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Author Archives: CT Report

Appeal to PM: An insight to ensure voluntary tax compliance

 Mir Abdullah Haroon It is a widespread belief that our people are obsessed with standing out and protocols hence, the mainstream VIP culture.  Although cognizant but one fails to conceive the extent to which this addiction exceeds to. My father working as the Protocol Officer to the Prime Minister had the first-hand experience to have a glimpse of how this ... Read More »

Pak rupee touches one-year high against US dollar

KARACHI: Pakistani rupee extended gains against the United States (US) dollar at the start of Wednesday’s trading in the inter-bank market, touching a one-year high, reported ARY News. According to foreign currency dealers, the local currency appreciated by 38 paisa to 157.47 against the greenback. Yesterday, the dollar had closed at Rs157.85. Economic analysts say the rupee appreciation is a ... Read More »

Pakistan’s imports increases by $2.085b: Razak Dawood

ISLAMABAD: Adviser to Prime Minister for Commerce and Investment, Abdul Razak Dawood said that Pakistan’s imports increased by $ 2.085 billion during July to February 2021 as compared to the same period in last Fiscal Year 2020. The Ministry of Commerce (MOC) had conducted a preliminary analysis of this increase in import , the adviser said this on his official ... Read More »

FBR extends pre-arrival customs clearance facility to five airlines

ISLAMABAD: Federal Board of Revenue (FBR) said that it has extended the pre-arrival custom clearance facility to five airlines. A FBR spokesman on a pilot project on customs clearance in the Sky that was started with Qatar Airways has now been rolled out to five other airlines. Urgent shipments on Turkish Airlines, Fly Dubai, Air Arabia and YTO cargo are ... Read More »

Bangladesh HC visits RCCI, assure full cooperation for promoting bilateral trade ties

RAWALPINDI:  High Commissioner of Bangladesh H.E. Ruhul Alam Siddique  visited the Rawalpindi Chamber of Commerce and Industry (RCCI) here on Tuesday. President Mohamamd Nasir Mirza, Senior Vice President Osman Ashraf, Vice President Shahraiz A Malik, former presidents, members of the executive committee and chamber members were also present on the occasion. Talking to the President of the Chamber Nasir Mirza, ... Read More »

FBR directs Multan Customs to deploy staff for monitoring of dry port gates

MULTAN: The Federal Board of Revenue (FBR) has directed Collector Customs Enforcement & Compliance (E&C) Multan to deploy relevant staff from Enforcement may be transferred/posted into Appraisement as the function of monitoring of gates of dry ports and Custom border stations has been given to Customs Appraisement Faisalabad. Collectorate of Customs Enforcement & Compliance (E&C) Multan was performing the responsibility ... Read More »

FBR devises mechanism for release of consignments stuck-up at Karachi ports

ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday devised a mechanism for release of imported goods of FATA/PATA residents stuck-up at Karachi ports. A meeting was held under the Chairmanship of the FBR chairman with Inland Revenue-Operations and Customs Operations Wings to sort out the issues of imported goods of FATA/PATA residents stuck-up at Karachi Ports, Consumption/Installation Certificates, Postdated Cheques ... Read More »

South Punjab exporters express dismay over unnecessary delay in grounding of export shipments at PICT

MULTAN: South Punjab exporters and Customs Clearing agents are upset over the unnecessary delay in the grounding and examination of export consignments at Pakistan International Container Terminal (PICT). South Punjab renowned exporter Mian Israr Ahmad Awan informed Customs Today that whenever import consignments were delayed the importers had to pay demurrage charges but in case of exports if the container ... Read More »

Bank of Khyber posts Rs2.15b profit for 2020

PESHAWAR: The Bank of Khyber (BoK) closed the previous year with a historic profit before tax (PBT) of Rs3, 806 million, while profit after tax (PAT) clocked in at Rs2,151 million as compared to Rs1,306 million for the same period of 2019. The bank maintained a strong payout to shareholders, declaring dividends of Rs1.5 billion for year 2020 (Rs1.5 per ... Read More »

FBR starts harmonizing IR codes to simplify & consolidate tax laws

ISLAMABAD: Federal Board of Revenue (FBR) has started harmonizing Inland Revenue codes in order to simplify and consolidate the tax laws. According to sources, the harmonization of IR codes has been started under World Bank funded ‘Pakistan Raises Revenue Project’.  The FBR said that it had received financing from the World Bank towards the cost of the Pakistan Raises Revenue ... Read More »

Exports drop 4.5pc in February

ISLAMABBAD: Pakistan’s exports fell by over four per cent in February as compared to the corresponding period from a year ago after recording growth in the past four months, data released by the Ministry of Commerce. According to a local media report that analysed the data, export proceeds fell to $2.044 billion in February, down by 4.5pc from $2.14bn in ... Read More »

Govt collects Rs679b PDL during last three years

ISLAMABAD: The federal government has collected around Rs679 billion on account of the Petroleum Development Levy (PDL) during the last three years to meet the country’s budgetary revenue targets. The petroleum levy collection stood at Rs179 billion in the fiscal year 2017-18, Rs206 billion in 2018-19 and Rs 294 billion in 2019-20, according to an official document available with APP. ... Read More »

Private LNG import likely to start in April, May

ISLAMABAD: The award of unutilised Liquefied Natural Gas (LNG) terminal capacity is currently in process, following which the private sector is likely to start the import of LNG in April or May. According to a senior official privy to petroleum sector developments, a similar trend of importing LNG through private firms may be seen in the future. At present, the ... Read More »

Consumer inflation rises to four-month high

ISLAMABAD: The Pakistan Bureau of Statistics (PBS) has said that the Consumer Price Index-based inflation rate in Pakistan has surged to a four-month high in the month of February 2021. According to Pakistan Bureau of Statistics (PBS), the Consumer price Index (CPI) based monthly inflation increased by 8.7 percent on year-on-year (YoY) in February 2021 as compared to an increase ... Read More »

RCCI Build 2021 and Construction Trade Fair ends on a high note

RAWALPINDI: The first Build 2021 and Construction Trade Fair being organized by the Rawalpindi Chamber of Commerce and Industry (RCCI) ended on a high note at Topi Rakh Complex Ayub Park Rawalpindi. On the third day of Expo, High Commissioner of Sri Lanka Vice Admiral Mohan Wijewickrama and South African High Commissioner Mthuthuzeli Madikiza visited different stalls and appreciated the ... Read More »

Eurobonds, Sukuks granted income tax exemption by FBR

ISLAMABAD: Federal Board of Revenue (FBR) granted income tax exemption on profits derived by foreign nationals on yield of Eurobonds and International Sukuk issued by the government of Pakistan. In this regard the FBR issued two notifications to make changes in Income Tax Ordinance, 2001. The FBR issued SRO 268(I)/2021 and SRO 269 (I)/2021. The FBR granted the exemption while ... Read More »

M/s Agha Steel posts 1.05b profit for July-Dec FY21

KARACHI: Agha Steel Industries announced its financial results for the half year ended on 31st December 2020. The company announced a cumulative profit after tax (PAT) of 1,057 million for the half year, while its PAT for October-December quarter clocked in at Rs548 million. The earning per share for the half year increased to Rs2.13 from last year’s Rs1.95. The ... Read More »

FBR suspends IR officer of BS 18 Jamshed Khan for four months

ISLAMABAD: Federal Board of Revenue (FBR) suspended a BS-18 officer of Inland Revenue Service (IRS) for four months with immediate effect. A notification said that the FBR while exercising powers conferred under Rule 5 of the Civil Servants (Efficiency & Discipline) Rules, 2020, placed Muhammad Jamshed Khan (IRS/BS-18), presently posted as deputy commissioner, Regional Tax Office, Rawalpindi under suspension for ... Read More »

Pakistan improves position on WB Ease of Doing Business Index: report

ISLAMABAD: Pakistan has improved its position on World Bank (WB) Ease of Doing Business Index for the second consecutive year, according to the annual report issued by Security and Exchange Commission of Pakistan (SECP). As per World Bank’s latest rankings on ease of doing business for 2020, Pakistan has improved its position by 28 points from 136 to 108 which ... Read More »

ATL registers 30pc drop

ISLAMABAD: The number of active taxpayers has declined by 30 per cent or 935,000 to just under 2.2 million, according to the latest Active Taxpayers List (ATL) released by the Federal Board of Revenue (FBR). The 2.2 million tax return filers were just one-third of those who have valid National Tax Numbers (NTNs) and are doing business in Pakistan but ... Read More »