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Misuse of bonded warehouses detected  RECORDER REPORT ISLAMABAD: The Federal Board of Revenue (FBR) has detected misuse of bonded warehouses by some unscrupulous importers/warehouse licensees. Sources said on Wednesday that the Directorate of Training and Research Customs FBR on bonded warehouses detected various kinds of misuse of the facility. According to a report compiled by the directorate, the current position of warehoused goods has been explained in view of data obtained from Pakistan Revenue Automation Limited (PRAL). According to the report, the experience of warehousing in Pakistan has been far from satisfactory in the past. There has been misuse of the warehousing facility by some unscrupulous importers / warehouse licensees. Importers removed goods in some cases without payment of leviable duties and taxes. In other cases, there have been reports of substitution of goods at the customs bonded warehouses. Warehouses, to a large extent, have become means of storing non-duty paid goods and helped importers in speculation and manipulation ...

Farmers to get 70pc financial assistance to get IFS certification  LAHORE: The Punjab government under the supply chain management project will extend 70% financial assistance for acquiring Global Gap and IFS certification to farmers in the province. This will help farmers to introduce their livestock and agriculture products in the international market which will also improve their standard of living, Agriculture Department sources told APP here today. The Punjab government is taking priority-based steps for development of post harvest technology and provision of modern facilities to farmers, ...
Afghan trade team to import Pak-made diesel engine  LAHORE: A high level private sector trade delegation from Afghanistan will visit the provincial metropolis after Eidul Fitr to import Pakistan made diesel engines for agricultural purposes. Chief executive officer KAM Engineering, Khalid Saeed Khan told APP Sunday that the Pakistan made KAM diesel engines have become very popular in Afghanistan, compared to all brands of those made in India, and are being successfully used for agricultural purposes. He said that the Afghan team would visit the ...
Most wholesalers stop filing sales tax, FED returns  RECORDER REPORT ISLAMABAD: Most of the wholesalers have stopped filing of sales tax and federal excise returns and deliberately making attempts to change their category/tax status on issuance of SRO 564(I)/2012, which has disallowed input tax in excess of 90 percent of their output tax. Sources told Business Recorder here on Saturday that the SRO564(I)/2012 has included ‘wholesalers’ into the categories of taxpayers, who are not allowed to adjust input tax in excess of 90 percent of ...
Cotton sowing lags behind target: report  HAMID WALEED LAHORE: The cotton sowing target in the country is lagging behind by eight percent, said the cotton review report by the Directorate of Marketing & Economic Research of Pakistan Central Cotton Committee under the aegis of Minister of Textile Industry. According to the review report, the cotton sowing has almost been completed both in Sindh and Punjab. With an exceptional delay in monsoon rains, the cotton crop in Punjab has come under cotton leaf curl ...
PM meets religious leaders  ISLAMABAD: Pir Syed Makhdoom Abbas Muhammad Shah Hamdani and Syed Jabir Ali Shah of Bengali Sharif, Tehsil Gujjar Khan called on Prime Minister Raja Pervez Ashraf at Prime Minister House here on Saturday. The Prime Minister urged religious leaders, ulema and scholars to use their influence for the promotion of inter-faith harmony and cohesion in the country. This was imperative to maintain peace, love, tolerance and brotherhood in the society. The Prime Minister said the government was utilizing ...
KCCI concerns on stoppage of gas supply to industry KARACHI: Karachi Chamber of Commerce & Industry (KCCI) President Mian Abrar Ahmad, in a press statement, has expressed deep concern over stoppage of gas to industries by Sui Southern Gas Company (SSGC) in the name of low pressure. While terming the move of SSGC unilateral, he stated that the KCCI takes a very exception of this arrogant and unilateral move by SSGC by abruptly stopping the gas to industry without any consultation with the stakeholders. He said ...


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Banking Review 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.894 bln
Exports $1.953 bln
Imports $3.847 bln
WeeklyJuly 01, 2015
Reserves $18.5 bln