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Author Archives: CT Report

Senate recommends extending tax amnesty to construction sector till June 2021

ISLAMABAD: Senate of Pakistan has recommended that tax amnesty i.e. immunity from explaining source of income for builders and developers should be extended up to June 30, 2021. The investment in the construction sector have been granted immunity from Section 111 of Income Tax Ordinance, 2001 and investor as an individual is required to open a new bank account and ... Read More »

China to enhance investments in development projects to generate employment: Envoy

ISLAMABAD: The Chinese Ambassador to Pakistan, Yao Jing, called on the Adviser to the Prime Minister on Finance and Revenue, Dr Abdul Hafeez Shaikh. Several matters of mutual interest were discussed during the meeting. Dr Abdul Hafeez Shaikh appreciated the continuous and unwavering support that China has been providing to Pakistan as a true iron brother. Reviewing the serious social ... Read More »

China to enhance investments in development projects to generate employment: Envoy

ISLAMABAD: The Chinese Ambassador to Pakistan, Yao Jing, called on the Adviser to the Prime Minister on Finance and Revenue, Dr Abdul Hafeez Shaikh. Several matters of mutual interest were discussed during the meeting. Dr Abdul Hafeez Shaikh appreciated the continuous and unwavering support that China has been providing to Pakistan as a true iron brother. Reviewing the serious social ... Read More »

CCP passes order regarding filing indemnity bonds with airlines by mango exporters

ISLAMABAD:  The Competition Commission of Pakistan (CCP) has passed an order addressing the issue of mandatory filing of indemnity bonds by the mango exporters with the international airlines, thus removing a major hurdle in mango export from Pakistan. The All Pakistan Fruit & Vegetable Exports, Importers and Merchants Association (ACAAP), Vegetable Exporters, Importers and Merchants Association, and Air Cargo Agents ... Read More »

NAB believes in transparency & supremacy of law. Chairman Javed Iqbal

ISLAMABAD: Justice Javed Iqbal, Chairman National Accountability Bureau (NAB) said that NAB believes in transparency and supremacy of law. Honesty and Rizk-e-Halal always prove beneficial. The earners of quick money should think that a man goes to his final destination empty handed. Justice Javed Iqbal said that Double Shah was made as Single Shah by NAB recovering Rs4 billion looted ... Read More »

Pakistan receives $1.5b foreign assistance this week: Govt

ISLAMABAD: The Ministry of Finance on Thursday said Pakistan has received $1.5 billion in Covid-19 and development policy related finance assistance from three international financial institutions. “During this week, Pakistan has received USD 1.5 billion in Covid 19 and development policy related assistance from the World Bank, Asian Development Bank and Asian Infrastructure Investment Bank,” it tweeted. The ministry expressed ... Read More »

Govt releases Rs6.2b for textile industry to resolve liquidity issues, encourage exports

LAHORE: Adviser to the Prime Minister on Commerce and Investment Abdul Razak Dawood on Thursday announced the release of an additional grant of Rs6.2 billion for the textile sector under the Drawback of Local Taxes and Levy (DLTL) scheme. According to a press release, during the current fiscal year, a cumulative amount of Rs51.2 billion has been released under the ... Read More »

Multan Customs recovers Rs80.46m NDP goods from private warehouse

MULTAN: Collectorate of Customs Enforcement & Compliance (E&C) recovered worth Rs80.46 million of non-customs paid goods from private warehouse. Collector Multan Customs Muneeza Majeed has intensified the crackdown against smuggled goods under the special directions of Chief Collector Enforcement Centre Region Faiz Ahmad to curtail smuggling in the South Punjab and anti-smuggling squad has stepped up its efforts in the ... Read More »

KPT shipping intelligence report June 25

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 Quetta D.Crude Oil PNSC 23/06/20 OP-II Pacific Julia D.Mogas GAC 24/06/20 ALONG SIDE (East Wharves): 1 Southern Dragon L. Chemical East Wind 24/06/20 2 Winter Sun L. Ethanol East Wind 24/06/20 4 Nordic ... Read More »

Stocks fall 325 points as selling pressure persists

KARACHI: In line with the downtrend witnessed in global stock markets, the Pakistan Stock Exchange (PSX) remained in the negative territory throughout the session on Thursday, with the benchmark KSE-100 Index shedding over 350 points intraday. “Exploration & production, oil & gas marketing and refinery sectors sustained price losses owing to the decline in international crude prices, which fell by ... Read More »

Oil falls below $40 on record US inventories, COVID fears

LONDON: Oil slipped below $40 a barrel on Thursday after a more than 5% fall the previous session, as record-high U.S. crude inventories and a resurgence in coronavirus cases cast doubt on a recovery in fuel demand. US crude stocks rose 1.4 million barrels to a record high, the Energy Information Administration said on Wednesday. This hit crude prices, as ... Read More »

FATF asks Pakistan to amend foreign exchange laws within 3 months

ISLAMABAD: The government of Pakistan will have to pass amendments into Anti Money Laundering (AML) and Foreign Exchange Regulation laws within the next three months to comply with the conditions set forward by the Financial Action Task Force (FATF). According to official sources the financial watchdog has extended deadline for Pakistan till next plenary meeting expected to be held in ... Read More »

SBP slashes policy rate 100 basis points to 7pc

KARACHI: The State Bank of Pakistan (SBP) has slashed the policy rate once again by another 100 basis points to bring it to 7 percent, it announced in a statement on Twitter, following a meeting of the Monetary Policy Committee under Governor Dr Reza Baqir. “This decision reflected the MPC’s view that the inflation outlook has improved further, while the ... Read More »

COVID-19 related accessories manufacturers, traders advised to contact KCCI for participation

KARACHI: President Karachi Chamber of Commerce & Industry (KCCI) Agha Shahab Ahmed Khan has advised the manufacturers/ suppliers/ distributors/ importers/ exporters of essential COVID-19 related accessories being used to protect the public and medical professionals from coronavirus pandemic to contact KCCI as soon as possible so that their details could be shared with the Ministry of Industries & Production which ... Read More »

Rs1,150bn tax expenditure recorded for FY20: FBR

ISLAMABAD: The Tax Expenditure Report 2020 released by the Federal Board of Revenue (FBR) on Wednesday states that tax expenditure from federal taxes in FY20 amounted to an estimated Rs1,150 billion. “Tax expenditure in sales tax amounted highest at Rs518.8 billion (45 percent of the total), while in income tax it amounted to Rs378 billion (33 per cent) and in customs ... Read More »

ECC removes RD on smuggling prone items, fabric, sanitary ware, LEDs, blankets

ISLAMABAD: Economic Coordination Committee (ECC) of the Cabinet has approved revised standard security package documents such as implementation agreements (GOPIA), GOP guarantee, power purchase agreement (PPA), water use agreement (WUA) under Policy for Power Generation Projects 2002 for the hydropower projects in the private sector. The ECC chaired by Adviser to the Prime Minister on Finance and Revenue Dr. Abdul ... Read More »

ECC okays standard security package documents for private hydropower projects

ISLAMABAD: Economic Coordination Committee (ECC) of the Cabinet has approved revised standard security package documents such as implementation agreements (GOPIA), GOP guarantee, power purchase agreement (PPA), water use agreement (WUA) under Policy for Power Generation Projects 2002 for the hydropower projects in the private sector. The ECC chaired by Adviser to the Prime Minister on Finance and Revenue Dr. Abdul ... Read More »

CRTO starts proceedings for recovery of reward amount from 42 officials

KARACHI: The Chief Commissioner Inland Revenue of Corporate Regional Tax Office (CRTO) initiated recovery of reward amount that was sanctioned to the officials beyond authorized approval. In an official notices issued by Mushtaque Ali Wagan, Additional Commissioner (HQs) asked 42 officers and officials of the CRTO Karachi to deposit the sanctioned amount in government treasury through State Bank of Pakistan ... Read More »

Covid-19: IMF revises down Pakistan’s FY21 growth forecast to 1pc

ISLAMABAD: Keeping in view the estimated impact of Covid-19, the International Monetary Fund (IMF) on Wednesday lowered Pakistan growth forecast for FY21 by half, at 1pc. The IMF had earlier estimated Pakistan’s GDP at 1.5pc for the ongoing fiscal year (FY20) and 2pc for FY21. On Wednesday, the fund revised its forecast for the current fiscal to -0.4pc. As per the ... Read More »

Senate recommends 40 amendments in Finance Bill 2020

ISLAMABAD: The Upper House of parliament on Wednesday unanimously adopted recommendations of the Senate Standing Committee on Finance Bill 2020, which constituted 40 amendments and 53 general consensus recommendations to the lower house. The Senate resumed its session on Wednesday with Chairman Sadiq Sanjrani in the chair. The House unanimously adopted recommendations of the Senate’s Standing Committee on Finance on the Finance ... Read More »