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KPT shipping intelligence report Dec 18

KARACHI: The Karachi Port Trust (KPT) issued the following shipping report for the last 24 hours, ending 0700 hours on Wednesday. ALONG SIDE (Bulk Oil Pier) Berth Vacant…. ALONG SIDE (East Wharves): 1/2 Vinalines Glory L. Naptha Alpine 16/12/19 13/14 Porthos D. Gen.Cargo Sea Hawks 16/12/19 16/17 Ubena D. L. Cnt. Golden 14/12/19 ALONG SIDE(P.I.C.T): 6/7 Greenwhich Bridge D. L. ... Read More »

Valuation system & processes are being improved: Shabbar Zaidi

ISLAMABAD: Federal Board of Revenue (FBR) Chairman Shabbar Zaidi said that the tax collection body is committed to curb under-invoicing of imports to save local industry. Taking to the social networking website, twitter, Shabbar Zaidi said, “FBR is seriously working to curb under invoicing of imports. Valuation system and processes are being improved.” He urged the business community and chambers ... Read More »

LPGDAP lauds govt’s efforts for smooth supply of LPG this winter

LAHORE: Liquefied Petroleum Gas Distributors Association Pakistan (LPGDAP) Chairman Irfan Khokhar yesterday appreciated efforts of the government for ensuring smooth gas supply during this winter season at prescribed rates across the country. “Sufficient quantity of the LPG is available in the country after the present government established its writ in this sector, abolished regulatory duty and reduced general sales tax ... Read More »

IMF likely to approve about $453m for Pakistan tomorrow

WASHINGTON: The International Monetary Fund (IMF) tomorrow will hold its board meeting for considering an approval of the disbursement of second tranche of about $453 million to Pakistan under the $6 billion Extended Fund Facility (EFF) finalised in May this year. According to the IMF’s website, the board will review Pakistan’s economic growth. On Nov. 8, the IMF stated that ... Read More »

Stocks fluctuate slightly around 41,767 points

KARACHI: The Pakistan Stock Exchange’s (PSX) benchmark KSE 100-share Index on Wednesday afternoon stood at 41,767.36 points after slight variations in the level during early trade hours. On Tuesday, the Index closed at 41,768 points as compared to Monday’s 41,699 points with a positive change of 123 points or 0.3 percent. Yesterday, a total of 253,882,830 shares were traded compared ... Read More »

Foreign Direct Investment surges 78.1pc in five months of FY20

ISLAMABAD: Foreign Direct Investment (FDI) in Pakistan surged 78.1pc to $850 million in July-November FY20, as compared to the investment of $477.3 million in the same period of last year. On a year-on-year basis, however, the FDI decreased to $200.1 million in November 2019 as against $285.4 million in the same month of 2018, according to the data released by ... Read More »

Importers move SHC against recovery of RD imposed vide SRO 214(I)/2001

KARACHI: M/s Kamal Limited and several other importers approached the Sindh High Court (SHC) and filed a constitutional petition against levy of regulatory duty @5% imposed vide SRO 214(I)/2001 on the items pigment thickener and acrylic thickener imported between 29 March 2010 and 16 October 2017. On 17 December 2019, counsel for the importers argued that in normal course of ... Read More »

Faisalabad Appraisement issues attachment notice to M/s. Gulistan Textile Mills Ltd

FAISALABAD: Collectorate of Appraisement Faisalabad recovery branch has issued attachment notice to M/s. Gulistan Textile Mills Ltd. for recovery of their outstanding dues worth Rs.940, 750/-. Sources told Customs Today that Customs Collectorate Appraisement has started crackdown against defaulters for recovery of the outstanding government dues on the directions of Collector Saima Shehzad. The Collectorate of Appraisement Faisalabad recovery branch ... Read More »

Customs Court approves remand of suspect in smuggling of foreign currency case

MULTAN: The Special Court of Customs Taxation and Anti-Smuggling has granted three days physical remand of suspect involved in smuggling of foreign currency. According to details, Investigation and Prosecution (I&P) team of Multan Customs presented accused Abdul Aleem Rashid before the customs court. Multan Customs Investigation and Prosecution sought customs court judge for the physical remand of accused in the ... Read More »

Modern technology being used to prevent crimes: RPO Sohail Habib Tajik

RAWALPINDI: Regional Police Officer Rawalpindi (RPO) Sohail Habib Tajik has said that modern technology is being used to prevent crime in the city. CCTV monitoring systems are being introduced to key business center and hot spots in the light of Safe City. In addition, an emergency call button will be set up at each business center so that any businessman ... Read More »

APM Hafeez Shaikh presides over meeting to discuss Pak startup ecosystem

ISLAMABAD: Adviser to the Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh on Tuesday chaired a meeting held at the finance division to discuss ways and means for enhancing foreign investment in Pakistani startup ecosystem. The meeting was attended among others by Ms. Tania Aidrus, Chief Digital Pakistan, Dr Reza Baqir Governor State Bank of Pakistan, Secretary Finance ... Read More »

Petroleum division refutes reports for hike in gas prices

ISLAMABAD: Petroleum division has refuted the reports for the hike in gas prices for domestic consumers, clarifying that the recommendations forwarded by the Oil and Gas Regulatory Authority (OGRA) has not been finalized nor it was approved by any forum. The division clarified that the amendment in gas prices was usually made twice in a year after reviewing various aspects. ... Read More »

Customs Court approves interim charge sheet of HSD Oil smuggling case

KARACHI: The Customs Court accepted progress report against suspect namely Naseem son of Madam Gul, who was arrested in a case of attempting to smuggle 10,000 liters high speed diesel valuing of Rs950,000. On 17 December 2019, court also granted after arrest bail of the above mentioned suspect and directed him to appear before the court on next date of ... Read More »

Gold price up by Rs150 per tola

KARACHI: The price of 24 karat gold gained Rs150 on Tuesday and was traded at Rs85,000 per tola, as compared to Rs84,850 on last trading day, Karachi Sarafa Association reported. Likewise, the price of 10 gram gold witness increase of Rs128 and was traded at Rs72,874 against last closing of Rs72,746. The price of silver remained stable and was traded ... Read More »

KSE-100 lands in green after volatile session

KARACHI: The Pakistan Stock Exchange (PSX) witnessed a volatile trading session on Tuesday, as the benchmark KSE-100 Index experienced a high jump and a steep fall. The index stormed past the 42,000-mark (for the first time in 2019) soon after the commencement of the session. However, at noon, the index had nosedived on media reports regarding former president and COAS ... Read More »

FBR to expand tax net in KP

PESHAWAR: Federal Board of Revenue (FBR) has planned to expand taxpayers net in Khyber Pakhtunkhwa. Speaking at a meeting of commissioners inland revenue at the regional tax office , the chief commissioner in-land revenue of Peshawar Sardar Ali Khwaja said that all the relevant officials should strictly follow the government policy to achieve the tax targets. On the occasion, the ... Read More »

AIIB assures support for policy reforms & project financing

ISLAMABAD: Asian Infrastructure Investment Bank (AIIB) President Jin Liqun held a meeting with the Federal Minister of Economic Affairs Division (EAD) Hammad Azhar to support projects in power generation and transmission, transport, water supply sectors, information technology and other matter of mutual interest. During the meeting, Minister for Economic Affairs acknowledged AIIB’s support for Pakistan. Azhar said that the commitments ... Read More »

Fog affects PIA flight operations at Lahore airport

LAHORE: The flight schedule of Pakistan International Airlines (PIA) at Allama Iqbal International Airport remained affected due to heavy fog in adjoining areas of the airport. According to a PIA spokesman, the flight schedule was affected due to heavy fog and the domestic flights schedule was affected due to low visibility. The flight scheduled to land at the Lahore airport ... Read More »

OGDCL begins drilling for shale gas in Hyderabad

KARACHI: The Oil and Gas Development Company Limited (OGDCL) has started drilling activities in potential areas of Sindh for the exploration of shale gas. According to the spokesperson, on the initial stage, the OGDCL has planned to drill KUC-01 well in Hyderabad, in two phases. The KUC-01 is an experimental pilot project which comprises a vertical or near vertical hole ... Read More »

FBR decides to renew valuation of imported goods to expand tax net

ISLAMABAD: The Federal Board of Revenue (FBR) decided to issue new valuation tables of imported consumer goods to determine sales tax and check mispricing. Sources told that the government, through Finance Act 2019, introduced an amendment into Sales Tax Act 1990 under which printing of retail price on imported consumer goods was made mandatory. The measure was introduced to eliminate ... Read More »