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Author Archives: CT Report

FBR investigators summon Ayyan’s mother over Rs 35 million in her account

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RAWALPINDI: The Intelligence and Investigation Wing of the Federal Board of Revenue (FBR) has summoned Ayyan Ali’s mother Farhat Sultana to know about the source of Rs 35 million authorities have found in her bank account. Sources close to the investigation said the FBR Wing not only wanted to know about the source of her income but whether she had ... Read More »

Revengeful Port Qasim DC Athar Naveed starts picking on everyone

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KARACHI: Unable to justify his actions and mishandling of affairs of the department before the higher authorities, Port Qasim Deputy Collector Athar Naveed has started taking revenge on importers who complained against him in the first place. Instead of putting his own house in order, DC Athar Naveed is now bent upon creating more hurdles in the way of importers. ... Read More »

PM launches credit guarantee scheme for small farmers

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ISLAMABAD: Prime Minister Muhammad Nawaz Sharif formally launched the credit guarantee scheme for financial empowerment of small farmers of country here on Friday. This scheme will help small farmers to get easy loans from commercial and development banks for production of staple crops thus acute poverty will be reduced in the agriculture sector. Finance minister, minister for national food security ... Read More »

Sub-committee PAC directs Petroleum ministry to make appointment on merit

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ISLAMABAD: Sub-Committee of Public Accounts Committee Friday directed the Ministry of Petroleum and Natural Resources to make appointments on merit without any discrimination. The meeting of the PAC Sub-Committee was held under the Chairmanship of MNA Dr Azra Fazal Pechuho at Parliament House. It was also attended by MNA Dr Arif Alvi and Sheikh Rohil Asghar. The Committee discussed the ... Read More »

HBL, NBP to provide Rs84 billion for 1200 MW LNG-based power plant

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LAHORE: Presidents of Habib Bank Limited and National Bank of Pakistan called on Chief Minister Punjab Shahbaz Sharif here on Friday and presented an offer to underwrite finance amounting to Rs 84 billion for Punjab government’s 1200 megawatts LNG-based power plant at Bhikki Sheikhupura. Both banks expressed full confidence in the commercial and economic viability of the project and called ... Read More »

Dar chairs meeting to review financing arrangements for Neelum Jhelum project

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ISLAMABAD: Federal Minister for Finance Senator Mohammad Ishaq Dar Friday chaired a high level meeting to review financing arrangements for the Neelum Jhelum Hydropower Project (NJHP). Khawaja Mohammad Asif, Federal Minister for Water and Power was also attended the meeting, said a Finance Ministry press release issued here. The Finance Minister was briefed about the progress of the project and ... Read More »

Govt likely to present budget 2015-16 on June 5

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ISLAMABAD: President Mamnoon Hussain Friday summoned the budget session of the National Assembly on June 5 when the government would present the annual budget for fiscal 2015-16. The President summoned the session on a summary initiated by Ministry of Parliamentary Affairs containing the Prime Minister’s advice for summoning budget session. The budget session will be held on June 5, at ... Read More »

Federal govt to invest in 13 identified power projects in KP

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ISLAMABAD: The Federal Government Friday decided to assist the Khyber Pakhtunkhwa government in its 13 identified power projects. The decision was taken during a meeting between Federal Minister for Water and Power Khawaja Muhammad Asif and KP Chief Minister Pervaiz Khattak. The meeting also decided that the provincial government and Peshawar Electric Supply Company (PESCO) would hold a meeting on ... Read More »

SHC appoints members to IR appellant tribunal

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KARACHI: The Chief Justice of Sindh High Court (SHC) has directed District and Sessions Judge Shahid Pervez Memon to join his new assignment as Judicial Member in appellate tribunal of Inland Revenue Bench-VII Karachi. According to a handout, District and Sessions Judge Aliya Latif Unar has been directed to join her new assignment as Judicial Member in appellate tribunal of ... Read More »

ICCI asks govt to heed to business community’s suggestions for budget 2015-16

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ISLAMABAD: Islamabad Chamber of Commerce and Industry (ICCI) President Muzzamil Sabri has said that the government should bring ease in taxation system, besides taking the business community into confidence before finalising the budget 2015-16. He also lauded the policies of current government to overcome the energy crises and boosting the economy, besides terming the Chinese investment of US $46 billion ... Read More »

FTO finalizes recommendations for improving tax collection system

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ISLAMABAD: The Federal Tax Ombudsman (FTO) Advisory Committee Wednesday finalized recommendations for evolving a mechanism to improve the revenue collection system. Federal Tax Ombudsman Abdul Rauf Chaudhary chaired the advisory committee’s second meeting which discussed the proposals for improving the working of tax collection departments, especially the Federal Board of Revenue (FBR) and decided to forward the same to the ... Read More »

FTO recommends FBR to direct DG-IR audit to expedite post-refund audit

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ISLAMABAD: Federal Tax Ombudsman (FTO) Abdul Rauf Chaudhry has asked Federal Board of Revenue (FBR) to direct the Directorate General of Inland Revenue Audit for expediting post-refund audit of the Complainant Company and to complete it within a reasonable period of time. Keeping in view its findings, the FTO also directed the FBR to recover inadmissible amount of refund obtained ... Read More »

FBR clarifies media reports about RTOs’ revenue collection

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ISLAMABAD: The Federal Board of Revenue (FBR) has clarified a news item regarding negative revenue collection by certain Regional Tax Offices (RTOs), saying the news is not correct as it portrayed only one aspect of the situation.  The tax amount mentioned in the news item is only one of the many taxes collected at the RTOs, it said. The actual ... Read More »

5% growth in volume, 21% in value: E-banking sector records 198,250 transactions of Rs51.5tr in Q3

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KARACHI: The country’s e-banking sector has recorded 5 per cent growth in volume as Pakistan Real-time Interbank Settlement Mechanism (PRISM) settled 198,250 transactions of Rs51.5 trillion during the third quarter (Jan-March) of this fiscal year, an increase 21pc in value. According to State Bank of Pakistan (SBP), the major share in increase of PRISM transactions was contributed by interbank funds ... Read More »

Govt imposes 5% sales tax on CNG sector, fertilizer using imported LNG

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ISLAMABAD: The federal government has imposed fiver per cent sales tax on liquefied natural gas (LNG) imported for servicing CNG sector and fertilizer produced by using imported LNG. According to notification issued by Federal Board of Revenue, the government issued directives, exercising the powers conferred upon it by clause (b) of sub-section (2) of section 3 of the Sales Tax ... Read More »

Several officers could not get promotion due to various reasons

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ISLAMABAD: Several officers of the Federal Board of Revenue (FBR) from BS-19 and 20 could not be promoted due to intelligence reports, favoritism and administration sluggishness. According to details, many officers of BS-19 and 20 are not promoted to the next grade and they are feeling discouraged. The Central Selection Board did not promote FBR Chief International Customs Dr Zubair ... Read More »

Scientists explore 500m yrs old brains of ‘sea monsters’

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FRANCE: Recently, scientists have been examining some of the oldest known fossil brains to be discovered, and this has given them a better idea of how primitive animals developed heads, IFLScience reports. These prehistoric brains belonged to early ancestors of our modern-day arthropods, an amazing group that includes insects, spiders, and crustaceans. Their findings, published this week in Current Biology, ... Read More »

Indonesian website posts spy pictures of MT-25 revealing all details of upcoming street-fighter

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NEW DELHI:  This time, an Indonesian website has posted spy pictures of the MT-25 revealing all details of the upcoming street-fighter. The design of the MT-25 for obvious reasons is inspired by the R25, with a lot of parts sharing also been carried out. Starting from the rear, one cannot differentiate between the faired and the naked siblings as both ... Read More »

Mercedes-Benz G-Class lineup includes all-new edition 463 package, new 416-hp twin-turbo 4.0-liter V8

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BERLIN: Mercedes-Benz has disclosed a refreshed version of its G-Class 4×4. Hitting dealerships later this year, the new G-Class lineup includes the all-new edition 463 package and the new 416-hp twin-turbo 4.0-liter V8 previewed in the G 500 4×4² concept revealed at this year’s Geneva Motor Show. The venerable off-roader is more capable than ever. The big news in Mercedes’ ... Read More »

Volkswagen introduces its new Golf GTI Clubsport week ahead at Wörthersee

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PARIS: Volkswagen has introduced its new Golf GTI Clubsport a week ahead of Europe’s largest gathering-of-the-VWs, Wörthersee. Set to remain a show car for the near future, the GTI Clubsport was built to mark the 40th anniversary of the iconic hot hatchback and will eventually be offered in Europe sometime in 2016. The GTI Clubsport is powered by the same ... Read More »