SHC allows petitions by pipe millers, quashes show cause notices

KARACHI: The dozens of constitution petitions filed by pipe mills against denial of exemption under SRO 565 (i) of 2006 dated 05-06-2006 and pursuant show cause notices were allowed by a customs appellate bench of High Court of Sindh here on Tuesday. The petitions were filed by Shaikh Pipe Mills,… Continue reading

SECP aims to liberalize Non-Bank financial sector through promoting self-regulation

ISLAMABAD: In pursuance of its reforms agenda for reforming the non-bank financial services, the Securities and Exchange Commission of Pakistan (SECP) has issued draft Self-Regulatory Organizations (Registration) Regulations, 2021 for soliciting public comments. These transformational regulations, being introduced for the first time under the SECP Act 1997, are intended to… Continue reading

SECP Reviews Stock Market Situation with SROs

Islamabad: The Securities and Exchange Commission of Pakistan’s (SECP) team lead by the Chairman SECP and Commissioner (SM) held a detailed meeting with the CEOs of Pakistan Stock Exchange, National Clearing Company and Central Depository Company (SROs) this morning, to review and discuss the stock market situation, risk management and… Continue reading

Pakistan Customs files appeal against SHC order UNFIT Indian sugar for Afghanistan under APTTA

KARACHI: The Directorate General of Transit Trade , Pakistan Customs has filed an appeal before Supreme Court of Pakistan assailing judgment of Custom Appellate bench of High Court of Sindh in sugar transited to Afghanistan from India. About 262 containers of the Indian White Sugar have been detained by the… Continue reading

FBR collection target rationale or else

KARACHI: The federal government has set an ambitious target for FBR including custom duty, sales tax collection at rupees 1,000,500,000 for the fiscal year 2019-20 with a projected required growth rate of 36 per cent vis a vis tax collected in previous fiscal year 2018-19. The budget document shows that… Continue reading

Foot wear importers case SHC restrains department from en-cashing security deposits

KARACHI: Hearing more than a hundred petitions filed by the importers of foot wear, a customs appellate bench of High Court of Sindh headed by Justice Aqeel Ahmed Abbasi restrained the department from encashing security deposited against Regulatory Duty.[the_ad id=”32940″]At the petitions were taken up, a counsel from Franklin Law… Continue reading

LED lights importer penalized for misusing concessionary regime

KARACHI: Collector Customs Adjudication Chaudry Mohammad Jawaid has penalized M/s Orient Electronics Pvt Ltd and M/s Rahmani Traders for misusing concessionary SROs to evade government’s legitimate revenue.  According to details, Directorate General of Customs I&I had issued an alert that various importers imported huge quantity of LED lights claiming exemption… Continue reading

Pakistan Customs revenue collection surge 1.5 percent

KARACHI: The overall revenue collection by Pakistan Customs in the fiscal year so far i.e. three months (July-September 2016) has surged by 1.5 percent to Rs246.165 billion as against Rs242.552 billion in the same period last year July-September 2015. The Customs duty collection by Pakistan Customs surged by 6 percent… Continue reading

Judgment reserved in suits filed by Umar Spining Mills, Sunrays Textile

KARACHI: Justice Muhammad Shafi Sidsdiqui of High Court of Sindh (SHC) on Thursday reserved order in two identical suits filed by Umar Spinning  Mills and Sunrays Textile after a detailed hearing. Khalid Javed Khan represented the plaintiff while Masooda Siraj advocate, Kashif Nazeer and Ilyas Ahsan Principal Appraiser represented the… Continue reading

Footwear importers recommend scrutiny of the affairs of M/s Service, M/s Bata

KARACHI: A delegation of footwear importers including as well as representatives of M/s Bata and M/s Service met with Director of Customs Valuation Wasif Memon to press downward revision in the values of imported footwear ended inconclusive. Representative of M/s Service, Mehmood, said M/s Service did not have any manufacturing… Continue reading