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Author Archives: CT Report

KP to launch universal vehicle number plates

PESHAWAR: The provincial government has announced to introduce a universal vehicle number plate system from July 2022 in a bid to improve provincial revenue through increasing vehicle registration. This was disclosed by Special Assistant to Chief Minister (SACM) on Excise and Taxation, Syed Ghazi Ghazan Jamal while briefing the media regarding the performance of his department in the past two ... Read More »

OGRA recommends increase in petrol price by Rs20.7

ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) has sent a summary to the Petroleum Division, suggesting an increase in the prices of petroleum products from March. According to sources, OGRA has recommended an increase in the price of petrol by Rs20.7 and an increase in the price of diesel by Rs 6 per litre. Meanwhile, the current levy on ... Read More »

UBL declares Rs20.9b as annual after tax profit

KARACHI: United Bank Limited (UBL) announced its financial results for the year ended December 31, 2020. The bank made provisioning and write-offs to the tune of Rs16.77 billion or 104 percent higher which trimmed its annual profit growth to 9.25 percent. The bank announced an amount of Rs20.9 billion as profit after tax for the year ended December 31, 2020 ... Read More »

FBR amends law for recovery of sales tax from bank account

ISLAMABAD: Federal Board of Revenue (FBR) amended tax laws to make legal the recovery of sales tax amount directly from bank account of a tax defaulter. The FBR issued SRO 234(I)/2021 to amend Sales Tax Rules, 2006. Under the amendment, the FBR said that Rules 210A to 210I of the Income Tax Rules, 2002 shall, mutatis mutandis, apply to Chapter ... Read More »

IR offices to remain functional on February 27 to achieve revenue collection target

ISLAMABAD: The offices of Inland Revenue shall observe Saturday February 27, 2021 as normal working day in order to achieve revenue collection target for the month. In a notification issued on Thursday, the FBR said that all Large Taxpayers Offices (LTOs), Medium Tax Office (MTO), Corporate Tax Offices (CTOs) and Regional Tax Offices (RTOs) would remain open and observe normal ... Read More »

Pakistan committed to complying with FATF action plan: MoF

ISLAMABAD: Pakistan  reaffirmed its commitment to continue strengthening the AML/CFT regime in line with global standards and comply with the FATF’s action plan. The statement from the Ministry of Finance was issued after the Financial Action Task Force (FATF) appreciated Pakistan for the significant progress made by the country on the entire action plan. The plenary meetings of the global ... Read More »

Pharmaceutical products export increases 24.92pc in 7 months of FY21

ISLAMABAD: The exports of Pharmaceutical products from the country witnessed an increase of 24.92 percent during the seven months of ongoing financial year (2020-21) as compared to the exports of corresponding period of last year. The country exported pharmaceutical worth US $161.443 million during July-January (2020-21) as against the export of US $129.242 million during July-January (2019-20), showing growth of ... Read More »

SBP foreign reserves surge $19m to $12.9b

KARACHI: The foreign exchange reserves in the country have witnessed an increase of US$19 million in the week ending on February 19. According to the data released by the central bank, net reserves held by the SBP stood at $12,908 million. Overall liquid foreign reserves held by the country stood at US$ 20.041 billion as of February 19, 2021. Net ... Read More »

International tender for Twin Cities’ Ring Road likely next week: Asad Umar

ISLAMABAD:  Minister for Planning, Development and Special Initiatives Asad Umar was informed that the international tender for Rawalpindi-Islamabad Ring Road project had been prepared and it would be published in the newspapers by next week. The minister was briefed on the project by Commissioner Rawalpindi Muhammad Mehmood in a meeting held here to review progress of development work on flagship ... Read More »

Dire needs of social security laws’ revision: NKATI

KARACHI: Faisal Moiz Khan, President North Karachi Association of Trade & Industry (NKATI), has said that the industrialists of North Karachi Industrial Area are playing their important role in the economic development of Pakistan but unfortunately the industrialists of this industrial area have been left helpless. Speaking at a seminar organized at North Karachi Association of Trade & Industry (NKATI) ... Read More »

Govt taking all measures to facilitate farmers of South Punjab: Khawaja Jalaluddin Roomi

MULTAN: Punjab Agriculture Committee (PAC) is optimistic that all its recommendation would surely be approved and Prime Minister would announce a mega incentives package for farmers to make Pakistan self-sufficient in agricultural produce. Punjab Agriculture Committee(PAC) member and Director Pakistan Textile Council. Noted industrialist cum agriculturist, Ex-President of Multan Chamber of Commerce & Industry (MCCI) and sitting President of Dera ... Read More »

Govt, ITFC sign annual financing plan amounting to US$1.1b

ISLAMABAD: Minister for Economic Affairs Makhdum Khusro Bakhtyar witnessed the signing ceremony of ITFC’s Annual Financing Plan 2021 for government of Pakistan, amounting to US$ 1.1 billion. The document was signed by Economic Affairs Division Secretary Noor Ahmed and Chief Executive Officer Eng Hani Salem Sonbol, International Islamic Trade Finance Corporation (ITFC, a subsidiary organization of Islamic Development Bank Group). ... Read More »

FBR to issue ATL for tax year 2020 on March 1

ISLAMABAD: Federal Board of Revenue (FBR) announced that it will issue Active Taxpayers List (ATL) for tax year 2020 on March 01, 2021. The ATL-2020 will include names of those taxpayers who had filed their income tax returns by due date or those who had filed their income tax returns after the due date with payment of surcharges. At present ... Read More »

Income tax return filing hits record high of 3.11 million: FBR

ISLAMABAD: Federal Board of Revenue (FBR) has issued Active Taxpayers List (ATL) which revealed that annual income tax return filing hit all time high of 3.11 million. The FBR updated the last weekly ATL for tax year 2019 on February 22, 2021 and received record number on the basis of return filed up to February 21, 2021. The FBR is ... Read More »

FBR overlooking serious flaws in track & trace award process

ISLAMABAD: The Federal Board of Revenue (FBR) has allegedly committed several irregularities while evaluating applicants’ profiles for installation of the Track and Trace system. Sources alleged the FBR’s technical committee had not counter-checked the information provided by applicants, such as instances of ‘conflict of interest’ and ‘historical information about the company through available data’, thereby overlooking its own bylaws pertaining ... Read More »

FATF likely to give ruling over Pakistan’s placement in grey list today

ISLAMABAD: The Financial Action Task Force (FATF) is expected to announce later today whether Pakistan has done enough to exit the grey-list as it wraps up its four-day plenary meeting. The FATF president will give a press briefing on the outcomes of the FATF plenary at 4:30 pm Pakistan time. Earlier last week, the Foreign Office (FO) spokesman had said ... Read More »

Pakistan cotton prices peak to 11-year high

KARACHI: Cotton prices in Pakistan pushed to an 11-year high because of a decline in production. Cotton traded at Rs12,000/maund, while its spot rate moved up to Rs11,700/maund, Karachi Cotton Brokers Forum Chairperson Naseem Usman was quoted as told. This is the highest price in the history of cotton trade in Pakistan. An increase of Rs400 was recorded in the ... Read More »

Cement export decreases 3.80pc in 7 months of FY21

ISLAMABAD: The exports of cement from the country witnessed a decrease of 3.80 percent during the seven months of financial year (2020-21) as compare to the corresponding period of last fiscal year. The country exported cement worth US $163.673 million during July-January (2020-21) as against the exports of US $170.133 million during July-January (2019-20), showing negative growth of 3.80 percent, ... Read More »

ADB sells $2b 10-Year Global Benchmark Bond

ISLAMABAD: The Asian Development Bank (ADB) priced a $2 billion 10-year global bond, proceeds of which will be part of ADB’s ordinary capital resources. “We appreciate the strong support of our investors for this new 10-year global bond issue,” said ADB Treasurer Pierre Van Peteghem in a press release issued by the bank on Thursday. “This is our second successful ... Read More »

Islamic banking poised to expand across South, Southeast Asia post-pandemic: Moody’s

ISLAMABAD: Islamic banks in South and Southeast Asia have sufficient capital and liquidity to meet increased demand for financing as economies recover from the pandemic, while young, growing populations and government efforts to develop the sector will support long-term growth, according to a new report by Moody’s Investors Service. “Although Islamic banks’ profitability in these regions weakened in 2020, their ... Read More »