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Author Archives: CT Report

Faisalabad Customs seizes smuggled tamarind near Jhang Road

FAISALABAD: Collectorate of Customs Enforcement & Compliance (E&C) seized foreign origin tamarind worth Rs8.4 million near Jhang Road, Faisalabad. Sources told Customs Today that Additional Collector Ghulam Nabi Kamboh received secret information regarding some smuggling attempts. He formed a customs anti-smuggling squad comprising Inspector Muhammad Ali, Inspector Ramzan, Muhammad Saleem Khan, Muhammad Tahir Bubal and others to thwart any attempt ... Read More »

PYMA demands CM Sindh to fix minimum wage of Rs20,000 on equal basis

KARACHI: Pakistan Yarn Merchants Association (PYMA), while expressing serious concerns over the Sindh government’s move to set a minimum wage of Rs 25,000 against the minimum wage of Rs 20,000 announced in the federal budget, and demanded Sindh Chief Minister Syed Murad Ali Shah to fix the minimum wage in Sindh at Rs 20,000 on an equal basis Like the ... Read More »

AGP forwards names for new auditor general

ISLAMABAD: As the incumbent Auditor General of Pakistan (AGP) is set to retire, different names have emerged for the position of the new, one of the most prestigious positions in the federal government. According to sources, the AGP office has reportedly forwarded the names of Pakistan Atomic Energy Commission (PAEC) Member Finance Ajmal Gondal,  National Food Security and Research Secretary ... Read More »

No new tax imposed on drugs, clarifies FBR

ISLAMABAD: The Federal Board of Revenue (FBR) clarified that no new tax has been imposed on drugs. The tax collecting body in a statement rejected a news report that prices of medicines have gone up significantly due to a withholding tax imposed on them. It also dispelled the impression that scarcity of certain drugs was also due to the withholding ... Read More »

Cotton intervention price fixed at Rs5,000 per 40 kg to enhance output: Fakhar Imam

ISLAMABAD: Minister for National Food Security and Research Syed Fakhar Imam has said that government has approved cotton intervention price at Rs5,000 per 40 kg in order to revive output of cotton crop, which was on declining path for last several years. The fixation of intervention price of cotton crop also aimed at encouraging local farming community by ensuring profitability, ... Read More »

PSX gain 31.56 points to close at 47,789.88 points

ISLAMABAD: The KSE 100-index of Pakistan Stock Exchange (PSX) witnessed bullish trend on Wednesday, gaining 31.56 points, with a positive change of 0.07 percent, closing at 47,789.88 points against 47,758.32 points on the last working day. A total of 532,951,316 shares were traded during the day compared to the trade of 433,213,427 shares the previous day whereas the price of ... Read More »

DG Valuation determines customs values of tyres & tubes-IV (bicycle/motorcycle, scooter, rickshaw) vide VR No 1546/2021

KARACHI: Directorate-General Customs Valuation Director Shafiq Ahmed Latki has issued customs values of tyres and tubes-IV (bicycle, motorcycle, scooter and rickshaw etc) vide Valuation Ruling No 1546/2021.   Read More »

DG Valuation revises customs values of tyres & tubes-III (agricultural industrial & earth mover) vide VR No 1545

KARACHI: Directorate-General of Customs Valuation Director Shafiq Ahmad Latki has revised customs values of tyres and tubes-III (agricultural, industrial & earth mover) vide Valuation Ruling No. 1545/2021 under Section 25-A of the Customs Act, 1969. Read More »

Customs values of tyres & tubes-II (light truck & truck/bus) revised vide VR No. 1544/2021

KARACHI: Directorate General Customs Valuation Director Shafiq Ahmad Latki has determined customs values of tyres and tubes-II (light truck/truck/bus) under section 25-A of the Customs Act, 1969. Read More »

DG Valuation issues customs values of tyres & tubes-I (passenger cars) vide VR No 1543/2021

KARACHI: Directorate-General Customs Valuation Director Shafiq Ahmad Latki has issued customs values of tyres and tubes of passengers cars vide Valuation Ruling No. 1543/032 under section 25-A of Customs Act, 1969.   Read More »

FBR makes brand registration mandatory for selling products of various sectors

ISLAMABAD: The federal government has made licensing of brand names mandatory for selling unregistered products in the market. In this regard, the Federal Board of Revenue (FBR) issued a procedure for issuance of brand registration certificates for tobacco, sugar, fertilizer, cement, and beverages vide STGO 7/2021. “In exercise of the powers conferred under section 40E of the Sales Tax Act, ... Read More »

KP amends development projects as USAID warns of funds withdrawal

PESHAWAR: The Khyber Pakhtunkhwa (KP) government has proposed to amend the United States Agency for International Development (USAID) funded projects in the province after the agency set September 30 as the deadline to utilise the funds, failing which it will withdraw a $5 million aid it granted to KP for these projects. According to sources, USAID had committed funds for ... Read More »

FBR directs Tier-1 Retailers to integrate with revenue authority till August 15

ISLAMABAD: The Federal Board of Revenue (FBR) has advised Tier-1 Retailers to integrate their systems with the revenue authority, failing which they would be denied credit for input tax equal to 60 per cent, claimed in the sales tax return for the month of July 2021. As per details, the FBR, in its drive to integrate Tier-1 Retailers across the ... Read More »

IMF likely to disburse $2.8b for Pakistan

ISLAMABAD: The International Monetary Fund (IMF) has announced to allocate $650 billion for member countries amid anti-COVID measures as well as Pakistan is also likely to receive 2.8 billion in this regard. According to a statement issued by the IMF, the new allocation has been increased for member countries to tackle the challenges of the coronavirus. The IMF Board of ... Read More »

Asim Bajwa resigns as CPEC Authority chief

ISLAMABAD: Lieutenant General (retired) Asim Saleem Bajwa on Tuesday resigned from his position as the China-Pakistan Economic Corridor (CPEC) Authority’s chief, as he thanked the government and Prime Minister Imran Khan for their support. “I bow my head before Allah Almighty for giving me an opportunity to raise and steer the important institution of CPEC Authority as one window for ... Read More »

PM Imran for wealth creation to overcome economic challenges

ISLAMABAD: Prime Minister Imran Khan has said that the government was fully committed to encourage and facilitate various sectors of the economy for the purpose of wealth creation to permanently overcome the financial challenges. The prime minister said the government was vigorously implementing its plans to promote the construction industry and incentivised the export sector because when the economy moved ... Read More »

Finance Minister Shoukat Tarin vows to facilitate poor farmers

ISLAMABAD: Finance Minister Shaukat Tarin has reaffirmed the government’s commitment to facilitate poor farmers by providing them timely inputs in order to boost agriculture productivity. He was presiding over a meeting with the Federal Minister for Energy Mr. Hammad Azhar at the Finance Division to review the supply and stocks of Urea fertilizers for the farmers. SAPM on Finance and ... Read More »

UAE allows transit flights from Pakistan, other countries from Aug 5

DUBAI: The United Arab Emirates will lift a ban on transit passenger traffic from Pakistan, India, Nigeria and other countries from August 5, the federation’s National Emergency and Crisis Management Authority (NCEMA) said on Tuesday. The UAE, a major international travel hub, has banned passengers from many South Asian and African countries for several months due to the coronavirus pandemic. ... Read More »

Cement exports increase 3.26pc in FY21

ISLAMABAD: The exports of cement witnessed an increase of 3.26 per cent during the fiscal year 2020-21 (FY21), against the exports of the corresponding period of the preceding fiscal year (FY20). The cement exports were recorded at $267.910 million during July-June (2020-21) against the exports of $259.441 million during July-June (2019-20), according to the Pakistan Bureau of Statistics (PBS). In ... Read More »

OGRA increases imported LNG price for fifth consecutive month

ISLAMABAD: The Oil and Gas Regularity Authority (OGRA) has increased the price of imported LNG for the fifth consecutive month. According to the notification issued by OGRA, LNG for Sui Northern has been increased by $0.69 per MMBTU. Following the increase, the new price of LNG for Sui Northern has been fixed at $13.60 per MMBTU, while the price was ... Read More »