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Author Archives: CT Report

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 »

Illegal medicine imports overflow market

HARARE: Unscrupulous businesspeople are smuggling over-the-counter (OTC) medicines, some of which are suspected to be counterfeit, while others are expired. Over-the-counter medicines are those drugs that can be dispensed without a doctors’ prescription but often require a licensed pharmacist to sell them. The Medicines Control Authority of Zimbabwe (MCAZ) said in a statement last week that the importation of any ... Read More »

Afghanistan ready to expand gas oil imports from Iran

TEHRAN: Afghanistan is keen to expand its gas oil imports from Iran to 1.2 million tons, Iranian Oil Minister Bijan Namdar Zanganeh said after his meeting with Afghan Minister of Commerce and Industries Homayoun Rasa in Tehran on January 5. Zanganeh said the two sides are still in talks over the details and Iran has not yet offered a price, ... Read More »

Turkey’s PVC import volume low in Nov

ANKARA: November import statistics of Turkey were revealed on ChemOrbis with overall PVC imports in November suggesting an approximate decrease of 19% on a monthly basis and 16% on a yearly basis. Cumulative PVC imports in the January-November period, meanwhile, display a yearly decrease of 8%. Also of note, PVC cargoes imported from the US in November hit the lowest ... Read More »

Malaysia’s exports rise at slower pace of 6.3% in Nov 2015

KUALA LUMPUR: Malaysia’s exports in November 2015 rose at a slower pace of 6.3% to RM67.63bil from the RM63.59bil a year ago caused by a decline in exports of liquefied natural gas (LNG) due to the lower average unit value. Based on the Malaysia External Trade Development Corporation (Matrade) data released on Thursday, the exports were sharply below economists’ expectations ... Read More »

Federal govt asked to include Munda dam in CPEC

CHARSADDA: Qaumi Watan Party (QWP) Chief Aftab Ahmed Khan Sherpao has urged the federal government that not only start construction work of Munda dam, but also include it the in China-Pakistan Economic Corridor (CPEC) project. He said this after inaugurating the restoration work on Munda Headworks in Charsadda district. He said that the dam would produce 740 megawatts electricity, adding ... Read More »

US trade deficit narrows in Nov

WASHINGTON: The U.S. trade deficit narrowed in November likely as efforts by businesses to reduce an inventory overhang pushed imports of goods to their lowest level in nearly five years, outpacing a drop in exports. The Commerce Department said on Wednesday the trade gap fell 5.0 percent to $42.4 billion. October’s trade deficit was revised up to $44.6 billion from ... Read More »

Demand for lint hikes cotton prices

KARACHI: Shortage in phutti (seed cotton) supply and hike in demand for quality lint have increased prices in cotton market. However, premium quality lint fetched higher price with most of the deals finalised above Rs5,600 per maund. The highest bid was quoted at Rs5,700per maund. The world cotton markets, including of New York cotton and China, remained easy in the ... Read More »

FBR collected Rs 1,400b taxes till 5th

ISLAMABAD: Federal Board of Revenue (FBR) collected Rs1,400 billion revenue up to January 5 from the start of current fiscal year against the collections of Rs1,115 billion taxes it collected in the same period of last fiscal year, showing a growth of 19 percent, a senior official of the board said. Member Strategic Planning Reforms and Statistics (SPR&S) and FBR ... Read More »

Nigeria’s NDLEA seized N3.7 billion worth of hard drugs in 2015

ABUJA: The National Drug Law Enforcement Agency has said that it seized narcotic drugs valued at N3.7 billion at the Murtala Mohammed International Airport, Lagos. In a statement Wednesday, the agency said it received 183 Nigerians deported from Europe, America, and Asia on drug related offences. Roli Bode-George, acting chairman, NDLEA, said the monetary value of the seized drugs underscored ... Read More »

Turkey confisactes 13 tons of drugs in international waters

ANKARA: Turkey has seized at least 13 tons of drugs in powdered form from a Bolivia-registered ship in its first-ever anti-narcotics operation in international waters near Libya’s Tobruk Port. The operation, “the Albatros Campaign,” was launched after the Counter-Smuggling and Organized Crime Department of the Turkish police received a tip that a Bolivian ship was involved in drug trafficking on ... Read More »

Singapore’s CNB seizes drugs worth S$89,000

SINGAPORE: Cannabis, “Ice” and Ermin-5 tablets estimated to be worth more than S$89,000 have been seized by Central Narcotics Bureau (CNB) officers. In a release on Wednesday (Jan 6), CNB said that two men have been arrested. On Jan 4, a 41-year-old Singaporean man was arrested for suspected drug consumption and possession. Four Erimin-5 tablets were recovered from him. On ... Read More »

Philippines police seize shabu worth P6 million

ILOILO CITY: Police arrested two suspected drug smugglers on Wednesday, and seized substance believed to be shabu (methamphetamine hydrochloride) worth P6 million in operations in Barangay Tiolas in San Joaquin town in Iloilo province. Chief Insp. John Ray Doseo, chief of the Provincial Anti-Illegal Drugs Special Operations Task Group of the Iloilo Provincial Police Office (IPPO-PAIDSOTG) identified the suspects who ... Read More »

S.Africa Customs seizes abalone, heroin at Cape Town airport, Beitbridge border

JOHANNESBURG: Two people were arrested after customs officials confiscated heroin and abalone at the Beitbridge border post and Cape Town International Airport, Sars said on Wednesday. At Cape Town International Airport, airline staff tipped customs officials off about a consignment in a cargo shed, spokesperson Sandile Memela said. It turned out to be almost half a ton of dried abalone ... Read More »