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Author Archives: CT Report

USC unveils special discount package for Ramazan

KARACHI: The state-owned Utility Stores Corporation (USC) unveiled the ‘Ramazan relief package’ approved by the federal government last month. A special ‘Ramzan discount Package’ would start from April 10 at all utility stores of the country with affordable rates, giving subsidy to over 19 essential commodities. According to the announcement, a subsidy of Rs10 per kilogram announced on daal channa ... Read More »

Ramazan timings for govt offices announced

ISLAMABAD: The federal government on Thursday announced the Ramadan timings for government offices. For offices working five days a week, the timings will be 08:00am to 04:00pm from Monday to Thursday. On Fridays, the office hours will be from 08:00am to 01:00pm. For government offices working six days a week, the timings will be as follows: Monday to Thursday and ... Read More »

Engr. Riyaz Memon, Waheed Marwat, Fayaz Rasool, Amir Thahim transferred

ISLAMABAD: Federal Board of Revenue (FBR) issued notification for transfers and posting of following officials of Pakistan Customs Service (PCS) with immediate effect and until further orders: Riyaz Ahmed Memon BS-20 presently working as Collector, Collectorate of Customs Appraisement and Facilitation East, Karachi is transferred and posted as Director, Directorate of Reforms and Automation Customs, Karachi. Abdul Waheed Marwat, BS-20, ... Read More »

Pakistani rupee hits 22-month high against US dollar

KARACHI: The Pakistan rupee strengthened by 23 paisas against the United States (US) dollar at the start of today’s trading, hitting a 22-month high. According to forex dealers, the local currency is currently trading at Rs152.95 against the greenback. The rupee had closed at Rs153.18 against the US dollar the other day. The local unit has gained considerable ground on ... Read More »

Gwadar Customs impounds narcotics worth Rs560m from boat at Jeewani

GWADAR: Collectorate of Customs squad of impounded huge quantity of narcotics from an anchored boat at Jeewani. The value of the seized narcotics is Rs560 million. Sources told,  Chief Collector Gul Rehman received credible information that huge quantity of narcotics will be smuggled via boat. He immediately directed Collector Tahir Qureshi to take all necessary measures to foil any attempt ... Read More »

Gwadar free zone starts operations as Pakistan Customs clears first consignment

KARACHI: Gwadar Free Zone has become practically operational with the first consignment clearance by Pakistan Customs, a statement said. According to the statement, Pakistan Customs has facilitated the clearance of the first import cum export consignment by M/s. HK Sun Corporation limited, which will be further processed in Gwadar Free Zone established under China CPEC and later on items will ... Read More »

FBR, provincial revenue authorities sign MoU for single tax return

ISLAMABAD:  Federal Board of Revenue (FBR) and all the four provincial revenue authorities signed a Memorandum of Understanding (MOU) for a single sales tax return and single web portal. According to an FBR press statement issued here, the signing of the MOU was one of the most significant components of harmonization of sales tax initiative currently underway between the Federation ... Read More »

Revised TORs for SOEs forensic audit approved

ISLAMABAD: The Cabinet Committee on State Owned Enterprises (CCOSOEs) approved the revised Terms of Reference (TORs) for forensic audit of the State Owned Enterprises (SOEs). The TORs would be followed by the Auditor General of Pakistan (AGP) Office as well as private audit firm(s) to be hired as per Public Procurement Regulatory Authority (PPRA) rules, said a press statement issued ... Read More »

ECC allows PIA to lay off 25pc of workforce via Voluntary Separation Scheme

ISLAMABAD: The Economic Coordination Committee (ECC) gave approval for PIA to launch a Voluntary Separation Scheme (VSS) to lay off 25% of its workforce making it around 3,500 employees. It also approved a restructuring plan of Rs457 billion for the national carrier. The meeting approved Rs330 million for the Ministry of Defence for the maintenance of aircraft. The restructuring plan ... Read More »

NEPRA approves hike in power tariff

ISLAMABAD: The National Electric Power Regulatory Authority (NEPRA) approved hiking the power tariff while allowing some exemptions, a notification issued in this regards said. Per the notification, NEPRA said it has approved a hike of Rs0.64 per unit as fuel price adjustment for February, which will be included in the bills of April. It further mentioned that customers who utilise ... Read More »

PRGMEA appeals PM for yarn producers’ forensic audit to break cotton cartel

KARACHI: The Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA) has made an appeal to Prime Minister Imran Khan to pass directives for the forensic audit of the yarn producers to break cartel of cotton mafia in line with the actions taken by the PTI government against sugar lobby because cotton mafia has so far proved to be larger than ... Read More »

OGRA hikes April LNG prices by at least Rs24 per mmbtu

ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) announced a revision in the imported LNG prices for the month of April hiking $0.17 for the Sui Northern system and $0.16 for the Southern. For the month of April, Sui Northern Gas Pipelines Limited (SNGPL) shall sell the imported gas against $9.763 per unit, according to the notification while for the ... Read More »

KP govt to borrow Rs99b from Asian Development Bank

PESHAWAR: The Khyber Pakhtunkhwa (KP) government has decided to take a loan of Rs99 billion from the Asian Development Bank (ADB) for the local government department. The loan, which will be the largest loan borrowed in the history of the province, will reportedly be used to improve the living standards in five major cities including Swat, Peshawar, Mardan, Abbottabad and ... Read More »

23 assistant collectors posted after completion of training

ISLAMABAD: Federal Board of Revenue (FBR) issued notification for posting of following Assistant collectors (probationers) BS-17 of 47th CTP are posted to the Collectorates mentioned against each with immediate effect. Sara Sarwar MCC Appraisement and Facilitation East Karachi. Faizan Arif MCC Enforcement & Compliance, Karachi Syed Shaheer Raza MCC Appraisement & Facilitation, West Karachi. Ahmed Nawaz MCC Appraisement & Facilitation, ... Read More »

Uzbekistan shares list for tariff reduction under PTA

ISLAMABAD: The government of Uzbekistan has shared a request list of items for tariff reduction with Pakistan under the proposed Preferential Trade Agreement (PTA). This was disclosed in a consultative meeting to review progress to finalise the agreement. Secretary Commerce and other senior officials attended the meeting. An official announcement said the Ministry of Commerce is in the process of ... Read More »

PSX seeks change in law to indemnify staff against legal repercussions

KARACHI: The Pakistan Stock Exchange (PSX) wants to indemnify its directors and officials against any loss and liability through a legal change, which is a demand similar to what the State Bank of Pakistan is seeking, according to media reports. “PSX explored international practices and found that various stock exchanges in other countries have [an] indemnification clause available in their ... Read More »

FBR chairman urged to reduce turnover tax on Yarn traders

KARACHI: Farhan Ashrafi, Vice Chairman of Pakistan Yarn Merchants Association(PYMA) & convener FPCCI’s Central Standing Committee on Yarn Trading and Khurram Bharaa, former SVP, have demanded Muhammad Javed Ghani, Chairman Federal Board of Revenue (FBR) to withdraw 1.5 turnover tax imposed on yarn traders and restore the previous rate of 0.1%. Otherwise, the majority of yarn traders will be forced ... Read More »

KP govt to introduce ADCs to facilitate tax payers 

PESHAWAR: The Khyber Pakhtunkhwa (KP) government, State Bank of Pakistan (SBP) and 1-Link have signed a tripartite agreement for the collection of government taxes through Alternative Delivery Channels (ADCs) in a bid to facilitate taxpayers and simplify the tax payment procedure. The ADCs will enable taxpayers in the province to submit their taxes, particularly sales tax on services, directly from ... Read More »

Govt to continue crack down against tax evaders: Hammad Azhar

  ISLAMABAD: Federal Minister for Finance, Industries, Revenue and Production, Hammad Azhar said that crackdown against the tax evaders would continue in all parts of the country. The target has been set to expand tax network and for this, all necessary measures are being taken to achieve the objectives, he expressed these views in a tweet. All out efforts are ... Read More »

Govt committed to implement structural reforms, protect vulnerable segments: Hammad

ISLAMABAD: Federal Minister for Finance, Revenue, Industries and Production, Mohammad Hammad Azhar said that the government was fully committed to implementing structural reforms, protecting social spending and boosting social safety nets in order to protect the vulnerable segments of the society. He made these remarks in a virtual meeting with Vice President South Asia Region, World Bank Group, Hartwig Schafer, ... Read More »