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Author Archives: CT Report

Nigerian ship owners plan to export crude oil to global markets

ABUJA: The Nigerian Shipowners Association has said that it is making plans to get involved in the exportation of crude oil to international markets. Currently, no Nigerian shipowner is involved in the exportation of the nation’s crude which is being carried on a Free on Board basis by foreign flagged vessels. The Secretary General of the association, Mr. Tunji Brown, ... Read More »

Credit to private sector up by 37% to Rs212.34b

KARACHI: The State Bank of Pakistan (SBP) has reported that the credit to private sector surged by 37 per cent to Rs212.34 billion by the week ended December 25, 2015 as compared to Rs155.8 billion in the corresponding week last year. According to statistics issued by the central bank, the borrowing by the private sector also registered 26.47 percent growth ... Read More »

Pak rupee ‘slightly’ weakens in open market

KARACHI: The Pakistani rupee Thursday slightly depreciated against the US dollar in open market. According to the local money market, the greenback added five paisas in open market to reach 106.25 and remained unchanged in interbank at 104.70. On Wednesday, the dollar lost 35 paisas in interbank for selling at 104.70 and five paisas in open market to reach 106.20. Read More »

Shipment of Indonesia’s cocoa expected to decline in 2016

JAKARTA: Shipment of Indonesia’s cocoa to overseas is forecast to decline this year as the government imposes new export tariffs and taxes. The country’s cocoa association disclosed that the export of the commodity is projected to be down by 37 percent to 25,000 tons this year, said Zulhefy Sikumbang, chairman of the association. That compares with 40,000 tons’ shipment to overseas ... Read More »

Govt approves proposal to import 25,000 tons of urea

WASHINGTON: The cabinet committee on purchase yesterday approved a proposal to import 25,000 tonnes of urea. The government will buy fertiliser at $273.32 a tonne. The committee also approved a proposal for the construction of eight 16-storey buildings in Uttara at a cost of Tk 341 crore. The buildings will have 672 flats with 1,250 square feet each. The committee ... Read More »

Hong Kong bans import of poultry meat, products from France’s Lot Department

HONG KONG: Hong Kong authorities announced Wednesday that they have banned the import of poultry meat and products from France’s Lot Department because of outbreaks of highly pathogenic H5N1 avian influenza. The Center for Food Safety (CFS) of Hong Kong’s Food and Environmental Hygiene Department said that in view of a notification from the World Organization for Animal Health (OIE) ... Read More »

Tariq assumes charge as Gujranwala Commissioner-IR

ISLAMABAD: Tariq Mustafa Khan, a BS-19 officer of Inland Revenue Service, has assumed the charge of the post of Commissioner-IR, (OPS) Inland Revenue (Appeals), Gujranwala. The officer relinquished the charge of the post of Additional Commissioner-IR, Regional Tax Office, Hyderabad, with effect from December 29. Read More »

California exports fall almost 14% in Nov from 2014

SACRAMENTO: Wavering economies among key California trading partners in the last half of 2015 landed with a thud in the Golden State in November. The value of California’s merchandise exports in November was $12.86 billion, down 13.6 percent from $14.89 billion in November 2014 and the worst November showing since 2009, according to Beacon Economics. Beacon, a consulting firm with ... Read More »

Masood Ahmad relinquishes charge as Addl Commissioner-IR

ISLAMABAD: Muhammad Masood Ahmad, a BS-19 officer of Inland Revenue Service, has relinquished the charge of the post of Additional Commissioner-IR, Large Taxpayers Unit. The officer, pursuing the Establishment Division’s Notification No.1/210/2015-E-4, dated 31.12.2015, relinquished the charge of the post of Additional Commissioner-IR, Large Taxpayers Unit, Islamabad, with effect from January 05. Read More »

Customs Secretary Rezwana relinquishes charge

ISLAMABAD: Rezwana Siddiqui, a BS-19 officer of IT-Cadre, Thursday relinquished the charge of the post of Secretary Customs (Projects/Reforms), Federal Board of Revenue (HQ). The officer, in pursuance of Board’s Notification No. 0017-IR-III/2015, dated 05.01.2015, relinquished the charge of the said post, with effect from January 7. Read More »

Customs Second Secretary Faisal punished for inefficiency, misconduct

ISLAMABAD: Syed Faisal Saeed Bokhari, Pakistan Customs Service officer of BS-17, presently posted as Second Secretary, Federal Board of Revenue (HQ), has been punished for unauthorised absence from duty and non-filing of annual declaration of income, assets and expenses. The disciplinary proceedings were initiated against the accused officer under the Government Servants (Efficiency & Discipline) Rules, 1973 on above mentioned ... Read More »

Exports rise by 6.3% to RM67.63 bln in Nov

KUALA LUMPUR: Exports in November rose by an annualised 6.3 per cent to RM67.63 billion, driven by higher demand for manufactured goods. The International Trade and Industry Ministry said imports expanded by 9.1 per cent to RM57.39 billion while the trade surplus decreased by 6.9 per cent to RM10.23 billion. “Overall, export performance in January to November 2015 was driven ... Read More »

Japanese iron ore imports decrease 6% in Nov

TOKYO: The trade statistics released by the Japanese Ministry of Finance (MoF) for the month of November this year indicates significant drop in iron ore imports by the country. The Japanese iron ore imports during the month totaled 10.639 Million tonnes, 6.0% lower when compared with the imports during the same month a year ago. The country’s iron ore imports ... Read More »

Performance allowance of Second Secretary Faisal de-notified

ISLAMABAD: Federal Board of Revenue has imposed a penalty on Syed Faisal Saeed Bokhari, presently posted as Second Secretary, Federal Board of Revenue (HQ), Islamabad. According to the imposed penalty on the officer, under Government Servants (Efficiency & Disciplinary) Rules, 1973, the performance allowance (equivalent to 100 per cent of basic pay) has been de-notified with effect from January 06, ... Read More »

Assist Collector Dr Tahir penalised

ISLAMABAD: Federal Board of Revenue has imposed a minor penalty on Dr Tahir Iqbal Khattak, presently posted as Assistant Collector, Model Customs Collectorate, Islamabad. As per the penalty, imposed on the officer under Government Servants (Efficiency & Disciplinary) Rules, 1973, the performance allowance (equivalent to 100 per cent of basic pay) admissible to Dr Tahir Iqbal Khattak has been de-notified ... Read More »

Customs Superintendent Qaiser retires

ISLAMABAD: Qaiser Raza Cheema, a Pakistan Customs Service officer of BS-17, has retired from the government service on attaining the age of superannuation. The officer, presently posed as a Superintendent at Model Customs Collectorate, Islamabad, stood retired with effect from December 31. Read More »

Dar extends Tax Reforms Commission tenure for 90 days

ISLAMABAD: Federal Minister for Finance and Revenue Ishaq Dar has extended tenure of Tax Reforms Commission for a further of 90 days. In partial modification of earlier notifications of even number dated November 25, 3014, February 16, 2015 and August 31. 2015, the finance minister extended period of Tax Reforms Commission with effect from November 15, 2015. Read More »

China to remove gold import permit for industrial use

SHANGHAI: Gold imported into China for industrial use will not require a central bank permit from the beginning of this year, the General Administration of Customs said on Thursday. Industrial use includes the processing of gold in making watches and coins, for example, according to the statement. Read More »

FBR extends date for filing returns by companies till 21st

ISLAMABAD: Federal Board of Revenue has extended the last date for filing of returns by companies till January 21. The Board, exercising the powers conferred upon it under Section 214A of the Income Tax Ordinance, 2001, extended the date of filing of returns of income/statements of final taxation of companies, whose tax year ends on any date between January 1, ... Read More »

Coal imports fall 15% in first 9 months of current fiscal

NEW DELHI: Country’s coal imports fell by 15 per cent to 132.3 million tonnes in the first 9 months of the current fiscal, from 155.4 MT a year ago, because of record production by state-owned CILBSE 0.17 %, a top official said today. In value terms, the decline was worth around Rs 18,000 crore. “Record coal production by Coal India ... Read More »