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Author Archives: CT Report

FBR issues procedure to get WeBOC registration for online customs access

WeBoc

ISLAMABAD: Federal Board of Revenue (FBR) has issued procedure to get registration for WeBOC in order to access the Customs online system for consignment clearance. According to the procedure, a person is required to submit an application to deputy/assistant collector WeBOC User-ID Section, along with supportive/required documents. For the registration personal appearance of applicant before Deputy / Assistant Collector User-ID ... Read More »

SHC bars private schools from receiving advance fee

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KARACHI: Sindh High Court (SHC) on Monday barred the private schools from receiving advance summer vacation fee. A two-member bench of SHC, headed by Justice Aqeel Abbasi, heard the contempt of court petition against the private schools  for getting advance fee of two months of summer vacations and stopped the school management from receiving the advance fees. The parents informed ... Read More »

FBR suspends zero rating on electricity to textile unit

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ISLAMABAD: Federal Board of Revenue (FBR) has suspended sales tax zero rating allowed to a textile unit on consumption of electricity. The FBR issued Sales Tax General Order (STGO) No. 51 of 2019 and suspended sales tax zero rating under SRO 1125(I)/2011 dated December 31, 2011 of Habib Fabric Private Limited. The zero rating of the taxpayers has been suspended ... Read More »

Senate Chairman Sanjrani qualified to become acting president: IHC

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ISLAMABAD: The Islamabad High Court (IHC) on Monday declared Senate Chairman Sadiq Sanjrani is qualified to become acting president. Justice Aamir Farooq announced the decision on a petition filed on June 21 last year stating that Sanjrani cannot become acting president because he does not meet the requirements set by the Constitution. On February 14, the IHC had reserved its ... Read More »

Govt to streamline budget allocation for ministries

CyberMedia-ResearchIndia-Budget-Charter-2019

ISLAMABAD: The government has been working on a comprehensive strategy to streamline budget allocations for each ministry with an aim to reduce expenditure rigidities. “Rather than providing budgetary funds to the line ministries in itemized details, the budget allocations for each ministry will be made under only two heads including employee related expenses and single line item for all operational ... Read More »

SBP seeks appointment of BOP president on priority basis

sbp

KARACHI: The State Bank of Pakistan (SBP) has notified the finance ministry of the Punjab government to complete the process for appointment of Bank of Punjab (BOP) president and CEO at the earliest. In a notification issued to the Finance Department of the Punjab government, the central bank stated that after lapse of considerable time the matter of appointment has ... Read More »

No other option but to approach IMF for assistance: Sheikh Rasheed

KCCI_CREST

KARACHI: Federal Minister for Railways Sheikh Rasheed Ahmed has categorically said, “We are stuck in a lot of crises and it is a well-known fact that IMF conditions will be really stiff. I, as minister, have been reiterating this since day one that we have no other option but to approach the IMF for assistance.” Speaking at a meeting during ... Read More »

Pakistan can win global market by ensuring participation in trade fairs & exhibitions: German envoy

Germany

LAHORE: Pakistan can win global market by ensuring participation in trade fairs and exhibitions in Germany.  It was stated by the Honorary Consul of Pakistan in Germany Matthias Theis while speaking at the Lahore Chamber of Commerce & Industry.  LCCI Acting President Khawaja Shahzad Nasir and Vice President Faheem-ur-Rehman Saigal also spoke on the occasion while Jameel A.  Naaz, LCCI ... Read More »

ICCI calls for reactivating price control committees in markets to control inflation

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ISLAMABAD: The holy month of Ramadan is around the corner and ICT administration should reactivate price control committees in markets to keep the prices at reasonable level and control inflation. This was said by Ahmed Hassan Moughal, President, Islamabad Chamber of Commerce & Industry. He emphasized that the constitution of Islamabad Market Committee should be revised and ICCI should be ... Read More »

Pakistan, China to sign FTA soon

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BEIJING: The second phase of China-Pakistan free trade agreement (FTA) will be signed during Prime Minister Imran Khan’s forthcoming visit to China this month, according to China Economic Net. Quoting Advisor to Prime Minister on Commerce, Textile, Industry and Production, and Investment Abdul Razak Dawood, it reported that China might provide more support to promote industrialization and agricultural technology development ... Read More »

Facebook spends $22.6m to keep Mark Zuckerberg safe

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NEW YORK: Facebook Inc more than doubled the money it spent on Chief Executive Officer Mark Zuckerberg’s security in 2018 to $22.6 million, a regulatory filing showed. Zuckerberg has drawn a base salary of $1 for the past three years, and his “other” compensation was listed at $22.6 million, most of which was for his personal security. Nearly $20 million ... Read More »

Karachi Port Trust ships movement, cargo handling report

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KARACHI: Following were the movements of ships and cargo handling at the Karachi Port Trust (KPT) during the last 24 hours, ending at 0700 hours on Friday. SHIPS ARRIVED: MOL Grandeur Container Ship Bulj Chile Fertilizer APL Chongqing Container Ship Gladiator General Cargo Gannet S Tanker Beijing Venture General Cargo M.T.Lahore Tanker Xin Mei Zhou Container Ship SHIPS SAILED: CMA ... Read More »

Saudi Aramco team arrives for talks on first LNG deals

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ISLAMABAD: A delegation from the world’s largest crude oil producer, Saudi Aramco, is in Pakistan for discussions on what would be its first ever liquefied natural gas (LNG) shipments, said a top Pakistani official. Pakistan is facing an energy crisis with repeated power blackouts and gas supply outages that led to the sacking of the heads of two of its ... Read More »

Deputy Collector AFU Saima Zaib transfers, re-distributes work among nine officials

transfer-posting

LAHORE: Collectorate of Customs Preventive, Air-Freight Unit (AFU) Deputy Collector Saima Zaib Butt issued notification for transfers/posting and re-redistribution of working among nine officials of Customs Air Freight Unit of Allama Iqbal International Airport (AIIAP) with immediate effect and until further orders: Read More »

FBR files FIR against Shaheen Air for tax evasion

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KARACHI: Federal Board of Revenue (FBR) has lodged First Information Report (FIR) against Shaheen Air International Limited for committing tax fraud to the tune of Rs1 billion. According to media reports, the registered person has committed tax fraud as defined under section 2(37) of Sales Tax Act, 1990 in contravention to Section 11 (1) and 11 (4A) of the Sales ... Read More »

NAB summons Shehbaz’s wife, daughters

Shahbaz Sharif

LAHORE: The National Accountability Bureau (NAB) on Saturday summoned Pakistan Muslim League-Nawaz (PML-N) President Shehbaz Sharif’s wife and two daughters, sources said. Shehbaz’s wife has been summoned on April 17 while his daughter Rabia Sharif has been summoned on April 18 and Javeria Sharif has been summoned on April 19, sources in the accountability watchdog said. The wife and daughters ... Read More »

Appraisement West to hold auction of 57 fresh & leftover vehicles on Monday at AICT

auction

KARACHI: Collectorate of Customs Appraisement West announced to hold auction of fresh and leftover motor vehicles on April 15, 2019 at Al-Hamd International Container Terminal (AICT). Following vehicles to be presented for the auction: Used Mitsubishi Car, Model 2009 Used Volkswagen AG Car, Model 2013, Engine Capacity 999 CC Used Mitsubishi Mini Cab, Model 2013 Used Nissan Clipper, Model 2012 ... Read More »

FBR chairman presides over meeting to review progress on implementation of track & trace system

FBR chairman Jahanzeb

ISLAMABAD: The Board-in-Council of Federal Board of Revenue (FBR) reviewed progress on the implementation of the track and trace system for tobacco products and analysis of sector specialist on the said project. The Board-in-Council meeting was chaired by FBR Chairman Mohammad Jehanzeb Khan here at the FBR House on Friday. The FBR also examined the request of the Balochistan Revenue ... Read More »

Euro Oil to open 375 retail stations

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LAHORE: Chairman Euro Oil Adnan Nasir, while inaugurating the first petrol station of Euro Oil in Jahaniyan Khanewal Expressway, emphasized that our strength is our team, staff and our workers. He said Euro oil was a dream of quality that has come true. He also added that 140 filling stations will be established by June 2020 and Euro oil will ... Read More »

Stock market likely to perform better due to amnesty scheme, IMF talks

A sign of the Pakistan Stock Exchange is seen on its building in Karachi, Pakistan January 11, 2016. REUTERS/Akhtar Soomro/File Photo

KARACHI: The stock market likely to perform better during next week owing to launching of new amnesty scheme and progress on IMF bailout package. Analysts at Arif Habib Limited said that the market to turn positive in upcoming days with triggers including amnesty announcement and agreement with the IMF (principal agreement has been reached but staff level arrangement remains pending).  ... Read More »