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Author Archives: CT Report

Pak, China trade at Khunjrab Pass posts 46.8pc growth

PESHAWAR: Trade volume at Khunjerab Pass a major border port between China and Pakistan, witnessed a growth of 46.8 percent this year. As per Xinhua, the cargo import and export reached 66,600 tonnes in the first 11 months at Khunjerab Pass in northwest China’s Xinjiang Uygur Autonomous Region, an increase of 46.8pc from the same period last year. Trade volume ... Read More »

Saudi Arabia may cut light crude prices

SINGAPORE: Saudi Arabia, the world’s biggest oil exporter, may cut the prices of its light crude grades sold to Asia in February on signs of slowing demand ahead of the region’s peak refinery maintenance season, six trade sources said on Monday. The official selling price (OSP) of flagship Arab Light crude in February could fall by 20-30 cents a barrel, ... Read More »

KPT shipping intelligence report Dec 30

KARACHI: The Karachi Port Trust (KPT) issued the following shipping report for the last 24 hours, ending 0700 hours on Monday. ALONG SIDE (Bulk Oil Pier) OP-II Sea King D. Jet Oil Alpine 30/12/19 ALONG SIDE (East Wharves): 1 Al Mahboobah D. Chemical Welhelmsen 30/12/19 11/12 Medi Okinawa L. Clinkers Bulk-Sh. 27/12/19 ALONG SIDE(P.I.C.T): Berth Vacant… ALONG SIDE(South Wharf): Berth ... Read More »

Govt to issue presidential ordinance next week for tax concessions to traders: FBR chairman

ISLAMABAD: The PTI-led government has decided to implement concessions in taxes for traders through a presidential ordinance next week. Talking to media, Chairman Federal Board of Revenue (FBR) Shabbar Zaidi has said that the tax rate concessions were offered in a deal reached between the Federal Board of Revenue and representatives of traders on October 30. The pact has two ... Read More »

FBR serves notices to dozens of private hospitals located in Islamabad, Rawalpindi

ISLAMABAD: The Federal board of Revenue (FBR) has issued notices to dozens of private hospitals those who were involved in grabbing tax on the name welfare trust. FBR has widened the scope of issuing tax notices to the owners of private medical centres, hospitals and doctors. The countrywide tax drive has been initiated to bring maximum professions and sectors into ... Read More »

Pak Rupee gains 13 paisa against dollar in interbank market

KARACHI: The rupee gained 13 paisa against the United States (US) dollar at the start of today’s trading in the interbank market. The greenback witnessed a slight depreciation against the local currency and is being traded at Rs154.90 in the interbank market. Earlier, on Dec 27, the US dollar fell 4 paisa versus the rupee to close at Rs 155.03 ... Read More »

Stocks edge up 374.37 points

KARACHI: The Pakistan Stock Exchange (PSX) on Monday began on a positive note and gained 374.37 points or 0.92 percent by 11.04am, and hit 41,222.90 points. In the previous week, the stock market witnessed massive fluctuations as it began on a negative note on Monday when the KSE-100 share Index plunged by 824.70 points for profit-taking sessions before Christmas holiday ... Read More »

Govt optimistic about outperforming IMF’s inflation projection for FY20

ISLAMABAD: The federal government has been doing much better than the International Monetary Fund projection with respect to most of the macroeconomic indicators, including inflation rate which is expected to come down to around 5 percent in the medium term, the spokesman of the ministry of finance stated. With regard to inflation outlook, IMF has lowered inflation projection for FY2019-20 ... Read More »

LHC raises objection to plea against NAB ordinance

LAHORE: The Lahore High Court (LHC) on Monday raised an objection to an application against the National Accountability (Amendment) Ordinance, 2019, promulgated by the government through a presidential ordinance on Friday bringing momentous alterations to the accountability law known as the National Accountability Ordinance, 1999. The court pointed out that the petition could not be fixed for an immediate hearing ... Read More »

Customs field offices to observe extended working hours on Dec 30 & 31

ISLAMABAD: Federal Board of Revenue (FBR) has issued instructions to all the customs field offices to remain open and observe extended working hours till 10:00 pm on 30th December and 12:00 (midnight) on 31st December, 2019 to facilitate the taxpayers’ in payment of duties and taxes. FBR has further instructed the Chief Collector of Customs to liaise with the State ... Read More »

All possible help will be provided to ABAD: Hafeez Shaikh

ISLAMABAD: The Adviser to the Prime Minister on Finance and Revenue chaired a meeting with a six-member delegation of the “Association of Builders and Developers of Pakistan” (ABAD) here today. The delegation was represented by Hassan Bakhshi, various proposals were presented that could enhance and boost the property business in the country and improve tax collection for the government. The ... Read More »

Importers appeal Member Customs to take notice of slow functioning of WeBOC

ISLAMABAD: Importers appealed to Federal Board of Revenue (FBR) Member Customs (Operations) Dr. Jawwad Awais Agha to take notice of the issue being faced by importers and clearing agents due to very slow functioning of customs WeBOC (Web-Based One Customs) system. The importers stated that due to this problem most of the import clearance is pending while the assessment officer ... Read More »

Siraj Teli congratulates BMP on impressive victory in FPCCI’s election

KARACHI: Chairman Businessmen Group (BMG) & Former President Karachi Chamber of Commerce & Industry (KCCI) Siraj Kassam Teli has congratulated Chairman Businessmen Panel and the newly elected President FPCCI Mian Anjum Nisar, Senior Vice Chairman BMP Mian Zahid Hussain, Shaukat Ahmed, Zakaria Usman and others on BMP’s impressive victory in FPCCI’s elections. In a statement issued, Siraj Teli said that ... Read More »

CTD seeks ‘watch’ units set up at all Sindh airports

KARACHI: The Counter Terrorism Department (CTD) Additional Inspector General of police has written a letter to the Sindh police chief seeking establishment of “Watch Branch” at all airports in Sindh province. The AIG in his letter said this branch will work under his administrative and operational command. “It is submitted that the Crime Investigation Department Sindh has been renamed as ... Read More »

Banks to remain closed for public on Jan 1

KARACHI: The State Bank of Pakistan (SBP) will observe January 1, 2020 as bank holiday which will be observed as ‘Bank Holiday’. All banks, Development Finance Institutions (DFIs), and Microfinance Banks (MBFs) shall, therefore, remain closed for public dealing on the above date. However, all employees of banks, DFIs, and MFBs will attend the office as usual, says a statement ... Read More »

Weekly inflation increases by 0.65pc

ISLAMABAD: Sensitive Price Indicator (SPI) based weekly inflation for the week ended on December 26, for the combined consumption group increased by 0.65 percent as compared to the previous week. The SPI for the week under review in the above mentioned group was recorded at 130.87oints against 130.02 points registered in the previous week, according to the latest data released ... Read More »

SBP to bear service charges on tax collection via Alternative Delivery Channels

KARACHI: The State Bank of Pakistan (SBP) has announced to bear all services charges over collection of government taxes through Alternative Delivery Channels (ADCs). ADC is an e-Payment facility established by the SBP in collaboration with the FBR and 1Link for collection of government duties and taxes through Internet banking, ATMs, banks’ mobile applications and Over-the-Counter (OTC) at banks’ branches. ... Read More »

FBR notifies fresh jurisdictions of commissioner appeals to facilitate taxpayers

ISLAMABAD: The Federal Board of Revenue (FBR) has notified fresh jurisdictions of commissioner appeals in order to facilitate taxpayers. Officials in the FBR said the revision in jurisdiction of appeals had been notified for tax offices across the country. The FBR has annulled all the jurisdictions issued in the past. Commissioner Appeals is the first legal forum for taxpayers to ... Read More »

A weekly review: Stock market observe dramatic fluctuations

KARACHI: The Pakistan Stock Exchange (PSX) in the outgoing week witnessed massive fluctuations as the week began on a negative note on Monday when the KSE-100 share Index plunged by 824.70 points for profit-taking sessions before Christmas holiday amid absence of positive triggers but later on Thursday gained 799.47 points amid positive sentiments among traders. On weekly basis, the Index, ... Read More »

Govt increases Ehsaas Kifalat Program stipend by Rs500 under BISP

ISLAMABAD:The government has raised the quarterly grant from Rs5,000 to Rs5,500 for 4.3 million beneficiaries under the Ehsaas Kifalat Programme of the Benazir Income Support Programme (BISP), Special Assistant to the Prime Minister on Social Protection and Poverty Alleviation and BISP Chairman Dr Sania Nishtar said in a statement. Dr Sania said that the government would now additionally provide Rs8.6 ... Read More »