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Author Archives: CT Report

Businessmen demands abolishing of tax audits amid Covid-19 

RAWALPINDI: Business community has demanded that the tax audits should be abolished amid Covid-19. No business audit should be done as businesses are struggling in these challenging times. These demands were unanimously adopted at the Twelfth all Pakistan Chambers Presidents Conference, organized by the Rawalpindi Chamber of Commerce and Industry (RCCI) via video link,  with a participation of more than ... Read More »

Coronavirus likely to distort economic fabric of Pakistan: Hafeez Shaikh

ISLAMABAD: Coronavirus led impacts are expected to deeply distort economic fabric of Pakistan, said Dr. Abdul Hafeez Shaikh, Advisor to the Prime Minister on Finance and Revenue. He called for demonstration of fiscally responsible attitude as corona led impacts are expected to deeply distort economic fabric of Pakistan. He has also called on all the federal ministries and divisions to ... Read More »

Sindh to resume public transport before or after Eid

  KARACHI: Sindh Transport Minister Syed Awais Qadir Shah has announced resumption of public transport in the province before or after Eid ul Fitr, without giving a specific date. Provincial transport minister in a statement said that SOPs for public transport have been prepared and medical teams are being constituted for the purpose. A four-point summary has been prepared and ... Read More »

ECC okays Emergency Cash Assistance for labours affected by COVID-19

ISLAMABAD: The Economic Coordination Committee of the Cabinet in its meeting approved the Emergency Cash Assistance (Criteria and Mechanism) to the labour whose livelihoods has been affected by the COVID_19 Pandemic. The announcement was made earlier by the Prime Minister and required the formal approval of the ECC. The meeting of the Economic Coordination Committee of the Cabinet was chaired ... Read More »

PSX witnesses bullish trend as index gains 203 points

KARACHI: Stocks rallied on the last session of the week as investors anticipated a rate cut in the country’s monetary policy, which was announced after the session’s conclusion. Breaking the selling pattern, foreign investors closed the previous session (Thursday) as net buyers, registering a net inflow of $0.069 million. According to analysts, the Pakistan Stock Exchange (PSX) remained positive throughout ... Read More »

SBP cuts key interest rate by one percent

KARACHI: The State Bank of Pakistan (SBP) on Friday cut its key interest rate by one percent. The new rate has come down from 9 percent to 8 percent. The State Bank’s Monetary Policy Committee announced the decision. The interest rate has been reduced keeping in view the coronavirus situation in the country. Earlier, the SBP announced that it will ... Read More »

Appraisement West seals Assessment Hall after two appraisers tested positive for COVID-19

KARACHI: Collectorate of Customs Appraisement West sealed Assessment Hall after two appraising officers (AOs) tested positive for corona virus. Sources told that two appraisers Asif Jamil and Khizar Hayat had been transferred from Karachi International Container Terminal (KICT) to Appraisement West. The Collector immediately directed to seal Assessment Hall which is being sanitized and disinfected using chemicals provided by Reliance ... Read More »

Govt decides to partially resume train service before Eid: sources

LAHORE: The federal government has decided to partially resume train service before Eid. According to sources, In first phase 24 trains will be operated and the Standard Operating Procedures (SOPs) have been finalised in this regard, sources said. It was further learnt that the offices of the railways will remain close and the tickets will be booked online only. The ... Read More »

Govt making efforts to control economic losses: Razak Dawood

FAISALABAD : Adviser to Prime Minister on Commerce, Textile and Investment Abdul Razak Dawood has said that the government is making efforts to control the economic losses incurred by fragile national economy in the wake of coronavirus lockdown. Talking to office-bearers of Faisalabad Chamber of Commerce & Industry (FCCI) through video-link, he discussed in detail the problems being confronted by ... Read More »

Asian markets mixed at end of a uneasy week

HONG KONG: Most markets were mixed Friday, at the end of a tough week for global equities that have been wracked by worries over a second wave of infections, rising China-US tensions and uncertainty about how long any economic recovery will take. A generally downbeat mood was compounded by another spike in US jobless claims and overshadowed news several countries ... Read More »

Coronavirus outbreak: Pakistan extends suspension of int’l flight operations till May 31

ISLAMABAD: Pakistan has extended the ban on international flight operations till May 31, announced the Civil Aviation Authority (CAA) on Friday. “As per the decision of the GoP, the suspension of international flight operations as effected earlier has been extended up to Sunday, May 31, 2020 at 2359 hours PST. Remaining provisions as applicable to the suspension of international flights ... Read More »

FPCCI recommends audit exemption for commercial importers

KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has recommended to allow immunity to commercial importers from audit. In its proposals for budget 2020/2021, the FPCCI said that under the last year’s audit policy, the commercial importers who pay advance value added Sales Tax at 3 percent at customs stage were exempted from audit vide Clause 58-E(2) of ... Read More »

FBR proposed to reduce import duty on smartphones

ISLAMABAD: Federal Board of Revenue (FBR) has been urged to reduce customs duty on import of smartphones for the growth of economy. In its proposals for budget 2020/2021 submitted to FBR, the Overseas Investors Chamber of Commerce and Industry (OICCI) said that after the implementation of DIRBS and accompanying tax increase, the smartphone penetration in the country has dropped by ... Read More »

FBR allows filing annex-H for July-Dec up to June 30

ISLAMABAD: Federal Board of Revenue (FBR) on Friday announced extension in date for filing annexure-H (stock position) up to June 30, 2020 for the period July – December 2019. Filing Annexure-H is mandatory for taxpayers to claim sales tax refunds. In an official memorandum issued, the FBR extended the time limit for filing of Annexure – H for the tax ... Read More »

No downgrading of Pakistan’s B3 rating by Moody’s: MoF

ISLAMABAD: The Ministry of Finance has said that the rating review conducted by Moody’s Investor Service on 14th May 2020 does not downgrade Pakistan’s B3 rating. In a statement on Friday, the Ministry has said that the Moody’s Investor Service has only placed the current rating under review for downgrade in case the G-20 Covid-19 Debt Service Suspension Initiative (G-20 ... Read More »

IMF assures Pakistan of support to sustain impact of coronavirus

ISLAMABAD: International Monetary Fund (IMF) has assured Pakistan that it will support the country as it faces an unprecedented economic shock due to the coronavirus pandemic as the country is set to miss almost all the economic targets during the current fiscal year. “IMF would continue to cooperate with Pakistan for sustainable economic growth in future,” the Fund’s Resident Representative ... Read More »

Stocks drop for third day as recovery hopes falter

NEW YORK: World stock markets fell for a third day running on Thursday after a sobering warning from the World Health Organisation that the coronavirus may never go away. The head of the Federal Reserve quashed talk of US interest rates going negative to kickstart investment and new outbreaks of the virus in South Korea and China and some dour ... Read More »

KPT shipping intelligence report May 14

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 Bw Eagle D. Mogas GAC 13/03/20 ALONG SIDE (East Wharves): 4/5 Mahnolia D. Gen. Cargo Sea Hawks 14/05/20 10/11 Jhon M Carras D. Cannola OC-Services 08/05/20 11/12 Crimson Queen D. Phosphate WMA Shipcare ... Read More »

Trade resumes at Pakistan, Iran border

TAFTAN: Economic activities have resumed at Pakistan, Iran’s Taftan Border as the border was open after more than two months. As per media reports, trade activities between the two countries would continue thrice a week according to the standard operating procedures, informed border officials. The border was closed by Pakistani authorities in wake of coronavirus pandemic. After the opening of ... Read More »

More than 50 shops sealed in Lahore over violation of SOPs

LAHORE: The Punjab government has sealed more than 50 shops in Lahore over violation of the Standard Operating Procedures (SOPs) issued by the provincial authorities in the wake of coronavirus pandemic. People across the country continued to throng different markets on the third day of the “smart lockdown’ with majority of the masses ignoring the SOPs and social distancing guidelines ... Read More »