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Author Archives: CT Report

Multan I&I seizes smuggled apples near Taunsa

MULTAN: Directorate of Customs Intelligence and Investigation (I&I) seized huge quantity of smuggled fresh apples from Taunsa region in their action. Sources told Customs Today that Director Customs Intelligence and Investigation Multan Usman Bajwa received credible information that huge quantity of foreign origin fresh apples will be smuggled. Director Customs Intelligence alerted  Dera Ghazi Khan Unit of Customs Intelligence and ... Read More »

PM Imran lauds efforts of Pakistan Customs for making Pakistan trade friendly country

ISLAMABAD: Prime Minister Imran Khan has said that Pakistan Customs succeeded in ensuring seamless flow of trade in these difficult times, when the pandemic spread was at its peak. In his message on the occasion of International Customs Day, Prime Minister Imran Khan said that Pakistan, after a period of economic instability is finally entering an era of sustainable economic ... Read More »

Law prohibits arrest of minors, women for tax recovery: FBR

ISLAMABAD: Income tax law has prohibited tax officials from arresting any woman or a minor for recovery of tax default amount, officials at Federal Board of Revenue (FBR) said. They said that Commissioner Inland Revenue, having authority to recover tax amount by using various options defined under the law, has been prohibited to order the arrest of a woman or ... Read More »

Pakistan Customs adopts effective strategy for smooth clearance of goods during Covid-19: Hafeez Shaikh

ISLAMABAD: Federal Minister for Finance and Revenue Dr. Abdul Hafeez Shaikh has said that Pakistan Customs is actively working for development of Pakistan Single Window which aims at bringing all border and other relevant departments together. In his message on the occasion of International Customs Day, the federal minister said that the foundation of the global trade structure rests on ... Read More »

Pakistan Customs taking various measures to facilitate businessmen: FBR Chairman Javed Ghani

ISLAMABAD: Federal Board of Revenue (FBR) Chairman Muhammad Javed Ghani has said that bilateral and multilateral trade, in the 21st Century, have grown tremendously, posing both challenges as well as providing opportunities to Customs administrations throughout the world. To tap this potential, Pakistan Customs under the umbrella of Federal Board of Revenue has embraced information technology, modern equipment, trade frameworks ... Read More »

Pakistan Customs using all resources to promote legal trade, curb smuggling : Member Customs Tariq Huda

KARACHI: Pakistan Customs organized an event to celebrate International Customs Day. The ceremony commenced at 9.30 a.m. Old Customs House, Edulgee Dinshaw Road, Karachi. Syed Mohammad Tariq Huda, Member Customs Operations, Federal Board of Revenue was the chief guest on the occasion. All officers of Pakistan Customs Service participated in the event. The proceedings started with the recitation of the ... Read More »

Foreign companies repatriate $892m during 1H of FY21

KARACHI: The foreign companies operating in Pakistan have repatriated around $892 million as profit and dividend during first half (July – December) of fiscal year 2020/2021 (1HFY21), according to data released by State Bank of Pakistan (SBP) on Tuesday. The repatriation of profit and dividend was 6.7 percent higher when compared with $836 million in the same half of the ... Read More »

Shipping activity at Port Qasim on Jan 25

KARACHI: Eight ships, MSC Hina, MOL Generosity, CMA CGM Otello, Flag Gangos, GH Dawn Run, Neptune, Gas Zeus and Al-Areesh scheduled to load/offload Containers, Steel coil, Coal, Palm Kernel, Petroleum gas and Natural gas were allotted berths at Container Terminal, Multi-Purpose Terminal, Bulk Terminal, Chemicals Terminal and Eelengy Terminal respectively on Monday. Meanwhile four more ships, Belgian Express, Century, Prosperity ... Read More »

Pak Rupee eases by four paisas against USD

KARACHI: The Pak Rupee eased by four paisas against the dollar on Monday owing to demand of the foreign currency for import and corporate payments. The rupee ended Rs160.79 to the dollar from last Friday’s closing of 160.75 in the interbank foreign exchange market. Currency dealers said that the rupee remained under pressure due to higher dollar demand as the ... Read More »

Engineering goods exports grew by 19.01pc

ISLAMABAD: Engineering goods exports during first six months of FY 2020-21 grew by 19.01 per cent as compared to the exports of the corresponding period of last year. During the period from July-Dec 20, Engineering goods worth US $ 101,644 were exported this year as compared to the exports of US $ 85,407 same period during last year. According to ... Read More »

Sale, production of cars increases 13.42 & 1.93pc respectively in 1H of FY21

ISLAMABAD: The sale and production of cars in the country has witnessed an increase of 13.42 and 1.93 percent respectively during the first half of financial year 2020-21 as compared to corresponding period of last year. During the period under review, as many as 67,026 cars were sold against the sale of 59,094 units while the production of cars increased ... Read More »

PM appealed to take back decisions to raise electricity tariff, closedown captive power plants

KARACHI: Chairman Businessmen Group (BMG) & Former President Karachi Chamber of Commerce & Industry (KCCI) Zubair Motiwala,  President KCCI Shariq Vohra and Chairman Pakistan Apparel Forum Muhammad Jawed Bilwani have appealed Prime Minister Imran Khan and his economic aides to take back the totally unwise and ill-timed decisions to raise electricity tariff by 15 percent and closedown captive power plants ... Read More »

No CPEC project put on hold: Gen (r) Asim Saleem Bajwa

ISLAMABAD: China-Pakistan Economic Corridor (CPEC) Authority chairman retired Lt Gen ®Asim Saleem Bajwa on Monday rejected the rumors of corridor-related projects being put on hold and said the work on the trade route was never slowed down. Talking to Gwadar Pro, an online portal covering CPEC, Bajwa said work on the eastern, western and central alignments was in full swing, ... Read More »

1,556 illegal petrol pumps sealed across Pakistan

ISLAMABAD: Following the directives of Prime Minister (PM) Imran Khan, as many as 1,556 illegal fuel stations were sealed during an ongoing countrywide crackdown against sale of smuggled petroleum products. The campaign launched against oil smuggling on the directives of Prime Minister Imran Khan and led by the Ministry of Interior is continuing unabated and showing significantly good results. From ... Read More »

Most Asian markets rise with eyes on US stimulus push

HONG KONG: Asian markets mostly rose Monday, rebounding from a sell-off at the end of last week as investors keep tabs on the progress of Joe Biden’s new US economic rescue package. However, while vaccinations and long-term optimism about the economic outlook is providing support, sentiment remains weighed by concerns about surging virus infections and a new, more deadly strain. ... Read More »

KCCI, JAZZ sign MoU for 35pc discount to KCCI members

KARACHI: The Karachi Chamber of Commerce & Industry (KCCI) and JAZZ (Pakistan Mobile Communication Limited -PMCL) have signed a Memorandum of Understanding (MoU) according to which JAZZ will be providing 35 percent discount to KCCI members on bill amount excluding tax. The MoU was signed by President KCCI M. Shariq Vohra and Regional Head B2B Sales Jazz Asim Irshad at ... Read More »

All resources being utilized to bring back looted money stashed abroad: NAB chairman

ISLAMABAD: Justice Javed Iqbal, National Accountability Bureau (NAB) Chairman has said that NAB has solid evidence of money laundering of billion of rupees of big fish. NAB has submitted corruption references in respected Accountability Courts which are under trial. He said that Quaid -e-Azam Muhammad ALI Jinnah, father of the nation in his Address to Assembly had identified bribery and ... Read More »

Sales tax value addition at 3pc applicable on all imported goods: FBR

ISLAMABAD: Sales tax on account of minimum value addition at three percent is applicable on all imported goods subject to exclusions on import of various imported goods. According to Sales Tax Act, 1990, all imported goods are subject to 3 percent ad valorem subject to exclusion as in conditions and procedure. The government recently abolished three percent sales tax value ... Read More »

FBR notifies procedure for registration of informer

ISLAMABAD: A person can share information of tax evasion and get monetary reward for the disclosure from Federal Board of Revenue (FBR) provided that the informer should be registered with a tax authority for the purpose. According to Income Tax Rules, 2002 a procedure has be laid down for registration of an informer. According to the rules, any person desirous ... Read More »

SHC rejects petition challenging KE privatization

KARACHI: Sindh High Court (SHC) has rejected a constitutional petition that has challenged the privatization of K-Electric. According to the details, in a letter sent to Pakistan Stock Exchange (PSX) on Monday, K-Electric Limited said that the court had dismissed constitutional petition bearing No. D1511-2012 titled as KESX Labour Union and Others vs. Federation of Pakistan and others’ along with ... Read More »