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Author Archives: CT Report

FBR issues draft tax returns forms for 2019

fbr

ISLAMABAD: The Federal Board of Revenue (FBR) on Friday issued draft tax return forms for 2019 to seek feedback from all stakeholders. A notification SRO951 of 2019 is issued here proposing amendments in the draft electronic return form for individuals, salaried individuals and association of persons for tax year 2019. The FBR has sought feedback from all stakeholders on these ... Read More »

Trump orders US firms out of China after Beijing sets new tariffs

(FILES) In this file photo taken on November 09, 2017, US President Donald Trump (L) shakes hand with China's President Xi Jinping at the end of a press conference at the Great Hall of the People in Beijing. - China said Monday, May 13, 2019 it will raise tariffs on $60 billion worth of US goods from June 1, in retaliation to the latest round of US tariff hikes and Washington's plans to target almost all Chinese imports. The announcement came after the latest round of US-China trade negotiations ended Friday, May 10, 2019 without a deal, and after Washington increased tariffs on $200 billion worth of Chinese goods. (Photo by Fred DUFOUR / AFP)

WASHINGTON/BEIJING: US President Donald Trump on Friday said he has ordered American companies to exit China after Beijing unveiled retaliatory tariffs on $75 billion in US goods, throwing a new twist into the bitter trade war between the world’s two largest economies. Trump said on Twitter he will issue a response to China’s latest tariff plan on Friday afternoon. The ... Read More »

Rana Sanaullah’s judicial remand extended till August 28

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LAHORE: A court on Saturday extended the judicial remand of leader Rana Sanuallah by five days in a drug-related case. Rana Sanaullah was presented before Judge Masood Arshad upon the completion of his judicial remand. During today’s hearing, the court presented the CDs of the close-circuit television (CCTV) footage to Sanuallah and the other accused. The court also ordered the ... Read More »

FBR seeks details of Pakistanis’ holding Iqama from UAE

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ISLAMABAD: Federal Board of Revenue (FBR) have sought details from the United Arab Emirates (UAE) of Pakistanis who have obtained Iqama (work permit) from the Arab country in a bid to hide their “illegal wealth”. In a letter, the Federal Board of Revenue told the UAE authorities it was seeking details over suspicion that some people may have laundered funds ... Read More »

PM seeks report from FBR about benami properties till September 30

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ISLAMABAD: Prime Minister Imran Khan on Friday directed all the deputy commissioners and heads of development authorities to identify benami properties in their respective areas and submit their reports within one month. In a letter issued from his office on Friday, the PM underlined the need for taking immediate and appropriate measures to identify the benami properties. He also directed ... Read More »

Gold price drops by Rs800 per tola

gold jewelry

ISLAMABAD: The price of 24 karat gold shed by Rs800 and was traded at Rs87,100 per tola as compared to the last closing at Rs87,900 Karachi Sarafa Association reported on Friday. The price of 10 gram gold also witnessed decrease of Rs686 and was traded at Rs74,674 against Rs 75,360 of last day. The price of silver remained constant and ... Read More »

KSE-100 drops 534 points due to FATF confusions

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KARACHI: The Pakistan Stock Exchange (PSX) was surrounded by dark clouds on the last trading session of the week, as investor sentiments were shaken following news reports regarding Pakistan’s position on the Financial Action Task Force (FATF) list. On the economic front, Pakistan’s total foreign exchange reserves dipped slightly to $15.60 million (as on August 17, 2019) from $15,578 million ... Read More »

NAB will not pursue income, sales tax cases against businessmen: Javed Iqbal

NAB chairman Justice (retd) Javed Iqbal

  ISLAMABAD: National Accountability Bureau (NAB) Chairman Justice ® Javed Iqbal has announced that the anti-corruption watchdog will not pursue cases pertaining to income tax or sales tax against members of the business community, a press release issued on Friday said. The NAB chairman added that ongoing such cases against businessmen will be sent to the Federal Board of Revenue ... Read More »

Shipping activity at Port Qasim on August 23

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KARACHI: Five ships Maersk Brooklyn, Nagoya Express, IVS Wentworth, Epic Sicily and Milha Raslaffan carrying containers, Coal, LPG and LNG were allotted berths at Container Terminal, Bulk Terminal, Engro Terminal and Elengy Terminal respectively on Thursday. Meanwhile, four more ships CMA CGM Medea, Federal Tambo, Iliana and IMO carrying Containers, Coal and LNG also arrived at outer anchorage of Port ... Read More »

European shares grind higher ahead of Powell speech

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NEW YORKI: European shares inched higher early on Friday, with all eyes on a speech by Federal Reserve Chief Jerome Powell for confirmation the U.S. central bank is still on course to deliver another cut in interest rates next month. The highly-anticipated address at the Jackson Hole symposium is due at 1400 GMT and follows minutes from the Fed’s July ... Read More »

DG Arslan Subuctageen holds seminar on “Protection of consumer rights through IPR”

Dr Arslan

ISLAMABAD: Directorate-General Customs Intellectual Property Rights (IPR) (Enforcement) held a seminar on “Protection of consumer rights through IPR” today at Collectorate of Customs Conference Room. Federal Board of Revenue (FBR) Member Customs Dr Jawwad Uwais Agha was the chief guest of the seminar while officials from Islamabad, Peshawar, Gilgit-Baltistan, Sialkot and Multan also present on the occasion. The seminar was ... Read More »

Pak Rupee gains 73 paisa against dollar in interbank market

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KARACHI: The US dollar on Friday depreciated as the Pakistani rupee gained 73 paisa against the greenback in the interbank market and traded at Rs157.50. According to details, the dip in the US dollar has reduced the debt burden by Rs 600 billion. It is worth mentioning here that the greenback had reached all-time high of Rs164.25 in the interbank ... Read More »

Media reports of Pakistan being blacklisted by FATF baseless: Finance Ministry

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ISLAMABAD: The Ministry of Finance on Friday rejected reports in the Indian media stating that Pakistan had been blacklisted by the Asia Pacific Group (APG) of the Financial Action Task Force (FATF). “Media reports circulating about Pakistan being blacklisted by APG are incorrect and baseless,” a spokesperson from the ministry said, adding that a press release would follow shortly. The ... Read More »

SC announces verdict in judge Arshad Malik video case

Supreme Court

ISLAMABAD: The Supreme Court of Pakistan on Friday issued its detailed 25-page verdict on petitions in the video case of judge Arshad Malik. The verdict stated that it was not an appropriate stage for the Supreme Court to interfere in the matter of the relevant video and its effects, particularly when the video may have relevance to a criminal appeal ... Read More »

FBR extends date for submission of ST & FED return of July

FBR-Logo

ISLAMABAD: Federal Board of Revenue (FBR) on Friday extended the last date for sales tax and federal excise duty (FED) payment for the month of July 2019 up to August 28, 2019. The FBR in an office order informed all Chief Commissioners Inland Revenue of Large Taxpayers Units (LTUs) and Regional Tax Offices (RTOs) regarding extension in the date for ... Read More »

China wants to further enhance strategic relationship with Pakistan: Envoy Yao Jing

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ISLAMABAD: Ambassador People’s Republic of China Yao Jing called on the Federal Minster for Economic Affairs Muhammad Hammad Azhar today and congratulated on his elevation as Federal Minister. The ambassador reiterated commitment of his government to the strategic relationship with Pakistan and hoped that appointment of Federal Minister for Economic Affairs will further strengthen relationship between the two countries. The ... Read More »

Pakistan Oilfields Limited discovers hydrocarbons

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KARACHI: Pakistan Oilfields Ltd (POL) in a notice to bourse said that hydrocarbons have been encountered in development well Makori Deep-02. The information was received from operator of the TAL block, Mol, which drilled the well and is currently testing it. The company further said that as a result of Drill Stem Test (DST) conducted to test the potential of ... Read More »

Shell reports Rs1.4b half-year loss

SHELL

KARACHI: Shell Pakistan recorded a loss of over Rs1.44 billion in the half year ended June 30, 2019 on the back of a significant depreciation of the rupee against the US dollar and surge in crude oil prices in world markets, which took its cost of doing business to sharply higher levels, according to a company notification issued to Pakistan ... Read More »

Better facilitation is a key to enhance exports of the country: Dawood

Abdul Razak Dawood, Adviser  to PM on Commerce, Textile, Industry & Production and Investment chairing a meeting with the Officials  of Trade Development Authority of Pakistan (TDAP) in  Karachi on 22nd  August 2019

ISLAMABAD: Adviser to Prime Minister on Commerce, Textile, Industry and Production Abdul Razak Dawood chaired a meeting for the reorganization of Trade Development Authority of Pakistan (TDAP) to enable better facilitation to the export sectors of Pakistan. According to the details, the meeting was held over focused on specialization of Division at the Authority which was attended by senior officers ... Read More »

PIA hikes UAE fares

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KARACHI: Pakistan International Airline (PIA) has increased fares up to Rs6,000 for two sectors of Middle East – Dubai and Abu Dhabi, a private media house reported on Friday. After the revision of fares, a round trip from Lahore to Dubai will cost Rs61,000, while the same for Lahore-Abu Dhabi flight will be Rs61,200. Sources said that PIA hiked the ... Read More »