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Author Archives: CT Report

SBP decides to prohibit bank loans for imported vehicles

KARACHI: The State Bank of Pakistan (SBP) on Thursday amended regulations to prohibit financing for imported vehicles. “The changes in the PRs effectively prohibit financing for imported vehicles,” the SBP said in a statement. According to the statement, the SBP had revised Prudential Regulations (PRS) for Consumer Financing. This targeted step will help to moderate demand growth in the economy, ... Read More »

FBR issues draft rules issued for Uzbekistan-Pakistan transit trade

ISLAMABAD: Federal Board of Revenue (FBR) on Thursday issued draft rules for Uzbekistan-Pakistan Transit Trade (UPTT). The FBR issued SRO 1256(I)/2021 dated September 20, 2021 to propose amendment in Customs Rules, 2001. The revenue body invited suggested or objections to the draft rules within 15 days from the issuance of the SRO. The draft rules have been issued for the ... Read More »

ECC approves import of 50,000 MT of sugar

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet approved to import 50,000 MT sugar to maintain sufficient stock in the country. The ECC approved to import sugar in 03 segregated tenders of 50,000 MT each so that there is more participation and increased competition when international prices fall down, said a press release issued by Ministry of Finance. Finance ... Read More »

KCCI Managing Committee unanimously elects office bearers for 2021-22

KARACHI: The Managing Committee of Karachi Chamber of Commerce & Industry (KCCI), in its meeting held on Thursday, unanimously elected Muhammad Idrees as President KCCI for 2021-22 while Abdul Rehman Naqi was also elected as Senior Vice President KCCI and Qazi Zahid Hussain as Vice President. Muhammad Idrees, who has remained associated with BMG since more than two decades, has ... Read More »

Multan Customs redistributes work among deputy, assistant collectors

MULTAN: Collectorate of Customs Enforcement & Compliance (E&C) redistributed tasks among Assistant Collectors and Deputy Collectors of the region. Multan Customs Additional Collector Shafiq-ur-Rehman has assigned different tasks to newly posted deputy collector and assistant collectors along with other officials in order to streamline Collectorate’s workload. Deputy Collector Muhammad Rehan Akram (HQ) will perform responsibilities of Anti-Smuggling Organization Division of ... Read More »

FBR not to seek source of remittances sent through ECs

ISLAMABAD: Federal Board of Revenue (FBR) has said that tax authorities will not ask source of foreign exchange not exceeding Rs5 million remitted through exchange companies (ECs) or money transfer operators. The FBR issued explanation to the Tax Laws (Third Amendment) Ordinance, 2021. The revenue body said Section 111(4) of Income Tax Ordinance, 2001 provides exclusion from unexplained income or ... Read More »

MoC releases new refunds of Rs6bn under DLTL scheme

ISLAMABAD:  Ministry of Commerce (MoC) has released new refunds worth Rs6 billion under the Duty Drawback on Local Taxes and Levies (DLTL) schemes. This includes Rs5.4bn for the textile sector and Rs600 million for non-textile sectors. Making an announcement on his Twitter handle, Abdul Razak Dawood, Adviser to PM for Commerce and Investment said, “I hope this will resolve the ... Read More »

Customs JIAP seizes precious diamonds worth Rs11m

KARACHI: Pakistan Customs team deputed at Jinnah International Airport (JIAP) intercepted a passenger Zahid Khalil and recovered 136 carats precious diamonds worth Rs11 million. Sources said that Additional Collector Yusuf Magsi received credible information regarding smuggling of gold and diamonds. He directed Deputy Collector Inamullah Wazir to take all necessary measures and enhance vigilance on international arrival lounge. The Customs ... Read More »

Four telecom companies submit bids for NGMS spectrum auction in AJK & GB

ISLAMABAD: Four telecom companies have reportedly submitted bids for the next generation mobile service (NGMS) spectrum auction in Azad Jammu and Kashmir (AJK) as well as Gilgit Baltistan (GB). Sources said that the Pakistan Telecommunication Authority (PTA) has received all four telecom companies (Telenor Pakistan, Pakistan Mobile Communication Limited (PMCL/Jazz), Pakistan Telecommunications Mobile Limited (Ufone), and China Mobile Pakistan (CMPak/Zong) ... Read More »

Presidential Ordinance to increase tax revenue: Chairman FBR

ISLAMABAD: Chairman Federal Board of Revenue (FBR) Dr Ashfaq Ahmed has said that tax revenue will be increased through Presidential Ordinance adding notices will be sent to those who conceal taxable income. During the briefing of National Assembly s Standing Committee on Finance, the members of the Opposition Committee protested against the remarks of the Chairman FBR, to which he ... Read More »

Roshan Digital Accounts attract US$2.3b: SBP Governor tells PM Imran Khan

ISLAMABAD: Governor State Bank of Pakistan (SBP) Reza Baqir Wednesday met Prime Minister Imran Khan and briefed him over the progress being made in terms of Roshan Digital Account and current account. Reza Baqir during a briefing on Roshan Digital Account (RDA) program said that as many as 204,000 accounts have so far been opened by the overseas Pakistanis under ... Read More »

Sindh decides to add utility tax to gas bills

KARACHI: The Sindh government has decided to impose another utility tax, days after it had proposed the collection of two KMC taxes — fire tax and conservancy tax — through monthly electricity bills sent to residents to ensure their recovery. Sindh Solid Waste Management Board’s (SSWMB) spokesperson said the garbage collection tax would be added to the residents’ gas bills, ... Read More »

Multan Dry Port wears desert look after heavy rain

MULTAN: Multan Dry Port wears deserted look after heavy rain. Customs Appraisement Faisalabad employees who are deputed at Multan Dry Port were present to perform their duties but consignments for import and export were not available for handling due to heavy rain in Multan and its surroundings. The Multan Dry Port has cleared all pending shipments of imports and export ... Read More »

FTO expresses concerns over the coercive recovery measures by tax collectors

MULTAN: The Federal Tax Ombudsman (FTO) has expressed concerns over coercive recovery measures by tax collectors, saying that discretionary steps of tax officials are not acceptable and therefore the Federal Board of Revenue (FBR) should take notice of the practice. According to the FTO sources, the Ombudsman has directed the Board to conduct enquiry, fix responsibility and initiate disciplinary proceedings ... Read More »

RCCI delegation calls on Asad Umar and discuss Industrial Zones along ring road

RAWALPINDI: A delegation of Rawalpindi Chamber of Commerce and Industry (RCCI) led by President Mohammad Nasir Mirza called on Federal Minister for Planning, Development and Special Initiatives Asad Umar in Islamabad. The delegation included newly elected President Nadeem Rauf, Senior Vice President Osman Ashraf, Vice President Shahraiz Malik. Talking to the delegation, Federal Minister Asad Umar said that the government ... Read More »

European Union decides to maintain Pakistan’s GSP Plus status

BRUSSELS: The European Union has decided to maintain the Generalised Scheme of Preferences (GSP+) status of Pakistan. According to a statement issued by the European Commission, Pakistan will remain in GSP Plus till 2023. Under GSP Plus, there will be no tax on Pakistani products. The European Commission also changed the rules regarding GSP Plus. According to the European Commission, ... Read More »

ADB forecasts Pakistan’s growth to reach 4pc in FY22

ISLAMABAD: Pakistan’s economic growth rebounded to 3.9% in the fiscal year 2021 and is expected to reach 4.0% in FY2022 as business activity gradually resumes in the second year of the coronavirus disease (COVID-19) pandemic, the Asian Development Bank (ADB) said in a report. According to the Asian Development Outlook (ADO) 2021 Update, ADB’s annual flagship economic publication, Pakistan’s economy ... Read More »

No extension in filing date of income tax returns: FBR

ISLAMABAD: The Federal Board of Revenue (FBR) clarified that it is not considering an extension in the date for filing annual income tax returns. According to a statement by the FBR spokesperson, taxpayers should submit annual tax returns before September 30. Responding to news regarding a supposed extension in the date, the spokesperson categorically denied this was the case, stating ... Read More »

Pakistan to spend Rs73.9b on health sector in 2021-22

ISLAMABAD: Federal Minister for Planning Development and Special Initiatives, Asad Umar has said the government would spend Rs 73.9 billion on health sector in different schemes during the current fiscal year. In the current year’s Public Sector Development Program (PSDP) 2021-2022, Rs 21.7 billion had been allocated to the Ministry of National Health Services, regulation for 40 new and ongoing ... Read More »

Inflation is a problem of whole world: Shaukat Tarin

ISLAMABAD: Federal Minister for Finance Shaukat Tarin said that our growth rate is higher than expected which is good news adding inflation is a problem of the whole world. These views were expressed by the finance minister in an interview with Dunya News program  Dunya Kamran Khan Kay Saath . Shaukat Tarin said that there are no issues with the ... Read More »