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ISLAMABAD

TARIQ DERYA

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he GilgitBaltistan Customs has launched various infrastructure projects for enhancement of its trade facilitation capa-

bilities in the wake of China-Pakistan Economic Corridor (CPEC) operationalization from Khunjerab Border. Additionally, Collectorate GB Ali Raza is also optimizing the revenue collection despite extreme weather, inhospitable geographical conditions coupled with logistic and human resource constraints in GilgitBaltistan. During Financial Year 2016-17, it not only achieved its record-high revenue collection target but also exceeded the assigned target by a whopping 161.5%, second highest among all the collectorates across

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Pakistan. Never in the history of Sost Dry Port, the customs collectorate previously received Rs2912billion against the allocated revenue target of Rs1803. The GB collectorate is hopeful of maintaining this healthy trend in the current Financial Year as well. The Collector of MCC GB stated this while giving an exclusive interview to the correspondent of Customs Today. The Collectorate of GB is playing a dynamic role as the only Mield formation of Pakistan Customs in Gilgit-Baltistan in order to help both Pakistan Customs and trade meet the challenges of gaining beneMits from the post-CPEC trade. A number of projects have been launched and others are in the pipeline.

GB Customs undertakes different CEPC-specific infrastructure projects

FBR, BoP to work closely to expand tax net: Member FATE Nausheen

‘Trust in investors, businessmen must for stable, strong economy’

Chinese customs seize 1.67 billion yuan of smuggled car parts

Quetta Customs seizes NDP goods worth Rs 10.23m in 15 days of Sep

GB Customs has launched various infrastructure projects for enhancement | SEE pAgE 01 |

FBR has started contacting country’s banks and financial institutions as part | SEE pAgE 02 |

In order to make the county’s fragile and delicate economy stable and strong | SEE pAgE 05 |

Chinese customs has seized smuggled luxury auto parts valued at 1.67 billion | SEE pAgE 07 |

Customs I&I Quetta expedited its eﬀorts to thwart any attempt of smuggling | SEE pAgE 08 |

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Railways leases out 6,496 acres land during last three-year Monday, September 25, 2017

National

ISLAMABAD: Pakistan Railways has leased out 6496 acres railway land across the country to diﬀerent departments and private persons to generate extra revenue during last three- year. “The land was leased and licensed out for various purposes including premium shops, stacking, agriculture and parking stands etc,” an oﬃcial in the Ministry of Railways. He said that it is worth pointing out that Pakistan Railway earned a revenue of Rs. 4653.917 million in last three- year as compared to Rs1578.136 million in previous three- year.

fBR, Bop to work closely to expand tax net: member fATE nausheen Javaid

MULTAN

ISLAMABAD

ImRAn ALI

m fAIZAn

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ustoms Court will decide bail of alleged suspects involved in white spirit smuggling case. According to details, Multan Anti-Smuggling Organization has detected the network involved in the smuggling of white spirit in South Punjab region few weeks ago. Multan Customs seized smuggled white spirit of 60,000 liters in anti-smuggling action carried out on the credible information from their sources. Anti-Smuggling Organization teams has arrested two smugglers in their action after seizing huge quantity of white spirit and arrested accused were identified as Jameel Ahmad and Nazeer Hussain. These arrested smugglers are on judicial remand in the hearing of white spirit smuggling case. Multan Customs Investigation and Prosecution (I&P) investigated both arrested suspects about foreign origin seized white spirit. During the investigation of customs it was revealed that said smugglers are involved in the supply of white spirit at large scale in the South Punjab region and these smugglers have made a furtive storehouse where they used to dump the smuggled white spirit in the region of Kot Rab Nawaz Vehari road.

he Federal Board of Revenue (FBR) has started contacting country’s banks and Minancial institutions as part of an outreach program to boost the Miling of income tax returns. As part of the initiative, a team of the FBR’s Facilitation and Taxpayers Education (FATE) Wing led by Member FATE, FBR Ms Nausheen Javaid Amjad held an extensive meeting with Naeemuddin Khan, President of the Bank of Punjab (BoP) for seeking his assistance in sensitizing the BoP ofMicers and staff with taxable income on Miling of income tax returns. Ms Nausheen Javaid Amjad told the BoP’s president that the FBR had decided to work closely with the large multinational corporations of the country to build a friendly interface with them and provide them with all assistance and facilitation in all areas of taxation. She said the large organisations had done exceedingly well in reporting the salaries paid and the taxes deducted at source from their employees, and an equal degree of attention was required from them to motivate their employees with taxable income to Mile their tax returns and fulMill an important national obligation. Ms Nausheen Amjad also briefed

court to decide bail of alleged suspects involved in white spirit smuggling

the BoP president on the range of beneMits and advantages which the bank employees could reap after becoming Milers, by paying signiMicantly lower rate of taxes on multiple business and bank transactions. She also offered FBR’s help and resources for conducting in-house

facilitative training sessions and workshops in e-filing for the officers and staff of Bank of Punjab. Naeemuddin Khan, President of the Bank of Punjab, appreciated FBR’s initiative of walking up to the corporate world in what he described as an “appreciable display

of empathy and responsiveness” towards the taxpayers. He also welcomed FBR’s technical support and facilitation in filing for his bank’s employees and assured full cooperation in ensuring maximum compliance and filing of tax returns by them.

nAB arrests two in Rs 67 million embezzlement case N LAHORE

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ational Accountability Bureau (NAB) Lahore arrested two over their alleged involvement in Rs 67 million embezzlement, in connivance with ex-Land Acquisition Collector (LAC) Mian Abdul Rauf. Both the accused, Ghulam Mustafa and Muhammad Naseem, played a role in embezzlement of Rs 67 million, allocated for

expansion of Pattoki Chuniyan Road. The amount was deposited in the account of Mian Abdul Rauf by Punjab Highways Department as compensation money for acquisition of land for the road expansion. NAB Lahore has arrested Mian Abdul Rauf and six other accused and the recovery of the embezzled money is under way under the plea bargain deal. References against all arrested accused have been Miled in an accountability court, which granted their physical remand till Sept 28.

Meanwhile, National Accountability Bureau (NAB) Chairman Qamar Zaman Chaudhry has said that China has signed Memorandum of Understanding (MoU) with the NAB to streamline cooperation in the Mield of anti-corruption and oversee projects to be undertaken under CEPC. “NAB is committed to rooting out corruption and recover looted money from the corrupt,” the NAB chairman said in his address at a function arranged for him during his farewell visit to NAB KP. “Corruption is mother

of all evils and that NAB is committed to eradicating the menace from the country by using all resources,” he went on to add. He said corruption not only caused delays in the early completion of development projects but also caused huge losses to national exchequer. The outgoing NAB chairman said that increase in the number of complaints also reMlects enhanced public trust in the NAB.He cited a PILDAT report to support his claim that stated that 42 percent people trusted NAB against 30 percent for police and 29 percent for

other government ofMicials. Qamar Zaman Chaudhry said the recent report of Transparency International also rated Pakistan in Corruption Perception Index (CPI) from 175 to 116, which is a great achievement for Pakistan. The World Economic Forum in its report of 2016 said that Pakistan’s corruption Perception Index has decreased from 126 to 122.He said that NAB had perfected its procedures after adopting various initiatives during the tenure of the present management that have started yielding results.

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n order to make the county’s fragile and delicate economy stable and strong, the businessmen and investors must be respected, trusted and given level playing field to operate, said Abdul Basit, the president of Lahore Chamber of Commerce and Industry (LCCI), the other day. In an exclusive interview with Customs Today, he said that Kalabagh Dam, which was crucial for country’s economy, has been politicized and delay in its construction has cost the nation $288 billion. “Pakistan has the potential to feed half of the world but due to lack of political will, incompetence, negligence, and difficulties in doing business it has to import even tomatoes, onions and potatoes from other countries,” he said. “Our exports have dropped to $20 billion from $25 billion which is very strange fact and needs to be investigated as to why the decline took place and what were the reasons behind it despite the fact that a huge potential existed. “It will not be wrong to say that antibusiness policies of the government and the Federal Board of Revenue (FBR) are responsible for most of the country’s economic woes …” the LCCI president said. The FBR has neither taken it seriously to payback refunds to the traders and industrialists nor it paid back any markup on the stuck up funds which were considered additional cost

Monday, September 25, 2017

and lead to the acute shortage of working capital for the industry, he said. He explained that the industry has to take bank loans to meet the shortage of funds which they have to pay back with interest and markup. If they do not avail the capital from banks they will have to close down their businesses, he said. Secondly, he said that it has become one of the biggest hurdle in the way of growth and development of industry when the FBR often recovers taxes by attaching the busi-

o $20 pped t o r d e ery av ich is v orts h h p x w e n r o i “ou 25 bill s to be rom $ f n o i d need l e n a bil t c declin e fa hy the strang w o t e as ere th igated hat w w invest d n fact lace a ite the p s e took p d nd it isted s behi tial ex n e t reason o p huge that a

nessmen’s accounts under section 38 and 40b. “The government can recover its taxes by attaching individuals and companies’ accounts but the trade and industry is deprived of its long stuck up refunds and rebates with the government and the FBR,” he said. “The government functionaries attaching companies accounts recover their amounts, impound the companies records, computers and then publish and telecast in the print and electronic media, damaging the hard earned goodwill of any business concern,” he said, adding that the very tactics on the part of the government and FBR have played havoc with the trade and industry,” the LCCI president said. To a question he said, “I am not advocating for the tax evaders, as tax evaders must be brought to book, however, it is damaging act when a hype is created by publishing and telecasting the tax evaders as the international market is very sensitive and always influenced by the news reports.” Abdul Basit added: “The US, UK and other such countries are our trading partners and in the results of the media hype they stop trading with us suspecting us tax evaders in this situation a fall in exports is certain.” “The government and FBR should change it attitude towards the business concerns extending them the due facilitations. It is true that the FBR needs revenue to run the country and if there is no business activity there would be no revenue collection.

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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

performance of banking sector

The State Bank of Pakistan has released its quarterly performance review of the banking sector for the last quarter of the financial year ended on June 30, hoping a robust growth in private sector. It labels key development in the quarter as broad based which is a prime reason behind 8.3 percent in the asset base growth. The review also observes an increase of 6.1 percent in gross advances which had recorded mere a 4 percent growth in the corresponding period of the last year. The demand for financing came from chemical, production and transmission of energy, agribusiness, food and allied products, construction, transport, storage etc, indicating rising growth perspective in various sectors of the economy. It also observes improvement in the asset quality of the banking sector as the ratio of gross non-performing loans has come down from 9.9 percent in the third quarter to 9.3 percent in the quarter ending June 2017.The deposit base has moved up by 6.5 percent, which is lesser than 6.8 percent recorded in second quarter of the last year, but deceleration in deposit growth is attributed to dip in deposits by financial institutions. The banking sector of the country is growing day by day with growth of business and economy. The consumer financing has been increasing in many ways as growth in auto financing and other commodities are raising consumer financing up. A biggest hurdle in the growth of banking sector is its interest based system which is incompatible with our ideological considerations. The finance managers should have clear understanding of the Islamic banking and find a way out to deal with foreign banks. The 54 Islamic countries of the world have failed to set up a single institution on the patter of International Monetary Fund or the World Bank. The countryâ&#x20AC;&#x2122;s banking system also needs structural reforms and proactive approach, keeping in view drastic changes in the rules of business and finance. The world is coming closer and we should have to keep ourselves updated to facilitate fair business transactions with other countries. Pakistan needs online banks like PayPal to facilitate small and medium size organizations. Population wise, Pakistan is the fifth largest country of the world, but access to banks is still very low.

Loans for development A

LAHORE

DR AfTAB AfZAL

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ccording to experts, it is still debatable if the government should continue to accept foreign loans in a situation where the country is heading fast toward debt crisis. In the absence of real economic growth and ever-growing population, the cash-starve government has to look toward international lending agencies to launch public welfare projects. The people need houses, cloths, food, water and of course electricity. Pakistan has been facing energy crisis for the last four decades and every successive government has so far failed to

fulfill the energy needs of the nation. The crisis, which started two decades ago, still persist and the requirement of electricity has increased three fold since then. The bureaucracy, which is responsible for administrative affairs of the country, still adhered itself to the colonial mindset and could not come out of the spell of a slave nation. Probably the bureaucracy lacks vision and potential to act in time or needs capacity building programmes to break their age-old monotony. If corruption is a growing menace allegedly within the official hierarchy, lethargy is even a bigger evil within the administrative machinery and a big hurdle in

the way of development. The case of $900 million loan, approved by the Asian Development Bank four years ago, is a tip of the iceberg as how official rigmarole spoils the projects of national importance. Apart from $900 million loan, the country had also persuaded the Islamic Development Bank for $220 million loan, bringing the total cost of the project to $1.5 billion.The loan was approved despite opposition from the United States, but the money has yet to be disbursed.The loan was approved in December 2013 to construct a 660 megawatt coal-fired power plant at Jamshoro and turn an oil-based 660 megawatt

power plant to supercritical coal technology. However, only $10 million have so far been disbursed and inordinate delay will only increase the cost of the project. According to reports, the project was expected to come into operational mode in April 2019, but the lack of interest has sent the project in limbo. The pathetic part of the situation is that the country has been paying 0.15 percent of the total amount as commitment charges on undisbursed amount since November 2014.In the absence of a chick and balance, this kind of anomaly is a common practice. God knows how long the nation has to wait fora visionary leadership.

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Turkey signs $400 mln loan agreement with World Bank Monday September 25, 2017

World

ANKARA: Turkey’s Treasury announced on Sept. that the World Bank has lent a 350.9 million euro ($400 million) loan to the country as part of the Resilience, Inclusion and Growth Development Policy Financing (RIG-DPF) program. The loan agreement is signed to support Turkey’s eﬀorts to increase domestic savings, enhance economic participation among vulnerable groups and address structural bottlenecks to ensure sustainable growth, the Treasury stated. It added that the total maturity of the loan was 10 years, including a grace period of three-and-a-half years. According to the World Bank, the policies, strategies and reform actions supported under the program center on three strategic outcomes.

chinese customs seize 1.67b yuan of smuggled car parts

Russia to supply 600,000 tons of wheat to Venezuela MOSCOW

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BEIJING

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hinese customs has seized smuggled luxury auto parts valued at 1.67 billion yuan (253 million U.S. dollars), the customs ofMice in south China’s Guangdong Province said. In a raid Wednesday, customs staff caught nine suspects in connection with the case, said an ofMicial with the ofMice. The gang, led by two people surnamed Zhu and Zhang, was found to have avoided paying tariffs since 2012 on accessories for luxury car brands, including Land Rover and Volvo, by listing them as ordinary low cost goods or personal delivery parcels. The gang set up several outlets in the provincial capital Guangzhou where accessories were sold nationwide and had planned to open an online store, the ofMicial in charge of the case said.

Australian Tax office plans Tp probe of pharma sector enior officers from the Australian Taxation Office are to undertake a broad review of the transfer pricing practices of Australia-based subsidiaries of pharmaceutical companies. In a September statement, the ATO said it is “assessing a range of domestic and international tax risks associated with related-party financing, thin capitalization, intellectual property migration, consolidation, business restructures, and research and development.” The ATO said: “Of particular concern to us are non-arm’s length conditions operating between entities in connection with their cross-border commercial and financial relations, resulting in the amount brought to tax in Australia not reflecting the contribution made by the Australian operations through functions performed, assets used, and risks assumed. –CB Report

Meanwhile, A pick-up in China’s inMlation during August was due mainly to short-term pressures and the headline consumer price index and producer price index levels will remain within a reasonable range, the country’s state planner said on Friday. China’s producer price inMla-

tion accelerated to a four-month high in August while consumer inMlation reached a seven-month high, both at a faster-than-expected pace. But analysts have said that price gains still remain modest and there is little pressure on the central bank to tighten policy further.

pDEA oﬃcer in Valenzuela drug raid eyed for customs post

ollowing the resignation of Customs Intelligence and Investigation Service chief Neil Estrella, Bureau of Customs (BOC) Commissioner Isidro Lapena is looking to get Philippine Drug Enforcement Agency (PDEA) regional director Wilkins Villanueva on board as the new CIIS chief. Lapena said he intended to appoint two other PDEA ofMicers to hold additional critical posts within the

BOC. “I have Genaral Ricardo Quinto, the director general for operation and Director Gladys Rosales. I have requested them. I have made a request to the OfMice of the President for their assignment as deputy commissioners in the bureau,” said Lapena. The requests have been made, though these are currently unofMicial. “I can make the pronouncement once the paper works are done,” Lapena added. –CB Report

ussia will supply around 600,000 tonnes of wheat to Venezuela in the current marketing year ending next June, Russia’s agriculture minister told Reuters, deepening the Kremlin’s support for Venezuela’s troubled economy. Russian President Vladimir Putin and his Venezuelan counterpart Nicolas Maduro agreed a grain supply deal in May, providing a lifeline to the South American country which has faced soaring bread prices in recent years and queuing at bakeries has become common. Russia, which last season did not ship any wheat to Venezuela, had not previously conMirmed how much wheat it planned to supply under the deal. The supplies to Venezuela will be carried out as part of commercial

contracts between Russian and Venezuelan state companies, Russian Agriculture Minister Alexander Tkachev said in an interview for the Reuters Russia Investment Summit. Pilot batches have already been sent to Venezuela, he said in written answers to Reuters’ questions. Tkachev did not provide further details. Venezuela’s unraveling socialist government is increasingly turning to ally Russia for the cash and credit it needs to survive, according to a Reuters report published last month. Russian state-controlled grain trader United Grain Company previously said that it would supply 300,000 tonnes of grain to Venezuela in 2017/18. Agriculture is not the only sector with which Moscow has been cooperating with Caracas. Venezuela borrowed from Russia in 2011 but failed to keep up with payments on the debt in 2016. Russia wants to Mind a solution on how Venezuela will fulMill its debt obligations to Moscow by the end of this year, a senior Russian ofMicial said in September.

Turkish economy to grow 5-6%

urkish Deputy Prime Minister Mehmet Simsek said on Monday that the country’s economic growth rate for this year will be between 5 to 6 percent. In a live interview broadcast jointly by private television channels BloombergHT and Haberturk, Simsek said Turkey’s economy had shown a steady growth despite domestic and international shocks. “The Turkish economy grew by 5.7 percent on average between 2002-2016 despite a number of massive shocks such as, the global crisis, the fall in domestic demand due to debt crisis

in Europe, the chaos in the Middle East, terrorism, and the coup attempt,” Simsek said. He said that Turkey’s growth rate slowed down in recent years but it recovered rapidly, owing to the right decisions taken by the government. “Investments started to recover and foreign demand is strong,” Simsek said, adding that employment generated doubled compared to the average in the past years. He said for the short term, Turkey had to apply a tight monetary policy in order to drop the inflation rate and limit loss in the Turkish lira. –CB Report

canada home sales expected to fall 5.3% in 2017

H OTTAWA

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ome sales in Canada slipped in August by nearly 10%, according to a report Friday, putting the nation on track for a 5.3% decline for the year. Canadian Real Estate Association said in the report that the actual sales

in August, not seasonally adjusted, were down 9.9% year to year. Sales in nearly two-thirds of all local markets declined, led by the Greater Toronto Area and nearby housing markets. However, the average price for a home sold in August was C$472,247 (US$387,071), up 3.6% compared to a year ago, which is heavily skewed by sales in Greater Vancouver and Greater Toronto area. Excluding these

two most expensive markets from calculations, the national average price would be down to C$373,859 (US$306,429). The Bank of Canada announced on Sept. 6 that it would further raise its overnight lending rate from 0.75% to 1%. Meanwhile, Lending to Canadian small businesses climbed to the highest level in a year-and-a-half in July, data showed on Wednesday, pointing to a pickup in

corporate spending that could help underpin recent economic strength. The PayNet Small Business Lending Index rose to 126.2 in July, its highest level since January 2016 and up from 121.2 in June. On an annual basis, the index was up 6 percent. The index of lending to medium-sized businesses fared even better, jumping to 238.9 from 223.2 in June and up 14 percent from a year ago.

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Customs Appellate Tribunal hears 10 cases LAHORE: The Customs Appellate Tribunal heard 10 cases and adjourned all the cases to diﬀerent dates and reserved the verdict in few cases. According to the details, division bench-II comprising Omer Arshed Hakeem, Member Judicial and Imran Tariq Member Technical heard seven cases, including M/s Hilton Enterprises versus customs Faisalabad, Muhammad Rehan versus customs Multan, Muhammad Nauman versus Customs Lahore, Salman Nauman versus Customs Lahore.

Monday, September 25, 2017

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Quetta customs seizes non-duty paid goods worth Rs 10.23m during 15 days of Sep QUETTA wAQAR AhmED AnSARI www.customsbulletin.com

irectorate of Customs Intelligence and Investigations Quetta expedited its efforts to thwart any attempt of smuggling. The Collectorate seized smuggled items worth Rs10.23 million in 15 days of September. Sources told Customs Today that conMiscated goods included commercial molding machines, commercial generators, Iranian juices, Iranian grease , hashish, plastic powder, computer accessories, Iranian diesel, brake oil, plastic dana and other items. Sources told that Director Customs Intelligence and Investigations Quetta Arfan Javed received a tip-off that some smugglers are trying to smuggle hashish and different items include dish antena receivers, different kinds of Indian silk fabrics, non duty paid imported juicer blenders, and portable hard drive from Quetta to Karachi.. He immediately constituted a raiding team. The team enhanced the vigilance in the Bar area and started a searching operation on Highway Road. During searching the team intercepted the truck bearing registra-

tion number BLS-322 which was heading towards Karachi. During checking, custom ofMicers recovered 20 kilogram hashish, in 1 kg packets, 50 imported dish antenna receivers,

5 thousand meters Indian silk fabrics, 50 imported non duty paid juicer blender, and 100 port able 180 GB Hard drive. The team seized all items worth Rs 3.2. Sources said two per-

sons include truck driver arrested in this raid and launch FIR against smugglers. Source said Director Customs Intelligence and Investigations Quetta Irfan Javed are doing daily

meeting from team members and giving the instructions about stop smuggling, source said Irfan Javed appreciated to anti smuggling team on wonderful performance.

So far so quiet for price oﬀer of Jalozai Economic Zone’s plots PESHAWAR

nADIR khAn

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hough the launch of the Jalozai Special Economic Zone is just around the corner, the company, tasked with developing industrial estate, has neither announced the `offer price` of plots it plans to sell to investors nor has it Minalized the master plan for the estate. The Khyber Pakhtunkhwa Eco-

nomic Zones Development and Management Company (EZDMC) had published advertisements in the major newspapers on August 27 offering industrial plots in the Jalozai special economic zone to the prospective investors. Curiously, the advertisement didn`t carry important information including offer price for plots and terms and conditions for the allotment. More than two weeks after this announcement, the company`s executives issued contradictory statements about the plot offer price and the project`s approval by the board of directors

and its master planning. Sources in the company and industries department insisted that the EZDMC has yet to announce the plot offer price approved by the board of directors and that the main reason for it is the ongoing process of the master planning. A source claimed that the plot offer price has yet to be decided as currently the Nespak is executing the industrial estate`s master planning. Following the survey`s completion, the development charges will also be added to the offer price and then it will be placed before the company`s board for approval,` he

maintained. The source said the price of a plot, measuring an acre, is likely to be around Rs20 million due to the area`s location and other factors. Other sources claimed that the price of similar size’s plot is Rs7.5million in Peshawar industrial estate, Rs5.6million in Hattar industrial estate and Rs2.5million in Gadoon industrial estate. The plan to develop the Jalozai industrial estate in Nowshera district was Mirst conceived in 2003. The 257.5 acres of land was acquired for the purpose against the rate of one plot viza-viz-Rs27.10million under the Land Acquisition Act-1894, later in

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

June 20015. However the landowners approached the Peshawar High Court against what they perceived as meager amount of compensation for their lands. The PHC in its verdict increased the land compensation amount to Rs738.64 million. A working paper submitted to the company`s 13th board meeting put the total payable amount of compensation at Rs910 million. The company had paid Rs200 million to a Nowshera court in 2015 for forward payment to landowners in compensation and Rs500million on August 31, 2017 against the enhanced land compensation.