Steel importers faced prosecution on charges of money laundering

KARACHI: The importer companies Hassan Steels, Steel Vision, Royal Impex, Zubair Steel, Cosmos Trading and Balochistan Engineering Works face prosecution on allegations of smuggling, money laundering etc. The Directorate General of Intelligence & Investigations, FBR filed complaint before Special Customs, Excise and Taxation Court Karachi on March 15 alleging that… Continue reading

Notices served on Balochistan Engineering, while impugned goods disappear from EPZ

KARACHI: Notices were issued to Balochistan Engineering for Feb 15 by Customs Appellate bench of High Court of Sindh on Monday in a case pertaining to a consignment, which reportedly has started disappearing from KEPZ. Khalid Rajper Advocate appearing for the applicant submitted that as per first question of law,… Continue reading

SHC refers classification dispute to committee, restrain encashment

KARACHI: A dispute over classification of imported steel was referred to the Classification Committee of steel by a custom appellate bench of High Court of Sindh. Niamatullah Steel Works Private Limited moved the court against assessment by the assessing officer. Owais Ali Shah advocate appearing for the petitioner company said… Continue reading

SHC warns custom officials of placing orders in personal files Dispute of primary, secondary steel-VR set adise

KARACHI: Annoyed by the indifferent and lethargic attitude of the officers of Pakistan Customs, a customs appellate bench of High Court of Sindh warned that court can order that orders passed against delinquent officers be made part ofd their service files. The bench comprising Justice Muhammad Junaid Ghaffar and Justice… Continue reading

Iran ready for barter trade with Pakistan, Iranian CG calls for strengthening Pak-Iran trade ties FPCCI President seeks transport licenses to freely work across Pak-Iran border to facilitate exporters

Karachi (PR) Iranian Consul General Reza Nazeri on Friday stressed the need for strengthening trade ties between two neighboring countries, saying Iran is ready for barter trade and it will export petrochemical, steel and LPG to Pakistan while importing rice, meat and other agriculture products from Pakistan. While addressing the… Continue reading

MCC Exports lodges FIR against M/s Steel Vision, M/s Cosmos Trading Development

KARACHI: MCC Exports PMBQ has lodged an FIR against known accused for attempting to remove imported goods out of Export Promotion Zone (EPZ) in the way of theft. Customs Preventive had submitted an incident report citing that the EPZA Intelligence Staff and Security Staff intercepted a Toyota Hilux Vigo Double… Continue reading

Customs Intelligence lodges 26 FIRs against steel importers for evading Rs705.29 million

[[i9p[KARACHI: Directorate of Customs Intelligence & Investigation Karachi has lodged 26 FIRs against certain importers for evading legitimate government revenue Rs705.29 million by misusing and illegally claiming benefit of SRO 655(I)/2006. Director Irfan Javed had the information that certain importers were involved in importing steel coils through mis-declaration of description,… Continue reading

SHC bars Custom Intelligence & Investigation from arresting steel importers

KARACHI: The High Court of Sindh has barred Directorate of Customs Intelligence and Investigation Karachi from arresting the accused nominated in the FIRs lodged by the directorate regarding smuggling of imported gods in KEPZ and evasion of duty and taxes by certain steel importers. However, the Court has ordered the… Continue reading

ABAD urges government to take action against cement, steel cartels

KARACHI: Muhammad Hassan Bakshi, Chairman Association of Builders and Developers of Pakistan (ABAD), has urged the government to take stern action against cartelization of cement and steel manufacturers, who are denting the economy of Pakistan by destroying construction industry, which is providing jobs to more than 2.5 million skilled, semi-skilled… Continue reading

Higher taxes, surging inflation and subdued GDP growth to hurt steel demand

KARACHI: As per the tax measures proposed in Finance Bill 2019, long steel manufacturers would be taxed equivalent to FED of 17% in sales tax mode instead of special arrangement where they were charged a fix rate of Rs13/kwh for electricity. [the_ad id=”31605″]“This proposal would require a net price hike… Continue reading