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Author Archives: CT Report

EOBI increases pension money from Rs5250 to Rs8500 per month

ISLAMABAD: Employees’ Old- Age Benefits Institution (EOBI) on Friday has said that the present government has raised the pension amount from Rs 5250 per month to Rs 8500 per month, an increase of almost 62 percent. The amount earlier was raised in September 2018 from Rs 5250 to Rs 6500 per month and later in December 2019. from Rs6500 to ... Read More »

Iraq to reopen Consulate in Karachi very soon: Charge d’ Affaires

KARACHI: In response to Karachi Chamber’s concerns expressed over the closure of Iraqi Consulate in Karachi, Charge d’ Affaires at the Embassy of Iraq in Pakistan Abdulsalam Saddam Mohaisen informed that Iraq is looking forward to reopen its Consulate in Karachi very soon which will be providing all visa related services to the citizens of the port city. Exchanging views ... Read More »

Rs3b tax refunds made during February 2020:  FBR  

ISLAMABAD: Federal Board of Revenue (FBR) officials on Thursday said that the tax refunds of over Rs3 billion have been made during the month of February 2020. The FBR officials said this while briefing the members of the National Assembly (NA) standing committee on Finance on tax refund matters. “These are the refunds from the month of December,” they said ... Read More »

Gold price gains Rs300, traded at Rs90,650 per tola

ISLAMABAD: The per tola price of 24 karat gold appreciated by Rs300 on Thursday and was traded at Rs90,650 as compared to Rs90,350 on last trading day, Karachi Sarafa Association reported. Likewise, the price of 10 gram gold witnessed increased of Rs257 and was traded at Rs77,718 against last closing of Rs77,461. The price of silver remained stable and was ... Read More »

Pak-Turkey business to business networking session held

ISLAMABAD: The Ministry of Commerce organized, Pakistan-Turkey Business to Business, Networking session during the visit of Turkish President Recep Tayyip Erdogan here. The objective of this initiative was to bring the businessmen from Turkey and Pakistan under one roof to explore ways to enhance trade and investment, said a press release issued by Ministry of Commerce. The Turkish Business delegation ... Read More »

PSX KSE-100 finishes in red, retreats 75 points

KARACHI: Pakistan Stock Exchange (PSX) witnessed a jittery session on Thursday, as the indices kept changing directions throughout the day before closing slightly negative. Foreign investors closed the preceding session (Wednesday) as net sellers, with a net outflow of $4.92 million. Major selling was witnessed in the banking ($1.47 million) and oil & gas exploration ($1.95 million) sectors. On the ... Read More »

Pak Rupee ends flat in range bound trading

KARACHI: The Pak Rupee ended flat against dollar on Thursday owing to a range bound trading activity, forex dealers said. The rupee ended 154.38 to the dollar from previous day’s closing of Rs154.37 in interbank foreign exchange market. The dealers said that the market witnessed lackluster demand for dollars from importers and corporate buyers. Further, the inflows of export receipts ... Read More »

FBR to enhance values of immovable properties to curb money laundering

ISLAMABAD: Federal Board of Revenue (FBR) may enhance valuation of immovable properties in order to curb money laundering in the real estate sector. The sources in FBR said that considering the lower valuation set by the FBR as compared with open market valuation, the FBR values may be enhanced further in future. Considering the real estate sector as parking lot ... Read More »

Tokyo stocks down with markets nervous on virus impact

TOKYO: Tokyo stocks closed lower on Thursday as another spike in the death toll from new coronavirus in hard-hit Hubei province weighed on market sentiment. The benchmark Nikkei 225 index slipped 0.14 percent, or 33.48 points, to 23,827.73, while the broader Topix index was down 0.34 percent, or 5.84 points, at 1,713.08. Chinese authorities said the number of fatalities and ... Read More »

RTO issues 63011 sales tax registration notices to LESCO & SNGPL consumers

LAHORE: The Regional Tax Office-II, Lahore has issued 63011 sales tax registration letters/notices to industrial and commercial connection holders of LESCO and SNGPL. Chief Commissioner, RTO-II, Lahore Ahmad Shuja Khan said that influx of new sales tax registrations by employing LESCO and SNGPL data is the prime objective. The department will proceed to disconnections of utilities in case of non-compliant ... Read More »

FBR detects benami property in Umerkot

ISLAMABAD: Federal Bureau of Revenue (FBR) on Thursday launched crackdown against benami (undeclared) properties in Sindh’s Umerkot district. According to the tax collection authority, FBR launched a crackdown in Sindh’s Umerkot and confiscated property having a total area of 1,011 acres and owned by four persons, namely Lalo Mal, ML Gandhi, TL Gandhi and KL Gandhi. The FBR sources said ... Read More »

KPT shipping intelligence report Feb 13

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-I Gulf Petroleum 4 D. Jet Oil Alpine 12/02/20 OP-II Lahore D. Crude Oil PNSC 12/02/20 ALONG SIDE (East Wharves): 2 Sea King D. Jet Oil East Wind 09/02/20 11/12 Mandarin River L. Clinkers Crystal ... Read More »

Virus, uncertainty continues to stymie stock rally

KARACHI: Not much progression could be seen at the stock market on Thursday as potential investors continue to react to the impact of the coronavirus outbreak hurting imports, however, the benchmark KSE-100 Share Index recovered some 126.54 points or 0.31pc as of 11.04am. The Index reached 40,657.67. In the early trading hours, the Index lost 98 points. The apex of ... Read More »

Pakistani workers abroad remit $13.3b in 7 months

KARACHI: Foreign remittances grew to $13.302 billion in the first seven months of the current fiscal year FY2019-20 as compared to $12.774 billion in the corresponding period of FY2018-19 as more Pakistanis residing in foreign countries continued to send higher remittances back home and the Financial Action Task Force’s (FATF) strict conditions forced them to utilise legal remittance channels. Percentage-wise, ... Read More »

Faisalabad RTO starts drive to make cellular employees part of tax net

FAISALABAD: The Regional Tax Office (RTO) of Federal Board of Revenue (FBR) Additional Commissioner Asad Tahir Jappa has held a meeting at DCO office Toba Tek Singh on the facility of filing tax returns. All the heads of various departments were present in the meeting and were guided and requested to assure the filing of income tax returns 2019 of ... Read More »

FBR seeks record of ST from taxpayers of last six-years

  ISLAMABAD: Federal Board of Revenue (FBR) may ask taxpayers to provide past six years record of their sales for examination. The sources told that the tax offices may conduct audit of sales tax of many taxpayers in order to meet revenue collection target for current fiscal year. The sources said that under Sales Tax Act, 1990 taxpayers are required ... Read More »

SBP reserves up $157m to $18.7b

KARACHI: The total liquid foreign reserves held by the country stood at $18,735.4 million on February 7, 2020, according to data released by the State Bank of Pakistan (SBP) on Thursday. Foreign reserves held by the SBP were recorded at $12,430.8 million, while net foreign reserves held by commercial banks were recorded at $6,304.6 million. During the week ending February ... Read More »

Pak-UAE JMC meeting to be held in March: Hafeez Shaikh

ISLAMABAD: Hamad Obaid  Ibrahim Salim Al-Zaabi, Ambassador of the United Arab Emirates called on the Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh here at the Finance Division. Both sides discussed preparations for the upcoming Pak-UAE Joint Ministerial Commission meetings expected to be held by the end of the next month. The Ambassador apprised the ... Read More »

ANF seizes drugs worth $1.198b in countrywide crackdown

RAWALPINDI: Spokesperson for the Anti-Narcotics Force (ANF) on Thursday revealed details of 30 drug busts across the country seizing 5965 kilograms of drugs. The spokesman detailed one of the crackdown which took place on a heroin plantation where the intoxicant was being grown on a 66 hectare of agricultural land. 33 people have been taken under arrest in the crackdowns ... Read More »

NAB seeks reply from Bilawal in two weeks in Joint Venture Opal case

KARACHI:  “I was not even a public office holder when NAB started investigating the case. I was seven years old when I became a shareholder of this company,” Bilawal said. The National Accountability Bureau (NAB) has given Pakistan Peoples Party (PPP) chairperson Bilawal Bhutto two weeks to submit a questionnaire in the Joint Venture Opal 224 case. The PPP leader ... Read More »