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Author Archives: CT Report

FBR imposes up to 17pc additional tax on non-filers on electricity, gas bills

ISLAMABAD: The Federal Board of Revenue (FBR) imposed an additional tax of up to 17% on unregistered industrial and commercial electricity and gas consumers. In a notification issued by the Ministry of Finance, the Revenue Division said: “In exercise of the power conferred by sub-section (5) of section 3 of the Sale Tax Act, 1990, and in supersession of its ... Read More »

FBR cuts sales tax on high speed diesel by 31.5pc

ISLAMABAD: The federal government has announced a reduction of sales tax rate by 31.5 per cent on supply of High Speed Diesel (HSD). The rate sales tax on HSD has been reduced in order to lower the impact of higher prices pass on to the consumer. The Federal Board of Revenue (FBR) issued SRO 1225(I)/2021 dated September 18, 2021 to ... Read More »

Cargo ship carrying first fleet of 40 Green Line buses arrives at Karachi port

KARACHI: A cargo ship carrying 40 Green Line Project Buses has reached Karachi Port on Sunday. As being reported the vessel named Fan Shun, loaded with 40 buses, entered Pakistan’s territorial waters on Sunday early morning. Another consignment of 40 buses is reported to be arriving in Pakistan from China in the first week of October. Federal Minister for Planning ... Read More »

Customs Multan thwarts attempt to smuggle currency to Sharjah

  MULTAN: Collectorate of Customs Enforcement and Compliance has seized foreign currency worth Rs2.4 million to Sharjah. Sources said that Customs team intercepted a passenger Sabar Husain, which was about to depart for Sharjah through Air Blue flight. Upon recovery of above mentioned currencies (detection before arrest) by the ASF authorities at International departure lounge handed over the aforesaid recovered ... Read More »

Provisional valuation disallowed on existing Valuation Ruling

ISLAMABAD: Importers will not be allowed to avail of the facility of provision valuation for goods declaration when the valuation of such goods is already in the field. An important amendment has been made into Customs Act, 1969 through Tax Laws (Third Amendment) Ordinance, 2021, which was promulgated through presidential order on September 15, 2021. A proviso has been inserted ... Read More »

Strategy being evolved to catch tax evaders: Chairman FBR

ISLAMABAD: Chairman Federal board of Revenue (FBR) Dr Ishfaq Ahmad has said a comprehensive strategy was being evolved to catch the tax evaders. Talking in Dunya News programme  Dunya Kamran Khan Kay Sath , Dr Ishfaq Ahmad said that the FBR had the data of 15 million people who were not filing tax returns. He said by using modern technology, ... Read More »

CCoE approves winter incentive package on incremental consumption

ISLAMABAD: The Cabinet Committee on Energy (CCoE) approved the summary submitted by Power Division on the winter incentive package on incremental consumption for all domestic, commercial and general services consumers of XW- DISCOs and K- Electrics from November 01, 2021 till February 28, 2022. The meeting of the Cabinet Committee on Energy (CCOE) was held under the Chairmanship of the ... Read More »

Direct subsidy being provided to 12.5 million households: Finance Minister

ISLAMABAD: Finance Minister Shaukat Tarin says the government is taking a number of measures to absorb the upward pressure on prices of basic food commodities amid COVID-19 pandemic. Talking to Special Assistant on Food Security Jamshed Iqbal Cheema, he said the government is taking steps to maintain strategic reserves of wheat, sugar and pulses. The Finance Minister said direct subsidy ... Read More »

SHC lifts stay on customs duty for wheat imports

KARACHI: The Sindh High Court removed a six-year-long injunction on customs duty on wheat imports. On 17 September 2021, a two-member bench comprising Justice Muhammad Shafi Siddiqui and Justice Agha Faisal was hearing a set of pleas pertaining to customs duty on wheat imports. The Customs counsel contended that wheat importers caused hefty losses to the national exchequer by avoiding ... Read More »

PAF Air War College delegation visits KCCI

KARACHI: A delegation comprising senior officers of PAF Air War College led by Air Vice Marshal Hussain Ahmed Siddiqui visited the Karachi Chamber of Commerce & Industry (KCCI) who were briefed about the role being played by Karachi’s business community in the overall economic development of the country and how KCCI, being the largest and most vibrant chamber, has been ... Read More »

Bid documents of Sukkur-Hyderabad motorway approved

ISLAMABAD: The board of Public-Private Partnership Authority (P3A) approved the bid documents of the landmark Sukkur-Hyderabad Motorway Project proposed to be constructed on a Public-Private Partnership (PPP) basis at an approved construction cost of approximately Rs191 billion (US$1.23bn). Minister for Planning, Development and Special Initiatives (MoPD&SI) Asad Umar presided over the meeting of the board held here. The P3A Board ... Read More »

FBR announces not to extend return filing date

ISLAMABAD: Federal Board of Revenue (FBR) on Friday reiterated its resolve for not extending the last date for filing annual returns beyond September 30, 2021. In a statement, the FBR said that improvement of tax compliance culture is the prime objective of the government and the FBR is actively trying to achieve it with the cooperation of taxpayers. The decision ... Read More »

President Alvi promulgates new tax laws containing fresh penalties for non-filers

ISLAMABAD: President Arif Alvi has promulgated new tax laws, empowering the authorities to disconnect mobile phones/SIMS, electricity and gas connections of persons who are required to file tax returns but fail to appear on the Active Taxpayer List (ATL). The president promulgated the Tax Laws (Third Amendment) Ordinance 2021 for allowing the Federal Board of Revenue (FBR) to share its ... Read More »

Shipbuilder Hyundai Heavy sails away on market debut

SEOUL: Shares in the world’s biggest shipbuilder Hyundai Heavy Industries more than doubled from their initial public offering price when they made their stock trading debut on Friday. Hyundai Heavy’s IPO, follows a restructuring of the wider group linked to a deal to take a majority stake in global number two Daewoo, although that is still waiting regulatory approval. The ... Read More »

Finance Minister finalizes contours of KPP in consultation with all relevant stakeholders

ISLAMABAD: A meeting chaired by Finance Minister Shaukat Tarin in Islamabad on Friday finalized the contours of Kamyab Pakistan Program (KPP) in consultation with all relevant stakeholders. After extensive discussion, it was decided that a robust bidding process will be undertaken for selection of wholesale lenders who in turn will exclusively engage with executing agencies. The government will extend guarantee ... Read More »

Dry-docking at Engro LNG terminal completed: Hammad Azhar

ISLAMABAD: Federal Minister for Energy Hammad Azhar has said the process of dry docking at the liquefied natural gas (LNG) terminal in Karachi has been completed and the original floating storage and regasification unit (FSRU) has been restored ahead of the schedule. “Just 66 hours of gas curtailment in some sectors that are being restored from tonight. Zero interruption on ... Read More »

Provinces to continue to tax restaurants: Shaukat Tarin

ISLAMABAD: Federal Minister for Finance and Revenue, Shaukat Tarin presided over the meeting of the National Tax Council (NTC) at the Finance Division. Provincial Finance Ministers, Secretary Finance Division, Chairman FBR, Chairman Sindh Revenue Board, and other senior officers also participated in the meeting. In his opening remarks, the Finance Minister welcomed the participants and emphasized the need for evolving ... Read More »

Pakistan, Afghanistan trade soars following Taliban takeover

PESHAWAR: Exporters from Pakistan have resumed supplying goods to Afghanistan after more than three weeks of uncertainty in Kabul. After the Taliban seized control of the Afghan capital on August 15, business was halted in major cities. “For the last 20 days, I didn’t place any order in Pakistan because of fear that the situation could be worse when the ... Read More »

Pakistan’s economy shifting from consolidation to growth phase: Tarin

ISLAMABAD: Federal Minister for Finance and Revenue, Shaukat Tarin underlined that due to prudent fiscal policies and strict financial discipline, Pakistan’s economy was shifting from consolidation to growth phase. He said the government’s objective was to steer economy towards an inclusive and sustainable economic growth with key focus on bottom-up approach as envisaged by the Prime Minister, said a statement. ... Read More »

Gas crises to continue for one to two more years until more terminals get installed at port: Imran Maniar

KARACHI: Managing Director of Sui Southern Gas Company (SSGC) Imran Maniar has said has that gas crises being faced during the winter season were likely to continue for one to two more years until the new terminals for RLNG get installed at the Port. There were difficulties and challenges but the picture is rosy as upon completion and activation of ... Read More »