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Author Archives: CT Report

Collector Mohsin Rafiq transfers 29 appraisers & inspectors

LAHORE: Collectorate of Customs Appraisement Collector Mohammad Mohsin Rafiq has issued order for transfer and posting of following appraisers and inspectors with immediate effect and until further orders:- Appraiser Muhammad Shahzad transferred from appraisement hall to R&D branch, LDP Appraiser Jameel Akbar transferred from appraisement hall to Prem Nagar dry port. Appraiser Asif Shabbir transferred from Prem Nagar dry port ... Read More »

Inflation rate slows down to 11-month low

ISLAMABAD: Inflation rate in the country slows down to 11-month low. According to Pakistan Bureau of Statistics price of petrol reduced by 13 percent in the month of May. Inflation rate in May stood at 8.22 percent while inflation rate in May 2019 was 8.4 percent. Inflation rate during 11 months of the current fiscal year stood at 10.94 percent. ... Read More »

FBR imposes ‘removal from service’ penalty on LTU Karachi auditor

  KARACHI: Federal Board of Revenue (FBR) has awarded major penalty of ‘removal from service’ on an auditor (BS-18) posted at Large Taxpayers Unit (LTU) Karachi for inefficiency and misconduct. A notification issued on Monday, the FBR said that disciplinary proceedings against Ghulam Fareed Pario, Assistant Director (Audit) (BS-18), Large Taxpayers Unit, Karachi were initiated under the Government Servants (Efficiency ... Read More »

Overseas Pakistanis laud NAB Chairman Justice Javed Iqbal for eradicating corruption

ISLAMABAD: Dr. Khurshid A Babar, Global Peace, Canada has appreciated and paid salute of Overseas Pakistanis to Honorable Mr. Justice, Javed Iqbal Chairman NAB and said that Honorable Mr. Justice, Javed Iqbal Chairman NAB has become an historical personality and future example for coming generations due to his excellent work in eradication of corruption as Chairman NAB will be definitely ... Read More »

Chinese-funded law firm to provide legal aid to companies in Pakistan

BEIJING: Zhongao Law Firm, a first Chinese-funded law company has been established to provide legal services and assistance to the Chinese enterprises and citizens in Pakistan. China and Pakistan are all-weather strategic partners. Pakistan is not only an active responder to the Belt and Road Initiative, but also co-builder of its flagship project China-Pakistan Economic Corridor (CPEC) However, due to ... Read More »

First cargo ship carrying wheat, urea reaches Gwadar: SAPM Bajwa

ISLAMABAD: Special Assistant to the Prime Minister (SAPM) on Information and Broadcasting, Lieutenant General (retired) Asim Saleem Bajwa on Saturday said that first bulk cargo ship “MV Manet” carrying wheat and urea of Afghan Transit trade reached Gwadar port this week. In a tweet on Saturday, SAPM Asim Bajwa said a dream come true for local economy as it will ... Read More »

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 22.5.22.5.2020 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 »