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Karachi, Wed October 18, 2017

FAISALABAD

NAEEM SHEIKH

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he Customs Collectorate collected revenue of Rs397.279 million during first 15 days of October of Financial Year 2017-18 under the head of all duties and taxes. Assistant Collector Shah Samad

Hamadani told Customs Today, that during the above said period the Customs Appraisement collected revenue of Rs107.932 million under the head of customs duty, revenue of Rs285.267 Millions under head of sales tax, and revenue of Rs 4.061 million in shape of income tax, while under the head of federal excise duty ( FED ) Rs 0.019 million were col-

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lected during these days. Assistant Collector Shah Smad Hamadani said that the Collector Muhammad Sadiq has also assured the exporters that their customs related issues will be resolved on priority Customs Collectorate is striving hard to ensure early clearance of all the consignment arrived at dry port Faisalabad for clearance.

ASO evolves new strategy to seize non-duty paid vehicles in Islamabad

DG Valuation to revise VR No 767/2017 on 31st October

‘Cus tom s Preventive star ts c r a c k do w n o n s m u gg l e d g o o d s ’

NAB presents fourth witness in court as Dar’s trial resumes

Customs Preventive takes 60,000 liter Iranian diesel into possession

ASO of the MCC has evolved a new strategy to impound NDP vehicles | SEE pAgE 02 |

DG Valuation has decided to revise the Valuation Ruling No: 767/2015 on Oct31 | SEE pAgE 03 |

Customs Preventive has said that seized non-duty paid goods worth Rs 2.7m | SEE pAgE 04 |

Dar in a graft reference pertaining to his owning assets beyond his known sources | SEE pAgE 14 |

ASO Customs has impounded 60,000 liters of smuggling HSD Iranian | SEE pAgE 16 |

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IHC to hear customs case filed against M/s Al Haj Enterprises Wednesday, October 18, 2017

ISLAMABAD: The Islamabad High Court (IHC) on dated in office the hearing of a customs case filed by Collectorate of Customs, Islamabad, with directives to finalize the arguments.

The collectorate had filed the case against M/s Al Haj Enterprises. The bench had earlier directed the counsels to submit related record prior to the next date of hearing. This case was pending with the court since 2013.

IHC division bench comprising Justice Shaukat Aziz Siddiqui and Justice Mohsin Akhtar Kayani heard the case.

Islamabad

ASo evolves new strategy to seize non-duty paid vehicles in Islamabad

ISLAMABAD

ISLAMABAD

NAEEM uLLAH tArIQ

tArIQ DErYA

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ustoms Appellate Tribunal reserved decision on a customs reference filed against field office of Federal Board of Revenue. The bench was hearing customs case filed by M Awais. The appellant had challenged Collectorate of Customs Islamabad decision before the tribunal. The bench in the meantime dated in office hearing of customs cases filed by Assistant collector Collectorate of Customs, Islamabad, M/s Universal Gateway, M/s New Ehsan Enterprises and M/s Pepsi Cola International. M Awais and M/s Pepsi Cola International had filed case against Collectorate of Customs, Islamabad. M/s Universal Gateway and M/s New Ehsan Enterprises had submitted cases against Directorate General of Intelligence and Investigation, Islamabad. Earlier, a bench of tribunal had heard and dated in office hearing on Khurram Zafer Nazeer Ahmed, and M/s Musa Ghee International, M/s Waseem Autos and M/s Nisar Traders’ cases. M/s Waseem Autos and M/s Nisar Traders had filed cases against Collectorate of Customs and Directorate General of Intelligence and Investigation, Islamabad.

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he Anti-Smuggling Organization (ASO) of the Model Customs Collectorate has evolved a new strategy to impound non-duty paid vehicles in Islamabad during the second quarter (from October to December) in the Winancial year 2017-18.

In an exclusive interview with Customs today, ASO Assistant Collector Majid Hussain Gadd said that besides acting against non-duty paid vehicles, the department will also create a network of informers and will develop liaison with other law enforcement agencies.

He said Dr. Saeed Khan Jadoon, Collector MCC Islamabad, has developed a new strategy to make the ASO Islamabad more effective during the next Quarter (October to December) FY17-18. He added that the new strategy will be helpful to check the illegal and unregistered vehicles by the quick response force led by Custom House OfWicer Shahrukh Butt. The ASO will enhance its maximum surveillance in the region, he further said.

Talking about the 1st-Quarter of FY17-18, the Assistant Collector told CT that, during 1st Quarter, the ASO Islamabad took nine NDP vehicles into possession valued at Rs14.866million from different locations under the jurisdictions of

customs tribunal reserves decision on reference field office of fBr

MCC Islamabad. He added that, during above said period, the ASO conWiscated 632 mobile phones worth Rs9.494million. Majid Gadd stated that, during said period, the ASO registered 41 extra cases against 1st Quarter of corresponding FY201617. During 1st Quarter FY17-18, the ASO registered 128 seizures priced at Rs21.425million while the ASO impounded 47 offending vehicles valued at Rs51.900million. During said period, the ASO took into pos-

session goods and vehicles worth Rs88.192million.

He said that, during 1st Quarter FY16-17, the ASO registered 87 cases against smugglers and tax evaders whereas the ASO Islamabad impounded various kinds of smuggling goods valued at Rs39.17million. During said period of FY16-17, the ASO impounded 11 NDP vehicles worth Rs35.05million whereas ASO Islamabad took into possession 33 offending vehicles valued at

Rs33.00million. The ASO collected total revenue by taking above said goods and vehicles into possession worth Rs107.22million.

Answering a query regarding establishing of Car Cell, the Assistant Collector ASO Gadd said exclusively for seizure of smuggled vehicles, the Car Cell was established on 28th of March 2016. The Car Cell has been equipped with squads, vehicles, laptops and it also has a countrywide data to deal with the NDP vehicles.

Ishaq Dar reviews revenue collection measures of 1Q

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ISLAMABAD

M fAIZAN

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ederal Finance Minister Mohammad Ishaq Dar chaired a meeting at the Ministry of Finance on Monday to review Wiscal out turns of the Wirst quarter (July to September) of current Wiscal year.

Finance Secretary presented provisional data on Wiscal operations during the meeting, and stated that the Wirst quarter has closed on strong

Wiscal performance.

Finance Secretary stated that as per the provisional data, the FBR tax collections remained robust.

Total collections of Rs.765 billion during July-September 2017 demonstrated growth of over 20% as compared to collections in the first quarter of last year. Because of higher tax collections, the amounts transferred to the provinces also increased substantially. As compared to transfers of Rs.416 billion last year this year

the total transfers have so far reached Rs.570 billion, including arrears. The meeting was informed that on the expenditure side, the Federal Government maintained strict fiscal discipline. As against total expenditure of Rs.914 billion in first quarter last year, the Federal Government spent Rs.894 billion in the first quarter this year. This was despite the fact that increased investments were carried out through the development budget.

The overall budget deficit was

recorded at Rs.324 billion in the first quarter this year as compared to Rs.438 billion in the same period last year. This was made possible through robust tax collections and lower expenditure. In terms of GDP, the overall deficit decreased to 0.9% in the first quarter of current financial year as compared to 1.3% recorded in the first quarter of last year. Reduced fiscal deficit means lower public debt accumulation which supports alignment to targets defined in the amended Fiscal

Responsibility and Debt Limitations Act. The Finance Minister expressed satisfaction with the growth in revenue collections by the FBR and appreciated the measures taken to achieve fiscal prudence in the first quarter. The Finance Minister reiterated the government’s resolve of continuation on the path of fiscal discipline.

He directed officials to ensure achievement of fiscal targets in the remaining three quarters of the current fiscal year.

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Court grants bail to 2 accused in grey fabric smuggling case KARACHI: The Special Customs Court has granted bail to two accused Faiz Ahmed and Haji Aziz against a solvent surety of Rs200,000 each in a grey fabric smuggling case.

A team from Preventive Collectorate raided a ware house and allegedly recovered Indian made suiting fabric which is banned under import policy. A FIR was lodged by Directorate of Customs Intelligence and Investigations. The arrested accused were produced before court and were remanded to the custody of custom officials. Ghulam Hyder Shaikh advocate appearing for the accused in custody submitted that alleged smuggled fabric was lawfully imported and goods declaration and other documents of import are available.

court extends bail of suspect involved in vehicle smuggling case

Wednesday October 18, 2017

Karachi

Dg Valuation to revise Vr No 767/2017 on 31st october

KARACHI

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ustoms Taxation and Anti-Smuggling Court Judge Syed Faiz Rasool Rashdi has extended pre-arrest bail of a suspect namely Usman Ghani in a case of smuggled/ non-duty paid Toyota Surf jeep bearing registration number E-1144. During the hearing, counsel for the accused appeared before the court. After the hearing, the court extended the suspect’s bail and directed him to appear before the court on the next date of hearing. Earlier, counsel of the suspect had moved the bail petition and argued that his client is innocent and had falsely been implicated in this case, who is ready to face trail, therefore, court may grant him bail till final order of the court.

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SHc calls comments from on plea seeking release of truck KARACHI

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he Sindh High Court (SHC) has directed the customs authorities to file their para wise comments on a constitutional petition filed by Long Khan son of Dua Khan against seizing of his Hino truck bearing registration number AE-1636 loaded with plastic scrap. A two-member bench, comprising Justice Munib Akhtar and Justice Umer Sial, was hearing the petition Earlier, counsel for the petitioner stated that petitioner is lawful owner of the vehicle and never involved in any crime, however, officials of the Anti-Smuggling Organization of Customs Collecorate Hyderabad intercepted his Hino truck which was loaded plastic scrap. During the search, the driver produced all relevant documents, however, customs officials seized his vehicle without lawful authority or reasons.

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KARACHI

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irectorate General, Customs Valuation, Director General Surriya Ahmed Butt has decided to revise the Valuation Ruling No: 767/2015 on October 31st, it is learnt. Surriya Butt has said the department is reviewing suggestions from importers to set new prices.

She said 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 Customs Today that a petition was submitted by the importers to Customs Valuation in which change in prices of re-roll able scrap and compressor scrap was requested.

Sources said the Valuation Ruling No: 767/2015 was issued on 4th December 2015. A meeting was held with the stakeholders on October 5, 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, Directorate 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, Sur-

riya 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 re-

Sources said the Valuation ruling No: 767/2015 was issued on 4th December 2015. A meeting was held with the stakeholders on october 5, 2017. Importers were told to furnish the import invoices of the last three months

SBp issues guidelines for green banking

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KARACHI

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tate Bank of Pakistan (SBP) has issued Green Banking Guidelines (GBG) with a view to safeguarding against environmental risks emerging from banks and Development Financial Institutions (DFIs) business and operations.

In a circular issued on Monday, the SBP said that the guidelines deal with the following three ar-

eas: Risk Management for increasing financial stability through understanding, management and mitigation of environmental exposures of financing portfolios. Business Facilitation for fostering development of ‘green’ market through actively tapping the emerging viable business opportunities of financing to clean energy and resource efficiency projects. Own Impact Reduction for potential re-engineering of banks and DFIs’

internal operations and procedures with a view to reducing impact on environment and society.

While primary responsibility to ensure compliance of environmental laws & regulations rests with the Board of Directors and management of the respective borrowers, these Guidelines are expected to reduce potential losses of banks and DFIs through proper management of environmental vulnerability of their financing portfolios.

quested. 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.

two human smugglers held IA Gujrat team arrested two human smugglers from different areas and recovered 18 Pakistani passports and fake visa stickers. According to FIA spokesman, the team conducted a raid at Service Morh, Gujrat and arrested Rashid Mahmood, resident of Engine Adda chowk Shakoor, district Sialkot and recovered two passports and two fake visa stickers of Dubai from his possession.

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FTO adjourns hearing of appeal filed by Bilal Bashir against RTO-II Wednesday October 18, 2017

Lahore

LAHORE: The advisor Mian Munawar Ghafoor of Federal Tax Ombudsman (FTO) has postponed the hearing of a case filed by Mian Bilal Bashir against the Regional Tax Office-II (RTO-II), Lahore until the next date.

According to the details, FTO Advisor Tariq Yousaf heard the complainant number FTO-LHR /0000300/17 of Mian Bilal Bashir in which the counsel for the appellant argued that RTO has not released the refund to the appellant of the last three years. He said that the RTO collected excessive tax from the company during the last three years. The company approached the officer concerned many times for issuance of the refunds but the department did not pay the refunds after the passage of reasonable time.

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

customs tribunal waives off penalty on M/s pervaiz umer Enterprise LAHORE

SAJID NAwAZ

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he Customs Appellate Tribunal has waived off penalty of Rs 50000 on appellant M/s Pervaiz Umer Enterprise in an appeal Wiled against Collector of Customs (Adjudication) and other.

Zulifqar A Kazmi, Member Technical, remarked in the Winal judgement that there is no direct evidence of the appellant’s connivance of fact of mis-declaration in his capacity as customs clearance agent. Therefore, the tribunal found that the act of imposition of penalty of Rs 50 000 on the appellant is uncalled for and unjustiWied. In view of the fact on the record, it is hereby remitted the said penalty as not found due to impossible. As per fact of the case, M/s

Alleged clothsmuggler sent to jail on 14-day judicial remand he Special Federal Court of Customs Taxation and Anti-Smuggling has sent an accused to jail on a 14-day judicial remand in a case of smuggling of Shafoon cloths.

His physical remand. The customs court had directed the authorities of customs investigation and prosecution to complete the investigation challan within the given time and present the accused before the customs court in the next hearing for further proceeding. Accused Juma Khan was arrested by the customs intelligence on the charges of smuggling of cloths. The authorities apprehended him from Lahore. The customs intelligence recovered a big quantity of foreign made smuggling cloths and related goods from his possession. –CB Report

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Sapphire Textile (Private) Limited imported Indian raw cotton and sought clearance under GD No. 19740 and claimed the beneWits of Sales Tax SRO 1125(I)/2011 for the payment of sales tax @ 2 percent instead of 16 percent.

During the court of audit customs authorities observed that said consignment is liable for the payment of 16 percent sales tax along with income tax and importer were not entitled for the beneWits of said SRO also ordered to pay Rs46, 29, 716 along with default surcharge.

After the show cause notice, adjudicating ofWicer order to pay short paid amount and also charged penalty Rs 50, 000 in penalty.

Being aggrieved from the order and challenged the impugned order before Customs Appellate Tribunal on the grounds that impugned order not passed in the judicious manner hear and pass the fresh order.

‘customs preventive starts crackdown on smuggled goods’ LAHORE

M HAYAt

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ollectorate of Customs Preventive Collector Faiz Ahmad has said that customs antismuggling squads seized non-duty paid goods worth Rs 2.7 million.

Talking to the media, Collector Faiz Ahmad said that customs team impounded 34 non-duty paid vehicles and 26 others which were being used for transportation of smuggled goods. He said that during September the customs team thwarted many attempts of smuggling and destroyed many networks of smugglers who were operating from Peshawar and Quetta. He said that the Customs Preventive has adopted a comprehensive policy to curb smuggling.

Collector Faiz Ahmad said that customs teams enhanced their vigilance and surveillance on main en-

try and exit points of Lahore. He said that Customs Preventive is also pursuing the policy to get credible information through their reliable informers. He said that this policy is showing positive signs and there is marginable decrease is being witnessed in smuggling attempts.

Collector Faiz Ahmad said that Customs Preventive registered nine

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cases against smugglers during the last three years and seized huge quantity of non duty paid goods which includes 4,000 kilogram of silk cloth, more than 5 kilogram of gold, huge quantity of non duty paid foreign origin cigarettes, 3800 kilogram of Indian origin Pan Prag, 6800 mobile phones, 1000 liters of non duty paid diesel.

court grants six-day physical remand tribunal accepts appeal filed by crescent textile of four alleged kerosene oil smugglers ustoms Appellate Tribunal Stitcompa and Capitol Rayon Com-

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he Special Federal Court of Customs Taxation and Anti-Smuggling has approved a six-day physical remand of four accused arrested in the smuggling of kerosene oil. Accused Abdul Samad, Muhammad Shahid, Amjid Ali and Sikandar Hayat were apprehended by the customs authorities of Lahore after getting some secret information.

The customs anti-smuggling authorities on Multan Road intercepted a tanker Willed with smuggling kerosene oil instead of white sprit

which was earlier declared. Accused Abdul Samad, Amjad Ali, Sikandar Hayat and Muhammad Shahid were trying to smuggle oil of millions of rupees from Afghanistan into Lahore. Total quantity of the recovered oil was over 50,000 liters.

The customs intelligence and investigation held the accused and impounded the tanker as well. The customs investigation had presented them before the court of special judge of the customs taxation and anti-smuggling. –CB Report

has accepted the appeal filed by the M/s Crescent Textile Mills Limited against Collector, Model Customs Collectorate Faisalabad and others. According to the brief facts of the case, during the audit record of M/s Crescent of Textile Mills Limited customs authorities observed that the DTRE user imported Polyester Yarn Classified under HS Code 5402.3300.

According to the Customs Tariff the aforesaid goods if imported from the three prescribed companies of Thailand i.e. M/s Sunflag, M/s Long

pany then the importer companies are exempted from the anti-dumping duty. Whereas in the instant case the DTRE user has imported Polyester Yarn from Companies other then mentioned above therefore, DTRE user should have paid Anti-Dumping Duty @ 18.93 of assessed value and an amount if Rs 11, 42, 132 is recoverable from him. M/s Crescent Textile Mills Limited were called upon the show cause notice and adjudication proceeding culminated after the complete. –CB Report

Additional collector summons owner of NDp vehicle

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LAHORE

M HAYAt

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ollectorate of Customs Additional Collector Zahra Haider summoned the owner of non duty paid Toyota Hilux Surf. As per details Customs Anti Smuggling Organization forwarded a Contravention Report No. 01/ASO-

176/2017/526 dated 21.7.2017. Information was received to the effect that a non duty paid Toyota Hilux Surf was plying in the city with registration no: LEF-08-3885. The Customs ASO intercepted the above mentioned vehicle bearing registration no: LEF-083885 near Daroghwala, Al Kareem Gardem Ring Road Lahore. The person on the driving seat claimed the ownership of the vehicle and intro-

duced himself as Muhammad Ajmal son of Mohammad Sharif. The Customs anti smuggling squad asked him to show legal documents regarding possession and import of the vehicle, but the owner of the vehicle failed to provide any relevant documents. The owner requested to allow him some time for production of requisite import documents. Therefore, the said vehicle was detained in terms of sec-

tion 2 (kk) of the Cutoms Act, 1969 for want of import documents and further investigations. During scrutiny of MRA online data against the registration no: LEF-98-3885 was checked which revealed that the against registration number having chassis number KZN1859016019, whereas the vehicle intercepted this ofWice having chassis number KZN 185-9019403.

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ISLAMABAD

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ederal Board of Revenue (FBR) Member Taxpayers Audit Rehamtullah Khan Wazir has believed that new trend in taxpayers audit will not only promote compliance with the existing tax laws but will also generate more revenues.

He expressed these views during an exclusive interview with Customs Today.

Rehmatullah Wazir said that the audit policy for 2016, will continue in future and new balloting will be held under the same policy because this audit policy is paradigm shift from the past. This approach will minimize taxpayers complaints, resulting in increased conWidence in the system. Rehmatullah Wazir said that Taxpayers Audit wing was established in January 2003 and it was assigned the task of restructuring and reforming the audit policy.

The main tasks included drafting National Audit Manual, preparing National Audit Plan and training the FBR workforce in modern auditing techniques. Tax Audit is an effective instrument of control with the FBR through which compliance level is monitored.

Through audit, the government checks whether a registered person/ taxpayer has correctly determined his tax liability, deposited due tax in the national exchequer and is making adjustments of input tax etc, to which he is legally entitled He said the right audit approach will help Federal Board of Revenue in broadening the tax base in focusing risk areas. This can be assured through equitable tax policies where a taxpayer knows that good citizens are appreciated. He said since 2001 voluntarily compliance has been the pri-

mary focus of Federal Board of Revenue. FBR has always trusted the tax payers for their declarations.

He assured that FBR is taking great care to ensure that audits are conducted in courteous, efWicient, professional and effective manner as well as with highest standards of integrity.

Taxpayers are selected for audit on the basis of a transparent and automated process. The selection is done by computer, using different information items and parameters, without resorting to any identity details of the taxpayers. He said auditors and managers are expected to meet the highest ethical standards. Disciplinary actions will be initiated against those who choose to conduct themselves in an unethical manner. A quality review process has been established to ensure that prescribed standards and procedures are followed and there is uniformity in application of laws and procedures.

It is pertinent to mention here that Mem-

ber Taxpayers Audit recently has been promoted in Grade 22 and he will be retired in March 2018.

ing udit w A s r e y and it taxpa d that y 2003 i r a a s u r i n a ing waz ed in J ruc tur h t s s i l e r b f sta task o th e was e d the olic y. e p n t i g i d s s l au was a ationa g the ting N ormin f f a e r r d d d u it an cluded onal A n i i t s a k N s ta ng main o rc e i n re p a r i workf ual, p n r a B f M s Audit ng the nique traini d n a g tech n i t i plan d rn au mode

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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

pressure on rupee

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he corporate and export sectors of the country as well as international financial institutions have been pressuring the government for the last couple of years to curtail rupee value. However, Finance Minister Ishaq Dar has brushed aside any chances of devaluation and successfully maintained the value at certain level. The foreign exchange reserves held by the State Bank of Pakistan were nearly $20.2 billion at the start of the current financial year which it maintained during the first quarter. Rejecting panic calls from various sides, the finance minister believes devaluation will further aggravate the situation as it happened in the past on various occasions. The economic history shows devaluation brought windfall for a section of the business community, but slowed down overall economic activities across the country.The foreign exchange reserves plunged to $3.4 billion during 200708 and the government devalued the currency by 28 percent and raised import tariff up to 50 percent on a host of products in panic. However, the move stressed the economy further and effects had been lasted for several years. The economic situation is nearly the same as was a decade ago and the similar kind of remedy will only aggravate the malaise. The exports of the country are dwindling but devaluation of the rupee should not be the only option before the government to increase exports or resolve the balance of payment problem. The method failed 10 years ago cannot guarantee success this time as the government had to get $7.6billion loan from the International Monetary Fund to resolve the balance of payment problem.It is easy to get loan, but difficult to pay it back. According to economists, various strings are always attached with foreign loans which slow down the growth rate for several years. The experts who had advised the government in 2008 and 2011 for devaluation and higher import duties are again recommending the same method and it will simply not work. What the government has to do is to stimulate industrial sector and facilitate the business community to enhance exports. Devaluation of rupee will not only increase debt servicing but also cost of production and the Pakistani products will not be able to compete in the international markets.

Investment in desert F

LAHORE

Dr AftAB AfZAL

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ederal Board of Revenue Chairman Tariq Pasha informed the National Assembly’s Standing Committee on Finance the other day that a host of unidentified Pakistanis have purchased $8 billion worth of property in Dubai during the last four years.The chairman also said that there is no agreement between the two countries to obtain details of the investment made by Pakistanis and the UAE authorities are also reluctant to share any information in this regard.However, the committee, instead of impressing upon the government to devise

investment friendly policies in the country, forwarded the matter to the Federal Investigation Agency. The point to ponder for the government policymakers is that why the Pakistani investors find Dubai real estate market attractive to the extent that they dump their money in it despite risks. How many years they will need to learn the intricacies of business management and why have they failed to utilize their knowledge of English language for which they spend their entire life to learn to resolve the pressing issues to the economy?

At least they should learn to admit their faults and failures both in policymaking and its implementation. It also proves that

Arabs have better understanding of business than Pakistanis as they have made the desert an attractive destination for investment not only for Pakistanis but also for the rest of the world. As a matter of fact Gwadar holds better geographical location than Dubai, but it is still at the lowest ebb in terms of foreign direct investment despite billions of dollars investment from China. Pakistan can step into the first world in a few years but we are refusing to accept bitter realities of business management. The policymakers, who bag millions of rupees annual salaries and perks, seemed to have no wisdom or reasons to devise economic

policies and are only spending their service tenure without any interest in the official business.

A policy is prepared on war footings with all sincerity and honesty but only one irrational point in it spoils and bulldozes the whole show.

Ironically, in the current situation, the State Bank officials told the committee that no investors approached them for proper permission to invest in Dubai. Either the officials are naïve or they need to grow up further. In a country, where you have to choose a wrong method to get a legal work done, how do you expect anyone with black money will approach you for permission?

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Traders urge govt to review FTA with China ISLAMABAD: The patron Islamabad Chamber of Small Traders, Dr Shahid Raseed Butt, has demanded the government that the Free Trade Agreement (FTA) with China has inflicted heavy losses on Pakistan’s economy; hence, it should be reviewed and balanced immediately. Many industrial units and SMEs have been closed down as a result of faulty trade deal resulting in massive unemployment in the country, he said. The deal is heavily tilted towards China as Beijing’s share in Pakistan’s total imports has jumped to 29 percent which must be reduced.

Talking with Customs Today, Dr Shahid Butt said that after the FTA with China, Pakistan’s exports comprising mainly of rice and cotton jumped from $400 million to $1.7 billion while Chinese exports to Pakistan swelled from $1.8 billion to almost $14 billion which has taken a toll on the economy.

fBr says income from pensioners benefit account liable to 10%tax

Wednesday October 18, 2017

National

customs tribunal hears various references during first week of oct

ISLAMABAD

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ederal Board of Revenue (FBR) has said that persons deriving income from pensioners benefit accounts are required to pay income tax at the rate of 10 percent. Similarly, the tax rate at 10 percent is applicable on the returns from Bahbood certificates, said an Income Tax Circular No. 06 issued by the FBR. The FBR said that clarification had been sought from the board regarding tax treatment of yield or profit on investment in Bahbood certificates and pensioners benefit account. As per Section 7B of the Income Tax Ordinance, 2001 a tax shall be imposed at the rate specified in Division IIIA of Part I of the First Schedule on every person, other than a company, who re-

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ceives a profit on debt from any person mentioned in clauses (a) to (d) of subsection (1) of Section 151. The tax shall be computed by applying the relevant rate of tax on the gross amount of the profit on debt. As per law, persons deriving income from yield/profit on investment in Bahbood certificates/ pensioners benefit account are chargeable to tax under 7B. As per clause (36A) of the Part IV of the Second Schedule, amount paid as yield or profit on such accounts is not subject to withholding tax under Section 151. Therefore, the amount chargeable to tax under Section 7B as per rates specified in Division IIIA of Part I of the First Schedule is to be paid at the time of filing of return of income. However, the FBR said, as per clause (6) of Part III of the Second Schedule, the tax payable on any amount paid as yield or profit on investment in Bahbood Saving Certificate or Pensioner Benefit Account shall not exceed 10 percent of such profit.

ISLAMABAD

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he Customs Appellate Tribunal has heard a plenty of customs matters involving Wield ofWices of the Federal Board of Revenue (FBR) during the Wirst week of October. Member Ziauddin Wazir heard a majority cases and dated in ofWice the hearing of customs cases Wiled by M Awais, Assistant collector Modecl Collectorate of Customs, Islamabad, M/s Universal Gateway, M/s New Ehsan Enterprises and M/s Pepsi Cola International.

M Awais and M/s Pepsi Cola International had Wiled cases against Model Collectorate of Customs, Islamabad. M/s Universal Gateway and M/s New Ehsan Enterprises had submitted cases against Directorate General of Investigation and Intelligence, Islamabad.

Earlier, a bench of tribunal had heard and dated in ofWice hearing on Khurram Zafer Nazeer Ahmed, and M/s Musa Ghee International, M/s Waseem Autos and M/s Nisar Traders’ cases. M/S Waseem Autos and M/S Nisar Traders had Wiled

cases against Collectorate of Customs and Directorate General of Investigation and Intelligence, Islamabad.

The bench had dated in ofWice hearing on cases Wiled b M/s Parts & Parts, M/s Chief Autos, M/s Aman Elahi, M/s Kohinoor Traders, M/s Saleem Silk Centre, M/s Five Star Trading, M/s Pakistan Royal Group and M/s Nayatel Private Limited, M/s Degicell & others, M/s Kohinoor Chemical, Mirza Muhammad Majid, M/s Fazal Razaq, M/s Fazal Ur Rehman

and Gul Rehman & others. The appellants had Wiled cases against Directorate General of Investigation and Intelligence, Islamabad and Model Collectorate of Customs, Islamabad. The bench also adjourned proceedings on a case seeking release of seized mobile phones. The appellant, M Younas, through the case had challenged an announcement made by adjudication of Collectorate of Customs, Islamabad about seizure of mobile phones. The

bench dated in ofWice hearing on the matter after initial arguments. The department on the day sought time from the bench, hence hearing was adjourned. At least six mobile phones Wirst conWiscated by the customs authorities at Benazir Bhutto International Airport, Islamabad. The petitioner had brought the mobiles into Pakistan through airport which MCC had declared illegal and in violation of regulations adopted for carrying mobiles phone in luggage.

SHc adjourns hearing in Indian grey fabric case KARACHI

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Sindh High Court’s Customs Appellate bench has adjourned hearing of contempt of court application Wiled by three importers of Indian grey fabric till Nov 6. The bench, comprising Justice Munib Akhtar and Justice Omar Sial, also directed the respondent Custom ofWicials to obtain stay order from the apex court by then.

Earlier a counsel for Pakistan Customs moved an application informing the bench that three CPLA’s bearing number 543, 544 and 546 have been Wiled before the Supreme Court impugning the order of the SHC bench dated 29-9-2017 allowing the petitions Wiled by importers/petitioners and ordering release of goods as per Goods Dec-

laration. Masooda Siraj advocate assisted by Sardar Zafar Hussain advocate also told the court that importer/petitioner Horizon Enterprises, Muhammad Javed Hanif and Prime Traders have joined the proceedings before the apex court. The bench after this statement adjourned proceedings in contempt pleas till Nov 06. The al-

leged contemnors include Chief Collector Customs, Collector Port Muhammad Bin Qasim and Collector East. Meanwhile, Chemical merchants have rejected the decision of the government to impose regulatory duty on 250 imported items.

Arif Lakhani, Chairman Pakistan Chemicals & Dyes Merchants Association (PCDMA), in a statement is-

sued on Monday expressed serious concern over imposition of regulatory duty on 250 imported items by Ministry of Commerce and FBR and totally rejected the imposition of regulatory duty. He said that this move will obstruct the progress of country.

“So before going to implement any decision, it should be consulted with all stake holders to avoid any effect in economy of country and business activities, make decision with mutual consent.” Lakhani said that basic item of house hold including pulses and fruits and 100 items from agriculture sector also included in the list of regulatory duty of 250 imported items, which is not wisely decision. He further said that imposition of RD on imported raw material of industries and agricultural product will deWinitely make the bad impact on importing activities, because importers will import limited.

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Customs Chief Dr Kamal Azhar to retire on 9th Wednesday October 18, 2017

National Khalid Sultan assumes charge as Deputy commissioner-Ir

ISLAMABAD: Dr Kamal Azhar Minhas, a Pakistan Customs Service officer of BS20, is going to retire from the government service on attaining the age of superannuation. Dr Kamal, presently posted as Chief at Federal Board of Revenue (HQ), Islamabad, will stand retired from the government service with effect from October 9. Meanwhile, Munir Ahmad, a Pakistan Customs Service officer of BS-17, is going to retire from the government service on attaining the age of superannuation.

Nine Inland revenue Service officers of BS 17-20 reshuffled

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ISLAMABAD

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halid Sultan, a BS-18 officer of Inland Revenue Service, has assumed the charge as Deputy Commissioner-IR. The officer, in pursuance of Board’s Notification No.2628-IR-I/2017 dated 20-092017, took the charge of the post of Deputy Commissioner-IR at Large Taxpayers Unit, Islamabad with effect from September 25. Meanwhile, Zulfiqar Ahmad, a BS-19 officer of Inland Revenue Service, has relinquished the charge as Additional Commissioner-IR. Zulfiqar, in pursuance of Board’s Notification No. 2628-IR-I/2017, dated 20.09.2017, relinquished the charge of the post of Additional Commissioner-IR, Regional Tax Office III, Karachi with effect from October 2.

Meanwhile, Abdul Hameed Anjum Arayn, a BS-19 officer of Inland Revenue Service, has assumed the charge as Secretary-IR.

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Sumbal Agha assumes charge as commissioner-Ir umbal Agha, a BS-20 officer of Inland Revenue Service, has assumed the charge as Commissioner-IR. The officer, in pursuance of Board’s Notification No. 2628-IR-I/2017, dated 20.09.2017, relinquished the charge of the post of Commissioner-IR (Zone-IV), Regional Tax Office-II with effect from September 25 and took the charge of the post of Commissioner-IR (Zone-VI), Corporate Regional Tax Office, Lahore on the same date.

Meanwhile, Syed Mazhar Hussain Shah, a BS-19 officer of Inland Revenue Service, has assumed the charge as Secretary after completing his scholarship programme in the UK. –CB Report

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ederal Board of Revenue has transferred/posted nine Inland Revenue Service ofWicers of BS 17-20 with immediate effect and until further orders.

The officers who are drawing performance allowance prior to issuance of this notification will continue to draw this allowance on the new place of posting, said FBR, adding that all the officers are directed to relinquish/assume charge, using online HRMS facility made available to FBR or by using their IJP logins.

Meanwhile, Federal Board of Revenue has transferred/posted eight Inland Revenue Service ofWicers of BS 18-20 with immediate effect and un-

til further orders. The ofWicers who are drawing performance allowance prior to issuance of this notiWication

will continue to draw this allowance on the new place of posting, said FBR, adding that all the ofWicers are directed

to relinquish/assume charge, using online HRMS facility made available to FBR or by using their IJP logins.

Mcc Islamabad expected to meet 2nd quarter target of rs3537.84 million T

ISLAMABAD

tArIQ DErYA

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he Federal Board of Revenue has assigned Rs3537.84million of all duties and taxes to the Model Customs Collectorate Islamabad for second quarter Financial Year 2017-18.

According to details given by Collector Dr. Saeed Khan Jadoon of the Model Customs Collectorate (MCC) Islamabad that Customs Collectorate of Islamabad is expected to meet its allocated revenue collection targets under all the heads during 2nd Quarter (October to December) FY17-18 as it has already exceeded the revenue collection target during the 1st Quarter of FY17-18.

The Islamabad Collectorate has been earmarked the collection target of Rs1508.60million under the head of Customs Duty

for 2nd Quarter FY17-18 whereas it has been allocated the revenue collection target of Rs1204.39million of Sales Tax (ST) for above said period.

The FBR has assigned the collection of Rs117.29million to the

Collector MCC Islamabad under the head of Federal Excise Duty (FED) for 2nd Quarter FY17-18 whereas it was earmarked the revenue target of Rs707.56million of Withholding Tax (WHT) for 2nd Quarter. The Model Customs Col-

lectorate Islamabad was allocated extra revenue collection of Rs289.07million as all duties and taxes for 1st Quarter (July to September) Financial Year 2017-18 against 1st Quarter of corresponding FY16-17.

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Samia Ejaz given additional charge of Commissioner-IR ISLAMABAD: Samia Ejaz, a BS-20 officer of Inland Revenue Service, has been assigned the additional charge of the post of Commissioner-IR. The officer, presently posted as Commissioner-IR (IP/TFD/HRM), Corporate Regional Tax Office, Lahore, given additional charge of the post of Commissioner-IR (Zone-I), Corporate Regional Tax Office, Lahore with immediate effect till the posting of a regular incumbent.

Meanwhile, Shahid ul Hassan Chattha, a BS-20 officer of Inland Revenue Service, has taken the charge as Commissioner-IR. The officer, in pursuance of Board’s Notification No. 2628IR-I/2017, dated 20.09.2017, relinquished the charge of the post of Commissioner-IR (Zone-VI), Corporate Regional Tax Office.

Ban on tomatoes import from India costs citizens millions of rupees LAHORE

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he tomato shortage came about as a result of the government’s restrictions on the import of tomatoes from India. However, the tomatoes from India continue to find their way into Pakistan by way of Kashmir, Afghanistan and Iran. Increase in tomato prices over the past month and a half has cost citizens upward of Rs 150 million, according to a local media outlet. According to statistical reports, large amounts of cotton, red pepper, cardamom and cumin are being imported regularly across the Wagha border. Moreover, criticism has been extended towards the Punjab Agriculture Department and Federal Ministry of Food Secu-

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rity on their alleged ban on the import of tomatoes from India, while traders have been making huge profits out of the very same tomatoes by importing them through Kashmir, Afghanistan and Iran. The shortage of tomatoes, which began before Eidul Azha in August, had already cost almost Rs 200 per kilogramme by Friday over what citizens pay normally, amid government’s continuous promises of improving the situation. The fruit, which usually sells for between Rs 25 and Rs 35 per kilo, has been facing a shortage of up to half its demand and therefore selling for over Rs 200.

Should the same tomato be imported directly through Wagha border, instead of taking the much longer route of coming in through the west, its prices will drop drastically down to almost Rs 30 per kilo, as several citizens lament.

National

SHc directs NAB to complete inquiry against Mustafa Kamal in land scam

court grants 14-day judicial remand of two accused mobile smugglers LAHORE

M IMrAN MEHAr

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he Special Federal Court of Customs Taxation and Anti-Smuggling has approved a 14-day judicial remand of two accused held in a mobile smuggling case. Accused Abdul Waheed and Agha Wali were apprehended by the customs intelligence authorities from The Mall Lahore. The customs intelligence and investigation team had presented them before the customs court for getting their physical remand to investigate more on the issue. Both had been supplying mobile phones to some traders of Hall Road.

The authorities recovered 324 mobile phones of different brands from a car they were riding. The value of the recovered mobile phones is more than Rs06million in a local market. The customs team had presented them before the court of a special judge of the customs taxation and anti-smuggling, Tahir Sabir, and asked for their physical remand for three days. The customs court handed over them to the customs investigation team for further investigation. After the completion of the physical remand, now they were sent to jail for judicial trial.

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KARACHI

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he Sindh High Court (SHC) ordered on Wednesday the National Accountability Bureau (NAB) to complete the inquiry against Karachi’s former nazim Syed Mustafa Kamal and other accused into alleged illegal allotment of 5,000 square yards of land in Clifton.

Headed by SHC Chief Justice Ahmed Ali M Sheikh, a two-judge bench also directed the NAB investigation ofWicer (IO) to submit the inquiry report by November 14.

The national anti-graft watchdog informed the court that the 5,000 square yard land had been leased to hawkers and shopkeepers in 1980.

However, in 2005, the entire land was illegally leased to the DJ Builders. NAB had initiated investigations into the alleged illegal allotment of the land on plot 12/7, which was known as sea-shell stalls.

The land’s value was estimated to be Rs10 billion, which is situated near Abdullah Shah Ghazi’s shrine – between Bagh Ibne Qasim and Seaview – in Block 3 of Clifton.

The court was also informed that

Wednesday October 18, 2017

Kamal, who was the city nazim at that time, had given approval for constructing a multi-storey building on the subject land in an illegal manner. Kamal, at that time, was a leader of the Muttahida Qaumi Movement. However, later, he launched his own party, the Pak Sarzameen Party, after parting ways with his former party’s head Altaf

Hussain. The SHC CJ asked the IO whether the former city nazim was interrogated in this case, to which the IO replied that Kamal had been nominated as an accused in the case and NAB had also recorded his statement. The bench directed the IO to complete the investigation by November 14 and inform the court in this regard in the next hearing.

AccA, pcA launch report on Belt, road initiative

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ISLAMABAD

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he Association of Chartered CertiWied Accountants (ACCA) and Pakistan-China Institute (PCI) Wednesday launched their Wirst joint report on the Belt and Road Initiative in Pakistan called The Economic BeneWits of the Modern Silk Road – China Pakistan Economic Corridor (CPEC).

“We all know about the various projects that make up CPEC like Gwadar port, extension and modiWication of the Karakoram highway, new motorways, railways including may be even bullet trains, enterprise zones and off course energy plants,

but has the business community started thinking about the impact of CPEC on their strategies? What will be the long term beneWits? How can businesses prepare for new opportunities and challenges? Where do they need to invest or allocate resource to capitalise on the future?

What are the risks and how to navigate around them? What are the possible scenarios north or south or the good the bad and the ugly? Clearly a lot of deep dive thinking still needs to happen” says Arif Masud Mirza, Regional Head of Policy for ACCA. According to PCI Executive Director, Mustafa Hyder Sayed “this report indicates that investment in people, for

example, learning Mandarin, understanding Chinese business culture and increased networking i.e. the people to people contact which is one of the pillars of CPEC, must be embedded in the long-term mission of the private and public sectors. Pakistan’s manpower; professional, skilled, semi-skilled and unskilled must match or be better than their Chinese counterparts if our nation is to ensure that CPEC’s long term beneWits don’t start heading South.” Sajjeed Aslam, Head of ACCA Pakistan said “We could see and hear the chatter on CPEC in professional networks very early on; a lot was hearsay which in itself can be a risk for businesses,

the numbers being talked about where historic by Pakistani standards $46bn multiplying to $62 billion later.

The report from ACCA Pakistan,The Economic BeneWits of the Modern Silk Road – CPEC contains the result of a survey amongst 500 Winance professionals and business stakeholders as well the outcomes from 5 SWOT workshops in Baluchistan, KPK, Punjab, Sindh and Islamabad. The SWOTs revealed a common trend such as knowledge gaps, opportunities included regional trade and commerce, new cities and job creation; strengths included leveraging on the country’s educational institutes,scaling up agriculture and tourism.

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World Customs

Malaysia palm oil stocks hit 2mn T in Sept

KUALA LUMPUR: Malaysia’s palm oil stocks rose for a third month in September to breach the 2-million-tonne mark for the first time in well over a year, boosted by weaker-than-forecast exports from the world’s No.2 producer of the commodity.

Climbing inventories could drag on benchmark prices for the oil, used in everything from chocolate to shampoo. They stood around 2,733 ringgit ($647.32) a tonne at the midday break on Tuesday, after touching a one-week high in the previous trading session.

Wednesday October 18, 2017

Biman passenger held with 1.2 kg gold at Dhaka Airport

Netflix, eBay pay just £1.9 million tax in uK WASHINGTON

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ustoms Intelligence ofWicials arrested an employee of Biman Bangladesh Airlines and a passenger along with 1.2 kilograms gold at Hazrat Shahjalal International Airport in the capital early Saturday, reports news agency UNB. The arrestees are Omar Faruk, a ground service trafWic supervisor of Biman, and Kazi Qamrul Islam, a passenger.

Custom ofWicials said Qamrul arrived at the airport by a Wlight of Biman from Kuala Lumpur around 4:30 am. A CIID team caught them red handed at the boarding bridge area of the airport while Qamrul was handing over the gold to Faruk.

Meanwhile, Customs Intelligence has arrested a man with 2kg gold at the Hazrat Shahjalal International Airport. The man was identiWied as

Malaysian exports to hit rm700m alaysia’s exports of fruit are expected to surpass last year’s Rm600m (US$142.2m) and reach Rm700m (US$165.9m), according to the Federal Agricultural Marketing Authority (Fama). Leading the way is durian exports, which Fama chairman Tan Sri Badruddin Amiruldin said would more than double to Rm150m during 2017 compared to last year. “We expect more durian orchards to produce highquality fruits, (following which) we will export to more foreign countries such as China, Hong Kong, Australia, and others,” he told the Malay Mail.

Malaysia has access to China and Australia for frozen durian and durian pulp, but exporters are hoping to gain access for fresh durian in coming seasons. Malaysian’s durian shipments were valued at Rm18.02m last year, with Badruddin expecting exports to increase to Rm23.4m. –CB Report

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41-year-old Mahmud Shamim, a resident of Munshiganj. He returned to Bangladesh at 12:45am from Malaysia on Monday. Shamim tried to smuggle in the 21 gold plates worth an estimated Tk1.10cr, Customs Intelligence ofWicials said.

Customs Intelligence and Investigation Directorate (CIID) Director Gen Moinul Khan said Shamim tried to skip security check when customs ofWicials challenged him. Later, the law enforcement ofWicials found the gold hidden in his bags.

ocBc, StarHub ink first bank-telco deal in Singapore

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inance Goliath OCBC Bank and telco giant StarHub announced that they will be investing S$6 million over the next year to establish partnerships in several industries and to boost better services and offerings for their customers. Marking the formation of Singapore’s Wirst bank-telco strategic partnership, the deal is said to be the two Wirms’ Wirst step in a multiyear plan towards bringing together businesses across industries such as

transport, retail, insurance, health, wellness, and real estate. OCBC and StarHub are eyeing to establish the “We Economy”, where businesses are moving beyond conventional industry processes into an interconnected ecosystem that better shapes outcomes. As part of their partnership, both Wirms will harness the power of data in understanding customer needs and deliver more relevant solutions to their combined client base of over Wive million. –CB Report

S tech giants NetWlix and eBay paid just £1.9m in tax between them in the UK last year, reigniting concerns about how the tech companies are able to reduce their domestic tax bill. Despite both boasting millions of UK customers, eBay paid just £1.6m in tax on £7.6m in proWits in 2016, according to accounts Wiled to Companies House. Meanwhile, video streaming giant NetWlix almost halved its UK tax bill to below €300,000 on around €1m in proWits.

The total income from eBay’s UK customers is also believed to be significantly more than its £200m in revenues reported to UK authorities. eBay UK’s business describes its revenues as coming from marketing and advertising services to a Swiss parent com-

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pany. But the online auction site previously told US authorities it registered $1.3bn of revenues in the UK, according to the Financial Times. California-based Netflix reported just €22m in revenues in the UK, with income from British subscribers going to its Dutch arm.

According to one estimate from analysts Ampere Analysis, Netflix actually made around $520m in subscription revenue in the UK. eBay told the Financial Times it was fully compliant with UK and international tax rules. Netflix said its effective tax rate in the UK was 27 per cent, while it also remitted millions of pounds in VAT. The low return for British tax authorities raises further questions about the corporate structures of international tech giants.

“This is the same debate we have with Facebook, Google, Airbnb and Uber,” said tax lawyer Jolyon Maugham. Earlier this month, Facebook reported just £5.1m in tax on a UK profit of £58.4m.

uK interest rate hike hints at weakness ank of England Governor Mark Carney is ready to raise interest rates from a position of economic weakness rather than strength. The fastest inflation in four years leaves the UK central bank preparing to hike next month for the first time in more than a decade, yet it’s not an accelerating economy fanning those price pressures. Instead, policy makers are being pushed to temper less friendly inflationary forces generated by weak productivity and Brexit.

The UK has fallen to the bottom of the Group of Seven growth rank-

ings, but also of concern is the fact that it’s far less productive than international peers. For Carney, who’s warned that leaving the European Union could worsen the situation, that means a lower rate of growth is already enough to put a strain on resources, generating unwelcome domestic pressures. The International Monetary Fund was the latest to sound the alert on Tuesday when it said the UK has been the “notable exception” this year among advanced economies. It left its forecast for 2017 expansion at 1.7 per cent while raising estimates for the world, US and euro area. –CB Report

residential rents in Dubai continue to drop in Q3

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esidential rents in Dubai continued their low single-digit declines in the third quarter of the year, according to a new report issued by research agency JLL. Numerous residential buildings even within the prime areas such as

Downtown and Marina are seeing increased vacancies, it stated, citing anecdotal evidence. Hence tenants have been able to renegotiate their rents downwards by an average of 5 per cent to 7 per cent. Meanwhile sales prices for both villas and apartments remained largely stable over the quarter, it found. “Direct sales of UAE properties were allowed at Cityscape for the Wirst time

in 10 years and this peaked the interest of potential buyers by allowing them to compare between the various launch offers across a variety of properties,” the report said. In terms of supply, the majority of completions during the third quarter were apartments with 3,300 units delivered. Villas and townhouses contributed 660 and 75 units respectively.

The largest completions were Duja Tower in Trade Centre First, adding 679 units and The Polo Residence in Meydan with 598 units.

District 1 and Lila in Arabian Ranches 2 contributed 267 and 219 units respectively. Overall, the report also stated that the total value of transactions of existing residential properties (excluding land) has also increased over 2017.

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Kandla Port rechristened as ‘Deendayal Port’ NEW DELHI: The Kandla Port, one of the top 12 major ports in the country, has been rechristened as Deendayal Port from Monday in the name of Hindutva icon pandit Deendayal Upadhyay. “Kandla Port Trust is renamed as Deendayal Port Trust with effect from 25 September 2017,” the government said on Monday. The central government in exercise of powers conferred on it under Indian Ports Act, 1908 made the amendment to replace “Kandla” with “Deendayal”, as per a notification issued by the ministry of shipping. Prime Minister Narendra Modi, earlier this year, while laying foundation stone for Rs933 crore projects at Kandla Port had suggested that it be named after pandit Deendayal Upadhyay, who stood for the uplift of all sections of the society.

townsville port expansion moves ahead he A$1.6-billion expansion of Australia’s largest lead and copper export port in Townsville, Queensland, has been approved by the state’s Coordinator-General. The 30-year development plan includes four key elements, including capital dredging of some 11.48-million cubic meters of sediment to widen and deepen the channels and expand the harbor basin, establishing a 152 ha reclamation area, construction of 4-km of rock revetments and potentially a new 700 m western breakwater, and the construction of six new berths. State Development Minister Dr Anthony Lynham said the Coordinator-General approved the port expansion with conditions that addressed all concerns over environmental and social impacts. “The Coordinator-General has been working closely with the Port of Townsville to ensure all potential so-

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cial and environmental impacts were addressed in the evaluation report, and comprehensive conditions set to manage potential impacts on Cleveland Bay in the Great Barrier Reef World Heritage Area,” Lynham said. “Today’s announcement means the project is a step closer, which in turn means expanded capacity at the port, which will allow the onequarter of cruise ships which cannot currently enter the port to berth at Townsville, increasing tourism numbers and revenue for the region.” The Port was considered a critical trade supply chain handling around 10million tonnes of produce worth over A$10-billion each year, with the expansion allowing the port to accommodate larger ships, meaning the region can continue to attract major investment. –CB Report

Ports & Shipping

port of oakland plans to hire local at its new cargo facility WASHINGTON

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he Port of Oakland, working with CenterPoint Properties, hopes to develop the former Oakland Army base as a cargo warehouse that would provide living wages, require local hiring and prohibit employers from discriminating based on some prior criminal convictions, The Mercury News reported last week. A proposed agreement between the Port and the developer establishes a pay rate of $13.32 per hour with benefits, or $15.31 per hour without benefits, which applies to all warehouse employers. In Oakland, the minimum wage is $12.86; in California, it’s $10.50.

If passed, the agreement would also require employers hire at least 50% of staff from Oakland, Emeryville, Alameda or San Leandro, CA. A further 25%, which could overlap with local hires, must be “disadvantaged” applicants with

barriers to employment such as emerging from foster care, being veterans of the military, chronically unemployed, the formerly incarcerated or recipients of public welfare. Meanwhile, Tycoon Enrique Razon Jr.’s International Container Terminal Services Inc. (ICTSI) is making its debut in Papua New Guinea. The company said in a stock exchange filing Monday it signed 25-year agreements each to

operate the international ports in Motukea and Lae in Papua New Guinea (PNG).

ICTSI said the agreements were signed via PNG subsidiaries, Motukea International Terminal Ltd. (MITL) and South Pacific International Container Terminal Ltd., together with PNG state-owned PNG Ports Corp. Limited (PNGPCL) for the operation, management and development of the two ports.

Wednesday October 18, 2017

Sc ports Authority breaks ground on new headquarters he construction project of the South Carolina Ports Authority’s new headquarters has officially begun. Officials broke ground on the project morning during a ceremony near the Wando Welch Terminal in Mount Pleasant. The 84,000-square foot building will consolidate employees from the Concord Street building and numerous other Ports Authority locations. South Carolina Ports Authority President and CEO Jim Newsome says the building, which will be adjacent to the Wando Welch Terminal, will provide employees a modern workplace environment. “We’re all over the place today. We’re in different buildings here and there and pretty much split up,” Newsome said. Newsome said the new headquarters is designed to create better communication and fresh ideas.

“It’s the capstone of our culture change initiative to get everyone together in a campus-type environment,” Newsome said. The building will feature a fitness center, walking trails, collaborative work spaces and rooftop terraces for employees. –CB Report

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Adani ports down by over 4% in trade WASHINGTON

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dani Ports and Special Economic Zone became the major losing stock on the bourses in Wednesday’s trade. The stock hit an intraday high of Rs 395 per share and an intraday low of Rs 372.60 per share on BSE on Wednesday. The stock had hit its 52 week high of Rs 421.60 per share on August 8, 2017 and its 52 week low of Rs 246 per share on November 11, 2017 on BSE. At 1512 hours, the stock was trading at Rs 371.75 per share, down by Rs 18.80 or 4.81% on BSE on Wednesday. Meanwhile, S&P BSE Sensex was trading at 31,163.13 level, down by 456.87 points or 1.45% and NSE Nifty 50 was trading at 9,734 level, down by 144.60 points or 1.46% at the same time on Wednesday. The major Indian

benchmark indices slumped in the closing hours on media reports that the Indian army has conducted a surgical strike at a Naga insurgent camp at Indo-Mynamar border.

Adani Ports and Special Economic Zone, an India-based port infrastructure company, engages in the business of developing, operating and maintaining the Port and Portbased related infrastructure facilities, including Multi product Special Economic Zone (SEZ).

Meanwhile, A new step is being taken toward the creation of Indiana’s fourth shipping port in Lawrenceburg. Indiana Governor Eric Holcomb announced that Ports of Indiana has entered into an agreement to purchase 725 acres of land along the Ohio River in Lawrenceburg and Aurora. “While we’re only beginning this process, it’s hard not to be excited by the prospect of a fourth port in Indiana,” Holcomb

said. “The economic beneWits to the region and the state as a whole would be game changing—providing new jobs and development opportunities.” Much of that land was previously part of the now defunct American Electric Power/Indiana Michigan Power Tanners Creek Plant, a coal-Wired power plant that was shuttered in 2015. Tanners Creek Development, LLC, a subsidiary of St. Louis-based Commercial Development Company, Inc., bought the property last year and has been decommissioning the power plant and cleaning up the site since. The purchase agreement announced Thursday will allow Ports of Indiana to begin studies to examine the environmental and economic viability of port just south of downtown Lawrenceburg. The agreement gives Ports of Indiana until December 2018 to decide if the site is a viable option for the fourth

port. If it is, the agency would pay $8 million for the land. “Indiana’s ports are important economic drivers for our state, connecting Indiana to the world every day,” said Rich Cooper, CEO for the Ports of Indiana. “We welcome this opportunity to explore the possibility of a fourth port for our state and are eager to move quickly to determine the viability of this land for use as a port to attract major investments and further spur southeast Indiana’s economy.”

Holcomb’s support of the port is encouraging, but there is no timeline for opening. Although the state biennial budget passed earlier this year includes some money for port exploration, a long-term funding source has not been identiWied. Local State Senator Chip Perfect (RLawrenceburg) says local state lawmakers will continue to work with everyone involved to make the fourth port a reality.

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PM for early operationalisation of TAPI ISLAMABAD: Prime Minister Shahid Khaqan Abbasi Monday reiterated Pakistan’s strong commitment to the early operationalization of the Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline project as it holds a huge potential for meeting Pakistan’s energy needs.

He was talking to Ambassador of Turkmenistan to Pakistan Atadjan Nurlyevich Movlamov who paid a courtesy call on him here at the PM Office.

The Prime Minister said Pakistan and Turkmenistan traditionally enjoy close, cordial relations marked by trust and understanding and pointed that bilateral collaboration in different sectors was growing steadily.

Wednesday October 18, 2017

Business

NAB presents fourth witness as Dar’s trial resumes ISLAMABAD

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s an accountability court resumed today hearing against Finance Minister Ishaq Dar in a graft reference pertaining to his owning assets beyond his known sources of income, the NAB presented its fourth witness to testify against him.

Judge Muhammad Bashir will record the statement of prosecution witness Masood ul Ghani of the Habib Bank Limited.

Earlier, he adjourned the hearing till 12 noon due to the absence of the minister’s counsel, Advocate Khawaja Harris.

official arrested on accepting gratification FAISALABAD

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Junior lawyer Kauseen Faisal Mufti Wiled an application, requesting the judge to grant the accused exemption from appearing before him for he wants to concentrate on his duties. The court ruled that it would decide the plea later after hearing arguments of Dar’s counsel

Imran submits complete money trail to Sc in disqualification case

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nti-corruption team arrested an official for taking bribe from a citizen on the promise of getting some work done in his favour. Official sources said here Wednesday that Muhammad Ayub, an accountant at the office of Assistant Director Local Government Toba Tek Singh demanded Rs 20,000 from a citizen against giving him favor in official work. Circle Officer Toba Tek Singh Ghulam Rasool during a raid arrested the accountant and recovered marked currency notes from his possession and registered a case against him.

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and asked the minister to be present at the hearing.

Ishaq Dar had arrived at the court at around 9:00 am and left soon after the hearing was postponed. Out of total 28 prosecution witnesses, the court has so far recorded the depositions of three witnesses. At the last

hearing that continued for around eight hours, Al-Baraka Bank Senior Vice President Tariq Javed and Shahid Aziz of the National Investment Trust (NIT) had testiWied against the Winance minister. Aziz said that the minister had invested Rs120 million in the NIT in 2015 but withdrew the amount after the Supreme Court took up the Panama Papers case in January 2017. Javed also got his statement recorded and provided details of Dar’s Wive accounts, belonging to two of his companies and his wife. According to the NAB reference, the accused had acquired assets and pecuniary interests/ resources in his name or in the name of his dependents of an approximate amount of Rs831.678 million as per the investigation conducted so far.

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LAHORE

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akistan Tehreek-e-Insaf (PTI) Chairman Imran Khan submitted more documents to the Supreme Court in connection with the disqualification petition against him and maintained that his money trail of “£672,000” was now before the court in its “entirety”.

A three-judge bench of the apex court, headed by Chief Justice of Pakistan Mian Saqib Nisar, re-

sumed the hearing of Pakistan Muslim League’s Nawaz (PML-N) leader Hanif Abbasi’s plea seeking Imran’s disqualification for not disclosing the existence of his offshore assets and firms. At a previous hearing, the petitioner’s counsel, Akram Sheikh, argued that Imran was liable to declare his offshore company in his 2002 nomination papers. He submitted that Niazi Service Limited (NSL), being an asset, was also liable to be declared as such. Moreover, just as Imran has admitted to being the owner of the flat held by NSL, and

has declared the same as such in his nomination form, the funds in the account of NSL being a conversion of the flat itself and being used for the benefit and upon instruction of [Imran], was also his asset, and were required to be declared.

Sheikh further submitted that Imran’s claim that the use of the term “benami” in the power of attorney by Jemima Khan was an error is contrary to the record. The wording of the power of attorney is self-explanatory, wherein two separate assertions have been made

by Jemima with regard to the land.

railways earned rs 40 billion in 2016-17 LAHORE

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ith continuous efforts and hardworking of railways management, officers and workers, Pakistan Railways’ income increased to Rs 40 billion in 2016-17, Rs 4.53 billion more than the target, which was only Rs 18 billion in 2012-13.

It was revealed by Railways Minister Khawaja Saad Rafique, while issuing Pakistan Railways’ four years performance during a press conference at Railways Headquarters on Monday. General Manager Railways Javed Anwar Bobak and other officials were also present on the occasion. The minister said that up gradation of the department was focused during these four years and the number of freight trains reached 3,318 from 182, while various agreements were also signed with various companies. He said that in 2013, there were only eight locomotives, while now this number has increased to 102 and the total number of operational engines has reached 325 from 160.“Railways witnessed a record increase of 20 million rail passengers and 755-kilometre track has also been renewed in these four years,” he added.

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Albayrak keen to invest in health, housing, energy sectors LAHORE

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nvestment Group of Turkey’s Chairman Ahmet Albayrak called on Chief Minister Punjab Muhammad Shehbaz Sharif and expressed interest in investing in health, housing and energy sectors.

During the meeting, Ahmet Albayrak said that Shehbaz Sharif had done selWless service of the people of

Punjab and he had no parallel in completing energy projects before deadline, according to a handout issued. He said, “Pakistan nationals are our brethren and we are interested in investing in health, housing and energy sectors in Punjab.”

Shehbaz Sharif said on the occasion that time-tested friendship of Pakistan and Turkey was converting into proWitable investment opportunity and these links would strengthen in future. He said that

Turkey had made unparalleled progress under its leader Recep Tayyip Erdogan, saying, “Healthcare model of Turkey is the best model in world and we are beneWiting from this model to its maximum. And for this reason, cooperation between Turkey and Pakistan in the health sector is increasing and Punjab has also followed the pattern of the public-private partnership in establishing new hospitals.”

The chief minister said service to

the distressed humanity was his mission and Turkish cooperation in the health sector would beneWit distressed humanity and the healthcare sector would also improve. He said that the incumbent government had brought about improvement in every sector of life, and infrastructure and transport sectors had been improved to the modern standards.

Shehbaz Sharif said that the Orange Line Metro Train (OLMT) was a great project of the public interest

in Punjab and it would provide the best transport facilities to people.

He said that work on new projects would start soon to improve sectors of infrastructure and transport. He said that the Punjab government welcomed Turkish interest of more investment. Provincial minister Khwaja Salman RaWique, chief secretary, President Board of Governors Pakistan Kidney and Liver Transplant Institute Dr Saeed Akhtar, Lord Mayor Lahore.

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UAE banking sector outlook to remain stable DUBAI: Moody’s Investors Service has maintained its outlook for the UAE’s banking sector at stable, with faster economic growth in 2018 expected to support the credit growth in 2018. According to Moody’s analyst Mik Kabeya, credit growth of approximately five percent is forecast for 2018, after a forecast lower growth of 2 percent in 2017, compared to 5.8 percent in 2016 and 8 percent in 2015. The Mooody’s report found that loan performance is expected to soften, following “sluggish” economic growth in 2017, while problem loans will go higher, reaching 5.5-6 percent of gross loans by 2018, compared to 5.3 percent in June. A high concentration of loans to government-related entities and to a volatile real-estate sector pose downside risks to loan quality, the report added.

rccI organizes awareness session on financial literacy RAWALPINDI

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s part of its Investor Education Program and Financial Literacy the Securities and Exchange Commission of Pakistan (SECP) conducted an investor awareness session at the Rawalpindi Chamber of Commerce and Industry as part of World Investor week 2017 here. The seminar focused on increasing financial literacy and investor awareness about capital markets and its related products. Speaking at the occasion, Murtaza Abbas, Joint Director and Khalida Habib, director, Investor Education and International Relations Department, highlighted the key issues and concerns and recommendations for the education of investors. They said due to lack of proper knowledge, many investors

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have suffered huge losses in capital markets while with proper knowledge and awareness, they could make profitable investments in stock market. They stressed that investors should always make rational decisions and avoid making investment merely on speculations which carried high risks. They said considering the significance of fundamental knowledge and understanding of the financial market, SECP initiated investor education program, JamaPunji, because lack of financial literacy and capability made the general public vulnerable to frauds in the capital market. In his welcome address, Zahid Latif Khan, President, Rawalpindi Chamber of Commerce and Industry appreciated the role of SECP for promoting good governance in corporate sector and initiating programs like financial literacy.

Wednesday October 18, 2017

Chambers

IccI calls for rationalization of heavy taxes on real Estate sector ISLAMABAD

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heikh Amir Waheed, President, Islamabad Chamber of Commerce and Industry said that real estate sector was playing a key role in the economic development of the country, but was facing problems due to imposition of heavy taxes and government should rationalize taxes on this important sector to facilitate the growth of business activities. He was addressing a delegation of Islamabad Real Estate Welfare Group that visited ICCI led by Group Leader Ch. Abdul Rauf to congratulate the new ofWice bearers of the Chamber.

Sheikh Amir Waheed said that business of thousands of people was directly or indirectly linked with real estate sector but increase of taxes has slumped the business activities in this sector which would impact economic growth of the country as well. He said due to tax problems, many investors were leaving the real estate sector and cautioned that if government did not pay urgent attention to its is-

sues, unemployment would further go up in the country.

Muhammad Naveed Senior Vice President and Nisar Ahmed Mirza Vice President ICCI assured the delegation that Chamber would raise their issues at all relevant forums for solution and would fully cooperate in efforts to provide relief to this sector. Speaking at the occasion, Ch. Abdul Rauf, Leader of Islamabad Real Estate Welfare Group

and former President, Islamabad Estate Agents Association highlighted various issues of real estate sector. He said increase in taxes on property has badly affected real estate business and urged that government should revise these taxes to provide relief to realtors. He said that CDA has increased commercialization fee on real estate sector that has created additional problems and urged that CDA should

Dubai chamber to target African business DUBAI

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s the Dubai Chamber of Commerce and Industry will work with Expo 2020 Dubai, the region will witness collaboration between Dubai and African businesses at the fourth Global Business Forum (GBF) during the African summit.

During the forum held from November 1 to 2, Dubai Chamber and Expo 2020 Dubai will team up to initiate new channels of communication and cooperation between African and UAE companies. The theme ‘Next Generation Africa’ will be the main theme for GBF Africa in which will provide a perfect platform for Expo 2020 Dubai to emphasize its mission, key initiatives and projects, as well as the expansion of opportunities offered by the

World Expo to African companies.

Meanwhile, The Dubai Chamber of Commerce and Industry is aiming to boost bilateral trade ties with Panama, after signing a memorandum of understanding with the Panamanian Chamber of Commerce, Industry, and Agriculture.

The memorandum focuses on promoting business opportunities within Panama’s banking and logistics sectors, encouraging knowledge sharing in key areas, and cooperating to overcome business challenges with the aim of facilitating more joint ventures.The signing came as the Dubai Chamber concluded on Monday a visit to Panama.

The Dubai Chamber of Commerce and Industry has announced that it won the Best Unconventional Project Award at the 10th World Chambers Congress which took place last week in Sydney. The prestigious award, part

of the World Chambers Competition 2017, recognised the Dubai Innovation Index as an exceptional and innovative project in an activity not typically associated with a chamber of commerce’s mission and objectives.

The Dubai Innovation Index, launched by the Chamber in 2015, serves as an important tool for companies in Dubai to assess and benchmark their innovation practices and performance.

Through the Index, the Chamber is keen to create awareness and enhance private sector participation in the total innovation efforts of the emirate. Dubai Chamber had been shortlisted for the Best Unconventional Project award along with four other Winalists, namely the Chamber of Commerce of Guayaquil (Ecuador), the Chamber of Commerce of Pereira (Colombia), Greater Des Moines Partnership (USA), and the Sao Paulo Chamber of Commerce (Brazil).

bring down said fee. He said Chairman CDA had approved 14 reforms of real estate sector that have not been implemented as yet due to which problems still persisted. He said that G-13, G-14 and some other sectors were started long time ago, but were not developed as yet and called upon the CDA and Housing Foundation to focus on early development of old sectors to ease the problems of allottees.

fccI for immediate measures to enhance exports ncreasing gap between imports and exports is detrimental to the national economy and government must take immediate and necessary measures to curtail the unnecessary imports by encouraging their local substitutes, said Shabbir Hussain Chawla president Faisalabad Chamber Of Commerce & Industry (FCCI). In a statement issue here, he said that our imports are soaring at $53.02 billion where as the exports are dwindling at 20.4 billion dollars. He said that the gap between imports and exports has crossed the limit of $32 billion and in this condition we would be unable to achieve our ultimate economic targets of progress and prosperity. –CB Report

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Gaddon Customs Station stands surplus with Rs04.81m PESHAWAR: The Gaddon Customs Station of the Customs House Peshawar collected Rs29.81million during the first-Quarter of the current Financial Year which is more than Rs25million generated in the First-Quarter of previous FY 2016-17. So the station earns Rs04.81million more than the yesteryear. According to sources, the Gaddon Customs Station received an amount of Rs9.97million Customs Duty during three months of July, August and September along with Rs13.47million which was generated from the ST on VM Palm Oil during the First-Quarter.

Wednesday, October 18, 2017

CUSTOMS BULLETIN

customs preventive Hyderabad takes 60,000 liter Iranian diesel into possession HYDERABAD ASLAM ANJuM QurESHI www.customsbulletin.com

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he Anti-Smuggling Organization (ASO), Customs Preventive Hyderabad, has impounded 60,000 liters of smuggling high speed (HSD) Iranian diesel along with an oil tanker. The market value of the seized diesel is Rs12million including duties and taxes. The arrested Driver was identiWied as Muhammad Kazar S/o Muhammad Noor.

Sources told Customs Today that Customs Collector Akhlaq Ahmad Khattaq ordered the curbing of smuggling. Additional Collector Hyderabad Dr Aamer Nawaz Hamid received a tip-off regarding the smuggling of Iranian diesel.

He formed an ASO team comprising Superintendent Amber Khan, Inspectors Iqbal Mughal, Imdad Abro, Muhammad Abid Khan, Abdul Majeed Barich, Mushtaq Ali Lakho, Sepoys Saddique Sadiq Khaskheli, Aslam, Abid, Drivers Sher Akbar, Ajaz, Jawaid Mashqoor, Nisar Ahmed and others.

The team intercepted the Hino oil tanker with registration No: TIR-210 near Toll Plaza Mirpur Khas Road Hyderabad and recov-

ered the said quantity of smuggling HSD Iranian diesel. The market value of the seized tanker is Rs 03million involving duties and taxes of Rs02million. Prior to the

recovery, the ASO had asked the occupants of the vehicle for producing the legal documents regarding the possession of the motor vehicle and diesel but they failed to do so.

The ASO team confiscated the diesel besides impounding the oil tanker under the customs bylaws.

According to the sources, the raiding anti-smuggling team per-

formed excellently. Collector Akhlaq Ahmad Khattaq said our team is showing extraordinary performance in arresting the smuggling in the region.

Khushab fIu impounds non duty paid Hino truck FAISALABAD

NAEEM SHEIKH

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he Field Investigation Unit (FIU) of the Customs Intelligence and Investigation has seized a non duty paid Hino truck bearing registration No, SGA-786 (Naseerabad) model 2002 worth Rs, 5 million involving customs duty and taxes Rs 3.2 million.

Sources told Customs Today,

that Deputy Director Muhammad Azam received information about some non customs paid vehicles are plying on the roads. He constituted a team comprising Superintendent Muhammad Tahir, Intelligence OfWicer Mansoor Nasir driver Tajamul Haq (havaldar) Muhammad Sajjad and Khalil Ahmed (sepoys). The FIU team intercepted a Hino truck near Jhal Chakkiyan Sargodha and asked the owner of vehicle who was identiWied as Mulazim Hussain son of Saif Ali Khan to produce legal documents regarding possession of the truck but they failed to provide any relevant

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documents. FIU team seized the truck and forwarded the case to Custom Adjudication for legal process. Meanwhile, The Customs Adjudication Camp OfWice has disposed only six various seizure cases after adjudicating involving Rs 6.932million during the month of September-2017. Sources told Customs Today, that Customs Adjudication Additional Collector Muhammad Saeed Asad has decided as many as four seizure cases forwarded by Anti Smuggling Organization (ASO) and Customs Intelligence and Investigation in their various anti smuggling activities.