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Author Archives: CT Report

FBR suggests valuation rates hike in 18 cities

valuation

ISLAMABAD: The Federal Board of Revenue (FBR) has proposed hiking of valuation rates of property in 18 major cities and bringing close to fair market value for collection of taxes on transaction of real estate. The valuation rates for Karachi and Quetta have not been proposed to be increased through proposed hike in rates. Now the average valuation rates have ... Read More »

Uploading of bank registered contract & LC declared mandatory while filing GDs

exports

KARACHI: Collectorate of Customs Exports  Port Mohammad Bin Qasim Deputy Collector Shaoukat Hayat issued office order no: 21 dated 2019. The letter further stated that in terms of paragraph 3 of the Export Policy Order 2016 dated 18.4.2016 read with section 155 M of the Customs Act, 1969 and Foreign Exchange Rules and Regulations notified by the State Bank of ... Read More »

Govt to start crackdown against mafia involved in sugar hoarding: Hammad Azhar

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ISLAMABAD: State Minister for Revenue Hammad Azhar on Monday said the government has imposed a tax of only Rs3.30 on per kg of Sugar but it is being sold at the excessive rates in the market. “The price on which the sugar is being sold in the market is high”, he said while talking to media. He said the government ... Read More »

Accountability Court extends Faryal Talpur’s remand for 14 days

Faryal Talpur

ISLAMABAD: An accountability court on Monday extended the physical remand of Pakistan Peoples Party leader Faryal Talpur till July 8, in the money laundering/fake accounts case. The National Accountability Bureau presented Talpur before the court today. Her counsel, Lateef Khosa, said that her client has nothing to do with Park Lane apartments and is not even its director. The NAB ... Read More »

Textile exports increase 2pc to $11.419b: SBP

textile-industry

ISLAMABAD: The exports of textile and its articles from the country witnessed increase of 2.17 percent during the first ten months of the current fiscal year compared to the exports of the corresponding period of last year, State Bank of Pakistan (SBP) has reported. The textiles exports from the country during July-April (2018-19) were recorded at $11.419 billion against the ... Read More »

FBR to impose 17pc GST to forestall revenue leakage

Finland eager to roll out GST in India

ISLAMABAD: The Federal Board of Revenue (FBR) started the preparations for charging 17 percent sales tax on local supplies of manufacturers-cum-exporters of five zero-rated sectors from July 1, 2019. The board also initiated stocktaking to avert any possibility of showing clearance of all stocks at zero percent (on papers) till June 30, 2019. According to media, the FBR is apprehending ... Read More »

Drap strongly rejects rumours of increase in prices of 6,000 drugs

drugs

ISLAMABAD: Drug Regulatory Authority of Pakistan (Drap)’s decision to keep the maximum retail price (MRP) of generic drugs 15pc less than the originator brands has triggered rumours on social media that it would make around 6,000 medicines dearer. However, the authority advised patients and stakeholders not to rely on social media as it was being used to create unrest in ... Read More »

ST of 5pc, not 13pc, levied on ride-hailing services from July 1:  SRB

sales tax

KARACHI: The Sindh Revenue Board (SRB) clarified that the provincial government had imposed a sales tax of five per cent, and not 13 per cent, with effect from July 1 on services rendered by cab aggregators or ride-hailing services. The Sindh budget for 2019-20 has declared the services provided or rendered by cab aggregators (also known as ride-hailing services), including ... Read More »

Pakistan, Qatar sign three MoUs to promote trade, investment & tourism

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ISLAMABAD: Pakistan and Qatar signed three MoUs on Saturday in the fields of trade, investment, tourism and financial intelligence, Radio Pakistan reported. The MoUs were signed a few hours after Emir of Qatar Sheikh Tamim bin Hamad Al-Thani arrived in Islamabad on a two-day official visit. Adviser to the Prime Minister on Commerce Abdul Razak Dawood and Qatar Finance Minister ... Read More »

PM receptive to idea of ‘charter of economy’: Asad Qaiser

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ISLAMABAD: National Assembly Speaker Asad Qaiser late Friday said Prime Minister Imran Khan has agreed to the formation of a committee on a ‘charter of economy’. Taking to Twitter to make the announcement, the NA speaker said he had discussed legislation, politics and economic affairs with the prime minister. During the talks, Qaiser said, the prime minister agreed to the ... Read More »

China will provide $ 1b grant for socio economic development: Khusro Bakhtyar

FEDERAL MINISTER FOR PLANNING, DEVELOPMENT & REFORM, MAKHDUM KHUSRO BAKHTYAR ADDRESSING A CPEC FORUM ON ‘REGIONAL COOPERATION AND INDUSTRIAL DEVELOPMENT THROUGH B2B COOPERATION’ IN ISLAMABAD ON JUNE 21, 2019. DEPUTY CHAIRMAN SENATE, SALEEM MANDVIWALA AND AMBASSADOR OF CHINA YAO JING ARE ALSO PRESENT ON THE OCCASION.

ISLAMABAD: Minister for Planning and Development Khusro Bakhtyar says China will provide one billion dollars grant for socio economic development in Pakistan. Addressing China-Pakistan Economic Corridor forum in Islamabad on Friday, he said cooperation in education, health, water, poverty alleviation and other sectors has been included in socio-economic development. The minister said industrial and agricultural development will be focused in ... Read More »

Pay Rs500 to access your tax profile online

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ISLAMABAD: The Federal Board of Revenue launched an online tax profiling system on Friday which contains all financial details of over 53 million citizens. This includes your assets, income, savings, expenses and foreign travel information. Every citizen can view their financial profile by paying Rs500. Minister of State for Revenue Hammad Azhar says that tax notices will be sent using ... Read More »

Two new freight trains will start operations from tomorrow: Sheikh Rasheed

freight

LAHORE: Railways Minister Sheikh Rasheed on Saturday announced that police will begin checking tickets at all railway stations across the country within 15 days. During a press conference in Lahore, Rasheed announced that 20 new trains will be inaugurated in 2019 instead of 15. “A new railway station is being built in interior Sindh. 200 shops will also be built ... Read More »

Govt presents comprehensive, balanced budget

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QUETTA: Chief Minister Mir Jam Kamal Khan said provincial government had presented a comprehensive and balanced budget because development projects of all districts were included in the budget for next financial year on equity basis for beneficial of masses. “Now it was responsibility of development departments to initiate new progress projects of the budget soon after approval the budget for ... Read More »

Exxon’s $53b Iraq deal hit by contract snags, Iran tensions

ExxonMobil tank

BASRA/BAGHDAD: Just weeks ago, US energy giant ExxonMobil looked poised to move ahead with a $53 billion project to boost Iraq’s oil output at its southern fields, a milestone in the company’s ambitions to expand in the country. But now a combination of contractual wrangling and security concerns, heightened by escalating tensions between Iraq’s bigger neighbor Iran and the United ... Read More »

Gold hits six-year peak: Local prices surge to Rs78,100 per tola

gold bars

KARACHI: Domestic one tola and 10 gram gold prices o hit fresh peak of Rs78,100 per tola and Rs66,958 per 10 grams, respectively, as international bullion prices surpassed $1,400 before retreating, still holding near a six-year high on the US central bank’s dovish stance on monetary policy. Locally, gold prices saw a surge of Rs800 per told and Rs686 per ... Read More »

Widening tax base, facilitating exporters key for economic growth: Reza Baqir

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ISLAMABAD: State Bank of Pakistan (SBP) Governor Reza Baqir has said that widening the tax base, facilitating exporters and a good relationship with the international community will stimulate the economy on the growth path. Speaking to media, he said that Pakistan’s economy is in a relatively stable position compared to last year as the government and central bank have introduced ... Read More »

Govt forms 11-member body to probe public debt use by PPP, PML-N govts

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ISLAMABAD: The government on Friday notified an 11-member Commission of Inquiry to determine if increase in public debt between 2008 and 2018 was justified by infrastructure development programme or misused by public office-holders of the last two governments of the Pakistan Peoples Party and the Pakistan Muslim League-N. The notification has been issued by the cabinet division under Section-3 of ... Read More »

Honda Atlas jacks up prices due to rupee devaluation

Atlas Honda

KARACHI: Honda Atlas Cars Ltd (HACL) increased the price of various vehicles by Rs260,000- 425,000, effective from Jun 24, due to recent rupee devaluation and negative exchange rate impacts. After a jump of Rs400,000, the new prices of Honda Turbo RS and 1.8L VTI CVT are Rs4.199 million nd Rs3.599m respectively while the rate of 1.8L VT SR CVT is ... Read More »

Chinese firms express willingness to relocate industrial units under CPEC

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ISLAMABAD: June 21 – Advisor to Prime Minister for Commerce, Textile, Industry and Production & Investment Abdul Razak Dawood and Chinese Ambassador Yao Jing jointly addressing a press conference at Board of Investment. APP photo by Saleem Rana

ISLAMABAD: Seven Chinese companies have expressed willingness to relocate their industrial units to Pakistan in the second phase of industrialisation under the China-Pakistan Economic Corridor (CPEC), said Adviser to Prime Minister on Commerce Abdul Razak Dawood. Chinese manufacturing units of textile and leather would be relocated to Faisalabad. Chinese company Long March International would also set up a tyre manufacturing ... Read More »