FPCCI appreciates PM Imran Khan for removing 5% regulatory duty on import of cotton yarn on FPCCI’s recommendation

Karachi (PR) Mian Anjum Nisar, President “The Federation of Pakistan Chambers of Commerce and Industry” (FPCCI) said the decision of the withdrawal of 5% regulatory duty on the import of cotton yarn will greatly support the textile sector of Pakistan and will contribute to the economic stability of the country…. Continue reading

SHC asks DRAP to act as per law

KARACHI: Drug Regulatory Authority of Pakistan (DRAP) was asked to act per its law and mandate and decide the application of a petitioner company for grant of NOC. The bench comprising Justice Junaid Ghaffar and Justice Agha Faisal earlier heard the counsel for Indus Pharma Private Limited who submitted that… Continue reading

Agha Steel signs Rs10.5 billion MoU with Horizon Steel

Karachi: Agha Steel Industries is going to sell 100,000 metric tons of low-carbon billets worth approximately Rs 10.5 billion per annum to Horizon Steel, a press release said on Monday. The two companies have signed a memorandum of understanding (MoU) that ensures Agha Steel will reliably supply the intermediate steel… Continue reading

SHC to hear arguments in alleged “wrongly shifted” container of diplomatic mission

KARACHI: A custom appellate bench of High Court of Sindh will hear arguments on law point that what would be the responsibility of a custom clearing agent if a container imported by a diplomatic mission turns out to be “wrongly shifted” The issue was raised during hearing of a Special… Continue reading

Traders willing to import COVID-19 test kits, but government fails to facilitate these imports  

KARACHI: Producers in U.S. and China have begun shipping 10-minute Test Kit for COVID-19 virus exposure, and local traders want to import these testing kits but government has not notified the regulatory framework and exemptions in this regard. A trader said that the test kits, which are as easy to… Continue reading

Pakistan to Cut Import Duty to Make Exports More Competitive

Pakistan plans to remove duties on many raw materials used by exporters, aiming to make them more regionally competitive and help the economy escape a recurring boom-bust cycle. Duties on imported raw materials, which were removed on more than 1,600 products last year, will be further reduced or eliminated in… Continue reading

Misuse of SRO 492: Assistant Collector and other officials put duty off

KARACHI: Sharjeel Jamal of M/s UTrade Logistics has highlighted loss of government revenue to the tune of one billion rupees through the misuse of SRO 492(I)/2011 in connivance with the Customs authorities. In a letter to Prime Minister, Jamal noted that the SRO 492(I)/2011 is being grossly misused in regard… Continue reading

New tariff policy envisages gradual cut in import tariff

ISLAMABAD: The new tariff policy envisages gradual cut in import tariff, wherein the duty slabs will be reduced from maximum 25 to 15 percent and minimum slab from 3 percent to zero by 2023-24. Under the envisaged tariff policy from 2019 to 2024, the National Tariff Commission (NTC) has targeted… Continue reading

SHC hears petitions by manufacturers against concession, IPO restriction, Regulatory Duty

KARACHI: The ship breaking industry is enjoying concessionary tax regime on re-melt-able iron scrap detrimental to commercial importers and manufacturers. The commercial importer, manufacturers also faces Import Policy Restriction and Regulatory Duty from which ship breakers are exempted. These issues were raised in three different constitutional petition filed by Ghulam… Continue reading

SHC allows Special Criminal Revision Applications in betel nuts case Accused ordered to surrender before trial court in seven days

KARACHI: Justice Fahim Ahmed Siddiqui of High Court of Sindh hearing nine identical revision applications filed by Director of Directorate of Intelligence & Investigations (DIT), Pakistan Customs assailing judgment by Special Court for Customs, Excise and Taxation in betel nuts cases. The trial court deciding the case of alleged smuggling… Continue reading