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Author Archives: CT Report

Singapore MPA suspend Inter-Pacific Petroleum bunker craft license


Continuing its strong enforcement of bunkering regulations Maritime & Port Authority of Singapore (MPA) has temporarily suspended the bunker craft license Inter-Pacific Petroleum. In a Port Marine Circular MPA said that following an enforcement check on a bunker tanker operated by Inter-Pacific Petroleum it had temporarily suspended its bunker craft license from 27 June until further notice. “During the period ... Read More »

NA passes federal budget, finance bill 2019-20


ISLAMABAD: The National Assembly on Friday passed the federal budget approving the finance bill 2019-20 to give effect to the financial proposals of the government. The total outlay of the budget was Rs7.022 trillion, focusing on fiscal consolidation, revenue mobilization, austerity measures and protection to the vulnerable segments of society. At the start of the proceedings, Minister of State for ... Read More »

Govt to increase tax-to-GDP ratio by four percent: Hammad Azhar

Hammad Azhar 2

ISLAMABAD: State Minister for Revenue Hammad Azhar said on Friday that the government intends to raise tax-to-GDP ratio by four percent in the next three years as it has become imperative to ensure stable national growth. Speaking on the floor of the National Assembly, Azhar said that the national economy was intentionally paralyzed by previous governments for their vested interests ... Read More »

OGRA recommends decrease in petrol prices

An employee serves oil at a petrol station still opened during a strikeon December 11, 2012 in Rome.  The strike of petrol stations in Italy started the day before at 7 PM and will last until December 14 at 7 PM.  AFP PHOTO / ANDREAS SOLARO / AFP PHOTO / ANDREAS SOLARO

ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) has recommended a decrease in the prices of petroleum products and forwarded a summary in this regard to the petroleum division. According to OGRA’s summary, a decrease of Rs0.77 per litre was recommend in the price of petrol. If approved, the price of petrol would go down to Rs111.91 per litre. For ... Read More »

Supreme Court directs to hand over Royal Palm Club to Pakistan Railways

Supreme Court

LAHORE: The Supreme Court of Pakistan has on Friday directed to hand over the Royal Palm Golf and Country Club to the Pakistan Railways after nullifying the contract between both parties. Justice Sheikh Azmat Saeed and Justice Ijaz-ul-Ahsan issued the verdict at the Supreme Court Lahore Registry and Justice Ijaz-ul-Ahsan read the decision. The court ordered the railways administration to ... Read More »

National Savings achieves Rs405b net target by June 10

National Saving

ISLAMABAD: Central Directorate of National Savings (CDNS) has achieved a net target of Rs 405 billion by June 10, of the fiscal year 2018-19 as compared to last year’s collection of Rs 155 billion. The total savings held by the CDNS stood at Rs 1, 143 billion by June 10, while the directorate had Rs 774 billion by the same ... Read More »

Ford to cut 12,000 jobs in Europe by end of 2020


FRANKFURT: Ford said it will have to cut 12,000 jobs in Europe by the end of next year to try to return the business to profit, part of a wave of cost reductions in an auto industry facing stagnant demand and record-level investments to build low emission cars. The challenge of investing in electric, hybrid and autonomous vehicles while having ... Read More »

Shipping activity at Port Qasim


KARACHI: Shipping activity remained active at the Port Qasim where four ships CMA CGM Tittus, MSC Pamela, MOL Generosity and Chemroad Sakura carrying containers a phosphoric Acid were allotted berths at Qasim International Container Terminal and Engro Vopak Terminal respectively. Meanwhile, two more ships, Maersk Riyaz and Lusail carrying Containers and LNG also arrived at outer anchorage of Port Qasim ... Read More »

Hike in prices of essential items will not be tolerable: Buzdar

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LAHORE: Punjab government has decided to start crackdown against those elements who are creating artificial price hike in the province. Punjab Chief Minister Sardar Usman Buzdar has issued directives in this regard to the Cabinet Committee for Price Control. In a statement in Lahore, he also ordered the concerned departments to take measures for stability of prices of essential commodities. ... Read More »

There can’t be any sovereignty in absence of economic sovereignty: COAS


RAWALPINDI: Chief of Army Staff General Qamar Bajwa said on Friday that there cannot be any sovereignty in the absence of economic sovereignty, according to the Inter-Services Public Relations. Director General Major General Asif Ghafoor tweeted on social media that the COAS said that the nation is going through a difficult economic situation. The COAS was addressing a national seminar ... Read More »

US dollar slides by Rs3.5 in Interbank market


KARACHI: Following an intense upward trajectory, the US dollar finally took a dip as it slid by Rs3.5 in the Interbank market on Friday. During trading hours, US Dollar fell to Rs161 from Rs164.05 as recorded a day earlier. The upward trajectory of dollar came after the rupee continued to depreciate against it following an agreement with the International Monetary ... Read More »

Pakistan money in Swiss banks dwindling for last three years

Swiss Credit Suisse post SF2.44b net loss for 2016a whistle-blower, a prosecutor in Dusseldorf said. The 150 tax officials and prosecutors were searching for
information on tax evasion by German customers of the bank. They were acting on a warrant issued by a Dusseldorf district court. Wealthy Germans often park money in secret investment accounts abroad and fail to declare the investment income, although German taxes are calculated on an individual‘s global income.  EPA/STEFFEN SCHMIDT

LONDON: Money kept by Pakistani nationals and enterprises in Swiss banks fell by 33 per cent to a record low of CHF380 million (Rs63 billion) in 2018, falling below the level of Indian funds for the first time in four years, Swiss National Bank’s (SNB) annual statistics report showed on Thursday. According to the report, Pakistani money in Swiss banks ... Read More »

Asset Declaration Scheme likely to be extended as FBR struggles to get desired results

tax amnesty

ISLAMABAD: The Federal Board of Revenue(FBR)  is likely to extend the Asset Declaration Scheme by three months as it struggles to get desired results, sources informed on Friday. Prime Minister Imran Khan had hinted at extending the deadline of the assets declaration scheme, indicating that a new programme may be introduced in the next 48 hours. According to sources, the ... Read More »

Govt decides to frame long-term LPG policy


ISLAMABAD: The government has decided to formulate a long-term liquefied petroleum gas (LPG) policy to restrict the extension in pipeline’s network and promote the use of LPG. The production of gas in the country has been static over the past decade, resulting in shortages, especially in the winter season. “We cannot extend the existing pipeline network and are going to ... Read More »

Cement exports up 25pc in 11 months of ongoing FY


ISLAMABAD: The exports of cement from the country witnessed an increase of 25.97pc during the first eleven months of the ongoing fiscal year, as against the exports of the corresponding period of last year. The cement exports from the country were recorded at $260.169 million during July-May 2018-19, as against the exports of $206.526 million during July-May 2017-18, showing a ... Read More »

Daraz Mobile Week delivers on big promises

WhatsApp Image 2019-06-28 at 5.34.22 PM

LAHORE: Daraz Mobile Week is live and going strong! It’s the biggest electronic sale of the year and comes packed with mega deals, vouchers, storewide flash sales and more. The scope of the sale is bigger this year than before as the ecommerce platform has not only lowered prices on smartphones and accessories but also electronics like televisions, air conditioners, ... Read More »

Customs values of stationery items-II (pencils/balls points/pens of all sorts) revised


KARACHI:  Directorate-General  Customs Valuation Director Shafiq Ahmad Latki revised customs values of stationery items-II (pencil/ball points/pens of all sorts) under Section 25-A of the Customs Act, 1969 vide Valuation Ruling 1379/2019. Earlier, customs values of stationery items (pencils/ball points/pens of all sorts) were determined vide Valuation Ruling No. 1182/2017 dated 16.6.2017. The Director-General Valuation rejected the review petitions filed by ... Read More »

Fish exports shrink 4.11pc to $406m during FY2018-19


ISLAMABAD: The exports of fish and its preparations decreased by 4.11 percent during the fiscal year 2018-19 as compared to the corresponding period of last year. The seafood exports during July-May (2018-19) were recorded at $406.565 million against the exports of $423.977 million in July-May (2017-18), showing negative growth 4.11 percent, according to Pakistan Bureau of statistics (PBS). In terms ... Read More »

Pakistan extends closure of airspace till July 12


KARACHI: Pakistan’s airspace will remain closed for all transit flights till July 12, the Civil Aviation Authority (CAA) said on Friday. Pakistan had closed its airspace following escalating tensions with India till June 28. However, the airspace closure for over-flight and transit flights has now been extended for another 15 days. Indian planes will not be allowed to use Pakistani ... Read More »

SBP, NBP & NIFT branches to remain functional on Saturday & Sunday

tax revenue

KARACHI: Chief Collector of Customs Appraisement South Additional Collector Naveed Abbas Memon issued notification stating that all Customs Collectorate falling Appraisement South will remain open till 10 pm. on Saturday June 29th and Sunday June 30th till 12 pm for collection of duty and taxes. The notification further stated that collector Appraisement East shall coordinate with management of the State ... Read More »