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Author Archives: CT Report

DG Valuation revises customs values of Inorganic Chrome Pigments vide VR No1522/2021

KARACHI: Directorate-General Customs Valuation Director Shafiq Ahmad Latki has revised customs values of Inorganic Chrome Pigments PCT 3206.2010  are determined as follows.   Read More »

Oil import bill shrinks by 21.7pc to $6.44b in 8 months

ISLAMABAD: The country’s oil import bill witnessed reduction of 21.70 percent during the first eight months of the current fiscal year as compared to the corresponding period of last year. The country imported oil products worth $6445.601 million during July-February (2020-21) against the imports of $8232.294 million during July-February (2019-20), showing decline of 21.70 percent, according to latest data by ... Read More »

SAI chief demands start of infrastructure works, setting of CETP in SITE area

KARACHI: Secretary Industries Sindh Muhammad Riazuddin has assured the industrialists of SITE area to play his due role in resolving issues being faced by industries of SITE area and improve its infrastructure on priority basis so as to continue industrial production unabated. He paid a visit to the SITE area on the invitation of  Abdul Hadi, President SITE Association of ... Read More »

Govt plans to increase power tariff by Rs3.9 per unit: report

ISLAMABAD: The government plans to increase power tariff by Rs3.4-3.9 per unit for the consumers utilising 300 units a month and private agriculture consumers. The development comes under the head of FCA (Fuel Charges Adjustment). To this effect, the Power Division (PD) has sent a summary to Economic Coordination Committee (ECC) that is scheduled to meet today (Wednesday). It will ... Read More »

Pakistan’s textile exports decline 3.1pc in February

ISLAMABAD: In a worrying sign, Pakistan’s textile exports fell by 3.1% on a year-on-year basis and 6.8% on a month-on-month basis landing at $1.2 billion in February of fiscal year 2020-21. Pakistan Bureau of Statistics (PBS) said that exports of knitwear and bedwear declined by 13% and 1.2% year-on-year, respectively. The exports had fallen from 10.3% and 7.3% on a ... Read More »

FBR announces panel of advocates for Karachi tax offices

ISLAMABAD: Federal Board of Revenue (FBR) appointed a panel of advocates to present the tax offices in Karachi before various legal forums. The FBR placed following advocates, on the panel of the FBR, relating to court matters of Inland Revenue Service for a period of three years: Ali Tahir Iftikhar Hussain Qureshi Ayaz Sarwar Jamali Sardar Zafar Hussain Munawar Ali ... Read More »

Around 200,000 late filers get active taxpayers status

ISLAMABAD: Around 200,000 income tax return filers paid surcharge to get their names in Active Taxpayers List (ATL) during past 15 days. According to latest ATL for tax year 2020 updated up to March 14, 2021 the number of active taxpayers has increased to 2.37 million as compared with 2.17 million persons in the ATL 2020 issued by the FBR ... Read More »

Gwadar Customs to auction seized motor vehicles on March 18

GWADAR: Collectorate of Customs Gwadar announced a huge lot of seized motor vehicles to be held on March 18, 2021 at Custom House, Gaddani. Following motor vehicles will be presented for the auction: Toyota Premio X Car Reg: No AAK-046 Chassis No. ZZT240-0112894 Engine No. Nil Model: 2006 Toyota Surf Reg No. QBA-0162 Chassis No. KZN185-0043878 Engine No. 1KZ-TE2982 Model: ... Read More »

Food imports surge 50.3pc to $5.34b in eight months

ISLAMABAD: The import bill of edible items widened 50.3pc to $5.34 billion year-on-year in the first eight months (July-Feb) of FY21, triggering higher-than-expected trade deficit, data compiled by the Pakistan Bureau of Statistics (PBS) showed. Food group exports, on the other hand, declined 5.85pc YoY to $2.85 billion during 8MFY21. According to PBS, food imports increased 40.5pc YoY to $704 ... Read More »

Multan Customs issues preventive measures for stage-III coronavirus pandemic

MULTAN: Collectorate of Customs Enforcement & Compliance (E&C) Multan has issued preventive measures for stage-III coronavirus pandemic. The Federal Board of Revenue has directed Customs Enforcement & Compliance (E&C) Multan to take special measures for the prevention of Stage –III coronavirus pandemic. The Federal Board of Revenue has directed all the officers of the headquarters and field formations (BS-17 to ... Read More »

SECP warns public to refrain from investing in fraudulent schemes

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has urged the general public to refrain from investing in fraudulent investment schemes that promise hefty profits and unrealistic returns. According to a press release that as clearly covered in Section 84 of the Companies Act, 2017, inviting and accepting deposits from the public is a prohibited activity, and can only ... Read More »

Govt likely to withdraw tax credit for enlistment in stock exchange

ISLAMABAD: The government likely to withdraw tax credit available to companies for enlistment in stock exchange. The withdrawal of tax credit is part of proposal to rationalize tax exemption regime in the country. The law to withdraw tax exemption and incentives may be introduced soon. The tax credit for enlistment is available under Section 65C of the Income Tax Ordinance, ... Read More »

Chief Collector Appraisement South transfers principal appraisers, appraisers

KARACHI: Collectorate of Customs Appraisement South Chief Collector has issued office order for transfers and posting of following appraisers and principal appraisers with immediate effect and until further orders:- Salman Ahmad, Principal Appraiser is transferred from Appraisement East to Appraisement Port Qasim. Amir Nasir Ali, Principal Appraiser is transferred from Appraisement East to Appraisement Port Mohammad Bin Qasim. Ishrat Ayz, ... Read More »

Pak Rupee hits over one-year high against USD

KARACHI: The Pakistani rupee touched over a one-year high against the United States (US) dollar in the inter-bank currency market on Tuesday. According to the State Bank of Pakistan (SBP), the local currency appreciated by 28 paisa or 0.18 per cent against the greenback today, closing at Rs156.72. The dollar had finished at Rs157.00 against the rupee the other day. ... Read More »

FBR introducing track and trace system to stop tax evasion: PM Imran Khan

ISLAMABAD: Prime Minister Imran Khan on Tuesday said that Federal Board of Revenue (FBR) is introducing track and trace system to stop tax evasion in some major sectors of the economy. PM Imran Khan, while addressing meeting of federal cabinet, said that lack of automation is primary reason behind tax theft which forces government to impose indirect taxes which as ... Read More »

MCCI demands to resolve issue of overstayed consignments at warehouses causing surcharges on clearance

MULTAN: Multan Chambers of Commerce and Industry (MCCI) has demanded Minister of Shipping and Maritime Affairs Ali Haider Zaidi to resolve the matter of overstayed consignments at warehouses which was causing surcharges on clearance to South Punjab importers. MCCI President Khawaja Salahuddin said that due to COVID-19 commercial activities are down causing overstay of consignments and subsequently facing surcharge on ... Read More »

Abolish taxes on PFY to prevent cancellation of export orders: Khawar, Khalid

KARACHI: Importers and traders of Polyester Filament Yarn (PFY), which is the basic raw material of textile industry and small & medium units, has termed excessive rise in prices in local markets as catastrophic for exports and appealed to Prime Minister Imran Khan to take steps to save the industry from catastrophe and demanded to abolish all taxes on import ... Read More »

SBP to announce Monetary Policy on March 19

KARACHI: State Bank of Pakistan (SBP) on Tuesday said that it will announce Monetary Policy on March 19, 2021. According to External Relations Department of the central bank, the Monetary Policy Committee of the central bank will meet on Friday in Karachi to decide about the monetary policy. It further states that the SBP will issue the monetary policy statement ... Read More »

RCCI urges for uniform lockdown policy across all cities

RAWALPINDI: The Rawalpindi Chamber of Commerce and Industry (RCCI) urges to adopt a uniform lock-down policy across the country to deal with Corona. Acting President RCCI Shahraiz A Malik has said in a statement that a uniform smart lockdown policy should be formulated in collaboration with stakeholders. Rawalpindi and Islamabad are twin cities. Under Smart Lockdown, shop closing hours should ... Read More »

Islamabad Customs to hold auction of confiscated motor vehicles on March 18

ISLAMABAD: Collectorate of Customs to hold auction  of confiscated motor vehicles to be held on March 18, 2021 as State Warehouse of the Collectorate. Following motor vehicles will be presented at the auction: Ambulance, Model 201, Chassis No. VDIFB30AH14443523 Toyota Crown Car, Mode 2015, Chassis No. AWS210-6080692 Nissan Double Cabin, Model 2001, Chassis No. NJICJUD22Z0023936 Nissan Double Cabin, Model 2001, ... Read More »