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CUSTOMS TODAY Customs Today is a go addition to the m od ed spectrum which qu ia it efficiently covers e al aspects and activi most all ti FBR, Pakistan Cust es of oms and its related functi onaries.

Through its positi ve approach, Custom s has captured a su Today stainable position in a shor t span of time.

Imposition of extra 2 % tax on sales of auto parts constituted hardship for industry and resulted in surge in vehicle prices, says Dar. | See pAge 05 | TRAdINg WITH INdIA

Pakistan is not going to grant NDMA status to India unless the neighbouring country accommodates our main exportable items, says Dastgir. | See pAge 09 | HANdLINg cOAL AT pORTS

Rubina Wasti showers Tariq Bajwa with praise for his sagacious steps to transform FBR into a vibrant organisation KARACHI

SOHAIL RAB KHAN

All relevant ministries have been taken in the loop to ensure uninterrupted supply of coal from ports to entry gates of power plants, says Michael. | See pAge 10 | AcHIevINg ReveNue TARgeT

FBR has introduced certain reforms to bring new taxpayers into tax net to achieve revenue collection target, says FBR Chairman. | See pAge 04 |

— Exclusive Customs Today photo

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he World Customs Organisation (WCO) has declared the Directorate General of Training and Research (DGTR), Karachi, as a regional hub of Customs training.

This was revealed by Directorate General of Training and Research Director Rubina Wasti during an exclusive interview with Customs Today at her ofNice.

Speaking her mind, Rubina Wasti informed Customs Today that objective of the Directorate General Training & Research (DGTR) was to portray soft image of Pakistan Customs and the Directorate while keeping its importance in view. The Directorate had launched updated programmes, training sessions, seminars and other activities on the website, she added.

“The DGTR, despite meagre resources, has been acting as a catalyst for transforming young inductees and operating staff including preventive ofNicials through quality training”, she pointed out. She claimed that the DGTR was also initiating contemporary programmes for newly-appointed Assistant Collectors and educating them on the Customs tariff and advance programmes of WTO.

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Rubina Wasti further revealed that refresher courses had also been initiated for the Customs ofNicers including Assistant Collectors (ACs) and Deputy Collectors (DCs), adding that interactive seminars for Collectors and Additional Collectors were also being organised from time to time for their convenience.

“The DGTR organises training sessions on regular basis to facilitate trade bodies including importers, exporters and Customs agents,” she said, adding that these training sessions were mandatory for Customs agents and other stakeholders. Highlighting the importance of DGTR, Rubina Wasti maintained that the Directorate organised budget related discussions and postbudget seminars while multi-national companies were being facilitated with holding seminars at the DGTR Building with a view to increase revenue.

Rubina Wasti revealed that the DGTR had established an International Research Centre for countering drugs trafNicking and details of which were also available on the United Nations (UN) website.

Replying to a question, she said that the DGTR in collaboration with Japan International Cooperation Agency (JICA) had also completed a “Business Interactive Session” for Japanese and more such sessions would also be organised for Malaysians and other neighbouring

countries.

“Now, we have an efNicient computerised system and Pakistan Customs has been rendering invaluable services despite limited resources”, she claimed.

On the occasion, Rubina Wasti urged that the Nield formation ofNicers/ofNicials of Pakistan Customs to project their good works, adding that Pakistan Customs should take other agencies on board in border security management and other affairs related to security issues.

Citing the example of United States of America (USA), Rubina Wasti said that all agencies were working under the Customs authorities in the US and such strategy should be replicated in Pakistan, she stressed.

To another query, Rubina Wasti said that the DGTR also provided training to Customs ofNicers from friendly countries as per recommendations of WCO. She highlighted that the DGTR also organised courses regarding anti-money laundering, risk management, change management and other such issues for ofNicers of Pakistan Customs and other friendly countries. Rubina Wasti lauded the efforts of the FBR for raising revenue collection and broadening tax net. DGTR Director showered FBR Chairman Tariq Bajwa with praise for his sagacious steps to transform FBR into a vibrant organisation.

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NATIONAL

MARCH 18 - MARCH 24, 2014

Importers, customs agents served notices over under-invoicing

KARACHI: The Recovery Department of MCC of Appraisement-West has revealed under-invoicing by importers and customs agents during the audit of clearance documents of used imported cars which are more than three years old. The department has issued demand notices to the persons involved. The total recoverable amount mentioned in the demand notices adds up to a total of Rs 350 million.

FBR constitutes Tax Advisory Council BR has announced the awaitedTax Advisory Council to give proposals for the upcoming Budget 2014-15. In this regard, a notification has been issued.

According to the notification,Tax Advisory Council and its functions are defined.The Council encompasses all stakeholders including chartered accountants, academia, senior tax consultants, retired senior officers of Pakistan Customs and Inland Revenue Service, industrialists, Presidents of Federation of Pakistan Chambers of Commerce and Industry and four provincial Chambers of Commerce and Industry.

The functions ofTax Advisory Council shall include recommendation and discussion of new tax measures; provision of input on different tax policy issues enabling the government to adopt a pluralistic view representing divergent interest groups, and at the same time enhancement of tax revenues; deliberation upon and suggestion of measures for extending tax net; proposal of legislation which would minimise opposition and increase compliance to law; and assistance in any other function as agreed upon by the Council and FBR. The Tax Advisory council for FBR shall include the following members: economists: Dr Ali Cheema, Lahore University of Management Sciences and Dr Kazi Masud Ahmed, Professor/ Director Centre for Business & Economic Research IBA, Karachi; Industrialists: SyedYawar Ali, Nestle Pakistan Limited, Lahore, Bashir Ali Muhammad, Gul AhmedTextile, Karachi, S M Munir, Din Group, Karachi and Mohsin Aziz, Former Chairman APTMA, Peshawar; Chartered Accountants: Asim Zulfiqar, CA, Lahore and IshfaqTola, CA, Karachi; consultants: Advocate Abid Shaban and Advocate Akhtar Ali Naeem; Former FBR officers: Irfan Nadeem, Former Member, FBR/Former Federal Secretary, Dr Manzoor Ahmad, Former Member, Customs FBR, Khalid Aziz Banth, Former Member (Operations) FBR and Habib Fakharuddin, Former Member, FBR and Presidents of FPCCI, KCCI, LCCI, ICCI, KPCCI, QCCI, Chairman of Pakistan Business Council and Secretary General of OICCI, Pakistan. —CT Report

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dollar plunges below Rs98, price of pOL products must lower down LAHORE

RAHIL YASIN

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he Pakistani rupee hit eightmonth high last week against the dollar, trading below the key psychological 100-to-a-dollar level.

Dollar further plunged to Rs97.90 in interbank and Rs98.00 in the open market last week, witnessing Rs2.40 decease in the open market. Foreign currency dealers said that the rupee maintained its upward journey for the second consecutive day both in the interbank and open market.

Last time rupee underwent such a drastic appreciation was following the 9/11 attacks when it gained 6.2% against the dollar in Sept-Dec 2001.

But the rupee lost a whopping 9 percent versus the greenback in the Nirst six months of the current Niscal year.

“Dollar inNlows in the market are more than the expectations of the market participants,” said Mohammad Sohail, Chief Executive of Topline Securities, referring to $750 million inNlow under the Pakistan Development Fund.

Similarly, overseas Pakistani workers remitted an amount of $10.245053 billion in the Nirst eight months (July to February) of the current Niscal year, showing a growth of 10.95 percent. “All these inNlows are having a positive impact on the rupee. I think it should now stabilize in the 98-102 level range going forward,” Sohail said.

On the other hand, renowned economist Dr Salman Shah also seems to support this line of reason-

ll national tax number holders who have not filed their income tax returns for Tax Year 2013 are to be served notices by the Federal Board of Revenue. Regional Tax Offices all over the country have been issued instructions in this regard. It is a legal requirement for every NTN holder to file his/her income tax return. Non-filer NTN holders will have to either file their returns or give reason otherwise.

Under section 114 of the IncomeTax Ordinance 2001, different categories of taxpayers are liable to file income tax returns including persons who have obtained NTNs. —CT Report

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ing. “If remittances continue rising, exports increase because of the grant of GSP Plus status, imports drop and the recent memoranda of understanding signed with different countries translate into investment, the exchange rate will maintain this trend,” said Shah and added, “Otherwise the rupee will lose ground against the dollar again.”

Over couple of months back, Finance Minister Ishaq Dar had said in a statement that the government would bring back the rupee below 100-to-a-dollar level.

It may be pointed out that marking

the strongest appreciation of last few months, the rupee gained as much as 7.7% against the dollar since November 28 when the rupee-dollar parity in the interbank market stood at Rs107.80. Due to dramatic appreciation in rupee value, bill of imported goods would be lowered down considerably. Similarly, bill of oil import, accounting for roughly 40% of total imports, would also be reduced.

Hence, around 8% rise in the value of rupee against the dollar should result in decrease of Rs10 per litre in the price of petrol and diesel.

It is worthy to mention here that

Appraisement (West) assigns work to officers KARACHI

cuSTOmS TOdAY RepORT www.customstoday.com

Returns filing by all NTN holders directed

Due to wonderful appreciation in rupee value, Customs Today on behalf of general public appeals to the honourable Prime Minister Nawaz Sharif to reduce the price of petroleum products to provide relief to the masses

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odel Customs Collectorate of Appraisement (West) has assigned work among Assistant Collectors and Deputy Collectors of the collectorate with immediate effect and until further orders.

The ofNicers include: Deputy Collector Muhammad Nayyar ShaNiq – R&D, AIB, Post Release VeriNication (PRV) Cell, FTA Cell, ADRC, MIS–I, IT Division.

Deputy Collector Noman Khan – Group-VI (Ch.84-85), HQ-I, (Estt/Admn, ConNidential, CHO, Transport Section), MIS (One-Customs), Procurements, PRAL, Pre-Audit, Adjudication DC-level.

Deputy Collector Naveed Iqbal – KICT Examinations, Auctions, Inter Port Movement, Adjudication of Afghan Transit Trade legacy cases.

Deputy Collector Ms. Nawabzadi

Aliya Dilawar Khanji – Import Section, SRO-492, Temporary Imports, Transshipment, Group-VIII (Ch. 90-99), SRO-565 Cell, Public/Private Bonds and Warehousing.

Deputy Collector Ghulam Nabi Kamboh – Group-III (Ch. 39-49), Bank Guarantee Cell, WeBOC role for printing cheques, Adjudication of Afghan Transit Trade legacy cases. Deputy Collector Yousuf Ali Khan Magsi – Group-V (Ch.71-83), HQ-II, MIS-II, Cash Section, Accounts, Policy & Coordination, Statistical, SR Cell & Budget Sanction Accounts Authority, CPF, Treasury, Adjudication of Afghan Transit Trade Legacy cases. Assistant Collector Nausheen Riaz Khan – Group –I (Ch.01 – 27), Adjudication AC-level. Assistant Deputy Collector Shah Faisal Saho – AICT (Examination & Auction), Inter Port Movement.

Assistant Collector Muhammad Akbar Jan – Group – VII (Ch.86-89), Licensing.

Assistant Collector Usman Tariq – KICT-Examinations, CRA, Recovery

Cell, BOML – Examination & Auction.

Assistant Collector Mariam Mehdi Raja – Group-II (Ch.28-38), Customs Laboratry. Assistant Collector Arsalan Majeed Rana – West Whart (Examination & Auction), MCD, Coordination with KPT & Terminal Operator, Internal Audit. Assistant Collector RaNiullah Bangash – Group-IV (Ch.50-70, FTO, Law Branch, Tribunal.

As per notiNication, each group will perform all related functions pertaining to both WeBOC and One-Customs.

Related audit paras (CRA, Internal Audit), recoveries, litigation at any forum (Adjudication, Tribunal, High Court, Supreme Court etc.) FTO are integral part of the listed assignments.

Group holding charges of procurements, FTO, Law Branch, Tribunal, Statistics, Bank Guarantees, CRA, ADRC, Internal Audit etc. will also ensure proper coordination with other groups/sections for preparation of information/replies etc. Given timelines shall be adhered to without fail, the collectorate directed.

approximately $8.84 billion were spent on the import of petroleum and associated products between July 2012 and January 2013.

Due to wonderful appreciation in rupee value, Customs Today on behalf of general public appeals to the honourable Prime Minister Nawaz Sharif to reduce the price of petroleum products to provide relief to the masses as decrease in petrol and diesel prices would bring about tangible reduction in transportation charges, resulting in lowering of prices of essentials including food stuffs and vegetables.

customs seizes heroin concealed within pencils uring the clearance of outgoing parcels at international mail office in Rawalpindi, a parcel weighing 10.740 kg booked by a resident of Peshawar for a recipient in Canada turned out to be containing concealed heroin.

The parcel was presented to the customs staff for its examination.

Apparently the said parcel consisted of items like kids clothing. Lead pencils were also found in it. On thorough examination, the pencils appeared to be suspicious. Accordingly the said lead pencils were broken which led to the recovery of 1.270 kg heroin powder artfully concealed within the 424 pencils.

An FIR against the consignee has been lodged with I&P Branch under the Customs Act, 1969. Further investigations are in progress. —CT Report

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NATIONAL 03

MARCH 18 - MARCH 24, 2014

FBR considers giving status of varsity to dgTR

KARACHI: FBR is mulling over to give Directorate General of Training and Research (DGTR) a status of University. The Board’s agenda is that proper training, diploma and short courses should be initiated for the customs agents, importers, exporters and other stakeholders in the University. Feasibility for the project through a draft has been sent to the officers concerned. DGTR Director Rubina Wasti said that the project has been in pipeline for a while.

LutfullahVirk appointed DG I&I

mcc-Appraisement (east) surpasses revenue target in Feb MCC-Appraisement (East) has collected a revenue of Rs 13, 944.91 million all together in the share of customs duty, sales tax, withholding tax and federal excise duty

utfullah Virk has been appointed Director General of the Directorate General of Intelligence & Investigation-Customs, Islamabad.

Previously he held the post of Chief Collector of Customs (Central), Lahore.

He has replaced Muhammad Riaz as the Director of DGI&I-Customs. It was announced by the Federal Board of Revenue through a notification. The notification read: Lutfullah Virk of Pakistan Customs Service (BS-21) has been transferred from the post of Chief Collector Customs (Central), Lahore to the post of Director General, Directorate General of Intelligence & Investigation, FBR, Islamabad.

Muhammad Riaz of Pakistan Customs Service (BS-21) has been transferred from the post of Director General, Directorate General of Intelligence & InvestigationFBR, Islamabad to join National Assembly Secretariat, Islamabad as Additional Secretary.

In addition to this, transfer of another officer has been announced. Rozi Khan Burki of Pakistan Customs Service (BS-21) on return from Member (Technical), Appellate Tribunal Customs, Peshawar has been transferred to the post of Chief Collector Customs (Central), Lahore. —CT Report

— Exclusive Customs Today photos

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KARACHI

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odel Customs Collectorate of Appraisement-East under the leadership of Chief Collector-Appraisement (South) Nasir Masroor Ahmed and the Collector MCC-Appraisement (East) Najeeb-ur-Rehman Abbasi has surpassed the target by Rs 2,214.5 million set by the Federal Board of Revenue (FBR) for the month of February.

According to details, MCC-Appraise-

ment (East) has collected a revenue of Rs 13, 944.91 million all together in the share of customs duty, sales tax, withholding tax and federal excise duty during the month of February 2014 against the target of Rs 11,730.38 million.

The collectorate of Appraisement has collected an amount of Rs 3, 933.62 million in share of customs duty against the target of Rs 4111.65 million.

The Collectorate has collected a sum of Rs 7,801.47 million in share of sales tax by collecting 2,201.93 million more against the set target which was Rs 5,599.54 million.

Similarly, it has also surpassed its target by Rs 131.08 million in share of

The collectorate collectedRs 3,933.62m inshare ofcustoms duty

withholding tax and collected revenue of Rs 2114.17 million against the set target of Rs 1983.09 million.

In share of the federal excise duty the collectorate has surpassed the target by Rs 59.55 million. MCC-Appraisement (East) collected revenue of Rs 95.65 million in share of FED against the target of Rs 36.10 million.

It is pertinent to mention here that the MCC-Appraisement (East) throughout the fiscal year 2013-14 had almost achieved the revenue targets every month set by the FBR and only marginally fell short in share of custom duty in first three months of the current fiscal year due to reduced imports.

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04 NATIONAL

MARCH 18 - MARCH 24, 2014

mcc Appraisement-West starts series of auctions at different terminals

KARACHI: MCC Appraisement (West) has started auctioning of leftover/fresh general cargo and vehicles at different terminals as per schedule in the month of March. The first auction of leftover/fresh general cargo and vehicles was held from March 3-11 at West Wharf. Auctions are scheduled to be held from March 12-20 at Karachi International Container Terminal (KICT), West Wharf; March 21-26 at AICT; and from March 23-31 at BOML.

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customs values issued irectorate General of Customs Valuation has determined the customs values of Industrial roller chains and Sodium Lauryl Ether Sulphate first time ever, through the Valuation Rulings No. 641/2014 and 642/2014 respectively under Section 25A of the Customs Act, 1969.

Customs value of Industrial roller chains from China having Pakistan Customs Tariff (PCT) code 7315.1190 and proposed PCT code for WeBOC 7315.1190.1000 has been fixed at $ 1.00 per kg. Similarly, the customs value of Sodium Lauryl Ether Sulphate from China having PCT code 3402.1190 and proposed PCT code for WeBOC 3402.1190.1000 has been fixed at $ 1.00 per kg; customs value of Sodium Lauryl Ether Sulphate from India having PCT code 3402.1190 and proposed PCT code for WeBOC 3402.1190.1100 has been fixed at $ 1.20 per kg; and the customs value of Sodium Lauryl Ether Sulphate of all other origins having PCT code 3402.1190 and proposed PCT code for WeBOC 3402.1190.1200 has been fixed at $ 1.25 per kg. —CT Report

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DGTT determines its top most priorities

ISLAMABAD

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ederal Board of Revenue (FBR) Chairman Tariq Bajwa asked Chief Commissioners of Large Taxpayer Units (LTUs) and Regional Tax OfNices (RTOs) to take steps on war-footings to achieve the revised revenue collection target of Rs775 billion for last quarter (AprilJune) of the current Niscal year.

According to details, the issue of achieving revised revenue collection target of Rs2,345 billion was also discussed during the Annual Chief Commissioners Conference held at FBR House. FBR Chairman Tariq Bajwa informed the Chief Commissioners that the tax machinery must focus on key areas to ensure collection of the revised target during the last quarter of 2013-14.

The revised revenue collection target for April 2014 is Rs196.3 billion, May 2014 Rs219.5 billion and revised revenue collection target for June 2014 is Rs359.2 billion. Total revenue collection target was Rs775 billion for the last quarter of current Niscal year. Keeping in view the assigned targets of Rs196.3 billion, Rs219.5 billion and Rs359.2 billion for May-June 2013-14, it is a challenging task to achieve the targets.

The target for March 2014 was also discussed during the conference and tax authorities directed the Nield formations to meet target of Rs 215.8 billion set for the current month. So far, the FBR has collected Rs1,360.5 billion during July-February 2013-14 as compared to Rs1,161.9 billion, reNlecting an in-

The tax collection target of Rs2,475 billion for 2013-14 has been reportedly revised downward to Rs2,345b crease of 17.1 percent. In February 2014, tax collection stood at Rs163.2 billion against Rs140.2 billion in the corresponding period of 2013, showing an increase of 16.4 percent.

The tax collection target of Rs2,475 billion for 2013-14 has been reportedly revised downward to Rs2,345 billion due to low collection of customs duty and federal excise duty (FED). Out of the four components of the federal taxes i.e direct taxes, sales tax, customs and federal

irectorate General of Transit Trade (DGTT) has determined its top most priorities and challenges in order to facilitate trade, importers and other stakeholders, it is learnt here.

According to a senior officer, the directorate is determined to play its role to complete the roll-out of pending WeBOC modules, installation of trackers on reverse, loose and bulk cargo, installation of Electronically Data Integrated (EDI) scanning system with identical scanners at all ports and exit stations and ensure connectivity of EDI with WeBOC. Replying to a question, the senior officer informed Customs Today that the Federal Board of Revenue has conferred complete administrative powers while providing adequate financial resources to the Directorate General of Transit Trade.

It is pertinent to mention here that the DGTT has commenced EDI pilot project at Torkham border from November last year with Afghan Customs, adding that the officers concerned of Pakistan Customs were in contact with the officers concerned of Afghan Customs regarding the pilot project through email on daily basis.

The officer further informed this scribe that customs officers of both the sides have agreed to hold border meetings on monthly basis in order to discuss and resolve day to day issues.

It may be mentioned here that the DGTT dealt with the commercial cargo to and from Afghanistan, non-commercial cargo including diplomatic, NGOs and Afghanistan Government, US/ISAF/NATO cargo to and from Afghanistan and cargo from Afghanistan to India (Wagha). —CT Report

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— Exclusive Customs Today photo

irectorate of Reforms and Automation (R&A) is striving hard to roll-out the most significant modules of transit trade inWeBOC it is learnt here.

FBR sources informed CustomsToday that the directorate has asked for completing the upgradation of transit trade remaining modules inWeBOC by end of March.

To a query, sources revealed that the modules of transit trade include forward noncommercialTransitTrade cargo; forward commercial bulk, loose and non-containerized cargo; reverse commercial/non-commercial cargo (containerized, bulk and loose); reverse US military/NATO/ISAF bulk, loose and noncontainerized cargo, EDI betweenWeBOC system and KPT and Port Qasim, integration of M/sTPL software, software for uploading of images of containers, seals and trackers at Karachi ports and exit stations; software for uploading the scanned imaged directly from the scanners; software for integrating Weighment at weighbridges at ports and exit are not rolled out yet in theWeBOC. They further said that the Directorate of R&A has updated following modules of transit trade: clearance of US/NATO/ISAF forward containerized cargo, clearance of forward commercial containerized AfghanTransit Trade cargo, clearance of reverse containerized military cargo inWeBOC, computerised system.The sources further revealed this scribe that the Directorate of Reforms and Automation and PRAL (providing technical assistance to FBR, Pakistan Customs) has not yet succeeded to fully deployed and developed the software regarding the upgradation of modules inWeBOC, computerised system.

It is pertinent to mention here that the Chief of Reforms and Automation (R&A) Rubina Athar had convened the series of meetings with the entire team of R&A and the Directorate ofTransitTrade. —CT Report

Revised target for Q4: Bajwa for steps to meet challenge

excise, the growth in the customs and federal excise was comparatively low.

The main reason for the low growth in customs is attributed to decreasing trend of dutiable imports vis-à-vis duty-free imports.

Low growth in federal excise was mainly due to low realisation from cigarette manufacturing and discontinuation of collection from telecom sector in the backdrop of imposition of sales tax by the provinces.

ShahidAsadhopefulofFBRachievingrevenuetarget ISLAMABAD

cuSTOmS TOdAY RepORT www.customstoday.com

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ederal Board of Revenue’s revenue collection up to the month of February has registered 17 per cent increase compared to last Niscal year and it should reach the tax collection target of Rs 2,475 billion for the Niscal year 2013-14.

FBR OfNicial Spokesperson Shahid Hussain Asad said this while attending a ceremony at Multan Tax Bar. He said that there were 3.5 million people who had national tax numbers (NTN).

However, less than a third of them submit returns. That is why the Prime Minister has introduced incentive scheme to encourage people to Nile tax returns.

Last date for availing this scheme has been extended so that the people avail the schemes appre-

— Exclusive Customs Today photo

Significant modules of TransitTrade not yet rolled out inWeBOC

hending that in case of lower than expected response, stricter procedures like tougher audit may become a last resort for the government to increase national tax base and enhance revenue.

Shahid Asad who is also Mem-

ber Inland Revenue said that majority of the SROs providing amnesty would be withdrawn during three years except those that are binding under Preferential Trade Agreements (PTAs) wherein the government was a

sovereign guarantor.

Asad said that an expanded tax base would largely beneNit the industry and trade as it will provide space to the government to reduce sales tax. FBR has obtained data regarding investment in property in big cities like Lahore and Karachi and notices were being issued to the investors to pay taxes, he added.

Earlier, while addressing Multan Tax Bar Association, FBR Spokesperson emphasised that SRO 1065 was a facility that must be availed. He disclosed that FBR would hold a meeting on Mar 10 with representatives of tax bar associations to discuss pending audit cases.

Multan Tax Bar Association President Khalid Assad and members expressed some apprehensions regarding the SRO and underlined the need for simplifying the tax assessment and collection system.

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ISLAMABAD 05

MARCH 18 - MARCH 24, 2014

No customs clearance for harmless chemicals in china

BEIJING: China has stopped the inspection of non-hazardous chemicals during both import and export stages in order to strengthen random spot check. This has allowed Chinese customs immediate clearance reducing the speed of customs clearance procedures. Hazardous chemicals are routine wise regarded as goods mandated for inspection, giving each a code number. But earlier these did not match with the codes given to the customs, resulting in confusion for the department.

irectorate General ofTraining and Research (DGTR) of Customs has organised 224 different courses and seminars from August 2012 to February 2014 in which 2,465 participants, including customs officials and representatives of private sectors, attended the programmes.

DGTR Customs has organised seminars and workshops on different topics including smuggling activities and anti-smuggling strategy—an orientation session for customs officials, knowledge management system, understanding steel industry in Pakistan, role of customs and other agencies in natural disaster relief, anti-money laundering, intellectual property rights and prevention of Ozone depleting substances.

It has also held SpecializedTraining Programmes on various topics including core subjects in law—customs, excise, sales tax, income tax, import/export, civil and criminal law, trade practices and documentation, harmonized system and tariff; economy— diverse aspects and link with global system, IT project cycle—case study ofWeBOC,WCO e-learning and UNODC CBT programme.

The directorate has also held seminars and workshops having active interaction with senior officers, providing on job training—attachment in field collectorates, creating communication, leadership, time management skills through skilled research and programmes.

It has also organised management courses including Modern Public Management Course, Project Management Course, Leadership Skills Course, Effective People Management Course, Conflict and Stress Management Course,Time Management Course, Business Process ReEngineering Course. DGTR has held MIS Courses with reference to taxation, Office Automation Courses, Electronic Correspondence System and Human Resource Management System . —CT Report

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paapam cheers decision: dar agrees to settle 2pc extra-ST issue ISLAMABAD

Rupee to further strengthen: Dar

cuSTOmS TOdAY RepORT www.customstoday.com

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he government agreed with auto part vendors to consider sales tax on car assemblers as input instead of value-addition, paving the way for withdrawal of 2 percent additional sales tax being charged from vendors.

The consensus was reached between Finance Minister Ishaq Dar and representatives of Pakistan Association of Automotive Parts Accessories Manufacturers (Paapam) during a meeting held here.

On the occasion, Ishaq Dar agreed that the imposition of extra 2 percent tax on sales of auto parts to automobile manufacturers by auto parts manufacturers constitute a hardship for the industry and had resulted in a surge in prices of vehicles in local market,” said an ofNicial handout issued by the Finance Ministry.

Paapam Chairman Usman Malik stated during the meeting that the additional 2pc tax on items sold in retail markets was leading to an increase in vehicle cost. Dar agreed with the assertion that sales made by auto parts manufacturers to automobile manufacturers were not to be treated as retail sales and it was not the intention of the Federal Board of Revenue (FBR) to subject these sales to extra tax.

Dar directed FBR Chairman Tariq Bajwa to institute a case for removing the anomaly in the taxation system.

Meanwhile, FBR Chairman Bajwa

ederal Minister for Finance, Muhammad Ishaq Dar on Tuesday said that all out efforts are being made to bring stability in Pakistani currency. He said: "It is the blessings of God that Pakistan's economy is showing upward trend." Talking to a private television channel, he said that some elements were making speculations about the economy of Pakistan.

He said that all such rumors about the weak business related markets were baseless. He said that rupee will further strengthened in days to come.

The Minister said Pakistan is launching Euro bond. He said that inflation is moving down, adding that foreign reserves are increasing.

He said that IMF appreciated the economic policies of Pakistan. Ishaq Dar said that no stone would be left unturned to put this country on path of speedy progress. He said that International markets are reposing confidence in the markets of Pakistan and showing keen interest in different sectors of this area. He said that stock market is moving upward due to the dynamic policies of PML-N, government.

He said that measures are being taken to control the smuggling of gold to other countries. To another question, he said that duration of loadshedding has minimized at remarkable level. —CT Report

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DGTRCustomsholds 224events

maintained that the government was not withdrawing the additional tax but merely interpreting the law that would help treat the auto parts supplies as inputs instead of value-addition. The association also proposed the federal government to levy 5% tax on the transfer of vehicle within six months of new purchases, a move aimed at discouraging hoarding and curtail the dealers’ practice of earning money by creating an artiNicial shortage. Bajwa said the government may consider the proposal at an appropriate time.

Meanwhile, the association expressed concerns over the government’s decision to completely normalise trade ties with India and sought protection against opening of auto sector to Indian Nirms.

Dar directed ofNicials of the Min-

istry of Industries and Engineering Development Board (EDB) to hold a meeting with the stakeholders of the automobile industry to resolve issues.

The Finance Minister also directed ofNicials of the Ministry of Commerce to hold a meeting with the automobile industry representatives and present a report within one month on issues related to the Ministry. He assured Paapam that the recommendations would be considered in the next Ninancial year 2014-15.

On the occasion, Malik also gave a detailed presentation to Ishaq Dar on the current status of the Pakistan automobile industry and its future potential. He said that there were 13 vehicles per 1,000 persons in Pakistan, while in Indonesia and Brazil the numbers 79 and 259 per 1,000 persons respectively.

Returnsfiling:WealthstatementlikelytobemandatoryfromFY15 ISLAMABAD

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he Federal Board of Revenue is likely to make mandatory submission of wealth statement for all taxpayers, irrespective of the existing limit of income exceeding Rs1 million, from next budget for 2014-15.

According to details, through Finance Act 2013, it was made mandatory for all taxpayers to submit wealth statement irrespective of amount of their income declared in tax returns. Under the Act, every resident being an individual or member of an AOP Niling return of income, or statement under sub-section (4) of section 115 was required to Nile wealth statement along with reconciliation of wealth statement. The condition was enforced from the tax year 2013. Moreover, where a person having furnished a wealth state-

ment, intends to furnish a revised wealth statement such person is also required to Nile the revised wealth reconciliation and the reasons for Niling the revised wealth statement.

On the other hand, this budgetary measure (2013-14) was strongly criticised by the representatives of the business community. However, on the request of business community, the condition of compulsory Niling of wealth statement was relaxed and only those taxpayers were required to submit wealth statement whose taxable income exceeds Rs1million.

This relaxation was for a period of one year and now the FBR is likely to restore it in the next budget (201415). It is to be noted that under SRO978(I)2013, Niling of wealth statement was no more mandatory for all taxpayers. The condition of Rs1 million was reinstated for individuals/AOPs for mandatory Niling of wealth statements.

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SPECIALREPORT

MARCH 18 - MARCH 24, 2014

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SPECIALREPORT 07

MARCH 18 - MARCH 24, 2014

LAHORE

m HAYAT

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ll Pakistan Textile Mills Association (Aptma) is chalking out a long term strategy to double its exports from the current $13.5 billion to $26 billion in the next Nive years.

He pointed out that Indian yarn exporters had the edge over their Pakistani counterparts as they could export yarn to Pakistan on zero customs duty “while we have to pay 29 percent duty. It is impossible for Pakistani industry to vie with India.

Aptma Punjab Chairman SM Tanveer divulged these facts during an exclusive interview with Customs Today.

SM Tanveer said that Pakistani cotton production was pale in comparison with that of India as in 2004 Pakistan would produce 12 million cotton bales while India also produced the same quantity, adding that now the scenario had changed altogether as India was now producing 38 million bales of cotton, leaving Pakistan far behind in this regard.

“We have so many useful plans which we are going to share with Punjab Chief Minister Shahbaz Sharif with the hope to get them implemented,” the Aptma Punjab chairman revealed.

To a question about prevailing energy crisis, he said that he was optimistic that Pakistan would be able to execute export orders attracted after attaining GSP Plus status.

He declared that the government had been utilising all-out resources to enhance electricity production and eliminate power outages on top priority basis.

“Nandipur power project will add more than 200 megawatts of electricity to the national grid in couple of months.

Similarly the government is working on such other projects to cope with the

shortage of the electricity,” SM Tanveer explained.

“In the same way, gas shortage is being tackled by importing LNG from Qatar and other countries. The government seems committed to make this happen by October this year,” he elaborated.

To another question about Indo-Pakistan cotton competition in the international market, he said that the Aptma had urged the government time and again to provide a level playing Nield to the sector, adding that only government incentives would enable the industry to vie with India as the Indian government had offered hefty subsidies to its industry.

“India has been developing 53 textile integrated parks and the government has invested Rs410 billion in the project. Indian millers are using indigenous machinery which is available to them on nominal cost,” he explained.

The Aptma Punjab chief said that the Indian government had added 55,000 megawatts of electricity to the national grid to ensure uninterrupted power supply to industry, adding that Indian government was offering rebates to its millers on exports. Besides, Indian yarn exporters had an edge over Pakistani exports as they could export yarn to Pakistan on zero customs duty. “It is impossible for Pakistani industry to outperform India,” he declared.

Talking about Federal Board of Revenue and Customs, SM Tanveer said that if Pakistan and India kick start bilateral trade, Pakistani Customs would have to be extraordinary efNicient.

“As far as the sales tax is concerned, the Aptma wants a consistent policy. FBR has shifted from zero percent regime to 2 percent, 5 percent, 10 percent and 15 percent. For last two years, FBR has not paid refunds on 2 percent sales tax. FBR owes billion of rupees in refunds to the industrialists at a time when we are seeking level playing Nield to jack up exports,” he concluded.

AS FAR AS THE SALES TAX IS CONCERNED, APTMA WANTS A CONSISTENT POLICY. FBR HAS SHIFTED FROM ZERO PERCENT REGIME TO 2 PERCENT, 5 PERCENT, 10 PERCENT AND 15 PERCENT. FOR LAST TWO YEARS, FBR HAS NOT PAID REFUNDS ON 2 PERCENT SALES TAX

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08 EDITORIAL

MARCH 18 - MARCH 24, 20142014

Founder & Chairman Zulfiqar Ali Editor Rahil Yasin editor@customstoday.com.pk For advertising & subscription marketing@customstoday.com.pk +92-322-3370002 www.customstoday.com Phones: 042-35781643-4, Fax: 042-35781645 Address: 627, Siddiq Trade Centre, Gulberg, Lahore

edITORIAL

Flying rupee

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ith foreign injection of dollars to the tune of $1.5 billion into the country’s forex reserves, the rupee has appreciated against dollar by almost 10 percent in recent days. This one step has decreased the country’s public debt by Rs700 to 800 billion in one go. Total foreign debt stood at $68 billion and ten percent depreciation of dollar against rupee decreased the debt burden.

The government has established Pakistan Development Fund (PDF) and requested to friendly countries for providing multibillion dollars support to Islamabad for executing mega development projects in years ahead. Finance Minister Ishaq Dar had told in his press briefing that Pakistan required $20 to $25 billion over the medium term to bridge its development gap.

So far, Kingdom of Saudi Arabia has come forward and provided $1.5 billion to Islamabad and government is claiming that some other countries will also contribute into this Fund keeping in view credibility being enjoyed by the incumbent government. There are expectations that another installment of $1.5 billion will be poured into the national kitty in months ahead which will further boost confidence of investors on macroeconomic stability of the country.

In the wake of generous foreign inflows, it resulted into sharp appreciation of rupee against dollar. The rupee has appreciated against dollar and stands at less than Rs100 against a US dollar in inter-bank and kerb market. The country’s foreign currency reserves swelled up to $9.52 billion during last week and Finance Minister Ishaq Dar seems confident that the reserves would cross $10 billion till end March 2014. With expected approval of $540 million tranche by the IMF’s executive board probably on March 24 and subsequently its disbursement in next couple of days will pave the way for crossing the reserves up to $10 billion till March 31, 2014.

Now the government is eyeing to increase its foreign currency reserves up to $16 billion by end June of this financial year. This additional $6 billion into reserves will be ensured through $400 million reimbursement of Coalition Support Fund (CSF) from USA in April, launching of Eurobond to the tune of $500 million, auctioning of 3G and 4G license of at least $1.6 to $2 billion and restoration of program loans from the multilateral creditors such as the World Bank and Asian Development Bank to the tune of $1.5 billion.

The Islamic Development Bank (IDB) will also provide $500 million to Pakistan in months ahead.

The government is also making plans to launch Global Depository Receipts (GDRs) for OGDCL to the tune of $500 million coupled with accomplishing transaction of floating shares of some banks within next few months.

The foreign inflows in the pipeline need to be materialized in timely manner which will result in scaling up foreign currency reserves up to the desired level. The improved reserves position will not only boost confidence of the investors but will also pave the way for stabilizing the much needed exchange rate in years ahead which will be a positive sign for the national economy.

Resolving problems of exporters ISLAMABAD

Sm HAIdeR

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s truly democratic regime, the PML (N) led government has come forward for resolving the problems of exporters who are facing difficulties in obtaining stuck up refunds in the current fiscal year.

This issue was raised in this media outlet last week by highlighting the issue of refunds that had choked the ability of the businessmen in gravest manner. Last week, Finance Minister Ishaq Dar ordered the FBR to clear backlog where all procedures and clearance is in place.

The stuck up refunds came on the surface mainly in those areas where manual tax returns were filed.

Those taxpayers who filed their refunds through electronic filing (Expeditious Refund System) they were not facing major difficulties

in getting their refunds. But those taxpayers who are filing claims through manual system the FBR was facing teething problems for verifying the processing of data, causing undue delay in repayment of refunds.

Pakistan’s Tax to GDP ratio stood at 8.5% in last fiscal year and the government intended to increase to 13 percent over the next five years by enhancing growth one percent every year.

According to Finance Minister, in order to ameliorate the problems of Small & Medium entrepreneurs we have decided that their sales tax refunds must be paid immediately. While appreciating the queue that has been established for sales tax refund, it will make this one time exception to facilitate the SME sector.

Finance Minister directed FBR for Sales Tax refunds up to Rs.0.5 million, within 3 weeks and refunds from Rs. 0.5-1 million will be cleared by 15.4.2014 subject to

It seems that the government will continue to rely upon non tax revenues as major source to bridge the gap of FBR’s tax shortfall

verification and due process.

This step will alone benefit around 26,000 clients of the total 36,000 refund cases and the remaining large sum claims will be processed through queue system separately.

The Finance minister instructed the Chief Commissioners for putting in more efforts in order to develop Pakistan and make Pakistan prosperous in line with the vision of the Prime Minister.

The FBR was facing difficulties for achieving almost impossible tax target of Rs 2,475 billion. The IMF had already projected that the FBR’s collection would be standing at Rs 2,345 billion maximum but it was yet to see that how the government managed its efforts to boost revenues. It seems that the government will continue to rely upon non tax revenues as major source to bridge the gap of FBR’s tax shortfall in the current fiscal year in order to avoid slippages on fiscal front.

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NATIONAL

MARCH 18 - MARCH 24, 2014

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10 pc customs duties on import of Indian yarn demanded

LAHORE: Pakistan Cotton Ginners Association has expressed concerns over Indian yarn’s import and urged the government to impose 10 per cent duty on it to keep local yarn competitive. Total import of Indian yarn last year was calculated at 1,149,903 kilogram; however, this year 4,220,893 kilogram of yarn had reached Pakistan up to the first week of March and all of it came from India. India gives subsidy to its growers and on export of yarn.

R&D Section of MCC Appraisement (East) recovers Rs23m in Feb he Research and Development (R&D) Section of the Model Customs Collectorate of Appraisement-East has recovered Rs 23,256,795 in the month of February by detecting 37 cases of tax evasion, mis-declaration and underinvoicing.

R&D Section of MCC-Appraisement (East) has detected cases of incorrect classification, incorrect application of valuation rulings, non-implementation of valuation guideline, non-application of Scan prices, inadmissible concession of advance income tax under Section 148 and inadmissible exemption of sales tax under SRO No 1125/2011 in order to recover the above mentioned amount.

The R&D Section has recovered an amount of Rs 658,200 from M/s Jotun Powder Coatings Pak against incorrect classification on primal. Similarly, the R&D Section has recovered an amount of Rs 372,153 from M/s Ashfaq Brothers against the non-application of Valuation Ruling No 549/13 on Met Cock.

The R&D Section has also recovered an amount of Rs 182,271 from M/s Kasel (Pvt) Ltd on the violation of Valuation Ruling Guideline on wood flooring. It has recovered an amount of Rs 9,779,606 from M/s Siddiq Sons against the nonapplication of Valuation Ruling No 549/13 on Met Cock.

The Section has recovered an amount of Rs 114,170 from M/s Al-Karam Packages Ltd against the nonapplication of Scan prices on high density polythene. —CT Report

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WRITe TO uS YOuR gRIevANceS: Through cuSTOmS TOdAY platform HeLp deSK, now you have chance to dIRecTLY write your problems to top govt. functionaries.

If you have any grievances, queries, questions or suggestions, you can write in this section as it provides easiest access to you to approach Customs and Revenue authorities.

WHO can write in this section?

Importers & Exporters, Customs Agents, Chambers of Commerce, Trade Associations and Customs Officers TO WHOm you can write?

Honourable PM, Minister/Secretary for Finance & Revenue, Minister/Secretary for Ports and Shipping, FBR Chairman, Member Customs and Chairperson Senate/National Assembly Standing Committee on Finance & Revenue.

Send your letters at: letters@customstoday.com.pk

dastgir reiterates principal of reciprocity in trade with India ISLAMABAD

cuSTOmS TOdAY RepORT www.customstoday.com

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ederal Minister for Commerce Khurram Dastgir has once again emphasised that Pakistan is not going to grant non-discriminatory market access to India nor will Pakistan sign any new trade agreement with New Delhi unless it accommodates Pakistan’s main export items on the principal of reciprocity.

“Pakistan is not going to grant nondiscriminatory market access (NDMA) status to India until the neighbouring country did not accommodate our main exportable items like textile, cement, surgical instruments, and sports items,” said Khurram Dastgir. He informed that India has included our main exportable items in their sensitive list and imposed higher duties, so our exporters could not export their commodities.

“There is no timeline in granting NDMA status to India, as Pakistan wants to address its concerns prior to granting any status”, said the Federal Minister for Commerce. He said that India has shown positive response in this regard; however, decision of giving NDMA would be announced when they would actually remove our main exportable items from sensitive list.

“Pakistan will take the matter with next Indian government if incumbent Indian government fails to make any decision in this regard,” he maintained.

The NDMA has been suggested as a new name for MFN (Most Favoured Nation) in an attempt to reduce the political fallout. India could export everything to Pakistan except 1209 items, which are on the negative list. The MFN status/NDMA means abolishing the negative list of 1,209 items.

Dastgir said that Pakistan would not sign any new trade agreement with India and obeyed those three agreements signed by the previous government. But, he made it clear that India would have to relax its restrictive tariff regime for Pakistani products and will give tariff concession on various products pertaining to Pakistan’s strong sectors such as textile, cement, surgical instruments and sports items.

The previous announced in October 2011 that it would grant the MFN status to India from January 1, 2013, by abolishing the negative list gradually by the end of year 2012, a step that would have automatically granted MFN status to India. However, Pakistan failed to grant the MFN status to India before December 31, 2012.

India had granted the MFN status to Pakistan in 1996, but non-tariff barriers remained intact on exports from Pakistan and both the sides did not make much progress towards trade liberalisation. India, at present, can export all items to Pakistan other than the 1,209 items put on the negative list. Later, when the new government came to power after the general elections of May 2013, it was expected to grant the required status to India. However, Pakistan decided not to grant this status to India after tension

emerged on its eastern border.

Pakistan has faced over $ 6 billion deNicit in its trade with India in six years, which suggests that trade with India is in the latter’s favour. According to the Nigures, Pakistan’s exports to India recorded at $ 1.735 billion during the period from 2006-07 to 2011-12 against the imports of $8.363 billion in the same period, thus leaving Pakistan’s trade deNicit at $ 6.628 billion. The Nigures suggest that Pakistan’s exports never exceeded $350 million in a year while imports from India always crossed $ 1 billion benchmark every year in the last six years.

There is no timeline in granting NDMA status to India, as Pakistan wants to address its concerns prior to granting any status

Appeal to review structure of customs duty on motorcycle spare parts To, The Federal Minister for Finance, Islamabad

Respected Minister, I beg your attention to the 35 per cent customs duty on the import of motocycle spare parts.

Through this letter, I would like to request you that the Ministry of Finance and Federal Board of Revenue should review the structure of customs duty on import of motorcycle spare parts in upcoming Budget 2014-15, as reducing taxes and duties is the only way out to curb smuggling of motorcycle spare parts.

The government should decrease customs duty on motorcycle spare parts from existing 35 per cent to 20 per cent in wake of curbing illegal means of import of these parts, as increase in smuggling is destroying the local motorcycle spare parts’ industry.

The high rate of taxes is a motivation for smugglers to boost their activities and the government is also losing its huge amount of revenue.On one hand, the decrease in customs duty

on motorcycle spare parts will increase the import through legal channel while, on the other hand there would be a signiNicant decline in the smuggling activities. The importers of motorcycle spare parts, right now are paying a high percentage of taxes including including 35 per cent customs duty, 15 per cent additional duty, 1 per cent FED and 19 per cent sales tax.

I opine that the reduction in customs duty would not only result in increase of government revenue but also help to uplift national economy.

Decrease in the customs duty on spare parts of motorcycles will also have a positive effect on the common men, as motorcycle is the need of middle and lower classes. I hope that the ministry will take appropriate and effective steps in order to decrease the customs duty on the import of motorcycle spare parts in forthcoming budget.

Yours sincerely, Khurram Riaz, Vice Chairman, All Pakistan Motorcycle Spare Parts Importers and Dealers Association

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10 PICTORIAL

MARCH 18 - MARCH 24, 2014

Reduction in duty on items most smuggled on the cards

ISLAMABAD: FBR has come up with a new strategy to get rid of smuggling into the country. FBR officials are considering reduction of customs duty on relatively more smuggled items as one major proposal to boost imports through proper channels and contain smuggling activities. Proposal to increase number of customs and security officials on borders has also been put on the table. After a formal approval of Federal Finance Minister Ishaq Dar the proposals shall be forwarded to Prime Minister so that they become part of the Federal Budget 2014-15.

Coalhandlingcapacityofportstobeenhanced:Michael ISLAMABAD

cuSTOmS TOdAY RepORT www.customstoday.com

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inister for Ports and Shipping Kamran Michael has said that enhancement in the working capacity of ports is in process in regard to coal handling to meet the expected surge in its demand by power plants across the country in near future.

The minister said that in order to develop supply chain starting from ports up to the entry gates of power plants, all the relevant departments and ministries have been taken in the loop including Pakistan Railways, communication and engineering departments to ensure uninterrupted supply of coal.

Karachi Port Trust, he said, has been asked to increase its coal handling capacity which is presently catering to a small demand of coal arising from cement plants.

However, when power plants start running on coal a mammoth quantity of coal would be needed which will mostly come from imports.

The Minister said that on an average each power plant needs around 17,000 tonnes of coal per day, which means that a vessel with a capacity of 55,000 to 60,000 tonnes would be required to meet the daily demand of only three power plants.

A roadmap is chalked out to develop a supply chain for coal

Similarly, he said that in order to have cheap cost of haulage of coal the capacity of railways will also have to be developed. He said the ministry has initially directed KPT to dedicate five berths which are having deeper draft of up to 13 metres for han-

dling ships loaded with coal. He said a conveyer belt of 200 metres is being built to ensure rapid unloading and loading of coal.

Presently, the coal is being handled manually and loaded onto dumper trucks. Pakistan Railways is being asked to lay down tracks where necessary so that coal movement up to the gates of these power plants is made possible, he added.

Michael said that he chaired a meeting of the heads of KPT, Port Qasim Authority, Director General Ports and Shipping and Ministry of Ports Secretary. A roadmap was chalked out to develop a supply chain for coal starting from ports up to power plants.

Though a bulk cargo terminal is already being built by a private company at Port Qasim to handle dirty cargo like coal, clinker and cement, the government, taking into consideration the future demand for coal, has planned to have another such terminal at PQA. Minister for Ports and Shipping Kamran Michael said that another coal handling facility will be developed at Pakistan Deep Water Container Port (PDWCP) where six berths could be developed with deeper draft of 18 metres.

peSHAWAR: Chairman FBR Tariq Bajwa addressing members of Khyber Pakthunkhwa Chamber and Industry and representative of business community.

Member Customs Nisar Muhammad is also seen in the picture.

ISLAmABAd: Ms. Ayesha Raza Farooq, PM’s focal person for polio eradication, in a meeting with President Mamnoon Hussain at Aeiwan-e-Sadr.

ISLAmABAd: Senator Haji Ghulam Ali, Chairman Senate Standing Committee on Commerce presiding over a meeting of the committee at Parliament House. Commerce Minister Khurram Dastgir is also present on the occasion.

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CARTOONSSPCEIAL 11

MARCH 18 - MARCH 24, 2014

Appreciation of rupee earns govt Rs 800 billion

ISLAMABAD: Finance Minister Ishaq Dar has said that depreciation of dollar against Pakistani rupee has profited Rs 800 billion to country’s economy. GDP has increased and economic development ratio will remain 4.5 per cent in the ongoing fiscal year. Dar said that IMF had also acknowledged those statistics concerning Pakistan’s economy. He said exchange reserves will surge to Rs 16 billion by the end of current fiscal year.

ISLAmABAd: An extension of two-months has been granted in the last date for filing of tax returns under the Prime Minister's tax incentive package up

to April 30, 2014 to attract maximum persons, who intend to avail of the scheme. Earlier the last date for filing of returns under this package was February

28, 2014.

However, considering the encouraging response to the Prime Minister's Package and the request of

the tax bar associations, trade bodies and business community the federal government has decided to extend the last date.

12

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MARCH 18 - MARCH 24, 2014

Published by M. F. Riaz, Off. 91, 3rd Flr, Gul Plaza, M.A. Rd., Karachi, for Customs Today and Printed at Dhoom Printing Press Masheer Mahal Building, Off: I. I. Chundrigar Road, Karachi