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Author Archives: CT Report

Customs JIAP seizes precious diamonds worth Rs11m

KARACHI: Pakistan Customs team deputed at Jinnah International Airport (JIAP) intercepted a passenger Zahid Khalil and recovered 136 carats precious diamonds worth Rs11 million. Sources said that Additional Collector Yusuf Magsi received credible information regarding smuggling of gold and diamonds. He directed Deputy Collector Inamullah Wazir to take all necessary measures and enhance vigilance on international arrival lounge. The Customs ... Read More »

Four telecom companies submit bids for NGMS spectrum auction in AJK & GB

ISLAMABAD: Four telecom companies have reportedly submitted bids for the next generation mobile service (NGMS) spectrum auction in Azad Jammu and Kashmir (AJK) as well as Gilgit Baltistan (GB). Sources said that the Pakistan Telecommunication Authority (PTA) has received all four telecom companies (Telenor Pakistan, Pakistan Mobile Communication Limited (PMCL/Jazz), Pakistan Telecommunications Mobile Limited (Ufone), and China Mobile Pakistan (CMPak/Zong) ... Read More »

Presidential Ordinance to increase tax revenue: Chairman FBR

ISLAMABAD: Chairman Federal Board of Revenue (FBR) Dr Ashfaq Ahmed has said that tax revenue will be increased through Presidential Ordinance adding notices will be sent to those who conceal taxable income. During the briefing of National Assembly s Standing Committee on Finance, the members of the Opposition Committee protested against the remarks of the Chairman FBR, to which he ... Read More »

Roshan Digital Accounts attract US$2.3b: SBP Governor tells PM Imran Khan

ISLAMABAD: Governor State Bank of Pakistan (SBP) Reza Baqir Wednesday met Prime Minister Imran Khan and briefed him over the progress being made in terms of Roshan Digital Account and current account. Reza Baqir during a briefing on Roshan Digital Account (RDA) program said that as many as 204,000 accounts have so far been opened by the overseas Pakistanis under ... Read More »

Sindh decides to add utility tax to gas bills

KARACHI: The Sindh government has decided to impose another utility tax, days after it had proposed the collection of two KMC taxes — fire tax and conservancy tax — through monthly electricity bills sent to residents to ensure their recovery. Sindh Solid Waste Management Board’s (SSWMB) spokesperson said the garbage collection tax would be added to the residents’ gas bills, ... Read More »

Multan Dry Port wears desert look after heavy rain

MULTAN: Multan Dry Port wears deserted look after heavy rain. Customs Appraisement Faisalabad employees who are deputed at Multan Dry Port were present to perform their duties but consignments for import and export were not available for handling due to heavy rain in Multan and its surroundings. The Multan Dry Port has cleared all pending shipments of imports and export ... Read More »

FTO expresses concerns over the coercive recovery measures by tax collectors

MULTAN: The Federal Tax Ombudsman (FTO) has expressed concerns over coercive recovery measures by tax collectors, saying that discretionary steps of tax officials are not acceptable and therefore the Federal Board of Revenue (FBR) should take notice of the practice. According to the FTO sources, the Ombudsman has directed the Board to conduct enquiry, fix responsibility and initiate disciplinary proceedings ... Read More »

RCCI delegation calls on Asad Umar and discuss Industrial Zones along ring road

RAWALPINDI: A delegation of Rawalpindi Chamber of Commerce and Industry (RCCI) led by President Mohammad Nasir Mirza called on Federal Minister for Planning, Development and Special Initiatives Asad Umar in Islamabad. The delegation included newly elected President Nadeem Rauf, Senior Vice President Osman Ashraf, Vice President Shahraiz Malik. Talking to the delegation, Federal Minister Asad Umar said that the government ... Read More »

European Union decides to maintain Pakistan’s GSP Plus status

BRUSSELS: The European Union has decided to maintain the Generalised Scheme of Preferences (GSP+) status of Pakistan. According to a statement issued by the European Commission, Pakistan will remain in GSP Plus till 2023. Under GSP Plus, there will be no tax on Pakistani products. The European Commission also changed the rules regarding GSP Plus. According to the European Commission, ... Read More »

ADB forecasts Pakistan’s growth to reach 4pc in FY22

ISLAMABAD: Pakistan’s economic growth rebounded to 3.9% in the fiscal year 2021 and is expected to reach 4.0% in FY2022 as business activity gradually resumes in the second year of the coronavirus disease (COVID-19) pandemic, the Asian Development Bank (ADB) said in a report. According to the Asian Development Outlook (ADO) 2021 Update, ADB’s annual flagship economic publication, Pakistan’s economy ... Read More »

No extension in filing date of income tax returns: FBR

ISLAMABAD: The Federal Board of Revenue (FBR) clarified that it is not considering an extension in the date for filing annual income tax returns. According to a statement by the FBR spokesperson, taxpayers should submit annual tax returns before September 30. Responding to news regarding a supposed extension in the date, the spokesperson categorically denied this was the case, stating ... Read More »

Pakistan to spend Rs73.9b on health sector in 2021-22

ISLAMABAD: Federal Minister for Planning Development and Special Initiatives, Asad Umar has said the government would spend Rs 73.9 billion on health sector in different schemes during the current fiscal year. In the current year’s Public Sector Development Program (PSDP) 2021-2022, Rs 21.7 billion had been allocated to the Ministry of National Health Services, regulation for 40 new and ongoing ... Read More »

Inflation is a problem of whole world: Shaukat Tarin

ISLAMABAD: Federal Minister for Finance Shaukat Tarin said that our growth rate is higher than expected which is good news adding inflation is a problem of the whole world. These views were expressed by the finance minister in an interview with Dunya News program  Dunya Kamran Khan Kay Saath . Shaukat Tarin said that there are no issues with the ... Read More »

LTO Multan starts survey for installation of track and trace system

MULTAN: The Federal Board of Revenue (FBR) Large Tax Office (LTO) has started large scale survey of all sugar mills and cigarette manufacturing units in the jurisdiction for the installation of track and trace system. Sources told Customs Today that the sugar and tobacco sectors remained the top priority of the FBR for installation of the track and trace system. ... Read More »

SBP deputy governor urges financial sector to boost women’s access to finance

ISLAMABAD: State Bank of Pakistan (SBP) Deputy Governor Sima Kamil has said that the financial sector needs to realize its role as a key player in advancing regulatory policy and strategies towards promoting women’s access to finance and digital financial inclusion. Sharing her perspective in the keynote address at the UN hosted convention ‘The Untapped Potential’ on CSR4 Women, Sima ... Read More »

NEPRA will hear the plea on September 30

ISLAMABAD: The government is likely to increase the price of electricity up to Rs2.07, which will put an additional burden of 25 billion rupees on already suffering people. The Central Power Purchasing Agency (CPPA) has submitted an application under monthly fuel adjustment in August. According to the CPPA, a total of about 15 billion units of electricity were generated in ... Read More »

Transparency International inducts Advocate Shahab Imam as member

ISLAMABAD: Transparency International Pakistan has inducted renowned Advocate Dr. Shahab Imam as member with effect from September 21, 2021. Earlier, Advocate Dr Shahab Imam has been as member on the panel of advocates of Federal Board of Revenue (FBR) to conduct Inland Revenue/Customs related tax matters. Dr Shahab Imam is a seasoned advocate and legal consultant but he also served ... Read More »

Revised taxation for banks applicable from January 1, 2021: FBR

ISLAMABAD: The Federal Board of Revenue (FBR) has revised taxation for banks from tax year 2022 (starting from January 01, 2021, to December 31, 2021) onwards. An important amendment has been introduced through Tax Laws (Third Amendment) Ordinance, 2021, which was promulgated through a presidential ordinance. Through Finance Act, 2021, a sub-rule (6A) in rule 6C of Income Tax Ordinance, ... Read More »

SRB extends last date for sales tax payment, return filing

KARACHI: The last date for payment and sales tax return has been extended by Sindh Revenue Board (SRB). The provincial revenue authority issued the Circular No. 04 to extend the last date. According to the circular, the amount of Sindh sales tax for the tax period July 2021 may be deposited electronically on or before Tuesday August 24, 2021. Further, ... Read More »

Gwadar Customs thwarts attempt to smuggle narcotics worth Rs160m

GWADAR: Collectorate of Customs foiled an attempt to smuggle narcotics into the country and seized fine quality charas worth Rs180 million. Sources said that Chief Collector Gul Rahman received authentic information regarding smuggling of narcotics. He immediately directed Collector Gwadar Javed Chaudry to take all necessary measures to foil any attempt of narcotics smuggling Customs team deputed at Khurkhera check ... Read More »