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Author Archives: CT Report

Shipping cos & terminal operators are taking undue advantage amid COVID-19 by charging demurrage and detention charges :Syed Ahsan Shah

MULTAN: Chairman All Pakistan Bedsheets & Upholstery Manufacturers Association (APBUMA) Syed Muhammad Ahsan Shah said that in this challenging time world economies are collapsing but shipping companies are taking undue benefit of on-going situation by charging demurrage and detention charges on export and import shipment. He said that textile sector is facing serious challenges due to Covid-19 virus and whole ... Read More »

FBR recommended to put condition of CNIC on purchase of 10 tola gold

ISLAMABAD: Federal Board of Revenue (FBR) has been urged to fix the condition of Computerized National Identity Card (CNIC) on purchase of around 10 tola or above of gold. Karachi Chamber of Commerce and Industry (KCCI) in proposals for budget 2020/2021 submitted to FBR, said that during last two years, prices of gold has sharply increased and the amount of ... Read More »

KN95 face mask prices to jump double to Rs 700 due to blocking and recall of all its imports

KARACHI: Price of KN95 face masks can be increased in upcoming days due to blockage of its supply by Customs, recalling of all the consignments previously cleared without DRAP NOC and rise in demand of face masks due to Coronavirus disaster. Collector Irfan-ur Rehman’s timely intervention proved successful to halt ‘smuggling’ of face masks as these consignments of influential people ... Read More »

Budget 2020: Tax revenue target likely to be set at Rs5100b

ISLAMABAD: Tax revenue is expected to increase by 30% in the next financial year while the target for tax revenue is likely to be set at Rs 5100 billion while the proposed defence budget for the next year is likely to be Rs 1402 billion. According to sources, preparations are underway by federal government for the next budget and tax ... Read More »

ADC Amir Thamim assigns look after charge to deputy, assistant collectors

KARACHI: Collectorate of Customs Appraisement and Facilitation Additional Collector Mohammad Amir Thahim issued office order assigning  look after charge during the period of leave of the officers. Details are as under:- 1,            Miss Asma Hassan Deputy Collector, Group II (24-25), adjudication of Afghan Transit Legacy cases leave period 12.5.2020 to look after charge assigned to Ms. Sakeena Assistant Collector. ... Read More »

Wheat flour prices register increase of Rs135 per 20kg

LAHORE: An increase of 230 rupees in the price of wheat flour was recorded per 40 kilograms (kg) on Friday. According to details, a sack of 20kg wheat flour is now being sold at Rs900 whereas the previous value for the same amount of flour was Rs785. Market rates for a 20kg wheat flour sack have been set at Rs920 ... Read More »

APM Hafeez Shaikh meets PM, apprises federal budget preparations

ISLAMABAD: Adviser to Prime Minister on Finance, Abdul Hafeez Shaikh called on PM Imran Khan on Friday where he apprised the premier regarding the preparations of the federal budget for the next financial year. The Finance Ministry has expedited the process to complete federal budget preparations for the next fiscal year 2020-21. PM Imran Khan decided to get briefing on ... Read More »

KPT shipping intelligence report May 29

KARACHI: The Karachi Port Trust (KPT) issued the following shipping report for the last 24 hours, ending 0700 hours on Friday. ALONG SIDE (Bulk Oil Pier) OP-II Quetta D. Crude Oil PNSC 28/05/20 ALONG SIDE (East Wharves): 10/11 Global Hope D. Gen.Cargo Sea Hawks 28/05/20 11/12 Hg Shanghai D. Gen.Cargo Aara-Sh. 28/05/20 14/15 Oreo D. DAP Bulk-Sh. 18/05/20 16/17 Grace ... Read More »

Govt should take special measures for export of mangoes due to COVID-19: Syed Zahid Hussain Gardezi

MULTAN: Corona virus pandemic severely affected exports of South Punjab mangoes. Government should make special arrangements for export of mangoes. With 40 per cent of mango crop being produced for export, lack of medium to transport the fresh fruit is likely to hit farmers hard. South Punjab mango cultivators will bear huge loss due to corona virus. It was stated ... Read More »

Oil prices fall as U.S. fuel demand remains weak

SINGAPORE:  Oil prices edged lower on Friday after U.S. inventory data showed lacklustre fuel demand in the world’s largest oil consumer while worsening U.S.-China tensions weighed on global financial markets. Brent crude slipped 25 cents, or 0.7%, to $35.04 a barrel by 0334 GMT and U.S. West Texas Intermediate crude was at $33.18 a barrel, down 53 cents, or 1.6%. ... Read More »

Pakistan attains potential markets for exporting rice

ISLAMABAD: Prime Minister’s Adviser on Commerce and Investment Abdul Razak Dawood has said that Pakistan had attained huge space in global rice market for exporting local rice in potential markets of Middle East, North America and African regions to achieve the target of increasing the agricultural exports. He said the government intended to take the exports to the highest level ... Read More »

US dollar rises by Rs 1.70 in open market to Rs 163.5

KARACHI: On the last trading day of the week, the US dollar rose once again in both open market and interbank, increasing by Rs1.70 and Rs1.12 respectively. The US dollar had swiftly risen from Rs158 to Rs167 after the first case of coronavirus was reported in Pakistan on February 26, before the rupee steadily recovered back to Rs160. After six ... Read More »

CM assures to review suggestions for reopening local businesses, restaurants

KARACHI: In response to suggestions given by Chairman BMG Siraj Kassam Teli for reopening all local industries and restaurants, Chief Minister Sindh Syed Murad Ali Shah called a meeting on Thursday and assured to review all the suggestions and accordingly take steps so that local industries, businesses, restaurants and saloons etc. could restart their operations. The assurance was given by ... Read More »

FBR advised to withdraw powers of freezing bank accounts for tax recovery

KARACHI: Federal Board of Revenue (FBR) has been advised to withdraw powers of tax officials related to freezing bank accounts for tax recovery. Karachi Chamber of Commerce and Industry (KCCI) in its budget proposals for 2020/2021 submitted to the FBR highlighted provisions of Income Tax Ordinance, 2001 regarding accessing bank accounts for tax recovery. Under Section 140 of the Income ... Read More »

Ogra proposes up to Rs7 per litre cut in petrol price

ISLAMABAD: The government is likely to pass on further benefit of reduction in the prices of petroleum products to consumers during the month of June. The Oil & Gas Regulatory Authority (Ogra) has sent a summary to the Ministry of Finance for revision in oil prices.  It recommended up to Rs7 per litre drop in the price of petrol and ... Read More »

Sindh allows business activities to remain operational throughout the week

KARACHI: Government of Sindh and Karachi’s traders and business community have mutually agreed upon running operations throughout the week. According to details, Sindh government agreed to the demands of traders, businessmen and shop owners in Karachi allowing them to open markets from Monday to Sunday for a limited amount of time in a day. Shops could open from 8am till ... Read More »

Pak Rupee falls against US dollar as market resumes after Eidul Fitr holidays

KARACHI: The Pak Rupee fell by Rs1.07 against dollar on Thursday as trading resumed after long holidays due to Eid-ul-Fitr. The rupee closed at Rs161.99 to the dollar from previous closing of Rs160.92 on May 21, 2020 in interbank foreign exchange market. Currency experts said that the deterioration in rupee value was due to higher demand for import and corporate ... Read More »

FBR considering increase in penalty for violating tax laws

ISLAMABAD: Federal Board of Revenue (FBR) considering massive rise in monetary penalty for violating general provisions of income tax laws. According to sources in Federal Board of Revenue (FBR), the Large Taxpayers Unit (LTU) Karachi had submitted its proposals for budget 2020/2021 and suggested increase in fine and penalties to Rs50,000 from present penal amount of Rs5,000. The LTU Karachi ... Read More »

World markets cheered by reopening moves

HONG KONG: Optimism over the reopening of major economies across the planet helped push most markets higher Thursday, as investors looked past building China-US tensions for now, though there remain worries about the uncertain global outlook. However, Hong Kong struggled to maintain early gains and fell in the afternoon as investors fret over a US decision to revoke the city’s ... Read More »

Bears dominate as KSE-100 slides 141 points

KARACHI: Indices of the Pakistan Stock Exchange (PSX) displayed a lacklustre performance on Thursday, following the resumption of trade activities after a week-long break. According to market analysts, the benchmark KSE-100 Index started the day on negative note mainly on the back of international crude prices, which slipped overnight to trade near $31.5 per bbl — approximately 4pc down from ... Read More »