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Author Archives: CT Report

Govt maintains POL products prices for April

ISLAMABAD: Prices of petroleum products will be maintained effective April 1, a spokesperson for the Petrol Division said Tuesday. According to the spokesperson, the per litre prices of petrol, diesel, kerosene oil, and light diesel will be maintained at Rs96.58, Rs107.25, Rs77.45, and Rs62.51, respectively. On the other hand, the Oil and Gas Regulatory Authority (OGRA) issued a notification on ... Read More »

FBR extends sales tax, FED payment date up to April 12

ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday extended the last date for payment of sales tax and federal excise duty up to April 12, 2020 for the month of February 2020. The FBR further extended the date for payment of sales tax and FED, which was previously extended up to March 31, 2020. The actual date for payment of ... Read More »

No shortage of food commodities in country: Hammad Azhar

ISLAMABAD: Federal Minister for Economic Affairs, Hammad Azhar on Tuesday dispelled the impression that the country is facing flour crisis and warned that those involved in hoarding will be dealt with iron hands. Addressing a press conference along with Federal Minister for Planning Asad Umar and Special Assistant on National Health Services Dr Zafar Mirza, he said that there was ... Read More »

OGRA reduces LPG price by Rs39 per kg

ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) has notified a decrease in the price of locally produced Liquefied Petroleum Gas (LPG) by Rs39 per kilogram from April. According to a notification, the price of an 11.8kg domestic cylinder has been decreased by Rs462.78, while the price of a commercial cylinder has been slashed by Rs1,781. The price of a ... Read More »

Bull-run continues at PSX as benchmark index gains 1208.24 points

KARACHI: Pakistan Stock Exchange (PSX) on Tuesday witnessed bullish trend as KSE-100 index closed at 29,231.63 points as compared to 28,023.39 points on the last working day with the positive change of 1208.24 points (4.31 %). A total of 221,865,742 shares were traded compared to the trade 159,469,826 shares during the previous day, whereas the value of shares traded during ... Read More »

Shipping activity at Port Qasim on March 31

KARACHI: Shipping activity remained active at the Port where six ships, Aga Memnon, Kota Naked, MSC Noa, Pacific Honor, Tiger Winter and Gas log Chelsea carrying Containers, Coal, Chemicals and LNG were allotted berths at Qasim International Container Terminal, Pakistan International Bulk Terminal, Multi-Purpose Terminal and Engro Elengy Terminal respectively on Monday. A total of ten ships were eoccupied at ... Read More »

US dollar gains 56 paisa against Pak rupee in interbank market

KARACHI: The US dollar gained 56 paisa against the Pakistani rupee to close at Rs166.70 in the interbank market, according to media reports. During early trading on the second business day of the week, the greenback, for a short span, traded below Rs 166 but regained its value afterwards. Let it be known that the US dollar climbed 60 paisa ... Read More »

FBR to introduce transparent central system for refunds

ISLAMABAD: Federal Board of Revenue (FBR) is going to introduce transparent central system for issuance of refunds. The FBR has stated that in compliance of decision taken by federal government to address the grievance of business community, the FBR is in process of devising a transparent centralized system for issuance of income tax, sales tax and duty drawback refunds to ... Read More »

Call to reform customs duty, double taxation system

LAHORE: There is an urgent need of reforming and simplifying customs duty and taxation system with the consultation of real stakeholders, besides addressing the issue of double taxation through integration of provincial and federal governments laws and harmonization of FBR and Punjab Revenue Authority (PRA). These views were expressed by the Pakistan Industrial & Traders Association Front prominent leader Engr. ... Read More »

Revenue target: FBR seeks exemption of field officers from lockdown

ISLAMABAD: In the wake of current lockdown in the country due to fast spreading of coronavirus (COVID-19), the Federal Board of Revenue (FBR) has urged the federal and the provincial governments to grant exemption to field officers of Customs and Inland Revenue from the lockdown to meet revenue targets, a local newspaper reported. The FBR wants field officers fully functional ... Read More »

Asia markets mostly up after Wall St rally but nerves remain

HONG KONG: Most Asian equities enjoyed gains Tuesday following another rally on Wall Street, while oil bounced, with traders welcoming a surprise jump in Chinese factory activity, though analysts cautioned that the road ahead remained rocky for the global economy. The World Bank also warned that fallout from the coronavirus pandemic could bring China’s growth to a standstill, with even ... Read More »

SBP allows deferred payments on consumer loans for one year

KARACHI: State Bank of Pakistan (SBP) has allowed deferred payments on consumer loans for one year. Borrowers availing consumer finance (auto, housing, personal loans, credit card) and who were regular on their payments up till 31 Dec 19 can request banks to defer principal amount for 1 year without any fee or increase in markup. They will continue to service ... Read More »

US dollar gains 61 paisa against Pak rupee in interbank market

KARACHI: The US dollar gained 61 paisa against the Pakistani rupee to trade around Rs 166.75 in the interbank market, according to media reports on Tuesday. During early trading on the second business day of the week, the greenback, for a short span, traded below Rs166 but regained its value afterwards. Let it be known that the US dollar climbed ... Read More »

Local oil refining companies in trouble as demand falls due to lockdown

ISLAMABAD: Attock Refinery Limited (ARL) has closed down its largest plant, which was refining 26,000 barrels of crude oil per day, due to low uplift by oil marketing companies, according to media reports. The refinery’s top management, in a letter written on Monday to Secretary Petroleum Division Mian Asad, informed the government that oil marketing companies (OMCs) have not bought ... Read More »

Govt extends deadline for encashment of Rs40,000 prize bonds till June 30

ISLAMABAD: Amid lockdowns enforced in Sindh and other parts of the country to arrest the spread of the coronavirus, the Government of Pakistan on Tuesday extended the deadline for encashment of Rs40,000 denomination national prize bonds to June 30. “The Finance Division with the approval of Minister-in-Charge, is pleased to extend the last date for encashment/redemption of Rs40,000/-denomination National Prize ... Read More »

Food group exports increase record 4.09pc during 8 months of FY20

ISLAMABAD: Food group exports during first eight months of current financial year grew by 4.09pc as compared to the exports of the corresponding period of last year. During the period from July-February 2019, food group worth $409,049 million were exported as compared to the exports of $408,072 million of same period of last year. According the data released by the ... Read More »

Coronavirus: Goods transporters facing hurdles due to lockdown

KARACHI: While the provincial governments have relaxed certain restrictions to ensure smooth supply of essential items in the country, truckers, however, good transporters are facing problems on the highways. According to the report, goods transportation activities have declined by 80 percent as hostelling and workshop facilities on highways remain suspended amid the lockdown. Transporters and retailers complain of various issues ... Read More »

Asia markets, US stock futures lose momentum as analysts warn China’s economy isn’t recovered

NEW YORK: US stock futures and Asian markets are losing momentum as analysts point out China’s economy isn’t fully recovered, despite its latest improvement in activities. Dow (INDU) futures lost 60 points, or 0.3%, after rising as much as 0.8% in earlier trading. S&P 500 (SPX) and Nasdaq Composite (COMP) futures lost 0.2% each, also falling out of the green. ... Read More »

Police foils bid to smuggle 6000 bags of wheat near Sukkur

SUKKUR: The Sukkur police and Food department officials foiled a bid of smuggling of six thousand bags of wheat near Rohri, Sukkur district. District Food Controller (DFC), Sukkur, Vishan Das Talraija along with the police on Tuesday  a bid of smuggling of six thousand bags of wheat to Punjab at the Rohri Bypass in Sukkur. He said there was a ... Read More »

Car sales decline 43pc in eight months of FY20

ISLAMABAD: The sale and production of cars dipped by 43.37pc and 45.83pc, respectively, during the first eight months of the current financial year (2019-20) as compared to the corresponding period of last year. According to Pakistan Automobile Manufacturing Association (PAMA), as many as 79,537 cars were sold during the period under review as compared 140,462 units sold in 8MFY19, adding ... Read More »