Misdeclaration of description, incorrect HS Code/value, Durt Apparels Sialkot petition dismissed as not pressed

KARACHI: A petition filed by Dur Apparels, Sialkot which imported superior quality polyester fabric was dismissed as not pressed after the petitioner expressed inability to deposit differential amount assessed by Directorate of Intelligence and Investigations (DIT). The petitioner sought release of the consignment held by the DIT challenging jurisdiction as… Continue reading

Fabric importer booked for evasion through mis-declaration

KARACHI: Directorate of Customs Intelligence & Investigation Karachi has lodged an FIR against M/s Spectrum Enterprises and M/s Kanwal Enterprises for massive tax evasion through mis-declaration of description and value of the imported fabric consignments. Information was received through Director General Customs Intelligence & Investigation Muhammad Zahid Khokhar that M/s… Continue reading

ICI Pakistan posts 65pc decline in profits

KARACHI: ICI Pakistan Limited has announced a net profit of Rs279.4 million for the quarter ended December 31, 2019, which is 65 percent lower than the profit of Rs804.19 million posted in the same period last year. The earnings per share (EPS) for the quarter under review clocked in at… Continue reading

Customs values of pile fabric for blankets revised

KARACHI: Directorate of Customs Valuation has revised the customs values of polyester/acrylic pile fabric for blankets vide Valuation Ruling No.1003/2017. In light of the order of Director General Syed TAnveer Ahmed Director Wasif Memon formed a team comprising Additional Director Imran Bukhari, Deputy Director Shoib Raza and Principal Appraiser Allison… Continue reading

Customs Lahore seize smuggled goods

KARACHI: Customs Lahore has detained a container loaded with foreign origin juices, chocolates and polyester worth Rs10 million approximately. The container No.E5604 was detained at Shahdara. It was going to Gujranwala from Karachi and it is owned by M/s Ilyas & Sons. Customs stopped the container and the Container Number… Continue reading