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Vol 1 Issue No. 225

Karachi, Thu November 5, 2015

LAHORE

M HAYAT

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he Customs Central Region under the supervision of Chief Collector Rozi Khan Burki has collected Rs 11.74 billion under the head of customs duty, exhibiting a growth of 10 percent from July to

October of the current Pinancial year.

According to details, MCC Lahore Appraisement collected Rs 4,988 million while the MCC Lahore Preventives collected Rs 2859 million under the head of customs duty during four months of Piscal year 2015-16.

Multan Collectorate collected Rs 3,385 million during the period under review against Rs 3,193 million during

Price Rs. 14.00

the four months of Piscal year 2014-15.

The Faisalabad Collectorate collected Rs 516 million during the period under review against Rs 685 million during the same period of FY 2014-15. In total, the Central Region collected Rs 11,749.87 million during the four months of the Piscal year 2015-16 against Rs 10,699 million during the same period of the last Piscal year.

Asif Marghoob takes effective measures to curb smuggling in Hyderabad region

Tariq Bajwa to award ‘commendation certificates’ to diligent officials

Korean bank starts feasibility study for IT park: Anusha

Appraisement East collects over Rs 27 billion taxes, duties in October

Sialkot export earnings stand at $ 1.8 billion annually: SCCI chief

Hyderabad customs seized smuggled Iranian tiles in a Hino truck worth Rs 5m | See pAge 02 |

Tariq Bajwa will distribute“commendation certificates”among officials | See pAge 03 |

Anusha Rahman Tuesday said that a Korean bank has started feasibility study | See pAge 04 |

M CC Appraisement East under the supervision of Collector MajidYousfani | See pAge 12 |

KSE and KASB Securities jointly organized investment awareness raising seminar | See pAge 09 |

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Taxpayers challenge FBR audit policy 2015 in LHC Thursday, November 5, 2015

National

LAHORE: The Lahore High Court (LHC) has summoned representatives of the Federal Board of Revenue (FBR) in a case against audit policy for tax year 2015.

As per details, Justice Shahid Jameel Khan heard the case on Tuesday in which the audit policy and selection process for audit cases have been challenged seeking review in the policy. Counsel for petitioners those have been selected by the FBR, argued in the case that the audit policy 2015 was not according to the law.

He added that selection of case was no fair, besides pleading the court to order the FBR to review the policy.

Asif Marghoob takes eective measures to curb smuggling in Hyderabad region

KARACHI

HYDERABAD

AfTAB cHAnnA

ASLAM AnJuM QureSHi

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odel Customs Collectorate MCC Appraisement West has collected at least Rs 20.969 billion taxes and duties under various heads during October 2015.

According to statistics available with Customs Today, the MCC Appraisement West collected Rs 6,838 million under the head of customs duty, Rs 10,041 million under the head of sales tax, Rs 3,945 million as income tax and Rs 145 million under head of federal excise duty during October 2015.

Significantly, the MCC Appraisement West collected Rs 1,254 million on the last working day of October 2015 i.e. October 31 that included Rs 287 million under the head of customs duty; Rs 504 million under head of sales tax; Rs 458 million as income tax and Rs 5 million as federal excise duty.

At all, the MCC Appraisement West so far collected Rs 80,757 million taxes and duties since August 1 to October 31, 2015 that included Rs 27,241 million under head of customs duty; Rs 38,731 million as sales tax; Rs 14,089 million as income tax and Rs 696 million under head of federal excise duty.

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yderabad customs seized smuggled Iranian tiles in a Hino truck worth Rs 5 million during an operation against the smugglers in Hyderabad.

Sources told Customs Today that Iranian tiles were loaded on Hino truck in an attempt smuggle from Quetta to Hyderabad. A team of Customs intercepted the truck bearing registration number TKQ-890 near Isra University hostel in Hyderabad and seized the tiles.

It is pertinent to mention here that following the instructions of director intelligence and investigation Karachi Asif Marghoob Ahmed Siddiqui effective measures are being taken to curb smuggling in the region. Deputy Director Field Information Unit Muhammad Tayyab formed special team comprising Sikander Hayat Khanzada, Irfan Khan, inspector Irfan Ghani, Syed Noor Muhammad Shah inspector Yawar Abbas, inspector Shamsull Arfeen, sepoys Hanif Somroo, Aleem Khan, Azam Chandio, Aslam Chuhan driver Janib Qurb to nab smugglers.

Meanwhile, Directorate of Intelligence and Investigation-FBR, AntiSmuggling (Customs), Karachi, during a late night raid on Tuesday took into custody more than 436 tons of plastic granules of different origins.

Appraisement-west collects rs 20.9 billion taxes, duties in october

Addressing a press conference at the Karachi Press Club, Director Asif Marghoob said that the goods were recovered from a godown located in Baldia, SITE areas by a team of Customs Intelligence, ASO. 67 tons of plastic granules is of Irani origin

which is not importable and is a notiPied item.

The Irani origin plastic granules is brought only through unauthorized routes by way of smuggling. The Irani origin plastic goods have been formally seized under the Customs

Act, 1969 and FIR has been lodged of the same. The godown management was unable to produce any document of the owners of the smuggled goods on the spot. Efforts are being made to arrest the persons involved in the smuggling.

Appellate Tribunal returns Panna Overseas’ case to Adjudication LAHORE

MuHAMMAD nAwAZ www.customsbulletin.com

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ustoms Appellate Tribunal set aside the case of Panna Overseas Corporation and sent it back to Collector of Adjudication to review the case. The tribunal also directed to take fresh verdict as per law during the period of

30 days. Sources told Customs Today that appellant Panna Overseas Corporation imported 23736 meters of 1680 black PU coated poly fabric to manufacture and export 71000 pieces of packing bags of standard size availing benePit of exemption duties and taxes under SRO 450(1)/2001 dated 18-6-2001.

The appellant approached Customs Appellate Tribunal on plea that these items are exempted from duties and taxes by FBR but Customs Sialkot charged taxes on import of

poly febric bags. He argued that department allowed to import 23736 meters of 1680 D black PU coated poly febric to manufacture and export 71000 PCs of packing bags of standard size. The MCC Exports Karachi intimated MCC Sialkot vide letter dated 11-11-2014 but MCC Sialkot charged taxes which is clear violation of order. The appellant argued that he is not satisPied with the decision of Adjudication authority because they did not decide the case according to law.

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Customs Court hears 36 cases on Tuesday LAHORE: The Special Court of Customs Taxation and Anti-Smuggling heard 36 different cases which were scheduled for hearing, including pre-arrest bail pleas and recording of statements of the witnesses. The Special Court adjourned many cases including hearing of bail pleas of three suspects till the next hearing.

Cases scheduled for hearing on Tuesday including tax evasion, customs, smuggling and narcotics. A case of narcotics against Tanveer Ahmad was also adjourned. He was allegedly involved in smuggling of heroin from Peshawar to Lahore while booked by the Customs Intelligence.

Deputy collector falik Shair to review weekly performance of faisalabad ASo

Thursday November 5, 2015

National

Bajwa to award ‘commendation certificates’ to diligent officials

FAISALABAD

nAeeM SHeikH

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odel Customs Collectorate Deputy Collector Falik Shair Ali has decided to monitor weekly performance of Anti-Smuggling Organization (ASO) to make it more efficient. He will also review the strategies adopted by officials to curb smuggling in the region, besides reviewing the performance of superintendents, deputy superintendents and inspectors of the department. Meanwhile, the officials of the ASO have been directed to discuss the matters with Deputy Collector Falik Shair directly instead of writing letters to the headquarters.

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punjab excise issues 25 alcohol permits in october LAHORE

M iMrAn MeHAr

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he Excise and Taxation Department of Punjab has renewed 38 alcohol permits in Punjab in October. These permits were issued to the Christian community only for sale and purchase of alcohol.

According to high officials, the Excise Punjab is issuing and renewing alcohol permits and up to now more than 6,000 permits have been renewed.

All these permits are renewed with the start of the new fiscal year in July. The Excise issues these permits on specific terms and conditions to persons of Christian community to sell alcohol. The Excise collects a huge amount of excise duty in the first half of the fiscal year 2015-16.

The Excise and Taxation Department collected more than Rs 1 billion excise duty on sale of alcohol in Punjab in the last fiscal year.

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ISLAMABAD

M fAiZAn

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ederal Board of Revenue (FBR) Chairman Tariq Bajwa will distribute “commendation certiPicates” among ofPicials of the Directorate General Inland Revenue, Intelligence and Investigation who showed outstanding performance while performing their duties.

Sources told Customs Today that FBR Chairman has decided to awards certiPicates among ofPicials after consultations with Member Administration FBR Shahid Hussain Asad. The Member Administration also sought details about the ofPicials who showed outstanding performance. Sources also said that Directorate General Inland Revenue Intelligence and Investigation Haroon Tareen has Pinalized three names in this regard which will be received by Member Administration within a few days. Sources said that a major function will be held in FBR Conference Hall on November 10, at 3pm to award certiPicates to these ofPicials. It is pertinent to mention here that during the month of October, FBR also awarded certiPicate to Peshawar Inland Revenue Intelligence and Investigation Mir Badshah Khan Wazir for showing outstanding performance.

Meanwhile, The Federal Board of Revenue (FBR) has collected net taxes of more than Rs 814 billion during Pirst four months (July-October) of the current Piscal year as against net col-

lection of Rs 725 billion made last year during the same period showing an increase of 12 percent. According to the provisional Pigures, the FBR made a net collection of more than Rs 223 billion during October, 2015 against net collection of Rs 183 billion during the same period of last year, 2014 showing an increase of 22 percent.

During four months, the FBR collected Rs 319 billion under the head of direct taxes, Rs 372 billion in wake of sales tax, Rs 43 billion as federal excise duty

Director general of inland revenue-intelligence and investigation Haroon Tareen has finalised three names in this regard which will be received by Administration member within a few days.

Multan RTO collects Rs 21,993m tax in four months MULTAN

iMrAn ALi

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he Regional Tax OfPice (RTO) Multan has collected net revenue of Rs 21,993 million in the heads of different taxes during the Pirst four months of the current Piscal year (FY) 2015-16 as against the net tax collection of Rs

17,383 million made in the last Piscal year 2014-15. The statistics of RTO Multan shows an increase of 26 percent in tax collection during the Pirst four months of this Piscal year as compared to the previous year.

As statistical Pigures reveal that from July 2015 to October 2015, the RTO Multan has collected Rs. 21,993 million under the heads of Income Tax, Sales Tax and Federal Excise Duty (FED).

The Income Tax of Rs 9496 million, Sales Tax of Rs 12,317 million

whereas Rs 180 million under the head of FED has been collected till October 30, 2015.

The overall tax collection target of RTO Multan was Rs. 21681 million and in contrast with it the office has collected Rs 21,993 million, showing an increase of 1.4 percent. The officials say that the better tax collection against the fixed targets exhibits the upcoming trends of improvement in tax collection in the next quarter of the fiscal year 2015-16.

and Rs 112 million under the head of customs duty. The total collection stands at Rs 846 billion while FBR issued refunds of Rs 32 billion during Pirst four months so net collection is Rs 814 billion. The revenue collection trend during the month of October 2015 shows a marked improvement over the trend in the previous three months of the current Pinancial year and augurs well for the efforts of FBR for achievement of the assigned revenue targets for the current year.

rTo-i collects rs 14,787m in oct egional Tax Office-One (RTO-I) has collected Rs 14,787 million in October.

As per details, RTO-I has collected Rs 840 million in terms of sales tax and Rs 13,946 million in terms of income tax. RTO-I has collected Rs 12,634 million in terms of income tax and Rs 409 million in terms of sales tax.—CB Report

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Nawaz aims to end load shedding in his tenure Thursday, November 5, 2015

Business

ISLAMABAD: Prime Minister Nawaz Sharif Tuesday said the government is striving hard to overcome the power crisis and is focussing on reforms in energy sector.

He said this while talking to General Electric CEO Jeffery R I’mmelt.

He said that the energy sector reforms were top priority of the government.

“Our team is making relentless efforts to ensure there is no loadshedding in our tenure,” the Prime Minister said. He said the government was working on alternate energy projects so as to provide cheap electricity.

Bulls carry kSe to 34551-level mark; index gains 275 pts KARACHI

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ustaining positive ride to end, the Karachi Stock Exchange (KSE) gained 275.14 points to reach 34,550.89 level.

The market recorded the highest trading level of 34565.17 points and lowest level of 34275.45. Total volume of market remained 120,975,860 shares, having value of Rs 8.551 billion. Out of

Towel exports increase 8.92% in July-Sept ISLAMABAD

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owel exports witnessed an increase of 8.92 percent in JulySeptember (2015-16) as against same period of last year. According to data released by Pakistan Bureau of Statistics (PBS), 42,952 metric ton of towels worth of US $201.54 million were exported during first three months of current year whereas 39,016 MT worth of US $185.029 million towels were exported during same period of last year.

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total companies, 25.57 percent remained up, 26.72 percent down

and 3.44 percent were unchanged, while 44.26 percent came to end

with zero volume.

The three top advancer companies were Fauji Cement with a volume of 2,684,750 and price per share of Rs 7.52 (0.13), Telecard Limited with a volume 11,461,500 of price per share of Rs 2.77 (0.34), Jah. Sidd. Co. with a volume 8,422,500 of price per share of Rs 16 (0.31).

The top three decliners were UniLever Pak with price per share of Rs 9949.99 marking negative change to Rs 49.99, Siemens Pakistan XD with price per share of Rs 618.50 and Shield Corporation per share of Rs 129.

korean bank starts feasibility study for iT park: Anusha ISLAMABAD

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inister of State for IT Anusha Rahman Tuesday said that a Korean bank has started feasibility study for the state-of-the-art IT park in capital and by next year the contract signing and ground breaking ceremony of the project will take place.

Rahman, while addressing a

workshop aimed at facilitating IT start-ups and entrepreneurs, said that that Tech City and other such incubation projects will provide an eco-system to the start-ups and entrepreneurs, adding that the government is committed to make local IT & telecom as the fastest growing sector in the region. She said that land owned by PSEB has already been allocated for the park. She mentioned that according to State Bank of Pakistan, IT remittances have grown by 41% since last year and IT exports are 10% of Pakistan’s total services exports at present and the goal of

ministry and PSEB is to take IT exports from $2. 2 billion at present to more than $5 billion by 2017.

Rehman once again emphasized that IT companies should report their foreign remittances through the banking channel so that PSEB can get an accurate picture of IT exports of Pakistan. MD PSEB Asim Shahryar Husain highlighted PSEB’s contributions to industry and shared future plans. On the second day of the workshop (Wednesday), start-ups will present their business plans and the CEOs of large IT companies will share their success stories.

railways to meet rs 38b profit target, Saad tells Senate ISLAMABAD

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he Pakistan Railways would achieve Rs38 billion profit target set for the current fiscal year, which has been exceeded from the previous year’s Rs32 billion target.

Railway Minister Kh Saad Rafique revealed this during the question-hour session in Senate. He said that the profit received so far was indicating that the national fleet would not only achieve the set target but also exceed it. Replying to a question, the minister said the government was taking a number of steps to strengthen railways network, adding that Pakistan and Afghanistan were in contact to connect Chaman with Spinboldak and Jalalabad-Peshawar through rail links. He said Chaman-Spinboldak project (11.5 kilometre track) would be carried out at a cost of Rs 1262.960 million, while the government had offered Afghanistan to bear expenses of the Jalalabad-Peshawar project. Besides, Saad Rafique said that Pakistan Railways had signed a Memorandum of Understanding (MoU) with the official freight forwarding company of State Turkish Railways, Great Anatolian Logistic Company in 2013.

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SngpL, SSgc line losses reach rs 52b annually, pAc told ISLAMABAD

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ublic Accounts Committee was informed that line losses of both the gas companies-Sui Northern Gas Pipeline Ltd (SNGPL) and Sui Southern Gas Company Ltd (SSGC) reached around Rs52 billion annually. SNGPL’s Managing Director Uzma Adil Khan told PAC meeting chaired by Khursheed Shah that

unaccounted for gas (UFG) which is line losses, gas stealing and leakages has reached Rs22 billion while SSGC’s Managing Director Khalid Rehman told the committee that the line losses in Sindh and Balochistan has jumped to 15 percent and in terms of Pinancial losses to Rs30 billion annually.

The ofPicials of both the gas companies gave the reasons of ban on new connections and loadshedding were the main causes of the gas

theft and even in some areas of Balochistan line losses due to gas theft has gone up to 50 percent.

Ministry of Petroleum and Natural Resources Secretary Arshad Mirza was of the opinion that new methods should be adopted for the reduction of lines losses and gas theft. While the PAC was of the opinion that the government had to take the political decision to take action on the losses in Balochistan due to gas theft, attacks on gas pipeline and

other losses and if no decision taken then it would have negative impact.

Ogra Chairman Saeed Ahmad Khan said like line losses in electricity, there are line losses in gas which were passed on to the consumers.

He told the Committee that on the audit objection of 2010-11, Rs 2.86 billion were passed on to the consumers. He told the Committee that the Ogra has Pixed the limit of line losses at 5 percent but later on gas companies jacked up the line losses

limit to 7 percent but the Ogra reduced it again on 5 percent and on this gas companies approached the Lahore High Court. He said the LHC has given the verdict in March 2013 in the favour of the Ogra while vacating the stay order.

“The NAB also prepared the reference to jack up the lines losses limit to 7 percent from 5 percent,” he added. The Ogra chairman was of the opinion that the government has to establish the tribunals.

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Thursday, November 5, 2015

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KARACHI

AfTAB cHAnnA www.customsbulletin.com

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he Customs Directorate of Post Clearance Audit (PCA) detected evasion of duty/taxes to the tune of Rs 180.783 million in October 2015.

According to the sources, PCA under the supervision of Director Gul Rehman had detected some 77 cases of tax/duties evasion in just a month.

In these cases, the audit observations of some 19 cases, while contravention reports of 58 cases have been issued and the importers who brought loss to the national exchequer have been directed to pay the short-paid amount within ten days, sources added.

Custom duty, sales tax, additional sales tax and income tax were evaded on the import of blender

with standard accessories through mis-declartion, they added.

The majority of cases are of shortpayment of sales tax and corresponding income tax in violation of SRO 1125(I)/2011 dated December 31, 2011. The countries of origin of the imports are China, USA, Sri Lanka, Indonesia, Thailand, Kuwait, Egypt, Italy, Turkey, Saudi Arabia, Malaysia, Germany, Somalia, Australia, UK, UAE, India and Singapore�.

It is mentioned here that Federal Board of Revenue (FBR) had posted Gul Rehman as director PCA in January 2015 and the officer detected cases involving Rs 1 billion in six months despite the fact that the directorate is facing serious issues like shortage of staff etc.

ent ort-paym h s f o e r ses a ax rity of ca income t g in d n o The majo p r re s dated ax and co 5(i)/2011 of sales t 2 1 1 o r S igin ion of ries of or t n u in violat o c e 1 . Th k a, r 31, 201 A, S ri L an S u , a Decembe in ch aly, p o r t s a re , egypt, it it a of the im w u k d, any, , Thailan sia, germ y la indonesia a M , bia nd audi Ara e, india a A u , Turkey, S k u , Australia Somalia, e.

Singapor

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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

why cpec is important

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World Bank report projects the expected increase in the foreign investment in Pakistan to 15.4 percent of the gross domestic products by 2017 after the completion of the projects related to the energy and infrastructure development under the ChinaPakistan Economic Corridor (CPEC).

According to the report, various businessmen in Canada, the United States, Australia and European Union have shown their interest in launching business ventures in Pakistan in collaboration with their local counterparts.

Though a recent World Bank report shows that Pakistan has shed 10 points in the world ease of doing business index, the government has multiplied its efforts to attract maximum foreign direct investment after the signing of CPEC projects with China. Under the landmark CPEC project, Gwadar port will be connected to the Chinese city of Kashgar and will emerge as new business and trade hub after the revival of the Silk Road. The 2,100-kilometre-long corridor project, costing $46 billion, will entail special economic zones, road and rail network as well as airports.

The world is changing at a fast rate and countries are coming close to each other.

However, despite close friendship between the governments of Pakistan and China, people are generally foreign to each other due to cultural, language and geographical barriers. As Gwadar is a new gateway of China to the Arabian Sea, the two nations are trying to walk into the future together.

China has already built a new section of Karakorum Highway with a hope that the ambitious corridor project will complete in time despite hostilities from India and some other countries. It is hoped that the United States will also involve itself in the project as a partner and not as a rival.

Afghanistan and the countries of the Central Asia should also join the corridor to open the opportunities of development, investment and prosperity. After completion of the project, the Chinese goods would easily find a way to the markets in Africa, the Middle East and Europe through the saltwater port of Pakistan.

The revival of the centuries-old Silk Road, connecting China with the Middle East and the rest of the world will usher in an era of economic development not only in Pakistan and China, but also in the region.

Pakistan can also facilitate the SAARC countries, a home of three billion people, to market their goods in Afghanistan and central Asian states. The corridor has the potential not only to reduce the cost, but also time of transportation. It is the time the South Asian countries should forget the bitter past and look toward a bright future.

Myth of strong foreign exchange reserves T

LAHORE

Dr AfTAB AfZAL

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he government policymakers are thumping their chestson the increase of foreign exchange reserves from $6.64 billion in June 2013 to nearly$20 billion in October 2015 as the Pakistan Muslim LeagueNawaz has crossed almost half of the term at the helm. The PML-N government had entered a threeyear loan programme in the Pirst quarter of Piscal year 2013-14 with the International Monetary Fund after coming to power with a pledge to bail out the country from balance of payment problem and fear of a default on international payments. However, the

Pinancial managers had failed to visualize the risks involved in the borrowed money. Though the country is no more in a state of possible default or balance of payment crisis, the money lying with the state bank of Pakistan is raised either through global investors or has been borrowed from international Pinancial institutions.The daily InPlows and outPlows make it impossible for the economists to ascertain the real situation of the borrowed money in foreign exchange reserves.

Pakistan has received at least $4.5 billion from the IMF since 2013 and has raised $3.5 billion

by Ploating Sukuks and Eurobonds in the international bond market.The State Bank has made it clear to the government on sev-

eral occasions that it is not in favour of the government approach to raise foreign exchange reserves through borrowings.The government tenure is going to end in 2017 and a new government will have to start repayments to the Paris Club in 201617 following the debt rescheduling of December 2001.The repayments to IMF will start from 2017-18. The country’s debt servicing capacity is in question until the nation is able to achieve a sustainable growth by real earnings from exports,increase in remittances from expatriate Pakistanisandrationalisation of the import bill.

Ishaq Dar, the economic wizard of the PML-N,is not interested in any alternative plan to fend off

the possible Pinancial crisis after the government completes its tenure in 2017, leaving a legacy of Pinancial maladministration for the next government. It should also be noted that the Coalition Support Fund will also be not available while the new government will have to allocate an annual amount of $1.8 billion for debt servicing. The current stockpile of $20 billion,consisting of debt and grants, would be drained off when repaymentsto the IMF and other donor agencies will start. According to experts, the foreign exchange reserves, based on the borrowed money,are not a rePlection of a stable economy. Only real economic growth is the panacea to the economic woes.

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Canadian exports to increase 7% in 2016: EDC OTTAWA: A strengthening American economy and an anticipated increase in the price of oil will drive significant growth in Canadian exports in 2016, according to an Export Development Canada outlook report released November 3. A 9% increase in shipments to the United States will be the major factor behind an overall increase of 7%. This follows a 1% drop in total exports this year due to the slump in oil prices.

“The U.S. economy is being led by increased consumer spending and a rising housing market that can sustain higher growth for at least the next two years,” said EDC chief economist Peter Hall.

“On top of this, U.S. companies now have very tight capacity constraints, which is really good news for Canadian businesses, many of which enjoy a significant price advantage when selling to the U.S. due to the lower Canadian dollar.”

S korea keen to sign free Trade Agreement with pak to promote trade

Chambers

Sialkot export earnings stand at $1.8 billion annually: Scci chief K

SIALKOT

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outh Korea was a major importer of copper ore with zero duty on its import and it was keen to import thousands of tons of copper ore from Pakistan to produce goods for exports, said Taeyong Thomas Shinn, Chairman, Korea Importers Association (KOIMA) during his visit to Islamabad Chamber of Commerce and Industry. He was accompanies by Sung-hoon Kang, Director, KOIMA. He said Korea’s annual imports were around US$ 500 billion and 75% of its total imports were done by Korea Importers Association. He said due to lack of natural resources, Korea was dependent on import of huge quantities of raw materials from abroad to manufacture exportable products while Pakistan was producing lot of raw materials and both countries have enormous potential to enhance bilateral trade cooperation.

He said despite huge potential, the bilateral trade between Pakistan and Korea was far less and stressed upon the need of signing a Free Trade agreement between the two countries in order to improve two-way trade. He said Korea’s airline was seriously considering to start direct flights between Korea and Pakistan that will help in promoting trade relations. Speaking at the occasion, Sheikh Pervez Ahmed, senior vice president, Islamabad Chamber of Commerce and Industries briefed the Korean delegation about export potential of Pakistani products.

He said Pakistan could export many products including copper and other ores, textile products, wheat, rice, fruits and vegetables, meat products, surgical items.—CB Report

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Thursday November 5, 2015

arachi Stock Exchange (KSE) and KASB Securities jointly organized investment awareness raising seminar at Sialkot here. President Sialkot Chamber of Commerce and Industry (SCCI) Maj (Rtd) Mansur Ahmed presided over the seminar. A large number of the Sialkot based traders, industrialists, exporters, investors, professionals, bankers, doctors and donors attended.

Addressing the participants through a video link, Managing Director of Karachi Stock Exchange (KSE) Nadeem Naqvi gave a detailed briePing about the KSE efforts for developmental and investment friendly facilities for the investors and to protect their investment.

CEO of KASB Securities Shahid Ali Khan also highlighted the methods of investment in the stock market. Deputy Director of Security Exchange Commission of Pakistan (SECP) Murtaza Abbas also briefed about SECP’s investors’ education, capital market supervision and corporate governance promotion poli-

cies. Addressing the participants, President Sialkot Chamber of Commerce and Industry (SCCI) Maj (r) Mansur Ahmed said that the exporters of Sialkot are the “roaming ambassadors of Pakistan”, who travel all around the world to fetch

business and with their personal efforts, the export earnings of Sialkot stand at $1.8 billion annually. He said that the Sialkot exporters are also playing a pivotal role in strengthening the national economy and boosting the national exports.

Tevta launches free job portal for graduates

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RAWALPINDI

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he Technical Education and Vocational Training Authority (Tevta) has launched a free job portal ‘Skilled Labour Marketing Information System’ (SLIMS) for its around 100,000 job-seeking graduates, said Tevta Director Apprenticeship Waheed Asghar here Tuesday.

“We have developed the portal for the convenience of our job seeking graduates who can upload their curricular vitae (CV) and the same can be accessed by interested employers thereby offering jobs to the unemployed youth,” he told a briefing held at Rawalpindi Chamber of Commerce and Industry (RCCI).

Waheed said the portal facility is being offered free of cost to the job seekers as well as the employers.

He said Tevta has been offering technical and vocational training programs to the youth of the province in around 600 trades of various spans for the last four years.

He said so far around 0.2 million youth have completed their courses and number of them are already on jobs while the remaining lot can get employment through the newly developed portal.

He said Tevta, under the vision of Chief Minister Shahbaz Sharif, has targeted to impart skills and training to over two million youth by the end of 2018 and during the current year around 180,000 youth are being offered different training programs in various traits.

While giving details about SLIMS he said, all Tevta graduates have been directed to upload their CV which can be accessed by Tevta registered employers from across

the province. At present around 63,000 graduates have uploaded their CVs while about 13,500 employers have been registered to access the portal.

He said that the employers have been asked to get themselves registered with Tevta directly or through their respective Chambers upon which they would be issued exclusive login name and password to get access to the job portal. He said, the briefing to RCCI members on Tuesday was an effort to get maximum registration for the portal from the area.

RCCI President Mian Humayun Parvez appreciated steps of Tevta to overcome the scourge of un-employment by providing skilled manpower to the industrial and other job offering units of the country. He assured full support of the business community to make Tevta programs a complete success.

The SCCI president gave a detailed briePing on Sialkot’s unique export culture and Sialkot’s marvelous socio-economic development on self help basis by Sialkot business community. He said that export-oriented Sialkot city has successfully followed the examples of Japan, Germany, Korea, Taiwan and other countries in development of SME culture in Sialkot, as the Sialkot based SMEs have been producing only exportable items and enjoy special status in the international market for its products. Government and other Pinancial institutions are lending support to the export sector and we are foreseeing growth of exports and development of SMEs at a fast pace in Sialkot. The participants were told that the Sialkot is the only export-oriented city of Pakistan, where 99 percent industrial production is meant for exports. The products including sports goods, surgical instruments, leather products, textile items, martial arts uniforms and accessories, musical instruments, knives and cutlery items and military uniform badges etc, produced in Sialkot are exported to all parts of the world.

Lcci calls for acceptable solution of withholding tax on banking transactions he Lahore Chamber of Commerce and Industry has urged the government to resolve the issue of withholding tax on banking transactions according to the wishes of the business community which is back bone of the economy and largest source of the revenue for the government. In a statement issued here, the LCCI president 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.—CB Report

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Kuwaiti border guards arrest 2 Iraqis for smuggling weapon Thursday November 5, 2015

World

MANAMA: Two Iraqi nationals were arrested by Kuwaiti border guards as they were attempting to smuggle 60 hunting rifles through a security fence separating Kuwait and Iraq, the interior ministry has said.

The security forces noticed, through the cameras installed on the fence, six people trying to smuggle weapons through the fence and began pursuing them, a statement released by the ministry and carried by Kuwait News Agency (Kuna) on Sunday said.

“Two Iraqi citizens were arrested and 60 hunting rifles in their possession were seized,” it said.

“However, the other four escaped towards the Iraqi territories, the ministry said.

england police seize $100k in cash, drugs; 1 arrested

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rugs and cash worth nearly $100,000 were seized from the home of a Dominican Republic man by state police working with the FBI’s Gang Task Force, police said.

Authorities arrested Valentin Delo Soto Perez, 47, of Bani, Do-

Bangladesh customs seizes 10 gold bars in southern Assam ustoms sleuths seized ten gold bars worth Rs.30 lakh from two residents of Manipur while they were trying to smuggle the precious yellow metal from Bangladesh, official said here on Friday.

“Our officials acting on a tip off, arrested two Manipur bound people, including a woman, at Silchar in Cachar district (in southern Assam) on Thursday night. Ten gold bars weighing 1.166 kg were confiscated from them,” said a customs official. The two Thoibi Devi Singh and Ibobi Singh confessed that they smuggled the gold bars from neighbouring Bangladesh. According to the official, the value of the gold bars in the market is over Rs.30 lakh.—CB Report

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minican Republic.

The man became the target of an investigation after he obtained a New Hampshire driver’s license using stolen identification, according to investigators.

Soto Perez was using the identity of Miguel Angel Sanchez Caraballo, 54, of Manchester, according to the State Police – Troop G Investigations Unit. According to investigators, Soto Perez stole Caraballo’s identity to obtain a state driver’s license, registrations and vehicle titles from the Division of

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Motor Vehicles.

A search warrant was issued for his residence, where troopers said they discovered a large quantity of cash and heroin.

Troopers said they applied for an additional search warrant and seized a significant number of documents in Caraballo’s name, 55 “fingers” of heroin, two bricks of cocaine, individually packaged bags of cocaine, scales, Percocet, marijuana, and $56,820.

The street value of the confiscated drugs is estimated at $40,000. Heroin seized amounted to approximately 2,750 individual doses, police said.

Soto Perez is charged with identity theft, unsworn falsification, possession of a controlled drug with intent to distribute, and being a felon in possession of a dangerous weapon.

He refused bail and is being held in the Valley Street jail pending arraignment Tuesday in 9th Circuit Court – Manchester District Division. Assisting in the investigation were State Police – Troop B; Manchester police; the FBI Gang Task Force, Bureau of Diplomatic Security; U.S. Immigration and Customs Enforcement, and the state DMV.

Malaysian police bust drug syndicate

olice smashed a local drug syndicate with the arrest of 16 people and seized 201kg of ecstasy powder and 5kg of cocaine, worth RM28 million. The suspects, aged between 18 and 50, comprised of twelve Malaysians including three women; four foreigners – two women from Vietnam; a man and a woman from China. Federal Police Narcotics De-

partment deputy director Datuk Haris Wong Abdullah said, the suspects were detained in various locations in Pahang, Selangor and Kuala Lumpur in the operations conducted by the Special Tactical Intelligence Narcotics Group (STING), last Sunday. Out of the six local men, three were ex-convicts and had just been released from the prison last June. —CB Report

uS border agents arrest two for human smuggling

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CAMPO

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an Diego Sector Border Patrol agents arrested a woman and man on Saturday who were transporting illegal aliens in their sedan. At approximately 2 p.m., agents initiated a vehicle stop on a 28-year-old female driver and her 27-year-old male passenger who were headed westbound on Interstate 8 in a 2000 Volvo sedan. A Border Patrol K-9 alerted to the trunk of their car and agents discovered two Mexican nationals stuffed inside.

The two men admitted they were illegally present in the U.S. The driver and her passenger, both U.S. citizens, were arrested for

human smuggling and taken to a nearby station for processing. The vehicle was seized by the U.S. Border Patrol. In Piscal year 2014, San Diego Sector intercepted 29,911 people for illegal entry into the U.S. To prevent the illicit smuggling of humans, drugs, and other contraband, the U.S. Border Patrol maintains a high level of vigilance on corridors of egress away from our Nation’s borders. To report suspicious activity to the U.S. Border Patrol, contact San Diego Sector at (619) 498-9900.

Meanwhile, US Customs and Border Protection Commissioner (CBP) R. Gil Kerlikowske announced the expansion of Global Entry to U.K. citizens at the World Travel Market in London.

uk, france join hands to fight against migrant smugglers

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rance and the UK are to strengthen police cooperation to dismantle people smuggling networks and combat undocumented migration, the French interior minister said on Monday.

Bernard Cazeneuve and his British counterpart Theresa May signed an agreement at a meeting in London to increase cross-border cooperation in law enforcement.

“It’s an agreement which re-inforces cooperation between our police services, our intelligence services, and which also aims to ultimately increase judicial cooperation between our two countries in the Pight against illegal immigration and smuggling networks,” Cazeneuve said at a press conference. The interior minister said it

was important to tackle smuggling networks on both sides of the English Channel that divides Britain from France, as those involved were “often the same”.

Cazeneuve said that more British ofPicers would be stationed in Calais, where some 6,000 migrants live in ramshackle encampments as they try to cross to England, adding to existing British security reinforcements around the nearby port.

“Since October 25, British authorities have indicated to us that not one more migrant should cross into England,” Cazeneuve.

Since the start of the year 26 networks have been dismantled in Calais, according to Cazeneuve. This compares to 14 broken up over 2014.—CB Report

Swiss watch exports drop 2% to $16.5bn in Jan-Sept

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wiss watch exports have suffered their biggest quarterly drop since 2009 as the industry struggles with the strong franc and a slump in demand in the China.

The value of shipments fell 7.2 percent in the third quarter, the

Swiss customs ofPice has reported.

Exports dropped 2 percent in the Pirst nine months of the year to 15.8 billion francs ($16.5 billion), according to the Federation of the Swiss Watch Industry.

“The data casts a shadow over prospects for the year,” the trade group said. Waning demand in Hong Kong and the Chinese mainland has spread to other Asian markets such

as Singapore, South Korea and Taiwan, weighing down an industry that accounts for a 10th of Switzerland’s exports. Last month, a Deloitte LLP report showed that Switzerland’s watch executives are the most pessimistic in four years as an increasing minority sees a threat from smartwatches.

The mainland and Hong Kong last year accounted for a quarter of

Swiss watch exports.

In the United States, the secondlargest market, exports fell 18 percent in September, their steepest monthly drop in Pive years.

“The main reason for the drop is the Chinese,” Patrik Schwendimann, an analyst at Zuercher Kantonalbank in Zurich, said. “Demand has declined locally because they don’t buy as many watches as before.

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Adani Ports and SEZ shares fell 1.6% to Rs 290.65 MEXICO: Adani Ports and SEZ shares fell as much as 1.6 per cent to Rs 290.65 on Tuesday, extending their decline to the sixth day. The Adani group company had on Monday announced its second quarter earnings during market hours. The stock had declined 0.03 per cent yesterday.

The port operator reported a 16 per cent year-on-year increase in its consolidated net profit to Rs 667 crore while sales rose 40 per cent to Rs 1,842 crore, largely in line with the Street’s expectations.

The Adani group company is India’s largest private port operator. It operates eight ports in India, including the largest private port of Mundra port in Gujarat.

Diana Shipping acquires capesize bulk carrier for $28.5m iana Shipping has signed a memorandum of agreement (MOA) to acquire the capesize bulk carrier Churchill Bulker (179,362 dwt, built 2011) from Denmark’s J Lauritzen for $28.5m.

The vessel will be renamed Seattle and is expected to be delivered to Diana by mid-November.

The price is something of a comedown compared to deals for 2011-built capesizes reported sold over the summer while freight rates were high.

In late July, J Lauritzen sold Corona Bulker (179,400 dwt) for $33.6m to Marmaras Navigation of Greece. Early August saw South Korea’s Blue Marine get $33.5m for its cape Blue Cho Oyu (180,100 dwt), which was bought by Israel-based Mano Maritime.—CB Report

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3 chinese naval ships to visit florida port

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hree Chinese naval ships are scheduled to visit Naval Station Mayport in Jacksonville, Florida, Tuesday as part of a routine goodwill port visit. The ships are expected to arrive following visits to ports in Europe. Sailors from both navies are expected to participate in sporting events and ship tours during the Mayport visit.

“Goodwill visits by ships from foreign navies help build trust and foster shared understanding,” according to a statement from the U.S. Navy. “Foreign navy ships routinely conduct port visits to Mayport, as ships from Peru and Canada have stopped here in the last few months,” U.S. Navy spokesman Cmdr. William Marks said. “Engagements like this and the July 2015 port visit to China by USS Stethem demonstrate a continuous navy-to-navy bilateral relationship between our two countries.”—CB Report

Ports & Shipping

Daewoo Shipbuilding rises most in 3 months on Sk takeover report

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ment on the report. “The sale would be good for Daewoo Shipbuilding given it would Pinally have an owner,” said Park Moo Hyun, an analyst at Hana Daetoo Securities Co. in Seoul. “SK Group has good cash Plow given that many of its subsidiaries are making money.”

Creditors of Daewoo Shipbuild-

ing will provide 4.2 trillion won ($3.7 billion) in loans and equity to ease a cash shortage, after two quarters of losses due to delivery delays and order cancellations, Korea Development Bank, also its main creditor, said Oct. 29. Daewoo Shipbuilding lost a combined 3.65 trillion won in the six-month period.—CB Report

Atlantic navigation signs deal for new liftboat ingapore-listed offshore specialist Atlantic Navigation Holdings has signed a shipbuilding agreement with a shipyard in China for a new liftboat which is to be deployed to the Middle East.

The Middle East offshore support specialist said it will pay a total of $56m inclusive of vendor-supplied

Adani group-operate Dhamra port to get non-govt railways Status he Adani Group-operated Dhamra Port Company Ltd (DPCL) in Odisha will soon get the status of ‘Non-Government Railways’, the second such private company in the country. DPCL, a wholly-owned subsidiary of Adani Ports and Special Economic Limited (APSEZ), signed a commercial agreement with the Ministry of Railways at its East Coast Railway Headquarters yesterday, a DPCL release said. The agreement accords the status of Non-Government Railways (NGR) to DPCL under the Indian Railway Act, 1989. This was the first of its kind NGR status granted in the state of Odisha and only the second one in India.

Non-Government Railway Policy promulgated by the Centre is a recent concept by which Indian Railways encourage its strategic partners like ports and industries to invest in creating additional railway infrastructure and as a result, connectivity to hinterland can be extended to major Railway network. Since Railway connectivity is crucial to economic development, the Centre came forward with an ambitious plan under ‘Participatory Policy for Capacity Augmentation and Increasing Rail connectivity’ in Public Private Partnership (PPP) mode, the release said. DPCL, with help from the Odisha government, opted for the scheme and constructed 62.5 km of railway tracks, which was the longest ever Non-Government Railway System constructed by any private organisation, it said.—CB Report

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aewoo Shipbuilding & Marine Engineering Co. jumped the most in more than three months in Seoul trading after Etoday reported SK Group is in talks to buy the world’s secondbiggest shipyard. SK Group and Korea Development Bank, the shipbuilder’s largest shareholder, denied the report.

Shares of Daewoo Shipbuilding climbed 7.7 percent, the largest gain since July 21, to close at 7,030 won.

The stock earlier advanced as much as 28 percent. SK Holdings Co., the holding company of SK Group, fell 5.6 percent to 254,000 won, the biggest decline in more than two months. The South Korean government and Korea Development Bank are in Pinal talks with SK Group to sell Daewoo Shipbuilding early next year, Etoday reported, citing unidentiPied people in the shipbuilding and Pinancial industries. SK Group isn’t in talks to buy Daewoo Shipbuilding, the conglomerate, which owns chipmaker SK Hynix Inc., said in a statement Tuesday in response to a stock exchange request for com-

Thursday November 5, 2015

equipment, retroPit and mobilisation costs.

The acquisition will be funded through a combination of bank loans and internal resources.

Wong Siew Cheong, executive chairman and CEO of Atlantic Navigation, said: “Despite current low oil price, the level of offshore activities

in the Middle East region remains relatively stable as production capacities of national oil companies and major producers are being maintained. We are well placed to take advantage of the situation due to our track record and knowledge of the operational needs in the region.” —CB Report

gasLog partners announces record high earnings

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MONACO

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ot all energy companies are suffering from the worst oil crash since the 1980s. Take, for example, LNG tanker MLP GasLog Partners, which just announced record results. Let’s take a look at why this MLP’s business model remains on track to make it

one of the best high-yield income growth investments of the next few years, as well as one of its biggest growth risks.

Any way you slice it, GasLog Partners delivered astonishing results this quarter. The impressive growth is a result of the MLP’s Pleet expansion. This past quarter, its sponsor and general partner, GasLog Ltd (NYSE:GLOG), dropped down three LNG carriers to GasLog Partners at a

cost of $483 million.

This move increased GasLog Partners’ Pleet to eight LNG carriers, each of which is under long-term charters. In fact, none of GasLog Partners’ charters expires before May 2018, and its Pixed-fee contracts have no exposure to energy prices. Exceptionally appealing distribution proPile. The most important thing to MLP investors is the distribution proPile, which is com-

posed of three parts: yield, payout security, and realistic, long-term distribution growth potential.

GasLog’s massive distribution increase now raises its forward yield to an extremely generous 10.4%.

More importantly, unlike many investments with such a sky-highyield, GasLog Partners’ payout is highly secure, as seen in its exceptionally strong coverage ratio this quarter.

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China Customs seizes 1,000 live German ants CHENGDU CITY: Customs officers in Chengdu City in southwest China’s Sichuan Province have intercepted more than 1,000 live ants in two packages imported from Germany, customs authorities said. The ants were identified as harvester ants and Paraponera, which are among the largest ants in the world and are usually kept as pets. Each ant was shipped in its own 10-cm-long test tube filled with honeydew melon. Zhao Feng, researcher with the inspection and quarantine bureau of Sichuan, said the non-native ant species have no natural threats in China.

Thursday, November 5, 2015

CUSTOMS BULLETIN

Appraisement-east collects over rs 27 billion in taxes, duties in october KARACHI AfTAB cHAnnA

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odel Customs Collectorate Appraisement East under the supervision of Collector Majid Yousfani has collected at least Rs 27.083 billion taxes/duties under various heads in October 2015. According to statistics available with Customs Today, the MCC Appraisement East collected Rs 8,419 million under the head of customs duty, Rs 13,875 million under the head of sales tax, Rs 4,604 million as income tax and Rs 185 million under head of federal excise duty during October 2015.

SigniPicantly, the MCC Appraisement East collected Rs 2,376 million on the last working day of October 2015 i.e. October 31 that included Rs 592 million under the head of customs duty; Rs 1,332 million under head of sales tax; Rs 441 million as income tax and Rs 10 million as federal excise duty.

At all, the MCC Appraisement East has so far collected Rs 102,114 million taxes and duties since July 1 to October 31, 2015 that included Rs 30,407 million under head of cus-

toms duty; Rs 54,324 million as sales tax; Rs 16,826 million as income tax and Rs 558 million under head of federal excise duty.

Meanwhile, The renovation and rehabilitation work at the Model Customs Collectorate MCC Appraisement East has been started,

while the ofPice of Collector Majid Yousfani and his staff is changed, Customs Today learnt. The MCC Appraisement East has been located

on the ground Ploor at rear side of the Custom House building and the ofPice of Collector Appraisement East is established on the Pirst Ploor.

KP NAB arrests govt officials over embezzlement of Rs 100 million PESHAWAR

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AB Khyber Pakhtunkhwa arrested Dr Ambar Ali, Additional Secretary Planning and Development / Director General Monitoring and Evaluation Khyber Pakhtunkhwa (DMG OfPicer/BPS-19), Zulfaqar Khan, Director General Independent Monitoring Unit (DMG OfPicer/BPS-19) Khyber

Pakhtunkhwa, Muhammad Aslam RaPique, Deputy Director Audit, Abdul Mustafa Contractor, Muhammad Bashir Tehsil OfPicer (Infrastructure), Maqbool-urRehman Accountant, Abdul Hameed Assistant Tehsil OfPicer, Muhammad Raziq Sub-Engineer and Azhar Jalil Sub-Engineer for their alleged involvement in misuse of authority and embezzlement of Rs 100 million through fake and sub-standard developmental schemes in Mansehra district and Torghar.

During the course of inquiry, it was revealed that under Prime

Minister’s directives, funds were allocated for developmental schemes in NA-21 (Mansehra and Torghar). The government had launched the developmental schemes under People’s Works Programme-II and allocated Rs 225 million for execution of 567 schemes, including construction and rehabilitation of Shingle Roads, PCC Roads, PCC streets, Wells etc. The accused Ambar Ali and Zulfaqar Khan, during their tenure as Deputy Commissioners Mansehra in connivance with others, allegedly embezzled more than Rs 100 million through ghost

and sub-standard schemes. They approved the schemes and allowed payments to the contractors without any formalities.

The National Accountability Bureau is actively pursuing the case and more alarming facts are expected to come up. The accused persons will be presented before the Honorable Accountability Court for obtaining their physical remand.Meanwhile, NAB Khyber Pakhtunkhwa arrested accused Salauddin, serving director (BPS19) of Provincial Housing Authority Khyber Pakhtunkhwa Peshawar.

He is allegedly involved in accu-

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

mulating assets beyond known sources of income worth millions of rupees. As per details, the matter was brought into the notice of NAB Khyber Pakhtunkhwa Authorities.

Taking cognizance of the matter inquiry was authorized to ascertain the real facts and collect requisite evidence regarding moveable and immovable properties owned, controlled and possessed by the accused in his own name and in the name of his dependents. During inquiry it was revealed that the accused during his service in Provincial Housing Authority Khyber Pakhtunkhwa Peshawar.