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Author Archives: CT Report

Above 120,000 income tax returns added to ATL during lockdown: FBR

ISLAMABAD: Federal Board of Revenue (FBR) have received above 120,000 income tax returns since launch of new Active Taxpayers List (ATL) on March 01, 2020 and during ongoing lockdown to prevent spread of coronavirus, according to updated list issued June 01, 2020. The updated ATL for tax, around 120,000 taxpayers filed their annual returns for tax year 2019 since March ... Read More »

Asian markets extend gains on hopes virus crisis is easing

HONG KONG: The easing of lockdowns around the world and signs that economies are slowly recovering provided further impetus for Asian stocks Tuesday, though traders remain on edge over China-US tensions and growing unrest across several large American cities. Donald Trump’s decision not to impose strict sanctions on Beijing over its Hong Kong security law allowed investors to get June ... Read More »

US dollar hits seven week-high at Rs165.5 in interbank market

KARACHI: The United States dollar hit a seven week-high after it gained 1.42 paisa against the Pakistani rupee in the interbank market. The greenback is being traded at Rs165.5 on second day of the business week. The US dollar has risen by Rs4.58 against the rupee in the last four trading days. Let it be known that rise in the ... Read More »

PM Imran Khan for providing all possible incentives in budget 2020-21

ISLAMABAD: Prime Minister Imran Khan directed the authorities to provide all possible incentives in budget 2020/2021 to industry for job creations and moving the wheels of the economy. The prime minister chaired a meeting to discuss the objectives and considerations for the forthcoming budget 2020/2021. The meeting was attended by Foreign Minister Shah Mehmood Qureshi, Minister for Industries and Production ... Read More »

Mohsin Mushtaq Chandna appointed as official spokesperson

  ISLAMABAD:The Finance Division Tuesday notified the appointment of Mohsin Mushtaq Chandna, as the official spokesperson of the Division with immediate effect. According to official notification issued here, Mohsin Mushtaq Chandna is a senior civil servant and has serving as Special Secretary in the Finance Division. The newly appointed spokesperson could be reached at 051-9201023, the statement added. Mohsin Mushtaq ... Read More »

China to continue all-out to Pakistan amid COVID-19: Envoy Yao Jiang

ISLAMABAD: Adviser to Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh has said that this difficult time, the government has three major priorities: to provide health care and safety to its people, provide cash assistance to the most vulnerable and keep the wheel of the economy moving in slow but steady pace. Ambassador of the People’s Republic of ... Read More »

Sindh Revenue Board waives off default surcharge

KARACHI: In a major relief to tax payers amid COVID-19 lockdown, the Sindh Revenue Board (SRB) on Monday announced to exempt the whole amount of penalty and such of the amount of default surcharge. According to a notification issued by the SRB, taxpayers can benefit from the package till June 30. The SBR, under section 45 of the Sindh Sales ... Read More »

FBR establishes Tax Information Processing Unit for digital scrutiny

ISLAMABAD: The Federal Board of Revenue (FBR) has established Tax Information Processing Unit (TIPU) for utilization of information available at multiple databases of the tax authorities. According to an office order issued on Monday, the FBR had embarked an ambitious plan for enhancing revenues, through efficient utilization power of IT for overall system improvement. “There is an emerging need for ... Read More »

RCCI welcomes decrease in POL prices

RAWALPINDI: The Rawalpindi Chamber of Commerce and Industry (RCCI) has welcomed the reduction in prices of petroleum products by the government and said that it would reduce transportation costs. However, diesel prices should be further reduced. The effects of lower prices should be brought on other utility items as well. In a statement, RCCI President Saboor Malik said that fares ... Read More »

KPT shipping Intelligence report June 1

KARACHI: The Karachi Port Trust (KPT) issued the following shipping report for the last 24 hours, ending 0700 hours on Monday. ALONG SIDE (Bulk Oil Pier) OP-I Mari Ulang D. Mogas Alpine 31/05/20 ALONG SIDE (East Wharves): 11/12 Andreas K D. Cannola Alpine 29/05/20 13/14 Livadi L. Clinkers Crystal Sea 30/05/20 ALONG SIDE(PICT): Berth Vacant. ALONG SIDE(South Wharf): Berth Vacant ... Read More »

Facebook finalises Authorized Sales Partner for Pakistan

SINGAPORE: Following months of being pitted in a five-way bid between Httpool, Viral Edge, East River, and Starcrest Communications, Facebook has awarded the Authorized Sales Partner (ASP) duties to Dial Zero. Led by Zameer Qureshi, CEO of Starcrest Communications, Dial Zero will offer support across advertising, content, and payments, including exclusive training opportunities for marketers and decision-makers at media companies ... Read More »

12,464MW electricity to be added to national grid through IPPs’ projects

ISLAMABAD: As many as 12,464 megawatts of electricity would be added to the national grid through 25 projects of Independent Power Producers (IPPs), which are in various stages of development. Sources told media that these projects were being facilitated by the Private Power Infrastructure Board (PPIB) and would be operationalised gradually between 2020 to 2028. Giving the breakup, they said ... Read More »

LPG price reduced by Rs2 per kg

ISLAMABAD: After petroleum products, the Oil and Gas Regulatory Authority (OGRA) has notified a decrease in the price of Liquefied Petroleum Gas (LPG) by Rs2 per kilogram from June. The price of a domestic cylinder weighing up to 11.8kg would now stand at Rs1298 after a decrease of Rs24, while the price of a domestic cylinder was Rs1322 in May. ... Read More »

Chief Collector Faiz Ahmad wages war against smugglers: face masks stopped at AFUs

LAHORE: Newly-appointed Chief Collector Customs Enforcement Lahore Faiz Ahmad has tightened the noose around smugglers and accelerated anti-smuggling operation in Punjab to eradicate this menace from the region. Due to Covid-19, lots of importers are trying to ‘smuggle’ face masks like N95, KN95 to get benefit of the crisis situation but Mr Faiz Ahmad is fully committed to give a ... Read More »

Last date for KCCI’s membership renewal extended up to June 15

KARACHI: Referring to a notification issued by Directorate General of Trade Organizations (DGTO), the spokesman of Karachi Chamber of Commerce & Industry (KCCI) has informed that the last date for renewal of KCCI’s membership has further been extended to June 15, 2020 due to the outbreak of coronavirus pandemic. KCCI has requested all its members to get their membership renewed ... Read More »

Govt prioritizes ‘Doing Business’ reforms to bring FDIs in SEZs: Razak Dawood

ISLAMABAD: Advisor to Prime Minister on Commerce and Investment, Abdul Razak Dawood on Monday said the government has prioritized the Doing Business (DB) reforms at national to provincial level for industrial growth and bring foreign investment Special Economic Zones (SEZs). The Government has established a project management unit at Board of Investment (BOI) for facilitating companies and SMEs interested to ... Read More »

US dollar continues climb against Pakistani rupee

KARACHI: The United States (US) dollar continued its gains against the Pakistani rupee at the start of week’s trading on Monday. According to currency exchange dealers, the greenback registered further gains of Rs0.30 to reach Rs163.40 by 11:30 am in the interbank market. The United States dollar had ended 163.10 against the local unit in the interbank market last week. ... Read More »

FBR tax collection goes up by 7.7pc in 2019-20

ISLAMABAD: Federal Board of Revenue (FBR) on Monday issued details of tax collection by the month of May during the ongoing fiscal year 2019-20,. According to details, the FBR collections in terms of taxes and duties witnessed a 7.7 percent increase by the month of May as compared to the same period of the previous fiscal year. Sharing details, the ... Read More »

Govt releases Rs583b for development projects

ISLAMABAD: The federal government has so far authorized release of Rs583 billion for various ongoing and new social sector uplift projects under its Public Sector Development Programme (PSDP) 2019-20, as against the total allocation of Rs701 billion. Under its development programme, the government has released an amount of Rs244.2 billion for federal ministries, Rs 194.18 billion for corporations and Rs43.56 ... Read More »

Govt reduces petroleum prices by Rs7.06 per litre for June

ISLAMABAD: The government has reduced the price of petrol by Rs7.06 per litre for the month of June, with new price fixed at Rs74.52, according to a statement issued by the Ministry of Finance. According to the statement, the price of kerosene has been reduced by Rs11.88 per litre and will now be Rs35.56 per litre. The price of high ... Read More »