Tuesday, 10 October 2017

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ollectorate of Customs Appraisement has collected Rs1840 million posting a growth of 21 percent revenue in collection including customs duty, withholding tax (WHT), sales tax (ST) and federal excise duty (FED).

According to the detail, the collectorate

collected Rs 6370 million on account of customs duty while on account of withholding tax Rs 1898 were collected from all the stations during the Sirst quarter July to September of current Financial Year 2017-18.

The Collectorate on the other hand collected Rs10322 million on account of sales tax for the period under review.

Similarly the Collectorate collected Rs9.58 million on account of federal excise duty for the period

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from July to September 2017-18. Overall the Collectorate collected Rs1840 million posting a growth of 21 percent in revenue collection including all taxes which includes customs duty, withholding tax, sales tax and federal excise duty (FED). Sources said that the Collector of Customs Appraisement Lahore Jamil Nasir has taken a number of measures to increase revenue collection growth and facilitate the businessmen at the dry ports in Lahore.

Customs AFU foils attempts to smuggle foreign currency,heroin to S Arabia

DG Valuation Surriya Butt to revise VR No 736/2015 on October 26

DC orders release of skimmed milk for insufficient evidences

Justice (R) Javed Iqbal appointed as NAB chairman

Multan Customs collected Rs 2,051.941m against assigned target of Rs 1,755.02m

Under the supervision of newly deputed AFU Nisar Phullerwan, the customs sta | See pAge 02 |

DG Valuationhas decided to revise the Valuation Rulings No 736/2015 | See pAge 03 |

CollectorateofCustomsAdjudicationDChas issuedOrder-in-Original(ONO)no:36/2017 | See pAge 04 |

President Mamnoon has appointed Justice (R) Javed a retired Judge of the SC | See pAge 14 |

The Customs Collectorate has collected Rs 2,051.941 million | See pAge 16 |

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FBR extends date for 0.4% WHT on non-filers till Dec 31 Tuesday, October 10, 2017

ISLAMABAD: The government has decided to continue the imposition of reduced rate of withholding tax on non-cash banking transactions made by non-filers till December 31, 2017.

The decision has been taken at a meeting chaired by Finance Minister Senator Mohammad Ishaq Dar with officials of Federal Board of Revenue.

The meeting decided that the period of applicability of reduced rate of 0.4 percent withholding tax on banking transactions for non-filers shall be extended from September 30, 2017 to December 31, 2017.

Islamabad

Afu foils attempts to smuggle foreign currency, heroin to Saudi Arabia

ISLAMABAD

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ISLAMABAD

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nder the supervision of newly deputed Additional Collector Air Freight Unit (AFU) Nisar Ahmed Phullerwan, the customs staff of the Benazir Bhutto International Airport Islamabad has foiled attempts to smuggle $19,000, at least 100,000 Saudi riyals and one kilogram ice heroin to Saudi Arabia and Bangkok.

During an exclusive interview with Customs Today, Additional Collector AFU Nisar Ahmed Phullerwan said that during initial 20 days of September, with the support and guidance of Tariq Pasha, Chairman Federal Board of Revenue (FBR), Zahid Kokhar, Member Customs FBR, and Dr. Saeed Khan Jadoon, Collector Model Customs Collectorate (MCC) Islamabad, the customs staff of the Islamabad airport showed satisfactory performance against the money launderers and heroin smugglers.

During the last night of 25th of September FY17-18, the customs staff, led by Ali Asad, Assistant Collector Islamabad Airport, intercepted $19000 that was detected at the international departure lounge at 11pm. He added that the said currencies were recovered from a passenger named Muaazullah, a resident of Peshawar, who was travelling by TG Flight-350 bound for

Date for filing of tax returns extended till 31st october

Bangkok. Nisar Phullerwan told CT that on 26th of September FY17-18 during early morning, the second case of one kilogram of ice heroin was unearthed at the Customs Accompanied Baggage counter at departure lounge by a Customs Inspector. The smuggler of the ice heroin named Iftikhar Khan, a resident of Mardan, was travelling by Airblue Flight No: PA274 which was bound for Saudi Arabia. The accused told customs staff that one of

his friends gave him the baggage for someone who lives in Saudi Arabia. He further told CT that the customs staff of the Islamabad airport had intercepted one lakh Saudi riyals from a passenger travelling to UAE during the first week of September after his joining.

Assistant Collector further told the reporter that, during 1st to 25th of September FY17-18, the AFU collected revenue of Rs371.61million of all duties and taxes. During said

period, the AFU earned Rs100.52million as Customs Duty (CD).

The AFU generated Rs179.53million of Sales Tax (ST) whereas it did Rs91.56million as Income Tax (IT). The AFU is striving to meet the assigned revenue collection target for 1st Quarter (July to September) Fy17-18. The AFU will hopefully chase the allocated revenue target under all the heads while Customs Duty target is somewhat hard to meet.

ederal Minister for Finance, Revenue and Economic Affairs, Mohammad Ishaq Dar approved extension in the due date for Siling of Income Tax Returns/Statements by Companies, salaried individuals, other individuals and AOPs, till 31st October, 2017.

The Minister approved extension in the date in view of the requests made by the tax bars and various trade and other associations due to Eidul-Azha and Muharram holidays, both falling in September, 2017. It was felt that the taxpayers could not Sind ample time for Siling of their tax returns. The due date for Siling of returns has therefore been extended. Meanwhile, Federal Board of Revenue (FBR) has issued list of persons/companies required to Sile their annual tax returns.

In an attention to taxpayers regarding Siling of income tax returns for tax year 2017, the FBR has said that the following categories of taxpayers are required to Sile their returns by September 30: Business income is more than Rs300,000 Income (other than business) is in excess of Rs40,000.

iHc adjourns hearing of customs reference till today

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ISLAMABAD

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division bench of the Islamabad High Court (IHC) dated in ofSice the hearing of a customs reference till October 10 and directed parties to provide record pertaining to the case prior to the date of hearing.

The IHC bench comprising Justice Shaukat Aziz and Justice Mohsin Akhtar was hearing the customs

case Siled by M/s Pakhtoon. The appellant had Siled the case against Collectorate of Customs, Islamabad.

The bench also directed the FBR Sield ofSice, and the appellant to submit record of the case in order to assist the court. Justice Aziz’s single bench also heard another customs case Siled against by Ehsan ur Rehman. Meanwhile, the bench dated in ofSice hearing on M/s Dancom Pakistan’s case. M/s Dancom Pakistan had Siled the case challenging an announcement made by the Appellate Tribunal Inland Rev-

enue (ATIR)-through which it had sustained decision announced by the department’s adjudication pertaining to the show cause notice to M/s Dancom Pakistan for outstanding tax recovery.

Through both the references, M/s Dancom Pakistan had named Chief Commissioner Inland Revenue, LTU, Assistant Commission Inland Revenue Withholding, LTU, Commissioner Inland Revenue (Appeals), LTU, and Federal of Pakistan through the chairman of Federal Board of Revenue (FBR) as respondent in the case.

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SHC issues notices on petition filed by M/s Asad Corporation KARACHI: The Sindh High Court (SHC) has issued notices to the customs authorities and deputy attorney general on a constitutional petition filed by M/s Asad Corporation against enhancement of valuation of Menthol Crystal.

While the hearing of the petition, a two-member bench, comprising Justice Munib Akhtar also directed them to file their respective para wise comments on the next date of hearing. Earlier, counsel for the petitioner stated that the petitioner is engaged in lawful import of Menthol Crystal from China and fulfills all the legal requirements according to the law.

Appraisement east generates rs 28.884 million duty, taxes

Tuesday October 10, 2017

Karachi

Dg Valuation Surriya Butt to revise Vr no 736/2015 on october 26

KARACHI

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he Customs Collectorate of Appraisement East has generated Rs 28.884 million under the head of customs duty, sales tax, income tax and federal excise duty during the first 26 days of September. Sources told Customs Today that the Customs Appraisement East has collected Rs 9.256 million under the head of customs duty, Rs 8.324 million under the head of sales tax, Rs 2.854 million under the head of income tax and Rs 8.45 million as federal excise duty during the first 26 days of September 2017.

Sources said that the Collectorate of Appraisement East has collected Rs 16.145 million.

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court grants bail to suspect involved in tax evasion case KARACHI

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he Customs Taxation & AntiSmuggling Court Judge Syed Faiz Rasool Rashdi granted bail to suspect namely Muhammad Irshad son of Muhammad Iqbal, proprietor of M/s Ferrous Engineering Industry, who was booked in a case of evasion of duty and taxes to the tune of Rs66,448,835.

During the hearing, counsel for the above mentioned accused appeared before the court and moved bail petition, he argued that his client is innocent and was falsely been implicated in this case, who is ready to face trail, therefore, court may grant him bail till final order in this case. After the arguments, court granted him bail against the surety of Rs2,00,000 and issued notices to the special prosecutor for customs department and investigation officer directing them to file comments on next date of hearing.

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irectorate General, Customs Valuation, Director General Surriya Ahmed Butt, has decided to revise the Valuation Rulings No 736/2015 on October 26, it is learnt here.

According to the details, Surriya Butt said that the department is reviewing suggestions from importers to set new prices. She said that some valuations, which were issued in 2015, were being reviewed from the beginning. Moreover, the valuations will be set in view of rising prices in international markets. Sources told reporters that a petition was submitted by the importers to Customs Valuation in which change in prices of tooth brushes was requested.

Sources said that Valuation Ruling No. 736/2015 was issued on 25th May 2015.

A meeting was held with the stakeholders on 30th September, 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 value of Latex Rubber Threads Valuation Ruling No 1214/2017 under Section 25A of

the Customs Act, 1969.

The customs values of ‘Latex Rubber Threads’ were determined under Section 25A of the Customs Act 1969, vide Valuation Ruling No.1019/2017 dated 24-01-2017.

Some importers approached this Directorate General with the request that the existing valuation ruling needs revision in the light of High Court of Sindh, Karachi’s judgment in C.P.No.6918/2015, dated 14-112015, read with Supreme Court of

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

wan Hai Lines moves SHc for release of containers

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KARACHI

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he Sindh High Court (SHC) has issued notices to customs ofSicials and deputy attorney general on a constitutional petition Siled

by M/s Wan Hai Lines Limited, seeking release of its 194 containers which are laying at Karachi Port since 2011.

While the hearing of the petition, a two-member bench, comprising

Justice Munib Akhtar and Justice Umer Sial, directed them to Sile their para wise comments on the next date of hearing. The court adjourned the matter for October 9, 2017. Earlier, counsel for the petitioner stated that the company belongs to Taiwan and engaged in the lawful business of import and export. The counsel argued that due to Salala Check Post incident, an embargo was placed on NATO supplies which continued till July 2012. As a result, 347 containers of the peti-

tioner stuck up at Karachi Port, which were required to be unloaded and be handed over to the petitioner. He said that 153 containers have already been unloaded and handed over to the petitioner.

He stated that remaining containers are lying at Karachi Port which have been detained by the customs authorities since 2011 without justiSication and lawful authority. Citing Chairman Federal Board of Revenue, Chief Collector of Customs South.

Pakistan’s order, dated 04-08-2016, as the current prices have decreased in the international market. Hence, this Directorate General initiated an exercise for determination of customs values of the subject goods. 3. Stakeholders’ participation in determination of Customs values: Meetings with stakeholders were held on 12-092017 and 14-09-2017. The stakeholders were requested to furnish the invoices of imports during last three months showing factual values.

SBp injects rs1400b into market tate Bank of Pakistan injected Rs 1400 billion into money market for seven days through its reverse repo open market operation.

The rate of return accepted is 5.76 percent per annum, says SBP release.

Meanwhile, State Bank of Pakistan (SBP) has established a dedicated helpline for resolving complaints against banks, said a statement.

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FTO adjourns hearing of case filed by M/s Shahbaz Ice Factory Tuesday October 10, 2017

Lahore

LAHORE: The Federal Tax Ombudsman (FTO) has heard a case filed by M/s Shahbaz Ice Factory against the Regional Tax Office, (RTO-II) Lahore until the next date of hearing.

FTO Advisor heard the case filed by Shahbaz Ice Factory. The counsel for the appellant argued that the RTO had failed to release the sales tax refund to the appellant for the last two years.

He said that RTO-II collected excessive tax from the company during the last two years. The petitioner approached the officials concerned several times for issuance of the refunds, but the RTO officials failed to clear the refunds after the passage of reasonable time.

Finally, the appellant decided to approach the FTO seeking interference in this case.

customs Tribunal rejects 14 appeals filed by different companies LAHORE

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ustoms Appellate Tribunal has dismissed 14 appeals Siled by M/s Seagulls International, M/s Salman International, M/s Anjum Brothers and upheld the orders of the Superintendent of Customs and Additional Collector of Customs Lahore.

Zulifqar A Kazmin Member Technical-II heard the arguments from the appellants and passed the verdicts with remarks that the impugned orders were found to have been passed properly and lawfully.

Therefore, all the 14 appeals having no merit are hereby dismissed and the impugned orders are upheld as maintainable. As per the brief facts of the case, an information was re-

prA holds workshop to bring salon owners into monitoring system he Punjab Revenue Authority (PRA) has organised a motivational/awareness workshop for women entrepreneurs of beauty salon businesses to convince them to be part of the Beauty Salon Invoice Monitoring System (BIMS) that in turn would increase tax collection. The move comes after several unproductive meetings with concerned stakeholders. Organised by the PRA in collaboration with international policy-advisor GIZ, the ‘Tax Clinic’ was aimed at educating taxpayers and enhancing the scope of taxpayer facilitation in the beauty salon sector. Punjab Finance Minister Ayesha Ghaus Pasha said the provincial government is improving revenue collection mechanisms to generate funds for mega-development projects. –CB Report

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ceived by the customs that some commercial importers, including the appellants, in connivance with their clearing agents, were engaged in clearance of aluminum enameled winding since long by mis declaration and were causing huge revenue losses to the state exchequer. After the complete examination, the Customs ofSicers found that all consignments were imported in wrong way and some other discrepancies were also found in the papers.

During the examination, some anomalies were detected and charged the importers Rs 21,05,138 in taxes and duties which was payable by them. After the show cause notice, the adjudication proceedings were culminated and passed the order in original that the allegations by the examination authorities correct and the customs authorities recovered the amount with Rs 200,000 penalty.

Dc orders release of skimmed milk for insufficient evidences LAHORE

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ollectorate of Customs Adjudication Deputy Collector Zainab Mehmood Khawaja has issued Order-in-Original (ONO) no: 36/2017, directing ofSicials concerned to release skimmed milk.

According to the details, Customs ASO team intercepted a Suzuki pickup bearing registration no: LXC3738 loaded with bags. The person on the driving seat introduced himself as Muhammad Bashir. He stated that the bags had been loaded from Misri Shah and the same had to be delivered at a shop near Akbari Gate Circular Road. The ASO team started searching the vehicle and recovered foreign origin instant skimmed milk.

On demand, the driver failed to produce any documents in support of the lawful possession or legal im-

port of the aforesaid bags. Therefore, the same was detained along with said Suzuki pickup in terms of section 2(kk) of the Customs Act, 1969 for want of import documents and further investigation.

On the basis of the above reported facts, a case was forwarded to Customs Adjudication. A show cause notice was issued to Mohammad Bashir to appear in person and

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explain his position. Inspector Mansoor Elahi also appeared on behalf of the ASO. During the proceedings, the owner produced GD No. KAPE-HC-71513 saying that all the milk was imported according to law. After hearing the arguments and examining the whole case Deputy Collector Zainab Mehmood ordered the release of skimmed milk to its legal owner.

court extends physical remand of extension in tax return filing date sought suspect involved in cloth smuggling he Lahore Chamber of Com- gets. They said that businessmen re-

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he Special Federal Court of Customs Taxation and AntiSmuggling has extended physical remand of a suspect for one day and handed him over to the investigation team of customs on charges of cloth smuggling.

Earlier, the accused was on physical remand for three days and he was in custody of customs for investigation. According to details available to Customs Today, Khursheed Ahmad was arrested by the customs team. After arresting the accused,

the Customs I&I started investigation against him and got his physical remand. The Customs Intelligence team also recovered a huge quantity of foreign made smuggled cloth and other goods from his possession. The Customs intelligence told the court that accused persons were involved in smuggling of cloth from India to Shadman market. The market value of the smuggled cloth is Rs 6.6 million. They had caused a huge loss to national kitty in the wake of taxes and duties. –CB Report

merce & Industry has urged the Chairman Federal Board of Revenue to extend the date for Siling of income tax returns in the larger interests of both business community and the government.

In a statement, the LCCI President Malik Tahir Javed, Senior Vice President Khawaja Khawar Rasheed and Vice President Zeeshan Khalil said that extension in date of tax returns Siling till at least December 31 will be a good favor to the business community and will also help Federal Board of Revenue meeting its revenue tar-

Mou inked for property tax collection

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he National Bank of Pakistan (NBP), in collaboration with Punjab Excise & Taxation Department (E&T), is going to start the automation of collection process for Property Tax across Punjab.

This collaboration is a step to-

wards the vision of the Punjab government for complete E-governance of Excise & Taxation Department.

An MoU was signed for these services between the NBP and the Excise & Taxation Department. Mudassir H Khan, SEVP/Group Chief PS&DBG, National Bank of Pakistan and Dr Ahmed Bilal, Secretary, Excise & Taxation Department signed the MOU. Punjab Minister for Excise &

Taxation Mian Mujtaba Shujaur Rehman chaired the ceremony and other senior ofSicials of Excise & Taxation Department and NBP senior management team were also present on the occasion. The property tax collection was done through NBP branches manually but the implementation of this new system would make the process much easier for the customers by providing

mained 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 Sile their returns within the given timeframe that was very short. They said that immediate extension in the date of tax returns Siling will not only help trust building but will also pave way for the much-needed expension of tax net. This facility, they said, will also help establishing strong liaison between the government and the private sector. –CB Report

Real Time Validation and improving the process of reconciliation at E&T Department.

On the occasion, Mudassir highlighted the need for automation and digitisation in all federal and provincial government collection/payment services and said that NBP is in process of developing systems for digitisation of all G2P & P2G Payments.

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Tuesrday, October 10, 2017

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irectorate of Customs Intelligence and Investigation has impounded vehicles and miscellaneous goods worth Rs32.60 million during September of on-going Fiscal Year 2017-18.

Deputy Director Customs Intelligence and Investigation Multan Range OfSice Khial Muhammad Khan carried out various anti-smuggling operations against smuggled goods and vehicles in the territory on the directions of Director General Customs Intelligence and Investigation.

During the above said period Customs Intelligence and Investigation detected 16 various seizure cases during anti-smuggling campaign in September. Customs Intelligence and Investigation Sield staff impounded 15 foreign origin smuggled vehicles of worth Rs31.4 million in their anti-smuggling crackdown in the Jurisdiction throughout September. Customs Intelligence has also Sinalized seizure case of

miscellaneous goods of worth Rs.1.2 mil- various anti-smuggling actions in the lion in their different action.

Sadiqabad region to restrain smuggling in Customs Intelligence Multan teams jurisdiction. seized eight different foreign origin vehiField Intelligence Unit of Sadiqabad has cles of Rs19.70 million in Multan Region captured three various vehicles including during September. These seized vehicles Toyota Fielder, Toyota Civic and Toyota includes Toyota Axio, Toyota Cherokee Vitz during their crackdown in the Sepjeep, Toyota Townace Noah, Toyota Pajero tember. Deputy Director Khial Muhammad jeep, Toyota Mark X, Hino Truck and oth- Khan has enhanced cooperation with ers. Field Intelligence Unit of Dera Ghazi other law enforcement agencies to curb Khan has formed four seizure the menace of smuggling from Jurisdiccases of vehicles worth Rs6 tion and enhance the patrolling of the Cusmillion in their anti-smugtoms staff to capture smuggled goods gling activities in Sepand vehicles in the territory. tember. Customs Intelligence and Investigation has enhanced monitoring of the goods and vehicles at the Taunsa region and its suspected surrounding areas to restrain smuggling.

Customs Intelligence and Investigation has seized ale and ligenc l e t most Rs6.90 million of ven i s nded mpou custom hicles and goods in their sta i

n ggled igatio in smu invest g i r o illion eign 31.4 m s 15 for r h t or g es of w ugglin vehicl nti-sm n a r i e i d ctio in th e Juris h t n i r own embe crackd t Sept u o h g throu

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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

economy in political turmoil

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he political turmoil has put the economy of Pakistan in dire strain and reports emanating from various sources suggest the country would have to get another bailout package from the International Monetary Fund. With the national elections only a few months away, disqualification of Nawaz Sharif as prime minister has shaken not only the political system, but also economy which was going on a set pattern. Meanwhile, the threats of US President Donald Trump on the behest of India has added insult to injury and the government is trying to handle the emerging situation with care. The whole country is facing slump nowadays and the current account deficit has increased over four billion dollars in the quarter ended June. The foreign exchange reserves have also declined to about $14 billion and are likely to further fall to $10 billion, putting pressure on the government to look for other sources of income. The government of Prime Minister Shahid Khaqan Abbasi is already under pressure owing to its handling of the local currency. There is pressure on the government to devalue Pakistani rupee, and the depreciation could further damage the economy. The international donor agencies as well as exporters want rupee to be depreciated, deeming that the currency is overvalued. However, the government is braving all the pressures so far to maintain the current value of rupee.

In a situation of chaos and turmoil, investors hold back their money and that is happening in the country right now. The stock exchange is shaking with hostile news and corruption cases against Finance Minister Ishaq Dar are also creating uncertainty within the business and political circles. The macroeconomic stability, which the previous prime minister claimed over and over again seemed to be evaporated and vulnerabilities are building up due to internal and external factors. Some entrepreneurs are trying to politicise the domestic factors for short term gains one of which is criticism on exchange-rate management. They are holdingthe exchange rate responsible for widening of the trade deficit andfrail outlook of the economy.The prime minister has already rejected devaluation as an option to boost flagging exports and to fix widening deficits.

fallout of inconsistent economic policies A

LAHORE

Dr AfTAB AfZAL

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ccording to newspaper reports, the Ministry of Commerce has admitted that inconsistent policies are responsible for continuous fall in the country’s exports as about 45 products have failed to compete in the international market. In a report presented in parliament, besides other reasons, the trade and monetary policies have been the principle factors since the current government took over in 2013. On one hand the government failed to devise a mechanism to regulate financial policies and on the other, it lacks vision to update economy in line

with the changing environment in the region and elsewhere. The main thrust of the policymakers always remained on squeezing the business community to extract more and more money without realizing that it will adversely affect trade and economy. The former prime minister, who himself is a businessman, could not coordinate with the business community to resolve thorny issues faced them. When other nations in the region are making tremendous progress, the government confined itself to lip service. Bangladesh is a success story which has boosted its economy from scratches and even Pakistani businessmen invested billions of dollars in that

country which is hostile to Pakistan. As a matter of fact, the PML-N government could not grasp things during its four year tenure and the situation is now turning into political chaos. The export and import policies still need improvement. Pakistani business community is also responsible for the falling exports as they have failed to diversify their products, produce an international brand or tried to explore non-traditional sectors.

They are still relying on traditional exports such as textile, rice, sports and leather products and still use old technology which increases cost of production. At least 72 percent exports of the country were made of cot-

ton during 2016-17, showing narrow export base of the country. The economy is in disarray and it needs attention from the government to revise tariffs and taxes to create a business friendly environment. The current situation is that every entrepreneur is fighting for his survival in the hostile situation.

When focus of the government policies is only to collect money, all the other business friendly steps will be backfired and that is the practice going on in the country since independence.

There is a need to provide level playground for the local and foreign investors and that is the only panacea for economic woes of the country.

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FBR issues list of persons liable to file annual income tax return ISLAMABAD: Federal Board of Revenue (FBR) has issued list of persons/companies required to file their annual tax returns.

In an attention to taxpayers regarding filing of income tax returns for tax year 2017, the FBR has said that the following categories of taxpayers are required to file their returns by September 30: Business income is more than Rs300,000 Income (other than business) is in excess of Rs40,000 A person has immovable property of 250 square yards or more or any sized flat in Cantonment/Municipal/Islamabad Capital Territory Limit Companies with financial closing before December 31, 2016

court approves judicial remand of accused involved in smuggling

Tuesday October 10, 2017

National

M/s Tawakkal enterprises moves SHc against imposition of penalty

LAHORE

M iMrAn MeHAr

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he Special Federal Court of Custom Taxation and Anti Smuggling sent accused to jail on judicial remand f 14 days. Earlier his physical remand was extended for one day on Thursday when customs team presented him before the court after completion of three days physical remand. Accused was on physical remand for three days and he was in custody of customs for investigation.

His remand was approved earlier this week. According to details available to Customs Today the accused Khursheed Ahmad was arrested by the Customs Intelligence. After arresting the accused Customs Intelligence started in-

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vestigation against them and got their physical remand as well for this purpose. Now the accused has sent to jail on judicial trial. Customs intelligence has also recovered huge quantity of foreign made smuggled cloths and related goods from his possession. Customs intelligence has told the court that accused persons were involved in smuggling of cloths from India to Shadman market of Lahore and Faisalabad via different routes. Worth of the recovered cloths is Rs 6.6 million. They had made a huge loss to national kitty in the wake of taxes and duties. They were involved in smuggling for long time. Customs Intelligence and Investigation team produced them before the Customs Court and asked for their physical remand to dig out network behind this smuggling mafia. Three days remand was approved by the court which is now extended now for one day.

KARACHI

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he Sindh High Court (SHC) issued notices to customs authorities and deputy attorney general on a constitutional petition Siled by M/s Tawakkal Enterprises against imposition of penalty by custom department.

A two-member bench comprising Justice Munib Akhtar and Justice Umer Sial directed them to Sile their respective para wise comments on next date of hearing.

Earlier, counsel for the petitioner stated that petitioner is clearing agent and regularly transactions with details of payment paid on services, in rotten, petitioner Siled goods declaration of fertilizer ammonium nitrate prilled 16500 MT, however, ofSicials of the customs authorities imposed the penalty $105,444 without shown any lawful authorities.

Citing Chairman Federal Board of Revenue, Collector of Customs Collectorate Export, Assistant Collectorate Export Customs Collectorte Export, KICT/ West Wharf Road

Karachi as respondents, petitioner pleaded the court may declare that act of the respondents as illegal, mala Side and arbitrary, he also pleaded the court to restrain them from taking any coercive action against the petitioner till Sinal order on this petition.

Meanwhile, The Sindh High Court

(SHC) has issued notices to the customs department and deputy attorney general on a constitutional petition Siled by Manzoor Khan, Yaseem Akhtar, Amber Shahid, Wali Muhammad, Rehmat Ali, Abu Turab and Zoya Manhil, seeking restraining order from auctioning of high speed diesel and oil tanker bearing

registration number: TUB-164.

During the hearing of petition, a two-member bench, comprising Justice Munib Akhtar and Justice Umer Sial, directed them to file their respective para wise comments on the next date of hearing.

The court adjourned the matter for October 2017.

fBr issues instructions for filing tax return ISLAMABAD

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ederal Board of Revenue (FBR) has issued general instructions for Sling income tax return and statement of wealth for tax year 2017. The FBR issued the instructions with the formal return and wealth statement forms for tax year 2017. The FBR issued SRO 981(I)/2017 to notify the form for wealth declaration on September 28, 2017. The FBR also extended the last date for Siling annual tax returns by salary and business individuals up to October 31 from last date of September 30, 2017.

According to general instructions the following persons are required to furnish a return of income for a tax year: (a) Every company; (b) Every person (other than a com-

pany) whose taxable income for the year exceeds PKR 400,000; (c) Every non-proSit organization as deSined in clause (36) of section 2; (d) Every welfare institution approved under clause (58) of Part I of the Second Schedule; (e) Every person who has been charged to tax in respect of any of the two preceding tax years; (f ) Every person who claims a loss carried forward under this Ordinance for a tax year; (g) Every person who owns immovable property with a land area of two hundred and Sifty square yards or more or owns any Slat located in areas falling within the municipal limits existing immediately before the commencement of Local Government laws in the provinces; or areas in a Cantonment; or the Islamabad Capital Territory; (h) Every person who owns immoveable property with a land area

of Sive hundred square yards or more located in a rating area; (i) Every person who owns a Slat having covered area of two thousand square feet or more located in a rating area; (j) Every person who owns a motor vehicle having engine capacity above 1000 CC; (k) Every person who has obtained National Tax Number; (l) Every person who is the holder of commercial or industrial connection of electricity where the amount of annual bill exceeds rupees Sive hundred thousand; (m) Every person who is registered with any chamber of commerce and industry or any trade or business association or any market committee or any professional body including Pakistan Engineering Council, Pakistan Medical and Dental Council, Pakistan Bar Council

or any Provincial Bar Council, Institute of Chartered Accountants of Pakistan or Institute of Cost and Management Accountants of Pakistan; (n) Every individual whose income under the head Business exceeds PKR 300,000 but does not exceed PKR 400,000 in a tax year.

The following errors / omissions shall render a Return invalid & make the taxpayer a non-Siler & liable to penalty under section 182(1): (a) Return on which CNIC is missing or incorrect or invalid; (b) Return on which mandatory Sields marked by * are empty; (c) Return which is not signed by the Taxpayer or his Representative (as deSined in section 172 of the Income Tax Ordinance, 2001); (d) Return which is not Siled in the prescribed Form; (e) Return which is not Siled in the prescribed mode.

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Rosheen Hussain posted as Second Secretary Tuesday October 10, 2017

National Three ir officers granted performance allowance

ISLAMABAD: Rosheen Hussain Syed, a BS-17 officer of Inland Revenue Service, has been transferred and posted as Second Secretary.

The officer, presently posted as Assistant Commissioner-IR, Large Taxpayers Unit, Islamabad, was transferred and posted as Second Secretary(Taxpayer’s Audit wing), Federal Board of Revenue (HQ), Islamabad with immediate effect and until further order. He has been asked to relinquish/assume charge, using online HRMS facility made available at all FBR major field offices or by using IJP login.

Ardsher Saleem assumes charge as commissioner-ir (BTB)

ISLAMABAD

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ISLAMABAD

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hree Inland Revenue Service officers of BS-17, selected through the process of internal Job Posting (IJP), have been granted performance allowance. The officers, including Muhammad Fahad Mir, Khan Muhammad and Ayesha Dars, presently posted in Regional Tax Office, Hyderabad, were granted performance allowance with effect from September 20. The grant of performance allowance will be governed through the terms and conditions laid down vide Circular No. 6(96)S(BIC)/201314 dated 06.03.2015 and will be discontinued in case prescribed terms and conditions are not fulfilled within one month from the date of issuance of this notification. Meanwhile, Abdur Rehman, an Inland Revenue Service officer of BS-17, selected through the process of internal job posting (IJP), has been granted performance allowance.

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uzma Munir takes charge as Secretary (BTB) zma Munir, a BS-19 officer of Inland Revenue Service, has taken the charge as Secretary. Uzma, pursuing the Board’s Notification No. 2628-IR-I/2017, dated 20.09.2017, relinquished the charge of the post of Additional Director, Directorate General of Intelligence & Investigation (Inland Revenue), Islamabad with effect from September 22.09.2017 and assumed the charge of the post of Secretary (BTB) at Federal Board of Revenue (HQ), Islamabad on the same date. Meanwhile, Maqsood Jahangir, a BS-19 officer of Inland Revenue Service, has assumed the charge as Commissioner-IR (OPS). –CB Report

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rdsher Saleem Tariq, a BS-20 ofSicer of Inland Revenue Service, has assumed the charge as Commissioner-IR (BTB).

The ofSicer, in pursuance of OfSice Order No. 20(01)/S.MIR-I/207, dated 19.09.2017, relinquished the charge of the post of Chief (BTB), Federal Board of Revenue (HQ), Islamabad with effect from September 19 and took the charge of the post of Commissioner-IR (BTB), Federal Board of Revenue (HQ), Islamabad on the same date.

Meanwhile, Jahanzeb Abbasi, a Pakistan Customs Service ofSicer of BS-18, has taken charge as Deputy Collector. Jahanzeb, pursuing the Board’s NotiSication No. 2429-C-

II/2017 dated 30.08.2017, relinquished the charge of the post of Deputy Collector, Model Customs

Collectorate, Quetta with effect from September 11 and assumed the charge of the post of Deputy Collec-

tor, Model Customs Collectorate of Exports, Custom House, Karachi on the same date.

faisalabad customs releases consignments after receiving duty & taxes T

FAISALABAD

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he Customs Intelligence and Investigation released three consignments worth Rs1623301 after receiving the evaded amount of duty and taxes.

The said consignments were intercepted during the month of September 2017.

The consignments released by the Customs Intelligence consist of foreign origin Black tea worth Rs45982, foreign origin shoes valued at Rs906,325 of Abdul Rehman and consignment of ladies sandals worth Rs 670,994.

The above mentioned consignments were seized by the Customs Intelligence and Investigation due to evasion of customs duty worth Rs479,626, sales tax Rs425,108, income tax Rs410,407 and redemption Sine duty Rs308,160 during

September 2017. The tax evasion was detected by a team comprising

Superintendent Amjad Khalid, Intelligence OfSicer Mansoor Nasir,

Sepoys Ajmal Hussain and Muhammad Musaddiq Ahmad.

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Qaiser takes charge as Commissioner-IR on promotion to BS-20 ISLAMABAD: Qaiser Mahmood, an Inland Revenue Service officer, has assumed the charge as Commissioner-IR on promotion to BS-20.

The officer, after his promotion vide Board’s Notification No. 2409-IR-I/2017, dated 29.08.2017, took the charge of the post of Commissioner-IR (BS-20) (HRM) at Large Taxpayers Unit, Lahore with effect from June 2, 2015. Meanwhile, Twenty five Pakistan Customs Service officers of BS 17-18 have relinquished/assumed charge of their respective posts. The officers, in pursuance of Board’s Notification No 2429-C-II/2017 dated 30.08.2017, relinquished/assumed charge of the posts with effect from the dates mentioned against each.

gold import increases 86% in Jul-Aug ISLAMABAD

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he import of gold into the country increased by 86 per cent during July-August 2017-18 as compared to same period of previous year. During the period under review 117 kilogram gold valuing US $4.498 million was imported while in same period of last year the import stood at 65 kg worth $2.428 million last year. On yearly and monthly basis the import of yellow metal in August 2017 also surged by 108.51 per cent and 14.6 per cent as compared to August 2016 and July 2017 respectively, latest data of Pakistan Bureau of Statistics said. According to the data, import of gold in August 2017 went up to $2.402 million from $1.152 million in August 2016 and $2.096 million in July 2016. In ad-

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dition, the overall metal group import, also witnessed an increase of 47.76 per cent in July-August (2017-18) as it went up to $958.48 million from $648.675 million in first two months of the year 2016-17. Iron and steel scrap import also surged by 130.76 per cent to $295.858 million in first two months of current fiscal year from $128.213 million in same period of preceding year. The import of iron and steel increased to $414.58 million in Jul-Aug (2017-18) from $321.041 million in same period of preceding fiscal year thus showing an increase of 29.14 per cent. Similarly, aluminum wrought and work import also increased by 17.03 per cent from $30.234 million in the corresponding period last year to $35.383 million this year. On year-onyear basis the overall metal group import in August increased by 38.39 per cent while on month-on-month basis the metal group imports also increased by 5.37 per cent.

Tuesday October 10, 2017

National

govt approves 6pc reduction in sales tax on import of finished textile, leather articles

nBp to strengthen regional branches by January 2018 ISLAMABAD

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he National Bank of Pakistan (NBP), the country’s largest public sector bank, would be restructured by beginning of next year, with major focus on strengthening of the regional offices of the bank through human and capital resource development in order to improve overall performance. “The bank aims to strengthen all its regional offices by January 2018,” a top officials of the bank said adding that the aim was to empower managers in various regions to take decisions and run the business in their respective regions independently. The regional offices would be headed by officers of Executive Vice Presidents (EVPs) level, who would have full authority and responsibility of their region to run business affairs, the official said adding the revamping exercise to this effect has already been initiated by the bank. The strengthening of regional branches would help promote business and handle the grievances of the customers in more effective way. The officials also informed that work on establishing a branch of NBP in China was underway and many formalities have been completed while others would be accomplished soon.

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KARACHI

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he federal cabinet has approved reduction in sales tax to six percent from 17 percent on ready to use imported Sinished articles of textile and leather.

The meeting of the federal cabinet was held in Prime Minister’s OfSice with Prime Minister Shahid Khaqan Abbasi in chair.

The Cabinet approved amendment in SRO 1125(I)/2011 dated December 31, 2011 allowing reduction in rate of sales tax from 17 percent to 6 percent on ready to use imported Sinished articles of textile and leather, in line with WTO regulations. The cabinet approved proposal of Revenue Division to amend the Convention of the Avoidance of Double Taxation between Pakistan and Korea. Amendment to the existing Convention between Pakistan and Qatar for the avoidance of double taxation and Prevention of Fiscal Evasion with respect to Taxes on Income for Updation of Article on Exchange of Information was approved by the Cabinet.

Furthermore, the Cabinet approved amending the existing Con-

vention between Pakistan and Canada for the Avoidance of Double Taxation and Prevention of Fiscal Evasion with respect to Taxes on Income for Updation of Article on Exchange of Information.

Amendment in Import Policy Order with regard to import of beef was approved.

In order to clarify the said commodity in Import Policy Order, the word MBM would be incorporated after the word “meat and bone meal” in the said Policy Order.

The federal cabinet also approved a proposal by Aviation Divi-

sion to grant exemption to Pakistan International Airlines Corporation Limited (PIAC) from fee payable @ 0.1 percent to the Pakistan Stock Exchange Limited (PSX) and supervisory fee payable @ 10 percent to Securities and Exchange Commission of Pakistan of PSX fee on issuance of additional shares.

Establishment of Insurance Tribunal at Lahore and Multan was also approved. The Cabinet approved appointment of Air Marshal Ahmer Shahzad as Chairman Pakistan Aeronautical Complex Board Kamra.

Anf seizes 2.6 tons drugs in 11 operations

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RAWALPINDI

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nti-Narcotics Force (ANF) has recovered 2.6 tons drugs amounting to Rs 2.9 billion in international market in 11 counter narcotics operations carried out across the country.

According to ANF spokesman, the Force also arrested eight drug offenders and impounded three vehicles. The seized drugs comprised 2623 kg Hashish, 6.4 kg Heroin and 3.2 kg Amphetamine.

ANF Quetta in an intelligence based operation carried out at District Qilla Abdullah seized 1350 kg

Hashish which was concealed at an uninhabited site located near Murda Karez, Achakzai Road, Tehsil Chaman. In another intelligence based operation, ANF Quetta seized 516 kg Hashish in a raid carried out at an unoccupied house situated at Killi Machika, Tehsil Chaman, District Qilla Abdullah.

In third raid, ANF Quetta captured a truck near Khanai Baba Cross, Tehsil Khanozai, District Pishin and recovered 750 kg Hashish. ANF Rawalpindi in pursuance of information intercepted a motorcyclist identiSied as Israr Khan resident of Peshawar near Iqbal Shaheed Toll Plaza, G.T Road, Attock

and recovered Sive kg Hashish. In another operation, ANF Rawalpindi arrested a local drug supplier namely Faisal Bilal r/o Attock while he was riding on a motorcycle near Iqbal Shaheed Toll Plaza, GT Road, Attock and recovered two kg Hashish. Yet in another operation, ANF Rawalpindi Airport Team arrested a foreign bound passenger identiSied as Bahadar Lal r/o Mardan at Benazir Bhutto International Airport, Islamabad and recovered one kg Amphetamine. ANF Lahore Airport Team arrested Tajamal Hussain r/o Sargodha at Allama Iqbal International Airport, Lahore and recovered 1.03 kg Amphetamine.

In another operation, ANF Lahore intercepted a parcel being sent to UK through a private courier service company based at Allama Iqbal International Airport, Lahore and seized 430 gram Heroin. ANF Peshawar arrested a foreign bound passenger namely Alam Khan r/o Charsadda at Peshawar International Airport, who confessed of having ingested Heroin Silled capsules, weighing 490 grams Heroin.

In another operation, ANF Peshawar in collaboration with ASF arrested a passenger identiSied as Akhtar Gul r/o Kurram Agency at Peshawar Airport and recovered 1.2 kg Amphetamine.

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World Customs

Thai Aug private consumption, investment rise

BANGKOK: Thailand’s private consumption and private investment in August rose from the previous month, central bank indexes showed , suggesting the economy is recovering at a faster pace.

The Bank of Thailand’s (BOT) private consumption index for August increased 0.6 percent from the previous month, when it had risen 0.7 percent. The index for private investment edged up 0.1 percent in August from July, when it had increased 0.9 percent.

Tuesday October 10, 2017

chinese customs officers conduct russian Sept oil output stays at low for the year inspections to curb smuggling MOSCOW

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t has been reported that China’s customs ofSicers have ramped up the level of their inspections focusing on gasoline smuggling by North Korean merchants. The Chinese authorities appear to be taking Sirm action in accordance with UNSC Resolution 2375 on sanctions against North Korea. On September 11, the United Nations Security Council adopted Resolution 2375 on sanctions against North Korea which includes a 30% reduction in the supply of oil to North Korea. Following this, China’s customs ofSices have strengthened inspections focusing on gasoline smuggling from North Korea near the Yalu River. The efforts are seen as an attempt to discern the scale of gasoline trading in the border areas between China and North Korea prior to setting upper

Bank of Thailand chief defends stance ank of Thailand governor Veerathai Santiprabhob talked with the Bangkok Post to shed light on the decision to stay put on the policy rate at last week’s meeting, even as the Finance Ministry had called to ease it up. A rate cut against the backdrop of a global tightening could force the central bank to raise the policy rate quickly to catch up with other countries when the trend reverses, while the rate must be slashed aggressively to achieve targets in increasing domestic spending and fuelling inflation, he said. “It’s the central bank’s duty to look forward and manage the [interest rate] cycle smoothly, avoiding anything that could interrupt the trend,” said Mr Veerathai. “The main hurdle that prevents some groups from accessing bank loans is their borrowing capacity because financial liquidity is ample and the interest rate is pretty low now.”–CB Report

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limits on export volumes of reSined petroleum products to North Korea, which will be imposed from October 1 according to the UNSC resolution.

At the Quanhe Customs OfSice in Hunchun City, Jilin Province, the ofSicials are said to be conducting highintensity inspections on every truck going into North Korea, carefully scrutinizing every vehicle individu-

ally. In the past, Chinese traders were able to load gasoline in oil drums when entering North Korea, but this practice is no longer permitted. A source familiar with North Korean affairs in China told Daily NK on September 25, “The Chinese customs ofSicers are strictly prohibiting Chinese traders from bringing sanctioned items into North Korea.

netherlands annual smartphone imports reach eur 15 billion

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he Netherlands imported around EUR 15 billion in smartphones and other mobile devices in 2016. This makes smartphones the biggest import of high-tech products in the country, according to Sigures from the Central Bureau for Statistics. The Netherlands is also the largest importer of smartphones in the EU. In total around EUR 95 billion in high-tech goods were imported in the country last year. The

majority (around 80%) are ultimately destined for other countries and are only in transit through the Netherlands. The same is true for most smartphones. Modems and routers were the second most common import of high-tech goods, with imports of around EUR 12 billion in 2016, followed by laptops and tablets at almost EUR 11 billion. In 2012, laptops and tablets were still the biggest import category. –CB Report

ussian oil output stood at 10.91 million barrels per day (bpd) in September, unchanged from August and staying at a low for the year, Energy Ministry data showed on Monday after output was disrupted by maintenance works at some sites.In tonnes, total output in the month of September reached 44.639 million versus 46.144 million in August, which is one day longer. The daily rate in September and August was the lowest level of output since it slipped to 10.71 million bpd in August 2016. It is down 3 percent from the October 2016 level, the benchmark when a global oil deal was reached on curbing oil production. The Organization of the Petroleum Exporting Countries, Russia and other producers agreed to cut their combined oil pro-

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SA ports boost efficiency, productivity he African Ports Evolution show, to be held on 17 ad 18 October 2017 at the Durban ICC, has been selected by US-based Rajant to spotlight its Living Network infrastructure, geared to help port authorities meet challenges related to optimising cargo movements. Partnering with Duxbury Networking, the local high-technology distributor, Rajant will be demonstrating the viability of its wireless Kinetic Mesh Network technology at the show. Rajant’s mesh networks address the growing demands from port ofSicials, inspectors and employees as well as terminal

Boc seizes ship, p215-M goods

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MANILA

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ship and a total of P215 million in smuggled goods were seized recently on different occasions by intelligence operatives of the Bureau of Customs (BoC) in the Port of Cagayan de Oro. Customs Commissioner Isidro Lapeña on Wednesday

disclosed that the conSiscated goods were either prohibited or misdeclared importations or lacking in necessary import permits and other required documents. He said the M/V Jake Vincent Seis was seized for alleged nonpayment of import duties and taxes amounting to P35 million. Lapeña added that investigation is ongoing to determine if the ship’s owner purposely evaded paying the correspon-

duction by almost 1.8 million barrels per day from January in a bid to reduce a supply glut that had driven down prices. Data from the Russian Energy Ministry showed an output fell by 39 percent in September from August at the oil projects run by foreign majors under production sharing agreements (PSA). Russian Energy Minister Alexander Novak has said the ExxonMobil-led Sakhalin-1 project underwent a maintenance last month. All Russian majors boosted output in September from August. Production by Rosneft, the world’s largest listed oil producer by output, rose by 1.2 percent to 3.82 million bpd, while output at Russia’s No.2 oil producer Lukoil edged up 0.7 percent to 1.64 million bpd in Russia. Russian oil pipeline exports in September stood at 4.30 million barrels per day, down from 4.34 million bpd in August. Natural gas production was at 53.69 billion cubic metres (bcm) last month, or 1.79 bcm a day, versus 54.2 bcm in August.

ding import duties and taxes. M/V Jake Vincent Seis was plying the BIMP-EAGA when its operations were only limited to domestic routes in the Philippines. BIMP-EAGA refers to Brunei Darussalam, Indonesia, Malaysia and Philippines-East Asian Growth Area. Alvin Enciso, ofSicer-incharge of Customs Intelligence and Investigation Service-Cagayan de Oro, said the ship was Silled with 1,450

operators and shipping lines for proven, secure, future-proofed wireless communications solutions. With approximately 90% of the world’s trade carried by the international shipping industry, port efSiciency is key to the Slow of commodities and capital worldwide, says Teresa Huysamen, wireless business unit manager at Duxbury Networking.

She maintains that new-generation networking technology is needed at South Africa’s ports in order to introduce improved service offerings required to handle burgeoning cargo volumes with world-class efSiciency.–CB Report

metric tons of copra, when held by Customs operatives last September 8, adding that supporting documents were falsiSied to make it appear that its cargo came from Indonesia. According to Enciso, the ship passed itself off as a general cargo vessel plying the BIMP-EAGA route but a veriSication with the Maritime Industry Authority revealed that its permit to operate in the area was fake.

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Three ships take berth at port Qasim KARACHI: Three ships M.T IVY Galaxy, M.V Le He and MTN Savanna carrying Palm oil, General cargo and Phosphoric Acid took berths at Multi Purpose Terminal and Engro Vopak Terminal respectively during last 24 hours, said a report issued by Port Qasim Authority (PQA) here on Monday. Meanwhile six more ships, C.V MASC Esthi, C.V MSC Bilbao, M.T Grand Ace-11, M.T Maran Gas Aclepius, M.T Caspian Gas and M.T Eco Galaxy with Containers, Palm oil, LNG and LPG also arrived at outer anchorage of Port Qasim during last 24 hours. Berth occupancy was observed at the Port at 53% on Sunday where a total of nine ships were Bremen Belle, Le He, Tiger Hongkong, MG Earth, MTN Savanna, White Purl, IVY Galaxy.

kpA set to take control of Shimoni, Mombasa ports after redevelopment enya Ports Authority (KPA) has announced plans to develop Shimoni Port on Kwale’s Indian Ocean coast and Kisumu Port on the shores of Lake Victoria.

The ports will then be placed under the management of the State Corporation. Port receives goods between Kenya, Zanzibar and Pemba and is managed by various Government departments, including Kenya Wildlife Services and Immigration Department. The port in Kisumu is managed by Kenya Railways. Speaking during a KPA stakeholders meeting in Nairobi, KPA Chairman Marsden Madoka said surveys on the two facilities had been carried out and consultants had already compiled reports to advice on the way forward.

Meanwhile, KPA Managing Director

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Ports & Shipping

port of gulfport suing west pier contractor for $5.8m GULFPORT

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he state port is suing one of its contractors for $5.8 million, plus punitive damages, over a major construction contract that is now about one year and six months behind schedule. The Port of Gulfport claims in a lawsuit filed in Circuit Court that Southern Industrial Contractors of Rayville, Louisiana, breached its $50 million contract to build terminals and transit warehouses for port tenants on the West Pier.

The West Pier is being renovated and expanded with $570 million the federal government provided to spur economic development after Hurricane Katrina.

The project was supposed to be finished in March 2016, but the work is “extensively incomplete,” the lawsuit says. The lawsuit also says SIC breached the contract because the company failed to establish a work schedule, document

delays, provide enough workers and resources for the job, promptly pay subcontractors and others and damaged port property.

The port terminated SIC’s contract a year ago. SIC’s bonding company, Travelers Casualty and Surety Company of America, is responsible for ensuring that the job is finished. SIC has a lawsuit pending in

U.S. District Court against the Mississippi Development Authority, which oversees the port, and others over the construction contract.

SIC’s lawsuit seeks $50 million in damages and contends MDA, and port engineering and construction firms, were negligent in administration and oversight of the construction contract.

Tuesday October 10, 2017

ports of Brunswick, Savannah post August gains oth containers and wheeled cargo volumes grew at Georgia Ports Authority’s deepwater terminals last month, making it the ports’ busiest August on record and its second-busiest month ever for container volumes. “The authority started its fiscal year off on strong footing, with year-over-year growth in both July and August,” GPA executive director Griff Lynch told his board Monday. “The strength was spread among all business segments. Volume exceeded forecast levels and is in line with expectations for the balance of fiscal 2018.”Colonel’s Island Terminal in Brunswick moved 53,675 units of rollon/roll off cargo, an increase of 15.3 percent over the previous August. Savannah handled 348,297 twenty-foot equivalent container units or TEUs an increase of 5.3 percent compared to the same month a year ago. Tonnage for August was up nearly 10 percent, total breakbulk tonnage climbed 7 percent. For July and August, Ocean Terminal increased tonnage by 13 percent, driven by greater imports of lumber, machinery, iron and steel; and exports of machinery and woodpulp. –CB Report

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Vizag port to get a facelift with 1.69 cr Catherine Mturi-Wairi has disclosed that last year KPA handled 27.26 million tonnes of cargo up from 26.73 million in 2015, a growth of 2.4 per cent. She said container traffic alone recorded an increase of 15,253 TEUs (Twenty Feet Equivalent) from 1.07 million TEUs handled in 2015 to 1.091 million TEUs in 2016. “Performance in the first seven months of this year has also been promising as we have continued to witness an overall positive growth compared to last year’s corresponding period,” she said. The port handled 17.52 million tonnes up from 15.66 million registered in the corresponding period in 2016. –CB Report

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isakhapatnam Port Trust has launched a massive beautiSication operation at a cost of 1.69 crore to give a new look to its surroundings. Buoyed by its ranking as the second cleanest among all the 12 major ports by an independent agency after Haldia Dock in May, the port directed all the departments and its users to not only maintain a clean appearance but also further improve its look with a beautiSication drive. “Cleanliness is not a one-day affair. We have to inculcate the culture of cleanliness in our day-to-day life,” Visakhapatnam Port Chairman M.T. Krishna Babu told The Hindu.

The port is taking up several activities during the Swachch Bharat Abhiyan being conducted from Sep-

tember 15 to October 2. The port is spending 2,500 crore mostly through PPP investors to enhance its capacity from 93 million tonne to 125 million tonne. An international consultant is also being appointed to monitor the progress of various pollution-control programmes. The highest amount of 81 lakh is being spent on sweeping of roads with mechanical machines followed by modernisation and construction of toilet complexes by spending 56 lakh.

Meanwhile, They’re the little guys in the push to remake Ports O’ Call Village, San Pedro’s waterfront shopping attraction built in the early 1960s. The small, family-owned shops Candy Town, Botanica, Figments, the Purple Store and others like them face an Oct. 2 eviction by the Port of Los Angeles, the landlord, to make way for a new attraction, the San Pedro Public Market. And the shop owners, crying foul, are

prepared to Sight. The 15 shop owners, who will gather for a news conference Tuesday, have hired an attorney to Sile a claim for damages with the Los Angeles city clerk, a precursor to Siling a lawsuit. “We all understand progress,” said Ports O’ Call shop owner Bobbi Lisk. “(But) our objections are what they’ve always been.” Plans originally called for construction of the new San Pedro Public Market to begin at the north end of the village, putting the small shops in Phase 2 of the development, Lisk said. “We’re now in the middle of Phase 1,” she said, and being forced to move out abruptly.

According to the claim, the project and environmental impact report, approved by the Los Angeles Board of Harbor Commissioners in September 2009, stated that Ports O’ Call Village shops “would be relocated during Phase I construction until the new San Pedro Public

Market would be completed.” Port officials have met with the tenants 15 times since 2014 to keep them apprised of redevelopment progress, said port spokesman Phillip Sanfield. Included in those updates, he said, was the “timing for expected move-out dates based on the port’s obligations in the new development lease that was approved in June of 2016. The redevelopment of the site requires that all buildings on the waterfront be removed to build the public promenade and town square projects.”

The port, he said, told tenants a year ago that the area would need to be vacated during the summer of 2017, but extended that to beyond Labor Day after input from shop owners. The port also has reached out to the city and other organizations to help owners find and transition into a new space outside of the village.

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SBP issues guidelines for protecting payment card KARACHI: State Bank of Pakistan (SBP) has issued public warning about protecting payment cards and advised to avoid giving away personal information to nontrusted sources.

The SBP issued following instructions: Secure identity: Ensure secrecy of identity while making payments. Secure Payments: Only provide card details to secured and trusted merchants/vendors/website.

Review Statements: Always track of payments made through your card and reconcile them regularly.

Tuesday October 10, 2017

Business

Justice (r) Javed appointed as nAB chairman ISLAMABAD

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resident Mamnoon Hussain has appointed Justice (R) Javed Iqbal, a retired Judge of the Supreme Court as Chairman of National Accountability Bureau (NAB). According to a notification issued by the Ministry of Law and Justice, Justice (R) Javed Iqbal has been appointed as chairman NAB after consultation with the Leader of the House and the Leader of the Opposition in the National Assembly for a non-extendable period of four years from the date he assumes the charge of the office.

electric fans export declines 26.56% ISLAMABAD

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It said that the President of Pakistan has appointed the NAB Chairman in exercise of the powers conferred under section 6(b) of National Accountability Ordinance 1999. NotiSication of the appoint-

SBp to take inputs from various sectors on economic condition

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he export of electric fans during first two months of current fiscal year decreased by 26.56 per cent as compared to same period of last year. The export of electric fans during the period under review decreased to 131,000 units valuing $3.882 million per cent from 248,000 units worth of $5.286 million in July-August (2016-17). According to latest data released by Pakistan Bureau of Statistics (PBS), the electric fans export during the month of August 2017, also decreased by 32.31 per cent and 29.51 per cent.

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ment was issued after opposition parties have Sinally reached on consensus and Sinalize the name of Justice (retd) Javed Iqbal.

Earlier, Opposition Leader in the National Assembly Syed Khurshid

Shah told that consultation with Jamat Islami, Muttahida Qaumi Movement and other parties was held to Sinalize the name.

He expressed hope that post of the chief of the country’s top antigraft body will remain apolitical. He said Iqbal, a former apex court judge, possesses valuable judgment skills. “Chairman NAB must be honest person and we all hope that Justice ® Javed Iqbal would perform his duties honestly” he added.

Khurshid Shah especially lauded Abbottabad Commission report prepared under the supervision of Iqbal. He said names proposed by some of the political parties lack merit. It is worth to mention that PTI and MQM Pakistan had made efforts to change the opposition leader but failed in their struggle.

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KARACHI

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tate Bank of Pakistan (SBP) to conduct business confidence survey and will take feedback from leading corporate entities about current and future prospects of economy.

In a statement issued on Sunday, the SBP said that it regulates the monetary and credit system of Pakistan and fosters its growth in the best national interest with a view to securing monetary stability and

fuller utilization of the country’s productive resources.

Like many other central banks, it weighs up the public and Sirms perceptions about prevailing and expected economic condition, as an important part of its monetary policy formulation process.

For this purpose, SBP is already conducting telephonic surveys of households (Consumer ConSidence Survey-CCS) that are selected randomly across the country. These surveys are conducted after every two months and provide information on “what people are thinking”

about the economy.

Continuing with the spirit of seeking input from its main stakeholders, State Bank of Pakistan is now planning to obtain opinion of Sirms about current and expected business conditions in the country.

The Business ConSidence Survey (BCS) will be a telephonic survey lasting between 7 to 10 minutes with a senior executive of participating Sirms requiring them to answer some quick questions.

This survey will be conducted all over the country in October 2017 and will be repeated periodically.

Secp issues draft regulations on dividends MULTAN

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n order to provide regulatory framework for distribution of dividends, the draft regulations provides for time period and manner of payment of dividends by both listed and unlisted companies.

In order to facilitate shareholders, the Companies Act, 2017, requires every listed company to pay dividend payable in cash only through electronic mode directly into the bank account designated by the shareholder. Since the International Bank Account Number (IBAN) is being extensively used to facilitate electronic funds transfer between different bank accounts, therefore it has also been made mandatory for the shareholders of listed companies to provide the IBAN through central depository system, if shares are held in book-entry form. For persons holding shares in physical form, the IBAN information is required to be provided through respective share registrars. The Securities and Exchange Commission of Pakistan (SECP) has approved the draft Companies (Distribution of Dividends) Regulations, 2017, under section 512 read with sections 242 and 243 of the Companies Act, 2017, to solicit public comments.

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pakistan’s economic growth to accelerate more than 5%: wB ISLAMABAD

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akistan’s economic growth is expected to accelerate to more than 5 percent this and the next years if the country’s Siscal deSicits are well managed and external stability is maintained.

“Efforts to reverse the trade and Siscal imbalances and continued implementation of reforms will be

needed for sustaining and accelerating growth and improving welfare,” said World Bank in its report.

The report said that Pakistan continued its upward growth performance with economic activity expected to accelerate to more than 5 percent this and next year, if deSicits are well-managed and external stability is maintained.

The report says that Pakistan has potential to accelerate its growth rate upto 5.5. percent in Fiscal Year

2017-18 and to 5.8 percent in Fiscal year 2018-19.

Giving overall picture of growth of South Asia, the report said that after leading global growth for two years, the region has fallen to second place, after East Asia and the PaciSic. The region’s slowdown is due to both temporary shocks and longer-term challenges. Regional economic growth is expected to slow to 6.9 percent in 2017 from 7.5 percent in 2016, but growth could rebound to 7.1 percent in 2018

with the right mix of policies and reforms. The just released twice-a-year South Asia Economic Focus (SAEF) Sinds that the slowdown in South Asia has mostly been driven by internal factors, most notably in India, such as a decrease in private investment, and an increase in imports and government spending. This edition, Growth out of the Blue, explores the potential of night-time light satellite imagery to improve measurement and understanding of economic activities. “While

growth rates in South Asia largely remain robust given the economic shocks that some countries in the region have faced, countries should continue to actively address their growing trade and Siscal deSicits,” said Annette Dixon, the World Bank South Asia Region Vice President. “With the right mix of policies to respond to challenges, we remain conSident that South Asian countries can accelerate their growth to create more opportunities and prosperity for their people.”

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Iran keen to boost trade ties with Pakistan TEHRAN: Iranian Ambassador in Pakistan Mehdi Honardoost has stressed a need for making an all-out effort to strengthen bilateral trade relations. He was addressing a meeting of the Sialkot exporters held at Sialkot Chamber of Commerce and Industry (SCCI) after visiting several leading industrial units in Sialkot.

The Iranian ambassador assured the business community that the Iranian trade markets in its border areas along Pakistan would soon be activated. He added that all the hurdles, obstacles and trade barriers would be removed from the way of the promotion of the bilateral trade ties. Mr Mehdi also assured the easy access of the Sialkot exporters to the international trade markets of Iran and in its neighbouring countries through Iran, saying that all the borders of Iran were open for Pakistani trade.

fpcci greets all newly elected office bearers of chambers HYDERABAD

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resident Federation of Pakistan Chamber of Commerce and Industry Zubair Tufail on Saturday greeted the all newly elected office bearers of all chambers across the country. Talking to SAARC Chamber Vice President and chairman United Business Group (UBG) Iftikhar Ali Malik who hosted a luncheon in honour of Zubair at his residence declared that the Founder Group under the umbrella of UBG had already won the seats with clear majority across the country. He said that all UBG candidates after hot contest with rivals clinched all seats of Presidents, Senior Vice Presidents and Vice Presidents besides executive committees, members in regional chamber elections throughout Pakistan as our candidates were highly qualified,

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young and dedicated enjoying the highest degree of integrity. “Our rivals could not find good candidates against our high profile candidates as a result major chunk of important seats were won unopposed by UBG”, he added.

Iftikhar Ali Malik further said our magnificent victory would put us in leading position in the forthcoming annual election of the Federation of Pakistan Chamber of Commerce and Industry, an apex body in Pakistan and he was much confidence of making sweep in federation elections again. He urged the government to focus on arresting the downward graph of dwindling export on urgent basis and provide package of incentives to boost exports.

Iftikhar Ali Malik further said the top leadership of UBG always firmly believed in the rule of law, promotion and strengthening of democracy and upholding the glory of constitutions.

Tuesday October 10, 2017

Chambers

icci for focusing on SMes to revive the economy ISLAMABAD

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heikh Aamir Waheed has formally taken over charge as President, Muhammad Naveed as Senior Vice President and Nisar Ahmed Mirza as Vice President, Islamabad Chamber of Commerce and Industry for the year 2017-18 in a handing over/taking over ceremony held at ICCI. Speaking at the occasion, Sheikh Aamir Waheed said SMEs were considered as the engine of economic growth for any country and government should focus on SMEs. He said that SME policy was lastly reviewed in 2007 and for revival of economy, SME sector must be supported with business friendly SME policy. He said that the government should take concrete measures for resolving key issues of SMEs that would help in achieving sustainable economic growth.

He said that realizing the importance of SMEs, the USA and European countries have developed various policies and institutions to facilitate the growth of SMEs. He

said some of the developing countries including China, Taiwan, India and Philippines have also taken steps to create enabling environment for SMEs and Pakistan should follow the same strategy and take policy measures to enhance the role of SMEs in the economic growth.

He also stressed that SMEDA should consider gender angle while reviewing SME policy because women represent 50% population of the country. He assured the busi-

ness community that he would work hard for highlighting the major problems of trade, industry and services sector and get them resolved by taking up with relevant forums. Muhammad Naveed, Senior Vice President and Nisar Ahmed Mirza, Vice President ICCI said that SME sector was the backbone of Pakistan’s economy in terms of its contribution to the GDP, employment generations and export development and emphasized that gov-

piTf to have local and international exhibitors KARACHI

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akistan International Trade Fair(PITF) will prove to be a gateway for Pakistani industries to global markets as 300 companies including 100 international firms have confirmed their participation in it.

This was stated by Hanif Gohar, Chairman Fair and Exhibition FPCCI, at the pre-event brieSing on Saturday regarding the upcoming PITF which will be held at Karachi Expo Center from October 26 to 29.

He was of the view that there was a very positive response from the foreign countries including Belarus, China, Iran, Malaysia, Russia, UAE, South Korea, Indonesia, Afghanistan, Germany, US, and Japan. Gohar said they are organiz-

ing this fair at grand level as six halls of Expo Center have already booked, and this is Sirst attempt of FPCCI in the last 35 years to organize such kind of events since 1984.

Giving the details of the participating companies, Haris Ali Mithani, Senior Vice Chairman Fairs & Exhibition FPCCI, informed that the products and services from major sectors to be showcased in PITF2017 include textile, construction & building material, chemical, FMCG brands, pharmaceuticals, automobiles, electrical & electronics, Sinancial services, handicrafts and logistics etc. Mithani also commented that during PITF-2017 there will be hundreds of high level meetings planned on the side lines of the exhibition between trade bodies and foreign delegates, key government ofSicials and participants of the exhibition to forge alliances and joint

ventures in trade and industry.

He said that this exhibition will prove that Pakistan is still a land of opportunities. An international method has been followed in hosting this four-day exhibition. We are working on organizing 10-day exhibitions, fairs in the future, remarked Mithani. He added that the CPEC Seminar is another important facet of PITF, which will be held on the second day of the fair and important papers and investment information will be disseminated by the learned speakers and professionals from government and those who are directly associated in various projects in CPEC. The hall six of the center will be Chinese pavilion where 48 Chinese companies will exhibit their products. The hall 5 will have multinational companies, and in hall 4 high brands from Pakistan will exhibit.

ernment should support in resolving major problems of SMEs on priority basis. They said that about 90 percent of the country’s enterprises were in SME sector, but were getting small portion of the total private sector credit, which was a major constraint for their growth. They urged that government should provide SMEs easy access to Sinance and ease out the conditions of collaterals in order to help facilitate startups and SMEs development.

Lcci chief invites indonesian businessmen for JVs resident of the Lahore Chamber of Commerce & Industry Malik Tahir Javed has invited the Indonesian businessmen to step into joint ventures with their Pakistani counterparts in auto parts, agriculture and various other sectors of economy. While talking to the Indonesian Ambassador Iwan Suyudhie Amri at Chief Minister’s House, the LCCI president said that partnership between the businessmen of the two countries would help explore trade & investment opportunities.

He said that the bilateral trade figures fairly indicate the economic relations between the two countries. However, the gap of trade needs to be shortened by way of allowing Pakistan to export more items to Indonesia. –CB Report

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Appraisement West collects Rs 34.03m duty, taxes KARACHI: The Customs Collectorate of Appraisement West has collected Rs 34.03 million under the heads of customs duty, sales tax, income tax and federal excise duty during the 27 days of September.

Sources told Customs Today that the Customs Appraisement West collected Rs 12.34 million under the head of customs duty, Rs 9.12 million as sales tax, Rs 5.45 million under the head of income tax and Rs 7.12 million as federal excise duty during 27 days of September 2017.

Tuesday, October 10, 2017

CUSTOMS BULLETIN

Multan customs collected rs 2,051.941m against assigned target of rs 1,755.02m MULTAN iMrAn ALi

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he Customs Collectorate has collected Rs 2,051.941 million against assigned target of Rs 1,755.02 million during the month of September 2017-18.

Sources told Customs Today that Customs Collectorate collected Rs 724.938 million under the head of customs duty against the assigned target of Rs 482.09 million throughout September. Multan Customs surpassed the assigned customs duty revenue collection and shown almost 50 percent excess collection in the month of September due to effective strategy devised by Collector Saud Imran Ahmad. On the other hand, Collectorate of the Multan Customs collected Rs 377.372 million in September last year.

The Customs Collectorate has collected Rs 1,993.695 million against Rs 1,294.09 million in wake of sales taxes after the end of September in the on-going Siscal year 2017-18. The Collectorate of Customs has collected almost 154 percent revenue collection in September. Multan Customs posted 54 percent growth in the collection of sales tax during September due to

excess clearance of High Speed Diesel (HSD). While Multan Customs made collection of Rs.1, 148.110 million during the matching period of September of Sinancial year 201617. Multan Customs collected

Rs11.107 million in wakes of federal excise duties (FED) against the assigned target of Rs15.83 million in September. The Customs Collectorate has generated revenue collection of Rs.9.201 million against

assigned task of Rs.17.01 million under the head of income taxes for the month of September.

Customs Collectorate Multan made collection of Rs.0.073 million under the head of additional sales

tax during September. Multan Customs made overall collection of Rs1912.760 million in the Sirst 23 days of September including customs duties, sales taxes, federal excise duties and income tax.

customs court grants bail to suspect involved in tax evasion case KARACHI

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he Customs Taxation & Anti-Smuggling Court Judge Syed Faiz Rasool Rashdi granted bail to suspect namely Muhammad Irshad son of Muhammad Iqbal, proprietor of M/s Ferrous Engineering Industry, who was booked in a case of evasion of duty and taxes to the tune of Rs66,448,835.

During the hearing, counsel for the above mentioned accused appeared before the court and moved bail petition, he argued that his client is innocent and was falsely been implicated in this case, who is ready to face trail, therefore, court may grant him bail till Sinal order in this case.

After the arguments, court granted him bail against the surety of Rs2,00,000 and issued notices to the special prosecutor for customs department and investigation ofSicer directing them to Sile comments on next date of hearing.

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According to the prosecution, charge was Sixed against the said suspect for illegal removal of dutiable bonded goods from public bonded ware house without payment of leviable duties and taxes through mis-declaration.

Case was registered for violation of section 18, 32 (1) (2) and 79 (1) of the Customs Act 1969 read with section 86, 97, 98 and 116 punishable under section 156 (1) (14) (58) (59) and (62) ibid further read with section 3, 6, 7-A, 33 and 34 of the Sales Tax Act 1990 and section 148 of the Income Tax Ordinance 2001.