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Author Archives: CT Report

Seven more Pakistani firms allowed for exporting rice to China

ISLAMABAD: After completing required international food safety and security standards, China has allowed 7 more Pakistani rice units to export rice. The initiative would help further increase the exports of rice, specially would enable Pakistani rice exporters to penetrate in Chinese markets. In this regard, authorities of both sides including Department of Plant Protection and relevant Chines authorities organized several ... Read More »

Finance Act 2021: FBR directs not to take action till final formulation of rules

ISLAMABAD: Federal Board of Revenue (FBR) has directed all field formation not to take any action till formulation of rules Finance Act, 2021. A notification issued in this regard stated that Federal Board of Revenue has already formed a committee to examine the legal changes vide sub-clause 28 (a)(i) and 28 (a)(ii) of Clause 3 of the Finance Act, 2021 ... Read More »

Pakistan offers another $1b bonds under Sukuk

ISLAMABAD: Pakistan launched $1 billion in international bonds under the Sukuk initiative, according to media reports. The subscription price of these Sukuk bonds amounts to $3 billion for five, 10, and 30 years. The federal cabinet recently approved the launching of both the Eurobond and Sukuk bonds to generate 3.5 billion dollars during the current fiscal year. These bonds mature ... Read More »

FBR reduces sales tax rate on petrol to 16.4pc

ISLAMABAD: Federal Board of Revenue (FBR) announced a reduction in the sales tax rate on petrol to absorb the impact of higher prices of petroleum, oil and lubricants (POL) and facilitate the general public, a notification said. In this regard, the Federal Board of Revenue (FBR) issued an SRO 860(I)/2021 to reduce the sales tax on petrol to 16.40 per ... Read More »

MTBA asks FBR to issue simplified return form for retailers

MULTAN: Multan Tax Bar Association (MTBA) has asked the Federal Board of Revenue (FBR) to issue simplified return form for retailers (excluding Tier-1 retailer) as the salaried class can avoid default surcharge and penalty by timely filing their income tax returns forms. Former President Muhammad Imran Ghazi has informed Customs today that the Board has timely notified the income tax ... Read More »

MCCI demands for uninterrupted gas supply to industrial sector

MULTAN: Former President Multan Chambers of Commerce and Industry Khawaja Muhammad Usman calling for uninterrupted gas supply to industrial sector, has urged the government to up-grade gas distribution and supply system to avoid losses. He was condemning the jump in rates of petroleum products, he stressed the need for reducing tax ratio on oil products to support the trade and ... Read More »

Hyderabad I&I seizes smuggled goods near Sabzi Mandi 

HYDERABAD: Directorate of Customs Intelligence and Investigation (I&I) Range Office Sukkur has impounded huge quantity of smuggled goods including edibles loaded in a passenger bus near Sabzi Market in Jacobabad. The value of the seized goods is Rs3.74 million. Sources said that after receiving credible information, Additional Director Jamshed Talpur enhanced vigilance on suspected routes and check posts. A suspected ... Read More »

FBR imposes 7pc additional customs duty on imports under tariff slab of 30pc & above

ISLAMABAD: The Federal Board of Revenue (FBR) has slapped additional customs duty up to 7 per cent on imports falling under tariff slab of 30 per cent with effect from July 01, 2021. The FBR issued SRO 845(I)/2021 to levy additional customs duty on import of goods specified in the first schedule of the Customs Act, 1969. The additional customs ... Read More »

Ministries, divisions directed to submit three-year performance reports of subordinate entities

ISLAMABAD: The federal government has directed all government ministries and divisions to gather three-year performance reports from all the organisations and entities under respective ministries and divisions, and submit them to the Prime Minister (PM) Office for an overall review of the government entities. According to sources, the Petroleum Division has asked its subordinate organisations/companies to furnish a performance report ... Read More »

Hyundai Nishat launches 8th Gen Sonata sedan in Pakistan starting at Rs6.3m

LAHORE: Hyundai Nishat Motors Private Limited has officially revealed its 4th CKD (completely knocked down) model Hyundai Sonata in Pakistan, priced at Rs6.3 million and Rs7 million for two variants. Hyundai Sonata, which is the 8th Generation Luxury Sedan launched by HNMPL, is a product launched for the first time in the D-Sedan segment, thereby providing Sonata a first-mover advantage ... Read More »

Fiscal deficit to remain within target: MoF

ISLAMABAD: With continuity in fiscal consolidation efforts, the fiscal deficit for the entire fiscal year is expected to remain within the target, according to Finance Ministry report. “For Fiscal Year 2022, the fiscal deficit is budgeted to be at 6.3 percent of GDP,” said monthly Economic Update and Outlook for June 2021, adding that the fiscal consolidation efforts continued to ... Read More »

Pak-China imports remained top among other countries: SBP

KARACHI: China topped the list of countries from where Pakistan imported different products during the first eleven months of financial year (2020-21), followed by United Arab Emirates (UAE) and Singapore. The total imports from China during July-May (2020-21) were recorded at $11454.962 million against the $8255.990 million during July -May (2019-20), showing an increase of 38.74 percent during the period, ... Read More »

Trade Unions at RCCI urges for Presidential Ordinance to remove anomalies in the budget

RAWALPINDI: An important meeting of the city-wide traders’ association was held at the Rawalpindi Chamber of Commerce and Industry (RCCI). The meeting was presided over by RCCI President Nasir Mirza while on the occasion group leader Sohail Altaf, former presidents, senior vice president Osman Ashraf, vice president Shahraiz Malik, tax expert Tauqeer Bukhari, Shehzad Malik, Faraz Fazal, representatives of Anjuman-e-Tajiran. ... Read More »

National Aviation Policy ensures ease, reduced cost of doing business: DG CAA

KARACHI: Director General of Pakistan Civil Aviation Authority (CAA) Khaqan Murtaza has said that ease of doing business and reduced cost of doing business have been ensured in the National Aviation Policy which was likely to open up a lot of business opportunities, promote tourism through improved regional connectivity and prove favorable for the economy. “We are open to all ... Read More »

Dr. Sadiqullah Khan’s Hyderabad I&I seizes smuggled circuit boards, vehicle worth Rs11.2m

HYDERABAD: Directorate of Customs Intelligence and Investigation (I&I) Hyderabad has seized 35 tonnes of smuggled print circuit boards (old and used). The value of the seized goods is Rs7.2 million, while the value of the transporting vehicle is Rs4.0 million. Sources said that Director Customs Intelligence and Investigation received credible information that huge quantity of non duty paid print circuit ... Read More »

PM Imran inaugurates first phase of Gwadar Free Zone

GWADAR: Prime Minister Imran Khan inaugurated the first phase of Gwadar Free Zone besides performing the groundbreaking of its second phase spread over 2,200 acres and also inaugurated three factories. Addressing the launch of development projects and the signing ceremony of Memoranda of Understanding here in the port city, the prime minister said Gwadar would open up new avenues of ... Read More »

Online market places to collect 2pc withholding sales tax

ISLAMABAD: The online market places have been brought into the tax net as through the Finance Act, 2021 the owner of online market place has been made withholding agent and made responsible for collecting withholding tax at two per cent on sales made through digital platform. A new definition has been including in the Sales Tax Act, 1990 through the ... Read More »

Competitive bidding for new oil, gas exploration sites soon: Hammad Azhar

ISLAMABAD: Pakistan is opening new areas for oil and gas exploration through competitive bidding that will push massive exploration activities in the country. This was stated by Federal Minister for Energy Muhammad Hammad Azhar in a meeting with Ambassador of Japan, Kuninori Matsuda. Federal Minister said that International Companies including Japanese Companies must participate in the competitive bidding as they ... Read More »

Pakistan buys 100,000 tonnes white sugar in tender

HAMBURG: Pakistan’s state trading agency TCP has purchased 100,000 tonnes of white sugar in a tender for the same volume which closed last week, European traders said on Monday. It was all bought at $526.80 tonne c&f from Al Khaleej Sugar (AKS), which was the lowest offer submitted in the tender. Rapid shipment was sought in the tender with shipment ... Read More »

NAB cell to counter terror financing, money laundering

ISLAMABAD: The National Accountability Bureau (NAB) has established the Anti-Money Laundering and Combating the Financing of Terrorism (AML&CFT) cell to check financial crimes and illegal transfer of resources. “In order to discourage money laundering, NAB established the Anti-Money Laundering and Combating the Financing of Terrorism (AML&CFT) Cell. This shows the bureau’s commitment and compliance towards the resolution of the international ... Read More »