Wednesday, 27 September 2017

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Karachi, Wed September 27, 2017

MULTAN

IMRAN ALI

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he Model of Customs Collectorate has achieved the assigned revenue collection target of customs duty (CD) during the month of September.

Sources told Customs Today, the Collectorate of Customs was assigned customs duty target of Rs482.09 million for the duration of month of September. Multan Customs surpassed the assigned

customs duty revenue collection by collecting Rs501.929 million in the Rirst 23 days of of September. The Customs Collectorate has attained almost 104 % customs duty during the Rirst 23 days of September. Multan Customs Collectorate generated 97% revenue from clearance of High Speed Diesel (HSD) Pak Arab ReRinery (PARCO) and its products. The Customs Collectorate has collected Rs1405.082 million under the head of sales tax during the 23 days of September. The Federal Board of Revenue (FBR)

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has assigned Rs1294.09 million during the month of September in the ongoing Riscal year 201718.The Collectorate of Multan Customs has collected 108 % revenue collection in 23 days of September. Multan Customs posted 8 percent growth in 23 days of September due to excess clearance of High Speed Diesel bonded clearance consignments. Multan Customs collected Rs3.599 million federal excise duties (FED) against the assigned target of Rs15.83 million in the 23 days of September.

Islamabad Customs surpasses yesteryear’s collection with Rs4.38m extra revenue

DG Valuation Surriya Butt to revise VR No 802/2016 soon

Customs Intelligence recovers NDP cloth, cosmetics from two containers

Railway incurs Rs 554.214 million on up-gradation of stations

Gwadar Customs confiscates NDP goods worth Rs 13.67 million

The MCC Islamabad earned extra revenue of Rs4.38million FY2016-17 | See pAge 02 |

DG Valuation, has decided to revise the Valuation Rulings No 802/2016 | See pAge 03 |

Customs I&I has recovered a hue quantity of NDP cloth and cosmetics | See pAge 04 |

Pakistan Railway has incurred Rs. 554.214m on account of repair, renovation | See pAge 14 |

Customs confiscated various NDP items, including Commercial molding machines | See pAge 16 |

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FBR enhances consumed raw material limit to 125% for tax exemption Wednesday, September 27, 2017

ISLAMABAD: Federal Board of Revenue (FBR) has enhanced consumption of imported raw material to 125 percent from 110 percent from last year in order to avail income tax exemption on imports. The FBR issued Circular No. 04 of 2017 to explain the changes to Income Tax Ordinance, 2001 through Finance Act, 2017. The FBR said that prior to the Finance Act 2017, the upper limit for import of raw material by an industrial undertaking for its own use, without collection of tax at the import stage under section 148 of the Ordinance, was 110 percent of the raw material imported and consumed by such industrial undertaking in the previous tax year.

Islamabad

customs surpasses yesteryear’s collection with Rs4.38m extra revenue

fSt reserves verdict of service matter filed by fBR employee ISLAMABAD

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ederal Service Tribunal reserved decision on a service matter pertaining to implementation on Monday. FST Chairman Justice (r) Sayed Zahid Hussain and Dr Nazir Saeed heard three cases filed by M Sulaman Javed, Muhammad Nawaz, Muhammad Shakeel Akhtar and others. Muhammad Sulaman aved had prayed to tribunal to ensure implementation over its already given decision; Muhammad Nawaz had challenged dismissal from services, and Muhammad Shakeel Akhtar had challenged removal from services. Tribunal’s bench had recently also reserved decision on promotion cases filed by M Iqbal and Habib Ahmed. Both employees of FBR had submitted complaints regarding their promotion and had asked the tribunal to direct the department on awarding their meritorious scale at the department. Same bench also heard couple of other cases carrying dismissal matter and adjourned hearing. Tariq Tanveer and Noreen Safia had filed these petitions in which they had pleaded against dismissal from services. The appellants had prayed the tribunal to direct the Federal Board of Revenue to allow them to serve on the posts from where they had been removed.

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ISLAMABAD

tARIQ DeRYA

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he Model Customs Collectorate (MCC) Islamabad earned extra revenue of Rs4.38million during the Rirst 16

days of September’s Financial Year FY2017-18 against the same period of corresponding FY2016-17.

According to details explained by Dr. Saeed Khan Jadoon, Collector MCC Islamabad, to Customs Today that, during above said period of FY17-18, the collectorate generated Rs134.45million as Customs Duty (CD) against the collection of

Rs203.96million under the same head during the same period of September FY16-17. During the initial 16 days of September FY17-18, the MCC Islamabad received Rs183.97million of Sales Tax (ST) while it did Rs116.53million under the same head during 1st to 16th of September FY16-17. The MCC Islamabad got Rs80.94million as In-

come Tax (IT) during the Rirst 16 days of FY17-18 whereas it did Rs72.40million under the same head during the same period of last FY16-17. The Collector MCC Islamabad said the collectorate collected Rs0.08million of Federal Excise Duty (FED) while it did Rs2.17million as FED during the same period of previous period FY16-17.

Adjudication orders confiscation of pu coated artificial leather

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ISLAMABAD

M fAIZAN

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eputy Collector Customs Adjudication Islamabad Dr. Wajid Ali has ordered the seizure of “PU Coated ArtiRicial Leather (Non-Woven) in case No. 324/2017.

The ofRicial concerned was tipped off that foreign origin PU Coated ArtiRicial Leather would be smuggled from Lahore by a truck with registration No: Z-7442.

The raiding party set up picket at G.T Road Dina. On 19.04.2017 at about 0500 hours, the reported vehicle was sighted coming from Lahore side which was stopped by the raiding party. A thorough search of the said vehicle led to the recovery of said item. The driver of the said vehicle, identiRied himself as Muhammad Falak S/o Bathray, a R/o Kuza Hajra Chaky, District Shangla, failed to produce any evidence, documentary or otherwise, regarding the legal import or pos-

session of the recovered product.

So the raiding team seized the item under Section 168 of the Customs Act1969 after making a proper documentation on the spot. Accordingly, a show cause notice was issued to the respondents under Section 180 of the Customs Act-1969. On the scheduled dates of hearings, respondents did not appear before the adjudication nor did they submit any reply. Khalid Khattak, Inspector Preventive, appeared from the prosecution side and requested the adjudication to decide

the case ex-party as respondents are not interested in defending their case.

Deputy Collector passed the OrderIn-Original and said the respondents have failed to appear before the adjudication ofRicer. SufRicient opportunities of hearings have been given to the respondents after issuance of the show cause notice. Neither the show cause notice nor subsequently dispatched hearing notices were received back un-delivered which means that the respondents have deliberately avoided appearance before

the undersigned for defence. The case cannot be kept pending for an indeRinite period of time. The charges levelled in the show cause notice stand established. Therefore the violation of Section 2(S) (II) of The Customs Act-1969 is established. So the adjudication ofRicer ordered the outright conRiscation of the “PU Coated ArtiRicial Leather (Non-Woven)” in terms of Clause (89) (I) of Section 156(1) of The Customs Act-1969 read with Section 3 (3) of Imports & Exports (Control) Act-1950.

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FBR urged to issue wealth statement form KARACHI: Karachi Tax Bar Association (KTBA) asked Federal Board of Revenue (FBR) to issue wealth statement form for tax year 2017 to provide legal cover to the documents.

In a letter sent to FBR Chairman, the KTBA said that it had sent another letter on August 28, 2017 on the issue and the latest was to remind the issue.

The KTBA said that the form of wealth statement and reconciliation statement for e-filer had not yet been notified. It further said that forms of return of income/statement of final taxation, wealth statement and reconciliation statement on excel sheet for manual filers had also not yet been notified.

Shc issues notice to I&I director in bulletproof BMw case

Wednesday September 27, 2017

Karachi

Dg Valuation Surriya Butt to revise VR No 802/2016 soon

KARACHI

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Sindh High Court appellate bench has issued notices to the Director, Directorate of Intelligence and Investigation for Oct 04 in bulletproof BMW case.

The bench, comprising Justice Munib Akhtar and Justice Omar Siyal, earlier heard Ms Dil Khurram Shaheen advocate, counsel for petitioner Jahanzaib Burki who imported the vehicle. The vehicle was later purchased by renowned anchor Dr Aamir Liaquat Hussain. The vehicle was however detained by the DIT and was provisionally released after depositing a cheque of rupees 4,200,000.

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karachi Ltu collects Rs157b i n July-August KARACHI

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he Large Taxpayers Unit (LTU) Karachi collected Rs157 billion during July-August as compared to Rs119 billion in the corresponding period of the last fiscal year. Official sources said that the measures to boost economic activities started yielding positive results, adding, “This resulted in profitability of corporate sector and subsequently led to increase in tax contribution.” LTU Karachi contributes around 35 percent to the FBR’s total tax revenue collection.

Sources said LTU Karachi is to pull together approximately Rs1.5 trillion in view of the annual revenue target. The sources said the tax department needs to gear up efforts in the current month to meet its quarterly (July-September) revenue target of Rs257 billion.

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KARACHI

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irectorate General, Customs Valuation, Director General Surriya Ahmed Butt, has decided to revise the Valuation Rulings No 802/2016, it is learnt here.

According to the details, Surriya Butt has said that the department is reviewing suggestions from importers to set new prices. She further said some valuations, which were issued in 2016, were being reviewed from the beginning.

Moreover, the valuations will be set in view of rising prices in international markets. Sources told reporters that a petition was submitted by the importers to Customs Valuation in which change in prices of Sodium sulphate anhydrous was requested. Sources said that Valuation Ruling No. 802/2016 was issued on January 22, 2016.

A meeting was held with the stakeholders on 16th August, 2017.

Importers were told to furnish the import invoices of the last three months showing factual values as well as websites, names and e-mail addresses of known foreign manufacturers of the item in question through which the actual current value could be ascertained.

Meanwhile, Directorate General, Customs Valuation, Director General Surriya Ahmed Butt, has decided to revise the Valuation Ruling No: 789/2016 on 29th of September, it

is learnt here. Director General Surriya Butt has said the department is reviewing suggestions from importers to set new prices. She further said some valuations, issued in 2016, were being overviewed from the beginning. Moreover, the valuations will be set in view of rising prices in the international markets.

Sources told CT that a petition was submitted by the importers to Customs Valuation in which changes in prices of whey powder and permeate

Surriya Butt has said that the department is reviewing suggestions from importers to set new prices. She further said some valuations, which were issued in 2016, were being reviewed from the beginning

Shc seeks remarks on plea filed by AnM traders

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KARACHI

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he Sindh High Court (SHC) directed customs ofRicials to Rile their para wise comments on a constitutional petition Riled by M/s AnM Traders for quashment of FIR lodged against it alleging imported kerosene oil in the garb of white spirit. A two-member bench, comprising Justice Munib Akhtar and Justice Umer Sial was hearing the peti-

tion. Earlier, counsel for the petitioner stated that he is an importer and trading of petrochemicals and allied products, such regards imported from Seychelles a consignment 1979.795 metric ton of white spirit and Riled goods declaration according with law.

According to the petitioner, he was shocked when he was informed by the ofRicials of the customs department that FIR was lodged against it by customs authorities, wherein, it was alleged that the petitioner in a garb of white spirit had imported

kerosene oil which falls in import control policy and violation of customs’ policy. He argued that allegations of the customs department are baseless and he imported white spirit after fulRilling all requirements. Citing Secretary Revenue Division, Director Customs Enforcement Directorate General Intelligence and Investigation-FBR and seizing/ Investigation OfRicer of the department as respondents, he pleaded the court to declare that act of the respondents is illegal, mala Ride and arbitrary.

whey powder was requested. Sources said the Valuation Ruling No: 789/2016 of infusion giving set was issued on January 08, 2016. A meeting was held with the stakeholders on 8th of September, 2017. Importers were told to furnish the import invoices of the last three months showing factual values as well as websites, names and e-mail addresses of known foreign manufacturers of the items in question through which the actual current value could be ascertained.

Shc issues notices to I&I officials Sindh High Court appellate bench has issued notices to Directorate of Intelligence and Investigation officials in five identical petitions pertaining to confiscation of 27 construction vehicles. The petitions were filed by Burki & Company, Ameer Muhammad Associates, Mushtarka Japan, New Malik Motors and another who maintained that vehicles.

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LHC bars FBR from taxpayers’ refunds audit Wednesday September 27, 2017

Lahore

LAHORE: The Lahore High Court has barred the Federal Board of Revenue from auditing taxpayers’ refunds and sought detailed reply from the Board in two weeks.

Justice Shamas Mehmood Mirza was hearing a petition filed by Mughal International. The petitioner’s lawyer Mohsin Virk told the court that the FBR illegally started auditing refunds without taking proper written permission from the Income Tax Commissioner. He said the Board issued notices without the Commissioner’s permission, which is against Section 26A, 36 of Sales Tax Rules 2006. The court, stopping the FBR from auditing refunds, sought detailed reply in two weeks.

customs court approves bail plea of alleged cigarette-smuggler LAHORE

M IMRAN MehAR

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he Special Court of Customs Taxation and Anti-Smuggling has approved a bail plea of an accused apprehended by the customs authorities at the Allama Iqbal International Airport while attempting to smuggle a huge quantity of cigarettes.

Sources told Customs Today that accused Rameez Iftikhar was arrested on the charges of smuggling of cigarettes into America. He declared the cigarettes as cloths while smuggling the item. The value of the item is more than Rs1.3million.

Earlier, the customs investigation team had presented Rameez Iftikhar before the court of customs taxation and anti-smuggling judge. The cus-

Lhc suspends tax notice issued by DcIR he Lahore High Court (LHC) has suspended the show cause notices to different taxpayers by the deputy commissioner Inland Revenue (DCIR). Same case has been adjourned into next date of hearing.

According to the details, Justice Abid Aziz Shiekh of Lahore High Court (LHC) heard the appeal filed by the different taxpayers in which the counsel for the appellant argued that deputy commissioners of Inland Revenue (DCIR) send notice to the taxpayers. Counsel added that the according to the law deputy commissioners of Inland Revenue (DCIR) has not authorized for the sending notice the higher authority only can send notices to taxpayers in case of non payments of taxes. He said that deputy commissioners of Inland Revenue (DCIR) sent notice illegally and the court may suspend these notices. –CB Report

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toms investigation team asked the court to send him to jail for judicial trial as they have completed the investigation. On the other hand, about 17 other cases had also been scheduled for hearing on Wednesday. Most of the cases were adjourned without any proceedings. Framing of charges in another case against one Rasheed was also adjourned for next week. Final arguments and statements of the parties concerned in yet another case of smuggling against one RaRique Ali were also scheduled for hearing which is rescheduled for next week.

Meanwhile, Meanwhile, The Special Federal Court of Customs Taxation and Anti-Smuggling has asked the investigation team of Pakistan Customs to complete the investigation challan of a case of 14-kg of gold smuggling.

The court had extended the 14-day judicial remand of one accused Muhammad Riaz in the notorious case of 14 kilogram gold smuggling.

customs recovers NDp cloth, cosmetics from two containers LAHORE

M hAYAt

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team of the Directorate of Customs Intelligence and Investigation has recovered a hue quantity of non-duty paid cloth and cosmetics from two containers which were coming from Karachi. Sources told Customs Today that Director Customs Intelligence and Investigation Rubab Sikandar received information that two distributors of Shah Alam Market, Saeed Khan and Jalal Khan, brought a huge quantity of non-duty paid cloth and cosmetics through two containers.

She immediately constituted a team under the supervision of Superintendent Saleemullah Khan, Intelligence OfRicer Agha Sultan, Hamid Babar, Nadeem Ahsan and Sohail Murtaza. The team established check

collector Adjudication serves show cause notice on potatoes importer

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ollector of Customs Adjudication Ambreen Ahmed Tarar has issued a show cause notice to M/s Haji Shabbir for evading duty and taxes. According to the details, M/s Haji Muhammad Shabbir, Chaudhary Nazir & Company (NTN 3781437) imported 38 consignments of potatoes from 26.6.2014 to 6.8.2014. The importer had deliberately claimed the beneRits of SRO 549(I)/2008 dated 11.6.2014.

The show cause notice stated that the importer with the connivance of

clearing agent deliberately deprived the government of its legitimate revenue of Rs 8,143,998/- (on account of sales tax of Rs 6,922,398/- and on account of additional sales tax Rs 1,221,600/-).

Collector Adjudication Ambreen Tarar directed the owner of M/s haji Mohammad Shabbir Ch. Nazir & Company Nila Gumbad Lahore to appear on 25.9.2017 at Custom House Nabha Road and explain his point of view failing which ex-parte proceedings will take place. –CB Report

post near Shera Kot and started checking vehicles. The Customs Intelligence team intercepted two containers and recovered tooth pastes, cosmetics and cloth. The team asked the driver of the containers to show legal documents regarding import and transportation of the items but they remained failed to show any le-

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gal documents. Sources told that it was revealed during initial investigations that both containers were cleared through mis-declaration.

Customs Intelligence and Investigation team impounded both containers and after registering a case against accused person started further investigations.

customs tribunal hears 22 cases he Customs Appellate Tribunal heard 22 cases and adjourned all the cases to different dates. According to the details, special division bench-I comprising Chairman Justice ® Malik Manzoor Hussain and Imran Tariq Member Technical bench-II heard 11 cases including M/s Ice Age versus Customs Lahore, M/s Haji Muhammad Aslam versus Customs Lahore, M/s Bashir Ahmed versus Customs Lahore, Additional Director Intelligence and Investigation Multan versus Nisar Ahmed, M/s Cascade Enterprises versus Customs Lahore.

Furthermore, tribunal heard cases Riled by M/s Pak Telecom versus Customs Lahore, Collector Customs Multan versus Muhammad Suliman, Tariq Naseer versus Customs Lahore, Collector Customs Multan versus Green House, Yar Muhammad Khan versus Customs Lahore and Eastern Freight versus Customs Lahore. Similarly, division bench-II comprising Omer Arshed Hakeem, Member Judicial and Imran Tariq Member Technical heard nine case of Farhan Saleem versus Directorate of Intelligence and Investigation Faisalabad. –CB Report

fto postpones hearing of case filed by pak card clothing

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LAHORE

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ederal Tax Ombudsman (FTO) Advisor Tariq Yousaf has adjourned a case Riled by M/s Pakistan Card Clothing against the Corporate Regional Tax OfRice (CRTO) Lahore until the next date of hearing.

The counsel for the appellant argued

that the CRTO had failed to release the sales tax refund to the appellant for the last two years. He said that CRTO collected excessive tax from the company during the last two years. The petitioner approached the ofRicials concerned several times for issuance of the refunds, but the RTO ofRicials failed to clear the refunds after the passage of reasonable time. Finally, the appellant decided to approach the

FTO seeking interference in this case.

The counsel appealed the FTO advisor to direct the RTO to clear the refund claims. The counsel further said that the delay in issuance of refunds put burden on the taxpayers, adding that the RTO-II should make audit of the cases and release the extra amount collected by it from the taxpayer. On the other hand, counsel for CRTO argued that the appellant has not sub-

mitted all record in the ofRice for claiming refunds. If appellant provides accurate record, the CRTO will issue the refunds after proper assessment, he added. After hearing the arguments from both sides, Advisor Tariq Yousaf adjourned the case of M/s Pakistan Card Clothing Lahore until next date for further hearing and directed the parties to appear before him on said date to present arguments in the case.

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ISLAMABAD

M ARShAD

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mbassador of Ukraine Volodymyr Lakomov has said that trade and economic cooperation between Pakistan and Ukraine is increasing with the passage of time and Pakistani investors may beneRit from free trade regime between Ukraine and European Union (EU).

In an exclusive interview with Customs Today, Lakomov said that in 2016, according to the State Statistics Service of Ukraine, the volume of trade between Pakistan and Ukraine was $161.9 million, with export of goods amounting to $114.3 million (3 percent increase compared to the same period of the last year) and import of goods remained $47.628 million (77.7 percent to the same period of the last year). Positive balance for Ukraine was $66.674 million.

He further said that for the year 2016, Ukrainian exported agricultural and dairy products, vegetables, grain, as well as nuclear reactors, boilers, machinery, ferrous metal etc. The main products imported by Ukraine were textile items, cotton, citrus fruits, rice, plastic and polymers.

According to the ofRicial statistics, the volume of the Ukrainian export of services to Pakistan was $2.178 million. For the year

2016 Pakistani import of services amounted to almost $1 million.

Volodymyr Lakomov said that with an objective of enhancing bilateral economic cooperation between Pakistan and Ukraine, embassy was working on creating intergovernmental mechanism to integrating the trade and investment promotion in both the countries and one of the major achievement was the two bilateral agreements he had

signed and they are operational on trade and economic cooperation. It includes the provision of creating of inter-governmental Pakistani-Ukrainian Commission on Economic Cooperation, ScientiRic Cooperation and Cooperation in Agricultural sector. Another important agreement, he said that was on mutual avoidance of double taxation and it was very important for increasing the tune of businesses and right now we are working on conclusion of mutual protection of investments agreement.

This agreement will be have laws for the protection of investments of Pakistani and Ukrainian businessmen. It will facilitate the exchange of Pakistani and Ukrainian business delegations. This year we witnessed exchange of a large number of business delegations from both the countries. These are important because we must know each , 6 1 r 20 a e other to promote bilaty e th tural at for eral business and inl h u t c i d r i d ag e he sa t vestments. r , s o e p bl ian ex egeta Ambassador said that v , s t c ukrain ro d u r p a at present three mae y l r c i a nu and d jor products including ell as , w y s r a e , achin Pakistani basmati rice, grain ilers, m o b , kinoos and textile s r c o t t e c l a re products can have good s meta ferrou response in Ukrainian markets.

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Wednesday, September 27, 2017

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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

potentials of global trade

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hen Chinese share in global trade is four percent and India’s 0.6 percent, Pakistan is nowhere in sight in the radar of international business, trade and investment. The country registered a record trade deficit of $32.6 billion during the last fiscal year in the wake of falling exports and increasing imports without a minutest stir in the official circles who matter. At the end, the government missed all of its targets set for the fiscal year 2016-17 ending June 30.The foreign exchange reserves, which propped up on the crutches of foreign loans, are crumbling and the current account deficit has put a question mark on the projections made by government at the time of presenting federal budget. The senior officials in the finance division, commerce and trade sectors as well as technocrats claiming laurels in their specific fields have failed to find a remedy, solution or panacea to streamline the ailing economy. Administrative failures, lack of interest and lethargy are the hallmark of the official machinery which enjoys hefty salaries, perks and all other comforts of life at taxpayers’ money. May be as a nation, we have failed to rid ourselves of the colonial legacies. The global trade is gaining momentum in recent years. China, Malaysia, Vietnam and Turkey are the beneficiaries of global trade and they were able to devise policies according to news trends and trade.

We need not only to rid ourselves of the colonial legacy but also monotony and lethargy. Pakistan has missions all over the world, but performance appraisal of commercial attachés never remained an issue in the official circles. The missions are more symbolic than having any practical utility. The government emphasis is often on the increase of export volume without prioritizing the exportable items. As a result, the people of this fifth largest country of the world are deprived of super quality fruit which is available in foreign lands at the cheapest rates. Sometime the rates are less than even the local market. On another note, the cottage and medium size industry of the country is the best performer, but export surplus is dumped in the local market. We as a nation will have to work on two fronts. We have to look demand of goods not only in local but also in international markets.

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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TRIC terms NADRA’s data unhelpful for broadening tax base ISLAMABAD: The Tax Reform Implementation Commission (TRIC) has termed NADRA’s data unhelpful for broadening the tax base. Official sources said that the TRIC held its meeting last week, in which the commission concluded that NADRA’s data could not help the FBR for achieving the desired objectives. The officials said that NADRA and the FBR had struck a deal for sharing data, but NADRA could only provide the CNIC confirmation. They said if NADRA data showed that around 1,500 people lived in the most expensive area of Islamabad, that data could not verify the economic status of each individual. The TIRC dwelt upon some of the short-term measures for broadening the tax base, such as proper valuation of immovable properties, simplification of laws, structural ethics and Grievance Redressal System both at chief commissioner/collector level and FBR (HQs), as well as use of mufassil units.

extension in subsidy on export of wheat, products permitted till oct 31st

Wednesday September 27, 2017

National

cellular companies collected Rs2 trillion as tax in five years

LAHORE

M hAYAt

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overnment of Pakistan’s Notification No. 4-12/2014/DFSCII/Wheat Export dated June 22, 2017 the ECC of the cabinet has approved extension in export period for export of wheat/wheat products (flour (aata), fine suji and maida) beyond March 15, 2017 till August 31, 2017 subject to the term and conditions mentioned therein. According to the notification, attention of the authorized dealers is invited to EPD circular letter no. 2 dated February 10, 2017 regarding the captioned subject. In terms of the Ministry of National Food Security and Research (MNFSR), Government of Pakistan’s Notification No. 4-12/2014/DFSC-

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II/wheat export dated June 22, 2017 the ECC of the cabinet has approved extension in export period for export of wheat/wheat products (flour (aata), fine suji and maida) beyond March 15, 2017 till August 31, 2017 subject to the term and conditions mentioned therein.

Accordingly, it is advised that subsidy on export of wheat/wheat products (flour (aata), fine, suji and maida) shall be allowed till August 31, 2017 (to be determined by GD filing date) to those exporters who have lifted the wheat from godowns of food departments of respective provincial governments prior to March 15, 2017. Therefore, exporters of wheat/wheat products will approach FEOD, SBP-BSC (Bank), Head Office or respective field office of SBPBSC, as the case may be, through their Authorized Dealer claiming the subsidy latest by October 31, 2017. No claims will be entertained after aforementioned time period.

ISLAMABAD

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he cellular companies have received nearly Rs 2 trillion as tax from the customers during the past Rive years.

According the ofRicial documents, Mobilink mobile company had collected Rs 13.26 billion as tax from the consumers in 2014.

Further more in 2015 it collected Rs 13.34 billion, Rs. 14.80 billion in 2016 and in 2017 Rs. 14.3 billion.

Till August 2017 it collected Rs 10.940 billion as tax from consumers. Like that cellular company Telenor had collected Rs 10.780 billion from consumers as tax in 2014.

Moreover, in 2015 it collected Rs 12.370 billion, Rs. 10.470 billion in 2016, Rs 11.620 billion in 2017. Till August 2017 Telenor has collected Rs 8.80 billion as income tax from the consumers.

Likewise above companies’ mobile company Zong has received Rs. 670.40 million as tax in 2016, Rs 6.60 billion in 2017.

Cellular company Ufone has received Rs 4.590 billion from con-

sumers in 2014, Rs8. 60 billion in 2015, Rs 6.630 billion in 2016. In 2017 it collected Rs 7.30 billion as tax from consumers. Till August 2017 it has received Rs 4.670 billion from

the customers. Cellular company Warid Telecom has received Rs 4.60 billion from consumers in 2014, Rs 440.50 million in 2015, Rs 4. 410 billion in 2016. However, it has collected

Rs 3. 180 billion till the August 2017.

It is worth mentioned here that according to the Income Tax ordinance 2001 mobile operators have to deposit this tax on weekly basis.

Senators’ plea against finance Bill: Ihc issues notices ISLAMABAD

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he Islamabad High Court has issued notices to federation, secretaries Cabinet Division, Ministry of Law, Ministry of Finance and the chairman of the Federal Board of Revenue in a petition of 32 senators who have challenged substitution of term ‘federal government’ with ‘board’ in the money bill 2017. Though this act all powers and functions of the federal government provided in the taxing statutes have now been shifted and delegated to the FBR. A single bench of IHC comprising Justice Aamer Farooq conducted hearing of the petition and issued notices to the aforementioned respondents in the petition of senators belonging to opposition par-

ties. After issuing the notices, the court directed them to submit their reply within two weeks.

The 32 senators belonging to Pakistan People’s Party (PPP), Pakistan Tehreek-e-Insaf (PTI), ANP, Jamat Islami, Muttahida Quami Movement (MQM), Pakistan Muslim League and independent Riled the

petition through their counsel Mohsin Kamal Advocate.

The senators, including Saleem Mandvviwalla, Aitzaz Ahsan, Shahi Syed and Kamil Ali Agha, Senator Khalida Parveen and others nominated federation of Pakistan, secretary Cabinet Division, secretary ministry of law & justice, secretary

ministry of Rinance and Chairman FBR as respondents in their petition.

The petitioners stated that they are elected senators and have a mandate to protect the rights of federating units ensuring that devolution of subjects and power takes place within the constitutional parameters.

They said that ministries of law and Rinance had introduced Rinance bill 2017 in the National Assembly whereby it was proposed to amend the Customs Act 1969, Sales Tax 1990 and Federal Excise Act 2005.

Petitioners added that the bill among various other amendments had proposed the substitution of term ‘federal government’ with ‘Board’ with the approval of minister-in-charge and wherever the said term was mentioned in taxing statutes, the Board shall mean the Federal Board of Revenue (FBR) and minister-incharge the Rinance minister.

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Senior Preventive officer Munaf to retire on Dec 6 Wednesday September 27, 2017

National two Superintendents promoted as Second Secretary

ISLAMABAD: Muhammad Munaf, a Pakistan Customs Service officer of BS-16, is going to retire from the government service on attaining the age of superannuation.

The officer, presently posted as senior Preventive officer at Model Customs Collectorate (Preventive), Karachi, will stand retired from the government service on December 6.

Ishtiaq Ahmed assigned additional charge of Director Law

ISLAMABAD

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ISLAMABAD

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he Federal Board of Revenue has promoted two Superintendents (BS-17) to the post of Second Secretary. Muhammad Saleem (personnel no 50034525) and Muhammad Saleem (personnel no 50004066) were promoted as Second Secretary at Federal Board of Revenue (HQ), Islamabad with immediate effect. The officers will be on probation for a period of one year, extendable for further period, not exceeding one year, provided that if no order is issued by the day following the termination of probationary period, the appointment shall deem to be held until further order.

They will continue to draw performance allowance (equivalent to 100 per cent of basic pay) on their promotion as Second Secretary (BS-17). Meanwhile, Asim Rehman, a Pakistan Customs Service officer of BS-18, has relinquished the charge of the post of Second Secretary.

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Zafar Iqbal assumes charge as commissioner-IR afar Iqbal Khan, a BS-20 officer of Inland Revenue Service, has assumed the charge as Commissioner-IR. The officer, in pursuance of Board’s notification NO. 2119-IR-I/2017, dated 08.08.2017, relinquished the charge of the post of Director, Directorate General of Intelligence and Investigation-IR, Islamabad with effect from September 12 and took the charge of the post of Commissioner-IR (Zone-I) at Large Taxpayers Unit, Islamabad on the same date. Meanwhile, Muhammad Nabeel Rana, a BS-19 officer of Inland Revenue Service, has assumed the charge as Commissioner-IR (OPS). The officer, in pursuance of Board’s Notification No. 2508-IRI/2017, dated 08.09.2017, took the charge of the post of Commissioner-IR (OPS) at Regional Tax Office-III. –CB Report

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shtiaq Ahmed Khan, a BS-19 ofRicer of Inland Revenue Service, has been assigned the additional charge of the post of Director (OPS), Directorate of Law, Lahore with immediate effect.

The ofRicer, presently posted as Commissioner-IR (OPS) (Zone-V), Corporate Regional Tax OfRice, Lahore, was assigned the additional charge of the post of Director (OPS), Directorate of Law, Lahore till the posting of a regular incumbent.

Meanwhile, Syed Salahuddin Gillani, a BS-18 ofRicer of Inland Revenue Service, has been posted as Deputy Commissioner-IR The ofRicer, on reinstatement into service vide Board’s NotiRication

No.2441 -IR -II/2017 dated 14.09.2017, was posted as Deputy Commissioner-IR, Regional Tax Of-

Rice-II, Karachi with immediate effect and until further orders. The ofRicer has been directed to relinquish/as-

sume charge, using online HRMS facility made available at all FBR major Rield ofRices or by using IJP login.

hyderabad ASo confiscates 119,700 gutka sachets, three cartons of cigarettes T

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he Anti-Smuggling Organization (ASO), Customs Preventive Hyderabad, has seized the foreign origin 23 PP bags or 119,700 sachets of Gutka called Safina and F/O three cartons or 150 packs of pine brand cigarettes priced at Rs1.1million including duties and taxes near Ayuob Restaurant some one week back.

Following the direction of Model Customs House Hyderabad Collector Akhlaq Ahmad Khattaq, the ASO team is executing various operations in the region to frustrate the smugglings.

Sources told Customs Today that Collector Hyderabad Akhlaq Ahmad Khattak received a tip-off regarding the smuggling bid of the contraband items. He consti-

tuted an ASO team comprising InCharge Shakeel Kahan, Inspector Abdul Majeed Barich, Inspector Muhammad Iqbal Mughal, Inspector Muhammad Abid, Inspec-

tor Mushtaque Ali Lakho, Sepoys Siddiqui Ali Khaskheli, Nenomal, Ghulam Sarwar and a Driver and other staff. The ASO team intercepted a vehicle and confiscated

the smuggling foreign origin Gutka and cigarettes. The ASO made a seizure report and deposited the cigarettes and Gutka into Hyderabad State Warehouse.

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Saleem Akhtar relinquishes charge as Addl Commissioner-IR ISLAMABAD: Saleem Akhtar, a BS-19 officer of Inland Revenue Service, has relinquished the charge of Additional Commissioner-IR. The officer, in pursuance of Establishment Division Notification No. 1/39/2017-E-4, dated 12.09.2017, relinquished the charge of the post of Additional Commissioner-IR at Regional Tax Office, Islamabad with effect from September 13.

Meanwhile, Riaz Ahmad Bajwa, an Inland Revenue Service officer of BS-17, is going to retire from the government service on attaining the age of superannuation.

Riaz, presently posted as Superintendent at Large Taxpayers Unit, Lahore, will stand retired from the government service on June 3, 2018.

fruit exporters for ban on fruits’ import KARACHI

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ruit exporters taking exception to growing gap in the imports and exports of ountry’s trade goods have called for ban on imports of non essential luxury items, including exotic fruits. Ahmad Jawad, Regional Chairman on Horticulture Exports, Federation of Pakistan Chambers of Commerce & Industry (FPCCI) here on Tuesday said during past few years imported fruits like apples, oranges and some other vegetables have penetrated in the markets. This, he said was despite the fact that Pakistan itself was blessed with fruits and vegetables known for their unique taste. “Yet we witness that imported fruits are sold at much higher rates as many of the consumer are attracted to their cosmetic look,” com-

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mented the FPCCI official. In reply to a question, he acknowledged that import of apple and other fruits has supplemented the limited availability of local varieties of the same fruits. “High price of imported fruits has simultaneously shrunk the market as many consumers find it beyond their means”, he said. In the given situation, the FPCCI official said there was dire need for investment in the fruit sector, right from production to packing levels. To another query, he said urgent attention must also be extended towards tapping international markets for locally produced fruits and vegetables as they can easily clinch demand worth Rs. $1000 million annually. Concerted efforts, dedication and sincerity of purpose is needed, he said seeking reduction in the export duty on horticulture produce coupled with provision for 10% freight subsidy ultimately turning fruits and vegetable of the country competitive for the buyers.

National

customs court approves physical remand of accused involved in smuggling

Ahsan reviews security situation of cpec projects ISLAMABAD

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inister for Interior, Ahsan Iqbal directed the concerned departments to improve capacity of security institutions in a bid to provide safety to China Pakistan Economic Corridor (CPEC) projects.

Chairing a meeting of Joint Working Group held here to review current security situation of the projects and keeping in view their importance, the Minister directed to arrange meeting of the Group at least once in a month. He said“Chinese people coming to Pakistan are our guests, therefore, attacks on them will be considered as attacks on the state.”Ahsan Iqbal said security of maritime trade corridors was inevitable for projects attached to CPEC. The meeting was informed that a Task Force was being formulated to provide provinces advance information relating to arrival of Chinese citizens to Pakistan. Ahsan Iqbal said that CPEC projects were considered to be milestone of Pakistan’s history and the country was becoming centre of world’s attention.“CPEC would not only give benefits to Pakistan but to the whole region,”the Minister said, adding that CPEC was a geographical and economic reality which would change socio-economic scenario of Pakistan and rest of countries in the region.

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he Special Court of Customs Taxation and Anti-Smuggling has approved three days physical remand of accused involved in smuggling of contraband items.

According to details, Investigation and Prosecution (I&P) team of Multan Customs produced two accused before the Customs Court after their arrest. Multan Customs requested for physical remand of accused in smuggling of contraband items. It is important to mention here that Anti-Smuggling Organization has carried out successful operation on direction of Collector Saud Imran Ahmad in the Multan Cantonment area of Uppel Shaheed Road and Dhobi Mohallah on the credible information from their sources. Alleged smugglers have dumped huge quantity of contraband items in their private storerooms and they were supplying these contraband items to retailers of South Punjab. Multan Customs teams intercepted huge quantity of contraband items of foreign origin including Gutka, chewing tobacco, Ratna, Pan Parag, Sheesha Rlavors,

Wednesday September 27, 2017

cigarettes and others on the said information. Customs anti-smuggling squad arrested the two persons in their which were identiRied as Muhammad Naeem and Arslan Khan during their action. Customs teams shifted the seized goods in Customs House and completed valuation of contraband items. AntiSmuggling Organization formed advance information report of action taken against contraband items.

Multan Customs Investigation and Prosecution found that said seized contraband goods were belong to main suspect Ameer Khan Pan Shop who was dealing with these non-customs paid goods and smuggled items.

Customs Court adjourned hearing of smuggled contraband items till September 18 and granted three days physical remand of accuse for further investigation.

govt releases Rs7.5b for hakla-Yarik Motorway

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ISLAMABAD

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he government has released Rs 7.5 billion for the construction of Hakla on M-I to Yarik Dera Ismail Khan Motorway under its Public Sector Development Programme (PSDP) 2017-18.

According to official latest data released by Planning Commission, a total cost of the project was estimated Rs110.208 billion while an amount of Rs 12 billion had so far been spent on the project.

In addition, the government allocated Rs 38 billion for this project for the year 2017-18. Mean-

while, an official in the Planning Commission said that the construction and land acquisition work on all portions of the Western Route of China Pakistan Economic Corridor was in progress and it was expected the major work on the Route would be completed by next year.The shortest of all CPEC routes is Western Alignment of the CPEC which is 2,463 km in length and starts from Khunjrab, passing through Burhan (Hakla), D.I Khan (Yarik), Zhob, Quetta,Surab and Hoshab and terminates at Gwadar.

The Western Routes’ 615 kilometer Khunjrab-Raikot section has

already been completed while Havelian- Abotabad-Manshehra (40 km) section will be completed

by May, 2018.

This project is an important part of Western Route of CPEC and the 285 km-long Motorway will be completed in two years at a cost of more than Rs 142 billion.

“The project alignment starts at Hakla, near Tarnol interchange on M-1 and passes through Fateh Jhang, Mianwali, Kundal and ends at Yarak at Indus Highway (N-55).”

He said that the alignment of motorway passed through developing areas and its construction would generate new employment

opportunities. Availability of highspeed transportation will pave way for improvement of health and education sectors as well, and local produces will easily be taken to the big markets.

He said that rehabilitation of D.I.Khan-Mughalkot section of N50 would be completed by 2018 while dualization of 531 km D.I.Khan to Kuchlak section of N50 would be operational by 2020.

The objective of the CPEC is to promote trade ties with neighboring countries Central Asian States and South Asian countries, which will ultimately make Pakistan a trade hub in this whole region.

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World Customs

Brazil coffee exports down 21% in August

SAO PAULO: Brazil exported 2.11 million 60-kg bags of green coffee in August, 21.4 percent less than in the same month a year earlier, exporters association Cecafé said on Monday. Despite the fall from last year, Cecafé said volumes are showing signs of recovery after poor monthly numbers. August shipments were around 500,000 bags above July, it said. Brazil has essentially finished the harvest of a smaller coffee crop this year, due mainly to the off year in the biennial coffee production cycle. But producers have been slow to sell the crop waiting for better prices. “August brings a better outlook for exports, although weak.

Wednesday September 27, 2017

Boc seized p2M worth of smuggled glutinous rice

Saudi govt fund to invest $2.7b in entertainment RIYADH

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MANILA

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he Bureau of Customs (BOC) has discovered misdeclared goods inside a container van from Hong Kong. Its accompanying documents states it contains apparels such as undergarments. But following X-ray inspection, the Customs personnel discovered sacks of glutinous rice worth to about P2million. “This has been the result of our intensiRied activity with the help our X-ray machine. This has been declared as apparels, but when it undergone X-ray, we saw it contains rice and not bras,” BOC Comm. Isidro Lapeña said. The BOC will conduct an investigation on the cargo’s consignee, Worldwide Apparel Manufacturing Inc. and its broker Juan Jefferson Tuano. They might face charges for violating the Customs Modernization and Tariff

turkish economy to grow 5-6% in 2017 urkish Deputy Prime Minister Mehmet Simsek said 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 20022016 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. –CB Report

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Act (CMTA) and the Anti-Agricultural Smuggling Act. Customs gave the consignee until Wednesday to pay for its duties and taxes in accordance with the CMTA. If the consignee fails to pay until the given deadline, the BOC will move to take further action on the contents of the cargo. Commissioner Lapeña said authorities will thoroughly examine the confiscated glutinous

rice to determine if it is fit for human consumption so it can be auctioned off, or disposed. “All the process here in the Bureau of Customs will be facilitated because the problems here came from these kind of violations,” Lapeña said.

Meanwhile, the Customs academy is expected to open before the end of this year. It aims to train and teach new BOC employees.“

china post Bank raising $7.3b via preferred shares to shore up capital

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ostal Savings Bank of China Co (PSBC) is raising $7.25 billion through an issue of preferred shares to shore up its capital buffer and boost lending, becoming the latest Chinese bank to raise funds through the hybrid securities. Staterun PSBC’s fundraising comes a year after it garnered $7.63 billion in a Hong Kong IPO. The lender also unveiled plans in August for a share listing in Shanghai to raise $785 mil-

lion. The deal will help PSBC “to enhance the overall competitiveness of the Bank, improve the capital structure and to achieve sustainable development,” it said in a statement on Friday. The proceeds will be used to increase its so-called additional tier 1 Capital and support future business development, it said. PSBC’s preferred shares will yield 4.5 percent a year and have a par value of 100 yuan each, it added. –CB Report

he Public Investment Fund (PIF), a sovereign wealth fund controlled by the government of Saudi Arabia, is to form a new investment vehicle in a bid to kickstart the kingdom’s entertainment sector. The as-yet unnamed company, which will have an initial capitalisation of SR 10 billion (US$2.67bn), will seek to attract international partners in a bid to “expand the scope and variety of entertainment offerings” in Saudi Arabia, says PIF, starting with a new entertainment complex, opening in 2019. “The company’s efforts will enable the development of, and provide incentives for, the entertainment sector, as well as building local capabilities within the kingdom,” reads a statement from the fund.

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the Sunni theocracy is seeking to reduce its dependence on oil by developing its service sector, including a domestic entertainment market. The General Authority for Entertainment (GEA), created by royal decree in May 2016, is spearheading the entertainment drive, and has so far been responsible for bringing shows including Cirque du Soleil and the Lion King musical to the kingdom, as well as the Rirst Saudi Comic Con. Live music contributes a greater share of music industry revenues in the Middle East and North Africa than elsewhere in the world – 90%, compared to around 65% worldwide – and foreign investment in pouring into the Saudi Arabia’s Middle Eastern neighbours Israel, Dubai, Abu Dhabi and Qatar. In March, Saudi capital Riyadh hosted its Rirst concert since 1988 – music is generally considered sinful (haram) Saudi religious authorities marking the start of a “major social shift in the conservative kingdom”, according to The New Arab.

Iran petrochem exports earn $4.6b ranian petrochemical production in the first five months of the current fiscal year (March 21-Aug. 22) reached 22.6 million tons, the National Petrochemical Company said in a report, which amounts to $4.6 billion in export revenues. Nominal production capacity of 57 major petrochemical complexes, mostly concentrated in the cities of Mahshahr (Khuzestan Province) and Asalouyeh (Bushehr Province), is forecast to reach 72 million tons by March 2018, with actual output forecast to reach 60 million tons in six months. NPC said 21 complexes in Mahshahr pro-

duced 8.15 million tons of petrochemicals in the five-month period.

Plans are made to produce about 21 million tons of petrochemicals in the zone by the end of the current fiscal in March 2018. Nominal production capacity of petrochemical plants in Mahshahr amounts to 25.6 million tons. Production from 16 complexes in Pars Special Economic Energy Zone in Asalouyeh hit 9.77 million tons in the period.

The nominal capacity of Asalouyeh complexes is estimated at 32.7 million tons per year, with actual production expected to surpass 26 million tons. –CB Report

Russian bank in talks to bail out big private lender

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MOSCOW

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ussia’s central bank says it is considering a rescue of B&N Bank, a large private lender, three weeks after another Russian bank had to be bailed out. The central bank said on Wednesday that Mikhail Gutseriev, the oligarch

whose Safmar Group owns B&N, had asked for a rescue through a new fund. “We will take a decision on this issue in the near future,” the central bank said. B&N did not immediately respond to a request for comment. Mikhail Shishkhanov, Mr Gutseriev’s nephew who coowns B&N, said the lender was in an “active stage of negotiations” with the central bank over “effec-

tive financial recovery”. Mr Shishkhanov blamed B&N’s struggles on MDM, which it acquired in 2015, and Rost Bank, a failed lender that it is absorbing with central bank funds. Those banks’ problems, Mr Shishkhanov said, “turned out to be much more serious than assumed in the conditions of a falling market and the current economic conditions”. The central

bank also said that it had provided B&N with emergency liquidity at its owner’s request but did not disclose the terms. Before bailing out Otkritie last month, Russia’s largest private lender, the central bank provided it with Rbs728bn in August, some of which came through an emergency mechanism that bankers told the FT amounted to an unsecured loan.

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Ports Australia calls for regulation changes WASHINGTON: Loosening shipping regulations at berths such as the Port of Townsville could rejuvenate regional economies, according to Ports Australia. The industry group made submissions to a parliamentary inquiry examining the Government’s role in developing Australian cities.

Ports Australia chief executive Mike Gallacher said the ability of international ships to move easily between Australian ports would result in increased economic activity and jobs, which would rebuild regional and rural centres. Port of Townsville trade development executive Maria James said most freight came to Townsville through the road network, a costly and inefficient system.

global ports profit plunges on lower fX gain, higher costs lobal Ports Investments PLC on said profit plummeted in the first half of 2017 mainly due to a much-smaller foreign exchange gain, lower revenue, tighter margins, and higher costs, while it is continuing to favour paying down debt over dividends. The company, a leading container and oil products terminal operator servicing Russia’s cargo flows, said pretax profit in the first six months of the year was just USD3.0 million, a steep decline from the USD152.9 million profit reported a year earlier. The decline was caused by a combination of lower revenue of USD162.5 million compared to USD163.7 million the year before, tighter margins causing gross profit to decline to USD82.5 million from USD108.7 million, higher administrative and financial

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costs, increased losses from joint ventures and wider miscellaneous losses. The major difference, however, was the gain on foreign exchange in the first half of USD15.1 million, significantly lower than the USD106.9 million gain a year ago.

The total net finance costs of USD11.0 million also represented a big change compared to the USD92.6 million of net finance income the year before. Global Ports said revenue declined due to a 7.1% decrease in container revenue that was largely offset by the 31% growth in non-container revenue. No dividend was declared as the company continues to deleverage, ending June with net debt of USD915.0 million, reducing it from USD947.3 million at the end of 2016. –CB Report

Ports & Shipping

port of New orleans closes deal linked to expansion T

WASHINGTON

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he Port of New Orleans has closed a major real estate deal as part of the process that puts the Public Belt Railroad in its hands and turns over prime Mississippi Riverfront real estate to the city. The port has purchased a former France Road shipyard on the Industrial Canal for $10.5 million from a real estate entity that belongs to Shane Guidry, owner of Harvey Gulf International Marine.

Port President and CEO Brandy Christian and Guidry closed the deal Aug. 28, according to Orleans Parish real estate records. Donnell Jackson, the port’s media relations manager, said the acquisition will allow one of the port’s tenants, TCI Packaging, to relocate from the Gov. Nicholls and Esplanade Avenue wharves. That riverside property will be transferred to the city, which plans to turn the site into a public space that Mayor Mitch Landrieu has said would be part of the largest, contiguous riverfront park in the country.

In exchange for the riverfront real estate, the Port of New Orleans receives the Public Belt Railroad, a “switching” line that connects the port with six major freight railroads.

As part of the TCI relocation deal, the port will pay $4.5 million toward improvements on the property at 4325 France Road. TCI also renegotiated its current lease with the port, which waived its rent for the remaining two years. The company has agreed to a

20-year lease starting in July 2019 for the France Road property. Its new annual rent will be $647,679 equal to TCI’s current lease rate at the Gov. Nicholls and Esplanade Avenue wharves plus an additional $80,000 for additional land along the Industrial Canal, said Matt Gresham, the port’s external affairs director. The rent amount will be adjusted for inRlation when the port begins collecting it in July 2019, he added.

Wednesday September 27, 2017

five ships take berth at port Qasim risk Shipping activities were observed at the Port where five ship C.V Express Black Sea, C.V MSC Heidi, C.V Northern Movement, M.V Sea Treasure and M.T Pacino Spint carrying containers, steel coll and furnace oil took berths at Qasim International Container Terminal, Multi-Purpose Terminal(MW-1) and FOTCO Oil Terminal on Tuesday, 05th September-2017 respectively.

Meanwhie three more ships M.T Mer Babu, M.V Friendly Stea and M.V Sasklas scheduled to load/offload crude oil, coal and soya bean also arrived at outer anchorage of Port Qasim during last 24 hours. Berth occupancy was observed at the Port at 47% on Tuesday where a total of eight ship namely, Express Black Sea, MSC Heidi, Nothern Movement, APL Columbus, Sea Treasure, Sea Joy, North Gas, Wawasan Jade and Pavino Spint were occupred PQA berths to load/offload containers, steel coll, rape seeds, LPG, palm oil and furnace oil respectively during last 24 hours. –CB Report

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port of kalama drops permit appeal WASHINGTON

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n appeal by the Port of Kalama regarding a conditional use permit for a planned $1.8 billion methanol reRinery has been dropped following clariRication from the state Department of Ecology, a release from the port stated late last month. The appeal was speciRically regarding regulations on greenhouse gas emissions on a marine terminal that both the port and Northwest Innovation Works, the company behind the plant project, had proposed as part of the facility.

The port had initially Riled the appeal in June following Ecology’s initial approval of the permit. Since the Riling of the appeal Ecology had provided documents clarifying that the conditions don’t apply to the port’s activities in the shoreline related to

operating the marine terminal, thus the port doesn’t have a requirement for compliance, according to Port of Kalama Executive Director Mark Wilson. “We do not oppose regulation of greenhouse gas emissions,” Wilson stated in the release. “Ecology’s clariRication of their position has addressed the concerns that triggered the Port’s appeal.” A dock, berth, equipment for loading as well as stormwater and utilities systems are all included in the terminal part of the project, according to the release. Ships using the terminal would connect to shore power, reducing air emissions coming from the vessels. Also appealing Ecology’s permit decision are a group of environmentally-minded activist groups including Columbia Riverkeeper, the Sierra Club and the Center for Biological Diversity. Their appeal, however, argues that Ecology “failed to disclose and evaluate the full envi-

ronmental impacts of the project and erroneously concluded that the project will not have a signiRicant adverse environmental impact.”

Meanwhile, The Port of Vancouver is taking the unusual step of asking for a ruling against itself in a lawsuit challenging its past interpretation of the Washington Open Public Meetings Act. In a motion for summary judgment Riled Wednesday in Clark County Superior Court, port attorneys wrote, “The Port acknowledges that Riverkeeper is entitled to a declaration that the Port of Vancouver USA violated the OPMA during at least one of the executive sessions held between March 2013 and July 2013.” The port is being sued by Columbia Riverkeeper, the Sierra Club and Northwest Environmental Defense Center, which allege it violated the Open Public Meetings Act when it discussed the minimum price for a real estate lease to the Vancouver Energy oil terminal

during executive session. The port’s move caught the plaintiffs off guard.

“We’re still evaluating next steps,” said Columbia Riverkeeper Executive Director Brett VandenHeuvel, who added that his organization hasn’t seen anyone else ask for a motion against themselves. The lawsuit is scheduled to be reheard by Judge David Gregerson on Oct. 26. In 2015, Gregerson ruled Rive of seven executive sessions the port held in 2013 were properly held when they discussed the minimum price of the lease they’d offer Tesoro Corp. and Savage Cos. — the two companies behind Vancouver Energy. But in June, the Washington State Supreme Court reversed his ruling, opined on how the act applies to real estate pricing, offered guidance on public meetings and executive sessions and sent the case back to Gregerson’s court to be reheard based on their interpretation.

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Pakistan’s Liquid Foreign Reserves Position KARACHI: The total liquid foreign reserves held by the country stood at US$20,099.7 million on 15 September 2017. This was announced by the State Bank of Pakistan (SBP). It said that the break-up of the foreign reserves position is as under: Foreign reserves held by SBP: US$ 14,283.6 million Net foreign reserves held by commercial banks: US$ 5,816.1 million Total liquid foreign reserves : US$ 20,099.7 million. During the week ending 15 September 2017, SBP’s reserves decreased by US$ 474 million to US$ 14,284 million, due to external debt servicing and other official payments.

Wednesday September 27, 2017

Business

Rs554.214m spend on upgradation of stations ISLAMABAD

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akistan Railway has incurred Rs. 554.214 million on account of repair, renovation and reconstruction of stations in the country during the last four years. “The amount incurred in provinces included Punjab Rs 330.270 million, Sindh Rs 189.981 million, Khyber Pakhtunkhwa Rs 23.608 million and Balochistan Rs 10.355 million,” an ofRicial in the Ministry of Railways said.

He said that in addition to above rehabilitation work of track, bridges and stations on Sibi-Khost Section is in progress which includes rehabil-

IRSA releases 181,500 cusecs water ISLAMABAD

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itation of eight stations on this section at cost of Rs 200 million.

The up-gradation and renovation of Kohat Cantt Railway Station at cost of Rs 51.679 million is in progress,

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which includes up-gradation of stations in Balochistan at cost of Rs 243.49 million. He said that up-gradation of stations in Khyber Pakhtunkhwa at cost of Rs 442.71 million is also in progress. Meanwhile, Government is undertaking a series of measures to turn Pakistan Railways into a proRitable entity. According to the Railways ofRicials, priority was being given to the freight sector to increase revenue. Fifty-Rive new freight speciRic locomotives have recently been added to the Rleet to improve the share of freight earnings, Radio Pakistan reported. They said preference is being given to transport high rated commodities like petroleum products. The ofRicials said the track of main corridor, ML-1, is also being upgraded under CPEC to increase speed of trains.

RAWALPINDI

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he National Accountability Bureau (NAB) issued a list of 10 proclaimed offenders who were involved in various cases of corruption and corrupt practices.

According to a public notice issued here, the NAB Rawalpindi announced cash prizes for those who would provide information and help NAB authorities in arrest of the proclaimed offenders.The NAB would keep particulars of those who provide information about the absconders in complete confidence. Those inclined to divulge any information about the whereabouts of accused can directly access Deputy Director (Intelligence and Security) NAB through telephone Number 0519220821 or e-mail nabrwpiv@gmail.com. The list of proclaimed offenders includes: Dawood Khalid s/o Muhammad Ayub, resident of Mohalla Arayan Rawalpindi, Muhammad Shahid Aziz s/oAbdul Aziz, resident of Jhandi Syedan Rawalpindi, Adeel Nisar Butt s/o Nisar Ahmed Butt, resident of Wah Cantonment, Rawalpindi, Rana Ghulam Farid s/o Rana Muhammad Sarwar Khan, resident of Nangal Jamshed Narowal.

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‘economy put on high growth trajectory during last four years’

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he Indus River System Authority (IRSA) released 181,500 cusecs water from various rim stations with inflow of 102,300 cusecs. According to the data released by IRSA, water level in the Indus River at Tarbela Dam was 1506.66 feet, which was 126.66 feet higher than its dead level 1380 feet. Water inflow in the dam was recorded as 61,500 cusecs while outflow 95,000 cusecs. The water level in the Jhelum River at Mangla Dam was 1210.30 feet.

out of which work of Rs 10.980 million has been completed so far, he added. The ofRicial said that a PC-I for up-gradation and renovation of station buildings is under process

NAB Rawalpindi issues list of pos

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ISLAMABAD

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he Spokesman of the Finance Division Saturday categorically rejected a report carried by a section of press, “Dar’s Legacy: a heavily-indebted Pakistan” saying during last four years the national economy witnessed tremendous growth. In a statement, the spokesman said that in the past four years of the present government had seen tremendous economic growth whereby the size of

the economy grew from USD 225 billion in 2013 to USD 304 billion in 2017 thus constituting an aggregate growth of 35 percent during the said period. This was only made possible by the prudent policies of the government that included historically low domestic interest rates, a prolonged and sustained period of low inflation and price stability, significant surge in private sector credit, huge increase in PSDP spending and above all an effective monetary policy coupled with a judicious fiscal policy that saw the budget deficit come down

from 8.2 % in 2013 to 5.8% in 2017. Despite all these positive developments, some detractors habitually cherry pick the selective numbers and present them in isolation without giving the reader a proper perspective and a complete picture of the economy. The news report said that Pakistan’s total debt and liabilities increased to Rs 25.1 trillion. It further stated that total external debt and liabilities has increased to roughly $83 billion by end of fiscal year 2016-17 and a sum of $8.2 billion was spent on external debt servicing.

china agrees to give market access to 70 items ISLAMABAD

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hina has agreed to provide market access to 70 items, shared by Pakistan besides providing concession on all items included in the offer list.

This acceptance came during the negotiations held under 2nd phase of Pak-China Free Trade Agreement (FTA) in China. “We want the con-

cession on 70 import items and low tariff line on products for further trade liberalization in 2nd phase of FTA between Pakistan and China”, a top official of Ministry of Commerce. FTA with China, the official said negotiations on Phase-II of the agreement with the country was held in September 13 to 14 in China which was led by Secretary Commerce Younas Dhaga. He, however, added that Pakistan was desirous to have duty relaxation on 70 prod-

ucts before launching the phase-II as same China given to Association of South East Asian Nation (ASEAN) countries. “We demanded unilateral relaxation on 70 different products for coming three years before signing Phase-II of FTA with China.” the official said. While talking about Pakistan and Thailand FTA , he said that both the countries have agreed on to present the complete offer list of Free Trade Agreement (FTA) on October 15,

2017 for reaching near the final agreement. Pakistan wants concession on 100 products as same Thailand granted to other FTA partners in these products,he said. Ninth round of talks between Pakistan and Thailand will be held from November 14-15 in Thailand to reach a final decision on Free Trade Agreement (FTA). Both sides had exchanged the final offer lists of items for free trade, including automobile and textile sectors for re-

moving the reservations of both sectors. During the 9th round, he said, talks would be held on the text of agreement, tariff reduction modalities, complete request lists from both side and offer lists.

The official said that Pakistan had relative advantages over Thailand in some 684 commodities including cotton yarn and woven textiles, ready made garments, leather products, surgical instruments and sports goods.

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Iran condensate exports to hit 5-month low in Oct TEHRAN: Iranian exports of ultra-light crude oil known as condensate are set to fall to a five-month low in October, with supplies to its largest buyer South Korea cut by half, a source with knowledge of Iran’s preliminary tanker schedule said. That comes after six industry sources said on Tuesday that the National Iranian Oil Co has informed buyers in Asia that it could reduce condensate exports in October due to maintenance at the South Pars gas field. Iran plans to load about 295,000 barrels per day (bpd) of condensate for exports in October, down 31 percent from an estimated 429,000 bpd this month, said the source, who declined to be identified as he was not authorized to speak to media. The expected drop in Iranian supplies has already boosted premiums for similar oil from Qatar to the highest in 10 months, while driving up prices for condensate produced in the Asia-Pacific such as Malaysia’s Muda.

fpccI urges fBR to expedite refund payments LAHORE

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Wednesday September 27, 2017

Chambers

‘partnership can help pak-chinese entrepreneurs to prevail in global field’

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he acting president of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Irfan Ahmed Sarwana, has claimed that over 0.2 million audit cases were pending with the Federal Board of Revenue (FBR) causing liquidity crunch for the export trade. The FPCCI president attributed the falling exports, which have declined to $20 billion from $25 billion in 2014, to the high cost of production and inordinate delays in payment of refund claims to exporters. He further said that as the government fails to timely pay exporters their refunds, they are forced to take loans at high markup rates to meet their export commitments to ensure timely delivery to foreign buyers.

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Sarwana lamented that even after the assurance given by the finance minister for paying refund claims against which Release Payment Orders (RPOs) have been issued up to April, no development took place on this front. It was unfortunate, he said, when nil sales tax returns filers such as exporters, sole distributors etc submit their refund claims, they are served audit notices to discourage them. Referring to the complicated and cumbersome procedure of sales tax registration and deregistration, he said, a large number of applications are pending and this retards growth of trade and industry. He suggested that traders should be temporarily registered with sales tax within seven days of filing of application in order to allow him to start normal business activities and that tax officials may continue their verification process at their end.

LAHORE

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artnership between Pakistani and Chinese entrepreneurs can help both countries prevail in the global economic Rield therefore businessmen of both countries should workout plan in this regard on win-win basis.

This was stated by the LCCI President Abdul Basit while speaking at a high-level dialogue arranged by the Federation of Chengdu Industry and Commerce in China. Chief Executive OfRicer of Punjab Board of Investment & Trade Jahanzeb Burana, Pakistan Commercial Counselor Haroon Masood Vice President of Federation of Chengdu Industry and Trade He Ying also spoke on the occasion. Abdul Basit said that China is a major contributor to the Pakistani imports that is major reason of trade imbalance between the two countries. Measures should be taken help Pakistani products making way to the Chinese market.

The LCCI President said that Chinese investment in power, textile, pharmaceutical, dairy, livestock and

agriculture sectors can bring two friendly countries more closer besides attracting much-needed foreign direct investment to Pakistan.

He said that Pakistan is looking Chinese businessmen for making joint efforts aimed at boosting bilateral trade and economic relations.

He said that in the context of ongoing project of China-Pakistan Economic Corridor, the need and importance of private to private contacts has mounted. In this scenario, the role of chambers of commerce has widened.

Abdul Basit informed the participants that Lahore has a special signiRicance being the hub of business activities in Punjab. Both public and private sector organizations are striving hard to fully exploit the trade and investment potential of Punjab in collaboration with foreign investors. He said that China is Rirst choice for Pakistani businessmen to join hands for joint ventures. He hoped that the state level cooperation between two countries will bring greater fortune to both of us.

He said that stats of two-way trade

fccI urges enhance trade volume with uk FAISALABAD

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ngineer Muhammad Saeed Sheikh President Faisalabad Chamber of Commerce & Industry (FCCI) has welcomed the scheduled visit of British Trade Minister and urged upon all related ministries particularly commerce ministry to immediately consult Federation of Pakistan Chambers of Commerce & Industry (FPCCI) and all other leading chambers including FCCI to evolve a comprehensive dialogue strategy to enhance volume of bilateral trade between the two countries.

He told that British High Commissioner Thomas Drew has disclosed that British State Minister is visiting Pakistan during next week.

He said that Pakistan should take

appropriate steps to en-cash from this visit by getting maximum dividend. He said that UK was one of the major and most important countries of the European Union (EU) and new situation after parting its ways from EU will create multiple GSP-Plus related problems for Pakistan. Hence, Pakistani government should take immediate steps to overcome the emerging challenges after Brexit.

He said that no doubt at that moment the balance of trade is in the favor of Pakistan but we must convince British Trade Minister to incentivize and provide maximum facilities to the UK companies to invest under the CPEC related opportunities. It will not only help the British investors to earn the sizable proRits but it will also have positive impact on the economy of Pakistan.

He said that the real and core issue

is in-time decision making for which we should adopt a clear and proactive policy before the arrival of British Trade Minister. He said that the British Trade Minister is visibly coming with his own speciRic agenda and certainly he will utilize all available diplomatic resources to achieve his objectives. Similarly we should also try our best to create a win-win situation for the both countries and in this connection the Commerce Ministry should immediately initiate a series of negotiation with the Pakistan Businessmen dealing with the British and other EU countries. He said that we should try our best to increase the bilateral trade volume up to 3 billion Dollars as it will help Pakistan to stabilize its economy on strong and sustainable footings. Earlier, President FCCI Engineer Muhammad Saeed Sheikh also inaugurated a photo exhibition.

are bound to improve in a decade or so because once the China-Pakistan Economic Corridor project becomes fully functional, a win-win situation will take place for both the countries.

In the meantime, we need to interact on regular basis for exploring avenues for trade expansion and opportunities for investments. He said that there are ample opportunities of trade available for Chinese businessmen in almost all the sectors or subsectors of economy. He said that Pakistan has got a lot to offer and become closest trading partner of China.

fpccI Achievements Awards ceremony on october 4 he 5th FPCCI Achievement Awards function will be held on October 4, here. Top businessmen, parliamentarians, bureaucrats and foreign dignitaries will attend the very prestigious event for the private sector. Federal Minister for Commerce and Textile Pervaiz Malik will be the chief guest, said FPCCI statement here on Tuesday. Federation of Pakistan Chambers of Commerce and Industry has sought confirmations from newspapers and Tv channels for publishing special supplement and airing special programmes on the occasion of these awards. These publications and programmes should highlight the salient features of the awards, messages of Federal Commerce Minister, Federal Ministers, Governors. –CB Report

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FBR separates Khanewal & Kasur from RTO Sahiwal MULTAN: The Federal Board of Revenue has separated two districts (Khanewal and Kasur) from newly created Regional Tax Office Sahiwal on the demand of business community.

The Federal Board of Revenue has set up new Regional Tax Office in Sahiwal to expand the tax collection in the area. After setting up of new Regional Tax Office in the Sahiwal, business community of few districts were facing multiple issues after sudden change in their jurisdiction.

Wednesday, September 27, 2017

CUSTOMS BULLETIN

gwadar customs confiscates NDp goods worth Rs 13.67m during 20 days of Sep GAWADER wAQAR AhMeD ANSARI www.customsbulletin.com

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ustoms Collectorate Gwadar conRiscated various nonduty paid items, including Commercial molding machines, generators, air conditioners, room coolers, imported watches, Iranian diesel, and many other things worth Rs 13.67 million during Rirst 20 days of September.

Source told Customs Today that on a tip-off regarding the possible smuggling of narcotics and others items, the Collector Gwadar Junaid Mehmood constituted a team of Customs AntiSmuggling Organization (ASO) under the supervision of Customs Preventive Inspector Kamran Lashari. The team, during a search operation, intercepted a vehicle bearing registration no: KGS:9987 which was going to Pasni from Bar area. During the search of the vehicle Customs team recovered a huge quantity of hashish and different kind of smart phones from vehicles (passenger van). The customs team found 15 packets of hashish and 100 set of smart mobile phones worth Rs 2.1 million. The team impounded all the items including vehicle which was being used to smuggle these narcotics and mobile phones and arrested

3 smugglers who were later identiRied as Sarfaraz Ali , Nasir Jamshed and one

unknown. The customs team registered FIR against accused persons

and started investigations. Sources said this is the 7th raid of Gwadar

Customs during the current month of September.

Sialkot exporters to establish their own bank SIALKOT

ZAfAR MALIk

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he trendy Sialkot exporters now actively considering on a proposal of establishing Sialkot exporters’ own private bank at Sialkot for facilitating the Sialkot based SMEs besides giving the Rinancial boost to Sialkot’s export industries as well.

Central Chairman of Pakistan

Readymade Garments Manufacturers and Exporters Association (PRGMEA) Ejaz A. Khokhar disclosed this while talking to the newsmen at his Sialkot ofRice here. He said that he had Rloated the idea of establishing Sialkot exporters’ own private bank a few months ago, saying that the name of this proposed bank would “Sialkot Bank Limited”.

He said that establishment of Sialkot exporters’ own bank was the need of the day, which would help the SMEs Rinancially besides booming up the Sialkot export industries as well.

Central Chairman PRGMEA Ejaz A. Khokhar added that the trendy Sialkot exporters were in very strong position to undertake this mega project of establishing their own bank after successfully completing the mega projects of establishing Sialkot International Airport and even establishing Sialkot exporters’ own private airline namely “Air Sial” on self help basis, setting the unique examples of self help for the others, advising others to replicate. He said that the project of establishing “Sialkot Bank Limited” would soon be

started by the Sialkot exporters now, as it was the turn of undertaking Sialkot Bank Limited by Sialkot exporters on self help basis now after the mega projects of Sialkot international airport and Air Sial as well.

He said that the Sialkot exporters had been earning the foreign exchange to the tune of US$ 2 Billion annually, thus it would be very easy for the Sialkot exporters to run their own private bank namely “Sialkot Bank Limited” easily , saying that the existing banks were not facilitating the Sialkot exporters amicably ,

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due to which the establishment of Sialkot exporters’ own bank has become the need and demand of the day, he revealed.

Ejaz A. Khokhar added that the majority of the Sialkot exporters has shown keen interest in this proposal of establishing Sialkot Bank Limited which would Rlourish the Sialkot export industries by providing the soft term easy Rinance to the SMEs, enabling them to work hard with full devotion, dedication, enthusiasm and with complete peace of mind promote the Sialkot exports as well.