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Author Archives: CT Report

FBR grants duty exemption on import of cotton yarn

ISLAMABAD: Federal Board of Revenue (FBR) notified exemption of customs duty on import of cotton yarn till June 30, 2021. The FBR issues SRO 533(I)/2021 to comply with the decision of Economic Coordination Committee of the Cabinet (ECC) to exempt whole of customs duty on import of cotton and cotton yarn. The ECC on April 14, 2021 approved the withdrawal ... Read More »

Govt committed for growth oriented budget 2021-22: Tarin

ISLAMABAD:  Federal Minister for Finance and Revenue, Shaukat Tarin reiterated the government’s commitment to unveil a growth-oriented federal budget (2021-22). Talking to Vice President of Institute of Chartered Accountants of Pakistan (ICAP) Ashfaq Tola, who called on him here, the finance minister welcomed the ICAP vice president and discussed the proposals by the Institute’s team for the economic growth and ... Read More »

Deputy Director Maryam Khalid transfers 6 intelligence officers to different stations

ISLAMABAD: Directorate-General Customs Intelligence and Investigation Deputy Director (HQs) Maryam Khalid has issued order for transfer and posting of following Intelligence Officers of the Directorate Generational Customs Intelligence and Investigation with immediate effect and until further orders:- Muhammad Akmal Hashmi, Intelligence Officer is transferred from Regional Office, Karachi to Regional Office, Quetta. Muneer Ahmed Chandio, Intelligence Officer is transferred from ... Read More »

Nayyar Shafiq assumes charge as Collector Adjudication Faisalabad

ISLAMABAD: Muhammad Nayyar Shafiq, a Pakistan Customs Service (PCS) /BS-20 officer, has relinquished the charge of the post of Additional Collector Customs Allama Iqbal International Airport (AIIA) and assumed the charge of the post of Collector Customs Adjudication Faisalabad. A notification issued by the Federal Board of Revenue read as “in pursuance of Board’s notification no: 0976-C-I/20021, dated 23.4.2021, Mr. ... Read More »

Govt committed to empower underprivileged women: Tarin

ISLAMABAD: Finance Minister Shaukat Tarin says the government is firmly committed to pro-poor agenda and supports economic empowerment of the under-privileged women through Ehsaas safety net. He was speaking at a meeting to finalize modalities for disbursement of targeted subsidies in Islamabad on Thursday. Shaukat Tarin said primary objective of Ehsas safety net is poverty alleviation, socio-economic uplift and financial ... Read More »

Govt to focus on SME sector for achieving sustainable development: Tarin

ISLAMABAD: Federal Minister for Finance and Revenue Shaukat Tarin held a meeting with the Minister for Industries and Production Makhdoom Khusroo Bakhtiyar at the Finance Division to discuss the features of a new credit scheme for the SME Sector. SAPM on Finance & Revenue Dr. Waqar Masood was also present during the meeting. Governor State Bank of Pakistan Reza Baqir ... Read More »

IMF told Pakistan won’t increase tariffs, says Shaukat Tarin

ISLAMABAD: Finance Minister Shaukat Tarin said that Pakistan had informed the International Monitory Fund (IMF) that increasing taxes or tariffs was currently unfeasible under the IMF programme, adding that Prime Minister Imran Khan is against a tariff hike. Flanked by Special Assistant to the Prime Minister (SAPM) on Revenue, Dr Waqar Masood, and other officials in his first media briefing ... Read More »

Multan Customs seizes non-customs paid vehicles & goods  worth Rs.345.72m during April

  MULTAN: Collectorate of Customs Enforcement & Compliance has seized non-customs paid vehicles and miscellaneous goods worth Rs345.72 million during anti-smuggling actions in April. Sources told Customs Today that Multan Customs has carried out various crackdowns against smuggled goods to curb smuggling in the jurisdiction. Multan Customs Anti-Smuggling staff has thwarted several attempts of smuggling in the Jurisdiction on the ... Read More »

FBR Chairman Asim Ahmed inaugurates Anti-Benami Adjudicating Authority Secretariat

ISLAMABAD: Chairman, Federal board of Revenue (FBR), Asim Ahmed has inaugurated the Secretariat of Anti-Benami Adjudicating Authority here in Islamabad. On this occasion, Chairman Anti-Benami Adjudicating Authority Muhammad Ali, Member FATE and Director General Anti Benami Initiatives Syed Nadeem Hussain Rizvi, Member Administration Bakhtiar Muhammad and other members and officers were present, said a press release issued by FBR here ... Read More »

Declining import of services narrows down trade deficit by 52pc

ISLAMABAD: Deficit in trade of services in the first 9 months of fiscal year 2020-21 witnessed a significant decline owing to more than 20 percent decrease in import of services from abroad. The overall trade deficit in trade of services fallen to $ 1,362.53 million during 3 quarters of FY 2020-21 that was recorded $ 2,860.59 in corresponding period of ... Read More »

No power on earth can sabotage CPEC: Lt. Gen. ® Asim Bajwa

KARACHI: CPEC Authority Chairman Lt General (retd) Asim Saleem Bajwa has said that no power on earth could sabotage CPEC as it is the country’s national project. Addressing a ceremony at KCCI, he said CPEC had improved the road connectivity between the two countries and would do so further. On eastern alignment of CPEC, Bajwa said only one section Sukkur-Hyderabad ... Read More »

FBR told to revisit duty drawback rates

LAHORE:  Federal Board of Revenue has been told to has recommended to revisit duty drawback rates to rationalise them in view of the decreasing customs duty rates on imports. The Auditor General of Pakistan (AGP) has recommended that FBR should ensure that customs duty drawback should not be more than the actual duty paid by the exporter. The AGP report ... Read More »

PSX gets first woman chairperson

KARACHI: For the first time in the 73 years history of the Pakistan Stock Exchange (PSX), a woman chairperson has been elected to the board of directors. In the first meeting of the newly elected PSX Board held on Wednesday, Dr Shamshad was unanimously elected as the PSX board chairperson. A veteran of Pakistan’s financial markets, Dr Shamshad Akhtar has ... Read More »

Karachi traders reject closure of commercial activities from May 8

  KARACHI: The traders of Karachi have rejected the government’s notification to close commercial activities from May 8 to 16 amid the third wave of coronavirus pandemic. President All-City Traders Union, Sharjeel Goplani said Karachi traders were already worried about the Eid shopping hours being limited and urged the government to increase business hours to end the rush of people ... Read More »

ECC okays payment of first installment to 35 IPPs

ISLAMABAD: The Economic Coordination Committee of the cabinet on Wednesday approved payment of the first installment to 35 IPPs out of a total 47, whereas payment to the remaining 12 IPPs (under Power Policy 2002) may be withheld owing to the NAB investigation. Federal Minister for Finance and Revenue Shaukat Tarin, chaired the Economic Coordination Committee (ECC) Cabinet today. Federal ... Read More »

GB development key priority of govt: Tarin

ISLAMABAD: Federal Minister for Finance and Revenue Shaukat Tarin Wednesday said the development of Gilgit Baltistan under GB Development Package was the key priority of the government. He was talking to Gilgit Baltistan Chief Minister Muhammad Khalid Khurseed during a meeting here, according to press statement issued by the finance ministry, adding that Finance Minister Gilgit Baltistan Javed Manwa and ... Read More »

US Charge d’ Affaires calls on Finance Minister Shaukat Tarin

ISLAMABAD: The Charge d’ Affaires of the United States to Pakistan Her Excellency Ms. Angela P. Aggeler held a meeting with the Federal Minister for Finance and Revenue Shaukat Tarin at the Finance Division in Islamabad on Wednesday. The Secretary Finance Division was also present during the meeting. While extending a warm welcome to Her Excellency Ms. Angela Aggeler, the ... Read More »

Cement exports record 252pc increase in April

ISLAMABAD: The export of cement from the country increased by 252pc in April 2021 as compared to the same month of last year. According to data released by the Pakistan Bureau of Statistics (PBS), total cement despatches during April 2021 were recorded at 4.943 million tonnes (MT) against 3.52 MT during the same month of the last fiscal year, showing ... Read More »

Punjab govt recovers 85,000 hoarded wheat sacks

LAHORE: The Punjab government continued its crackdown on wheat hoarders in the province and recovered as many as 85,000 wheat sacks in separate actions. According to details, the local administration of Sialkot’s Daska tehsil seized 77 thousand wheat bags that were hoarded in four rice mills, which were sealed by the district administration. Similarly, 8,000 wheat bags were recovered in ... Read More »

FBR starts action against fake invoicing in steel sector

ISLAMABAD: The Federal Board of Revenue (FBR) has initiated action against fake invoices in the steel sector. According to sources, FBR has written letters to chief collectors of Customs Appraisement and Facilitation, in Karachi, Lahore, Islamabad and Quetta, asking them to submit reports on illegal businesses by May 4. FBR said that mis-declaration of imported steel was not only hurting ... Read More »