Smuggling and under-in­voicing totalling two billion dollars in imports from China have been discovered.

The FBR has agreed in principle to reduce the rate of tturnover tax imposed on distributors.

Pakistan and the IIMF will hold a series of talks from July 15 for release of the sixth loan tranche of $1.2 billion.

ADB has agreed to provide Pakistan a loan totalling $800 million for three development projects.

CCP Chairman Khalid Mirza said that hearing of the case against the Pakistan Sugar Mills Association has been completed.

The FBR has confirmed that thousands of containers have passed through the customs authorities without payment of duties.