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Author Archives: CT Report

FBR launches new complaint redressal mechanism to target corruption

ISLAMABAD: The Federal Board of Revenue (FBR) has announced to launch a new complaint redressal mechanism aimed at solving complaints of taxpayers against corruption and other malpractices in Inland Revenue Field Formations. Sharing the policy via series of messages from its Twitter handle, the FBR’s spokesman said that the new mechanism will conceal the identity of the complainant in order ... Read More »

FBR publishes active taxpayers’ list for tax year 2020

ISLAMABAD: The Federal Board of Revenue (FBR) published on Monday the Active Taxpayers’ List (ATL) for Tax Year 2020. According to the ATL, more than 2.6 million income tax returns were filed during the tax year under review as compared to 2.4 million filed during the previous tax year, showing an increase of 8 per cent. The FBR said the ... Read More »

17th meeting of NEC on Anti-Money Laundering reviews FATF action Plan

ISLAMABAD: Federal Minister for Finance and Revenue, Dr. Abdul Hafeez Shaikh, chaired the 17th meeting of the National Executive Committee (NEC) on Anti-Money Laundering at the Finance Division today. Federal Minister for Industries and Production Hammad Azhar, Secretary Law Raja Naeem Akbar, Secretary Finance Kamran Ali Afzal, Director General-FMU Lubna Malik, Director General-FATF Khawaja Adnan, Director General-OPS NAB Zahir Shah, ... Read More »

OGDCL spending Rs10.22m in Lakki Marwat under CSR initiative

ISLAMABAD: The Oil and Gas Development Company (OGDCL) is spending an amount of Rs 10.22 million, under its Corporate Social Responsibility (CSR), in Lakki Marwat district of Khyber Pakhtunkhwa. “The Wali, Mianwali and Pezu blocks partially fall in District Lakki Marwat, and the OGDCL has deposited Rs 10.22 million in the joint bank account of the concerned deputy commissioner as ... Read More »

OGRA hikes LPG price by Rs1.84 per kg

ISLAMABAD: Oil and Gas Regulatory Authority (OGRA) has increased prices of Liquefied Petroleum Gas (LPG) by Rs1.84 per kilogram (kg) bringing the new price of LPG to Rs159.74 per kg. According to the OGRA notification, the price of domestic LPG cylinder has gone up by Rs21.78 and now domestic cylinder will be available now at Rs1884. The hike comes a ... Read More »

KCCI terms Pakistan-Qatar LNG deal as ‘wonderful achievement’

KARACHI: Chairman Businessmen Group (BMG) & Former President Karachi Chamber of Commerce & Industry (KCCI) Zubair Motiwala, while terming the signing of a long-term LNG supply contract between Pakistan and Qatar as ‘wonderful achievement’, stated that KCCI and all its affiliated trade bodies warmly welcome and highly appreciate the deal between Pakistan and Qatar which was the result of joint ... Read More »

FBR crosses eight-month revenue collection target by Rs18b

ISLAMABAD: The Federal Board of Revenue has exceeded its target for the first eight months of the current fiscal year (July-February) by fetching Rs2,916 billion against its desired target of Rs2,898 billion, seeing an increase of Rs18 billion. As per the provisional collection figures, the FBR collected net revenue of Rs2,916 billion during the Jul-Feb period, which has exceeded the ... Read More »

FBR receives 2.63 million income tax returns for tax year 2020

ISLAMABAD: Federal Board of Revenue (FBR) has received 2.63 million income tax returns for tax year 2020 by February 28, 2021, just one day ahead of issuing new Active Taxpayers List (ATL). According to a statement issued on Sunday the FBR said that it had received 2.63 million income tax returns for tax year 2020 by February 28, 2021, which ... Read More »

FBR issues 2.1 million notices to companies & individuals for not filing returns, mis-declaring assets

ISLAMABAD: The tax authorities have issued 2.1 million notices to individuals and companies for non-compliance in annual return filing and to those who misdeclared assets in their annual returns of income. According to a statement issued by FBR, these notices were sent to defaulters by February 28, 2021. The FBR issued notices around 1.4 million by January 31, 2021. It ... Read More »

PM rejects proposal for petrol price hike

ISLAMABAD: Prime Minister Imran Khan Monday rejected a summary of Oil and Gas Regulatory Authority (OGRA) proposing an increase of Rs 6.22 in petrol prices. The OGRA had proposed an increase of Rs 6.22 in petrol price, Rs 6.82 in high speed diesel, Rs 6.37 in kerosene and Rs 5.78 in the price of light diesel. The prime minister said ... Read More »

Faisalabad Customs to hold auction of smuggled Indian fabric on March 3

FAISALABAD: Directorate of Customs Intelligence and Investigation (I&I) Faisalabad has announced public auction of huge quantity Indian origin fabric on March 03, 2021. According to details the directorate announced to auction of confiscated goods and vehicles lying in the State Warehouse, I&I Customs Faisalabad. A huge quantity of 18,870 kilograms of Indian origin Shafoon cloth will be presented for the ... Read More »

PSX witnesses volatile session ahead of Senate elections

KARACHI: Pakistan Stock Exchange (PSX) witnessed a volatile session on Monday ahead of Senate Elections and inflation numbers where the index closed on a negative note. “We have noticed fragility in the stock market where investors remained cautious ahead of NCPI numbers along with Senate elections”, said Muhammad Saeed Khalid, head of rsearch at Shajar Capital. “We have marked the ... Read More »

Envoys lauds RCCI efforts and took keen interest in Build 2021 Expo & Construction Trade Fair

RAWALPINDI: A large number of ambassadors, High Commissioners, Commercial Counselors and diplomats visited the Build 2021 Expo and Construction Trade Fair organized by the Rawalpindi Chamber of Commerce and Industry (RCCI) at Topi Rakh Complex Ayub Park Rawalpindi. Ambassador of Denmark in Pakistan, Lis Rosenholm in her tweet appreciated RCCI for its efforts for promoting trade activities and organizing exhibitions. ... Read More »

Pak-Turkey freight train to resume operations from March 4

ISLAMABAD: The Istanbul-Islamabad freight train is likely to resume operations on March 4, connecting goods train business of three countries including, Turkey, Iran and Pakistan, after a gap of almost a decade. According to a report by a local media outlet that quoted a senior official of the Pakistan Railways (PR), the train is set to depart from Istanbul on ... Read More »

FBR notifies Rs1,000 surcharge for individuals

ISLAMABAD: The Federal Board of Revenue (FBR) has clarified that a lower rate of Rs1,000 will be charged from individuals (salaried and non-salaried) on late filing of income tax returns for the tax year 2020 for inclusion in the Active Taxpayers’ List (ATL). The FBR’s spokesperson has clarified that surcharge for inclusion in ATL for late filing individuals is Rs1,000 ... Read More »

Pakistan, Saudi Arabia to further promote cooperation in customs, tax fields

ISLAMABAD: Ambassador of Saudi Arabia in Pakistan, Nawaf Saeed Al-Malikey here on Saturday had a call on meeting with Chairman Federal Board of Revenue (FBR), Muhammad Javed Ghani during which matters of mutual concern pertaining to cooperation on customs and tax were discussed . According to press statement issued by the board, it was agreed in the meeting that relevant ... Read More »

FBR collects Rs2900b during eight months of FY2020-21

ISLAMABAD: The Federal Board of Revenue (FBR) announced that it has successfully achieved tax targets for the first eight months of the fiscal year 2020-21. According to a spokesman for the FBR, it has successfully collected a tax amount of Rs2,900 billion in the first eight months of the fiscal year, which is higher than the revenue target of Rs2898 ... Read More »

Pakistan earns $224m from export of travel services in 1HFY21

ISLAMABAD: Pakistan earned US $224.120 million by providing different travel services in various countries during the first half of current financial year 2020-21. This shows decline of 18.54 percent as compared to US $275.114 million same services were provided during the corresponding period of fiscal year 2019-20, Pakistan Bureau of Statistics (PBS) said. During the period under review, the personal ... Read More »

NEPRA to review agreements between govt & IPPs on March 3

ISLAMABAD: National Electric Power Regulatory Authority (NEPRA) has decided to review the agreements reached between the government and Independent power producers (IPPs). The authority will hold a hearing on March 3. NEPRA will hear the Central Power Purchasing Agency (CPPA)’s petition regarding tariff adjustment with IPPs. During the hearing, the agreements between power plants and Jahangir Tareen’s JDW Sugar Mills, ... Read More »

Pakistan Customs taking all measures to promote trade activities in Gwadar: Chief Collector Gul Rehman

GWADAR: Chief Collector Gul Rehman has said that Pakistan Customs is taking all measures to promote and facilitate trade activities and business in Gwadar. Chief Collector Quetta Gul Rehman expressed these views during his 3-day visit to Gwadar. He said despite of COVID-19 and lockdown, Customs staff achieved its revenue collection target and would surpass annual target. Gul Rehman said ... Read More »