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Author Archives: CT Report

Steel sector warns govt of massive losses over scrapping FED in tribal areas

ISLAMABAD: Pakistan’s steel industry has strongly protested moving the sector from the FED to GST sales tax regime and warns the PTI government that this will have disastrous consequences for the industry and economy. “The government will have to bear a revenue decrease of Rs50 billion per annum as loss on sales tax by this move. There has been no ... Read More »

SBP caps feeless interbank fund transfer at Rs25,000 per month

KARACHI: The State Bank of Pakistan (SBP) directed banks to continue providing free of cost digital fund transfer services to individual customers for up to Rs25,000 per month per account/wallet. However, banks may choose to set this aggregate limit at a higher amount as well. “This would allow individual customers to make as many free fund transfer transactions remaining within ... Read More »

Collector Irfan Javed’s Quetta Customs thwarts attempt to smuggle Iranian diesel worth Rs30m

QUETTA: Collectorate of Customs Enforcement and Compliance (E&C) has seized non-duty paid vehicles and an oil tanker loaded with Iranian diesel, and arrested four persons. The market value of seized goods comes to Rs39 million. Sources said that on the directives of Chief Collector Gul Rehman, Collector Irfan Javed, Additional Collector Yasir Kalwar, Deputy Collector Akbar Jan and Assistant Collector ... Read More »

Vegetable exports increased record 1.51pc in 10 months

ISLAMABAD:  Vegetable exports during first ten months of FY 2020-21 grew by 1.51 per cent as compared to the exports of the corresponding period of last year. During the period from July-April 20-21, Vegetables worth US $ 277,507 thousand exported as compared to worth US $ 273,383 thousand of same period of last year. According to the data released by ... Read More »

FBR directs customs officers of BS-19-20 to submit asset declaration, PERs by July 10

ISLAMABAD: Federal Board of Revenue (FBR) directed officers of Pakistan Customs Service (PCS) from Grade – 19 to Grade – 20, who are in promotion zone, to submit asset declaration and performance evaluation reports (PERs) by July 10, 2021. The FBR said that the meeting of Central Selection Board (CSB) for promotion of Pakistan Customs Service from BS-20 to BS-21 ... Read More »

Tarin rules out possibility of Pakistan’s exit from IMF programme

ISLAMABAD: Federal Minister for Finance Shaukat Tarin has said that it is not possible for Pakistan to come out of the IMF programme, as he agreed to review the Federal Board of Revenue’s (FBR) powers of arresting taxpayers in consultation with senators. The federal minister’s comments came during his discussion with the Senate Standing Committee on Finance in Parliament House ... Read More »

DG Khan ASO seizes huge quantity of smuggled betel nuts

MULTAN: Collectorate of Customs Enforcement & Compliance (E&C) Multan has seized huge quantity of betel nuts under the garb of coal from Dera Ghazi Khan region.   The value of the seized betel nuts was almost Rs.4 million. According to details, Collector MCC Enforcement & Compliance Muneeza Majeed received reliable information that huge quantity of contraband items will be smuggled through ... Read More »

Govt slashes levy on petroleum products

ISLAMABAD: The federal government on Wednesday reduced the levy on petroleum products. According to sources, sales tax on petrol and high speed diesel has been increased, while levy on petrol has been reduced by Rs 1.83 per liter from Rs 4.80 to Rs 2.97 per liter. The levy on high speed diesel has been reduced by Rs 1.53 per liter ... Read More »

ECC approves foreign funding policy for NGOs

ISLAMABAD: Federal Minister for Finance and Revenue Shaukat Tarin, chaired the meeting of the Economic Coordination Committee (ECC) of the Cabinet today. Federal Minister for Energy Hammad Azhar, Federal Minister for Railways Azam Sawati, Federal Minister for Economic Affairs Division Omar Ayub Khan, Federal Minister for Maritime Affairs Ali Haider Zaidi, Federal Minister for National Food Security & Research Syed ... Read More »

Pakistani company gets largest IT order from Japanese corporation

ISLAMABAD: A Japanese company, building high-tech platform to expand its global services, announced to award orders to a Pakistani company for creation of an information technology platform for real estate. “We are happy that Bears Inc Japan has chosen Saffran Group from Pakistan for this product, which will be completed by high-tech IT experts in Pakistan,” a press release issued ... Read More »

Tarin asks FBR to ensure tracking progress of POS machines

ISLAMABAD: Minister for Finance and Revenue Shaukat Tarin directed the tax authorities to ensure effective tracking progress of installed Point of Sale (POS) machines and provide post deployment support to the retailers. He further directed to determine the total volume of sales by retailers to effectively tap the revenue generation through POS system after adjustment of input and output taxes. ... Read More »

SBP renews credit rating agencies status

  KARACHI: The State Bank of Pakistan (SBP) renewed the status of both credit rating agencies operating in Pakistan namely ‘VIS Credit Rating Company Limited (VIS)’ and ‘The Pakistan Credit Rating Agency Limited (PACRA)’ as eligible / recognized External Credit Assessment Institutions (ECAIs) for the calendar year 2021. Banks and DFIs using the standardized approach of Basel framework are allowed ... Read More »

FBR to impose penalty on taxpayers for not declaring business bank account from Oct 1

ISLAMABAD: The Federal Board of Revenue (FBR) has been authorized to impose penalty on taxpayers who fail to declare their bank accounts. The Finance Bill 2021 proposed a new definition of “business bank account” to mean a bank account utilized by the taxpayer for business transaction declared to the Commissioner through original or modified registration form prescribed under section 181. ... Read More »

FPCCI appoints Abid Nisar as chairman Pakistan-Indonesia Business Council

KARACHI: Mian Nasser Hyatt Maggo, President Federation of Pakistan Chambers of Commerce & Industry (FPCCI), has appointed prominent businessman Abid Nisar as a chairman “Pakistan Indonesia Business Council” of FPCCI for 2021. While Shabir Mansha Churra, Mohammad Saqib Goodluck, Mohammad Zohaib Khan, Naveed Usman Memon Pirani, Mohammad Naseem, Sohail Nisar, Tariq Anis and Mohammad Abdullah Abid were elected unopposed directors ... Read More »

Finance Bill 2021-22 proposes granting sweeping powers to FBR for arrests

ISLAMABAD: The Finance Bill 2021-22 has suggested granting some “fundamental and sweeping powers” to the Federal Board of Revenue (FBR) to make arrests and prosecute taxpayers over concealment of income. According to the proposed changes, all officers of Inland Revenue (IR), starting from the Assistant Commissioner, could arrest a taxpayer accused of a tax offence without even filing a complaint ... Read More »

Foreign investors laud State Bank for facilitating remittances

KARACHI: Foreign investors operating in the country have appreciated the significant improvement in the foreign exchange remittance processing time and in growing engagement of the State Bank of Pakistan (SBP) leadership with the key stakeholders. The Overseas Investors Chamber of Commerce and Industry (OICCI), released the results of their latest annual Remittance Survey 2021, conducted amongst foreign investors, who are ... Read More »

Govt allocates Rs23b for 17 CPEC projects under PSDP 2021-22

ISLAMABAD: The federal government has earmarked Rs23 billion for 17 projects of China Pakistan Economic Corridor (CPEC) under the Public Sector Development Programme (PSDP) 2021-22. According to the budgetary documents, the government has allocated Rs5 billion for the construction of Zhob to Kuchlak Road-a part of CPEC Western Corridor, of which the total cost is estimated at Rs 63 billion. ... Read More »

Price of petrol goes up by Rs2.13 per litre

ISLAMABAD: The Finance Ministry on Tuesday approved a Rs2.13/litre hike in petrol and an increase of Rs1.79/litre in the price of High-Speed Diesel. A notification issued by the ministry also said that the price of kerosene oil is being increased by Rs1.89/litre and light diesel prices will go up by Rs 2.03per litre. The petrol prices have increased by 2.13%, ... Read More »

NAB chief distributes Rs900m among 660 affectees of Toyota Motors scandal

LAHORE: National Accountability Bureau (NAB) Chairman Javed Iqbal Tuesday said that the National Accountability Bureau (NAB) and corruption could not go together as the anti-corruption department had been set up to serve the poor and not the rich. Addressing a ceremony held to distribute cheques worth Rs 900 million among 660 affectees of Toyota Gujranwala Motors scandal at NAB Regional ... Read More »

First ever virtual rice expo 2021 to be held on June 16

LAHORE: Rice Exporters Association of Pakistan (REAP) has taken initiative to host First Virtual REAP Rice Expo 2021, on Wednesday, 16th June 2021. According to a statement released by REAP, due to the prevailing COVID pandemic, rice exporters are restricted for travelling and such large public gatherings. Therefore, the association has planned to organize such event online virtually and formed ... Read More »