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Author Archives: CT Report

FBR to launch simplified tax return form for small traders

ISLAMABAD: Federal Board of Revenue (FBR) is set to launch simplified income tax return form for small retailers. According to sources, “the FBR is likely to issue the return form for small traders in pursuance to the agreement between the tax authorities and traders associations signed on October 30, 2019”.. The sources said that the FBR had finalized all the ... Read More »

COSCO vessel catches fire

KLANG: A COSCO-owned vessel TEU COSCO Pacific 062W has been forced to make an emergency port call after reportedly catching fire in the Arabian Sea. According to Maritime Bulletin, the 10,000 TEU COSCO Pacific was en route from Port Klang, Malaysia, to the Jawaharlal Nehru Port (JNPT), India, when a fire broke out in the cargo hold on January 4, ... Read More »

China ready to pursue ‘high-quality development’ of CPEC

BEIJING: China on Tuesday said it was ready to pursue “high-quality development” of the China-Pakistan Economic Corridor which would benefit both the countries. Chinese foreign ministry spokesperson Geng Shuang passed the comments at a press briefing while explaining the second phase of the Pakistan-China Free Trade Agreement (FTA). Geng said that the amending protocol to the FTA came into effect ... Read More »

FTO directs FBR to audit smuggled vehicles’ auctions

ISLAMABAD: The Federal Tax Ombudsman (FTO) while deciding a suo-moto case against the “irregularities” of the Federal Board of Revenue’s field formations in seizing smuggled (non-customs paid) vehicles, determining their value and conducting an auction. FTO has directed the FBR to conduct a detailed audit of auctions conducted in the last three years. The Directorate General of Customs Internal Audit ... Read More »

Finance ministry clarifies news report about debt indicators

ISLAMABAD: Ministry of Finance rejected reports published in media stating that public debt increased by Rs5678 billion during 12 months from November 2018 to November, 2019. A statement issued by the Ministry stated that federal government obtained only Rs3674 billion loan to cover account deficit from November 2018 to November 2019. During the month of November federal government’s debt was ... Read More »

ECC approves Rs3.2b to clear outstanding dues of SSGC & PSM

ISLAMABAD: Adviser to the Prime Minister on Finance, Dr. Abdul Hafeez Shaikh presided over a meeting of the Economic Coordination Committee of the Cabinet. ECC approved the Technical Supplementary Grant of Rs 1.00 billion under demand No.04-Cabinet Division for establishment of Pakistan Tourism Development Endowment Fund under Public account. ECC directed Pakistan Tourism Development Corporation to come up with their ... Read More »

Govt considering to announce federal budget 2020/2021 in May

ISLAMABAD: The government is planning to present federal budget 2020/2021 in the cabinet and the parliament in the month of May this year. The finance ministry on Wednesday issued budget call circular for the schedule of budget making process and its presentation in the parliament. The finance ministry has given tentative schedule of presenting the budget 2020/2021 in May 2020 ... Read More »

FBR issues clarification regarding taxes on import of smart phones

ISLAMABAD: The Federal Board of Revenue (FBR) on Wednesday issued a clarification that according to Government’s Digital Pakistan Initiative, the government is cognizant of the fact that local manufacturers might need some protection to provide them an even playing field in the market and to encourage local manufacturing of smart phones in Pakistan. According to the FBR, a committee under ... Read More »

Pakistan to export additional 500,000 tons rice to China

ISLAMABAD: Advisor to Prime Minister on Commerce, Textile, and Industry Abdul Razak Dawood has said on Wednesday that Pakistan has completed rice export target of 250,000 tons to China. The rice were exported under the duty-free incentive package of $1 billion offered by China for Pakistan to lift its exports. Completing the target of assigned quota, Pakistan approached Chinese government ... Read More »

Pakistan to establish its first corporate restructuring company

] ISLAMABAD: Prime Minister Imran Khan has taken one more step towards economic development as the federal government decided to establish Pakistan’s first corporate restructuring company. According to media, the upcoming entity, Pakistan Corporate Restructuring Company Limited (PCRCL), will be established with the assistance of 10 domestic banks with an initial paid-up capital of Rs500 million. The company aims to ... Read More »

Exports decline 4pc during December

ISLAMABAD: Pakistan’s exports of goods declined 3.96 per cent year-on-year in December 2019 despite cash support and multiple currency depreciation. Exports clocked in at $1.99 billion in December, down 3.96pc over $2.07bn in corresponding month last year. For the six-month period between July and December, exports edged up by 3.17pc to $11.53bn, as against $11.18bn in same half last year. ... Read More »

PREMA makes new investment to meet rising milk demand

LAHORE: PREMA Milk has imported 600 more cows from Australia to meet the rising demand of milk in the country, making a total of 3300 cows and adding to the total stock of the milk with the company. PREMA recently told PSX the company has recently added a big herd of 600 more Austrian and American breed cows which will ... Read More »

TDAP organizes NETP seminar at RCCI

RAWALPINDI: Trade Development Authority of Pakistan (TDAP) has organized National Exporters Training Program (NETP) at Rawalpindi Chamber of Commerce and Industry (RCCI) in collaboration with IBA-Karachi here on Tuesday. Shehzad Ahamd Khan, Director General TDAP informed that the major objective of this program was to share the trade knowledge in terms of available resources, international trends, TDAP’s facilitation initiatives for ... Read More »

SECP policy board softens Companies Regulations, 2018

ISLAMABAD: The Securities and Exchange Policy Board of SECP on Tuesday approved changes in the Companies (Further Issue of Shares) Regulations, 2018 to facilitate capital formation and provisions whereby the Commission could impose conditions on further issue of shares, were substantially removed. The Board, which met here with Security Exchange Commission of Pakistan (SECP) Chairman Professor Khalid Mirza in the ... Read More »

KPT ships movement, cargo handling report Jan 7

KARACHI: Following were the movements of ships and cargo handling at the Karachi Port Trust (KPT) during last 24 hours, ending at 0700 hours on Tuesday. SHIPS BERTHED: San Sebastian Fertilizer X Press Annapurna Container Ship Coral Star Container Ship M.T Lahore Tanker SHIPS SAILED: Ever Deluxe M.T Khairpur Gsl Manet Etisalat Al Safa CARGO HANDLING TURNOVER: The total cargo ... Read More »

Prices of 89 medicines reduced by 15pc

KARACHI: The Ministry of National Health Services, Regulations and Coordination (NHSR&C) has decreased the prices of essential medicines by 15pc. According to a notification issued by the ministry on Tuesday, “In continuation of Drug Pricing Policy 2018, the ministry has reduced the prices of 89 life-saving drugs by 15 per cent.” Special Assistant to Prime Minister (SAPM) Dr Zafar Mirza ... Read More »

Pakistani stocks recover slightly after US-Iran showdown scare

KARACHI: The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 index registered an uptrend on Tuesday after a bearish run the previous day. A total of 200 million shares worth Rs9.18 billion exchanged hands during the day’s trading. The benchmark index gained 608 points, closing the day at 41,904 points. Stocks tumbled the previous day, tracking global markets as fears of a ... Read More »

Gold prices down by Rs1250 per tola

KARACHI: The gold prices on Tuesday decreased by Rs1250 per tola and is being currently traded at Rs92,100 in the local market. The price of 10-gram gold decreased by Rs1071 and traded at Rs78,960 in the domestic market. In a leap of historic proportions on Monday, gold rates climbed to an all-time high with an increase of Rs2850 per tola. ... Read More »

Customs I&I shows outstanding performance during first 2Qs of FY2019-20

KARACHI: Under the supervision of Director Irfan Javed, Directorate of Customs Intelligence and Investigation has displayed extra-ordinary progress in performance of anti-smuggling as well as enforcement functions during the first two quarters of the financial year 2019-20. This is the best performance when compared with the corresponding period f previous five year w.e.f. 1.7.2015. Some of major enforcement cases made ... Read More »

Customs I&I seizes Indian goods, fabric marked with Afghan transit worth Rs19.1m

KARACHI: Under the supervision of Director Irfan Javed, Directorate of Customs Intelligence and Investigation (I&I) seized huge quantity of non-duty paid foreign origin miscellaneous goods including Indian Tara filter and Afghan transit marked fabric worth Rs19.1 million. According to the details, a specific information was received that huge quantity of non-duty paid foreign origin miscellaneous goods transported from different cities ... Read More »