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Author Archives: CT Report

FBR reduces penalty rates for late return filing up to 75pc

ISLAMABAD: Penalty amount for late return filing has been reduced up to 75 percent in order to encourage people to make compliance of mandatory filing of declaration of income. Sources in the Federal Board of Revenue (FBR) said that the reduction in penalty amount has been made part of the Income Tax Ordinance, 2001 and amendments have been introduced through ... Read More »

CPI inflation increases 9.1pc in March

ISLAMABAD: The Consumer Price Index (CPI) based monthly inflation increased by 9.1 percent on year-on-year (YoY) basis in March 2021 as compared to an increase of 8.7% in the previous month and 10.2% in March 2020. Pakistan Bureau of Statistics (PBS) reported. On month-on-month (MoM) basis, it increased by 0.4% in March 2021 as compared to an increase of 1.8% ... Read More »

Pakistan gets nod from China for meat export after COVID-19 restrictions lifted

KARACHI: China has agreed to import meat from a Pakistani firm after lifting quarantine restrictions in place because of the ongoing coronavirus pandemic. China has, however, expressed concern over hurdles in bilateral economic relations. The Organic Meat Company received an approval from the Chinese Customs for export of heat treated meat to China. “The company has pioneered the heat treatment ... Read More »

Gwadar becomes capital of South Balochistan

GWADAR: Gwadar, a crown jewel of the China Pakistan Economic Corridor (CPEC), has become the capital of South Balochistan, a move that will bring the coastal town into new limelight, catapulting its “star image” on the national and international spectrum. Gwadar Port Authority (GPA) Chairman Naseer Khan Kashani revealed while talking with media that GPA has got an official status ... Read More »

Hammad eyes Pakistan’s sustainable growth with World Bank

ISLAMABAD: Najy Benhassine, Country Director of the World Bank Group made a courtesy call on the Federal Minister for Finance and Revenue Muhammad Hammad Azhar at the Finance Division. While welcoming the Country Director, the Finance Minister acknowledged the pivotal role being played by the World Bank in implementing a series of reforms aimed at strengthening the social sector, broadening ... Read More »

Zulfikar Ch, Faiz Ahmad, Fareed Qureshi, M. Iqbal, Shahnaz Maqbool & Seema Bokhari transferred

ISLAMABAD: Federal Board of Revenue (FBR) has issued notification for transfers and posting of following officers of Pakistan Customs Service (PCS) of BS-21 with immediate effect and until further orders:- Zulfikar Ali Chaudhary who is presently working as Director-General, Directorate General Customs Valuation, Karachi is transferred and posted as Chief Collector Customs Enforcement Central, Lahore. Zulfikar Ali Chaudhary is a ... Read More »

FBR transfers 5 IRS officers of BS-20 with immediate effect

ISLAMABAD: Federal Board of Revenue (FBR) notified transfers and postings of BS-20 officers of Inland Revenue Service (IRS). Following officers have been transferred: 1.Tariq Hussain Sheikh (Inland Revenue Service/BS-20) has been transferred and posted as Chief, Federal Board of Revenue (Hq), Islamabad / Project Director (Track and Trace System / Video Analytic System), Federal Board of Revenue (HQ), Islamabad from ... Read More »

IMF mulls additional financial support to partner countries

ISLAMABAD: The International Monetary Fund (IMF) is deliberating the possibility of extending additional financial support to partner countries during the current testing times amid COVID-19 pandemic. “The IMF Board is also deliberating the possibility of extending additional financial support to partner countries during these testing times,” said IMF Managing Director, Kristalina Georgieva. She was speaking at a virtual meeting of ... Read More »

Pakistan, Afghanistan sign extension of APTTA

ISLAMABAD: Pakistan and Afghanistan signed a Protocol for three-month extension of Afghanistan-Pakistan Transit Trade Agreement 2010 (APTTA) for smooth functioning of transit trade between both sides. The Adviser to Prime Minister on Commerce and Investment , Abdul Razak Dawood and Minister of Industry and Commerce Afghanistan Nisar Ahmad Ghoriyani have signed the agreement, said a press release issued by Ministry ... Read More »

Hammad declares CPEC as most important project for Pakistan

ISLAMABAD: Federal Minister for Finance and Revenue, Industries and Production, Muhammad Hammad Azhar on Thursday said that China-Pakistan Economic Corridor (CPEC) is project of highest importance for Pakistan to achieve the agenda of economic development and prosperity. Federal Minister for Finance expressed these views while chairing a meeting regarding economic and industrial cooperation under China Pakistan Economic Cooperation (CPEC) at ... Read More »

FBR imposes ban on transfers, posting & leave of officers till June

MULTAN: Federal Board of Revenue (FBR) has imposed a ban on transfers and postings and leave of officers and officials of the Inland Revenue field formations during the fourth quarter (April-June) of 2020-21. According to the FBR’s instructions issued to all IR offices here on Tuesday, it has been observed with concern that IR Field Formations are forwarding requests for ... Read More »

Gold price surges Rs1600 to Rs104,500 per tola

ISLAMABAD: The price of 24 karat per tola gold increased by Rs1600 on Thursday and was traded at Rs104,500 against its sale at Rs102,900, Karachi Sarafa and Jewellers Group reported. The price of 10 gram 24 karat gold also increased by Rs1372 and was traded at Rs89,592 against Rs88,220 whereas the prices of ten gram 22 karat gold went up ... Read More »

KCCI welcomes appointment of Hammad Azhar as Finance Minister

KARACHI: Chairman Businessmen Group (BMG) & Former President KCCI Zubair Motiwala and President KCCI Shariq Vohra, while warmly welcoming the appointment of Hammad Azhar as Federal Finance Minister, stated that the business & industrial community of Karachi highly appreciates and fully supports Prime Minister’s prudent decision and hopes that the newly appointed Finance Minister would take necessary practical steps to ... Read More »

Country’s exports reached $18.669b in 9 months: Razak Dawood

ISLAMABAD: Adviser to Prime Minister for Commerce and Investment Abdul Razak Dawood on Thursday said that the country’s exports has reached to $18.669 billion in the last 9 months as compared to $17.451 billion in the corresponding period last year 2019-20. For the 9-month period of July-March 2021 of the current Financial Year (FY), our exports increased by 7 percent ... Read More »

PM Imran lauds FBR’s historic Rs460b revenue collection in March

ISLAMABAD: Prime Minister Imran Khan has praised the Federal Board of Revenue (FBR) for achieving a historic growth of 41 percent in revenue collection as it has made record collection of 460 billion rupees in March 2021. In a tweet, the prime minister said that from July 2020 to March 2021 collections reached Rs3,380 billion which is 10% higher than ... Read More »

FTO seeks simplification of income tax return forms

ISLAMABAD: Federal Tax Ombudsman (FTO) has advised the Federal Board of Revenue (FBR) to simplify income tax return forms in consultation with stakeholders to facilitate the taxpayers. In its proposals for the budget 2021/2022, the FTO recommended simplification of returns forms in consultations with small taxpayers along with availability of option of filing the returns in Urdu. Similarly, an option ... Read More »

FBR issues list of non-profit organizations eligible for tax credit

ISLAMABAD: Federal Board of Revenue (FBR) has restricted the benefit of tax concession to 62 non-profit organizations (NPOs) under Tax Laws (Second Amendment) Ordinance, 2021. any Sports Board or institution recognised by the Federal Government for the purposes of promoting, controlling or regulating any sport or game The Citizens Foundation. Fund for Promotion of Science and Technology in Pakistan. Fund ... Read More »

Cabinet rejects ECC proposal to import cotton, sugar from India

ISLAMABAD: The federal cabinet rejected on Thursday an Economic Coordination Committee (ECC) proposal to allow the import of cotton and sugar from India. Prime Minister Imran Khan presided over a meeting of the cabinet through video link from his Bani Gala residence. During the meeting, Finance Minister Hammad Azhar gave a detailed briefing on yesterday’s decision of the ECC to ... Read More »

Govt slashes petrol price by Rs1.5 per liter

ISLAMABAD: In order to provide relief to the masses, Pakistan Tehreek-e-Insaf (PTI) government has slashed prices of petroleum products from April 1. Newly appointed Finance Minister Hammad Azhar made the announcement while talking to media persons after his first meeting of Economic Coordination Committee (ECC) as Finance Minister. The minister announced reduction of Rs3 in price of diesel and Rs1.5 ... Read More »

Govt postpones fiscal board meeting

ISLAMABAD: The government has postponed a scheduled meeting of the Monetary and Fiscal Policies Coordination Board due to the unavailability of State Bank of Pakistan (SBP) Governor Dr Reza Baqir. According to local media reports, the statutory meeting had been called to review the impact of monetary policy on investment, economic growth, balance of payments and the country’s international trade. ... Read More »