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Author Archives: CT Report

Tarin urges PSMA to start sugarcane production to help mitigate sugar shortage

ISLAMABAD: Adviser to the Prime Minister on Finance and Revenue Shaukat Tarin has urged Pakistan Sugar Mills Association (PSMA) to start the sugarcane production at the earliest to keep the demand and supply in balance. He stated this while meeting with a delegation of Pakistan Sugar Mills Association headed by Chairman Chaudhry Zaka Ashraf at the Finance Division. During the ... Read More »

KCCI’s help sought in dealing with police highhandedness at Jama Markets

KARACHI: Members of a delegation from Jama Alliance Market Association (JAMA), while expressing deep concerns over rising incidents of thefts in the Jama Markets and the poor behavior of police officers in dealing with shopkeepers, requested the Karachi Chamber to take up this serious issue with the high-ups in police department in order to put an end to the highhandedness ... Read More »

FBR to deploy officials for sugar crushing 2021-22

ISLAMABAD: The Federal Board of Revenue (FBR) has decided to deploy officials at sugar mills for monitoring of production and supply of sugar. The sources said that the tax offices having jurisdiction over sugar mills would post their officials for the crushing season 2021-2022. In this regard the FBR would invoke Section 40B of Sales Tax Act, 1990 for physical ... Read More »

FBR announces two basic salaries for timely tax inquiry report

ISLAMABAD: Federal Board of Revenue (FBR) has announced an incentive scheme for its officials in completion and timely submission of inquiry reports, official sources said on Tuesday. Under the incentive scheme up to two basic salaries have been announced for the authorized officer for submitting inquiry report up to 60 days from receipt of letter nominating inquiry officer/authorized officer. The ... Read More »

SBP rejects reports of new designs for currency notes

KARACHI: The State Bank of Pakistan (SBP) on Tuesday rejected reports circulating on social media that currency notes were being redesigned, saying no such proposal was under consideration. “Some fake news regarding new designs of currency notes is circulating on social media. SBP categorically denies the news and clarifies that no such proposal is under consideration at the moment,” the ... Read More »

Revival of IMF’s loan to Pakistan rests on clearance from two departments: report

ISLAMABAD: The revival of the stalled $6bn International Monetary Fund (IMF) program for Pakistan hinges upon stamped clearance of the IMF’s two departments known as Strategy, Policy and Review Department and Legal Department. Top official sources told The News in background discussions that the IMF’s Executive Board grants approval after getting clearance of staff-level agreement and these two important departments. ... Read More »

KP minerals dept fails to spend allocated uplift fund

PESHAWAR: The Khyber Pakhtunkhwa (KP) Minerals department has once again failed to utilise its development fund as it did not to spend even a single penny in the first quarter of the current fiscal year (Q1FY22). Due to the inability of the department to utilise the allocated funds, the projects included in the department’s Annual Development Programme (ADP) have been ... Read More »

Govt determined to uplift living standard of masses: Tarin

ISLAMABAD: Adviser to the Prime Minister on Finance and Revenue Shaukat Tarin has said that PTI government was determined to uplift the living standards of masses and ready to provide necessary support and resources to the Punjab government. In a meeting with Punjab Finance Minister Makhdoom Hashim Jawan Bakht, the adviser said that the welfare and progress of people was ... Read More »

Customs ASO foils attempt to smuggle 109 kg hashish from Peshawar to Karachi

KARACHI: Collectorate of Customs Enforcement, Anti-Smuggling Organization (ASO) has foiled a bid to smuggle 109 kilograms of contraband hashish worth millions of rupees. Sources said that information was passed through Collector Enforcement Feroz Alam Jonejo to Additional Collector Honak Balloch, that huge quantity of charas would be smuggled in a Toyota Corolla car from Peshawar and would enter Karachi through ... Read More »

Govt will raise tax-to-GDP ratio from nine to 20pc: Tarin

ISLAMABAD: Adviser to Prime Minister on Finance and Revenue, Shaukat Tarin has said that the current tax-to-Gross Domestic Product (GDP) rate in Pakistan was 9 per cent which was very low and needed to be doubled to 20pc. Speaking at Kamyab Jawan Convention in Islamabad, he said that raising the tax ratio could improve the country’s growth rate and provide ... Read More »

RCCI urges for industrial zones around Ring Road

RAWALPINDI: The Rawalpindi Chamber of Commerce and Industry (RCCI) has urged Rawalpindi Development Authority (RDA) to establish industrial and economic zones along the Ring Road. If industrial zones are not established, the status of the Ring Road would be reduced to a single road. The relocation of goods transportation, company warehouses and the General Bus stand at Ring Road will ... Read More »

Nigerian HC for setting up Joint Chamber, direct flights to facilitate trade, investment ties

KARACHI: High Commissioner of Nigeria Mohammed Bello Abioye has said that although an agreement was signed for setting up joint Chamber of Commerce & Industry between Nigeria and Pakistan in 2015 but no progress has been made in this regard to date. “Setting up a joint Chamber was very necessary to improve trade and investment cooperation between the two countries ... Read More »

Roshan Digital Accounts: Inflows reach $2.67b in 14 months

KARACHI: Foreign Exchange inflows through Roshan Digital Account (RDA) reached $2.67 billion by the end of October 2021 since its launch. The inflows were recorded from 273,411 accounts from around 175 counties across different Pakistani banks whereby nearly 91855 fresh accounts were opened in last four months alone. Of $2.67bn, investments in government securities like Naya Pakistan Certificates (NPCs) were ... Read More »

Soomro discusses privatisation of Haveli Bahadur Shah, Balloki power plants with JP Morgan

ISLAMABAD: Federal Minister for Privatisation Mohammad Mian Soomro discussed the privatisation of Regasified Liquified Natural Gas (RLNG) power plants of Haveli Bahadur Shah and Balloki with representatives of JP Morgan. A handout issued by Privatisation Commission states that senior representatives of JP Morgan including Global Corporate Bank Central and Eastern Europe Middle East and Africa (CEEMEA) MD Asif Raza along ... Read More »

Industrialists lauded K-E Bin Qasim Power Station

KARACHI: Faisal Moiz Khan, President North Karachi Association of Trade & Industry (NKATI), VP Naeem Haider have welcomed the Bin Qasim Power Station III project by K-Electric for uninterrupted supply of electricity to domestic, commercial & industrial consumers and termed it as very welcome for industrial production activities. In a statement, office-bearers said that energy is the main raw material ... Read More »

PLL to procure LNG cargo at highest ever price

LAHORE: The Pakistan LNG Limited (PLL) has decided to procure an LNG cargo at the highest ever price of $30.6 per million British thermal units (mmbtu) in a bid to avert the looming gas crisis in the country. According to a local media outlet report, the state-owned company had issued an emergency tender on November 2, seeking bids for spot ... Read More »

Pakistan, Iran vow to boost bilateral trade to $5b

ISLAMABAD: Pakistan and Iran have decided to increase bilateral trade volume, which currently stands at around $360 million, to $5 billion within the next five years. The announcement was made at the conclusion of the Joint Trade Committee (JTC) meeting for which Adviser to Commerce and Investment Abdul Razak Dawood was visiting Tehran along with the senior business leaders. Presidents ... Read More »

FBR constitutes committee to probe alleged valuation fraud

ISLAMABAD: The Federal Board of Revenue (FBR) has constituted a fact finding committee to probe the alleged valuation fraud worth billions that took place in the Customs department. Sources said that the tax department has constituted a four-member committee under the chair of Director General (DG) Post Clearance Audit Seema Raza Bukhari and consisting of three other members, including Collector ... Read More »

Country’s progress on rise: Tarin

ISLAMABAD” Advisor to Prime Minister on Finance and Revenue, Shaukat Tarin has said that various economic indicators clearly show that the country’s progress by all accounts was on rise. “Numbers never lie,” the advisor said while indicating towards progress in various sectors of economy including agriculture, manufacturing, exports and tax collection He said, the country was now sugar surplus besides ... Read More »

Collector Dr. Sadiqullah Khan’s Hyderabad Customs foils bid to smuggle contraband goods worth Rs36m

HYDERABAD: Collectorate of Customs Hyderabad has foiled a bid to smuggle contraband good by notorious smugglers and miscreants worth Rs36 million. Sources said that credible information was received by Collector Sadiqullah Khan that notorious smuggler Syed Israr Ahmed alias Laali khan had trying to transport cutch and Indian Gutka through 10 wheeler truck via Quetta to Mirpurkhas. In persuasion of ... Read More »