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Author Archives: CT Report

FBR detects benami property in Umerkot

ISLAMABAD: Federal Bureau of Revenue (FBR) on Thursday launched crackdown against benami (undeclared) properties in Sindh’s Umerkot district. According to the tax collection authority, FBR launched a crackdown in Sindh’s Umerkot and confiscated property having a total area of 1,011 acres and owned by four persons, namely Lalo Mal, ML Gandhi, TL Gandhi and KL Gandhi. The FBR sources said ... Read More »

KPT shipping intelligence report Feb 13

KARACHI:The Karachi Port Trust (KPT) issued the following shipping report for the last 24 hours, ending 0700 hours on Thursday. ALONG SIDE (Bulk Oil Pier) OP-I Gulf Petroleum 4 D. Jet Oil Alpine 12/02/20 OP-II Lahore D. Crude Oil PNSC 12/02/20 ALONG SIDE (East Wharves): 2 Sea King D. Jet Oil East Wind 09/02/20 11/12 Mandarin River L. Clinkers Crystal ... Read More »

Virus, uncertainty continues to stymie stock rally

KARACHI: Not much progression could be seen at the stock market on Thursday as potential investors continue to react to the impact of the coronavirus outbreak hurting imports, however, the benchmark KSE-100 Share Index recovered some 126.54 points or 0.31pc as of 11.04am. The Index reached 40,657.67. In the early trading hours, the Index lost 98 points. The apex of ... Read More »

Pakistani workers abroad remit $13.3b in 7 months

KARACHI: Foreign remittances grew to $13.302 billion in the first seven months of the current fiscal year FY2019-20 as compared to $12.774 billion in the corresponding period of FY2018-19 as more Pakistanis residing in foreign countries continued to send higher remittances back home and the Financial Action Task Force’s (FATF) strict conditions forced them to utilise legal remittance channels. Percentage-wise, ... Read More »

Faisalabad RTO starts drive to make cellular employees part of tax net

FAISALABAD: The Regional Tax Office (RTO) of Federal Board of Revenue (FBR) Additional Commissioner Asad Tahir Jappa has held a meeting at DCO office Toba Tek Singh on the facility of filing tax returns. All the heads of various departments were present in the meeting and were guided and requested to assure the filing of income tax returns 2019 of ... Read More »

FBR seeks record of ST from taxpayers of last six-years

  ISLAMABAD: Federal Board of Revenue (FBR) may ask taxpayers to provide past six years record of their sales for examination. The sources told that the tax offices may conduct audit of sales tax of many taxpayers in order to meet revenue collection target for current fiscal year. The sources said that under Sales Tax Act, 1990 taxpayers are required ... Read More »

SBP reserves up $157m to $18.7b

KARACHI: The total liquid foreign reserves held by the country stood at $18,735.4 million on February 7, 2020, according to data released by the State Bank of Pakistan (SBP) on Thursday. Foreign reserves held by the SBP were recorded at $12,430.8 million, while net foreign reserves held by commercial banks were recorded at $6,304.6 million. During the week ending February ... Read More »

Pak-UAE JMC meeting to be held in March: Hafeez Shaikh

ISLAMABAD: Hamad Obaid  Ibrahim Salim Al-Zaabi, Ambassador of the United Arab Emirates called on the Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh here at the Finance Division. Both sides discussed preparations for the upcoming Pak-UAE Joint Ministerial Commission meetings expected to be held by the end of the next month. The Ambassador apprised the ... Read More »

ANF seizes drugs worth $1.198b in countrywide crackdown

RAWALPINDI: Spokesperson for the Anti-Narcotics Force (ANF) on Thursday revealed details of 30 drug busts across the country seizing 5965 kilograms of drugs. The spokesman detailed one of the crackdown which took place on a heroin plantation where the intoxicant was being grown on a 66 hectare of agricultural land. 33 people have been taken under arrest in the crackdowns ... Read More »

NAB seeks reply from Bilawal in two weeks in Joint Venture Opal case

KARACHI:  “I was not even a public office holder when NAB started investigating the case. I was seven years old when I became a shareholder of this company,” Bilawal said. The National Accountability Bureau (NAB) has given Pakistan Peoples Party (PPP) chairperson Bilawal Bhutto two weeks to submit a questionnaire in the Joint Venture Opal 224 case. The PPP leader ... Read More »

IHC approves bail of Ghani Majeed in fake bank accounts case

ISLAMABAD: The Islamabad High Court (IHC) granted bail to Abdul Ghani Majeed on Thursday in fake bank accounts case. A division bench of the high court comprised of Justice Miangul Hassan Aurangzeb and Justice Fayyaz Anjum heard the bail petition. The bench ordered Abdul Ghani Majeed to submit Rs100 million surety bond for bail. Abdul Ghani Majeed, who has been ... Read More »

NAB approves illegal appointment reference against ex-PM Abbasi

ISLAMABAD: The Executive Board Meeting (EBM) of National Accountability Bureau (NAB) Wednesday accorded approval of filing three corruption references against various personalities, including former prime minister Shahid Khaqan Abbasi, for inflicting Rs138.96 million to the national exchequer. According to NAB spokesman, the NAB-EBM chaired Chairman Justice (r) Javed Iqbal accorded approval of conducting seven inquiries against different personalities including former ... Read More »

Pakistan, IMF agree not to introduce mini-budget, tax rate hike till June

ISLAMABAD: Pakistan and the International Monetary Fund (IMF) have agreed not to introduce a rise in the tax rates until June 2020, according to media. In a meeting chaired by Prime Minister Imran Khan’s Adviser on Finance and Revenue Dr Abdul Hafeez Shaikh and IMF Mission Chief for Pakistan Ernesto Ramirez-Rigo, the two sides agreed that neither would a mini-budget ... Read More »

PSX witnesses bullish trend as 100 index gains 816 points

KARACHI: Pakistan Stock Exchange (PSX) on Wednesday witnessed a bullish run as the index gained 816 points at the end of the day after remaining on a losing streak until the first day day of this week. The PSE-100 index crossed the 40,000 mark and ended the day with 40631 points. A major sum of Rs 120 billion entered the ... Read More »

Pak Rupee gains five paisas against US dollar

KARACHI: The Pak Rupee gained five paisas against dollar on Wednesday owing to inflows of export receipts and workers’ remittances, dealers said. The rupee ended Rs154.37 to the dollar from previous day’s close of Rs154.42 in interbank foreign exchange market. The currency dealers said that the market witnessed inflows of exports and workers’ remittances during the day. On the other ... Read More »

Business community hopes for increasing Pak-Turk trade up to $2b

ISLAMABAD: Business community termed the visit of Turkish President Tayyip Erdogan to Pakistan a golden opportunity to enhance trade and business relations among Pakistan and Turkey and expressed hope that the trade volume between the both countries can be increased as high as US$ 2 billion with some joint efforts made by public and private sectors of the either countries. ... Read More »

US futures climb with Europe stocks; bonds slip: markets wrap

NEW YORK: U.S. equity-index futures gained along with European stocks on Wednesday and crude oil rallied amid signs the spread of the coronavirus in China is slowing and investor optimism the global economy can weather the storm. Treasury yields edged higher. Contracts on all three major American gauges pointed to a firm open after China’s Hubei province reported the lowest ... Read More »

Shelter home established at Ishaq Dar’s house shut down

LAHORE: The Punjab government Tuesday night cleared the residence of former finance minister Ishaq Dar in Lahore which was converted into a shelter home. The Lahore High Court (LHC) on Monday had issued a stay order against the provincial government’s move after the PML-N leader’s wife Tabbasum Dar had approached the court. During Monday’s proceedings, her lawyer had pointed out ... Read More »

Mayor criticizes SLGA 2013, underscores implementation of Article 140A

KARACHI: Mayor Karachi Metropolitan Corporation (KMC) Waseem Akhtar, while strongly criticizing the rules and regulations defined in Sindh Local Government Act SLGA-2013 by the Sindh government, said that amendments were being crafted by himself for SLGA 2013 to strengthen the system and he was also struggling really hard and advocating the demand at the honorable Supreme Court of Pakistan for ... Read More »

FBR notifies fair market value of immovable properties & motor vehicles

ISLAMABAD: Federal Board of Revenue (FBR) has defined fair market value of immovable properties and motor vehicles in case of undeclared assets identified. According to FBR officials the valuation of immovable property for the purposes of section 111 of Income Tax Ordinance, 2001 related to undisclosed assets shall be taken to be- (a) the fair market value of immovable property ... Read More »