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Author Archives: CT Report

LTO Multan starts survey for installation of track and trace system

MULTAN: The Federal Board of Revenue (FBR) Large Tax Office (LTO) has started large scale survey of all sugar mills and cigarette manufacturing units in the jurisdiction for the installation of track and trace system. Sources told Customs Today that the sugar and tobacco sectors remained the top priority of the FBR for installation of the track and trace system. ... Read More »

SBP deputy governor urges financial sector to boost women’s access to finance

ISLAMABAD: State Bank of Pakistan (SBP) Deputy Governor Sima Kamil has said that the financial sector needs to realize its role as a key player in advancing regulatory policy and strategies towards promoting women’s access to finance and digital financial inclusion. Sharing her perspective in the keynote address at the UN hosted convention ‘The Untapped Potential’ on CSR4 Women, Sima ... Read More »

NEPRA will hear the plea on September 30

ISLAMABAD: The government is likely to increase the price of electricity up to Rs2.07, which will put an additional burden of 25 billion rupees on already suffering people. The Central Power Purchasing Agency (CPPA) has submitted an application under monthly fuel adjustment in August. According to the CPPA, a total of about 15 billion units of electricity were generated in ... Read More »

Transparency International inducts Advocate Shahab Imam as member

ISLAMABAD: Transparency International Pakistan has inducted renowned Advocate Dr. Shahab Imam as member with effect from September 21, 2021. Earlier, Advocate Dr Shahab Imam has been as member on the panel of advocates of Federal Board of Revenue (FBR) to conduct Inland Revenue/Customs related tax matters. Dr Shahab Imam is a seasoned advocate and legal consultant but he also served ... Read More »

Revised taxation for banks applicable from January 1, 2021: FBR

ISLAMABAD: The Federal Board of Revenue (FBR) has revised taxation for banks from tax year 2022 (starting from January 01, 2021, to December 31, 2021) onwards. An important amendment has been introduced through Tax Laws (Third Amendment) Ordinance, 2021, which was promulgated through a presidential ordinance. Through Finance Act, 2021, a sub-rule (6A) in rule 6C of Income Tax Ordinance, ... Read More »

SRB extends last date for sales tax payment, return filing

KARACHI: The last date for payment and sales tax return has been extended by Sindh Revenue Board (SRB). The provincial revenue authority issued the Circular No. 04 to extend the last date. According to the circular, the amount of Sindh sales tax for the tax period July 2021 may be deposited electronically on or before Tuesday August 24, 2021. Further, ... Read More »

Gwadar Customs thwarts attempt to smuggle narcotics worth Rs160m

GWADAR: Collectorate of Customs foiled an attempt to smuggle narcotics into the country and seized fine quality charas worth Rs180 million. Sources said that Chief Collector Gul Rahman received authentic information regarding smuggling of narcotics. He immediately directed Collector Gwadar Javed Chaudry to take all necessary measures to foil any attempt of narcotics smuggling Customs team deputed at Khurkhera check ... Read More »

Exports increase by 24pc to Rs742,259m in two months

ISLAMABAD: The exports from the country in rupee term witnessed an increase of 23.86 per cent during the first two months of the current fiscal year as compared to the corresponding month of last year, Pakistan Bureau of Statistics (PBS) reported. According to PBS provisional figures issued by PBS, the exports from the country during July-August 2021-22 were recorded at ... Read More »

Asad Tahir appointed as official FBR spokesperson

ISLAMABAD: Federal Board of Revenue (FBR) has appointed Muhammad Asad Tahir, a BS-20 officer of Inland Revenue Service (IRS) as official spokespersons of the organization. A notification dated September 17, 2021 issued by the FBR stated that Muhammad Asad Tahir (IRS/BS-20) presently posted as Chief (FATE) / Director (Media), FBR, Islamabad is designated as official spokesperson for the FBR with ... Read More »

DLTL to continue, previous claims to be settled soon, current claims to be settled on time: Shaukat Tarin

KARACHI: Federal Minister for Finance & Revenue Shaukat Tarin has assured that the Drawback of Local Taxes & Levies (DLTL) has been extended and it will not be discontinued while the business community is going to get all its claim on time as funds for the purpose have already been allocated in the budget and the pending DLTL claims of ... Read More »

Monetary policy: SBP hikes interest rate by 25 bps to 7.25pc

KARACHI: The State Bank of Pakistan (SBP) on Monday increased the benchmark interest rate by 25 basis points to 7.25% for the next two months. A small number of experts expected the central bank to surprise the market by hiking the rate while considering the vulnerabilities in current account balance, uptrend in weekly sensitive price index and resumption of the ... Read More »

SBP eases conditions for Afghan Transit Trade

KARACHI: State Bank of Pakistan (SBP) on Monday relaxed conditions of the Foreign Exchange Manual to facilitate Afghan Transit Trade in the wake of prevailing conditions in the neighboring country. The central bank issued a circular to relax the conditions. The SBP through Foreign Exchange Circular No. 07 dated August 05, 2021 in terms of which SBP notified revision of ... Read More »

Pakistan’s earns $195m from IT services’ export during July 2021

ISLAMABAD: Pakistan earned US $195.990 million by providing different Information Technology (IT) services in various countries during the first month of current financial year 2021-22. This shows growth of 20.22 percent as compared with US $ 163.020 million earned through provision of services during the corresponding period of last fiscal year 2020-21, Pakistan Bureau of Statistics (PBS) reported. During the ... Read More »

Pakistan economy to grow by 4.2pc in FY22: Fitch

ISLAMABAD: Pakistani economy is expected to record real GDP growth of 4.2% in FY2021-22 (July 2021-June 2022), up from 3.9% in FY21, says Fitch Solutions in its latest report. The report noted that the pickup in the vaccination rate in recent months will likely reduce the possibility of extended lockdowns in the future. It also expects the economy to be ... Read More »

Business community rejects hike in oil prices

KARACHI: The business community has rejected the increase in prices of petroleum products and demanded the government to immediately withdraw the decision. Anjum Nisar, chairman of Businessmen Panel, which is ruling body of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) in a statement said the move will hit the industry hard. He said that the burden of the ... Read More »

Speakers slam govt for ‘strangulating’ traders thru double taxation

LAHORE: Speakers at a seminar have claimed that the incumbent Pakistan Tehreek-e-Insaf (PTI) government is ‘strangulating’ traders (economically) by time and again introducing ‘controversial’ and ‘unfair’ taxation measures like Point of Sale (POS) machines which they believe is another way to charge double-taxation. The moot titled “Point of Sale (POS) and issues of small traders” was organised by the Pakistan ... Read More »

‘Chinese companies to invest US $ 15 bln in Pakistan’s petrochemicals’

ISLAMABAD: Federal Secretary, Board of Investment (BOI), Fareena Mazhar said Chinese companies were ready to invest US $15 billion in Pakistan’s petrochemicals sector. Under the said project, Chinese companies would invest in the petrochemical sector in Gwadar, including the project of energy pipeline from Gwadar to China, she told APP. The secretary said bilateral talks were underway for investment in ... Read More »

Corporate taxpayers to adopt digital payment system from Nov 1

ISLAMABAD: The Federal Board of Revenue (FBR) is mulling over allowing corporate taxpayers a grace period of 40 days to switch over to the digital mode of payments with effect from November 1. According to details, FBR has introduced significant changes to the Income Tax Ordinance, 2001, with a view to documentation of the economy, capture supply chains, and broaden ... Read More »

Govt, ADB differ over changing scope of AMI project

ISLAMABAD: The government and Asain Development Bank (ADB) have reportedly failed to reach consensus over changing the scope of the Advanced Metering Infrastructure (AMI) project. Sources revealed that ADB representatives held a meeting with the special assistant to prime minister (SAPM) on Power with regard to reviewing the reasons causing delay in the implementation of the project. The power division ... Read More »

Multan Customs transfers superintendents, appraising officers & inspectors

MULTAN: Collectorate of Customs Enforcement & Compliance (E&C) has issued orders for transfer and posting of 37 employees including superintendents, appraising officers and onspectors to different locations. According to details, Assistant Collector Multan Customs Tanvir Ahmad issued order for reshuffling in the Collectorate after comprehensive discussion with Additional Collector Shafiqur Rehman and Collector Imran Ahmad Chaudhry to get encouraging results ... Read More »