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Author Archives: CT Report

FBR seeks import documents from 45 big retailers of Karachi


ISLAMABAD: The Federal Board of Revenue (FBR) directed 45 big retailers to furnish documents of proof related to imported goods on sale at their stores after ongoing anti-smuggling surveys. The sources said FBR issued notices to at least 45 retailers, seeking verification of customs clearance against the imported goods. Regional Tax Office (RTO)-II, Karachi issued the notices in its ongoing ... Read More »

UAE to establish oil refinery with $5b investment in Pakistan


ISLAMABAD: The United Arab Emirates (UAE) has decided to invest $5 billion in an oil refinery project in Pakistan by the end of 2019, Arab news publication Arab News reported on Friday. Talking to the newspaper, UAE Ambassador Hamad Obaid Ibrahim Salem Al-Zaabi said “we are going to launch one of the biggest investments in a refinery project in Hub ... Read More »

FBR transfers 23 appraising officers of Appraisement West


KARACHI: The Federal Board of Revenue has issued notification for transfer and posting of 23 appraising officers with immediate effect and until further orders. Details are as under: Appraising Officers of Appraisement West including Ameer Ahmed Soomro, Waheed Ashraf, Wasiullah, Waqar Khan, Muhammed Asif Fawad and Zia-ur-Rehman are transferred and posted at Collectorate of Customs Port Qasim. Appraising Officers of ... Read More »

Accountability Court adjourns hearing of fake accounts case till Oct. 22

Asif Zardari, Faryal Talpur

ISLAMABAD: An accountability court on Friday adjourned hearing the fake accounts case without making any substantial progress after it was informed that copies of the reference had not yet been provided to all 30 of the suspects nominated. Accountability judge Mohammad Bashir, who was hearing the case, said the court will start the indictment process once all the accused had ... Read More »

Issues of businessmen would be solved in one month: Hammad Azhar


ISLAMABAD: Federal Minister Hammad Azhar said capital gain tax would not be abolished but its rate would be reduced. He said fixed tax scheme would be easy for public. Talking exclusively in Dunya News program ‘Dunya Kamran Khan Kay Sath ,‘ he said we want to work under the ambit of law. He said government would solve gas and electricity ... Read More »

FBR imposes major penalty on senior auditor for holding dual nationality


ISLAMABAD: Federal Board of Revenue (FBR) has imposed major penalty of ‘compulsory retirement’ upon a senior auditor for obtaining citizenship of another country and for visiting abroad by concealing facts of his government job. The FBR on Friday said that the inquiry proceedings were initiated against Tahir Gul, Senior Auditor (BS-16), RTO Islamabad on the directions of the Federal Services ... Read More »

HAP delegation visits RCCI

HAP Preisdent Fahad Berlas presenting bouquet to Saboor Malik, newly elected RCCI President at chamber house Rawalpindi

RAWALPINDI: A delegation of Pakistan Handicrafts Association (HAP) headed by its President Fahad Barlas called on newly elected President Rawalpindi Chamber of Commerce and Industry (RCCI) Saboor Malik here at Chamber House on Thursday. HAP President shared the calendar of HAP activities with RCCI President and said that the work of artisans would be highlighted with the cooperation of all ... Read More »

GRASP comes at appropriate time with finalization of SME Policy: Razak Dawood


ISLAMABAD: Advisor to Prime Minister for Commerce Abdul Razak Dawood said the Growth for Rural Advancement and Sustainable Progress (GRASP) had come at the most appropriate time when Pakistan was geared toward finalization of SME Policy. Speaking to the participants of first stakeholders’ consultation for GRASP, the Advisor said that the Small and Medium Enterprises (SMEs) make up the bulk ... Read More »

Punjab to launch ePay mobile app


LAHORE: The Punjab government is set to launch ePay, a mobile application, on Friday for all business-to-government (B2G) and public-to-government (P2G) payments in order to facilitate the public and improve country’s revenue collection through easy payment solution. According to media, the application has been jointly developed by the Punjab Finance Department and the Punjab Information Technology Board (PITB), said Provincial ... Read More »

FBR transfers 14 inspectors & 1 IO of BS-16 with immediate effect

FBR 15

ISLAMABAD: Federal Board of Revenue (FBR) issued notification for transfers of following inspectors of BS-16 of customs department with immediate effect and until further orders:- Details are as under: Inspector Syed Zeeshan Haider is transferred from Appraisement Lahore to Collectorate of Customs Preventive Multan. Inspector Farhan Aziz Tarar is transferred from Appraisement Lahore to Collectorate of Customs Sialkot. Inspector Sidra ... Read More »

Egypt shows keen interest to invest in food sector


ISLAMABAD: Egyptian businessmen on Thursday expressed confidence in the vision of Prime Minister Imran Khan and his business-friendly policies, saying that the Egyptian companies were keen to invest heavily in Pakistan. A delegation of leading Egyptian businessmen had called on Prime Minister Imran Khan in Islamabad. The business community of Egypt fully recognises the vision and leadership qualities of PM ... Read More »

Foreign exchange reserves fall by $769m to $15b


KARACHI: Pakistan’s total foreign exchange reserves declined by $769 million to $15 billion by week ended September 27, 2019, State Bank of Pakistan (SBP) said on Thursday. The total foreign exchange reserves of Pakistan declined by $768.9 million to $15.003 billion by week ended September 27, 2019 as compared with $15.772 billion a week ago. The official reserves held by ... Read More »

Sheikh Rasheed inaugurates new freight train in Karachi


KARACHI: Minister for Railways Sheikh Rasheed Ahmed here on Thursday inaugurated a new freight train in Karachi. Addressing the inauguration ceremony, Sheikh Rasheed said, “During the first year of incumbent government, the traffic of freight train has been doubled while the number of passenger of Pakistan Railways has also been increased.” The minister vowed the speed of the passenger train ... Read More »

PSX gains 389 points as COAS meeting boost confidence


KARACHI: The stock market gained 389 points on Thursday as sentiments of business community were high after meeting with Chief of Army Staff (COAS). The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 32,752 points as against 32,363 points showing an increase of 389 points. Analysts at Arif Habib Limited said that the market stayed pumped up the ... Read More »

Gold moves up Rs900 per tola


KARACHI: Gold rates in the local market moved up by Rs900 to Rs87,400 per tola on Thursday, according to media. Rate of 10 grams of the yellow metal saw an increase of Rs772 and clocked in at Rs74,931. Meanwhile, Gold prices were little changed today in the global market, following a jump of more than 1% in the previous session, ... Read More »

All CPEC projects will be completed without any delay: Envoy Naghmana Hashmi


BEIJING: Pakistan Ambassador to China Naghmana Alamgir Hashmi has said that there will be no delay in the implementation of projects related to China-Pakistan Economic Corridor (CPEC). She said: “There is absolutely no deliberate delay in completing any of the CPEC’s projects, this is a totally wrong impression that the implementation process is being slow-downed.” “All projects have the full ... Read More »

Quetta Customs foils bid to smuggle huge quantity of smuggled goods


QUETTA: Collectorate of Customs Preventive team foiled a bid to smuggle huge quantity of foreign origin non-duty paid goods near Lakpas check post. Sources told Customs Today that Collector Preventive Dr. Iftikhar Ahmad received credible information about smuggling of foreign origin goods through passenger buses. He directed Additional Collector Jamil Baloch, Assistant Collector Saleem Tahir and Superintendent Aslam Khan to ... Read More »

KPT shipping intelligence report Oct 3

port and shipping

KARACHI: The Karachi Port Trust (KPT) issued the following shipping report for the last 24 hours, ending 0700 hours on Thursday. ALONG SIDE (Bulk Oil Pier) OP-II Nordic Anne D. Mogas Alpine 02/10/19 ALONG SIDE (East Wharves): 1/2 Stolt Courage L. Ethanol East Wind 02/10/19 2 Red Fin L. Clinkers OC-Services 03/10/19 5 ALentejo D. Dap Bulk-Sh. 24/09/19 10/11 Atlantic ... Read More »

Oil steadies in rebound after jitters over economic outlook, U.S. inventories


SINGAPORE: Oil futures rebounded on Thursday, reversing losses earlier in the day, as fears over the worsening global economic outlook that hit prices hard in the previous session gave way to modest hopes for progress in resolving the U.S.-China trade war. Brent crude oil futures LCOc1 edged 10 cents higher, or 0.2%, to $57.79 a barrel by 0209 GMT, after ... Read More »

Top businessmen meet COAS Gen Bajwa at Army House


RAWALPINDI: Top business leaders of the country called on Chief of Army Staff (COAS) General Qamar Javed Bajwa on Wednesday night to convey their serious concerns about Pakistan’s stagnating economy. According to sources, the businessmen met General Bajwa at a dinner reception at the Army House in Rawalpindi. The main concern for the businessmen was that the government does not ... Read More »