KARACHI: The provisional release of consignments of Export Oriented Units including Younus Textile Mills, Liberty Textile Mills and others was ordered by a custom appellate bench of High Court of Sindh. The release was subject to securing of disputed amount in the shape of Post Dated Cheques before the Nazir… Continue reading
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
KARACHI: Federal Budget 2020-21 has proposed exemption of additional custom duties on those tariff lines which now attract zero customs duty in tariff along with reduction of custom duty on 40 raw materials of various industries. Moreover, tariff rationalization under National Tariff Policy 2019 is proposed by reducing customs duty… Continue reading
KARACHI: Pakistan Pharmaceutical Manufacturers’ Association (PPMA) has warned the federal government that any decision to discontinue import of raw material of medicines from India will weaken the country’s ability to fight the coronavirus. Addressing a press conference, PPMA representatives appealed to the federal government that it should continue with the… Continue reading
KARACHI: The textile sector, which is getting export orders diverted from China, is facing shortage of raw materials as import consignments are stuck at Chinese ports and prices of locally available goods have shot up. “Everyone is talking about increasing exports from the country, but the fact is that production… Continue reading
KARACHI: Justice Fahim Ahmed Siddiqui of High Court of Sindh confirmed anticipatory bail granted to Muhammad Ibrahim, Director of Imperial Impex in a case FIR registered by Directorate of Intelligence and Investigations, Pakistan Customs under section 2 (37), 2 (9), 2 (14) (a), 3,6,78 (I) (a) & (d), Section 73… Continue reading
KARACHI: The Ministry of Finance (Revenue Division) has notified that from July 01, 2019, the clearance of inputs (raw material, sub-components, components, sub-assemblies and assemblies) shall be allowed through any port or dry port to the importers having user ID of Customs computerized system. SRO 676(I)/2019 has notified the condition… Continue reading
KARACHI: The Revenue Division, Ministry of Finance has exempted additional customs duty of 2.0 percent on certain goods levied earlier vide SRO No. 630(I)/2018. [the_ad id=”32940″]Additional Customs duty is exempted on the import of Toluene (2902.3000), Butanone – methyl ethyl ketone – (2914.1200), other saturated acyclic monocarboxylic acids (2915.1290), other… Continue reading
KARACHI: Directorate of Customs Intelligence and Investigation Peshawar has unearthed evasion of duty and taxes to the tune of around a billion rupees. Director Peshawar Arsalan Subuctageen formed a special team of field intelligence unit Mardan to inquire into the import and export record of M/s 04 Brothers at Export… Continue reading
KARACHI: The Finance Bill (Amendment) 2018 has proposed reduced rate of customs duty on 34 tariff lines through the proposed Table-C in the Fifth Schedule. 0.3% to 0.6% percent withholding tax, exporters should be exempted from this provision. Raw material that is not produced in Pakistan should be exempted from… Continue reading
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