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Author Archives: CT Report

Pakistan receives $3b in funds from Saudi Arabia

KARACHI: The State Bank of Pakistan on Saturday received a much-awaited $3 billion deposit from Saudi Fund for Development. Taking to official Twitter handle, Adviser to Prime Minister on Finance and Revenue Shaukat Tarin announced: “Good news, $3 billion Saudi deposit received by SBP.” The PM’s aide acknowledged the support provided by Saudi Arabia and wrote: “I want to thank ... Read More »

Pakistan allows transportation of wheat, medicines to Afghanistan from India

 ISLAMABAD: Pakistan allowed India to transport wheat and life-saving medicines to Afghanistan via the Wagah border on humanitarian grounds. “With a view to further facilitate Pakistan’s decision to allow transportation of 50,000 MT of wheat and life saving medicines from India to Afghanistan via Wagah border on an exceptional basis for humanitarian purposes, it has been decided to also allow ... Read More »

FBR issues notification for promotion of 9 IRS officers from BS-19 to BS-20 on regular basis

ISLAMABAD: Federal Board of Revenue (FBR) has issued notification for promotion of following officers of Inland Revenue Service (IRS)  from BS-19 to BS-20 on regular basis: Nadeem Bashir Nadeem Babar Abbdul Shakoor Shaikh Muhammad Asad Tahir Asif Rasheed Noman Malik Said Munaf Muhammad Shamim Imran Hayee Khan The officers already posted/working against BS-20 posts on OPS basis will actualize their ... Read More »

FBR suspends IO Khawaja Zia-ud-Din till conclusion of disciplinary proceedings

ISLAMABAD: Federal Board of Revenue (FBR) has issued notification for suspension of Intelligence Officer Khawaja Zia. According to a notification in exercise powers conferred under Rule 5 (i) of the Civil Servants (efficiency & discipline) Rules, 2020, the competent authority has placed Khawaja Zia-ud-Din Intelligence Officer (BS-16) Directorate of Intelligence and Investigation Customs, Lahore under suspenspion with immediate effect, till ... Read More »

SPI based inflation continues to rise

ISLAMABAD: The Sensitive Price Indicator (SPI) based weekly inflation for the week ended on December 2, for the combined consumption group, witnessed decrease of 0.48 percent as compared to the previous week, Pakistan Bureau of Statistics (PBS) reported Friday. The SPI for the week under review in the above mentioned group was recorded at 167.36 points against 168.16 points registered ... Read More »

Forex reserves drop to $22.498b

KARACHI: The country’s total liquid foreign exchange reserves declined by $275 million during last week. According to the State Bank of Pakistan’s (SBP) weekly report, total liquid foreign exchange reserves held by the country stood at $ 22.499 billion on November 26, 2021. During the week under review, the SBP’s reserves decreased by $ 244 million to $ 16.01 billion. ... Read More »

RCCI decry on FBR hike in property valuation

RAWALPINDI: The Rawalpindi Chamber of Commerce and Industry (RCCI) has termed the move by the Federal Board of Revenue (FBR) to increase property value as grossly excessive and unacceptable. “The FBR’s move of new market value for immovable property of 40 major cities was tantamount to stalling the country’s economy and suspending business activities”. RCCI President Nadeem Rauf in a ... Read More »

Economy moving in positive direction, inflation will decline: Shaukat Tarin

ISLAMABAD: Adviser to the Prime Minister on Finance Shaukat Tarin claimed that the country’s economy is growing stronger and the inflation will soon decline. Addressing a press conference in Islamabad flanked by Adviser to the Prime Minister for Commerce, Textile, Industry and Production, and Investment Abdul Razak Dawood on Friday, he said that, “I want to tell the common man ... Read More »

FBR wins first-ever court conviction under Anti-Money Laundering Act

ISLAMABAD: The Federal Board of Revenue (FBR) has succeeded in winning the first-ever case of conviction for the offence of money laundering based on massive tax evasion. The Directorate General I&I-IR had received financial intelligence in respect of Habibullah proprietor of Rai Trading Company, Bajaur, KP; wherein, it was disclosed that the quantum of transactions (cash and bank) did not ... Read More »

FBR promotes 13 PCS officers from BS-19 to BS-20 with immediate effect

ISLAMABAD: The Federal Board of Revenue (FBR) notified the promotion of officers of Pakistan Customs Service (PCS) to BS-20 from BS-19 on regular basis with immediate effect. The FBR notified the promotion of the following officers: Muhammad Akram Ch. Muhammad Saeed Wattoo Saira Agha Ayesha Niaz Muhammad Irfan Wahid Muhammad Ashfaq Zeb Gul Shabbir Neelofar Shahzad Nadeem Ahsan Ziaullah Shams ... Read More »

FBR notifies promotion of 7 PCS officers from BS-20 to BS-21

ISLAMABAD: The Federal Board of Revenue (FBR) issued notification for promotion of following senior officers of Pakistan Customs Service (PCS) from BS-20 to BS-21 on regular basis with immediate effect. The FBR has notified of the promotion of the following officers: Muhammad Asghar Khan Muhammad Sadiq Abdul Qadir Memon Asif Saeed Khan Lughmani Muhammad Ali Raza Hanjra Muhammad Imran Khan ... Read More »

FBR notifies promotion of 9 IRS officers from BS-20 to BS-21

ISLAMABAD: The Federal Board of Revenue (FBR) issued a notification to announce the promotion of senior officers of the Inland Revenue Service (IRS) to BS-21 from BS-20 on regular basis. The FBR issued Notification No. 2863-IR-I/2021 to notify the promotion of the following IRS officers, who are promoted to BS-21: Hyder Ali Dharejo Ms. Sadia Sadaf Gillani Sajid Nazir Malik ... Read More »

Trade balance in Pakistan rapidly getting worse

ISLAMABAD: Pakistan’s trade balance is getting worse fast, rising sharply to $5.11 billion in November 2021 against $1.94 billion in November last year. That is a surge of 163%. This shows an alarming trend because it will add pressure to the current account deficit in the months ahead and without ensuring dollar inflows, mainly through debt-creating instruments. With the blessings ... Read More »

Quetta Customs seizes smuggled goods worth Rs60m near Ziarat check post

QUETTA: Collectorate of Customs seized huge quantity of smuggled goods worth Rs60 million from a 10-wheeler Hino truck at Ziarat Cross Check Post. Sources said that during routine patrolling for preventing transportation of smuggled goods, Customs team intercepted a 10-wheeler Hino truck at Ziarat Cross. Checking of the 10-wheeler Hino truck led to recovery of foreign origin 7.7 tons of ... Read More »

Customs I&I foils bid to smuggle narcotics worth Rs1.6b

KARACHI: Directorate of Customs Intelligence and Investigation (I&I) has foiled a bid to smuggle huge quantity of narcotics, a 9MM pistol and a fishing boat worth Rs1.6 billion during an intelligence based operation (IBO). Sources said that information was passed through Director Saqif Saeed to Deputy Director Amjad Hussain Rajpar regarding smuggling of narcotics through a boat. A team was ... Read More »

Imports of food items, furnace oil and vaccines to be cut down, Tarin informed

ISLAMABAD: Prime Minister’s Adviser on Finance and Revenue Shaukat Tarin on Thursday was briefed that there will be less import of food items, furnace oil and vaccines in the coming months, a move that will significantly reduce the pressure on trade bills in the second half of the current fiscal year (H2FY22). The PM’s advisor was chairing a meeting to ... Read More »

NAB-KP outperforms under Brig (r) Farooq Naser Awan, recoveries reach Rs 12621m

PESHAWAR: National Accountability Bureau (NAB) Khyber Pukhtoonkhawa (KP) under supervision of Director General Brig. (R) Farooq Naser Awan has geared up its operations against the corrupt and has been performing exceptionally well. Under the dynamic vision and guidance of Hon’ble Chairman NAB Justice Javed Iqbal to stop revenue leakage and huge losses to the national exchequer. National Accountability Bureau Khyber ... Read More »

ADB confirms Pakistan’s inclusion into energy transition mechanism

ISLAMABAD: The Asian Development Bank (ADB) has confirmed Pakistan’s inclusion into its first-ever Energy Transition Mechanism aimed to support energy mix conversion over clean renewable solutions. In this regard, Special Assistant to the PM on Climate Change Malik Amin Aslam wrote a tweet thanking ADB President Masatsugu Asakawa and also shared the confirmation letter confirming the development. He also thanked ... Read More »

FBR prepares mini-budget to raise tax on vehicles, mobile phones

ISLAMABAD: The Federal Board of Revenue (FBR) has prepared a mini-budget based on conditions set by the International Monetary Fund (IMF) for resuming the stalled loan programme, reversing a Rs350 billion tax relief on multiple products including mobile phones and imported vehicles. According to details, the tax department has sen a draft of the proposed mini-budget to the law department ... Read More »

FTO visits RCCI, announce help desk and representation at advisory board

RAWALPINDI: The Federal Tax Ombudsman (FTO) Dr. Asif Mahmood Jah has said paid a visit to the Rawalpindi Chamber of Commerce and Industry (RCCI) and addressed an Public Awareness session for the purpose of “Rectifying Tax network” here. He said that FTO has directed the Federal Board of Revenue (FBR) to rectify the maladministration taking place at customs check posts. ... Read More »