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Author Archives: CT Report

FBR sets Rs1.29tr revenue collection target for 3Q of FY2019-20

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ISLAMABAD: The Federal Board of Revenue (FBR) has set the revenue collection target for the second quarter (October to December) of the current fiscal year 2019-20 at Rs1,295.99 billion while the target for the current month of October has been set at Rs376.126 billion. According to media, the FBR in a bid to achieve the tax collection target for the ... Read More »

FBR collects Rs7b customs duty on mobile phones in six months

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ISLAMABAD: The Senate Standing Committee on Finance, Revenue and Economic Affairs observed on Friday that the government has collected Rs7 billion additional taxes imposed as customs duty on mobile phones for overseas Pakistanis in the period of six months. The Federal Board of Revenue (FBR) Member Customs Policy while briefing the Senate committee said that other relevant government institutions noted ... Read More »

NAB Court issues non-bailable arrest warrants of Agha Siraj Durrani’s family

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KARACHI: An accountability court on Saturday issued non-bailable arrest warrants for Sindh Assembly Speaker Agha Siraj Durrani. During today’s proceedings, the court ordered to speed up the trail against Durrani, who was arrested by National Accountability Bureau (NAB) earlier this year in cases pertaining to illegal appointments, accumulating assets beyond means. The court said that if the fugitives were not ... Read More »

Car sales plunge 36pc in September in sixth straight month of decline

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KARACHI: Sales of passenger cars plunged by 36 per cent in September, the sixth consecutive month of decline as the escalating interest rate and import tariff hit the slumping industry, according to data by manufacturers association. Sales fell to 10,923 vehicles in September 2019 from 16,957 units sold during the same period last year, data by Pakistan Automotive Manufacturers Association ... Read More »

NAB arrests ex-PEPCO MD on corruption charges

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ISLAMABAD: The National Accountability Bureau-Rawalpindi has arrested accused Rasool Khan Mahsood, former managing director of the Pakistan Electric Power Company (PEPCO), for alleged corruption and misuse of authority in the award of RPPS Contract to Karkey Karadeniz Elektrik Uretim. Former PEPCO MD Rasool Khan Mahsood, allegedly in connivance and collaboration with Karkay and others, gave undue favour and benefits to ... Read More »

Collector Appraisement Amjadur Rehman transfers nine employees

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LAHORE: Collectorate of Customs Appraisement Collector Amjad-ur-Rehman issued order for transfer and posting of nine employees with immediate effect and until further orders: Details are as under:- Upper Division Clerk Mohammad Saleem Iqbal Manj is transferred from CFS (NLC) dryport to LDP (FTO Law Branch). Upper Division clerk Ms. Kanwal Naz wife of Atif Mahmood (late) is transferred from LDP ... Read More »

Collector Preventive Ahmad Rauf transfers 36 superintendents, appraisers & inspectors

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LAHORE: Collectorate of Customs Preventive Collector Ahmad Rauf undertaken large scale posting and transfers 36 officials which includes superintendents, appraisers and inspectors with immediate effect and until further orders:-     Read More »

OGRA hikes RLNG prices by up to 6.6pc

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ISLAMABAD: The Oil and Gas Regulatory Authority (Ogra) notified a hike in prices of imported gas by up to 6.6% for October 2019. The regulator increased the prices of re-gasified liquefied natural gas (RLNG) by 6.43% for Sui Northern Gas Pipelines Limited (SNGPL) and 6.62% for Sui Southern Gas Company (SSGC) compared to the previous month. Ogra fixed the new ... Read More »

FBR starts stocktaking drive in steel sector to detect tax evasion

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ISLAMABAD: The Federal Board of Revenue (FBR) has started a stocktaking drive in the steel sector to verify the reports that re-rollers/melting furnaces are involved in tax evasion through underreporting of production. Sources told that FBR initiated scrutiny of production in steel sector in order to plug revenue leakages. The FBR launched the scrutiny process on the complaint of steel ... Read More »

Digitlisation will allow consumers to make payments through mobile phones: Reza Baqir

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KARACHI: The State Bank of Pakistan (SBP) Governor Dr Reza Baqir on Thursday said that the administration is making efforts to promote bank sectors. Dr Reza Baqir, while addressing a seminar regarding economic challenges, announced that the system is being converted to digitisation which is an easy and documented solution. “The digitisation will allow consumers to make payments through their ... Read More »

Pakistan Post announces debit card facility for pensioners

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ISLAMABAD: Federal Minister for Postal Services and Communication Murad Saeed announced that the pensioners of the Pakistan Post will be given a debit card facility till December 25. Addressing the ceremony of 145th Wold Post Day here at Postal Staff College, Murad Saeed said debit card facility will not only provide instant cash to old citizens besides making it easier ... Read More »

Govt releases Rs2,490.503m for food security projects

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ISLAMABAD: The government has so far released Rs2,409.503 million for several agriculture uplift projects under its Public Sector Development Program (PSDP) for financial year 2019-20 as against the total allocation of Rs12,047.516 million for the current financial year. The amount was released for the completion of several on-going development projects, besides new projects initiated under Prime Minister’s Agriculture Emergency Program ... Read More »

Pak Rupee gains 7 paisa against dollar

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KARACHI: The Pakistani currency appreciated against the U.S. dollar in the interbank market by 7 paisa and hit Rs156.25 during early trade hours on Thursday. In the previous two months, the local currency has significantly recovered against the greenback in both interbank and open markets; as the open market follows the similar trend – with slight fluctuations. Analysts fear that ... Read More »

FBR issues STGO No. 106/2019 defining rules for CNIC good faith for ST

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ISLAMABAD:  Federal Board of Revenue (FBR) Secretary (ST&FE-Budget) issued Sales Tax General Order No. 106/2019 for defining rules for CNIC/good faith for sales tax. The Order stated that keeping in view the problems reported by the registered persons is ensuring proper identity of the buyers to fulfill the requirement of reporting NTN/NIC of the buyers in terms of Section 23 ... Read More »

FBR chairman, Japanese envoy inaugurate 3 NII container scanning terminals

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KARACHI: The Government of Japan has extended assistance to Pakistan Customs and Federal Board of Revenue (FBR) for the establishment of three Non-Intrusive Inspection (NII) Containers Scanning Terminals at East and West Warf in Karachi Port and Port Bin Qasim. Under the Japanese grant assistance, Japan International Cooperation Agency (JICA) implemented “The Project for Security Improvement in Port Karachi and ... Read More »

Refunds of customs duties would be paid in one year: FBR

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ISLAMABAD: Federal Board of Revenue (FBR) has said that the refunds against customs duties would be paid if claims have been made within one year. The FBR issued Customs Act, 1969 updated till June 30, 2019 incorporating changes brought through Finance Act, 2019. Sub-Section (1): No refund of any customs-duties or charges claimed to have been paid or over-paid through ... Read More »

RCCI to promote gems and jewelry sector

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RAWALPINDI: Rawalpindi Chamber of Commerce and Industry (RCCI) was making efforts to promote Gems and Jewelry sector to attract foreign investment as Pakistan is rich in natural resources of gems and precious stones. Saboor Malik, President RCCI while talking the delegation of Shengxianglin International at chamber house informed that the chamber recently organized gems and jewelry exhibition aiming to provide ... Read More »

Sri Lanka- Former Customs DG and Aitional DG further remanded

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Former Director General of Sri Lanka Customs Jagath P. Wijeweera and its former Additional Director General Tharaka Seneviratne were today ordered to be further remanded until 11 October. Wijeweera and Seneviratne had been arrested after being accused of releasing 8 kilograms of confiscated gold from the custody of the Customs Department. Read More »

Traveling to the Schengen Area Will Change in the Next Few Years

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As people are traveling every year and more to the EU/Schengen countries, the latter are trying every day more to make traveling safer and easier, for both travelers and their authorities. In the recent years, the European Union has developed, amended and implemented new regulations, schemes and technological tools to reach its goal of increasing the number of visitors while ... Read More »

Singapore, Indonesia renew US$10b currency pact for another year

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Singapore and Indonesia will renew a US$10 billion (S$13.8 billion) currency pact, which will help support monetary and financial stability in the region. Both countries will continue to have access to each other’s currency as well as United States dollars to settle trades or defend their currency in times of financial stress. This was announced by Prime Minister Lee Hsien ... Read More »