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Author Archives: CT Report

Site industrialists call for gas restoration at full pressure

KARACHI: Abdul Hadi, President, Site Association of Industry, while expressing deep concern over non-supply of gas to the industries of the site area, said that Sui Southern Gas Company(SSGC) has suspended the supply of gas to the industries. As a result, the gas crisis has intensified and production activities have come to a standstill position and many industries have been ... Read More »

Spanish firm approaches FIA, NAB over ‘fraud’ in Green Line project

KARACHI: The much-awaited Green Line service seems to be surrounded by a financial controversy even before its launch. A European giant, which has offered its technological support and services for the project, is knocking at the doors of the country’s anti-graft and investigation institutions and has even attempted for success through diplomatic corridors with a complaint that one of the ... Read More »

Neither IMF programme suspended, nor World Bank loans withheld for Pakistan: finance ministry

ISLAMABAD: The Finance Ministry clarified that Pakistan’s IMF programme had not been suspended and neither has the World Bank withheld any loans for the country. In a statement, the ministry said that the IMF team will visit Pakistan in August and review the economic performance of the country. The ministry also said that Pakistan completed all the targets given by ... Read More »

FBR imposes super tax on banking companies permanently

ISLAMABAD: The levy of super tax has been permanently imposed on banking companies as it was expiring in the tax year 2021. Sources in the Federal Board of Revenue (FBR) said that the super tax was only imposed on banking companies while the other taxpayers were exempted from tax year 2020. The sources said that the Finance Bill 2021 had ... Read More »

Govt to abolish tax on import of POS machines

ISLAMABAD: The federal government has decided to abolish tax on the import of point of sale (POS) machines. This was informed by the member Inland Revenue policy FBR to the Senate Standing Committee on Finance, Revenue and Economic Affairs which was under the chairmanship of Senator Muhammad Talha Mehmood. The FBR officials informed the committee that the government has decided ... Read More »

Cutlery exports increase 40.11pc to US $107.491m in 11 months

ISLAMABAD: The exports of cutlery witnessed an increase of 40.11 percent during the first eleven months of financial year 2020-21 as compared to the corresponding period of last year. The country exported cutlery worth of US $107.491 million during July-May (2020-21) against the exports of US $76.719 million during July-May (2019-20), showing growth of 40.11 percent, according to the Pakistan ... Read More »

Power tariff likely to decrease by up to 12 paisa per unit

ISLAMABAD: The National Electric Power Regulatory Authority (NEPRA) is likely to slash power tariff by up to 12 paisa per unit under the head of monthly fuel price adjustment (FPA) for the month of May 2021. In this regard, the Central Power Purchasing Agency (CPPA), in an application, has sought NEPRA’s approval for 12 paisa per unit decrease in the ... Read More »

Customs I&I detects tax evasion of Rs4.15b by Export Processing Zone units

KARACHI: Directorate of Customs Intelligence and Investigation (I&I) detected tax evasion of Rs4.15 billion by Export Processing Zone (EPZ) units. Sources said that after directions of Director Customs Intelligence and Investigation Khaleel Yousafani, Additional Director Rana Tasleem and Deputy Director Tauseef Gorchani conducted an exercise, which unearthed a massive evasion of Rs4.15 billion by certain KEPZ units. “The investigation conducted ... Read More »

FBR constitutes committees to remove anomalies in Finance Bill 2021

ISLAMABAD: The Federal Board of Revenue (FBR) formed committees to identify and remove technical and legal anomalies in the Finance Bill, 2021. The FBR formed following committees: Sultan Ali Allana, Chairman, HBL has been appointed as chairman of the business anomaly committee. Ch. Muhammad Tarique, Member (IR- Policy), FBR is co-chairman of the committee. The other members of the committee ... Read More »

Multan I&I recovers poppy seeds worth Rs25m from warehouse near Samundri

MULTAN: Directorate of Customs Intelligence and Investigation has seized huge quantity of poppy seeds worth Rs25 million near Samundri. According to the details, Additional Director Customs Intelligence and Investigation Saeed Ahmad Wattoo received information regarding smuggling of poppy seeds. Additional Director Customs Intelligence and Investigation directed his field staff to conduct a raid to thwart any attempt of smuggling. The ... Read More »

FPCCI demands setting up of Customs Adjudication Stations across Sindh

KARACHI: Shabbir Mansha Churra, Convener of FPCCI’s Central Standing Committee on Customs has demanded to Collector of Customs Adjudication for setting up of Customs Adjustment Stations across Sindh, Especially in Sukkur. Thanks to which the traders of Sindh and Balochistan will be able to get justice at their doorsteps in a timely manner and they will not have to travel ... Read More »

Ambassador of Indonesia visits RCCI, urges for strengthening trade ties

RAWALPINDI:  Indonesian Ambassador to Pakistan Adam Tugio during his visit to the Rawalpindi Chamber of Commerce and Industry (RCCI) has said Indonesia along with ASEAN countries are huge markets with great potential for Pakistani products and businessmen should focus on these countries to promote trade and exports. The ambassador said that Pakistani businessmen should take advantage of Indonesia’s emerging market. ... Read More »

Customs Preventive seizes narcotics worth Rs301m near Keti Bandar

KARACHI: Collectorate of Customs Preventive, Anti-Smuggling Organization (ASO) seized huge quantity of narcotics including methamphetamine and heroin worth Rs301 million. Sources said that information was passed through Collector Preventive Saquif Saeed to Additional Collector Umar Shafique that huge quantity of contraband narcotics will be smuggled out of the country through a foreign vessel waiting in the open sea from the ... Read More »

World Bank approves $442m for Pakistan’s water and sanitation services

ISLAMABAD: The World Bank’s Board of Executive Directors has approved $442 million in financing to support Pakistan improve its access to water and sanitation services in Punjab. The Punjab Rural Sustainable Water Supply and Sanitation Project (PRSWSSP) will help upgrade water supply and sanitation infrastructure and services providing access to drinking water and safe wastewater management in rural settlements, said ... Read More »

PSX announces launch of 90 day DFC and new futures eligibility criteria

KARACHI (Dunya News) – In a major move forward, Pakistan Stock Exchange (PSX) has introduced a new futures eligibility criteria and communicated the launch of the 90-day maturity Deliverable Futures Contracts (DFC) with effect from DFC August 2021 which shall start from July 26, 2021. As per the new criteria, there shall be no segregation of A, B categorization, stocks ... Read More »

Mis-declaration: Appraisement East registers FIR against M/s Iftikhar Auto Store

KARACHI: Collectorate of Customs Appraisement East registered FIR against M/s Iftikhar Auto Store for mis-declaring the classification and value of imported goods to evade duty and taxes. According to sources, an information was received by Collector Fayyaz Rasool Mekan that M/s Iftikhar Auto Store is clearing brake lining friction material clutches with the connivance of clearing agent M/s Pakistan Agencies ... Read More »

Shaukat Tarin for launch of New-Auto policy

ISLAMABAD:  Federal Minister for Finance and Revenue, Shaukat Tarin Friday assured his full support for the final launch of the New-Auto Policy. He said this in a meeting to review and finalize the new Auto-Policy, said a press release. The Minister for Industries and Production Makhdoom Khusro Bakhtiyar has briefed the meeting that the aim to introduce a new policy ... Read More »

Govt to amend clause to bar FBR from arresting tax evaders: Tarin

ISLAMABAD: Finance Minister Shaukat Tarin has agreed to amend the clauses pertaining to arrest of tax evaders in the finance bill. While giving the briefing to the senate Standing committee on Finance and Revenue on budget proposals, the Finance Minister said that the finance bill will be amended and the arrest clause will be changed. “Those who do not appear ... Read More »

Multan Customs generates Rs56.64m through auction of confiscated goods & vehicles

MULTAN: Collectorate of Customs Enforcement and Compliance (E&C) has generated almost Rs56.64 million during auction of confiscated goods and vehicles lying at the State Warehouse. Multan Customs Collectorate Enforcement & Compliance has carried out auction of June by selling confiscated vehicles and miscellaneous goods. Customs has used auction banners outside Multan Customs House to attract buyers. Multan Customs sold out ... Read More »

Domestic tractors witness 65pc growth in last 10 months

ISLAMABAD: Domestic tractor assembling witnessed about 65.36 per cent growth during ten months of the current fiscal year 2020-21. Adviser to the PM on Commerce and Investment Abdul Razak Dawood tweeted that around 41,327 tractors were locally assembled during the period from July to April 2020-21 as compared to the assembling of 2,500 tractors in the same period of last ... Read More »