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Author Archives: CT Report

OGRA proposes cut in petroleum products up to Rs44.07 per litre

OGRA proposes cut in petroleum products up to Rs44.07 per litre ISLAMABAD: Oil & Gas Regulatory Authority (OGRA) on Wednesday submitted a summary to the petroleum division recommending that the prices of the petroleum products should be decreased by up to Rs44.07 per litre starting from May 1. According to sources, the regulatoacAry authority forwarded a summary to the petroleum ... Read More »

Sindh govt decides to ease lockdown restrictions

KARACHI: Sindh government on Wednesday decided to relax lockdown in the province and the business and public activities will be gradually opened. According to sources, the provincial government has decided to allow the resumption of certain economic activities, albeit with the condition that they follow precautionary measures to contain the spread of the novel coronavirus. Sindh Chief Minister Syed Murad ... Read More »

Pakistan current account deficit to shrink by 26pc: IMF

ISLAMABAD: International Monetary Fund (IMF) has said that coronavirus has adversely affected economic activities in Pakistan as current account deficit is likely to shrink by 26 percent , exports by 7 percent and imports by 8 percent. The IMF in its recent documents on economy of Pakistan estimated that Pakistan’s exports to will drop by seven percent to $23.732 billion ... Read More »

KPT shipping intelligence report April 28

KARACHI: The Karachi Port Trust (KPT) issued the following shipping report for the last 24 hours, ending 0700 hours on Tuesday. ALONG SIDE (Bulk Oil Pier) OP-II Quetta D. Crude Oil PNSC 27/04/20 ALONG SIDE (East Wharves): 1 Sea Challenger D. Base Oil East Wind 25/04/20 4/5 Osaka Star D. Cannola Alpine 17/04/20 13/14 Right Hero D. Phosphate WMA Shipcare ... Read More »

ADB to provide Pakistan concessional loan worth $15m

ISLAMABAD: Asian Development Bank (ADB) will provide Pakistan a concessional loan worth 15 million dollars for urban development projects in Punjab. A signing ceremony to this effect was held in which Secretary, Economic Affairs Division Dr. Syed Pervaiz Abbas and Country Director, ADB Ms. Xiaohong Yang inked the document. They expressed their strong commitment to further the cooperation for socio-economic ... Read More »

RCCI holds video link session with FBR

RAWALPINDI: A special video link session Federal Board of Revenue (FBR) on budget proposals for the year 2020-2021 was held at Rawalpindi Chamber of Commerce and Industry (RCCI). Speaking via video link, Chamber President Saboor Malik suggested that urgent and special measures are required due to the Corona epidemic and lockdown. The chamber had earlier proposed that the sales tax ... Read More »

PSX gains 238.82 points to close at 32,553.39 points

KARACHI: The Pakistan Stock Exchange (PSX) Tuesday witnessed bullish trend as KSE 100 index closed at 32,553.39 points as compared to 32,314.57 points on the last working day with the positive change of 238.82 points (0.74%). A total of 159,413,248 shares were traded compared to the trade 122,282,110 shares during the previous day, whereas the value of shares traded during ... Read More »

Chinese company to establish industrial unit in Pakistan

BEIJING: A leading Chinese company, currently exporting agriculture machinery to Pakistan, has a plan to build a factory to manufacture machines and equipment to meet the growing demand of the local agriculture sector. “At present, the company is exporting agricultural machinery to Pakistan, and there is also an intention to build a factory in Pakistan. We have plans in this ... Read More »

CM Usman Buzdar orders crackdown on hoarders, profiteers

LAHORE: Chief Minister (CM) Punjab Usman Buzdar has ordered strict action against hoarders and profiteering and directed concerned officials to carefully monitor process of auction in markets. According to details, Chief Minister Usman Buzdar has directed to show no leniency to anyone who is found involved in hoarding and profiteering during the Holy month of Ramazan. He also directed concerned ... Read More »

Pak Rupee weakens by Rs1.18 against US dollar

KARACHI: The exchange rate of Pakistani rupee lost Rs1.18 in the interbank on Tuesday against US dollar to close at Rs 161.65 against the last closing of Rs 160.47. However, according to Forex Association of Pakistan, the buying and selling rates of Dollar in open market were recorded at Rs159 and Rs 161.5 respectively. The State Bank of Pakistan reported ... Read More »

FBR clarifies procedure for sealing of export TP cargo via Pakistan Railways

ISLAMABAD: Federal Board of Revenue (FBR) has issued procedure of sealing of export cargo under transshipment transported by Pakistan Railways. Sealing at focal points (entry) for transshipment containers and dry port export cargo containers transported by Pakistan railways: The Custom agent/carrier will lodge the TP application/ declaration in the Customs Facilitation Centre/ Transshipment Section of concerned Directorate of Transit Trade ... Read More »

COVID-19: Multan Customs issues new precautionary guidelines for visitors

MULTAN: Collectorate of Customs Enforcement and Compliance has issued new precautionary guidelines for visitors to contain corona virus (COVID-19). Deputy Collector Headquarter Amjad Aman has taken decision to implement special precautionary measures to contain corona virus in line with Federal Board of Revenue. Multan Customs has restricted entrance of visitors in the Customs House to contain outspread of corona virus ... Read More »

SECP extends date for submission of AML/CFT quarterly information up to May 31

ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) has extended the date up to May 31, 2020 for submission of mandatory information related to anti money laundering (AML)/ counter financing of terrorism (CFT) for the corporate sector. The SECP  stated that due to the recent outbreak of pandemic Coronavirus (COVID- 19) and its impact on the public health and the ... Read More »

A new normal: UN lays out roadmap to lift economies, save jobs after COVID-19

NEW YORK: The urgent health crisis that is COVID-19 has created a historic recession with record levels of deprivation and unemployment, creating an unprecedented human crisis that is hitting the poorest hardest, especially women and children. In a new framework released on Monday as a roadmap to support countries’ path to social and economic recovery, the United Nations calls for ... Read More »

NA approves penalties for retailers, manufacturers for obstructing tax monitoring

ISLAMABAD: The National Assembly has approved the law for imposition of harsh fine and penalties upon manufacturers and retailers for obstructing tax authorities in monitoring business activities. The National Assembly passed the Tax Laws (Second Amendment) Ordinance, 2019 which was promulgated through presidential ordinance in December 2019. After passage it shall be called the Tax Laws (Amendment) Act, 2020. The ... Read More »

Hafeez Shaikh chairs meeting to review economic indicators due to COVID-19

ISLAMABAD: A high-level meeting Tuesday underlined several challenges the country likely to face on the economic front due to the impact of COVID-19 on the national, regional and global economy. The meeting chaired by Adviser to the Prime Minister on Finance & Revenue Dr Abdul Hafeez Shaikh and attended by leading development partners, including World Bank, Asian Development Bank, DFID ... Read More »

Govt to pass on benefit of reduced oil prices in int’l market to public: Razak Dawood

KARACHI: Advisor on Commerce, Textile, Industry and Production Abdul Razak Dawood has said the government intends to pass on the benefit of reduced oil prices in international market to public. The Advisor said despite the huge challenge of debt, the Prime Minister Imran Khan preferred to provide relief to people who are suffering from lockdown restrictions. The Advisor said PTI ... Read More »

Remittances to reach $20-21b in current fiscal year: MoF

ISLAMABAD: The Ministry of Finance has said that the government measures announced recently to boost remittances have paid off as remittances have already touched $17 billion level during the first nine months of the current fiscal year (Jul-Mar, FY2020) against $16 billion last year, registering a growth of 6.2%. This trend shows that apprehensions and estimates as reported recently in ... Read More »

Tax collection likely to reduce in Pakistan this year: IMF

ISLAMABAD: The International Monetary Fund (IMF) has said that tax collection in Pakistan during the ongoing year is likely to reduce. According to media, the international organization has feared that tax collection will reduce by 18.6 percent and the amount collected through sales tax will remain Rs 1427 billion with a reduction of 23 percent. Furthermore, petroleum tax collection is ... Read More »

Multan Customs impounds smuggled goods worth Rs279m

MULTAN: Collectorate of Customs Preventive Anti-Smuggling Organization (ASO) has been quite efficient against smuggling and seized smuggled goods worth Rs279 million in first half of April 2020. Sources told that on the directives of Prime Minister Imran Khan to curb smuggling, Collector E&C Fayaz Anwar advised ADC I Syed Ali Abbas Gardezi and Additional Collector Ghulam Nabi Kamboh (Faisalabad) to ... Read More »