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Author Archives: CT Report

Port Qasim exporters to avail 50pc discount in wet, dry port charges

KARACHI: The exporters using wet and dry ports via Bin Qasim route will now get a 50 per cent slash in port duty which might dent port income by Rs240 million yearly, according to media reports citing Bin Qasim insiders. The wet and dry port charges have been slashed by 50 pc for exporters, the port officials told media. The ... Read More »

Pakistan earns $500m from travel services exports during FY 2020-21

ISLAMABAD: Pakistan earned US $500.158 million by providing different travel services in various countries during the fiscal year 2020-21. This shows increase of 2.10 percent as compared to US $489.850 million same services were provided during the corresponding period of fiscal year 2019-20, Pakistan Bureau of Statistics (PBS) said. During the period under review, the personal travel services also rose ... Read More »

KCCI, majority interveners boycott NEPRA’s hearing, demand fresh hearing on same issue

KARACHI: The Karachi Chamber of Commerce & Industry (KCCI) along with majority of interveners boycotted the proceedings of NEPRA’s Public Hearing held on Thursday to strongly protest a very arrogant, indecent and unbusinesslike attitude of Chairman NEPRA. According to a statement issued by KCCI, everybody, who attended NEPRA hearing on “KE’s request regarding Monthly Fuel Charges adjustment for July 2021 ... Read More »

FBR seeks exemption certificates

ISLAMABAD: The Federal Board of Revenue (FBR) has sought exemption certificates, details issued under greenfield industrial undertakings. Sources said that FBR has directed all Chief Commissioners Inland Revenue of Large Taxpayer Office (LTO), Regional Taxpayer Offices (RTO), Corporate Tax Office (CTOs) and Medium Taxpayers’ Office (MTO) to furnish details concerning the issuance of exemption certificates to greenfield industrial undertakings till ... Read More »

FTO declares Car Amnesty Scheme illegal

ISLAMABAD: Federal Tax Ombudsman (FTO) has declared an amnesty scheme for customs clearance of stolen imported cars without legal action. Customs authorities’ decision about clearance of stolen imported cars under Transfer of Residence, Baggage Scheme or Gift Scheme upon payment of redemption fine and taxes without following any legal provision has been decleared illegal by the Federal Tax Ombudsman. In ... Read More »

$2.75b from IMF takes SBP forex reserves to all-time high

KARACHI: The State Bank of Pakistan (SBP) has received $2.75 billion under the International Monetary Fund’s (IMF) allocation of Special Drawing Rights (SDRs), which have taken the foreign exchange reserves of the central bank to an all-time high of $20.14 billion. According to data released by the central bank, its foreign currency reserves on August 27 stood at $20,145.6 million. ... Read More »

Help desk should be established at Dera Ghazi Khan Chamber of Commerce & Industry: Khawaja Jalaluddin Roomi

MULTAN: Prime Minister Imran Khan has met our outstanding demand by introducing a financing scheme for Small and Medium Enterprises (SMEs), enabling them to get loans without security and collateral and we are grateful to premier for easing  “doing business” for SMEs and ending joblessness Exchanging views with senior journalists here, former President of Multan Chamber of Commerce & Industry, ... Read More »

Over 8.46 million bales of cotton production expected this year: Fakhar

ISLAMABAD: The Cotton Crop Assessment Committee (CCAC) told over 8.46 million bales of cotton production was expected during current season. The committee met here with Syed Fakhar Imam, Federal Minister for National Food Security and Research in the chair. Representatives of cotton growers, provincial agriculture departments, associations and senior officials of the NFS&R also attended the meeting. The minister welcomed ... Read More »

NEPRA may approve power price hike by Rs1.37/unit

ISLAMABAD: Power price hiked by Rs1.37 per unit is likely on account of fuel charges adjustment (FCA) for July 2021, which in result will add approximately Rs21 billion additional burden on the power consumers. National Electric Power Regulatory Authority (NEPRA) on Wednesday completed its necessary hearing process regarding FCA for July 2021 for ex-WAPDA Power Distribution Companies (DISCOs ) and ... Read More »

FBR directs senior officers to furnish assets declaration

ISLAMABAD: The Federal Board of Revenue (FBR) has identified that majority of its senior officers have failed to furnish their assets declaration. The assets declaration is mandatory under the government servant laws and mandatory for the promotion to the next scale. In an official memo sent to the officers of the Inland Revenue Service (IRS) and Pakistan Customs Service (PCS) ... Read More »

NKATI termed dollar rate hike constantly as indirect tax

KARACHI: President, North Karachi Association of Trade & Industry(NKATI), Faisal Moiz Khan, while expressing deep Concern over rising dollar rate, plead to Federal government, especially Governor State Bank of Pakistan, Reza Baqir to adopt effective strategies to curb the Dollar leaps, so that the local economy can be protected from its effects and inflation can be controlled. In a statement ... Read More »

RCCI delegation calls on Commissioner Inland Revenue Dr. Khalid Lodhi

RAWALPINDI: A delegation led by President Rawalpindi Chamber of Commerce Mohammad Nasir Mirza called on Chief Commissioner Inland Revenue Dr Khalid Mahmood Lodhi. The delegation included Senior Vice President Osman Ashraf, President Anjuman-e-Tajiran Cantt. Sheikh Hafiz. RCCI President Nasir Mirza apprised of the problems and concerns regarding the installation of POS system in Cantt. area and Furniture Market. He said ... Read More »

FBR transfers 75 PCS officers of BS-18-19 with immediate effect

ISLAMABAD: Federal Board of Revenue (FBR) issued notification for transfer and posting of 75 officers of BS-18 and BS-19 of Pakistan Customs Service (PCS) immediate effect and until further orders. Sajjad Hyder Jhin Jhin (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Director, Directorate General of Risk Management, Karachi from the post of Additional Collector, Collectorate of Customs ... Read More »

Tarin calls for cooperation b/w federal, provincial govts in harmonization of GST

ISLAMABAD: Minister for Finance and Revenue Shaukat Tarin has stressed upon the need for greater cooperation between Federal and Provincial Governments in harmonization of general sales tax (GST). Presiding over the first meeting of the National Tax Council (NTC) held in Islamabad on Wednesday, he expressed hope that under the umbrella of this Council, both governments will work together to ... Read More »

Wajid Ali posted as Chief Collector Appraisement South Karachi

ISLAMABAD: Federal Board Revenue has issued notification for transfer and posting of six officials of Pakistan Customs Service (PCS) of BS20-21 with immediate effect and until further orders: According to notification Wajid Ali Pakistan Customs Service Officer f BS-21 who is currently serving as Director-General, Directorate General of Transit Trade, Karachi is posted as Chief Collector of Customs Appraisement South, ... Read More »

Export facilitation system module added to WeBOC

ISLAMABAD: The Federal Board of Revenue (FBR) has added the export facilitation system with the online clearance program i.e. WeBOC. According to a statement issued on Wednesday, the FBR successfully developed and rolled out a new module in the WeBOC system for Online Export Facilitation Scheme (EFS) Authorization Application. This facility can be availed by the exporters after getting registered ... Read More »

PM Imran Khan confident FBR can ‘comfortably’ achieve annual tax target

ISLAMABAD: Prime Minister Imran Khan is confident that the Federal Board of Revenue (FBR) can “comfortably” collect its annual tax target of Rs5,829 billion. In an update on tax collection, PM Khan wrote on Twitter that the federal tax body had collected Rs850 billion during the first two months (July and August) of the current fiscal year, exceeding its own ... Read More »

Quetta I&I seizes 8,000 liters of smuggled diesel

QUETTA: Directorate of Customs Intelligence and Investigation (I&I) has seized 8,000 liters of smuggled diesel worth Rs0.94 million, which was being transported in a Hino truck. The value of the vehicle, also impounded, is Rs7.0 million. Sources said that credible information was received from Director Muhammad Ismail that a Hino truck loaded with diesel is plying near Noshki, Quetta. Deputy ... Read More »

FBR invites job applications for 912 vacancies of BS-1 to BS-15 in Inland Revenue Service

ISLAMABAD: Federal Board of Revenue (FBR) has invited applications for 912 vacancies in Inland Revenue Service (IRS) for BS-1 to BS-15. The FBR said that applications are invited from eligible candidates against following vacant posts in field formations of Inland Revenue, FBR from Pakistani Nationals on local basis in case of vacancies of (BS 1 to 5) and from candidates ... Read More »

Govt announces reduction in petrol, diesel prices

ISLAMABAD: The federal government on Tuesday announced a reduction of up to Rs1.50 per litre in prices of petroleum products for the next fortnight starting September 1. According to a notification, the prices of petrol and high-speed diesel have been reduced by Rs1.50 per litre while that of light diesel by Rs1 per litre. After the change that will be ... Read More »