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Author Archives: CT Report

Morocco Removes Customs Duty on Russian Grain

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Moscow : The Russian ambassador to Morocco, Valerian Shuvaev, has confirmed to Sputnik News that Morocco lowered the grain tax to “zero” for Russia. “Of course, this is good news because Morocco’s grain experts are one of the main Russian exports to Morocco.” He added that Morocco’s decision will give Russia “more opportunity to increase the volume of deliveries and, ... Read More »

Guangzhou customs crack down on smuggling

China-customs-Hangzhou

Guangzhou: Customs officers in Guangzhou, capital of Guangdong province, earlier this year seized more than 170,000 live aquatic products and 620,000 cans of milk powder. The seizures came as part of a crackdown on two major cross-border, e-commerce smuggling cases. “The two smuggling cases were estimated to be valued at more than 168 million yuan ($24.7 million),” Wu Yongtian, a ... Read More »

CICT adds capacity for bigger ships at Sri Lanka’s Colombo port

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Colombo : Colombo International Container Terminals (CICT) said it was buying more cranes that will enhance deep water capacity and enable Sri Lanka’s Colombo port to handle the biggest container ships afloat. A statement said the capacity enhancement by March 2019 would make Colombo “one of the few ports in Asia capable of handling vessels of 22,000 + TEUs (twenty-foot ... Read More »

Ten companies pay 45% of all corporate tax in Australia

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Sydney : Ten companies are paying 45% of all corporate tax in Australia, demonstrating how reliant the federal government is on the fortunes of the big banks, miners and supermarket giants. The tax office has released its fourth tax transparency report, revealing key details of 2,109 of the largest companies with operations in Australia for the 2016-17 financial year. Corporate ... Read More »

Drones, wood chips and beet brine now part of cities’ arsenal in war on winter

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MONTREAL : Keeping Canadian city streets clear in winter has been a source of aggravation since the days when work details shovelled snow into horse-drawn sleds. But as the coldest months of the year arrive, Canadian municipalities are increasingly turning to innovative solutions to address the problem. Apps, drones, new machinery and alternatives to traditional materials are being introduced to ... Read More »

US Customs Finds 70 Finches in Hair Rollers

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Customs officials at New York’s John F. Kennedy International Airport say they found 70 live finches hidden inside hair rollers. Authorities say a passenger arriving from Guyana on Saturday had the songbirds in a duffel bag. The New York Times reports officials believe the birds were brought to the U.S. to participate in singing contests. Customs officials say people bet ... Read More »

UK-Portugal operation targets foreign cars and tax offences

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London : The operation was staged by GNR police’s fiscal and customs unit (UAF) and the Coast Control Unit, in cooperation with the UK’s Her Majesty’s Revenue and Customs (HMRC). The purpose of the three-day operation, which was carried out between 5 and 7 December, was to detect tax and customs offences. A statement from the GNR explained “Operation Guardian ... Read More »

FIA raids school, seizes record

FIA crime

LAHORE: Federal Investigation Agency (FIA) has raided Lahore Grammar School (LGS) head office and took its digital data into possession on charges of receiving exorbitant fees, said a senior officer of the agency. The action came after the top court of the country directed FIA to freeze accounts of LGS, and asked FBR to scrutinise its tax records and seize ... Read More »

Pakistan & Germany inks financing accord on polio eradication

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  ISLAMABAD: Secretary Economic Affairs Division Noor Ahmed and Country Director, KfW, Germany, Wolfgang Moeller signed financing agreement for Polio Eradication Phase II worth Euro 5 million (Rs790 million (today). The agreement envisages to exclusively finances polio vaccines as well as vaccination campaigns to strengthen measures for the implementation of Pakistan’s 2018-2019 National Polio Emergency Action Plan (NEAP). The program ... Read More »

Karachi LTU collects Rs13.5b in Nov with 48pc growth

SRB, LTU

KARACHI: Large Taxpayers Unit (LTU), Karachi collected Rs13.58 billion taxes in November with a growth of 48.25 percent over the corresponding month of previous year. The LTU Karachi collected Rs9.16 billion in November 2017. Sources in LTU Karachi attributed the revenue growth to enforcement measures taken by the unit. An official confirmed that the unit resorted to recovery of outstanding ... Read More »

Pakistan GDP growth to slow down to 4.3% in 2019: Moody’s

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ISLAMABAD: Moody’s Investors Service has predicted real GDP growth in Pakistan to slow down to 4.3 percent in fiscal year 2019 from 5.8 percent in the previous fiscal year. In its latest annual credit analysis of Pakistan, Moody’s said it expects the country’s real GDP growth to slow down to 4.3-4.7 percent in fiscal 2019 and 2020, from 5.8 percent ... Read More »

Ministry proposes removal of 10pc sales tax on local powder milk

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ISLAMABAD: Ministry of National Food Security and Research has proposed to remove existing 10 per cent sales tax on locally manufactured powdered milk to promote its production. The other proposal is to increase duty on import of dry milk powder to discourage its import. Official sources said Pakistan has imported on an average 55,000 tons of powdered milk (skimmed milk ... Read More »

DG Valuation directs to review VR No 1191/2017

Surraiya Butt

KARACHI: Customs Valuation Director General Surriya Ahmed Butt asked Director Valuation Iqbal Muneeb to review the Valuation Ruling No. 1191/2017 for removing deficiencies in accordance with law and also taking on board the regular major importers as well as the representatives of Federation of Pakistan Chamber of Commerce & Industries (FPCCI) and Karachi Chamber of Commerce & Industries (KCCI). According ... Read More »

RCCI urges govt to expedite working on CPEC Special Economic Zones

RCCI

RAWALPINDI: The Rawalpindi Chamber of Commerce and Industry (RCCI) has urged Government to expedite process and working on CPEC Special Economic Zones. The Labour-intensive industry from China under China Pakistan Economic Corridor (CPEC) shall be relocated in Pakistan to boost the local employment. The President RCCI Malik Shahid Saleem in a statement also pointed out that the upcoming industrial framework ... Read More »

Junaid Makda gives 24-hours for restoration of gas to industries

KCCI-Gas Meeting

KARACHI: President Karachi Chamber of Commerce & Industry (KCCI) Junaid Esmail Makda has demanded from Sui Southern Gas Company (SSGC) to restore gas supplies to industries, captive power plants and CNG stations in Sindh within 24 hours otherwise if they cannot do so, SSGC’s Chairman and Managing Director should immediately step down from their positions. Talking to media personnel at ... Read More »

Serbia to boost beef meat exports to Turkey

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Serbian minister of agriculture, forestry and water management Branislav Nedimović has announced Serbia is to increase its beef meat exports quota to Turkey by 40% in 2019 as the current annual quota of 5,000 tonnes (t) was already filled in the first four months of this year. Read More »

PM Khan for comprehensive plan to resolve taxation issues

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ISLAMABAD: Prime Minister Imran Khan has issued directives for the preparation of a comprehensive plan to simplify procedures related to government approvals. He als called for addressing the taxation issues and taking measures to facilitate investors and businesses, Radio Pakistan reported. PM Khan was chairing a meeting on Thursday to review the progress of improving the ease of doing business ... Read More »

PSX drops 296pts to close at 38,011

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KARACHI: The Pakistan Stock Exchange (PSX) on Thursday witnessed another dull session and landed in red. Indices started the session with positivity and the KSE 100 index accumulated 157.35 points to reach its day’s high of 38,464.79. It then dropped by 540.43 points or 1.43pc to touch its day’s low of 37,767.01. After recovering a little, the index settled lower ... Read More »

SC orders private schools to cut fees by 20%, directs FBR to check tax records

Mian saqib

ISLAMABAD: The Supreme Court ordered a 20 per cent decrease in fees charged by upscale private schools, and ordered them to return fees they had charged for summer vacations. The order is applicable to private schools across the country whose fees are in excess of Rs5,000. The court, while hearing a case pertaining to exorbitant fees charged by private schools, ... Read More »

Pak rupee depreciates to Rs140.25

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KARACHI: The Pakistani rupee on Thursday depreciated against the US dollar both in open market and interbank. As per the local money market, the greenback gained 10 paisas in interbank for buying at Rs138.60 and for selling at Rs139.10. In open market, the dollar added 75 paisas for buying at Rs139.75 and for selling at Rs140.25. On Wednesday, the US ... Read More »