Meezan Bank announces Financial Results for 2022
Karachi: The Board of Directors of Meezan Bank, approved the financial statements of the Bank and its consolidated financial statements for the year ended December 31, 2022. The meeting was…
Pakistan’s Liquid Foreign Reserves Position
The total liquid foreign reserves held by the country stood at US$ 8,702.2 million as of 10-Feb-2023. The break-up of the foreign reserves position is as under: Foreign reserves held…
SHC allows Special Federal Excise Reference Applications of 2009, 2014, 2016
KARACHI: An appellate bench of High Court of Sindh decided Special Federal Excise Reference Application filed in the year 2009, 2014 and 2016 in favor of the applicant companies. Khalid…
PML-N government increases GST rate to 18%; 10% adjustable tax on shares purchase
KARACHI: PML-N led government has proposed a mini budget at the National Assembly in order to comply with the conditions of International Monetary Fund (IMF). Finance Minister Muhammad Ishaq Dar…
I&I Karachi seizes smuggled goods worth Rs 1 billion in January
KARACHI: Customs Intelligence Karachi seized smuggled goods worth more than Rs 01 Billion during the month of January, 2023. On the instructions of Mr Faiz Ahmad Director General, Directorate General…
The Future Summit 6th Edition ended with the hope for a better tomorrow
Karachi: The 6th Edition of The Future Summit concluded on Thursday with eminent foreign and local delegates speaking on diverse topics aimed at recommending a futuristic direction to the corporate…
SHC suspends order of DJ Malir against Collector JIAP Customs, officers, Notice issued for March 14
KARACHI: Justice Omar Sial of High Court of Sindh suspended operation of an order passed in criminal petition filed under Section 22-A passed by District & Sessions Judge Malir directing…
Customs Preventive Sukkur seizes two trucks load of smuggled goods
HYDERABAD: Customs Preventive – Sukkur seized large quantity of smuggled goods, which were being smuggled from Quetta. Although the prevalence and exact scale of the smuggling of goods remain unknown,…
OICCI launches Diversity & Inclusion Handbook at the 5th Women Empowerment Awards
Karachi: The Overseas Investors Chamber of Commerce and Industry (OICCI), consisting of more than 200 of the largest foreign investors operating in Pakistan, has strived to promote females at leadership…
SHC allows petition for release of goods against securing of demurrage charged before Nazir
KARACHI: A plea for provisional release of items detained due to non-payment of demurrage charges filed by Sanva Electric Co was allowed by a custom appellate bench of High Court.…
Customers at heart: K-Electric files a robust invest plan of customers of Rs.484 billion for sustainable power supply to Karachi
KARACHI: K-Electric has filed its investment plan FY 2024-2030 for Transmission and Distribution segments. The futuristic plan keeps its customers at the heart of the business and seeks to leverage…
Press Release of Workers’ Remittances in January 2023
Workers’ remittances recorded an inflow of US$1.9 billion during Jan 23. During Jan 23, remittances decreased by 9.9 percent on m/m and 13.1 percent on y/y basis. With cumulative inflow…
SHC allows petition by Lace Fashion for quashing of F.I.R.
KARACHI: An F.I.R registered after 11 years of default against Lace Fashions for alleged in-admissible sale tax refund claim was quashed by a custom appellate bench of High Court of…
FTO orders probe against Millat Tractors Limited for alleged tax fraud worth 14.88 billion
ISLAMABAD: Federal Tax Ombudsman (FTO) ordered Chief Commissioner Inland Revenue, Lahore to make a detailed inquiry into allegation of Sales Tax Fraud by Millat Tractors Limited (MTL). The Director General…
SHC dismisses petitions by steel importers Petitions against 17 per cent sales tax on import of Plant Machinery dismissed
Karachi: A custom bench of High Court of Sindh dismissed four identical petitions filed by Nawab Brothers Steel Mills Pvt Ltd, Naveena Steel Mills (Pvt) Ltd and Union Steel Industries…
ASO Hyderabad seizes 60,000 liters of smuggled diesel
HYDERABAD: Anti-Smuggling Organization (ASO) of Customs Hyderabad has seized 60,000 liters of smuggled diesel along with transporting vehicles worth a total of Rs54.67 million. Information was passed through Collector Hyderabad…
Thar coal vital for survival, say experts
Pakistan’s energy sector is facing a major challenge as coordination between capacity generation and distribution is lacking. This lack of coordination has resulted in a mismatch between demand and supply,…
SHC Regulatory Duty – Petitions Dismiss
KARACHI: Dozens of petitions challenging imposition of regulatory duty on imported goods was dismissed by a custom appellate bench of High Court of Sindh including leading petition no CP-D 5887/2022.…
Customs Appellate Tribunal sets aside ONO against M/s CAUSIS Mass Transit
KARACHI: As a mockey of law and the justice system, the Customs Appellate Tribunal has set aside the order-in-original (ONO) passed by Collector Adjudication Feroz Junejo imposing fine and penalty…
MCC EXports seizes Amphetamine / Heroin worth Rs 230 million
KARACHI: In a successful bid to foil an attempt to export narcotics concealed in general cargo, Collectorate of Customs (Exports), Karachi along with Collectorate of Customs (Enforcement & Compliance), Karachi…