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Author Archives: CT Report

APBUMA holds training session on mandatory tax compliance for exporters in Pakistan

MULTAN: All Pakistan Bed-sheets and Upholstery Manufactures Association (APBUMA) held a training session on “Mandatory Tax Compliance for Exporters in Pakistan” at APBUMA House for promotion of export in collaboration with SMEs Business Facilitation Center (BFC) -SMEDA Punjab. The session was presided by Syed Muhammad Fazil Shah Vice Chairman All Pakistan Bed-sheets and Upholstery Manufactures Association APBUMA and appreciated the ... Read More »

MCCI urges FBR to revamp withholding tax regime

MULTAN: Multan Chamber of Commerce and Industry (MCCI) has urged Federal Board of Revenue (FBR) to revamp withholding tax regime and bring down the existing 50 different tax rates to maximum five rates. Multan Chamber of Commerce and Industry (MCCI) has demanded in its proposals for budget 2021/2022 suggested the FBR to revamp the withholding tax regime, which is one ... Read More »

Parwaaz, HBL & IBP to train Cybersecurity specialists to secure Pakistan’s financial sector

  KARACHI: Parwaaz, HBL and Institute of Bankers Pakistan (IBP) signed a Memorandum of Collaboration (MoC) to develop a skilling program for Parwaaz’s financial services incubator. The incubator will equip current and aspiring bankers with skills to become cybersecurity specialists. The MoC was signed by Mr. Jawad Khan, Country Head Parwaaz and CEO Punjab Skills Development Fund (PSDF); Mr. Muhammad ... Read More »

Chief Commissioner IR visits RCCI, assures full support to business community

RAWALPINDI: Chief Commissioner Inland Revenue Dr. Khalid Mahmood Lodhi along with his team paid a visit to the Rawalpindi Chamber of Commerce and Industry (RCCI) and addressed the issues faced by the business community. President Mohammad Nasir Mirza, Group leader Sohail Altaf, Senior Vice President Osman Ashraf, Vice President Shahraiz A Malik, members of the executive committee, and members were ... Read More »

CC CRTO assures to analyze possibility of restoring tax back to 0.1pc in next budget

KARACHI: Chief Commissioner Corporate Regional Tax Office (CRTO) Karachi Federal Board of Revenue (FBR) Dr. Aftab Imam, after listening to the viewpoint of business community, assured to analyze the issue of higher turnover tax on yarn traders as compared to the profit margin and look into the possibility of restoring it back to 0.1 percent from 1.5 percent in the ... Read More »

ICAO audit team likely to postpone Pakistan visit

ISLAMABAD: The International Civil Aviation Organisation (ICAO)’s audit team has proposed the Civil Aviation Authority (CAA) to postpone its scheduled visit, from July 5 to 15, in the summer to Pakistan due to a surge in the coronavirus cases, according to local media reports. However, the CAA has suggested to the ICAO not to postpone the visit saying the Pakistani ... Read More »

Pakistan needs to focus on welfare of people: IMF chief

ISLAMABAD: International Monetary Fund’s (IMF) Managing Director Kristalina Georgieva emphasized that Pakistan needs to focus all its policies towards the welfare of people. She passed the comments in a meeting with newly appointed Finance Minister Hammad Azhar and State Bank of Pakistan Governor Reza Baqir. “Had a productive virtual meeting with IMF MD on the state of Pakistan’s economy and ... Read More »

367,159 taxpayers pay surcharge for appearance in ATL-2020: FBR

ISLAMABAD: Around 367,159 taxpayers have paid surcharge for appearance in the Active Taxpayers List (ATL) for availing exempt or reduced rates of withholding tax on various transactions. According to weekly updated ATL for tax year 2020, the number of active taxpayers increased to 2,545,622 on the basis of income tax return filed within due date and after payment of surcharge ... Read More »

SBP announces banking hours for Ramazan

KARACHI: State Bank of Pakistan (SBP) on Tuesday announced office timings for all banks, development finance institutions and microfinance banks during Ramadan. According to a notification issued by the central bank, from Monday to Thursday office timings will be from 10:00am to 4:00 pm with a 2pm to 2:15pm break whereas on Fridays banks will remain open from 10:00am to ... Read More »

Germany to boost investment in Pakistan

BERLIN: Germany expressed the intent to increase investment in Pakistan’s diverse sectors and boost trade relations. As per details, German Foreign Minister, Heiko Maas and Foreign Minister, Shah Mahmood Qureshi, at a joint press conference in Berlin agreed to strengthen bilateral ties with particular focus on increasing trade and investments. The German foreign minister termed the Qureshi’s visit a good ... Read More »

Hammad directs to establish sufficient number of Ramazan Bazaars

ISLAMABAD: Federal Minister for Finance, Revenue, Industries and Production, Muhammad Hammad Azhar emphasized the need for mobilizing district administrations and departments concerned to curtail profiteering and hoarding through smooth supply of basic commodities at affordable prices throughout the country. Chairing the meeting of National Price Monitoring Committee (NPMC) here, the minister urged the provincial governments to also take strict administrative ... Read More »

PSX loses 208.43 points to close at 44,978.05 points

ISLAMABAD: The KSE-100 index of the Pakistan Stock Exchange (PSX) on Monday witnessed bearish trend, losing 208.43 points, with negative change of 0.46 percent, closing at 44,978.05 points against 45,186.48 points on the last working day. A total 503,526,595 shares were traded during the day compared to the trade of 688,037,488 shares the previous day whereas the price of shares ... Read More »

FBR revises Customs values of raw materials used in manufacturing of toiletry products

MULTAN: The Federal Board of Revenue (FBR)has revised upward customs values of raw materials used in the manufacturing of toiletry products like soaps, detergents, shampoos, body gel, hair creams, and cosmetics etc. According to the valuation ruling 1521 of 2021 issued by the Directorate General of Customs Valuation Karachi on Monday, the customs values have been enhanced on the import ... Read More »

Govt fixes Nisab for Zakat at Rs80,933

ISLAMABAD: The government has fixed Nisab for Zakat deduction on bank accounts for the current lunar year at Rs80,933. According to a notification issued by the Administrator General Zakat for the lunar year 1441-42 Hijri, people having a minimum of Rs80,933 balance in savings, profit and loss sharing or similar bank accounts on the first day of Ramazan will be ... Read More »

Pakistan key partner in current $400b global medical device

ISLAMABAD: Federation of Pakistan Chamber of Commerce and Industry (FPCCI) Sunday said that Pakistan was a key partner in the current $400 billion global medical device industries as well as contributing in local economic development. It said that stepping into the knowledge economy, Pakistan could emerge as a major global player by expanding its exports of medical device industry. Chairman ... Read More »

Remittances rose to $2.7b in March: PM Imran Khan

ISLAMABAD:  Prime Minister Imran Khan on Monday revealed that remittances in the country have remained over $2 billion for the tenth consecutive month despite coronavirus pandemic. Prime Minister took to his official twitter handle and thanked overseas Pakistan and said the love and commitment of them to Pakistan is unparalleled. The premier further said that the remittances rose to $2.7bn ... Read More »

SBP considering issuing digital currency to boost financial inclusion

KARACHI: The State Bank of Pakistan (SBP) is considering issuing digital currency to boost financial inclusion and reduce money laundering in the economy, the central bank’s governor was quoted as saying. “We are studying that very carefully. We think that some countries like China are already showing the way,” SBP Governor Reza Baqir told CNN in an interview. Baqir said ... Read More »

Europe is a big market for Pakistan, RCCI

RAWALPINDI: Europe is a big market for Pakistan and there is a big opportunity for Pakistani manufacturers to capitalise the opportunity of Generalised Scheme of Preferences Plus (GSP+) status to the optimum. Based on this status, around 80% of Pakistan’s exports to the EU are quota and tariff-free, offering an advantage over many other competitors. These comments were made by ... Read More »

WHT collection from new car registration decreases by 39pc in TY2020

ISLAMABAD: The collection of withholding tax on registration of new cars has declined by around 39 percent in tax year 2020 due coronavirus pandemic that has lowered the sales of locally assembled motor vehicles. According to details released by Federal Board of Revenue (FBR) the collection of withholding tax fell to Rs5.88 billion in tax year 2020 as compared with ... Read More »

Duty rebate payment to textile sector up over 100pc: FBR

ISLAMABAD: The payment of customs duty rebate to textile sector increased by over 100 percent during tax year 2020, which shows the commitment of Federal Board of Revenue (FBR) to facilitate the most import sector for resolving liquidity issues. The payment of customs duty rebated was Rs18.31 billion during tax year 2020 as compared with Rs9 billion in the preceding ... Read More »