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Author Archives: CT Report

World Bank provides $12m grant for FATA’s, displaced families

ISLAMABAD: World Bank has provided additional grant worth of US $ 12 million for FATA, Temporarily Displaced Persons Early Recovery Project (TDP-ERP) to earlier recovery of displace families in former tribal areas of Khyber Pakhtunkhwa (KPK). Minister for Economic Affairs, Makhdum Khusro Bakhtyar witnessed the signing ceremony of Additional Grant Agreement of “FATA Temporarily Displaced Persons Emergency Recovery Project” worth ... Read More »

Railway Minister Azam Swati inaugurates RCCI Build 2021 Expo

RAWALPINDI: Railway lands across the country will be brought into use in collaboration with the private sector. The construction industry will develop very soon. If the country’s economy is further strengthened, employment opportunities will be created. The Chamber of Commerce will have the full support of the government. He said that exhibitions increase trade activities. The Rawalpindi Chamber of Commerce ... Read More »

FBR notifies promotion of 7 PCS officers from BS-20 to BS-21 with immediate effect

ISLAMABAD: Federal Board of Revenue (FBR) issued notification for promotion of following 7 officers of Pakistan Customs Service (PCS) from BS-20 to BS-21 on regular with immediate effect and until further orders:- Muhammad Iqbal Bhawana Wajid Ali Rabab Sikandar Zulfiqar Younus Shahnaz Maqbool Ahmad Rauf Seema Raza Bokhari The officers, who are presently posted against BS-21 posts on OPS, will ... Read More »

FBR promotes 24 IRS officers from BS-19 to BS-20 on regular basis

ISLAMABAD: Federal Board of Revenue (FBR) notified promotions of 24 officers of Inland Revenue Service (IRS) from BS-19 to BS-20 on regular basis with immediate effect. Following IRS officers have been promoted to BS-20: Muhammad Safdar Muhammad Abu Bakar Siddique Ms. Tajamal Bilquis Ms. Fauzia Adil Dr. Razi-ur-Rehman Khan Shaheed Mehboob Muhammad Bilal Malik Barrister Nowsherwan Khan Ms. Iram Shabbir ... Read More »

10 IRS officers promoted from BS-20 to BS-21

ISLAMABAD: Federal Board of Revenue (FBR) notified promotions of 10 BS-20 officers of Inland Revenue Service (IRS) to BS-21 on regular basis with immediate effect. Following officers have been promoted to BS-21: Tariq Mustafa Khan Mir Badshah Khan Wazir Malik Amjad Zubair Tiwana Muhammad Azam Sheikh Mehmood Hussain Jafari Muhammad Iqbal Muhammad Abid Raza Bodla Ms. Aiysha Khalid Karamatullah Khan ... Read More »

DG Valuations revises customs values on import of iron & steel scrap

KARACHI: The Directorate General of Customs Valuation, Karachi, has upward revised customs values on the import of iron and steel scrap. In this connection, the directorate has issued a valuation ruling. According to the ruling, in exercise of the powers conferred under Section 2S-A of the Customs Act, 1969, the Customs values of Iron and Steel Scrap (remeltable/HMS scrap/shredded scrap/re-rollable ... Read More »

FBR promotes 13 PCS officers from BS-19 to BS-20

ISLAMABAD: Federal Board of Revenue (FBR) has issued notification to promote following officers of Pakistan Customs Service (PCS) from BS-19 to BS-20 with immediate effect and until further orders:- Hassan Saqib Sheikh Masood Ahmed Fayaz Rasool Sanaullah Abro Muhammad Tahir Muhammad Saleem Memon Muhammad Amir Thahim Yousaf Haider Orakzai Munib Sarwar Farrukh Sajjad Tayyeba Kayani Moeed Muhmmad Nayyar Shafiq Muhammad ... Read More »

Pakistan to save $300m annually from Qatar LNG deal: PM Imran Khan

LAHORE: Prime Minister Imran Khan on Friday revealed that Pakistan had signed a deal related to the supply of the Liquefied Natural Gas (LNG) which would help save the nation $300mn annually. Speaking at the groundbreaking ceremony of the Central Business District ceremony in Lahore, the prime minister said that his government had been trying to negotiate this deal for ... Read More »

66pc of vehicle thieves/ snatchers acquitted; laws be made more stringent: SSP AVLC

KARACHI: SSP Anti-Vehicle Lifting Cell (AVLC) Rao Muhammad Arif Aslam has stressed that the relevant laws, punishments and fines for vehicles’ theft or snatching need to be made more stringent as statistics indicate that 66 percent of the culprits have been acquitted while the remaining 34 percent were convicted by the honorable courts. “Almost all the acquitted get back on ... Read More »

Australia HC for enhanced trade relations with Pakistan

MULTAN: Auatralia High Commissioner in Pakistan, Dr Geoffrey Shaw underlined the need for improving trade ties between business communities of Australia and Pakistan. Addressing a ceremony hosted in his honour at Multan Chamber of Commerce and Industry (MCCI), he said that Australian scientists were working closely with Pakistani scientists. He said that trade representatives in Islamabad and Sydney High Commissions ... Read More »

Exports of ICT, telecom services increased 38pc in 7MFY21: Razak Dawood

ISLAMABAD: Adviser to the Prime Minister for Commerce and Investment, Abdul Razak Dawood, on Thursday said that the export of information and communications technology (ICT) and telecom services increased by 38 per cent during the first seven months of the current fiscal year (7MFY21) as compared to the corresponding period last of the last fiscal year. In a tweet, he ... Read More »

KP to launch universal vehicle number plates

PESHAWAR: The provincial government has announced to introduce a universal vehicle number plate system from July 2022 in a bid to improve provincial revenue through increasing vehicle registration. This was disclosed by Special Assistant to Chief Minister (SACM) on Excise and Taxation, Syed Ghazi Ghazan Jamal while briefing the media regarding the performance of his department in the past two ... Read More »

OGRA recommends increase in petrol price by Rs20.7

ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) has sent a summary to the Petroleum Division, suggesting an increase in the prices of petroleum products from March. According to sources, OGRA has recommended an increase in the price of petrol by Rs20.7 and an increase in the price of diesel by Rs 6 per litre. Meanwhile, the current levy on ... Read More »

UBL declares Rs20.9b as annual after tax profit

KARACHI: United Bank Limited (UBL) announced its financial results for the year ended December 31, 2020. The bank made provisioning and write-offs to the tune of Rs16.77 billion or 104 percent higher which trimmed its annual profit growth to 9.25 percent. The bank announced an amount of Rs20.9 billion as profit after tax for the year ended December 31, 2020 ... Read More »

FBR amends law for recovery of sales tax from bank account

ISLAMABAD: Federal Board of Revenue (FBR) amended tax laws to make legal the recovery of sales tax amount directly from bank account of a tax defaulter. The FBR issued SRO 234(I)/2021 to amend Sales Tax Rules, 2006. Under the amendment, the FBR said that Rules 210A to 210I of the Income Tax Rules, 2002 shall, mutatis mutandis, apply to Chapter ... Read More »

IR offices to remain functional on February 27 to achieve revenue collection target

ISLAMABAD: The offices of Inland Revenue shall observe Saturday February 27, 2021 as normal working day in order to achieve revenue collection target for the month. In a notification issued on Thursday, the FBR said that all Large Taxpayers Offices (LTOs), Medium Tax Office (MTO), Corporate Tax Offices (CTOs) and Regional Tax Offices (RTOs) would remain open and observe normal ... Read More »

Pakistan committed to complying with FATF action plan: MoF

ISLAMABAD: Pakistan  reaffirmed its commitment to continue strengthening the AML/CFT regime in line with global standards and comply with the FATF’s action plan. The statement from the Ministry of Finance was issued after the Financial Action Task Force (FATF) appreciated Pakistan for the significant progress made by the country on the entire action plan. The plenary meetings of the global ... Read More »

Pharmaceutical products export increases 24.92pc in 7 months of FY21

ISLAMABAD: The exports of Pharmaceutical products from the country witnessed an increase of 24.92 percent during the seven months of ongoing financial year (2020-21) as compared to the exports of corresponding period of last year. The country exported pharmaceutical worth US $161.443 million during July-January (2020-21) as against the export of US $129.242 million during July-January (2019-20), showing growth of ... Read More »

SBP foreign reserves surge $19m to $12.9b

KARACHI: The foreign exchange reserves in the country have witnessed an increase of US$19 million in the week ending on February 19. According to the data released by the central bank, net reserves held by the SBP stood at $12,908 million. Overall liquid foreign reserves held by the country stood at US$ 20.041 billion as of February 19, 2021. Net ... Read More »

International tender for Twin Cities’ Ring Road likely next week: Asad Umar

ISLAMABAD:  Minister for Planning, Development and Special Initiatives Asad Umar was informed that the international tender for Rawalpindi-Islamabad Ring Road project had been prepared and it would be published in the newspapers by next week. The minister was briefed on the project by Commissioner Rawalpindi Muhammad Mehmood in a meeting held here to review progress of development work on flagship ... Read More »