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Author Archives: CT Report

Taxpayers facing severe issues in filing National Sales Tax Return

MULTAN: The Regional Tax Office and Large Taxpayer Office Multan taxpayers are facing problems in filing the Federal Board of Revenue (FBR)’s National Sales Tax Return (STR), which was formally launched by Finance Minister Shaukat Tarin on January 7, 2022. Earlier, the FBR informed all concerned that the STR for the tax period of December 2021 will be filed through ... Read More »

FBR to close down retailers not depositing sales tax in national kitty: Chairman Dr. Ashfaq

ISLAMABAD: Chairman Federal Board of Revenue Dr Mohammad Ashfaq said it is a financial crime to collect the tax by retailers from customers but not to deposit in the national kitty. He said the FBR would close down those retailers who were collecting Sales Tax from the customers but not depositing it in the national kitty. Talking to the media ... Read More »

SBP directs banks to ensure timely transaction alerts

KARACHI: The State Bank of Pakistan (SBP) directed the banks to ensure timely transmission of transaction alerts. The SBP issued instructions to the banks regarding security of digital payments. The central bank previously issued these instructions on November 28, 2018. However, it expressed displeasure that many banks were not following such guidelines. The central bank in its notification of November ... Read More »

Petroleum Ministry asks OMCs to submit data of petrol import from China

ISLAMABAD:  The ministry of petroleum has asked all oil marketing companies (OMCs) to submit data on the import of petrol from China. According to details, the ministry has sent a letter to Oil Companies Advisory Council (OCAC) asking it to provide details about the name of cargo, port origin, quantities in litre, offloading port along with the date of decanting ... Read More »

President Alvi apologises to senior citizen over FBR’s administrative injustice

ISLAMABAD: President Arif Alvi has apologised to a senior taxpaying citizen over administrative injustice by the Federal Board of Revenue (FBR) and directed the FBR chairman to take punitive action against the entire chain of decision makers involved in the case. Expressing dismay over the treatment meted out to 82-year-old Abdul Hamid Khan, the president said that “their heads should ... Read More »

FBR distributes Rs53m among 1,007 winners of POS Sale Prize Scheme

ISLAMABAD: The Federal Board of Revenue (FBR) distributed Rs53 million among 1,007 winners under its Point of Sale Prize Scheme. The names of winners were announced through computerized draw and in this regard FBR organized a ceremony to announce the names of lucky winners, which was also attended by the Chairman FBR Muhammad Ashfaq Ahmad and other senior officials of ... Read More »

Country’s industry must grow on global competitive trends to boost exports: President FPCCI

ISLAMABAD: President Federation of Pakistan Chamber of Commerce and Industry (FPCCI), Irfan Iqbal  Sheikh said the country’s industrial sector has to be brought in line with the global competitive trading trends to increase production and exports. “Our major export sector needs to increase production of commercial goods in line with global competitive markets, which is Country’s industry must grow on ... Read More »

FBR announces comprehensive changes in licensing procedure of shipping agents

LAHORE: The Federal Board of Revenue (FBR) has introduced comprehensive changes in the licensing procedure for the shipping agents including responsibilities of the licensees. The FBR has amended Customs Rules, 2001. The revised provision of the qualification test for shipping agents revealed that now each applicant shall deposit a course fee of Rs500 for examination-related expenses in the respective account ... Read More »

FBR asks MCCI to submit tax proposals on customs tariff rates & procedures

MULTAN: The Federal Board of Revenue has issued a letter to Multan Chamber of Commerce and Industry (MCCI) and invited them for proposals which may cover three areas i.e. changes in Customs Tariff rates, Rules/Procedures, and Customs Act, 1969. According to spokesperson of MCCI, Federal Board of Revenue has started its budget preparation exercises for the fiscal year (2022-23) and ... Read More »

‘Trade Diversification Policy’ boost country’s exports in non- traditional markets: Razak Dawood

ISLAMABAD: Adviser to the Prime Minister on Commerce and Investment, Abdul Razak Dawood on Sunday said the government has fully implemented the trade diversification policy and is currently seeing an increase in Pakistan’s product and geographical exports in the global market. The main objective of the government’s Trade Diversification Policy’ is to introduce new trade products of a country’s exports ... Read More »

Industrialists to compile records of employees, security guards: DIG West

KARACHI: DIG West Zone Karachi, Nasir Aftab has asked the industrialists of North Karachi Industrial Area to compile the records of their employees and security guards so that the industrial area can be made crime free. In this regard, the Sindh Police will continue to take all possible measures to protect the lives and property of the industrialists. He said ... Read More »

FBR fixes new valuations of immovable properties in Islamabad

ISLAMABAD: The Federal Board of Revenue (FBR) has lowered the fair market value of immovable properties in Islamabad after consultation with stakeholders, including the Federation of Realtors Pakistan (FRP). According to the details, the value of up to five year old residential and commercial superstructures in the federal capital shall be Rs2,000 per square foot and Rs1,000 per square foot ... Read More »

Govt imposes taxes, duties of Rs31 on petrol

ISLAMABAD: The taxes, duties, margin and levies of Rs31.57 have been imposed on the per liter prices of petroleum products. The burden of taxes, duties and levies on the prices of petroleum products has started bothering the people. Taxes, duties, margins and levies are being collected at Rs 31.50 per liter on diesel while the ex-refinery price of petrol is ... Read More »

FBR terminates IRS Assistant Director Masud Humayun on charges of misconduct

ISLAMABAD: The Federal Board of Revenue (FBR) has terminated the job of BS-17 official of Inland Revenue Service (IRS) on the charges of misconduct. The FBR issued an office order to notify the major penalty of ‘dismissal from service’ upon the officer. The FBR said that disciplinary proceedings were initiated against Masud Humayun (IRS/BS-17/Prob), posted as Assistant Director, Additional Directorate ... Read More »

Remittances grow by 11.3pc to $15.8b in 1HFY22

ISLAMABAD: The workers remittances grew by 11.3 percent during the first half of the current fiscal year as compared to the corresponding period of last year, State Bank of Pakistan (SBP) reported Friday. The workers remittances during July-December 2021-22 were recorded at $15.8 billion, according to figures released by SBP. Meanwhile, with $2.5 billion of inflows during December 2021, workers’ ... Read More »

Pakistan’s weekly inflation hits 19.82pc

ISLAMABAD: The Sensitive Price Indicator (SPI) based weekly inflation for the week ended on January 13, for the combined consumption group, witnessed decrease of 0.43 percent as compared to the previous week, Pakistan Bureau of Statistics (PBS) reported Friday. The SPI for the week under review in the above mentioned group was recorded at 167.39 points against 168.12 points registered ... Read More »

Pakistan to repay foreign loans worth $8.638b till June

ISLAMABAD: Pakistan has to repay foreign loans worth $8.638 billion during the second half (December-June) of the fiscal year 2021-22. According to the data, in rupee terms that amount for repayment of foreign loans has gone up by 399% during the last four years. It stood at Rs286.6 billion in 2017-18 and now it is estimated around Rs1,427.5 billion. Meanwhile, ... Read More »

Booster Dose Camp at Customs House to start functioning from Jan 17

KARACHI:  Deputy Collector Inamullah Wazir issued a circular regarding Covid-19 Booster Dose Camp at Customs House. Collectorate of Customs Enforcement successfully completed 1st and 2nd Dose of Covid-19 vaccination at Customs House Karachi, now the campaign for Booster Dose of Covid-19 will start with effect from January 17 to January 10 at Media Cell, Ground Floor, where the following categories ... Read More »

7pc sales tax on milk products, oil seeds other essential products be withdrawn: KCCI

KARACHI: The Leadership of Businessmen Group & Karachi Chamber of Commerce & Industry (KCCI) have expressed reservations on various taxation measures taken by the federal government through Supplementary Finance Bill 2021-22 on IMF dictates which will not only have negative implications for industry and trade, but will also overburden the poor and middle-class segments due to increase in prices of ... Read More »

Peshawar Enforcement foils bid to smuggle US Army rifles worth Rs10m into Pakistan

PESHAWAR: Collectorate of Customs Enforcement has foiled an attempt to smuggle huge quantity of American rifles (old/used) coming from Afghanistan. The value of the rifles is estimated at Rs30 million. The rifles were being transported in a Mercedes truck worth Rs10 million, which is also seized. Sources said that information was received through Collector Kamran Rajar to Additional Collector Muhammad ... Read More »