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Author Archives: CT Report

FBR allows taxpayers to file returns after due date for appearance in ATL

ISLAMABAD: People can still file their annual income tax returns after due date for appearing on the Active Taxpayers List (ATL) after paying default surcharge. The last date for filing income tax returns for tax year 2019 was February 28, 2020 and FBR issued ATL – 2019 of March 01, 2020. With the issuance of new ATL the ATL-2018 was ... Read More »

ECC approves exemption from WHT on transfer of remittances into bank accounts

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet has approved exemption from withholding tax on transfer of remittances into bank accounts. The ECC approved at the meeting on Wednesday chaired by Prime Minister Special Assistant on Finance and Revenue Dr Abdul Hafeez Shaikh. The ECC approved that the amount of the remittances transferred into bank accounts will be exempted ... Read More »

Govt determined to provide ease of doing business: PM Imran Khan

ISLAMABAD: Prime Minister Imran Khan on Wednesday said the purpose of establishment of special economic zones (SEZs) was to provide every possible facility and incentives to the business community. Speaking at the fifth meeting of the Board of Approval set up for the SEZs’ establishment, he said the government was committed to provide ease of doing business and favourable environment ... Read More »

Gold prices touch record high of Rs94,000 per tola

LAHORE: Gold prices hit record high on Wednesday as the precious metal touched over Rs94,000 per tola in the local markets. Gold price increased by Rs1,950 per tola to reach new heights of Rs94,100. Whereas, the price of 10 grams of gold increased by Rs1,671, and is being traded at eighty thousand six hundred and seventy-five rupees. The development comes ... Read More »

FBR files 12 references against owners of 3,134 kanals of benami land

ISLAMABAD: The FBR’s Anti Benami Zone, Islamabad, has filed 12 references before the Adjudicating Authority for owning 3,134 Kanals of land having value of billions of rupees. There are 12 Benamidars but the beneficial owner is one person in this whole case. Earlier, in case of disputes people went to courts for litigation but after enactment of the Benami Law ... Read More »

Hafeez Shaikh appreciates UNFPA technical, financial assistance

ISLAMABAD: Ms. Lina Mousa, Country Representative United Nations Population Fund (UNFPA) called on the Adviser to the Prime Minister on Finance & Revenue Dr. Abdul Hafeez Shaikh to discuss ways for further strengthening her organisation’s strategic partnership with Pakistan. During the courtesy call-on, the UNFPA country representative briefed the Adviser on various initiatives undertaken by the UNFPA with different ministries ... Read More »

POL tests hydrocarbons from its well in Punjab

KARACHI: The Pakistan Oilfields Limited (POL), Operator of Pindori D&P Lease has tested hydrocarbons from its Development Well Pindori-10, located in district Rawalpindi, Punjab, said a notification issued by the company to the Pakistan Stock Exchange on Thursday. The notification further said: “We are pleased to inform that Pakistan Oilfields Limited (POL), Operator of Pindori D&P Lease has tested hydrocarbons ... Read More »

Father of PRAL incharge Asif Jamil laid to rest

LAHORE: Squadron Leader ® Muhammad Jamil Akhter father of Incharge Pakistan Revenue & Automation Private Limited (PRAL) Mohammad Asif Jamil passes away. He was 79. Late Muhammad Jamil Akhter spent his entire career as Squadron Leader in Pakistan Air Force (PAF) as a professional officer. He leaves behind one widow, two and three daughters to mourn his death. His Namaz-e-Janaza ... Read More »

Pak Rupee gains seven paisas against dollar

KARACHI: The Pak Rupee gained seven paisas against dollar on Wednesday owing to lower import and corporate demand, dealers said. The rupee ended Rs154.22 to the dollar from previous day’s closing of Rs154.29 in interbank foreign exchange market. The currency dealers said that lackluster demand was seen from importer and corporate buyers for the dollar. The said that due to ... Read More »

Bearish spell continues as KSE-100 sheds 293 points

KARACHI: Bearish trend continued at the Pakistan Stock Exchange (PSX) on Wednesday, as the indices remained in the negative zone for most part of the day amid lack of triggers. Major positivity was witnessed in the cement sector following the announcement of statistics regarding cement dispatch in February 2020. According to media reports, domestic cement sales witnessed an increase of ... Read More »

SEZs aim to provide maximum facilities to investors: PM Imran

ISLAMABAD: Prime Minister Imran Khan on Wednesday said that the government was establishing special economic zones (SEZs) to provide maximum facilities to investors in the country. Presiding over a high-level meeting , PM Imran said the PTI-led government is committed to ensure business-friendly environment across the country. On the occasion, PM Imran directed to provide electricity transmission facilities to KEPTO ... Read More »

PR announces 25pc reduction in train fares

LAHORE: The Pakistan Railways on Wednesday announced to reduce fares by 25 percent on specific trains. According to a notification, the Pakistan Railways on the advice of Minister for Railways Sheikh Rasheed has reduced the fares on 21 express trains. As per the fare schedule, 25 percent reduction has been made in fares of AC business class and AC standard ... Read More »

Global stocks push higher as markets remain volatile

NEW YORK: Global stocks rallied Wednesday, with U.S. stock futures pointing to a rebound as investors digested Joe Biden’s strong performance in Super Tuesday primaries and the impact of the Federal Reserve’s surprise interest rate cut. Futures tied to the S&P 500 rose almost 2%, suggesting the benchmark U.S. index will claw back some of the losses it incurred Tuesday. ... Read More »

KPT shipping movements report March 4

KARACHI: Following were the Movements of Ships at Karachi Port Trust (KPT) during last 24 hours, ending at 0700 hours on Wednesday. SHIPS BERTHED: Sarwar Jahan Clinkers Wieland Container Ship IYO General Cargo SHIPS SAILED: Hyundai Splendor X Press Annapurna Seamax Darien EXPECTED SAILING DATE Wieland 04/03/20 Coral Star 04/03/20 M.T.Quetta 04/03/20 EXPECTED ARRIVAL date CARGO Southern Dragon 04/03/20 D/3000 ... Read More »

Unprecedented 160pc increase in tax filers witnessed: Nausheen Javed Amjad

ISLAMABAD: Federal Board of Revenue (FBR) Acting Chairman Nausheen Amjad said that an unprecedented 160 percent increase in tax filers was witnessed during the ongoing year as one million more taxpayers have been registered with the tax authority. Giving a briefing to the National Assembly’s (NA) Public Accounts Committee (PAC), the acting FBR chief said that the tax revenue is ... Read More »

Banking deposits hit all-time high due to interest rates: SBP

KARACHI: The deposits of banking system hit all-time high of Rs14.672 trillion by end of January 2020 owing to higher returns on attractive interest rates. According to State Bank of Pakistan (SBP), the deposits of banking system grew by 12.36 percent to Rs14.672 trillion by January 2020 as compared with Rs13.057 trillion in the same month of the last year. ... Read More »

FBR directs to ask source of money used for purchase of immovable property

ISLAMABAD: Federal Board of Revenue (FBR) said that a commissioner of Inland Revenue has been empowered to ask source of money used for purchase of immovable properties under legal provisions related to undeclared assets. The FBR in explanations related to purchase of immovable properties, said that the commissioner of Inland Revenue can ask to explain the source of funds in ... Read More »

PSDP witnesses 6 years record utilization of 39pc: Asad Umar

ISLAMABAD: Federal Minister for Planning, Development and Special Initiatives (PDSI), Asad Umar on Wednesday said that during the first 8 months of fiscal year 2019-20, the Public Sector Development Program (PSDP) witnessed a record utilization of 39 percent. This is the highest recorded utilization of development budget for the past 06 years, he said according to press statement issued by ... Read More »

PM Imran appreciates suggestions for revival of sick industrial units

ISLAMABAD: Prime Minister Imran Khan welcomed proposals of banks for revival of sick industrial units. A delegation of prominent bankers of the country called on Prime Minister Imran Khan. Prime Minister Imran Khan welcomed the proposals of the banking community particularly those related to the revival of the sick industrial units. Adviser to PM on Finance Dr. Abdul Hafeez Shaikh, ... Read More »

Sindh govt to levy new tax on underground water usage

KARACHI: The government of Sindh decided to impose a new tax on the use of water in the province. A draft of law comprising recommendations for the proposed tax has been prepared and the officials of local government department will brief the members of the provincial cabinet over the upcoming Sindh Water Tax Act in a meeting. The draft of ... Read More »