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FBR chairman asked to solve business community’s problems
A delegation, led by President of the Khyber Chamber of Commerce and Industry (KCC&I) Syed Jawad Hussain Kazmi, met Federal Board of Revenue (FBR) Chairman Asim Ahmed here at Peshawar Customs House on Friday. Kazmi applauded the creation of an international grade port in Torkham, but claimed that the project’s unnecessary delay had exacerbated the plight of traders. He said that the project will be completed as soon as possible through local employment to benefit shopkeepers and local residents. Barter trade with Afghanistan and Iran was also discussed.
Jan-28-2023
International Customs Day: Messages from Zahid Bashir Choudhry General Secretary (2022-2023) Karachi Customs Agents Association
The World Customs Organization (WCO), has announced that 2023 will be devoted to the united efforts of the global Customs community to take on a leadership role, using innovative technologies, and collaborating with its stakeholders in bracing for the future, with the slogan “Nurturing the next generation: promoting a culture of knowledge sharing and professional pride in customs.
Jan-27-2023
Pakistan Customs: Leader in domain knowledge sharing
Knowledge sharing is the process of exchanging information, ideas, and experiences among individuals or groups. It involves sharing knowledge and expertise within an organization or team, as well as with external stakeholders. A key component in Knowledge Management (KM), it enables knowledge transfer and expertise from individuals and teams within an organization, which can help to build a collective knowledge base. In the backdrop of above theoretical framework, Pakistan Customs stands at top among all other government departments as well as many top level private organizations.
Jan-27-2023
Production at 30% units halted
In a poor economic situation, where the country is facing a shortage of dollars, import restrictions, difficulties in opening Letters of Credit (LCs) and scarcity of raw material, the industrial wheel has become virtually paralyzed. Traders and industrialists are becoming increasingly worried as containers have been stuck at port for weeks, which has stymied the supply of key inputs to many industrial concerns. Production of goods at an estimated 30% of factories has come to a halt. Businessmen fear that if the government does not bring the situation under control quickly, trade and industrial activities will grind to a complete halt within the next 45 to 60 days.
Jan-24-2023
SBP issues quota-based sugar export mechanism
The State Bank of Pakistan (SBP), following instructions from the government, has issued a mechanism for the export of sugar and advised banks to process export cases in accordance with the allotted quota. In a circular released late on Friday, the SBP directed banks to process the cases regarding the allocation of sugar export quotas for the provinces of Punjab and Khyber Pakhtunkhwa. As per the mechanism, mills must provide a sugar export contract and clearance certificate issued by the concerned cane commissioner to the effect that the concerned sugar mill has cleared outstanding dues of the farmers for sugarcane crop up to 2021-22.
Jan-22-2023
FBR assessment reveals 90% of dollars in Pakistan being hoarded
About 90% of the dollars are being hoarded in Pakistan while currency smuggling has just a 10% share, revealed a member of the Federal Board of Revenue (FBR) while talking about the assessment carried out by the board. Mukarram Jah Ansari — who is an FBR member — said that the customs department has increased vigilance at the entry and exit points of the country including airports to prevent currency smuggling. However, as per the assessment, there is only 10% smuggling, while 90% is hoarding of dollars in the country.
Jan-09-2023
90pc greenback being hoarded in country: FBR member
Member Federal Board of Revenue (FBR) Mukarram Jah Ansari says the government is making efforts for signing the Electronic Data Integration (EDI) agreements with different Central Asian Republics (CARs), Russia and the United Arab Emirates (UAE) in order to curtail mis-invoicing and under-invoicing. He dwelt upon various issues for bringing reforms into customs for improving the overall performance of the tax collection agency.
Jan-09-2023
FBR notifies PSW Evidence of Identity Rules, 2022
FBR has directed all persons engaged in cross-border trade transactions to provide evidence of identity by undergoing an electronic verification process through the Pakistan Single Window (PSW) system. All persons wishing to conduct a cross-border trade transaction whether imports, exports, or transit (applicant) must provide evidence of identity by undergoing an electronic verification process by subscription to the PSW system to prove their credentials.
Dec-31-2022
Cross-border trade rules
The Customs Department has notified rules for evidence of identity for the electronic verification process for all kinds of cross-border trade transactions. According to the rules all persons wishing to conduct a cross-border trade transaction whether imports, exports, or transit must provide evidence of identity by undergoing an electronic verification process by subscription to the PSW system to prove their credentials. The subscription to the PSW system will be done through an online process.
Dec-30-2022
Persons Engaged in Cross-Border Trade Transactions to Undergo Electronic Verification Process
The Federal Board of Revenue (FBR) has directed all persons engaged in cross-border trade transactions to provide evidence of identity by undergoing an electronic verification process through the Pakistan Single Window (PSW) system. In this regard, the FBR Friday issued an SRO.2296(i)/022 to notify Pakistan Single Window Evidence of Identity (E01) Rules, 2022. The new procedure shall supersede all previous instructions and orders pertaining to PSW subscription as notified by the lead Agency (FBR) or any other entity.
Dec-30-2022