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Author Archives: CT Report

FBR develops new refund system FASTER to boost exports

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ISLAMABAD: The Federal Board of Revenue (FBR) has developed and placed new refund payment system known as FASTER and it will be launched on Tuesday (today) for release of multi-million rupees reconciled refunds to exporters. “Yes we have placed FASTER and first batch of refunds worth millions of rupees will be released to exporters today especially for those five major ... Read More »

FBR not held in abeyance 242 cases of offshore assets, NA body told

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ISLAMABAD: Federal Board of Revenue (FBR) categorically conveyed to the National Assembly Standing Committee on Government Assurances that it has not held in abeyance 242 cases of offshore assets appearing in the Panama Leaks on “time-barred” pretext. The committee met with Malik Muhammad Amir Dogar in the chair at Parliament House. Director General International Taxes Dr Muhammad Ishfaq informed the ... Read More »

Govt considering options to clear 1038 used cars imported in violation of rules

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KARACHI: The government is working on different options to grant permission for clearance of 1,038 used cars imported in violation of the commerce ministry’s rules. The used cars currently stand parked at the country’s ports. The local auto industry is already facing numerous difficulties, as reportedly the car sales have witnessed almost 50 per cent decrease. After the commerce ministry ... Read More »

Appraisement East bars principal appraisers, appraisers making phone calls to clearing agents, importers

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KARACHI: Collectorate of Customs Appraisement East Deputy Collector Headquarters Muhammad Arslan Majeed Rana issued circular restricting principal appraisers, appraisers to directly making phone calls to importers, clearing agents and traders. According to circular it has been noticed with utmost concern that the principal appraisers, appraisers make calls to clearing agents, importers and traders and even message them. Henceforth, all principal ... Read More »

Total revenues increased to 4.9tr during FY2019

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ISLAMABAD: As many as Rs 4,900,724 million total revenues were collected by the government during the fiscal year 2018-19, including Rs 4,473,422 million tax revenues and Rs427,302 million non-tax revenues, according to official data. The tax revenues included Rs4,071,619 million federal revenues and Rs401,803 revenues collected by the provinces, whereas the non-tax revenues included, Rs341,006 million collected by the federal ... Read More »

Exports of textile articles up 3.16pc: SBP

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KARACHI: The exports of textile articles from the country grew by 3.16 percent during the first month of current financial year 2019-20 as compared to the corresponding month of last year. During the month of July, 2019, the export of textile and its articles was recorded at $1233.636 million as against $1195.820 million exports recorded during the same month of ... Read More »

Thailand considering to increase imports from Pakistan: Consul-General

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KARACHI: Consul General (CG) of Royal Thai Consulate in Karachi Thatree Chauvachata, has said that his country is keen to increase imports from Pakistan. In an informal interaction with media persons at his residence, he said that a two-way trade between Pakistan and Thailand during 2018 was approximately $1.674 billion and overwhelmingly in Bangkok’s favour. He Invited Pakistani businessmen to ... Read More »

FBR officials to attend seminar on tax system in China

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ISLAMABAD: The Federal Board of Revenue (FBR) has no objection to proceed aboard nine officials of Inland Revenue Service to participate in bilateral seminar 2019 on “Tax System Management for Pakistan” during current month in China. In this regard, the FBR here on Monday issued NOC to nine officials for participation in the seminar in China.   Read More »

Park Lane case: NAB finds new evidence against Zardari

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ISLAMABAD: The National Accountability Bureau (NAB) has decided to file a supplementary reference against former president and Pakistan Peoples Party (PPP) co-chairman Asif Ali Zardari in the Park Lane Estate Company case. The accountability watchdog has obtained new evidence through investigating Securities and Exchange Commission of Pakistan’s (SECP) relevant record and testimonies of witnesses in the same case while probing ... Read More »

40,921 mt LPG consumed in 14 months

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ISLAMABAD: The consumption of Liquefied Petroleum Gas (LPG) stood at around 40,921 metric tonnes (mt) during a 14-month period from April 2018 to May 2019 across the country. Domestic, commercial and industrial consumers used 3,174 mt LPG in April, 3,077 mt in May, 2,661 mt in June, 2,680 mt in July, 2,684 mt in August, 3,027 mt in September, 3,264 ... Read More »

RCCI 2nd Gems and Jewelry Expo ends on a high note

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RAWALPINDI: The second edition of Gems, Jewelry and Watches exhibition being organized by the Rawalpindi Chamber of Commerce and Industry (RCCI) ended on a high note at a local hotel in Islamabad. During the three day exhibition, more than 50 stalls of different items including precious stones, gems, ornaments and silver, gold and diamond jewelry were displayed. A large of ... Read More »

Trump says Russia might be invited to next year’s G7 Summit, though other leaders disagree

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President Donald Trump said it is “certainly possible” that Russian President Vladimir Putin could be invited to next year’s Group of Seven Summit, though other member nations seemed to disapprove. Trump’s comment Sunday came after he repeatedly touted support for the move. The same day the world leaders convened at the summit in southwest France, European Council President Donald Tusk ... Read More »

Trump Claims G-7 ‘Unity’ on Iran After Unannounced Invite

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BIARRITZ, France (AP) — U.S. President Donald Trump said he gave his approval for Iran’s top diplomat to make an unannounced appearance on the margins of the G-7 summit, denying Monday that he was surprised or angered and claiming “unity” with the other leaders. French President Emmanuel Macron’s invitation to Iranian Foreign Minister Mohammad Javad Zarif was a bold gamble ... Read More »

UAE and Saudi Arabia to boost customer service at government departments

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The UAE and Saudi Arabia have launched a major initiative to improve customer service at government departments in both countries. Over the next few days in Riyadh, scores of workers will learn about dealing with customer complaints, clear communication and foster a positive work environment. The five-day training camp — known as the UAE-Saudi capacity building programme — began in ... Read More »

Credit Suisse to shift focus from branches to digital banking

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ZURICH: Credit Suisse said on Monday (Aug 26) it would invest hundreds of millions of francs in digital services and other parts of its Swiss division by the end of 2021 and said it no longer needed a bigger branch network in its home market than its rivals. Banks across Europe have been closing branches and cutting tens of thousands ... Read More »

Trump Offers Johnson Sympathy in Facing Brexit

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The Latest on the summit of leaders from the Group of Seven democracies (all times local): U.S. President Donald Trump offered U.K. leader Boris Johnson sympathy as he tries to win a Brexit deal, suggesting that the European Union would drive a hard bargain and that it would be “tough.” Speaking at the end of the G-7 summit in France, ... Read More »

UK banks face week of hunger strikes and protests

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A number of banks face direct action protests in the UK starting on Monday, including hunger strikes outside Clydesdale Bank’s Glasgow headquarters, Danske Bank’s branch in Belfast and Lloyds’ offices in Bristol. In Glasgow, the Scottish businessman John Guidi, a former property developer, will pitch his tent outside the bank claiming that he is being made homeless after his £16m ... Read More »

Iranian tanker no longer has Turkey destination: Shipping data

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An Iranian tanker at the center of a confrontation between Washington and Tehran is no longer recorded as heading for Turkey, Refinitiv Eikon shipping data showed on Aug. 26, having switched to a Turkish destination at the weekend. The vessel, fully laden with oil, had previously been heading to the port of Kalamata in southern Greece but Greece had said ... Read More »

The Port of Colombo Awards Night on Aug 30th

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The second Port of Colombo Awards Night organized by Sri Lanka Ports Authority, in collaboration with the Jaya Container Terminal (JCT), South Asia Gateway Terminals (SAGT) and the Colombo International Container Terminals(CICT) will be held on the 30th of August 2019 at the Shangri-La Hotel, Colombo. The Port of Colombo Awards 2019 will felicitate the main line operators and feeder ... Read More »

Bankers head to Saudi Arabia to compete for world’s biggest IPO

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Global banks will this week start making their case on why they should be hired for what’s set to be the world’s biggest initial public offering, according to people with knowledge of the matter. Dealmakers representing advisory firms from around the world will from Tuesday travel to Saudi Aramco’s headquarters in Dhahran in the kingdom’s Eastern Province to compete for ... Read More »