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Author Archives: CT Report

Morocco suspends poultry imports from France

RABAT: The Moroccan National Health Security Office of Food (ONSSA) announced Thursday the temporary suspension of all imports of poultry and all poultry products from France. In response to the outbreak of the highly pathogenic H5 avian flu in poultry in France last November (strains H5N1, H5N2 and H5N9), poultry and all poultry products imported from the Republic is suspended, ONSSA ... Read More »

Japan introduces negative interest rate

TOKYO: The Bank of Japan has introduced a negative interest rate policy for the first time as it seeks to shore up a stumbling economic recovery. The surprise move rattled stock market investors, with the Nikkei 225 index swinging between gains and losses after the announcement. It closed 2.8% higher. The Japanese yen slid, with the US dollar rising to ... Read More »

Hidayat Ullah takes helm as R&D director

ISLAMABAD: Agha Hidayat Ullah, a BS-20 officer of Inland Revenue Service, has assumed the charge of the post of Director, Directorate General of Research & Development, FBR (HQ), Islamabad, (stationed at Karachi). The officer, pursuing the Board’s Notification No.0055-IR-I/2016, dated 08.01.2016, assumed the charge of the said post with effect from January 18. Read More »

14 officers of BS 16-17 transferred

ISLAMABAD: Federal Board of Revenue has transferred/posted 14 officers of BS-16 with immediate effect. According to the Board’s notification, if the officers are drawing performance allowance, they will continue to draw the same on the new place of posting. The officers have been directed to relinquish/assume charge, using online HRMS facility made available to FBR or by using their IJP ... Read More »

Azerbaijan may reduce limit for duty-free imports of goods

BAKU: The Azerbaijani State Customs Committee offers to reduce the limit on duty-free import of goods through the international mail services, Aydin Aliyev, head of the Azerbaijani State Customs Committee, said at a press conference Jan. 29. According to Azerbaijani laws, if goods worth no more than $1,000 are supplied to one physical entity through the international mail services or ... Read More »

Deputy Commissioner-IR Farhan Sattar transferred

ISLAMABAD: Farhan Sattar, a BS-18  officer of Inland Revenue Service, presently posted as Deputy Commissioner-IR, Regional Tax Office, Lahore, has been transferred and posted as Staff Officer to SA to the Prime Minister for Revenue/Minister for State, Federal Board of Revenue (HQ), Islamabad, with immediate effect. According to the Board’s notification, if the officer is drawing performance allowance (equivalent to ... Read More »

Two Customs officers of BS-16 transferred

ISLAMABAD: Federal Board of Revenue has transferred/posted two Pakistan Customs Service officers of BS-16 with immediate effect. Syed Jaffar Ali Rizvi has been transferred from Regional Tax Officer-II, Lahore to Directorate of Internal Audit (Customs), Lahore, while Basit Ikram has been transferred frokm Directorate of Internal Audit (Customs), Lahore to Regional Tax Office-II, Lahore. According to the notification, the officer ... Read More »

Italian finance police believes Google evade $247.5m in taxes

ROME: The Italian finance police believe Google evaded 227 million euros ($247.5 million) in taxes in Italy between 2009 and 2013, investigative sources said on Thursday. The finance police report is due to be delivered to Google management later in the day. According to Google’s latest figures, it paid 2.2 million euros of tax in Italy in 2014 on revenues ... Read More »

I&I-IR Dy Director Akram Khan to retire on March 22

ISLAMABAD: Muhammad Akram Khan, a BS-18 officer of Inland Revenue Service, is going to retire from the government service on attaining the age of superannuation. The officer, presently posted as Deputy Director, Directorate of Intelligence & Investigation (Inland Revenue), Faisalabad, will stand retired with effect from March 22. Read More »

FBR asked to extend returns’ filing date till Feb 29

KARACHI: The Karachi Tax Bar Association (KTBA) has requested the Federal Board of Revenue (FBR) to further extend the time for filing the returns of income for till February 2016. In the letter by Karachi Tax Bar Association, it is stated that Voluntary Tax Compliance Scheme (VTCS) has been passed by the National Assembly and the assent of the President ... Read More »

Govt delays PIA’s privatisation for six months amid protests

ISLAMABAD: The government has delayed the process of privatisation of Pakistan International Airlines (PIA) for six months as protests against the proposal continued by the employees of national-flag carrier. Senate Special Committee on Performance of PIA Chairman Mushahidullah Khan, while speaking at a press conference at the Aviation Division, asked the PIA employees to call-off their strike and solve issues ... Read More »

Ginners ask govt not to waive import duty on Indian cotton

LAHORE: The ginners have asked the government not to waive duty and tax on the import of cotton from India. Pakistan Cotton Ginners Association (PCGA) Chairman Nawab Shahzad Ali Khan, in a statement, said that regulatory duty, sales tax and customs duty on import of cotton should not be withdrawn and it must continue for survival of local farmers and ... Read More »

KP leads with 123m target: Govt to plant 159m trees across the country

ISLAMABAD: The federal government has set a target of planting 159 million trees throughout the country in the next three months of spring season, starting from February. Climate Change Federal Secretary Arif Ahmed Khan, chairing a high-level inter-ministerial and inter-provincial meeting, approved the target after provincial forest departments and other federal ministries including the Capital Development Authority (CDA), National Highway ... Read More »

Record high fiscal deficit possible

BEIJING: Figures released on Friday showed how the slowing economy has taken its toll on China’s collection of taxes and fees in 2015, which registered the slowest expansion pace in 28 years. But things are not looking better this year, either, which could make way for setting a record high target for the fiscal deficit of up to 3 percent ... Read More »

Turkey imports 3 mln mt of bituminous thermal coal in Dec

ANKARA: Turkey imported 3 million mt of bituminous thermal coal in December, bringing the total volume for 2015 up to 27.78 million mt, which rose 18% year on year to the highest annual volume since Platts records began in 2012, according to data from the Turkish Statistical Institute (TUIK) published Friday. The December volume was the highest monthly volume since ... Read More »

Fiscal revenue hits lowest yearly growth rate since 1987

BEIJING: China’s 2015 fiscal revenue growth fell to a 28-year low of 5.8 percent, the lowest since 1987. General fiscal revenue including taxes and fines rose 5.8 percent to 15.22 trillion yuan ($2.42 trillion), the Ministry of Finance said on Friday. Same revenue in 2014 grew 8.6 percent and 10.2 percent in 2013. The central government raked in 6.92 trillion, ... Read More »

US economy loses pace in Q4 in line with expectations

WASHINGTON: US economic growth braked sharply in the fourth quarter of last year as businesses stepped up efforts to reduce an inventory glut and a strong dollar and tepid global demand weighed on exports. Gross domestic product increased at a 0.7 percent annual rate, the Commerce Department said yesterday in a report that showed a further cutback in investment by ... Read More »

Facebook bans gun sales on social network, Instagram

WASHINGTON: Facebook Inc has banned sale of guns on its online social network and its Instagram photo-sharing service. The move comes as the United States debates the issue of access to guns after a string of mass shootings. US President Barack Obama has urged social media companies to clamp down on gun sales organized on their platforms. It updates Facebook’s ... Read More »

South Korea imports 100 mln barrels of oil from UAE

ABU DHABI: South Korea is importing about 100 million barrels of crude oil every year from the UAE and the drop in oil prices has been benefiting the country, Ambassador of the Republic of Korea told Gulf News. “The low oil prices gave Korean economy some boost and we are paying less than in the past in importing oil. Two ... Read More »

Consumption continues to rise in Spain: Bank of Spain

MADRID: Consumption continued to rise in Spain contributing to the country’s economic recovery, the economics newspaper Expansion reported on Thursday citing the Bank of Spain. According to it, consumption continued to rise by the end of 2015, proving that the political instability that resulted from the elections in December was not having an impact on demand or other economic agents. ... Read More »