FTAs, PTAs: FPCCI suggests strategy to benefit local industry as country suffers huge loss on import exemption

Karachi: The Federation of Pakistan Chambers of Commerce and Industry has urged the government to redesign the Free Trade Agreements (FTAs) and Preferential Trade Agreements (PTAs) with a view to promote the domestic industry of Pakistan, as the government has suffered revenue loss of over Rs. 45 billion during FY… 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

Customs suffers revenue loss as Chief Collector Appraisement South comes lenient on scammers

KARACHI: The mishandling of the M/S BBJ Pipe Industries case by the office of Chief Collector Customs Appraisement South has caused huge revenue loss to the national exchequer, it was learnt. M/s BBJ Pipe Industries was caught evading government revenue through mis-declaration of imported goods and Customs Adjudication found the… Continue reading

Appraising staff blamed for the wrongdoing of Customs laboratory

KARACHI: As the Customs Laboratory allegedly connives with the importers issuing reports as per the importers’ demand, the Customs appraising staff has to take all the blame for revenue loss. The same happened in the case of misuse of concessionary order SRO 659(I)/2007 wherein the exchequer suffered a loss of… Continue reading

Reference values of artificial leather waist belt

KARACHI: The Directorate General of Customs Valuation is developing database values and issuance of reference values of importable items have started yielding results. Director General Customs Valuation Syed Tanveer Ahmed devised a plan to streamline values of importable values to check under-invoicing, which is not only causing revenue loss to… Continue reading

DG Customs Valuation issues more guidelines

KARACHI: Directorate General of Customs Valuation has issued several reference values or valuation guidelines for the information of clearance collectorates as part of a plan devised by Director General Customs Valuation Syed Tanveer Ahmed to streamline values of importable values to check under-invoicing, which is not only causing revenue loss… Continue reading

Customs Valuation start issuing valuation guidelines to discourage under-invoicing

KARACHI: Directorate General of Customs Valuation has circulated certain valuation guidelines for the notice of all formations about the prevailing international price trend of several importable goods in the first phase, while several more to follow. Chairman FBR Nisar Mohammad Khan has tasked Director General Customs Valuation Syed Tanveer Ahmed… Continue reading

Internal Audit points out stuck-up revenue due to inefficiency of Customs I&I Karachi

KARACHI: The Directorate of Internal Audit points out that government revenue to the tune of billions of rupees was stuck-up due to the inefficiency of Directorate of Customs Intelligence & Investigation (ASO/ENF) Karachi. The Internal Audit has made several Audit Observations requiring the Directorate to justify the omission on their… Continue reading

Importers booked for importing banned chemicals under vague description

KARACHI: The MCC Appraisement East has lodged an FIR against pharmaceutical raw material/chemical importers for importing chemicals under vague descriptions and mis-declaration to circumvent the application of Import Policy Order. According to details, information was received in the R&D Section that certain unscrupulous importers were engaged in importing Pharmaceutical raw… Continue reading

Pakistan’s import pattern from Iran, Afghanistan observes a drastic shift

  KARACHI: Perusal of official data suggests that Pakistan’s import of several items from Iran and Afghanistan increased drastically in the first nine months of the current fiscal year, which creates doubts that goods other than declared were being cleared through mis-declaration. For instance, import of grams (dry whole) through… Continue reading