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Author Archives: M Hayat

Plan of granting five-year tax break to new authorities turned down

LAHORE: The government has turned down a plan of granting five-year tax break to new authorities to look after the affairs of airports and aviation under outsourcing of major airports of the country. The government plans to segregate Pakistan Civil Aviation Authority (PCAA) by setting up two separate authorities namely Pakistan Civil Aviation Regulatory Authority (PCARA) and Pakistan Airports Authority ... Read More »

Pakistan’s automobile sector posted double-digit growth of 23.4pc

LAHORE: Pakistan’s automobile sector posted double-digit growth of 23.4 percent from July 2020 to March 2021, sharply improving upwards from a contraction of 37.7 percent during the same time last year, stated the quarterly report by the State Bank of Pakistan (SBP). The improvement was witnessed across the board, with cars improving 24.7 percent, motorcycles 20.3 percent, LCVs 30.2 percent, ... Read More »

Inflation increased in the world due to Covid-19 pandemic: Hammad

LAHORE: Minister for Energy Hammad Azhar on Wednesday said that the inflation across the world has increased due to coronavirus pandemic. Talking to media y, he said that India has politicized the Financial Action Task Force (FATF), adding that Pakistan has fulfilled most of the requirements of the FATF. The minister said that the country’s economic indicators are better and ... Read More »

Political stability vital for sound economic growth: Iftikhar Ali Malik

LAHORE: President SAARC Chamber of Commerce and Industry Iftikhar Ali Malik said sustainable political stability is pre-requisite for sound economy which will promise greater weal for the people from different strata of the society. Addressing  a high level delegation of Karachi traders  here led by President United Business Group Zubair Tufail through webinar he said Pakistan at this crucial juncture ... Read More »

Progressive Group rejects recent increase in the prices of petroleum products

LAHORE: Progressive Group while rejecting the recent increase in the prices of petroleum products has said that third hike since the announcement of annual budget will trigger a new wave of inflation. Progressive Group President and Lahore Chamber of Commerce & Industry (LCCI) Executive Committee member Khalid Usman and Group’s Joint Secretary Muhammad Ejaz Tanveer said that increase in petroleum ... Read More »

Pakistani furniture has great potential to capture world market: Kashif Ashfaq

LAHORE: Chief Executive Officer (CEO) Pakistan Furniture Council (PFC) Kashif Ashfaq has said that Pakistan’s furniture industry has a big potential to dominate global markets with innovative designs and can significantly contribute to exports; however, it direly needs a package of incentives and facilitation for boosting exports. Talking to a delegation of furniture manufacturers led by Ahmad Waqar Chhere, he ... Read More »

Razak Dawood assures LCCI to resolve issues of 203 A Invoices soon

LAHORE: Advisor to Prime Minister on Commerce & Investment Abdul Razak Dawood has assured the Lahore Chamber of Commerce & Industry to resolve the issues of 203 (A) and invoices soon. “I will talk to the Finance Minister in this regard”, he said. He was speaking at the Lahore Chamber of Commerce & Industry. LCCI President Mian Tariq Misbah presided ... Read More »

Punjab’s food circular debt jumps to Rs560b

LAHORE: Punjab’s food sector circular debt has risen to a staggering Rs560bn, equal to the Annual Development Programme for the year 2021-22, giving a nightmare to the finance wizards in the province. Sources said that Punjab harvested a bumper wheat crop, about 22 million tonne this season and the department procured at least 3.5 million tonne of it at a ... Read More »

Govt appoints Jawaid Siddiqui as new CEO of railway freight company

LAHORE: The federal government has appointed a chief operating officer of a private firm as chief executive officer (CEO) of the Pakistan Railways Freight Transportation Company (PRFTC) despite knowing the fact that he, very recently on behalf of his company, prepared and submitted bids for getting the project on outsourcing of the railways’ freight wagons, business. “He was also among ... Read More »

FBR abolishes additional customs duty on import of cars, jeep

LAHORE: The Federal Board of Revenue (FBR) has abolished additional customs duty on the import of cars, jeep up to 1000cc and on the import of vehicles in CBU condition up to 850cc from July 1, 2021. The FBR has issued SRO.904 (I)/2021 to amend the SRO.845(I)/2021 dated June 30, 2021. Under the SRO.904 (I)/2021, the ADC would be charged ... Read More »

Pakistan’s exports register highest-ever increase of 18pc: Razak Dawood

LAHORE: Adviser to Prime Minister on Commerce and Investment Abdul Razak Dawood has emphasised that the real target is sustainable export growth as sustainability is the only recipe for economic success by overcoming the challenges. Talking to members of the Pakistan Textile Exporters Association (PTEA), the PM aide boasted that Pakistan’s exports had registered the highest-ever increase of 18% in ... Read More »

FBR not giving facility of duty, tax credit on mobile & other imported items

LAHORE: It has been revealed that the Federal Board of Revenue (FBR) is not giving the facility of duty and tax credit on mobile phones and other imported items to the overseas Pakistanis holding Foreign Exchange Remittance Card. Following numerous complaints on the Pakistan Citizen’s Portal, the Prime Minister’s Office took notice that the facility of customs duty and tax ... Read More »

Pakistan will start export of mobile phones from next year: Razak Dawood

LAHORE: Pakistan will start export of mobile phones from next year and exporters should focus on nontraditional sectors to increase exports. Talking with newsmen, Adviser to Prime Minister on Commerce, Textile, Industries, Production and Investment Razak Dawood said there is an acute dearth of manufacturing units for shirts, suits and ladies’ garments. Dawood said exporters should focus on the sectors ... Read More »

SAARC Chamber hails Pak-Afghan transit trade accord extension

LAHORE: SAARC Chamber of Commerce and Industry while hailing Pak-Afghan transit trade accord extension for another six months said it was essential to facilitate uninterrupted flow of transit trade between the two brotherly neighbouring Muslim countries. Talking to a delegation of importers and exporters led by Muslim Khan Banowari from KPK SAARC Chamber chief Iftikhar Ali Malik that the decision ... Read More »

FBR reduces sales tax on motor spirit

LAHORE: The Federal Board of Revenue (FBR) has reduced sales tax on motor spirit from 17 percent to 16.40 percent from July 6, 2021. The FBR has amended SRO 57(I)/2016 (sales tax on petroleum products) through a notification SRO 860(I)/2021. According to the notification, the sales tax on kerosene oil would remain at 6.70 percent. Sales tax on light diesel ... Read More »

High level of residue a biggest threat for rice exports

LAHORE: The experts have feared that Pakistan may face ban on exports of rice to the European Union due to excessive use of pesticides. At a seminar on “Minimum Residue Levels (MRL) in Rice Crop” at the Lahore Chamber of Commerce & Industry, the experts said that the European Union has already issued an alert for Pakistan while 161 consignments ... Read More »

Customs I&I seizes expired Indian made cosmetic items worth Rs320m

LAHORE: Directorate of Customs Intelligence and Investigation (I&I) in a successful action seized expired Indian-made cosmetic items worth Rs320 million. As per details, the Customs Intelligence team raided a warehouse located in Lahore’s Saggiyan and seized expired Indian-made cosmetic items worth Rs320m. Director Customs Asad Rizvi said the Custom Intelligence and Investigation team followed a truck coming from Faisalabad to ... Read More »

Customs Preventive seizes smuggled goods worth Rs58b during FY2021

LAHORE: Collectorate of Customs Preventive seized smuggled goods Rs58 billion in the year ended June 30, 2021. Collectorate of Customs Preventive Collector Basit Abbasi directed its young officers to adopt zero tolerance policy against smuggling. During the course of various anti-smuggling operations on roads and at storage places inside and outside city limits of Lahore the Collectorate made seizures of ... Read More »

Home appliances raw material exempted for customs duty

LAHORE: The Federal Board of Revenue (FBR) has exempted customs duty on the import of certain raw materials/input goods for home appliances through tariff rationalisation under the Finance Act 2021. According to the FBR’s customs budget instructions, to encourage the local chemical pesticides and paint sector industry CD has been reduced on carbon black (2803.0090) and master batches (3206.4910) from ... Read More »

Customs Enforcement impounds illegal luxury vehicles, goods of Rs4.2b during FY21

LAHORE: During the financial year 2020-21, Pakistan Customs, under the leadership of the Member Customs (Operations) Syed Mohammad Tariq Huda contributed significantly towards revenue collection and devised a strategy for counter smuggling and enforcement. All the field formations of Customs Enforcement executed the vision with sheer commitment and hard work. The Collectorate of Customs Enforcement, Lahore under the supervision of ... Read More »