Latest news with #Rs3bn
Business Recorder
6 days ago
- Business
- Business Recorder
Glass lid for cookware: New customs' values fixed
ISLAMABAD: The Directorate General Customs Valuation Karachi has issued new customs values (US$ 1.25- 1.60 per Kg) on the import of glass lid for cookware of all types (Including Pots, Pans etc.) from China. In this regard, the directorate has issued a valuation ruling (2007 of 2025). According to the ruling, Directorate had issued Valuation Ruling No.1945 of 2025. Subsequently, the Valuation Ruling was challenged before General Customs Valuation under section 25D of the Customs Act 1969. Resultantly, Order-in-Revision was issued and it was directed to afford a hearing opportunity to the petitioners and re-examine the case within four weeks. Therefore, the Directorate of Customs Valuation, Karachi, initiated the process for re-determination of customs values for the subject goods. Govt plans to establish Rs3bn aquaculture park in Karachi Accordingly, based on a detailed analysis of import data, prevailing market trends, and observed discrepancies between market prices and existing customs values this exercise was undertaken in accordance with Sections 25 and 25A of the Customs Act, 1969. During the exercise, the stakeholders argued that the Customs values of subject goods determined vide above mentioned Valuation Ruling were very high and without consultation of stakeholders. Moreover, the item is being imported on very low values as per their declared and invoice values, therefore, should be considered for re-determination of Customs values. Furthermore, the stakeholders provided relevant information including their export GDs and Commercial Invoices in establishing fair customs values. The viewpoints of the stakeholders were heard in detail and evaluated to arrive at the Customs values of the subject goods. However, as the goods comprised of different sizes, especially in two distinct shapes viz with and without steel ring, therefore, Section 25(6) was considered to be more relevant and applicable. Relevant references and data were examined under this method to determine the customs values. Based on the analysis of available import data, which provided a reasonable indication of the actual value of the goods, the customs values were accordingly determined under Section 25(6) of the Customs Act, 1969. Customs values for Glass Lid -hereinafter specified shall be assessed to duty/taxes on the Customs values given against them, the ruling added. Copyright Business Recorder, 2025
Business Recorder
6 days ago
- Business
- Business Recorder
‘Climate resilience': govt cuts export cargo handling charges by 50% at Karachi Port
KARACHI: Pakistan government announced on Saturday a 50% cut in port handling, vessel, and storage charges for dry bulk exports at the Karachi Port, a step that Maritime Minister Junaid Anwar Chaudhry believes will reduce the carbon footprint of trade logistics and foster sustainable growth. The move is expected to benefit exporters of dry bulk goods and reduce emissions through faster, less congested port activity. The minister announced the major reduction in port charges 'as part of a broader strategy to decarbonise the maritime sector and improve energy efficiency in port operations', according to a ministry statement. 'By lowering operational costs and streamlining logistics, we are not only boosting trade competitiveness but also contributing to climate resilience,' he was quoted as saying in the statement. Govt plans to establish Rs3bn aquaculture park in Karachi According to details, the newly introduced reforms include a 50% cut in port handling, vessel, and storage charges, while scrapping the previously planned annual 5% hike in these fees. 'This isn't just a financial measure; it's a pivot toward low-impact, future-ready maritime trade,' said Junaid Anwar Chaudhry. 'A more efficient port reduces idle time for vessels, lowers fuel consumption, and supports greener supply chains.' The minister highlighted that the changes were part of a national strategy to modernise port infrastructure, enhance sustainability, and transition towards smart maritime practices. 'The announcement follows recent efforts of the maritime minister to enhance port efficiency, including forming a high-level committee to cut container dwell time by 70% and deploying advanced technologies such as AI and drones for monitoring operations, further underlining the government's proactive stance in modernizing maritime trade logistics,' Maritime ministry said. Pakistan eyes East African market with new sea trade corridors As sea-level rise, extreme weather events, and maritime pollution intensify, the minister stated that climate adaptation was being increasingly integrated into trade logistics as 'part of a broader strategy to establish the country as a sustainable maritime hub in the face of climate change'. A similar 50% reduction was announced for export-oriented cargoes at the Port Qasim few weeks ago.
