central Asia Regional Economic Outlook report, the International Monetary Fund has suggested the government to boost its exports and economic growth by taking full advantage of the global economic recovery. The report also suggests that bilateral and multilateral trade agreements with partner countries can play an important role in fostering more open trade in Pakistan and that an increase in the volume of exports during the Rirst half of the current Riscal alreadyhelped strengthen economic activity in the country.

The report speciRically refers to the

importance of apparel production which is part of an important value-added sub sector of the textile industry and it earns over 60 percent of the country’s annual exports of $20 billion. The country has improved quality and standards of apparel production in recent years and stronger global economy can help Pakistan in dealing with balance of payment problem despite the rising current account deRicit which stands at 4.9 percent during the Riscal year 2017-18 as against four percent last year.The country desperately needs to maintain its foreign exchange reserves as the external debt are likely to increase to over $80 billion in the second quarter of the current Riscal year from $75

billion in the Rirst quarter of 2017.

However, the government is trying its best to stay away from entering into another bailout programme with the fund management. Pakistan is facing multiple problems from political uncertainty to inconsistent business and trade policies. In the absence of a stable government in the center and incapacity of the provinces to devise growth-oriented economic policies, the country is sinking in debt crisis. The IMF report also underlines the importance of the agriculture sector, which heavily relies on weather conditions and price development.

However, the fund will not come to rescue the nation from economic or Rinancial quagmire. It is the na-

tion which has to focus on the value added goods to increase not only industrial production, but also agriculture yields. The fund expects that investment in the ChinaPakistan Economic Corridor will strengthen credit growth and will push the country’s real GDP growth at 5.6 percent in 2018.The report also expectsthat spike in public investment will spur medium-term growth. However, what the fund will never suggest is that the country will have to minimize its reliance on foreign loans which will ultimately subdue economic progress in the country. A growth in overall GDP is the need of the hour to ward off the pressure of the budget deRicit and resolve balance of payment problem.

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Mianwali ASO impounds Hino Dumper truck near Toll Plaza MIANWALI: The Customs Collectorate Anti Smuggling Organization (ASO) Mianwali has impounded a non duty paid Hino Dumper truck 10 wheeler white colour. The market value of the seized vehicle is Rs 20,00,000 involving customs duty and taxes of Rs 9,84,320.

Sources told Customs Today, that the ASO team comprising Superintendents Chaudhary Muhammad Sardar, Azhar Hussain Jafri, Muhammad Omar Bhatti, (inspector), and Saifullah, Ghulam Mohyudin, Muhammad Yousaf, Muhammad Abdullah, Faiz Ahmed Sher Ali during their routine checking intercepted a Hino Dumper truck bearing registration no: TKC-460 Quetta.

The ASO Superintendent asked the accused person namely Abdul Haleem son of Abdul Razzique to show legally documents regarding import of the vehicle.

North Region earns Rs540.91m more duties & taxes

Thursday November 9, 2017

National

‘CPEC further expanding foreign investment in Pakistan’

ISLAMABAD

CUSTOMS BULLETIN REPORT www.customsbulletin.com

he Customs North Region received an extra revenue of Rs540.91million as all duties and taxes against an allocated proportional revenue collection target of 30 days of October Financial Year 201718. The North Region was assigned a revenue collection target of Rs3182.60million while it earned Rs3723.51million under all the heads during above said period. According to details explained by sources of the North Region, which comprises Collectorates of Islamabad, Peshawar, Sialkot and Gilgit-Baltistan, that the Collectorate of Islamabad was earmarked a proportional revenue collection target under all the heads for 30 days of October FY17-18 of Rs958.88million while it collected Rs1563.85million under the same head. Sources added that the Islam-

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KARACHI

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he experts opined on Wednesday the success of the China Pakistan Economic Corridor (CPEC) has been substantiated by the massive and further expanding foreign investment in Pakistan. Industrialist Mirza Ikhtiyar Baig talking to Radio Pakistan said CPEC is the strongest pillar of economic, commercial and cultural connectivities between Pakistan and China and will create a positive impact on the region. “Government started work on early harvest projects of energy to improve power supply in the country”, he added.

Mirza Ikhtiyar said load shedding for industrial consumers has stopped and it has reduced for the domestic consumers.Now, industrial production will increase and more and more people will get job opportunities, he said. Expert said economy is moving in the right direction and international rating agencies like Standards and Poors have given positive rating to the country.

President Pakistan Economy

Watch “Dr. Murtaza Mughal also said, “the situation of power loadshedding has signiRicantly improved. Present government, soon after assuming power, launched a number of short, medium and longterm projects to overcome power

crisis. These projects upon yield will increase the supply of energy in the country, he said. He described that a recent report of General Electric says Pakistan will have surplus electricity in the coming years.

Apart from traditional sources of

power, alternate energy sources are also being utilized in the country.

Pakistan is blessed with immense natural resources including wind and sunlight and projects in these areas will add more energy into the national grid,” he mentioned.

IBI assets grow by 16.6%, deposits expand by 17.7 % abad Collectorate generated an extra revenue of Rs604.97million against the assigned proportional target for 30 days of October FY17-18. The Collectorate of Peshawar got Rs1989.33million under all the heads during the first 30 days of October against an allocated proportional target of Rs1970.41million. The Collectorate of Peshawar surpassed an assigned proportional revenue target of Rs18.92million under all the heads during 30 days of October FY17-18. The Customs Collectorate Sambrial received Rs-264.38million during 30 days of October FY17-18 under all the heads against the earmarked target of Rs-113.23million of all taxes while the Sambrial generated extra revenue of Rs-151.15million during said period under all the heads.

ISLAMABAD

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he Islamic Banking Industry (IBI) continued its growth momentum and witnessed 16.6 percent expansion in assets while its deposits increased by 17.7 percent during the Fiscal year 2017, according to latest ofRicial data.

During the fiscal year 2017, the IBI assets reached to Rs2,035 billion while the deposits of the industry touched Rs1,720 billion figure, according to State Bank of Pakistan (SBP) data. “During FY17, the Islamic Banking Industry (IBI) continued its growth momentum, recording improvement in all key performance indicators,” the report said. The IBI share in overall banking assets and deposits also increased from 11.4 percent and

13.2 percent during the fiscal year2016 to 11.6 percent and 13.7 percent respectively during FY2017. The IBA also witnessed improvement in the financing to deposit ratio (FDR) as these stood at 56.8 percent markedly surpassing the FDR of conventional banking industry, which stood at 48.7 percent as at end June 2017.

This points to more focus of Islamic banking institutions on core banking business as compared to their conventional counterparts, the report said adding that the growth of the industry and its growing market share in overall banking industry seemed promising in view of its shorter history as compared to the long established conventional banking. In terms of outreach, the Islamic banking industry had further strengthened its presence across

the country, it added.

During the year, 21 Islamic banking institutions (5 full-fledged Islamic banks and 16 conventional banks having Islamic banking branches) were operating in the country. During the period under review, Burj Bank Limited was merged into AlBaraka Bank (Pakistan) Limited, owing to which the number of IBIs adjusted at 21.

Branch network of IBI reached to 2,320 branches spread across 110 districts of the country as of June 30, 2017. The consistent positive growth of the Islamic banking industry among others could also be attributed to the supportive policy and regulatory environment being promoted by SBP. The SBP efforts and initiatives for promotion and growth of Islamic banking had national and international recognition, it added. The govern-

ment has taken many initiatives to promote Islamic banking it said adding that the initiatives included formulation of a high level Steering Committee which had submitted its report on promotion of Islamic Banking.

To encourage participatory modes of financing, the Islamic banking institutions (IBIs), during the year were exempted from the requirement of using KIBOR as benchmark rate on Musharakah, Mudarabah and Wakalah (Agency) based financing.

The SBP is actively engaged in awareness creation among masses and capacity building of the industry. During FY17, SBP in collaboration with various reputed national and international institutions arranged several seminars, training programs and workshops on Islamic banking.

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Customs Inspector Saghir Ahmed to retire on June 30 Thursday November 9, 2017

National Dr Tahir Qureshi takes charge as Collector at Adjudication-II

ISLAMABAD: Saghir Ahmed, a Pakistan Customs Service officer of BS-16, is going to retire from the government service on attaining the age of superannuation.

The officer, presently posted as Inspector at Model Customs Collectorate, Gwadar, will stand retired from the government service with effect from June 30, 2018.

Pervez Shar assumes charge as Addl Commissioner-IR at Hyderabad RTO

ISLAMABAD

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ISLAMABAD

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r Tahir Qureshi, a Pakistan Customs Service officer of BS-20, has taken charge as Collector in Karachi. The officer, in pursuance of Board’s Notification No.2876-CI/2017, dated 12.10.2017, relinquished the charge of the post of Director at Directorate of Intelligence & Investigation-FBR, Hyderabad with effect from October 13 and assumed charge of the post of Collector at Collectorate of Customs (AdjudicationII), Karachi on October 16.

Meanwhile, Suleman Yaqub Khan, a Pakistan Customs Service officer of BS-19, has relinquished the charge of the post of Additional Director, Directorate of Intelligence & Investigation-FBR, Regional Office, Peshawar.

The officer, in pursuance of Board’s Notification No.2878-C-I/2017 dated 12.10.2017, relinquished the charge of Additional Director, Peshawar with effect from Oct25.

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FBR remembers Customs inspector Bashir Hussain he Federal Board of Revenue has announced deep regret over the sad demise of Bashir Hussain, a BS-16 officer of Customs Department, on October 5. Bashir Hussain was born on July 17, 1974 and joined the government service on February 15, 1992. At the time of his death, the officer was posted as Inspector at Model Customs Collectorate, Faisalabad. The FBR appreciated the dedicated services rendered by the deceased. In expressing its sense of the grief at his death, the Board conveyed its commiseration to the members of the bereaved family, praying, “May his soul rest in eternal peace and may Allah almighty give patience and fortitude to the family members to bear this irreparable loss.”–CB Report

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ervez Ahmad Shar, a BS-19 ofRicer of Inland Revenue Service, has assumed charge as Additional Commissioner-IR. The ofRicer, pursuing the Board’s NotiRication No. 2883-IR-I/2017, dated 16.10.2017, took the charge of the post of Additional Commissioner-IR, Regional Tax OfRice, Hyderabad with effect from October 19.

Meanwhile, Waqas Aslam, a BS19 ofRicer of Inland Revenue Service, has taken charge as Additional Commissioner-IR. The ofRicer, in pursuance of Board’s NotiRication No. 2883-IRI/2017, dated 16.10.2017, relinquished the charge of the post of Additional Director, Directorate General

of Training & Research (Inland Revenue), Lahore with effect from Octo-

ber 23 and assumed the charge of the post of Additional Commis-

sioner-IR, Large Taxpayers Unit, Lahore on the same date.

Sadiqabad FIU seizes smuggled computers, LEDs T

FAISALABAD

NAEEM SHEIKH

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he Field Investigation Unit (FIU) the Customs Intelligence and Investigation Sadiqabad has seized non duty paid used computer systems and LED in joint operation worth Rs 45,00,000 involving duty and taxes amounting to Rs 13,95,562.

Besides impounded container valued Rs3,00,000 under section ( U/S 157 ) being used for smuggling purpose.

Sources told Customs Today, Intelligence team following the instructions of Deputy Director Muhammad Azam Khan took action against the smugglers and intercepted a container bearing Registration No: TLB-268 near Sindh Punjab check post Kot Sabzal.

The team intercepted the above said container and foreign origin

computer, LED from the container and asked the driver named Muhammad Mustakeen son of

Shahab ud din to show documents regarding legal import of the items on which he produced a GD No:

KPPI-HC-26030 but he could not produce any document regarding legal import of the item.

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Machinery imports increase by 1.82 percent ISLAMABAD: Machinery imports into the country increased by 1.82 Per cent during the first quarter of current fiscal year as compared to the same period of last year, according to Pakistan Bureau of Statistics (PBS).

According to the data provided by PBS, Machinery worth $2,779,708 were imported during the first quarter of current year as compared to $2,730,088 of last year.

Power Generating Machinery worth $697,287 was imported during the first quarter of current year as compared to $836,331 of last year.

Power Generating Machinery imports into the country decrease by 16.63 per cent during the first quarter of current fiscal year as compared to the same period of last year.

Allocation for Neelum-Jhelum power project enhanced to Rs5.23b LAHORE

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he allocation of Rs2.27 billion for tackling environmental challenges in relation to the Neelum-Jhelum Hydropower Project has been enhanced 130% to Rs5.23 billion, which will be spent on 22 development projects, said Water and Power Development Authority (Wapda) Chairman Lieutenant General (r) Muzammil Hussain. Hussain, accompanied by Neelum-Jhelum Hydropower Project chief executive officer, stated this in a meeting with Azad Jammu and Kashmir (AJK) Prime Minister Raja Muhammad Farooq Haider Khan, which was held to review the long-awaited commissioning of the power project. At-

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tempts by some elements misquoting negative effects of the project came up for discussion and it was emphasised that environmental issues and drinking water needs were being addressed in line with environmental studies. The AJK premier was briefed on the successful turnaround of the project with the emphasis that it would contribute about five billion kilowatt hours (units) of hydroelectric power to the national grid and generate revenues of Rs50 billion annually.

They talked about the significance of the project in the context of Indus Waters Treaty with India, which wanted to create water shortage by building illegal storages. The AJK prime minister appreciated the pace of work as well as Wapda’s support for all community development programmes.

Thursday November 9, 2017

National

Quetta Customs impounds huge quantity of NDP cigarettes worth Rs9m during raid T

Japan provides Yen 2.6b for security equipment at Airports ISLAMABAD

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QUETTA

ASLAM ANJUM QURESHI www.customsbulletin.com

he Directorate of Customs Intelligence and Investigations seized huge quantity of non duty paid international cigarettes worth Rs 9 million night.

Sources told Customs Today that Director Customs Intelligence and Investigation Quetta Irfan Javed received creditable information that some smugglers are trying to smuggle non duty paid International brand cigarettes from Quetta to different cities. He immediately constituted a raiding team. The team enhanced the vigilance on the Balili cheack post and started a search operation of vehicles. During the search, the team intercepted a truck bearing registration no: TLL-763 , which was heading out of city.

During the checking, the customs team recovered Thousand packets of different brands non duty paid international cigarettes and arrested 2 persons who were boarded on vehicle. Sources told that Customs Intelligence and Investigations Quetta are doing a wonderful performance against smuggling, and it was 13 raids in the month of October.

he government of Japan has provided grant assistance amounting to Japanese Yen 2.646 billion to install security equipment at four international Airports in Pakistan. The equipment have been provided for airports at Karachi, Lahore, Islamabad and Multan under a projects called “Improvement of Airport Security.” Sources at Economic Affairs Division on Tuesday said under the project Face Recognition with CCTV facility has also been provided. Pakistan also received financial assistance received from government of France for controlling terrorism in the country since 2013. France has provided grant for implementation of project – “Strengthening the Capabilities of Pakistani Police Forces” in field of Anti-Terrorism Fight.

Moreover, the United States provided US$ 118.5 million grant for project initiated under Law Enforcement Reforms and Capacity Building.

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Meanwhile, The Directorate of Customs Intelligence and Investigations seized non-duty paid movies, cameras, watches, imported perfumes and electronic accessories worth Rs 7.8 million morning. The sources told Customs Today that Director Customs Intelligence and Investigation Quetta Iran Javed received creditable information that some smugglers are trying to smuggle non duty paid movies cameras,

watches, imported perfumes and electronic accessories from Quetta to different cities.

He immediately constituted a raiding team. The team enhanced the vigilance on the Quetta Highway Road and started a search operation of vehicles. During the search, the team intercepted a truck bearing registration no: QBL-7729 registered of Quetta, which was heading out of city.

Sialkot Customs, ASF foils bid to smuggled heroin

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SIALKOT

ZAFAR MALIK

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ustoms staff and Airport Security Force (ASF) defused a major attempt of heroin smuggling from Sialkot to Italy by seizing 1.2 kilograms heroin from the bags of accused traveler and arrested during special checking at Sialkot international airport here. It was the second major attempt of heroin smuggling foiled by ASF at Sialkot international airport during the last ten days.

According to the Sialkot international airport management, accused Ali Raza , a resident of Jessarwala-

Daska, was trying to travel to Italy via Doha-Qatar through international airline Qatar Airways’ Rlight (QR-631) from Sialkot international airport, when the Airport Security Force(ASF) found as many as 1.2 kilograms Rine quality heroin, packed in the hidden parts of his bags there. Accused Ali Raza told the ASF ofRicials that he was trying to smuggle this heroin to Italy from Sialkot-Pakistan via Doha-Qatar. The worth of the seized contraband was stated to be millions of rupees.

It was the second major attempt of heroin smuggling foiled by ASF at Sialkot international airport during the last ten days. Earlier, the ASF

had recovered as many as 1.8 KGs heroin from suspect Asif Butt resident of Narowal while smuggling it

from Sialkot-Pakistan to Al-Riyadh (Saudi Arabia) through Dubai on October 20,2017 (ten days ago).

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World Customs

Taiwan’s Art Bank program opens in Singapore

TAIPEI: The Art Bank program, initiated by the Ministry of Culture (MOC), started showcasing art painted by Taiwanese artists at the Taipei Representative Office in Singapore and the representative’s official residence in the country. A total of 37 paintings by 29 Taiwanese artists are on show, with 19 works showcased in the office and 18 art pieces displayed at the residence, the MOC said. The exhibition will run for one year, the ministry added. MOC Senior Executive Officer Chang Yu-hsuan said that Minister of Culture Cheng Li-chiun had expressed a desire to elevate the international exposure of Taiwanese art by collaborating with the Ministry of Foreign Affairs.

Thursday November 9, 2017

US Customs to reduce hours at Lancaster, Roseau ports

National Australia Bank to slash 4,000 jobs CANBERRA

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esidents of this small northwest Minnesota community say a decision by U.S. Customs and Border Protection to cut operation hours at its nearby international port of entry will be an economic blow for much of the region.

“It will be devastating to the community and all the businesses and campgrounds along U.S. Highway 59,” said Charlie Bernstrom, whose family owns the Bernstrom Oil gas station in Lancaster. “It’s going to stop a big chunk of people from being able to travel. They want people to go through Pembina (N.D.). If you have to go a half-hour out of the way, you might just Rind a different place to go. Once you divert people’s patterns, they might not come back this way.”

Customs ofRicials say the decision to cut hours at both the Lancaster

UK house price inflation accelerates in October K house prices increased at a faster pace in October, data from Nationwide Building Society showed Wednesday. House prices increased 2.5% year-on-year, following September’s revised 2.3% rise. On a monthly basis, house price inflation halved to 0.2% from 0.4% in September. Nonetheless, this was the second consecutive rise in prices. Annual house price growth remains within the 2-4% range that has prevailing since March, Robert Gardner, Nationwide’s chief economist, said. Low mortgage rates and healthy rates of employment growth are providing some support for demand, but this is being partly offset by pressure on household incomes, which appears to be weighing on confidence, the economist noted. The lack of homes on the market is providing support to house prices. –CB Report

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and Roseau, Minn., ports was based on trafRic and workload levels. Both port stations were constructed in 2004. “Port trafRic slows down signiRicantly after hours,” U.S. Customs spokesman Chris Misson said.

“There are times when that workload isn’t there, and we have to look at readjusting and realigning our stafRing. We’ve got ports like Pembina, a 24-hour port, a major cross-

ing on Interstate 29 that goes right to Grand Forks. It’s much bigger, much more trafRic, much more resources needed.” Beginning Jan. 7, the Lancaster port will operate from 8 a.m. to 4 p.m., rather than closing at 10 p.m. The Roseau port will operate from 8 a.m. to 8 p.m., rather than closing at midnight. Operation hours will remain unchanged for northbound trafRic entering Canada.

Australia’s Westpac defends heavy bank bill buying in court

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ustralia’s No. 2 lender, Westpac Banking Corp, defended its bank bill trading in court on Wednesday, saying it was crucial to funding the group and managing large amounts of cash it held following the global financial crisis. The Australian Securities and Investments Commission (ASIC) has argued that communications within the bank and with external traders show Westpac dominated

trading of bank bills, debt instruments up to six months maturity, to manipulate a benchmark rate. The regulator has accused Westpac of rigging the Bank Bill Swap Rate (BBSW), a benchmark in Australia for pricing trillions of dollars worth of assets, to inflate profits from 2010 and 2012. Its rivals National Australia Bank Ltd (NAB) and Australia and New Zealand Banking Group Ltd. –CB Report

ational Australia Bank said it would cut a net 4,000 jobs about 12 per cent of its workforce as it seeks to automate and simplify its business by investing in new technologies. The Australian lender announced the job cuts as it reported a cash proRit after tax of A$6.64bn in full year 2017, a rise of 2.5 per cent on the previous year. The performance was boosted by growth in home and business lending and stronger markets and treasury income. “We are reshaping our workforce to enable us to deliver for our customers and by full year 2020 expect to create up to 2,000 new jobs while about 6,000 roles will be impacted as we further automate and simply our business,” said NAB in a statement. The net reduction in employees numbers will

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give rise to a restructuring provision of A$0.5-0.8bn in the Rirst half of 2018, said the bank.

NAB’s net interest margin fell 3 basis points in the 12 months to end September, compared to the same period a year earlier. Net operating revenues grew 2.7 per cent to A$17.89bn. UBS analysts said the result was “solid” but the bank had Rlagged higher than expected costs in coming years. “Guidance would imply 2020 costs are $135m to $365m above current forecasts, which represents 1.5% to 4% of NPAT. Management expects this to be offset by stronger revenue, but the market may not incorporate revenue upside until there are signs of delivery,” said UBS in a note to clients. Meanwhile, Australia’s biggest power producer, AGL Energy, plans to import up to 2.5 million tonnes a year of liqueRied natural gas (LNG) to the southeast of the country, including spot cargoes from 2020, a senior executive said. In a move that would ease the grip of fuel supply majors on the market.

Canada’s GDP unexpectedly shrinks

anada’s GDP unexpectedly slumped in August, according to the latest report from Statistics Canada. Canada’s GDP fell by 0.1% month-over-month in August following the prior month’s flat reading of 0.0%. Economists were expecting GDP to tick up by 0.1%.

Statistics Canada said that declines in manufacturing and mining, quarrying and oil and gas extraction “more than offset” the increases in other sectors. Goods-producing industries shrank by 0.7%, while services-producing sectors ticked up by 0.1%. Last week, the Bank of Canada held rates at 1.00%. The

bank said the global and Canadian economies are progressing as outlined earlier this year, but cautioned that its outlook remains “subject to substantial uncertainty about geopolitical developments and fiscal trade policies” – including the on-going NAFTA re-negotiations. The Canadian dollar dropped after the report. It was down by 0.5% at 1.2894 per US dollar at 8:31 a.m. ET. Meanwhile, Canada’s budget deRicit narrowed slightly in August compared to the year before as both program expenses and revenue declined, the Finance Department said. –CB Report

Dubai Customs concludes leadership forum

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ubai Customs’ “Leadership Forum” wrapped up The Forum which was held from 24th to highlighted the importance of knowledge and expertise exchange between government departments.

The Forum saw the participation of

employees from different government departments who won medals of distinction. They were selected to showcase their successful experience and performance to Dubai Customs employees in order to encourage them to do even better and qualify for more medals in Dubai’s Fourth Generation of Government Excellence System. The Rinal day of the Forum saw the attendance of

Ahmed Mahboob Musabih, Director of Dubai Customs, Hazza Al Nuaimi, Senior Manager of Excellence Initiatives in Dubai Government Excellence Program and a number of directors and heads of customs centers and distinctive employees who were awarded for their achievement and excellence. Commenting on the Forum, Ahmed Abdul Salam Kazim, Director of Strategy and Cor-

porate Excellence at Dubai Customs pointed out that Dubai Customs aimed at preparing the Department for the upcoming DGEP awards and to encourage employees to participate in the award programs within the Fourth Generation of Government Excellence System. He added:” Dubai Customs adopts practices and mechanisms to meet the requirements of the Fourth Generation.

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Georgia ports chief touts Brunswick’s big auto expansion BRUNSWICK: The chief executive of Georgia’s seaports says a terminal expansion has put the Port of Brunswick on track to becoming the nation’s busiest for shipping automobiles. Griff Lynch is executive director of the Georgia Ports Authority, which operates the ports in Savannah and Brunswick. Lynch says the Port of Brunswick expanded capacity for parking autos at its Colonel’s Island terminal by 50 percent in the fiscal year that ended June 30. The terminal grew from 60,000 parking spaces to 90,000. Lynch said during a speech in Brunswick on Thursday that the expansion gives Brunswick room to handle 800,000 cars per year, and port customers have already increased operations to take advantage of the new space.

Manila ports prepared for peak season cargoes anila’s three ports have enough space for peak holiday season cargoes, the Philippine Ports Authority (PPA) announced. “The Manila International Container Terminal (MICT), the Manila South Harbor (MSH) and the Manila North Port (MNP) continue to be strong, with no slowdown expected even with the Christmas rush,” confirmed PPA General Manager (GM) Jay Daniel R. Santiago. To date, the combined yard utilization at the two international Manila ports MICT and MSH remained at 60.12% or about 20% below the optimum level of 80%, he pointed out. “Both terminals posted at least a 10% increase in their productivity as of end September, suggesting a fully functional Manila ports,” the GM added. “The premier domestic terminal, the MNP, has a yard utilization rate of 43.40%, giving the port enough elbow room for an-

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ticipated increase in demand at this point in time,” according to Santiago.

“With a combined average quay crane productivity of the three terminals at 26 moves per hour per crane, barring any major development, we can guarantee a congestion-free Manila ports at any given time.”The 60.12% utilization rate means that some 48,900 containers are inside the terminal while 32,600 container slots remain vacant. With container gate-outs almost reaching 8,000 container outs per day, the utilization rate is expected to hover around the 55-60% utilization rate until after the Christmas season.

The tight security measures due to the ASEAN Heads of States meeting in the middle of November are expected to disrupt the vessel and transport delivery movements. –CB Report

Ports & Shipping

Tema Port Expansion Project gets $120 million boost

Adani Ports hits 1-month high as promoter buys more stake hares of Adani Ports and Special Economic Zone rose nearly 2% to hit its one-month high after Emerging Market Investment DMCC bought 500,000 shares or 0.02% stake in the company through the open market The additional share purchase has raised Emerging Market Investment DMCC’s stake in the company to 1.79% from 1.76%, data available at the exchanges showed.

Adani Ports & Special Economic Zone Ltd is currently trading at Rs 404.8, up by Rs 3.3 or 0.82% from its previous closing of Rs 401.5 on the BSE. The stock opened at Rs 403.5 and has touched a high and low of Rs 412.3 and Rs 401.65 respectively. The promoters holding in the company stood at 63.34% while Institutions and NonInstitutions held 32.32% and 4.34% respectively. The stock is currently trading above its 50 DMA. APSEZ, a subsidiary of Adani Enterprises, is India’s biggest multi-port operator providing cargo handling and valueadded port services. –CB Report

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eridian Port Services (MPS) has awarded the second largest contract in the ongoing Port Expansion for Land and Civil works worth $120 million. The contract was awarded to a consortium formed by EIFFAGE Génie Civil (acting as the leader) and RMT Industrie-und Elektrotechnik GmbH. At a signing ceremony held in Tema, the CEO of MPS, Mr. Mohamed Samara, outlined details of the agreement. According to Mr. Samara the agreement encompasses the complete Design, Procurement, Delivery and Construction, Testing and Commissioning of: Paving & Utilities Works including earthworks, fencing, gates, drainage systems, water distribution network, IT and Communications ducting and all other ancillary buildings etc. Power SupplyWorks (MV & LV) as well as Power Distribution Network for

Thursday November 9, 2017

12MVA at 20kV including ducting, Bus bar installation, cabling, lighting poles, Reefer racks etc. He added that EIFFAGE will commence works on January next year, with the whole project expected to last 28 months.

The MPS Head of Construction, Mr Finlo Paish, explained that key elements would include the coordination of the complex service networks under the port, and the design of the structural pavement to take the massive loads which moving loaded containers will create. Mr. Paish added that Eiffage had chosen many local materials,

including 12 km of concrete box culverts, 41km of ducting and 51km of power cabling, for the services distribution and were also planning to use over 43 million locally produced concrete paving blocks for the pavement. On his part Mr. Christian Combes, Director for Africa of EIFFAGE assured that his company has satisfactorily demonstrated to the MPS Port Project Team that EIFFAGE had sufficient design and construction experience to successfully deliver the project on time for the first container operations in June 2019.

Muskogee port pursue funds for rail improvement MUSKOGEE

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ort of Muskogee ofRicials renewed their efforts to secure a federal transportation grant to fund a multimillion-dollar railroad project necessary to accommodate modern locomotives. The $11.58 million project, of which the Muskogee City-County Port Authority would pay nearly $5.79 million as a required cost-share commitment, would include an expansion of the port’s railroad marshaling yard. This will be the third time the port authority has applied for the Transportation Investment Generating Economic Recovery grant. The highly competitive discretionary grant program was authorized initially by American Recovery and Reinvestment Act of 2009.

Port Director Scott Robinson said

it was unknown until September whether the grant program would be funded this year. U.S. Transportation Secretary Elaine L. Chao announced on Sept. 6 that $500 million would be made available for TIGER IX grants and set an Oct. 16 deadline for the submission of applications. Given the narrow window of opportunity, Robinson was authorized to spend up to $12,500 for the assistance of two Rirms to help assemble and deliver the application and supporting materials.

Port authority directors also approved the Rinancial commitment required for the cost-sharing match should an award be made for the rail projects. “We have to have modern access: a high-speed switch, a safe and modern crossing, and proper curvature,” Robinson said about the need to upgrade rail access to the port. “We have missed out on some opportunities because

of the curvature, and we will just miss out on more — at some point … the business we do every day will become at risk.” The project would lengthen the arc of the railroad track that enters the port’s marshaling yard from the north, increasing safety and efRiciency. Improved rail access to the port would enhance “connectivity between barge and rail” trafRic at the inland port.

Upgrades are needed to accommodate six-axle locomotives, the rail industry’s modern standard.

The narrow arc of the existing rail entrance to the port restricts access to four-axle locomotives, which are being phased out of existence.

Robinson has described ongoing efforts to improve rail access into the port as “an extremely important part of our growth strategy.” Preliminary engineering and environmental impact studies for the project have been completed, and

securing the funds needed to move forward is the next step. “If we get this access improved, there will be a higher likelihood that we will see some unit trains some 100-car trains coming into the port,” Robinson said. “That will change the picture a lot one way or another we have to get this access improved.”

Robinson said letters of support were submitted by tribal leaders, members of Oklahoma’s congressional delegation and numerous stakeholders. He said the port authority is “invested in this project,” with more than $155,000 already invested in the project for such things as preliminary engineering, design and environmental impact studies, which are necessary to move the project forward. Robinson said earlier this year that alternative sources of funding should be considered if the authority is unable to secure a grant.

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About 123,346 tons of raw cotton exported in Q1 ISLAMABAD: Raw cotton exports from the country during first quarter of current financial year grew by 69.70 percent as compared the exports of the corresponding period of last year.

During the period from July-September, 2017-18, about 17,752 metric tons of raw cotton worth US$ 29.624 million exported as compared the exports of 10,200 metric tons valuing US$17.457 million of same period last year.

Meanwhile, 123,346 metric tons of cotton yarn, worth US$ 320.290 million exported during first three months of current financial year.

Thursday November 9, 2017

Business

‘Trade cooperation to strengthen Pak-Poland ties’ ISLAMABAD

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ational Assembly Speaker Sardar Ayaz Sadiq said that Pakistan attached immense importance to Poland and wanted to take the existing warm relations between the two countries to new heights through parliamentary and economic cooperation.

He was talking to Chairman of the Senate of the Republic of Poland, Stanislaw Karczewski, who along with a delegation called on him here at the Parliament House, said a press release. The two sides undertook a comprehensive review of bilateral ties and discussed ways and means

Foreign Currency Account Scheme KARACHI

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to enhance cooperation in diverse spheres, especially in the Rields of economy, trade and commerce. Cooperation in energy, industry, investment, agriculture, Science Technology and Innovation (STI), Information and Communication

Belgium trade mission to visit Pakistan in 2018: envoy

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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 07-11-17 For 3 months and over but less than 6 months 1.1419% PA 1.8919% PA For 6 months and over but less than 12 Months 1.3402% PA 2.0902% PA For 12 months.

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Technology (ICT), education, culture, defence and parliamentary exchanges also came under discussion.

They also deliberated on the emerging peace and security environment at the regional and global levels. Sardar Ayaz Sadiq said that Pakistan

should beneRit from the expertise of Poland in the sectors of industry and technology. “Polish investors should be urged to invest in the Rields of agriculture, food processing, coal, energy and defence in Pakistan” he added.

The Speaker said that Poland was a very important country in Europe and both countries should hold high level negotiations in political, economic and defence sectors. He said that Pakistan was the worst victim of terrorism as it had sacriRiced the lives of more than 60,000 innocent men, women and children in gruesome terror acts. The Speaker also briefed the Polish delegation on Pakistan’s efforts to reach out to neighbouring countries and reafRirmed the country’s commitment to constructively contribute towards the promotion of peace and stability in the region.

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FAISALABAD

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multi-sector trade mission from Belgium will visit Pakistan in 2018 while another group of Belgian buyers will also participate in Expo to be organized

by Trade Development Authority of Pakistan in Karachi, said Frederic Verheyden Ambassador of Belgium.

Addressing the business community at Faisalabad Chamber of Commerce and Industry here on Tuesday, he said that Faisalabad-based

businessmen could be facilitated to have meetings with their counterparts to Rinalize their deals.

He said that Belgium was the geographical heart of European Union and hence, it’s member states and it is the Capital of Europe. “This small country is a great transit point allowing its ports in Antwerp and Zeebrugge to feed the European market of almost 500 million consumers by providing a fast and efRicient cargo handling infrastructure”, he added.

He said that Belgian productivity was amongst the highest in the world. “Originality, creativity and

high value technology have enabled Belgium to develop its production structures on modern lines”, he said and added that the in turn favours the birth and development of new industries. Continuing, he said that steel, metallic, mechanical and electric construction, chemical and glass are the historical basis of the country’s prosperity. “Focused on the future, Belgium has also developed its expertise in the Rields of telecommunications, software, new materials, bio-technology, aeronautical, petrochemicals, graphics, textile machinery and multi-media etc.

JCC-Meeting 7th CPEC JCC to meet on Nov 21 ISLAMABAD

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he 7th Joint Coordination Committee (JCC) on China Pakistan Economic Corridor (CPEC) between the two countries is scheduled to be held here on November 21, sources in ministry of Planning and Development said. The meeting would prominently take up the issue of industrial cooperation in agenda of the committee. The meeting would also approve new projects of Special Economic Zones to be constructed along CPEC routs across the country. The sources added that representatives from private sector investment and business community would be specially invited in the meeting as the government wants to engage the private sector and business community in materializing the phase of Industrial Cooperation under CPEC. Furthermore, financial agreements on three road projects, including KKH (remaining portion), D.I. Khan to Zhob and Khuzdar to Basima is also likely to be signed at the 7th JCC meeting. Meanwhile the ministry also convened a meeting under the chairmanship of Minister for Planning and Development and Interior Ahsan Iqbal here the other day with the business community aimed at taking the chambers and business community on board.

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Pharma export to be doubled in next two years: Senate told ISLAMABAD

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inister for National Health Services, Regulations and Coordination Saira Afzal Tarar apprised the Senate that country pharma export has witnessed sharp increase and in next two years it would be doubled.

Winding up discussion on a deferred motion about Drug Regula-

tory Authority of Pakistan (DRAP), the minister expressed the hope that DRAP would be international standard in next Rive years.

She said there was always chance of improvement and efforts were being made to make DRAP more efRicient. The minister said quality assurance directorate was set up in DRAP for the Rirst time to check quality of drugs. She said some 5500 samples were collected from across the country and around 1450 cases

were registered against various pharma companies.

She said two companies were Rined for violating the standard besides 10 years conRinement to the involved persons.

The minister said DRAP had decided 880 cases so far and imposed Rs. 35 million Rine on the companies.

She said DRAP with the assistance of FIA had also raided in Hayatabad and Lyari on complaints of manufacturing spurious drugs. Now physical visits

were made before registration of new medicine, she added. Saira said bar code was introduced on medicines for the Rirst time to ensure quality and standard drugs. She said time frame was given to the pharma industry to introduce bar code on tablets also. She also clariRied that World Health Organization had not issued any report about manufacturing of spurious drugs in the country.

The minister said policy has also been framed for Rirst time in the country to

Rix prices of drugs in the country. She conceded that there was a huge potential of export of herbal medicines in the country which would be promoted. Earlier, speaking on a deferred motion that the House may discuss the overall performance of the DRAP with particular reference to its oversight in the matters of availability, quality and increase in prices of medicines, Mohamamd Azam Khan Swati said there was dire need to end cartelization in medicines.

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Australia new vehicle sales rebound in Oct SYDNEY: Australian new vehicle sales rebounded in October as demand in the commercial sector remained red hot, auguring well for business spending in the economy.

The Australian Federal Chamber of Automotive Industries’ VFACTS report out on Friday showed 95,763 new vehicles were sold in October, up 2.6 percent on the same month last year. Both months had the same number of selling days. That was a record for an October month and left sales for the year to date running 0.5 percent ahead of the same period in 2016. Demand for commercial vehicles showed no signs of waning with the light sector up a hefty 18.5 percent and heavy vehicles jumping 13.7 percent on October last year. Sales of passenger cars extended their long decline with a fall of 3.8 percent in October, while sports utilities bounced 1.2 percent after a rare decline the previous month.

LCCI chief for more trade between Pakistan & Lebanon LAHORE

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Thursday November 9, 2017

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Computer industry demands abolition of GST on parts & accessories

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mbassador of Lebanon Mona El Tannir has called for well tailored sector specific measures to cement mutual trade ties. While talking to the LCCI President Malik Tahir Javaid, Vice President Zeshan Khalil and Executive Committee Members here at the Lahore Chamber of Commerce & Industry, Ambassador said that businessmen of both countries should focus each other’s market as Pakistan is an emerging economy while Lebanon offers investors a wide range of investment opportunities in all sectors of the economy, especially in tourism, agriculture, and energy.

Furthermore, Lebanon represents a point of entry to a large regional market. She said that Embassy of Lebanon

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in Pakistan is facilitating the business community for closer and strong trade and economic ties between Lebanon and Pakistan. She urged the Pakistani businessmen to visit Lebanon to identify the trade & investment opportunities. The LCCI President Malik Tahir Javaid said that the balance of trade is in favour of Pakistan but unfortunately there is decreasing trend in bilateral trade relations. The trade figures revealed that in 2014, the volume of two-way trade was just dollar 34 million which fell down by 21% and by 23% in next two years. He said that exports of Pakistan were to the tune of dollar 30 million in 2014 which contracted by 9% and 20% in 2015 and 2016 respectively. The same trend was witnessed in imports made from Lebanon to Pakistan. “We need to make joint efforts to reverse this trend and match with the actual potential of trade.

ISLAMABAD

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delegation of Pakistan Computer Association (PCA) Islamabad Chapter led by its President Arshad Janjua visited Islamabad Chamber of Commerce & Industry and called upon the government to abolish GST on parts and accessories of computers as it was a major hurdle in the growth of computer and IT industry in the country.

Arshad Janjua said that government had exempted computers and laptops from GST, but persisted with GST on their parts and accessories that was hindering the growth of local manufacturing of computers and laptops. He said abolishing GST on components would facilitate the growth of computer industry leading to creation of more jobs and more revenue for the country. He said government was not paying due attention to computer industry and this approach was holding back this important industry from realizing its full growth potential.

He said computer and IT industry has the potential to drive the eco-

nomic growth of Pakistan and promote exports, but high taxes and unfavorable tender rules of PPRA were creating hindrances for its development. Highlighting other issues, he said that the lack of parking in Blue Area, absence of new rent control act and forced evictions of traders from shops were affecting the growth of business activities and stressed that ICCI should cooperate in resolving these issues.

Speaking at the occasion, Sheikh Amir Waheed, President,

Islamabad Chamber of Commerce and Industry said that computer industry has immense potential to create jobs and promote exports and urged that government should pay priority attention to resolving its major problems. He said India was achieving over US$100 billion exports of IT and IT enabled products, but Pakistan was achieving negligible exports from this sector. He said the main reason of this difference was that India was giving high focus to

FBR urged to extend IT return filing date till Dec 31 LAHORE

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he Lahore Chamber of Commerce & Industry has urged the Ministry of Finance and Federal Board of Revenue (FBR) to extend the date for the filing of income tax return at least till December 31 as there is a huge decline in the number of filers.

In a statement issued here, the LCCI President Malik Tahir Javaid and Vice President Zeshan Khalil said that business community always want to perform its national obligations but due to problems in FBR IRIS system, a large number of businessmen could not file their returns within the given timeframe.

The LCCI office-bearers said that extension in the date for the filing of will not only be a great favor to

the business community but will also be in favor of the government.

They said that extension in the date for the filing of income tax returns will help government to achieve its revenue target besides trust building of the private sector.

They said that an extension in the date of filing of income tax returns would not only facilitate the business community but it would also send a very positive signal about private-public sector liaison.

“Extension in the date for the filing of income tax return till December 31 will give a good message that government honors the business community”, the LCCI office-bearers concluded.

Meanwhile, Progressive Group, a representative platform of traders and industrialists, has urged the Finance Ministry and the Federal Board of Revenue (FBR) to

extend the date for filing of income tax returns till December 31.

In a statement, Progressive Group’s President Khalid Usman, Abdul Wadood Alvi and others said that extension in date of tax returns filing will facilitate the business community and will also help the Federal Board of Revenue (FBR) meeting its revenue targets. They said that businessmen remained busy in the elections of trade bodies besides tackling a number of issues including lack of awareness about the FBR online systems.

Therefore, majority of businessmen cannot file their returns within the given timeframe as the time was short. They said that immediate extension in the date of tax returns filing will not only help building trust but will also pave way for the much-needed expansion of tax net.

computer and IT industry while Pakistani policymakers were ignoring this important industry.

He emphasized that CDA should build multi-storey parking plazas in Blue Area and other major commercial centers in Islamabad to address the parking issue.

He said ICCI was striving hard for the early enactment of new rent law from the parliament for Islamabad so that traders could focus on business activities with a better sense of security.

PIAF for early implementation of export package akistan Industrial and Traders Associations Front (PIAF) called for early implementation on Prime Minister Export Enhancement Package in its true spirit. PIAF Chairman Irfan Iqbal Sheikh, Senior Vice Chairman Tanveer Sufi and Vice Chairman Shahzeb Akram stated here that much-awaited export package approved recently by the ECC to steer the exporting industry out of crisis, must be implemented by the government to ensure relief to the exportoriented industry. They also demanded of the quarters concerned for initiating steps such as provision of uninterrupted energy supply to the industry to make Pakistan exports competitive in the international market. –CB Report

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DC Saima Ayaz summons owner of non duty paid diesel generator FAISALABAD: The Customs Adjudication Deputy Collector Saima Ayaz her issued a show cause notice to an accused involved in the smuggling of a Diesel Generator 60-KVA brought into Country without payment of duty taxes.

As per details, Mianwali Anti Smuggling Organization (ASO) stopped the Mazda truck near M.M. Alam Road Mianwali loaded with smuggled generator but the driver escaped. The ASO staff started chasing the vehicle and held it but the driver fled the scene.

Thursday, November 9, 2017

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Pickup loaded with 18,000 bullets impounded by Peshawar Customs PESHAWAR IRFAN BAHADUR

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he Mobile Squad-1 of the Customs House Peshawar has taken into possession a Suzuki pickup No: W-8772 Peshawar loaded with 18,000 imported bullets worth Rs2.7million at the Haji Camp Adda at Peshawar.

The Customs House Peshawar issued a statement stating that Inspector Bashir Ahmad Khan along with other Customs Police on-duty Sepoys Miya Muhammad Irfan and Adil Nawaz in a vehicle AA-4409 were patrolling on Ring Road when a suspicious Suzuki pickup was sighted coming from Chugalpura side. The Suzuki pickup was signaled to stop but the driver sped up the vehicle. The Customs Mobile Squad started chasing the pickup. After reaching the Haji Camp, the Suzuki stopped on a side of the GT Road and the driver fled the scene. The customs officials took into possession the vehicle and bullets.

The vehicle has been kept in the office of the Customs Mobile Squad Chamkani Morr Peshawar and an FIR No 88/2017 has been submit-

ted to Collector Customs Gul Rahman under Customs Act-1969 involving Section 161.

The vehicle impounded is worth Rs0.05million in the standard market. It has been eighty eighth (88)

FIR submitted to the Collector Customs in the current year regarding the seizures of contraband items

which add powers to the capacity building procedure for departmental development.

DRAP starts stern action on manufacturing of illegal, banned drugs ISLAMABAD

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rug Regulatory Authority Pakistan (DRAP) has started stern action against those violators who are involved in manufacturing of illegal, banned and unregistered drugs.

According to spokesman of DRAP, computerization of drug registration record has disturbed

the miscreants, as some of them have fabricated false documents and they are shouting and spreading disinformation.

He added as this computerization will disclose such wrong deeds in the past, DRAP Registration and Pricing division denies any such missing of records which are all intact. Contradicting the allegations of owner of a Pharma company at a press conference, he said that such baseless allegations aimed at stalling the reform process undertaken

by DRAP. He said that new initiatives in drug registration process

included international quality CTD format for drug Registration dossier, 2D bar-coding on labelling, mandatory GMP certified source of raw materials of API, standardization of drug and specification. He added these initiatives will ensure the provision of quality drugs.

Similarly stern actions of DRAP, FIA and provincial governments, suspension and cancellation of drug licenses, registration cancellations, heavy Rines, FIRs, imprisonment of violators of Drug Act 1976 and DRAP ACT 2012, the drug maRia has lost senses and

now they are coming up with lies, defamation attempts, character assassination, fake complaints, legal cases, etc He said that the DRAP was determined not to accept any pressure and take stern actions, across the board, against all these maRias, who are spreading spurious, fake and counterfeit drugs and the government will clean this menace, in the larger public interest and patient safety.

Similarly, regarding drug pricing, a stringent mechanism is provided under Drug Pricing Policy 2015, which is implemented in true spirit. Drug Pricing committee in-

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cluded members from all relevant stakeholders, provinces, etc recommend the price Rixation as per policy which is further re-scrutinized and finally price fixation is decided by the federal cabinet. He clarified that all promotions and postings are as per rules and provisions. All payments of allowances are at par and same across the board for all staff on deputation. He said that the process of recruitment last year was regarded as transparent, fair and totally on merit, which was appreciated by all including stakeholders.