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Author Archives: Saqib

Mobilink launches world cup cricket polls for users

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ISLAMABAD: To commemorate the spirit of the ongoing Cricket World Cup 2015 and channel the passion of Pakistani supporters, Mobilink launched World Cup Cricket Polls service for its subscribers. The service enables users to share their opinion of the live match proceedings with other fans and get to know how many people agree with their point of view few moments ... Read More »

LCCI urges Bajwa to take notice of non acceptance of refund applications by RTO

Ijaz A Mumtaz

LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) on Thursday urged the Federal Board of Revenue to take notice of non acceptance of Refund applications from the sectors covered under SRO 1125 by RTO Lahore. In a statement issued here, the LCCI President Ijaz A. Mumtaz said that the Lahore Chamber of Commerce & Industry had received a number ... Read More »

Customs fighting cases of Rs 220m worth illegal items in courts

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Customs court orders one-week imprisonment, Rs 20,000 fine for driver of smuggled vehicle

ISLAMABAD: Customs, Anti-Smuggling and Taxation Special Judge Chaudhry Mumtaz Hussain has ordered one-week imprisonment and a fine of Rs 20,000 for Khayal Zaman, the driver of a non-duty paid vehicle Hilux Surf. According to details, the Model of Customs Collectorate Islamabad Investigation and Prosecution impounded a non-duty paid 1999 model Toyota Hilux Surf with registration number JAF-455 from Peshawer-Talagang Motorway. ... Read More »

Police impound 117 unregistered motorcycles in 24hrs

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MULTAN: Police claimed to have impounded 117 motorcycles without registration in a special drive across the district during the last 24 hours. Earlier, the Excise Office Multan registered 353 motorcycles. According to official sources these motorcycles were registered due to the ongoing campaign. Police said a crackdown against unregistered motorcycles without has been launched to control crimes in the district ... Read More »

Port Qasim witnesses heavy traffic, berth occupancy left to 55pc

Port Qasim

KARACHI: Six ships carrying containers, chemical, furnace oil and edible oil berthed at Qasim international Containers Terminal, multi Purpose Terminal, Engro Vopak Terminal, FOTCO Terminal and Liquid Cargo Terminal respectively. Meanwhile, five more ships carrying containers, LPF Mix and edible oil also arrived at outer anchorage of Port Qasim during last 24 hours. Berth occupancy was 55% at the port ... Read More »

FBR raises WHT by 1.5 percent for non-filer manufacturers

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KARACHI: The Federal Board of Revenue (FBR) has increased withholding tax by 1.5 percent for non-filer manufacturers, intending to increase the number of active taxpayers. The FBR in a circular on Thursday notified different withholding tax rates at the import stage for filers and non-filers. “The withholding tax rate would be one percent under Section 148 of Income Tax Ordinance, ... Read More »

ANF recovers 680kg heroin, 120kg charas, 8.4kg opium worth Rs 4.66b

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ISLAMABAD: An Anti-Narcotics Force (ANF) has recovered 680kg heroin, 120kg charas and 8.4kg opium in six operations conducted at Pishin, Chaman, Karachi, Shikarpur, Peshawar and Sargodha. During the operations, the ANF also arrested four drug offenders and seized two vehicles from their possessions. The total value of all the recovered drugs is approximately Rs 4.66 billion in international market, said ... Read More »

FBR seizes 32 accounts of Wapda over non-payment of Rs 6 billion general sales tax

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LAHORE: The Federal Board of Revenue (FBR) has seized 32 accounts of Water and Power Development Authority (Wapda) due to non payment of sales tax. As per details, Wapda was liable of paying Rs 6 billion as GST on production of hydro power, for which Federal Board of Revenue (FBR) issued notice. After receiving notice, Wapda filed a petition challenging ... Read More »

LCCI signs MoU with Turkish counterparts

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LAHORE: Turkey is a time-tested friend and can play an important role in economic turnaround of Pakistan. In a statement issued here on Wednesday, Lahore Chamber of Commerce & Industry (LCCI) President Ijaz A. Mumtaz, who had also signed a Memorandum of Understanding (MoU) with his Turkish counterpart in the presence of Turkish Primer Ahmet Davutoglu and Prime Minister Mian ... Read More »

World Bank mission calls on CM

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LAHORE: World Bank Mission led by Vincent Paul Med called on Punjab Chief Minister Muhammad Shahbaz Sharif, here today. Institutional reforms, expediting the pace of social development, increasing resources and improvement of governance were discussed during the meeting. Speaking on the occasion, Chief Minister said that institutional reforms are necessary for the provision of speedy facilities to the people. He said that Punjab government is introducing ... Read More »

Forex Association issues opening rates of foreign currency

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KARACHI: Forex Association of Pakistan (FAP) issued following opening rates of foreign currencies in kerb market, here on Tuesday.   F.C.                                      LOW RATE      HIGH RATE   U.S $ (Inter Bank)                 101.23         101.28 U.S $ (Cash Free Market)     101.40         101.60 EURO                                       114.35         114.60 U.K. POUND                           154.00         154.25 JAPANI YEN                         ... Read More »

Forex Association issues opening rates of foreign currencies in kerb market

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KARACHI: Following were the opening rates of foreign currencies in kerb market, issued by Forex Association of Pakistan (FAP) here on Wednesday.   F.C.                                      LOW RATE      HIGH RATE   U.S $ (Inter Bank)                 101.20         101.25 U.S $ (Cash Free Market)     101.50         101.70 EURO                                       116.20         116.45 U.K. POUND           ... Read More »

Cotton Association issues spot rates for local dealing

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KARACHI: Karachi Cotton Association (KCA) on Monday announced the following KCA Spot rates (Crop 2014-2015) for local dealing in Pak rupees for base grade 3 staple length 1-1/16″ Micronaire value between 3.8 to 4.9 NCL.   Rate                  Ex-Gin         Up-country          Spot Rates for                      Price            Expenses              Ex-Karachi 37.324 kgs       4,850                150                       5,000 Equivalent 40 kgs                5,198               160                        5,358 Read More »

Dar reaches Dubai to lead Pak team in IMF talks

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ISLAMABAD: Finance Minister Ishaq Dar arrived in Dubai on Monday to lead Pakistan’s team in talks with the International Monetary Fund (IMF) for the release of next tranche of $ 550 million. A team of officials from ministries of Finance, Water and Power and Petroleum was already in for necessary preparation and undertaking preliminaries, said a Finance Ministry press release ... Read More »

Deadline for filing tax returns ends at midnight

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LONDON: A million taxpayers who need to submit a self-assessment tax return must do so by midnight January, 31. Those who fail to meet the deadline for online returns risk incurring a £100 fine. A record 11 million people are required by their tax arrangements to submit a return. Most now do so online and as that can be done ... Read More »

Textile industry faces crisis, Rs205b stuck with FBR

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FAISALABAD: Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA) Central Chairman Ijaz Khokhar and Vice Chairman North zone Malik Naseer in a joint statement said value-added textile sector was facing serious financial crisis, because more than Rs 205 billion of value-added textile chain has been stuck up with the government. Federal Board of Revenue (FBR) has still withheld more than ... Read More »

FBR’s revenue collection improves by 13pc after seven months

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ISLAMABAD: The provisional revenue collection of the Federal Board of Revenue (FBR) was Rs 1,336 billion during July-January (2014-15) against Rs 1185 billion in the corresponding period of 2013-15, reflecting a growth of 13 percent. According to the provisional data released by the FBR the revenue collection during January amounted to Rs 170 billion against Rs 165 billion amassed last ... Read More »

KCCI requests FBR to elucidate Sales Tax notices issue

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KARACHI: Karachi Chamber of Commerce and Industry Senior Vice President Muhammad Ibrahim Kasumbi has requested the Federal Board of Revenue (FBR) to order the concerned authorities for clarifying the issue of Sales Tax notices which are being constantly issued to taxpayers. SVP KCCI in a letter issued to Shahid Hussain Asad, Member IR Policy FBR advised to make necessary announcements ... Read More »

FBR Rs134b behind tax collection target after seven months

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ISLAMABAD: Government is struggling to achieve its annual revenue collection target of Rs 2.8 trillion, as the tax collection shortfall reached to Rs 134 billion during seven months (July-January) of the ongoing fiscal year 2014-15. The Federal Board of Revenue (FBR) has provisionally collected Rs 1336 billion during July-January of FY 2014-15 as against the target of Rs 1470 billion ... Read More »