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Author Archives: CT Report

Govt announces reduction in sales tax on locally manufactured vehicles

ISLAMABAD:  Federal Minister for Finance and Revenue Shaukat Tarin announced a reduction in sales tax on locally manufactured vehicles in the budget for the next financial year 2021-22. In his budget speech, Tarin said it is proposed that small cars up to 850 CC capacity be exempted from levy of federal excise duty besides reducing sales tax rate from 17 ... Read More »

Budget 2021-22 at a glance

ISLAMABAD: The government unveiled the budget for the fiscal year 2021-22 on Friday, with the outlay kept at Rs8,478 billion, with the tax target set at an ambitious Rs5,829 billion. So what’s the government’s plan for the next fiscal year? Let’s find out: Sources of revenue: The government has set the target of tax revenue at Rs5,829 billion, non-tax revenue ... Read More »

Finance Minister Tarin presents FY2021-22 budget, GDP growth target set at 4.8pc

ISLAMABAD: Minister for Finance and Revenue Shaukat Tarin on Friday presented the Federal Budget 2021-22 in the National Assembly with a total outlay of Rs 8,487 billion amid rumpus created by the opposition parties. His speech was marred by the chaotic environment as opposition members chant slogans to interrupt his speech. Presenting the budget, the finance minister said that many ... Read More »

Pakistan’s foreign exchange reserves swell to over $23.577b

KARACHI: The total liquid foreign exchange reserves of Pakistan continue to surge as total reserves reached at the highest level US$ 23,577.9 million in the week ending on June 04. According to a statement issued by the State Bank of Pakistan on Thursday, Foreign reserves held by the State Bank of Pakistan stood at US$ 16,414.9 million while Net foreign ... Read More »

Federal budget 2021-22 to be presented today

ISLAMABAD: The federal budget worth Rs 8000 billion for the fiscal year 2021-22 will be presented today. According to the budget document, the size of the economy will reach Rs 52,057 billion. The economic growth rate will be 4.8 per cent in the upcoming budget. Rs 3,060 billion of the budget 2021-22 will be spent on loans and interest. The ... Read More »

SBP issues coin to mark 70th anniversary of Pak-China diplomatic relations

LAHORE: The State Bank of Pakistan (SBP) has launched a commemorative coin to mark the 70th anniversary of diplomatic relation between Pakistan and China, which were established on May 21, 1951. Foreign Minister for Pakistan, Shah Mahmood Qureshi, graced the occasion as chief guest, which was also attended by Ambassador of China, Nong Rong, as the guest of honour. It ... Read More »

FBR grants tax exemptions, concessions worth Rs1314b during FY2020-21

ISLAMABAD: Federal Board of Revenue (FBR) has granted an amount of Rs1,314 billion as exemptions and concessions during outgoing fiscal year 2020/2021. According to Economic Survey of Pakistan, the cost of exemptions and concessions increased by 14.26 percent during the outgoing fiscal year when compared with Rs1,150 billion in fiscal year 2019/2020. According to tax expenditures details the exemptions/concession in ... Read More »

KCCI welcome decision to ease restrictions from June 15

KARACHI: The leadership of Businessmen Group (BMG) and Office Bearers of Karachi Chamber of Commerce & Industry (KCCI), while warmly welcoming the decision to ease restrictions from June 15 by National Command & Operation Center, stated that the business community of Karachi warmly welcomes this desperately needed ease in restrictions which would help businessmen/ industrialists to quickly return to normalcy ... Read More »

FBR directs to pay all pending sales tax refunds of exporters by July 31

MULTAN: The Federal Board of Revenue (FBR) Regional Tax Office Multan has given a final deadline of July 31, 2021, to pay all pending sales tax refunds filed under the FASTER system by the exporters. The pending refund claims of exporters under the FASTER system stood to the tune of billions, officials told Customs Today. In this regard, the FBR ... Read More »

APCAA rejects proposal of Directorate Transit Trade to install trackers at transshipment consignments

MULTAN: All Pakistan Customs Agents Association (APCAA) has rejected a proposal of Directorate Transit Trade (DTT) to install trackers at transshipment consignments, saying that it would create excessive financial burden on the trade. Talking to Customs Today here, Sheikh Basharat Ali, Vice-President APCAA said that DTT had convened a meeting with the representatives of the bonded carriers and informed that ... Read More »

PRGMEA wants govt support for visa issuance as EU buyers inviting exporters

ISLAMABAD: The Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA) has asked the government to facilitate the exporters to obtain the visa to travel abroad, as the foreign buyers are inviting them to discuss business plan and place export orders but embassies are closed. In a statement issued here on Thursday, the PRGMEA Central Chairman Sohail Sheikh and Chief Coordinator ... Read More »

Govt has earmarked Rs2.1tr for national development in upcoming budget: Asad Umar

ISLAMABAD: Minister for Planning, Development, and Special Initiatives Asad Umar held a press conference in Islamabad and talked about the allocation of the budget that the PTI-led government has allocated for different projects for the fiscal year 2021-2022. Providing details, Umar said that the government has to increase investment in health, education, and the environment, adding that all regions of ... Read More »

Economic Survey 2021: ‘V-shaped’ recoveries in services, manufacturing boost 3.94pc growth in GDP

ISLAMABAD: A day before the hotly anticipated budget for fiscal 2022, Finance Minister Shaukat Tarin on Thursday unveiled the Economic Survey of Pakistan, revealing that strong V-shaped recoveries in the services and manufacturing sectors helped the economy expand 3.94% despite much lower estimates from both the government and international lending agencies. Cognisant of the peculiar circumstances in which this unexpected ... Read More »

ECC approves US$1b for COVID vaccine procurement

ISLAMABAD: The Federal Minister for Finance and Revenue, Mr. Shaukat Tarin, chaired the meeting of the Economic Coordination Committee (ECC) of the Cabinet at the Cabinet Division. The meeting was participated by Federal Ministers for Economic Affairs Division, Maritime Affairs, Power and Privatization along with Adviser to PM on Austerity and Institutional Reforms, Special Assistant to the Prime Minister on ... Read More »

LEAs & Customs Preventive nab 9 persons involved in stealing goods from state warehouse

KARACHI: Collectorate of Customs Preventive, Anti-Smuggling Organization (ASO) has arrested 09 persons involved in stealing goods from the State Warehouse-III. According to the details, on the directives of Collector Saquif Saeed and Additional Collector Omar Shafiq, Assistant Collector Shafiullah and Superintendent Jabbar Niazi conducted intelligence based operation (IBO) in Keamari with the assistance of Intelligence Bureau (IB) and Police. The ... Read More »

FBR transfers appraising officers, inspector

ISLAMABAD: Federal Board of Revenue (FBR) has issued notification for transfer and posting of following officers of Customs department with immediate and until further orders: Abdul Saboor, Appraising Officer (BS-16) transferred from Collectorate of Customs JIAP, Karachi to Collectorate of Customs Appraisement East, Karachi. Muhammad Arslan Toor, Appraising officer (BS-16) is transferred from Directorate of Post Clearance Audit, Lahore to ... Read More »

Assistant Collector Isfandyar Ikram Khan transfers sepoys, drivers

LAHORE: Collectorate of Customs Enforcement and Compliance (E&C) Assistant Director Isfandyar Ikram Khan has issued notification for transfer and postings of following officials with immediate effect and until further orders:- Fakhar Zaman son of Zamn Baloch, sepoy attached with Collector to ASO in additionto his own duties Maqbool Ahmad son of Ghulam Hussain driver is transferred from headquarters to ASO ... Read More »

Multan Adjudication settles 37 seizure cases worth Rs148.226m

MULTAN: Collectorate of Customs Adjudication Multan Camp Office has disposed of 37 seizure cases involving Rs148.226 million during the month of May 2020-21. The Collectorate of Customs Adjudication Multan Camp Office has disposed of 37 different seizure cases framed by Anti-Smuggling Organization (ASO) and Directorate of Customs Intelligence and Investigation during their actions. Multan Customs Adjudication has disposed these seizure ... Read More »

Sales tax incentive granted on supplies by restaurants

ISLAMABAD: The government has announced an incentive on sales tax rate on supplies made by restaurants and eateries on account of takeaway. The FBR issued SRO 725(I)/2021 dated June 08, 2021 to exempt sales tax in excess of five percent chargeable on supplies made by restaurants and eateries on account of takeaway subject to the condition that no input tax ... Read More »

Multan Appraisement intensifies its operation against importers involved in under-invoicing & mis-declaration

MULTAN: Collectorate of Customs Appraisement & Facilitation has intensified its operations against importers responsible for under-invoicing, over-invoicing and mis-declaration after the recommendations of FTO. It is pertinent to mention here that Federal Tax Ombudsman (FTO) has directed Federal Board of Revenue to introduce a law to ensure cross-matching of values declared in export documents at export stations with the import ... Read More »