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Author Archives: CT Report

FBR issues 2.1 million notices to companies & individuals for not filing returns, mis-declaring assets

ISLAMABAD: The tax authorities have issued 2.1 million notices to individuals and companies for non-compliance in annual return filing and to those who misdeclared assets in their annual returns of income. According to a statement issued by FBR, these notices were sent to defaulters by February 28, 2021. The FBR issued notices around 1.4 million by January 31, 2021. It ... Read More »

PM rejects proposal for petrol price hike

ISLAMABAD: Prime Minister Imran Khan Monday rejected a summary of Oil and Gas Regulatory Authority (OGRA) proposing an increase of Rs 6.22 in petrol prices. The OGRA had proposed an increase of Rs 6.22 in petrol price, Rs 6.82 in high speed diesel, Rs 6.37 in kerosene and Rs 5.78 in the price of light diesel. The prime minister said ... Read More »

Faisalabad Customs to hold auction of smuggled Indian fabric on March 3

FAISALABAD: Directorate of Customs Intelligence and Investigation (I&I) Faisalabad has announced public auction of huge quantity Indian origin fabric on March 03, 2021. According to details the directorate announced to auction of confiscated goods and vehicles lying in the State Warehouse, I&I Customs Faisalabad. A huge quantity of 18,870 kilograms of Indian origin Shafoon cloth will be presented for the ... Read More »

PSX witnesses volatile session ahead of Senate elections

KARACHI: Pakistan Stock Exchange (PSX) witnessed a volatile session on Monday ahead of Senate Elections and inflation numbers where the index closed on a negative note. “We have noticed fragility in the stock market where investors remained cautious ahead of NCPI numbers along with Senate elections”, said Muhammad Saeed Khalid, head of rsearch at Shajar Capital. “We have marked the ... Read More »

Envoys lauds RCCI efforts and took keen interest in Build 2021 Expo & Construction Trade Fair

RAWALPINDI: A large number of ambassadors, High Commissioners, Commercial Counselors and diplomats visited the Build 2021 Expo and Construction Trade Fair organized by the Rawalpindi Chamber of Commerce and Industry (RCCI) at Topi Rakh Complex Ayub Park Rawalpindi. Ambassador of Denmark in Pakistan, Lis Rosenholm in her tweet appreciated RCCI for its efforts for promoting trade activities and organizing exhibitions. ... Read More »

Pak-Turkey freight train to resume operations from March 4

ISLAMABAD: The Istanbul-Islamabad freight train is likely to resume operations on March 4, connecting goods train business of three countries including, Turkey, Iran and Pakistan, after a gap of almost a decade. According to a report by a local media outlet that quoted a senior official of the Pakistan Railways (PR), the train is set to depart from Istanbul on ... Read More »

FBR notifies Rs1,000 surcharge for individuals

ISLAMABAD: The Federal Board of Revenue (FBR) has clarified that a lower rate of Rs1,000 will be charged from individuals (salaried and non-salaried) on late filing of income tax returns for the tax year 2020 for inclusion in the Active Taxpayers’ List (ATL). The FBR’s spokesperson has clarified that surcharge for inclusion in ATL for late filing individuals is Rs1,000 ... Read More »

Pakistan, Saudi Arabia to further promote cooperation in customs, tax fields

ISLAMABAD: Ambassador of Saudi Arabia in Pakistan, Nawaf Saeed Al-Malikey here on Saturday had a call on meeting with Chairman Federal Board of Revenue (FBR), Muhammad Javed Ghani during which matters of mutual concern pertaining to cooperation on customs and tax were discussed . According to press statement issued by the board, it was agreed in the meeting that relevant ... Read More »

FBR collects Rs2900b during eight months of FY2020-21

ISLAMABAD: The Federal Board of Revenue (FBR) announced that it has successfully achieved tax targets for the first eight months of the fiscal year 2020-21. According to a spokesman for the FBR, it has successfully collected a tax amount of Rs2,900 billion in the first eight months of the fiscal year, which is higher than the revenue target of Rs2898 ... Read More »

Pakistan earns $224m from export of travel services in 1HFY21

ISLAMABAD: Pakistan earned US $224.120 million by providing different travel services in various countries during the first half of current financial year 2020-21. This shows decline of 18.54 percent as compared to US $275.114 million same services were provided during the corresponding period of fiscal year 2019-20, Pakistan Bureau of Statistics (PBS) said. During the period under review, the personal ... Read More »

NEPRA to review agreements between govt & IPPs on March 3

ISLAMABAD: National Electric Power Regulatory Authority (NEPRA) has decided to review the agreements reached between the government and Independent power producers (IPPs). The authority will hold a hearing on March 3. NEPRA will hear the Central Power Purchasing Agency (CPPA)’s petition regarding tariff adjustment with IPPs. During the hearing, the agreements between power plants and Jahangir Tareen’s JDW Sugar Mills, ... Read More »

Pakistan Customs taking all measures to promote trade activities in Gwadar: Chief Collector Gul Rehman

GWADAR: Chief Collector Gul Rehman has said that Pakistan Customs is taking all measures to promote and facilitate trade activities and business in Gwadar. Chief Collector Quetta Gul Rehman expressed these views during his 3-day visit to Gwadar. He said despite of COVID-19 and lockdown, Customs staff achieved its revenue collection target and would surpass annual target. Gul Rehman said ... Read More »

World Bank provides $12m grant for FATA’s, displaced families

ISLAMABAD: World Bank has provided additional grant worth of US $ 12 million for FATA, Temporarily Displaced Persons Early Recovery Project (TDP-ERP) to earlier recovery of displace families in former tribal areas of Khyber Pakhtunkhwa (KPK). Minister for Economic Affairs, Makhdum Khusro Bakhtyar witnessed the signing ceremony of Additional Grant Agreement of “FATA Temporarily Displaced Persons Emergency Recovery Project” worth ... Read More »

Railway Minister Azam Swati inaugurates RCCI Build 2021 Expo

RAWALPINDI: Railway lands across the country will be brought into use in collaboration with the private sector. The construction industry will develop very soon. If the country’s economy is further strengthened, employment opportunities will be created. The Chamber of Commerce will have the full support of the government. He said that exhibitions increase trade activities. The Rawalpindi Chamber of Commerce ... Read More »

FBR notifies promotion of 7 PCS officers from BS-20 to BS-21 with immediate effect

ISLAMABAD: Federal Board of Revenue (FBR) issued notification for promotion of following 7 officers of Pakistan Customs Service (PCS) from BS-20 to BS-21 on regular with immediate effect and until further orders:- Muhammad Iqbal Bhawana Wajid Ali Rabab Sikandar Zulfiqar Younus Shahnaz Maqbool Ahmad Rauf Seema Raza Bokhari The officers, who are presently posted against BS-21 posts on OPS, will ... Read More »

FBR promotes 24 IRS officers from BS-19 to BS-20 on regular basis

ISLAMABAD: Federal Board of Revenue (FBR) notified promotions of 24 officers of Inland Revenue Service (IRS) from BS-19 to BS-20 on regular basis with immediate effect. Following IRS officers have been promoted to BS-20: Muhammad Safdar Muhammad Abu Bakar Siddique Ms. Tajamal Bilquis Ms. Fauzia Adil Dr. Razi-ur-Rehman Khan Shaheed Mehboob Muhammad Bilal Malik Barrister Nowsherwan Khan Ms. Iram Shabbir ... Read More »

10 IRS officers promoted from BS-20 to BS-21

ISLAMABAD: Federal Board of Revenue (FBR) notified promotions of 10 BS-20 officers of Inland Revenue Service (IRS) to BS-21 on regular basis with immediate effect. Following officers have been promoted to BS-21: Tariq Mustafa Khan Mir Badshah Khan Wazir Malik Amjad Zubair Tiwana Muhammad Azam Sheikh Mehmood Hussain Jafari Muhammad Iqbal Muhammad Abid Raza Bodla Ms. Aiysha Khalid Karamatullah Khan ... Read More »

DG Valuations revises customs values on import of iron & steel scrap

KARACHI: The Directorate General of Customs Valuation, Karachi, has upward revised customs values on the import of iron and steel scrap. In this connection, the directorate has issued a valuation ruling. According to the ruling, in exercise of the powers conferred under Section 2S-A of the Customs Act, 1969, the Customs values of Iron and Steel Scrap (remeltable/HMS scrap/shredded scrap/re-rollable ... Read More »

FBR promotes 13 PCS officers from BS-19 to BS-20

ISLAMABAD: Federal Board of Revenue (FBR) has issued notification to promote following officers of Pakistan Customs Service (PCS) from BS-19 to BS-20 with immediate effect and until further orders:- Hassan Saqib Sheikh Masood Ahmed Fayaz Rasool Sanaullah Abro Muhammad Tahir Muhammad Saleem Memon Muhammad Amir Thahim Yousaf Haider Orakzai Munib Sarwar Farrukh Sajjad Tayyeba Kayani Moeed Muhmmad Nayyar Shafiq Muhammad ... Read More »

Pakistan to save $300m annually from Qatar LNG deal: PM Imran Khan

LAHORE: Prime Minister Imran Khan on Friday revealed that Pakistan had signed a deal related to the supply of the Liquefied Natural Gas (LNG) which would help save the nation $300mn annually. Speaking at the groundbreaking ceremony of the Central Business District ceremony in Lahore, the prime minister said that his government had been trying to negotiate this deal for ... Read More »