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Author Archives: CT Report

Economy moving in positive direction, inflation will decline: Shaukat Tarin

ISLAMABAD: Adviser to the Prime Minister on Finance Shaukat Tarin claimed that the country’s economy is growing stronger and the inflation will soon decline. Addressing a press conference in Islamabad flanked by Adviser to the Prime Minister for Commerce, Textile, Industry and Production, and Investment Abdul Razak Dawood on Friday, he said that, “I want to tell the common man ... Read More »

FBR wins first-ever court conviction under Anti-Money Laundering Act

ISLAMABAD: The Federal Board of Revenue (FBR) has succeeded in winning the first-ever case of conviction for the offence of money laundering based on massive tax evasion. The Directorate General I&I-IR had received financial intelligence in respect of Habibullah proprietor of Rai Trading Company, Bajaur, KP; wherein, it was disclosed that the quantum of transactions (cash and bank) did not ... Read More »

FBR promotes 13 PCS officers from BS-19 to BS-20 with immediate effect

ISLAMABAD: The Federal Board of Revenue (FBR) notified the promotion of officers of Pakistan Customs Service (PCS) to BS-20 from BS-19 on regular basis with immediate effect. The FBR notified the promotion of the following officers: Muhammad Akram Ch. Muhammad Saeed Wattoo Saira Agha Ayesha Niaz Muhammad Irfan Wahid Muhammad Ashfaq Zeb Gul Shabbir Neelofar Shahzad Nadeem Ahsan Ziaullah Shams ... Read More »

FBR notifies promotion of 7 PCS officers from BS-20 to BS-21

ISLAMABAD: The Federal Board of Revenue (FBR) issued notification for promotion of following senior officers of Pakistan Customs Service (PCS) from BS-20 to BS-21 on regular basis with immediate effect. The FBR has notified of the promotion of the following officers: Muhammad Asghar Khan Muhammad Sadiq Abdul Qadir Memon Asif Saeed Khan Lughmani Muhammad Ali Raza Hanjra Muhammad Imran Khan ... Read More »

FBR notifies promotion of 9 IRS officers from BS-20 to BS-21

ISLAMABAD: The Federal Board of Revenue (FBR) issued a notification to announce the promotion of senior officers of the Inland Revenue Service (IRS) to BS-21 from BS-20 on regular basis. The FBR issued Notification No. 2863-IR-I/2021 to notify the promotion of the following IRS officers, who are promoted to BS-21: Hyder Ali Dharejo Ms. Sadia Sadaf Gillani Sajid Nazir Malik ... Read More »

Trade balance in Pakistan rapidly getting worse

ISLAMABAD: Pakistan’s trade balance is getting worse fast, rising sharply to $5.11 billion in November 2021 against $1.94 billion in November last year. That is a surge of 163%. This shows an alarming trend because it will add pressure to the current account deficit in the months ahead and without ensuring dollar inflows, mainly through debt-creating instruments. With the blessings ... Read More »

Quetta Customs seizes smuggled goods worth Rs60m near Ziarat check post

QUETTA: Collectorate of Customs seized huge quantity of smuggled goods worth Rs60 million from a 10-wheeler Hino truck at Ziarat Cross Check Post. Sources said that during routine patrolling for preventing transportation of smuggled goods, Customs team intercepted a 10-wheeler Hino truck at Ziarat Cross. Checking of the 10-wheeler Hino truck led to recovery of foreign origin 7.7 tons of ... Read More »

Customs I&I foils bid to smuggle narcotics worth Rs1.6b

KARACHI: Directorate of Customs Intelligence and Investigation (I&I) has foiled a bid to smuggle huge quantity of narcotics, a 9MM pistol and a fishing boat worth Rs1.6 billion during an intelligence based operation (IBO). Sources said that information was passed through Director Saqif Saeed to Deputy Director Amjad Hussain Rajpar regarding smuggling of narcotics through a boat. A team was ... Read More »

Imports of food items, furnace oil and vaccines to be cut down, Tarin informed

ISLAMABAD: Prime Minister’s Adviser on Finance and Revenue Shaukat Tarin on Thursday was briefed that there will be less import of food items, furnace oil and vaccines in the coming months, a move that will significantly reduce the pressure on trade bills in the second half of the current fiscal year (H2FY22). The PM’s advisor was chairing a meeting to ... Read More »

NAB-KP outperforms under Brig (r) Farooq Naser Awan, recoveries reach Rs 12621m

PESHAWAR: National Accountability Bureau (NAB) Khyber Pukhtoonkhawa (KP) under supervision of Director General Brig. (R) Farooq Naser Awan has geared up its operations against the corrupt and has been performing exceptionally well. Under the dynamic vision and guidance of Hon’ble Chairman NAB Justice Javed Iqbal to stop revenue leakage and huge losses to the national exchequer. National Accountability Bureau Khyber ... Read More »

ADB confirms Pakistan’s inclusion into energy transition mechanism

ISLAMABAD: The Asian Development Bank (ADB) has confirmed Pakistan’s inclusion into its first-ever Energy Transition Mechanism aimed to support energy mix conversion over clean renewable solutions. In this regard, Special Assistant to the PM on Climate Change Malik Amin Aslam wrote a tweet thanking ADB President Masatsugu Asakawa and also shared the confirmation letter confirming the development. He also thanked ... Read More »

FBR prepares mini-budget to raise tax on vehicles, mobile phones

ISLAMABAD: The Federal Board of Revenue (FBR) has prepared a mini-budget based on conditions set by the International Monetary Fund (IMF) for resuming the stalled loan programme, reversing a Rs350 billion tax relief on multiple products including mobile phones and imported vehicles. According to details, the tax department has sen a draft of the proposed mini-budget to the law department ... Read More »

FTO visits RCCI, announce help desk and representation at advisory board

RAWALPINDI: The Federal Tax Ombudsman (FTO) Dr. Asif Mahmood Jah has said paid a visit to the Rawalpindi Chamber of Commerce and Industry (RCCI) and addressed an Public Awareness session for the purpose of “Rectifying Tax network” here. He said that FTO has directed the Federal Board of Revenue (FBR) to rectify the maladministration taking place at customs check posts. ... Read More »

Determination of customs values of reverse osmosis membrane & ultra filtration module vide VR No 1575/2021

KARACHI: Directorate-General Customs Valuation Syed Fawad Ali Shah has determined customs values of reverse osmonsis (RO) membrane and ultra filtration module under Section 25-A of the Customs Act, 1969.     Read More »

Director Valuation Syed Fawad Ali Shah issues customs values of aluminium foils & aluminium sheets vide VR No 1574/2021

KARACHI: Directorate General Customs Valuation Director Syed Fawad Ali Shah has issued customs values of aluminium foils and aluminium sheets under Section 25-A of the Customs Act, 1969. Read More »

DG Valuation determines customs values of playing cards vide VR No 1573/2021

KARACHI: Directorate General of Customs Valuation Director Syed Fahad Ali Shah has issued customs values of playing cards vide Valuation Ruling No. 1573/2021. The Directorate General while conducting exercise in identifying tariff-lines prone to under-ivoicing received from Federal Board of Revenue. Read More »

FMU conducts ceremony of tutorial videos

ISLAMABAD: The Financial Monitoring Unit (FMU) has conducted launching ceremony of FMU’s tutorial videos on December 1, 2021. These tutorial videos aim to create awareness for the reporting entities about Anti-Money Laundering/Countering Terrorism Financing regime and to enhance understanding to report STRs and CTRs by using goAML application. These videos have been developed with the support of UNODC. In her ... Read More »

I&I Quetta recovers smuggled goods from three trucks worth Rs102m

QUETTA: Directorate of Customs Intelligence and Investigation (I&I) has seized huge quantity of smuggled goods worth Rs102 million. Sources said that under the supervision of Director Muhammad Ismail and Additional Director Abdul Hayee Sheikh, the ASO team led by Inspector Hamid Habib has enhanced the vigilance and strengthened intelligence network to check transportation of smuggled goods. Based on information, the ... Read More »

Govt increases levy, GST on POL products to meet IMF conditions

ISLAMABAD: The government will charge Rs41.71 per litre on the sale of high speed diesel (HSD) and Rs38.57 per litre on petrol under the heads of custom duty, margin, petroleum levy, and sales tax with effect from December 1, 2021. The government has increased the petroleum levy (PL) and General Sales Tax (GST) to meet the conditions of the International ... Read More »

PM Imran lauds FBR over 35pc growth in November revenues

ISLAMABAD: Prime Minister Imran Khan took to Twitter to congratulate the Federal Board of Revenue (FBR) on achieving 35 per cent growth in revenue collection in November 2021. “Congratulations to the FBR team for achieving a 35% increase in revenues in November over last year and 37% increase in the five months over last year,” he tweeted. The FBR said ... Read More »