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Author Archives: CT Report

Remittances from overseas Pakistanis in Jan up by 19pc: PM Imran

ISLAMABAD:  Prime Minister Imran Khan Monday said remittances from overseas Pakistanis were $2.27 billion in January 2021, which were up by 19% as compared to January 2020. The premier took to Twitter and said the remittances remained above $2 billion for eighth consecutive month, up by 24% to date in this fiscal year as compared to the last. This is ... Read More »

FBR Chairman Javed Ghani directs stern action against trade of counterfeit, smuggled cigarettes

ISLAM The Federal Board of Revenue Chairman Javed Ghani has directed the Inland Revenue and Customs field formations to beef up the enforcement measures to control trade of counterfeit and smuggled cigarettes. The chairman FBR has issued directives to expedite the administrative and enforcement measures against the trade of counterfeit, non-duty paid and smuggled cigarettes. During the period July 2020 ... Read More »

ECP seeks data on Senate election nominees from FBR, NAB & SBP

ISLAMABAD: The Election Commission of Pakistan wants the Ministry of Interior, Federal Board of Revenue, National Accountability Bureau and State Bank of Pakistan to verify the data of candidates contesting the Senate polls. ECP has asked all four bodies to give verifications. NAB has to inform ECP if a candidate has ever been convicted or accused in any case, FBR ... Read More »

FBR asks taxpayers to update profile to remain in ATL, skip penalty by March 31

ISLAMABAD: Federal Board of Revenue (FBR) has asked taxpayers  to update their profile by March 31, 2021, to avoid penalty and exclusion from Active Taxpayers List (ATL). The last date for updating the profile was December 31, 2020, which was extended by the Federal Board of Revenue (FBR) up to March 31, 2021, considering the problems faced by the taxpayers. ... Read More »

SBP allows housing loan on personal guarantee

KARACHI: The State Bank of Pakistan (SBP) on Monday eased condition for availing loan for housing loan by allowing personal guarantee. The SBP said that currently applicants face difficulties in obtaining housing finance, especially for low cost housing, as banks are reluctant to take the risk of the house not being completed or documentation completion. The completion of housing unit ... Read More »

KP govt plans three more industrial estates

PESHAWAR: The Khyber Pakhtunkhwa government is planning to launch three industrial estates in Chitral, Ghazi (Swabi) and Bannu under its revised Industrial Policy 2020-30. According to a report that quoted officials privy to the matter, the projects are now in final stages and would witness groundbreaking soon. The government has also laid down a solid framework for the province’s industrialisation ... Read More »

Govt extends NAB Prosecutor General Asghar Haider’s tenure for three years

ISLAMABAD: The Ministry of Law on Monday notified a three-year extension in the tenure of National Accountability Bureau (NAB) Prosecutor General (PG) Syed Asghar Haider. According to the notification, his tenure has been extended from the date (January 28) his previous three-year term ended. Haider, a retired judge, was appointed in Jan 2018 following the Supreme Court’s intervention. The then ... Read More »

Hafeez directs to monitor prices of essential commodities to avoid hoarding & black marketing

ISLAMABAD: Federal Minister for Finance and Revenue, Dr. Abdul Hafeez Shaikh, chaired the weekly meeting of National Price Monitoring Committee (NPMC) held at the Finance Division today. During the meeting he directed the Provincial and District administrations to proactively monitor the prices of essential commodities to avoid hoarding and black marketing effectively. Federal Minister for Industries and Production Hammad Azhar, ... Read More »

Collector Irfan Javed’s Quetta Customs seizes smuggled goods worth Rs300m

QUETTA: Collectorate of Customs Enforcement and Compliance (E&C) with the assistance of Frontier (FC) Corps Balochistan has seized smuggled goods worth Rs300 million from compound at Sherinab area of Lakpass . Sources told that Collector Preventive Irfan Javed directed anti-smuggling squads comprising Additional Collector Yasir Wahab Kalwer, Deputy Collector Akber Jaan, Superintendent Tariq Sultan and Inspector Shehzad Akbar to adopt ... Read More »

Gold traded at Rs111,000 per tola in Pakistan on February 13

KARACHI: A single tola of 24-karat gold in Pakistan was sold for Rs111,000 on Saturday, February 13, at the opening of the bullion market. Likewise, 10 grams of 24k gold was sold for Rs95,165 at the opening of trading. Meanwhile, 10 grams of 22k gold was traded for Rs87,234. The price of the precious metal had dropped by Rs800/tola during ... Read More »

Tax reforms introduced in country starting to pay dividends: FBR

ISLAMABAD: The Federal Board of Revenue (FBR) claimed that the tax reforms introduced by the country’s tax authority have started paying dividends. The FBR said it had introduced multiple tax reforms in line with the vision of the Prime Minister. The country’s premier tax collection agency said that it has gathered data from different utility agencies and other departments to ... Read More »

Collector Irfan Javed’s Quetta Preventive seizes smuggled goods worth Rs126m

QUETTA: Collectorate of Customs Preventive impounded huge quantity of smuggled goods wroth Rs126 million during intelligence based operations (IBOs). Sources told that Collector Preventive Irfan Javed directed anti-smuggling squads comprising Additional Collector Yasir Wahab Kalwer, Deputy Collector Akber Jaan, Superintendent Tariq Sultan and Inspector Shehzad Akbar to adopt comprehensive policy against smuggling and also enhance vigilance on the movement of ... Read More »

FBR launches first phase of pre-filing in tax returns

ISLAMABAD: Federal Board of Revenue (FBR) launched first phase of pre-filling of some information enabled for individual taxpayers in annual income tax returns. In a statement regarding ongoing reform process, the FBR said that those efforts were bearing fruit. According to the statement, FBR has designed simplified income tax returns for individuals and small & medium enterprises (with turnover less ... Read More »

FBR starts preparation for digitized land record of DIKhan, Tank, Swabi, Charsadda

PESHAWAR: Federal board of Revenue (FBR) starts preparation to digitize land record of Qannon-go Circle, Patwar Circles and Villages situated in DIKhan, Swabi, Tank and Charsadda. In this connection, the Revenue Estate Department of FBR Khyber Pakhtunkhwa here Friday issued four separate notifications for each district. It was said after complete digitized edition the manual transfer of the lands would ... Read More »

Industrial output grows 11.4pc in December

ISLAMABAD: The Large Scale Manufacturing Industries (LSMI) production grew by 11.40 percent on year-on-year basis during the month of December 2020 as compared to the corresponding month of last year, Pakistan Bureau of Statistics (PBS) reported. LSMI Quantum Index Number (QIM) was recorded at 167.21 points during December 2020 against 150.11 points during December 2019, showing positive growth of 11.4 ... Read More »

Weekly inflation rises 80bps due to recurring increase in petroleum prices

ISLAMABAD: The recurring surge in the petroleum product costs has reflected harmfully on the essential commodities as inflation statistics expressed Friday an incremental rise attributable to the costs of transportation as collective price index crosses 9 per cent. The surge in many essential commodities is noticed during the past week which translates to a collective weekly inflation rise of over ... Read More »

480m dollars sent through Roshan Digital Accounts: Reza Baqir

KARACH: Governor State Bank of Pakistan (SBP) Reza Baqir on Friday said that overseas Pakistanis from 97 countries had open Roshan Digital Accounts (RDA) and thus now were connected to Pakistani banking. Addressing as a chief guest at a launch event of HabibMetro Roshan Digital Account at a local hotel, SBP Governor said that Non Resident Pakistanis (NRPs) and Resident ... Read More »

Jordan desires enhanced trade ties with Pakistan: envoy

ISLAMABAD: Jordanian Ambassador to Pakistan Ibrahim Almadani vowed to facilitate Pakistani businesses that want to explore investment opportunities in Jordan and form joint ventures with Jordanian companies. The comments come a day after the Jordanian envoy, along with Dr Maen Khareasat, minister plenipotentiary at the Jordan embassy, visited the Islamabad Chamber of Commerce and Industry (ICCI). Taking to a foreign ... Read More »

Circular debt rising by Rs45b per month, NA panel told

ISLAMABAD: Pakistan’s circular debt is increasing by Rs45 billon per month due to continuous increase in payables and late payment surcharge. The Ministry of Finance revealed this during a meeting of the National Assembly’s Standing Committee on Finance and Revenue, which was held on Friday under the chairmanship of MNA Faizullah. Finance Secretary Kamran Ali Afzal briefed the committee on ... Read More »

Pakistani rupee continues rally against US dollar

KARACHI: The Pakistani rupee continued to strengthen against the United States (US) dollar on Friday as it appreciated by 25 paisa against the greenback in the interbank. According to the State Bank of Pakistan (SBP), the dollar closed at Rs158.82 against the local currency as compared to yesterday’s closing rate of Rs159.07. Last year in November, the rupee had hit ... Read More »