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Author Archives: CT Report

Expatriates sent over $3bn to Roshan Digital Account

KARACHI: Minister of State for Information and Broadcasting Farrukh Habib has said that the government has made the process of inheritance certificate transparent and easy which would greatly benefit the Overseas Pakistanis. Addressing the Overseas Pakistanis Convention here he said expatriates sent more than $3 billion to Roshan Digital Account. The minister said that overseas Pakistanis were raising the voice ... Read More »

Sale, production of cars up by over 71pc in 1st half of FY22

ISLAMABAD: The sale and production of cars witnessed an increase of 71.22 and 72.85 percent respectively during the first half of current financial year 2021-22 as compared to corresponding period of last year. During the July-December 2021-22, as many as 114,765 cars were sold against the sale of 67,026 units while the production of cars increased from 62,041 units to ... Read More »

Finance bill aimed at documenting economy, capture tax chain. Muzammil Aslam

ISLAMABAD: Spokesperson to Minister of Finance, Muzammil Aslam has said that supplementary finance bill was aimed at documenting the national economy, capturing the tax value chain and enhancing taxpayers penetration through simplification of revenue system for broadening of the tax base. Addressing a press conference along with Adviser to Prime Minister on Parliamentary Affairs Dr Babar Awan, Muzammil said that ... Read More »

Fuel charges adjustment: NEPRA approves tariff hike of Rs4.30 per unit

ISLAMABAD: The National Electric Power Regulatory Authority (NEPRA) on Thursday increased power tariff by Rs4.30 per unit on account of fuel cost adjustment (FCA) for November 2021. According to a notification issued in this regard, the FCA for November 2021 will be charged with the bill of January 2022, which will be paid by all consumer categories of distribution companies, ... Read More »

Collector Customs will process duty draw backs claims of registered units

MULTAN: The Collector of Customs with jurisdiction on the area where the unit is registered will process duty draw back claims. The Federal Board of Revenue (FBR) has introduced a mandatory requirement of six documents for the claim of duty drawbacks on local supplies, free of duty imports, and taxes to avoid any misuse of the facility. The FBR issued ... Read More »

SBP wins IFN global award Best Central Bank for 2nd consecutive year

KARACHI: Islamic Finance News (IFN), an arm of REDmoney Group, Malaysia, has announced State Bank of Pakistan (SBP) as the Best Central Bank of 2021 across the world in promoting Islamic finance for the second consecutive year. The results of global voting were disclosed on Thursday. IFN Best Banks Poll is regarded as one of the prestigious accolades in the ... Read More »

SBP-held foreign exchange reserves fall $88mn, stand at $17.6bn

KARACHI: Foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased $88 million on a weekly basis, clocking in at $17.6 billion, showed data released on Thursday. The central bank did not provide a reason for the week-on-week decline in reserves. Last week, SBP-held foreign exchange reserves were down $169 million due to external debt repayment. SBP-held foreign ... Read More »

Pakistan plans to ban cryptocurrencies as stance hardens: reports

KARACHI: The government of Pakistan and its central bank want to ban the use of cryptocurrencies, local media reported, citing a document submitted to a provincial court. The document was compiled by a committee headed by Sima Kamil, a deputy governor of the State Bank of Pakistan (SBP). Other members included representatives from the Ministry of Finance, the Securities and ... Read More »

BOI implements 100 reforms to facilitate businesses

ISLAMABAD: The Board of Investment (BOI) has completed 100 reforms out of the 168 proposed reforms under Regulatory Reforms and Guillotine Initiatives (PRMI) that aim to identify, simplify, modernize or eliminate the regulatory bottlenecks for facilitation of businesses, particularly Small and Medium Enterprises (SMEs). The data on the progress of these reforms was presented on Thursday during the sixth steering ... Read More »

FBR has not yet received tax profiles from NADRA

ISLAMABAD: The Federal Board of Revenue (FBR) is waiting for tax profiling of millions of citizens being done by the National Database and Registration Authority (NADRA) to launch the biggest documentation drive at the national level. Sources said that the FBR has yet not received tax profiles finalised by NADRA. The authority has reportedly finalised the profiles of non-filers, but ... Read More »

FIA, Customs register money laundering cases against Hareem Shah

KARACHI: The Federal Investigation Agency (FIA) and Pakistan Customs authorities have registered a money laundering case against Tik Toker artiste Hareem Shah and asked the United Kingdom’s National Crime Agency (NCA) to take action. The FIA action followed Tik Toker Hareem Shah’s claim of smuggling thousands of British pounds abroad, while travelling from Jinnah International Airport (JIAP) to London without ... Read More »

LCCI organizes symposium on E-commerce

LAHORE: E-commerce is growing at an outstanding pace and expected to touch new peak at international level during the ongoing year. It is good to see that E-commerce industry in Pakistan is emerging rapidly but more attention should be given as it has the potential to act as a driving force for the economy. This was crux of the speeches ... Read More »

WTM fails to stop water leakage in the North Karachi Industrial Area

KARACHI: Faisal Moiz Khan, President, North Karachi Association of Trade & Industry (NKATI), while expressing deep concern over the while expressing concerns over non-prevention of water leakage in the industrial area and continued negligence on the part of the WTM staff of the Karachi Water & Sewerage Board, and demanded from the MD KWSB that measures should be taken to ... Read More »

President upholds a decision, advises NBP to pay Rs500,000 to bank fraud victim

ISLAMABAD: President Dr Arif Alvi while upholding a decision of the Banking Mohtasib advised the National Bank of Pakistan (NBP) to pay PKR 500,000 to a citizen who had been the victim of bank fraud at the hands of a former branch manager. The president ordered that the bank must return the lost money to the victim and expressed dismay ... Read More »

FBR seeks customs related proposals for budget 2022/2023

ISLAMABAD: Federal Board of Revenue (FBR) invited customs related proposals for budget 2022/2023 from stakeholders including business chambers and associations. The FBR said that the proposals should cover three areas i.e. changes in customs tariff rates, rules/procedures and Customs Act, 1969. In order to enable the customs wing of the FBR to properly process and evaluate each proposal, three separate ... Read More »

NPMC satisfied over flour price stability

ISLAMABAD: The National Price Monitoring Committee (NPMC) expressed satisfaction over the wheat flour prices’ stability and availability of sufficient stocks of the commodity in the country. The NPMC, the meeting of which was presided over by Federal Minister for Finance and Revenue, Shaukat Tarin, however expressed expressed concerns on the slight increase in sugar prices in various cities owing to ... Read More »

FBR tightens rules for shipping agents and imposes conditions for renewal of licenses

MULTAN: The Federal Board of Revenue (FBR) has further tightened the rules for shipping agents and imposed some significant conditions for renewal of licenses. The Federal Board of Revenue has imposed a new condition on the renewal of licenses of shipping agents. The condition requires shipment agents to provide an affidavit declaring that the applicant has not faced any criminal ... Read More »

World Bank forecasts 3.4pc growth for Pakistan in FY22

ISLAMABAD: The World Bank has kept Pakistan’s economic growth forecast for the fiscal year 2021-22 unchanged at 3.4 percent. The Washington-based lender released its Global Economic Prospects report 2022, which projected that both the advanced and developing economies would further slow down after showing recoveries last year. “Growth in Pakistan surprised on the upside, supported by improving domestic demand, record-high ... Read More »

RCCI ICS 2022 Chambers Summit ends on a high note

RAWALPINDI: International Chambers Summit 2022, being organized by the Rawalpindi Chamber of Commerce and Industry (RCCI) at a local hotel in Islamabad ends on an high note. At the conclusion of the International Chambers Summit, RCCI President Nadeem Rauf while giving briefing said that the business community has reservations about the mini-budget. The Prime Minister of Pakistan also attended the ... Read More »

Collector PMBQ Ashhad Jawwad redistributes work among additional collectors

KARACHI: Collectorate of Customs Port Mohammad Bin Qasim (PMBQ) Collector Ashhad Jawwad has issued office order for redistribution of work among following additional collectors with immediate effect and until further orders:- Haris Ansari, Additional Collector-I, assigned charge of headquarters, administration, budget & accounts, revenue statistics & analysis, assessment Group V to VII (WeBOC), CIU, MIS/import section, adjudication, (ADC level), registration ... Read More »