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pAkIStAN’S FIrSt INDepth NewSpAper oN cuStoMS

Daily

Vol 1 Issue No. 244

Karachi, Tue November 24, 2015

ISLAMABAD

M FAIZAN

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ederal government has decided to promote Federal Board of Revenue Chairman Nisar Muhammad Khan in the grade 22 from 21, it is learnt.

During upcoming high power board meeting FBR chairman and other ofPicers of different departments will be promoted. The post of chairman had been upgraded in past

Price Rs. 14.00

and usually the ofPicer of BS-22 is selected for the post. And if any eligible ofPicer of BS-21 is selected for the post of chairman, he is promoted later in BS-22. Inland Revenue Member Dr. Muhammad Irshad of BS-21 would also be promoted in next scale. However, Stratgic Planning Reforms and statistics Member Dr. Muhammad Iqbal of BS-20, Regional Tax OfPice (RTO) Chief Commissioner Shad Muhammad and Chief Commissioner Faisalabad RTO Muhammad Tanvir will also be promoted in next scale BS-21. The decision in this regard would be taking in Pirst week of December.

Customs Intelligence confiscates drugs worth Rs 30m in four months

Customs Adjudication-II issues notice to M/s Ghani Hilal Feed for evading Rs 7m

Country to receive $950m for energy sector this month: Dar

Hyderabad ASO seizes items worth Rs145m in October

PFVA lauds performance of TDAP’s Chairman SM Munir

The DG Customs Intelligence Islamabad has seized drugs worth Rs 30 million | See pAge 02 |

Customs’Collectorate of Adjudication-II has served a show-cause notice | See pAge 03 |

Ishaq Dar said Pakistan would receive $950m, already approved by the WB. | See pAge 04 |

The Customs ASO seized illegally imported goods worth Rs 145m | See pAge 12 |

Exporters of fruit and vegetables, while admitting the positive role | See pAge 09 |

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Customs Court approves 3-day physical remand of vehicle smuggler Tuesday, November 24, 2015

National

LAHORE: Customs Intelligence and Investigation had seized Rs 1 million non-customs paid Toyota Corolla car and arrested a smuggler on Friday.

On Saturday, Customs Investigation team presented the accused before the court of Chaudary Ameer Muhammad Khan and asked for physical remand of the accused because they need to further investigation in this case. It was revealed during investigation that a number of people are running a network in Lahore who are involved in supplying non-customs paid smuggled vehicles from Northern Areas to the provincial capital of Punjab.

customs Intelligence confiscates drugs worth rs 30m in four months

KARACHI

ISLAMABAD

AFtAB chANNA

ShAhID MINhAS

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he Regional Tax Office, Hyderabad is in the process to procure air conditioner for the tax office in a bid to beat the heat in hot weather. In this regard, the Chief Commissioner, Inland Revenue, RTO Hyderabad invited sealed bids from the manufacturers, distributors and suppliers registered with income tax and sales departments for supply of air conditioners. “Bidding documents containing detailed terms and conditions, methods of procurement, procedure for submission of bids, bid security, bid validity, opening of bid, evaluation criteria, clarification/rejection of bids, performance guarantee etc are available for the interested bidders at office of the Chief Commissioner Inland Revenue, Regional Tax Office Hyderabad”, according to a letter available with Customs Today. “The bids, prepared in accordance with the instruction in the bidding documents, must reach at the office of the Chief Commissioner Inland Revenue, Regional Tax Office, Hyderabad, on or before 6-11-2015 at 11am. Bids will be opened the same day at 11:30am”, it added.

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he Directorate General Customs Intelligence and Investigation Islamabad has seized drugs worth Rs 30 million and registered 12 cases against the smugglers from July to October of the current Piscal year.

According to the details, Deputy Director headquarters Khaldunul Haq told Customs Today that during the course of anti-smuggling activities 40,550 kilograms of poppy seed and 882 kg of charas, 19 kg of opium and seven kg of cocaine were conPiscated from different parts of the country in four months.

He added Directorate General Customs Intelligence and Investigation Islamabad has arrested six drug smugglers, besides registering 12 cases against. He further said that further investigations are underway.

He added that the department has efPiciently made possible to stop the smuggling attempts following the strategies designed by department. Meanwhile, Deputy Director Customs Intelligence and Investigation (I and I) Islamabad Khaldun Ul Haq has issued ofPice orders to Quetta directorate to follow the strategies set by the Customs Department and focus on stopping the diesel smuggling.

Talking to Customs Today, the

hyderabad regional tax office to install new air conditioners

deputy director said that the Customs had devised special strategies to stop smuggling in the country, especially the smuggling of diesels from neighbouring countries i.e Iran and Afghanistan.

He said that the smuggling issues have been discussed during the

meeting of deputy directors.

Sources said that that smugglers have changed their techniques as they have started smuggling diesel in the small buckets loaded on camels and donkeys. But the customs has restricted smuggling of illegal Iranian products on the bor-

der, causing a big drop in terms of smuggled petrol.

A number of vehicles loaded with Iranian petrol and diesel have also been impounded. He said that the department is focusing on the smuggling routes with the help of law enforcement agencies.

M/s Mukhtar Feeds issued notice for rs2.62m tax evasion KARACHI

AFtAB chANNA

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he Customs’ Collectorate of Adjudication-II has issued a show cause notice to M/s Mukhtar Feeds – Summundari for Rs 2.62 million tax evasion on import of silos.

As per details, M/s Mukhtar

Feeds had imported silos from the United States and availed concessions of 8th Schedule (sales tax) and paid reduced rates of sales tax at 5 percent on the import of “Grain Storage Silos with all standard accessories” under PCT Heading 9406.0030.

The 8th Schedule (sales tax) extends benePits of reduced rate of sales tax to “machinery and equipment” for development of grain handling and storage facilities only.

Whereas the silos are for storage

purposes and do not qualiPies the dePinition of machinery and equipments, sources added.

Therefore, the sources said that the benePits of reduced rate of sales tax was not admissible in this case and was chargeable to sales tax at 17 percent. In this regard, Collector Adjudication II Chaudhary Muhammad Javed has issued a show cause notice to M/s Mukhtar Feeds, summoning the management to clarify/justify their position, else pay the short-paid amount.

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FIA takes into custody 54 suspects deported from Turkey SIALKOT: The Federal Investigation Agency (FIA) has arrested 54 suspects, who reached here after being deported from Turkey.

The FIA produced these hand cuffed deported accused before court of local judicial magistrate. The FIA officials told the court that some human traffickers had sent them to Turkey illegally after extorting big amounts from them. They were deported from the Turkey. They belonged to Sialkot, Gujranwala, Gujrat and Mandi Bahaud Din districts.

The FIA sought a 14-day judicial remand by the court. On this, the court sent all of these accused to jail on a 14-day judicial remand.

peshawar customs Intelligence confiscates items, truck worth rs 28m

Tuesday November 24, 2015

National

Adjudication-II issues notice to M/s ghani hilal Feed for evading rs 7m

ISLAMABAD

NAeeM uLLAh tArIQ www.customsbulletin.com

irectorate of Customs Intelligence and Investigation Peshawar has seized smuggled goods worth Rs 28 million, besides arresting one accused person.

According to the details, following information was received to the Customs Intelligence that an attempt of smuggling could be made, on which the Peshawar Intelligence established picket to foil the smuggling bid. The officials intercepted a trailer bearing Registration No. TLC-794 and recovered 6,400 mobile phones of different brands, 200 cartons of welding rods, tooth pastes, gutka and Lux soap.

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Sialkot ASo seizes smuggled black tea worth rs 300,000 GULZAR AHMED

M hAYAt

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he Anti-Smuggling Organization (ASO) Sialkot has seized imported black tea worth Rs 300,000, it is learnt. Sources told Customs Today that Collector Customs Sialkot Ahmed Reza Khan received a credible information from its sources regarding smuggling of black tea. After the receiving the information, Collector Ahmed Reza Khan constituted a raiding team comprising Muhammad Irfan (Deputy Superintendent), Mehmood Manshah (Inspector) and others. Customs team conducted a raid on GT Road and seized black tea wroth Rs 300,000.

The ASO official asked the accused to produce legal documents regarding the import black tea, but the accused failed to produce the same. ASO has registered a case against accused and started further investigation.

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KARACHI

AFtAB chANNA

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he Customs’ Collectorate of Adjudication-II has served a show-cause notice on M/s Ghani Hilal Feed Mill Lahore for allegedly evading Rs 7.19 million tax on import of silos classiPiable under PCT Heading 9406.0030, it is learnt.

The evasion of sales tax was found during the scrutiny of import data pertaining to silos by the Post Clearance Audit. The importer M/s Ghani Hilal Feed Mill (Pvt) Limited had imported silos from China and availed concession of 8th Schedule (Sales Tax) and paid reduced rates of sales tax at 5 percent on the import of “grain storage silos with all standard accessories” under PCT Heading 9406.0030.

The 8th Schedule (Sales Tax) extends benePits of reduced rate of sales tax to “machinery and equipment” for development of grain handling and storage facilities only.

Whereas the silos are for storage purposes and do not qualiPies the dePinition of machinery and equipments, sources added.

Therefore, the sources said that the benePits of reduced rate of Sales Tax was not admissible in this case and was chargeable to Sales Tax at 17 percent.

After detection of the contravention, the Directorate of PCA has forwarded the report to the respective collectorates and the Customs Adju-

dication for initiating adjudication proceedings and recovery thereof, the sources further informed.

The Collectorate of Adjudication-II has recently issued a showcause notice asking the importer to justify their position or pay the evaded amount.

Meanwhile, The United States Consulate General Karachi, and other nominated accused of the US Army reverse cargo case raised objections and have refused to appear

the importer M/s ghani hilal Feed Mill (pvt) Limited had imported silos from china and availed concession of 8th Schedule Sales tax and paid reduced rates of sales tax at 5 percent on the import of “grain storage silos with all standard accessories” under pct heading 9406.0030.

kasur excise seals 47 properties of tax defaulters LAHORE

M IMrAN MehAr

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he Excise and Taxation Department has sealed over 47 properties in last week in grand operation against property tax defaulters of Kasur district.

According to details Excise teams under the supervision of

Malik Muhammad Aslam has seized number of properties within the city of Kasur and some nearby areas of the city on the directives of Director General (DG)

Excise Akram Ashraf Gonda. Excise Kasur has also recovered millions of rupees in one week during grand operation against property tax defaulters.

Punjab Excise is receiving property tax with one percent penalty as thousands of the defaulters still failed to submit their tax even issuance of many notices.

Sources added that the grand operation is continuing against defaulters and would be completed during the current week.

before Collector Adjudication-II Chaudhary Muhammad Javed.

The suspects were issued notices but they did not appear before the adjudicating authorities to explain their role in the case. According to sources, after transfers and postings of various ofPicials by the Federal Board of Revenue (FBR), the US Consulate and other accused objected to the posting of Collector Adjudication-II Chaudhary Muhammad Javed.

Lhc to hear Ayyan Ali’s acquittal plea on Nov 28 ustice Abdul Sami Khan of the LHC will hear the acquittal plea filed by super model Ayyan Ali on November 28. Sources told Customs Today that advocate Sardar Latif Khan Khosa, exgovernor Punjab, has filed the plea on behalf of the super model. In her plea, Ayyan Ali challenged the verdict of the Customs Court in which her acquittal plea was dismissed.—CB Report

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Oil down in Asia on oversupply fears Tuesday, November 24, 2015

Business

SINGAPORE - Oil prices fell in Asia on Monday, extending their slide as a stronger dollar and news that world stockpiles have reached a record high put pressure on futures. Crude dived to two-month lows on Friday after the International Energy Agency, the world's forecaster, said global commercial stocks had reached three billion barrels. Mounting expectations the US will raise interest rates for the first time in almost a decade next month also drove the dollar higher on Monday, hurting commodities. "Record levels of crude oil in storage with no let-up in production are likely to keep prices in a range in the coming weeks," said Sanjeev Gupta.

kSe sheds early gains as 100-index loses 124pts to close at 33733 level KARACHI

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he Karachi Stock Exchange benchmark KSE-100 index Monday lost the early gains and went to negative zone, shedding 124.09 points or -0.37 per cent to close at 33732.91 points.

The market witnessed the highest trading level of 33908.40 points and lowest level of 33719.25 points, with the total volume of

retailers cautious ahead of uS holiday shopping season

180,353,186 shares, having Rs8,056,972,040 value. As many as 359 companies were active; of which 118 advanced, 218 declined and 23 remained unchanged.

Commercial banks were the top traded sector with total traded volume of 23,762,500 shares. It was followed by technology & communication sector with a total traded volume of 19,434,500 shares. The three top traded companies despite losing share prices were TRG Pak Ltd with a volume of 15,404,000 and price per share of 38.71 (-1.80), Pace (Pak) Ltd with a volume 14,230,500 of price per share of 7.99 (-0.37),

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ackluster earnings reports from retailers have raised questions about whether the 2015 holiday shopping season will bring as much of a boost to the US economy as hoped. Apparel giant Gap and kitchen and home furnishings chain Williams-Sonoma late this week became the latest big US retailers to slash their profit forecast for the critical December quarter.

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ISLAMABAD

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ISLAMABAD

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inance Minister Ishaq Dar on Saturday said Pakistan would receive $950 million, already approved by the World Bank, Asian Development Bank and Japan, for the energy sector within the ongoing month of November.

“We have completed the documentation with the World Bank for

hina has made the historic China-Pakistan Economic Corridor (CPEC) initiative part of its 13th five-year economic and social development plan for the year 2016-2020. The leaders of the Communist Party of China (CPC) have approved proposals for the plan at the fifth plenary session of the 18th Communist Party of China Central Committee held in Beijing, Chinese Ambassador to Pakistan, Sun Weidong informed the Chinese and Pakistani journalists here in a recent interaction with them. While giving details of the CPEC, he said it is a process rather than just a project.

Developing CPEC needs to be based on scientific research and designed by short, mid and long-term planning. He stressed that "we need to make persistent efforts based on determination and diligence, to achieve a sustainable development of CPEC." Chinese President Xi Jinping proposed the initiatives of the Silk Road Economic Belt (SREB) as the 21st Century Maritime Silk Road. The initiative is an effort towards economic globalisation, cultural diversity and regional integration, he added.

C B.O.Punjab with a volume 9,517,500 of price per share of 9.24 (-0.15). The top three advancers were Ferozsons (Lab) with price per share 926.88 (44.12) and total volume of 94,500

shares, Murree BreweryXD with price per share of 1032.50 (43.11) and volume of 150 and Hinopak Motor with price share of 1256.31 (34.56) and volume of 38,300.

country to receive $950m for energy sector this month: Dar

NEW YORK

cpec made part of china's 13th 5-year development plan: envoy

$500 million, which was approved on November 12,” said Finance Minister while talking to The Nation.

He further said that government would start documentation process with Asian Development Bank for $400 million approved on Friday in next few days.

“Japan will also release $50 million to Pakistan for energy sector reforms,” said Ishaq Dar. He added that ADB had also approved $990 million multitranche Second Power Distribution Enhancement Investment Programme of Pakistan. “This amount will be

disbursed in next few months”, the Pinance minister said on a question.

The $990 million approved by ADB will be used for introducing an Advanced Electricity Metering Infrastructure (AMI) system for power distribution companies across the country. It said that the new system will help reduce line losses, improve revenue collection and load management, and strengthen the Pinancial viability of the sector. Dar said the government has planned to eliminate the power loadshedding by 2018 by adding additional electricity in the national grid.

pakistan all set to import 1,000Mw electricity at rs 12/unit ISLAMABAD

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fter approval of tariff from National Electric Power Regulatory Authority, Pakistan is all set to import 1000MW electricity at an approximate price of Rs 12 per kilowatt hour, for duration of four months a year only, under CASA 1000 project worth $953 million.

A high-level delegation is in

Turkey to sign Pinal core project agreement, said an ofPicial of Ministry of Water and Power, adding, after the Pinal agreement, project will enter into implementation phase. In April this year, The core project was Pinalised and consisted of four Power Purchase Agreements (PPAs) between respective countries; a Master Agreement between the four countries; an Account Bank Agreement; Technical Code; Co-ordination Agreement between Kyrgyzstan and

Tajikistan and Host Government Agreements, ofPicial said. Under CASA-1000, Kyrgyz Republic and Tajikistan will export 1300 MW surplus electricity in summer months (May01-September30) via Afghanistan to Pakistan. According to agreement Pakistan’s share will be 1000 MW while Afghanistan’s cut will be 300MW, however, presently, Pakistan will have Afghanistan’s share as Afghanistan don’t require electricity in near future. But it will

get an impressive $45 million in account of transit revenue, even if it did not use any electricity. With backers like the World Bank and the Islamic Development Bank, who have provided serious funds for the project, along with support from American, British and Australian development agencies (USAID, DFID, AusAID), still there is immense skepticism about the project’s actual potential for success. From Pakistan point of view one major criticism is

the high cost of electricity, which Pakistan will get for only four months after spending a huge sum. According to Ministry of Water and Power documents the estimated cost of the project is $1170 million including $208 million IDC & Taxes (the Pinal cost shall be determined through a competitive bidding process), and includes the estimated cost of $232 million required for the Pakistan portion of the DC Transmission Line & Convertor Station.

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Tuesday, November 24, 2015

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SIALKOT guLZAr AhMeD www.customsbulletin.com

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hief Customs-North Sarwat Tahira assured the Sialkot, Gujranwala, Gujrat-based exporters to resolve their outstanding customs-related rebate and ANF issues on priority basis.

She said that the Customs Department is honouring its commitments, besides winning the hearts of exporters in this regard.

She said that customs was rapidly becoming a center of excellence with the active cooperation of the industrialists, exporters and importers. She said that there was a huge potential of exports from Sialkot through the dry port and Sialkot International Airport.

She was addressing a meeting with ofPicials of the Pakistan Gloves Manufacturers and Exporters Association (PGMEA), Sialkot Chamber of Commerce and industry (SCCI), Sialkot Dry Port Trust (SDPT) and Sialkot International Airport Limited (SIAL), Collector Ahmed Reza Khan, Deputy Collector Waheed Anwar Abro, Additional Collector Faiz Ali, Assistant Collectors Palwasha Sayed and Ch.Fahad Bashir were also present on the occasion.

She added that the Sialkot exporters are playing their role to boost Pakistan’s economy by earning foreign exchange. She hailed the Sialkot exporters for establishing Asia’s Pirst-ever private sector airport and airline. She said that the airport has a huge potential of cargo exports.

The collector Ahmed Reza Khan said that the collectorate providing advanced facilities to Sialkot exporters and importers besides ensuring rapid clearance of the export consignments at the Sialkot Dry Port Trust (SDPT) and Sialkot International Airport.

He said that the Sialkot exporters also took a keen interest in enhancing their exports from Sialkot, as the collectorate was successfully motivating them to export their goods via the Sialkot Dry Port Trust (SDPT) and Sialkot International Airport. The collector Ahmed Reza Khan said that the rebate claims almost worth Rs 900 million have been paid to Sialkot exporters so far and addi-

tional fund required achieving the target Rs 375 billion till June 2016. He added that the Sialkot Model Customs Collectorate striving to ensure the early clearance of all the pending rebate and refund claims of Sialkot exporters. The Exporters condemned the negligent attitude of port authorities in handling the containers during inspections

by ANF authorities. They said that business community normally misunderstood and confused in the matter of un-packing and repacking the product, and de-stufPing and re-stufPing the containers by the customs and anti narcotic authorities due to which they suffer severe losses in terms of damages to goods, packing, order cancellation, delay in delivery of export orders and demurrages at the ports and thought that it was the responsibility of ANF authorities but in fact it is the sole responsibility of the port authorities.

At this time our exports are at almost $2 billion and the efforts are in place to double this Pigure in three years time means that the inspection will also be doubled in three years for which we need our port operators to take this matter very seriously there is no rocket science involved in getting the cargo properly de stuffed as well as re stuffed in a proper manner so that there is no loss to the cargo. The entire nation will have to work towards the goal of more and more exports and at the same time we need to deliver proper products well packed according to the needs of the customers. The Chief Customs North Sarwat Tahira also visits Sialkot international air port and Sialkot Dry port Trust.

said ed reza khan m h A r to c e ll co ing ctorate provid e ll co e th t a th t lities to Sialko ci fa d ce n a v d a sides importers be d n a rs e rt o p ex e clearance of th id p ra g n ri su n e t the Sialkot a ts n e m n g si export con lkot (SDpt) and Sia st ru t rt o p ry D l Airport Internationa

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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

Dar’s narratives

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inance Minister Ishaq Dar has asked the Federation of Pakistan Chamber of Commerce and Industry to make a bridge between the government and the traders for better coordination between the two sides help boost economic progress in the country. There is no question to challenge the minister’s words as cooperation and coordination between business community and the government — which regulates its policies through official machinery – is the most important factor to run the economic affairs. Almost 70 years ago, the Norwegians used to work in other countries, but they are now one of the most developed nations on the world map and is a welfare state.

This happens because they protected the businessmen which consisted of only four families at the time. In Pakistan’s case, one cannot say for sure that all the businessmen are honest and pay their due taxes, but black sheep in the official machinery are hell-bent to pressure the business community on one pretext or the other. Those who pay taxes and those who do not pay anything are equally treated in this country and on some occasions the tax evaders are treated as VIPs and are given respect in every situation. Mr Dar, in a meeting with officials of the Federation of Pakistan Chamber of Commerce and Industry and bankers, asked them to play an active role for the economic progress of the country and also join hands with the government to promote tax culture which is necessary as the government needs money to run its affairs. He said that the international rating agencies, including Moody’s, have given Pakistan positive ratings and it is the time to consolidate economic gains.

No doubt Pakistan is 26th economy of the world with regard to purchasing power parity; it has to devise a mechanism where a businessman should be obliged to pay tax without fear. The tax to GDP ratio in Pakistan is the lowest in the region and it needs to be increased. But witchhunt and harassment of the business community should not be allowed at any circumstances. A taxpayer, whether small or large, should be treated with respect and be given special concessions. The country is facing a shortfall of Rs 40 billion, which it will try to collect by imposing more taxes on the existing taxpayers or by enhancing indirect taxes, adding more burdens on common man.

According to experts, the government needs to introduce reforms to create business-friendly environment as well as it should diversify investment portfolio.

challenges to economy and resilience T

LAHORE

Dr AFtAB AFZAL

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he country has been facing various challenges, including threatened security and sagging economy, due to some unavoidable factors at home and conspiracies by external forces, especially by India against the state of Pakistan. There is a need to implement writ of the government in various regions of the country where insurgency is on the rise and smuggling of goods and drugs is threatening security and economy of the country. According to a report of the Legatum Institute, Pakistan has shown remarkable resilience against terrorism and will mud-

dle through the myriads of vexing challenges in future. The report ranks Pakistan at 130th on the Global Prosperity Index out of 142 countries in the world. The report says that Pakistan has shown itself as a source and recipient of instability, but it has also been remarkably resilient.

As a matter of fact, the conflicting reports about Pakistan and its economy seem a kind of subterranean move by India and other hostile nations to degrade one of the most powerful Islamic countries in the world.

According to the report, ever since Bhutan launched Gross National Happiness Index in 1972, many other countries followed the suit by readjusting and realigning their socio-economic

programmes. The countries have included healthcare and education services, life expectancies, poverty and employment rates in the broader definition of national prosperity while the index is formulated on the logic that prosperity is more than just the accumulation of material wealth. The index comprises eight categories which are — economy, entrepreneurship and opportunity, governance, education, health, safety and security, personal freedom and social capital. Norway has once again grabbed the top position in the list for the seventh year in a row, followed by Switzerland, Denmark and New Zealand while Haiti, Afghanistan and the Central African Republic are at the bottom of the list in

that order. With regard to Pakistan, it is behind Bangladesh and India, but good news is that it has improved its performance in four out of eight categories.

Since the Pakistan army has started operation against terrorists, the security of the country has considerably improved while governance and personal freedom have also shown signs of improvement this year. The country has the lowest level of satisfaction with freedom of choice in the region during the last Pive years, but there is improvement in the personal freedom. Though these kinds of reports are prepared with speciPic agenda, they are warning shots for the governments in developing countries to improve their performance.

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Russia Proposes Restructuring Ukraine’s Debt MOSCOW: “We haven’t just agreed to restructure the Ukrainian debt, we have offered better conditions than the International Monetary Fund was asking of us,” Putin said.

Russia has proposed that Ukraine pay down its eurobond debt in $1 billion installments starting in 2016, President Vladimir Putin said, speaking from the sidelines of the G20 summit.

Previously, Russia had insisted that Ukraine pay their $3 billion euro bond debt in full by the end of 2015.

“We haven’t just agreed to restructure the Ukrainian debt, we have offered better conditions than the International Monetary Fund was asking of us,” Putin said. The IMF had asked that Russia postpone repayment until 2016. Putin said he had discussed Ukraine’s debt repayment with U.S. President Barack Obama and IMF President Christine Lagarde on Monday.

LccI seeks early solution of withholding tax dilemma he Lahore Chamber of Commerce and Industry (LCCI) sought help of Prime Minister Nawaz Sharif for early resolution of withholding tax on banking transaction. According to a statement, the LCCI president Sheikh Muhammad Arshad said that issue of withholding tax on banking transactions is causing trust deficit between the govern-

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ment and the business community.

Sheikh Muhammad Arshad said that the government would have to find out an amicable solution to the withholding tax on bank transactions to ensure a business friendly atmosphere in the country. Sheikh Muhammad Arshad said that though expansion of tax net is need of the hour but government would have to find out new ways to bring the untaxed sectors into the tax net. He said that measures like imposition of withholding tax on bank transactions would not be doing any service to the economy as it has been observed that tax collection machinery has no authentic data to specify difference between filers and non-filers. The LCCI president said that though formation of a committee and cut in withholding tax is a step in right direction but business community is yet not satisfied and want complete withdrawal of withholding tax. He said that the Lahore Chamber of Commerce and Industry is with all the trade and industry associations against this imposition of tax on bank transactions. He said that forceful imposition of withholding tax on banking transactions will not only hamper the trade and economic activities but will also tarnish the image of the government.—CB Report

Tuesday November 24, 2015

Chambers

pFVA lauds performance of tDAp’s chairman SM Munir E

KARACHI

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xporters of fruit and vegetables , while admitting the positive role played by government institutions for promoting exports of the country, have lauded the performance of Trade Development Authority of Pakistan (TDAP) and its dynamic and dedicated head S.M. Munir.

Being true representative of the business community, they believe, S.M. Munir has not only served the exporters during the last couple of years but he has also turned TDAP into a corruption free institution.

Chairman Pakistan Fruit and Vegetables Exporters, Importers and Merchant Association (PFVA) Waheed Ahmed told Customs Today that due to the untiring efforts of PFVA lauds performance of TDAP’s S.M. Munir for promoting exports, the business community of horticulture has fetched $ 82 million worth export orders this year. Many of the orders have already been met by the exporters while others are in pipeline. With the efforts of Munir, Prime Minister of the country, for

the Pirst time had listened to exporters for over Pive hours which ultimately helped in collecting better ideas and proposals for next Trade Policy Frame Work and Agricultural policy in the country, he added. “Our exporters, for the Pirst time, were provided opportunity to present a roadmap of development in horticulture sector to the Prime Minis-

ter,” he said adding that keeping his remarkable role for enhancing export of the country Prime Minister should honor PFVA lauds performance of TDAP’s S.M. Munir by making him a State Minister.

Heading the country’s only export promoting body, TDAP, Munir has encouraged exporters in introducing their products before the for-

Dubai for tapping Africa’s market

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DUBAI

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n support of its efforts to highlight attractive investment opportunities in Africa to its members, new research by the Dubai Chamber of Commerce & Industry , entitled “Beyond Commodities: Gulf Investors and the new Africa”, has highlighted that co-investment with private equity funds, purchase of private equity businesses, and direct buyouts or minority share acquisition represent the most signiPicant modes of FDI entry for Gulf investors interested in Sub-Saharan Africa.

The study, produced in collaboration with The Economist Intelligence Unit, analyzed Gulf investment into Africa, opportunities available to investors, and the investment vehicles they can use to enter African markets. It also sheds

light on the continents’ most promising non-commodity sectors.

The study was launched during a press conference on the sidelines of the Third African Global Business Forum, hosted by Dubai Chamber and currently taking place in the Atlantis Hotel in Dubai. And it revealed a number of factors that make gulf investment into these sectors particularly attractive: Demographic trends, growing consumer markets, economic stability and an improving business environment, as well as a resilience that has allowed it to withstand global recession and the current commodity price slump.

The study also found that East Africa was the most appealing region for non-commodity investment from the Gulf, with retail and hypermarkets, automotives, commercial banking and tourism considered key sectors. Manufacturing in Ethiopia, leisure, retail and tourism

in Mozambique and Kenya, and education in Uganda were also popular with Gulf investors.

H.E. Hamad Buamim, President & CEO of Dubai Chamber deemed it a duty towards its members and the wider investment community to make research like this available, given the current dearth of detailed and specialized economic studies, and noted that the EIU study contains insights around sectors that UAE companies hold an eminent and competitive position in, in particular corporate banking, retail, tourism, and logistics. He also noted that the research the Chamber conducts is backed by a signiPicant on-ground presence in Africa, which helps to identify opportunities for UAE companies, helping to increase their presence in the process. Buamim also noted,: Most studies and global indicators point towards a future that is very bright in Sub-Saharan Africa.

eign buyers during international exhibitions like Fruit Logistics in Germany, World Food in Moscow, and Sial in Jakarta etc. According to Waheed his association and business community not only laud the role of Chief Executive TDAP but also show full support to Munir and panel at Federation of Pakistan Chambers of Commerce and Industry (FPCCI).

PFVA lauds performance of TDAP’s S.M. Munir, being a leading exporter and businessman of the country, knows and understands the issues faced by his community, hence, he always ready to help the exporters and traders in the country. Waheed claimed that the reason behind reduction in overall export is the recession in international market followed by historic slash in oil prices. The prices of commodities have been reduced as per the oil prices across the world.

He said it is very unfortunate that some people are criticizing Munir in media despite the fact that the previous leaders at FPCCI have done nothing but personal gains. Waheed announced his support to United Business Group led by Munir in the forthcoming election of FPCCI.

guam chamber elects board members for 2016 nother year is about to end, and the Guam Chamber of Commerce on Wednesday voted for a new set of board members for the coming year. Before the result of the election for board members was announced, current board Chairman Jeff Jones said the island’s largest organization of businesses “did accomplish quite a bit.”One of the organization’s efforts included meeting with Pentagon officials, lawmakers in the nation’s capital and the local military leadership to continue to lobby for an expanded military presence on the island. Military and tourism are the two main legs of the local economy, and Jones said the military sector creates better-paying and longer-lasting jobs in the community.—CB Report

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Alibaba launches funds to invest in HK, Taiwan startups Tuesday November 24, 2015

World

HANGZHOU: Alibaba on Thursday launched two nonprofit venture capital funds to help startups in Hong Kong and Taiwan.

Alibaba set aside 10 billion new Taiwan dollars ($300 million) for its Taiwan fund and earmarked 1 billion Hong Kong dollars ($129 million) for the Hong Kong fund.

Alibaba said it started receiving applications on Thursday and investment choices will be released in three months.

Joe Tsai, vice chairman of Alibaba and director of the two funds, said the fund and other resources will be used to help startups develop and expand their businesses.

Birmingham authorities seize 12,400 illegal cigarettes

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llegal cigarettes and alcohol worth nearly £4,500 were seized by trading standards ofPicers in a series of planned raids on seven retail premises across Birm-

kuwait police arrest three liquor smugglers hmadi securitymen arrested three Asian expatriates smugglers, raided a liquor factory in Mangaf area and confiscated 600 bottles and 293 barrels of locally manufactured liquor as well as equipment used for manufacturing liquor.

According to security sources, Ahmadi securitymen were patrolling Mangaf area, based on instructions from Assistant Undersecretary for Public Security Affairs of Ministry of Interior Major General Abdul Fattah Al-Ali, when they noticed a van and ordered the driver to stop for inspection. However, the latter ignored the order and sped away. Securitymen chased the van until it stopped after a while and four individuals including the driver jumped out of the van and ran. Securitymen ran after them and managed to catch one of them, noticing that the other three had entered a house. —CB Report

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ingham. Teams of ofPicers targeted shops and off licences in east Birmingham using two sniffer dogs, as part of a continued crackdown on the sale of illicit tobacco and alcohol – products which have either been smuggled in, illegally produced or for which no duty has been paid.

Birmingham City Council’s trading standards ofPicers, working with local police teams, made seizures at six premises, where they conPis-

cated 622 packs of cigarettes, 100 pouches (50g) of tobacco, and 6kg of chewing tobacco.

Cigarettes were concealed in cupboards, hidden compartments and bags in an attempt to avoid detection. All products will be destroyed in due course. OfPicers also seized 400 cans of beer and 40 bottles of spirits, which were found at unlicensed premises.

The illegal products seized included counterfeit and cheap foreign labelled products that breach consumer protection legislation and are also non-duty paid; these cannot be legally sold in the UK. The contents of all cigarettes are harmful and contain around 4,000 different chemicals, including 60 known carcinogens. Children and young smokers are often targeted by people selling illegal cigarettes, making it easier for them to get hooked on smoking – and cheap cigarettes also make it harder for people to stop and remain smoke free.

Malaysian police seize drugs worth rM480,000

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suspected drug smuggler was arrested after police raided a house in Kulai on Monday and found Ecstasy pills and syabu worth about RM480,000.

In the 4pm raid conducted by a team from Kulaijaya’s narcotics criminal investigation division, 9,600 Ecstasy pills and 2.98 grams of syabu were in the house at Taman Desa Baiduri, Kulai.

The police also seized a Toyota Altis at the house. Acting Johor police chief Datuk Ramli Hassan said the drugs are believed to be for the local market. “The suspect, 40, tested positive for drug use and has been remanded until November 23,” said Ramli. He said the case is being investigated under Section 39B of the Dangerous Drugs Act 1952 which carries the mandatory death sentence. Meanwhile, Two attempts of illegal smuggling of contraband cigarettes were foiled by ofPicers at

the custom checkpoints over the previous weekend. Contraband cigarettes were found concealed in a school bus with students on board at Woodlands Checkpoint and boxes of contraband cigarettes were found in the luggage compartment of a bus at Tuas Checkpoint.

The Pirst case took place on 6 November 2015 at about 6.40am. A Malaysia-registered school bus driven by a 30-year-old female Malaysian was directed for further checks upon arrival at Woodlands Checkpoint. The school bus was ferrying six students attending schools in Singapore. During the course of inspection, duty-unpaid cigarettes concealed in the modiPied storage areas of both sides of the bus were uncovered. A total of 69 cartons and 112 packets of duty-unpaid cigarettes were seized. Three days later, on 9 November 2015 at about 1.00am, ofPicers directed an empty Malaysia-registered bus driven by a lone 19-year-old male Malaysian for further checks upon arrival at Tuas Checkpoint.

Food items smuggling uS customs arrests Jamaican woman up at Nepal-India border points s the country faces shortage of at the border points, police and for smuggling cocaine fuel, medicine, food items Armed Police Force posts have been

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he United States Customs and Border Protection (CBP) agency says it has arrested a Jamaican woman for smuggling more than four ounces of cocaine inside her body. CBP said ofPicers discovered the drug after Camella Simone Whyte, 31, arrived on a Plight from Montego Bay, Jamaica.

“Whyte consented to a medical examination during questioning, and that medical exam revealed the presence of foreign objects inside her

body,” CBP said. “Whyte was induced, and she passed 10 thumb-sized pellets. The pellets contained a white powdery substance that Pield-tested positive for cocaine.” The pellet’s total weighed measured about 120 grams or 4.2 ounces, said CBP, adding that it “paroled Whyte into the US so that she can be prosecuted”. CBP’s Area Port Director for the Port of Baltimore, Dianna Bowman, warned that “smuggling narcotics inside one’s body is dangerous.—CB Report

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among other essentials, smuggling for different items across the Nepal-India border points has increased. Taking advantage of the open border, smugglers have been involved in trading in all sorts of goods brought from Indian markets.

They have been smuggling food items, petroleum products and ironware by evading the Chhoti Customs OfPice at Prithivipur of Bhajani-Trishakti Municipality.

To prevent such illegal activities

established in the areas. But items brought by evading customs have entered the country through Patthaghat, Kauwakhedaghat, Kusumghat and Jas Bahadur Ghat, among other places. It is said that electronic materials, cement, clothes, cooking oil, vehicle parts, and sugar have entered from Patthaghat, Kauwakhedaghat, Kusumghat and Jas Bahadur Ghat. Smuggling and black marketing have increased at the border points. —CB Report

Dubai customs, DMI to host show on innovation

A DUBAI

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s part of the many activities that are in place in preparation for the UAE Innovation Week and for the purpose of educating the public about innovation and its indispensability to nations’ progress, Dubai Customs signed a

cooperation agreement with Dubai Media Incorporated (DMI) to present a morning radio programme, titled ‘UAE Innovation Week’.

The broadcast will be aired throughout the week on Dubai FM radio. The UAE Innovation Week, was announced by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of

Dubai. It will run from November 22nd to 28th, to mobilise public and private sectors to harness innovation to keep up with the rapid changes and developments worldwide. The agreement was sealed by Khalil Saqer bin Gharib, Dubai Customs’ Corporate Communication Director, and Amal Al Halyan, Director of Dubai FM radio. Fares Qaraan will be the show host who will be

having 14 top Dubai Customs ofPicials and innovators in seven episodes to tackle the importance of innovation in the public and private sectors, as well as the measures taken by Dubai Customs to ensure customer happiness. The show will also highlight the events carried out by Dubai Customs to celebrate the UAE Innovation Week at various city locations.

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Chinese govt set to streamline coal imports BEIJING: The Chinese government has signalled it’s ready to streamline rules which are hindering nine billion dollars of Australian coal exports.

Chinese Premier Li Keqiang praised Australian coal during a meeting with Prime Minister Malcolm Turnbull on the sidelines of the East Asia summit, agreeing both countries should work together to improve the export process, The Australian reports. The comments come months after a 40,000 tonne coal shipment was turned away from China on environmental grounds after sitting in a port for three months. China and other countries, including Australia, will meet in Paris in December to try and reach an agreement to curb climate emissions worldwide.

hong kong port should do next after hitting a milestone ith the rapid diversification of Hong Kong’s economy in recent years, it is often easy to forget that we owe a great deal of our rise as an economic powerhouse to the container port industry. This was once again underlined when Hong Kong terminal operators under Hutchison Port Holdings Trust HIT, COSCO-HIT, Asia Container Terminals and various midstream services achieved 200 million twenty-foot equivalent units (TEUs) on the heels of HIT’s 45th anniversary. The new milestone not only puts HIT and HPH Trust at the forefront of the global container port market but also highlights the industry’s continuing economic contribution to Hong Kong and its vital role in providing a steady source of quality employment.

Despite stiff competition from other ports in the region and a marked slowdown in trade and economic growth, Hong Kong has maintained its position as the world’s fourth busiest port by throughput, outperforming other much larger ports.—CB Report

Ports & Shipping

Tuesday November 24, 2015

china plans to develop gwadar port in pak and Indai

he new Northwest Seaport Alliance is in a position to compete for global cargo traffic, but that’s going to require $1 billion in investments over the next decade. John Wolfe, Tacomabased CEO of new maritime partnership between the ports of Seattle and Tacoma, said the focus of investment will be on the eight container terminals shared between the two ports, and how to get cargo through them more quickly and more cheaply. “We have before us the chance to write the next chapter for this great gateway for maritime business and trade,” he said. Some of the work will be to expand some terminals to handle bigger ships, and to dredge some of the already-deep waterways to allow those ships in.—CB Report

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egean Marine Petroleum Network Inc. announced financial and operating results for the third quarter ended September 30, 2015. Recorded operating income of $17.7 million which includes an impairment charge of $5.3 million related to the closure of Aegean’s Portland, UK business. Operating income adjusted for the impairment charge was $23.0 million.

Recorded net income attributable to Aegean shareholders of $6.8 million or $0.14 basic and diluted earnings per share. Net income adjusted for the impairment charge related to the closure of Aegean’s Portland, U.K. business was $12.1 million or $0.25 basic and diluted earnings per share.

Recorded EBITDA of $26.2 million.

EBITDA adjusted for the impairment charge related to the closure of Aegean’s Portland, U.K. business was $31.5 million. Nikolas Tavlarios, Aegean’s President, commented, “Aegean Marine’s market leadership position and strong financial performance provide a solid foundation for continued growth and diversification.

We are excited about the new growth opportunities and revenue streams we are pursuing, and we continue to shift our mix to higher return products such as lower sulfur fuels and blended finished products.—CB Report

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puget sound ports can compete globally

Aegean Marine reports strong results backed by solid execution

BEIJING

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akistan’s strategically important Gwadar port, being developed by China as part of the $46 billion Economic Corridor linking both the countries, will not pose any military threat to India, Chinese media said today.

“The Western and Indian media have tended to exaggerate the threat of Gwadar port to India, pointing to its military functions and claiming that the port will be built into a military base for the Chinese navy in

the Indian Ocean. Some Indian reports have even claimed that China’s ‘takeover’ of the port could be a strategic game changer,” an article in the state-run Global Times said.

As part of the Economic Corridor plan, Pakistan has ofPicially kicked off a project last week by handing over more than 2,000 acres of land in Gwadar port on Arabian Sea to Chinese Pirm for 43 year lease for commercial development. The deal will turn the port into a free port similar to Hong Kong, according to Chinese media reports. Meanwhile, Aegean Marine Petroleum Network Inc. announced Pinancial and operating results for the third quarter ended September 30, 2015. Recorded operating

income of $17.7 million which includes an impairment charge of $5.3 million related to the closure of Aegean’s Portland, UK business. Operating income adjusted for the impairment charge was $23.0 million.

Recorded net income attributable to Aegean shareholders of $6.8 million or $0.14 basic and diluted earnings per share. Net income adjusted for the impairment charge related to the closure of Aegean’s Portland, U.K. business was $12.1 million or $0.25 basic and diluted earnings per share.

Recorded EBITDA of $26.2 million.

EBITDA adjusted for the impairment charge related to the closure of Aegean’s Portland, U.K. business was $31.5 million.

50 shippers to back peel ports’ cargo200 initiative

M MEXICO

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anufacturers, drinks producers and retailers are among 50 shippers to back Peel Ports’ Cargo200 initiative, which aims to achieve a 200 million mile reduction in UK freight mileage over the next five years by switching delivery of ocean freight from the South East to the Port of Liverpool.

Launched in May, Cargo200

saw Peel Ports call on importers and exporters whose goods begin or end their journey in the North to change their logistics arrangements. The company estimates that switching to the Port of Liverpool could save shippers up to £400 per container in transportation costs and reduce carbon emissions.

Diageo, JCB, B&M, Jaguar Land Rover, Matalan and Typhoo are among the first 50 customers to back Cargo200. Peel Ports’ group commercial director Patrick Wal-

ters said: “With 50 per cent of demand for all UK cargo coming from the northern half of the UK, including Scotland and Ireland – the Port of Liverpool is strategically important as the most centrally located port in the UK. “Efficiency and sustainability lie at the heart of the Cargo200 initiative and with the opening of Liverpool2, cargo owners and logistics operators can benefit from a viable, cost-effective alternative to southern ports.

“Efficiency and sustainability

lie at the heart of the Cargo200 initiative and with the opening of Liverpool2, cargo owners and logistics operators can benefit from a viable, cost-effective alternative to southern ports.

“Industry recognition and support for the initiative are invaluable to our long-term objectives of reducing costs, carbon emissions and congestion resulting from inland transportation. We look forward to welcoming further customers from the shipping and UK logistics sector onboard.

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Customs impounds Toyota car, arrest smuggler LAHORE: Customs Intelligence and Investigation seized Rs 1 million non-customs paid Toyota G Corolla car and arrested a smuggler.

According to details, customs inspector Malik Mubeen and his team on information intercepted the above said vehicle at Wahdat Road and held Toyota G Corolla who is a resident of Sibi in Lahore.

Customs official sources told Customs Today that the arrest of the accused person is important as it will enable the directorate to reach to the main suppliers of the non-customs paid cars.

Tuesday, November 24, 2015

CUSTOMS BULLETIN

hyderabad ASo seizes items worth rs145 million in october HUDERABAD ASLAM ANJuM QureShI www.customsbulletin.com

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he Customs Anti-Smuggling Organisation (ASO) seized illegally imported goods worth Rs 145 million in October, 2015 in different operations, which were conducted in Larkana, Sukkar and Hyderabad.

On the direction of the Model Customs Collectorate Hyderabad Dr. Ahmed Mujtaba Memon, ASO team conducted successful operation in Hyderabad against smuggling under the supervision of Additional Collector Umar ShaPique.

However, the Sukkar ASO under the supervision of Assistant Collector Samiullah, and Larkana ASO under the supervision of Assistant Collector Zam Zam Aman raided different areas to hold smuggled items in their regions concerned.

The ofPicials impounded different vehicles worth 37.8 million, 4315 kilogram of smuggled tea, gutka, shampoo, cigarettes, electronic items including TV, laptop, juicer blenders, tyres and tubes, 187,000 liters of Iranian diesel, 125 drums of grease, 101 yards of cloth, 399 pieces of blanket, motor oil,

jackets, chocolates, battery cell and other items during the said period.

The ASO teams comprising Deputy Superintendent Sikander

Akber Pahnwar Deputy Superintendent Syed Saleem Shah, Senior Inspector Abdul Gaffar Shaikh, Inspector Khair Muhammad Pathan,

Momin Shah, Waqar Ahmed Baig, Shafi Muhammad Jamali, Muhammad Ali Lohar, Qazi Abu Tuaseef and Mushtaq Ali Lako, while the Se-

poys Muhammad Usman Jonejo, Muhammad Sadiq Khaskheli, Muhammad Isa and others participated in the raids.

Multan rto unearths rs 1.66b tax evasion by fertilisers firms MULTAN

IMrAN ALI

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he Federal Board of Revenue (FBR) Regional Tax OfPice Multan detected massive tax evasion of Rs 1.66 billion against two companies namely Pak-Arab Fertilizers and Fatima Fertilizers .

Chief Commissioner RTO Multan HaPiz Muhammad Jamil Owaisi have unearthed billions of rupees

tax fraud in which two biggest fertilizer companies of the country was allegedly found involved in massive tax evasion of sales tax. It is one of the biggest tax evasion case detected in the history of Regional Tax OfPice Multan formed

by Commissioner HaPiz Muhammad Jamil Owaisi during his assignment in RTO Multan.

Alleged Fatima Fertilizer Company Limited, which is also biggest manufacturer and supplier of fertilizer products in the country, has allegedly committed sales tax fraud.

Fatima Fertilizer Company was booked on the charges of tax eva-

sion of Rs 1,668 million and concealing the stock of 2,64,443.500 metric tons from tax authorities which was manufactured in Fatima Fertilizers Sadiqabad and Pak-Arab Fertilizers Factory Multan. The Federal Board of Revenue Regional Tax OfPice Multan has done thorough investigation against Fertilizer magnates before taking action against them. The sales tax wing of the Federal Board of Revenue RTO Multan unearthed a fraud of Rs 1.668 billion in sales tax, which was done by not paying sales tax on fertilizers weighing 126,255 metric tons of Fatima Fertilizers and 138,188.500

metric tons of Pak-Arab Fertilizers.

Tax authorities of RTO Multan have formed two FIRs against inPluential business tycoons including Mian Faisal Mukhtar Sheikh, Mian Fawad Ahmed Mukhtar, Sheikh, Mian Fazal Ahmed, Mukhtar Sheikh , Mian Faisal Mukhtar Sheikh and Arif Habib ( Directors). But no arrests have been made so far from Federal Board of Revenue RTO Multan.

OfPicial sources said that Deputy Commissioner Inland Revenue Multan Abid Hussain Gulshan lodged FIR No.01/2015 on November 18, 2015 with the approval of Chairman of Federal Board of

Published by M S Raza O# 42, 3rd Flr Gull Plaza M.A Road Karachi, Printed by Dhoom Printing Building No RY/A, 11/6,11/7, Mashoor Mahal,o I.I. Chundrigar Road, Karachi

Revenue. In his complaint DC-IR alleged that Directors of Pak-Arab Fertilizers Factory Multan Mian Faisal Mukhtar, Mian Fawad Mukhtar and Arif Habib had evaded sales tax of Rs 909.11 million by concealing the stock of 138,188.500 metric tons which was stored in different warehouses but this stock was not shown in sales registration proPile.

They were involved in tax fraud in term of section 2(37) and evasion of sales tax in violation of authorities of Section 2(9) ,2(20), 2(33), 2(44), 3,6, 23 and 26 of the sales tax act 1990.