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Author Archives: CT Report

FBR needs Rs4b for meeting targets under PRR

ISLAMABAD: The Federal Board of Revenue (FBR) has sought funds amounting to Rs4 billion from the Finance Division in order to meet the disbursement linked indicator targets under the Pakistan Raises Revenue (PRR) Program. Earlier, the Finance Division had allocated a total budget of Rs28.8 billion for the FY 2021-22 against FBR’s demand of Rs37 billion. However, according to sources, ... Read More »

PM underpins efforts to boost exports, tax collection

ISLAMABAD: Prime Minister Imran Khan underlined that exports and tax collection were the two main driving agents to boost the country’s economy, over which the present government was fully focused. He said the government was making strenuous efforts to remove all hurdles and bottlenecks faced by exporters, investors and businessmen and to give a spur to the exports industry. The ... Read More »

Pakistan Railways launches Pakistan’s first ever ‘Reefer Freight Train’

LAHORE: As a major breakthrough in national logistics & cargo infrastructure, Pakistan Railways successfully launches country’s first ever Reefer Freight Train aiming to provide more economical and environment friendly freight solutions. According to details, Marine Group of Companies in collaboration with Pakistan Railways achieved the milestone by operating Pakistan’s first ever containerized refrigerated train in Dec 2021 which departed from ... Read More »

Pakistan can ride out rising external account pressures: Raza Baqir

KARACHI: State Bank of Pakistan Governor Reza Baqir believes Pakistan has the capacity and financial cushion to ride out rising external account pressures being driven by a surge in global commodity prices. The pressure should ease soon as central banks around the world tighten monetary policy, which is likely to curb rebounding global demand, he said. “What we have to ... Read More »

Gwadar Customs, Pakistan Navy foil bid to smuggle foreign origin liquor worth Rs61.36m

GWADAR: Collectorate of Customs in a coordinated operation with Pakistan Navy in sea has foiled an attempt to smuggle  foreign origin whisky worth Rs61.36 million. A commercial motor boat worth Rs8.0 million was also seized. Sources said that information was received from the Collector Gwadar Chaudry Javed that an attempt would be made to smuggle imported liquor into the country ... Read More »

PRA vows to bring foreign companies, service providers under tax net

LAHORE: Punjab Revenue Authority (PRA) Chairman Zain Ul Abidin Sahi has said that local and foreign companies such as Google and Netflix which are providing services in Pakistan will soon be brought under the tax net and the authority is working on devising a suitable mechanism for it. The PRA chairman said this while addressing a meeting with the Journalists ... Read More »

Forex association wants ‘freehand’ to expand exchange market

KARACHI: Forex Association of Pakistan chairman Malik Bostan has said the State Bank of Pakistan’s measures are increasing the black marketing of dollars and pushing people to illegal money changers and Hawala and Hundi traders. He urged the government to give them a “freehand” to expand the foreign exchange market. The SBP policies have proved to be ineffective in curbing ... Read More »

Supreme Court suspends SHC order about separate declaration of foreign assets, expenditure

ISLAMABAD: The Supreme Court has issued leave grant order and suspended Sindh High Court (SHC) judgement relating to resident taxpayers’ separate declaration of foreign assets, income, expenditure and liabilities. Hafiz Ahsaan Ahmad Khokhar, Advocate Supreme Court of Pakistan, represented Federal Board of Revenue (FBR) in Supreme Court against the judgment of SHC in cases related to the challenging of show ... Read More »

IMF wants structural changes to improve tax to GDP ratio: Tarin

ISLAMABAD: Federal Minister for Finance and Revenue, Shaukat Tarin has said that the International Monetary Fund (IMF) wanted Pakistan to make structural changes for improving tax to GDP ratio from just 9 percent to 20 percent for the benefit of the country itself. Addressing to the interactive session with media persons along with Federal Minister for Energy Muhammad Hammad Azhar, ... Read More »

SCCI censures govt over constraining economic policies

PESHAWAR: The Sarhad Chamber of Commerce and Industry (SCCI) took a line of opposition against the mini-budget and voiced concerns over the implementation of POS (point-of-sale) system for Tier-1 retailers and heavy Fuel Price Adjustment (FPA) charges, terming government’s policies as constraining for business. In a meeting of the executive committee of the SCCI, which met under the chairmanship of ... Read More »

Binance forms team to liaise with FIA in crypto scam probe

KARACHI: Cryptocurrency exchange Binance has assured the Federal Investigation Agency’s (FIA) Cyber Crime Wing (Sindh) its “full support” in an investigation into a multi-million dollar scam, a senior official of the FIA claimed on Tuesday. The FIA had last week issued a notice to an official from Binance to explain his position on the company’s linkage to “fraudulent online investment ... Read More »

Tax reforms to help bring Rs20 trillion retail sector into tax net: Tarin

ISLAMABAD: Minister for Finance and Revenue Shaukat Tarin has said the reforms measures being taken by the incumbent government would help bring the whole retail sector worth Rs 20 trillion into the tax net. “The total sale of retail sector in the country is Rs 20 trillion, and Rs 16 trillion of it is not in the tax net,” he ... Read More »

IT sector contributes US $ 3.5 bln to national economy: Amin Ul Haque

ISLAMABAD: Minister for Information Technology and Telecommunication Syed Amin Ul Haque has said that the Information Technology exports witnessed robust growth, contributing US $ 3.5 billion to the national economy, equivalent to 1% of the country’s Gross Domestic Products (GDP). “During the outgoing financial year, an increase was observed not only in the yield of major crops but also in ... Read More »

Collector Mubashir Baig transfers inspectors, appraisers & office superintendent

LAHORE: Collectorate of Customs Appraisement Dryport Mughalpura Collector Mirza Mubashir Baig has issued office order for transfer and posting of following staff with immediate effect and until further orders: Jamil Akbar, Appraiser is transferred from Assessment Hall-LDP to Import examination Prem Nagar Ibrar Ibrahim, Appraiser is transferred from Assessment Hall, LDP to Car section-CFS Zohaib Riaz, Appraiser is transferred from ... Read More »

ICCI for diversification of products, markets to boost exports

ISLAMABAD: The Islamabad Chamber of Commerce and Industry (ICCI) on Monday urged the government to focus on diversification of exportable products and markets in order to boost the volume of exports, which would ensure achieving better economic growth of the country and address many economic woes. Muhammad Shakeel Munir, President, ICCI said that Pakistan was mostly relying on textiles for ... Read More »

Multan Adjudication settles seizure cases involving Rs242.574m

MULTAN: Collectorate of Customs Adjudication Multan Camp Office has disposed 78 seizure cases involving Rs.242.574 million during the month of December 2021-22. The Collectorate of Customs Adjudication Multan Camp Office has disposed of 78 different seizure cases framed by Anti-Smuggling Organization (ASO) and Directorate of Customs Intelligence and Investigation. Multan Customs Adjudication has disposed these seizure cases in December after ... Read More »

Bank deposits hit record Rs21 trillion

KARACHI: The bank deposits have surged to a record high of around Rs21 trillion by the end of the calendar year 2021. Previously, the bank deposits reached a historic high of Rs19.83 trillion by September 2021. Experts attributed the massive growth in deposits to a hike in the interest rates by the State Bank of Pakistan. The central bank increased ... Read More »

Senate committee rejects tax on bread, other eatables

ISLAMABAD: The Senate Standing Committee on Finance, Revenue and Economic Affairs rejected the imposition of tax on eatables including naan, bread, branded yogurt, butter, desi ghee and milk. The meeting of the committee was held under the chair of Senator Talha Mahmood which finalized the recommendations on the Finance Supplementary Bill 2021 and rejected a number of tax impositions through ... Read More »

Imam stresses need of direct sourcing of agriculture products

ISLAMABAD: Minister for National Food Security and Research Syed Fakhar Imam emphasized the need of local sourcing of fresh agriculture produces for the modernization of agricultural sector in the country. He called upon the private sector to play its role for economic growth of the country and development f local agriculture sector. Inaugurating a Carrefour hypermarket in Gujranwala, Imam said ... Read More »

Pakistan asks IMF to delay 6th country review meeting to end-January

ISLAMABAD: Pakistan has requested the International Monetary Fund (IMF) to delay a board meeting meant to consider the country’s sixth review to the end of January, the finance ministry said. The meeting was meant to take place this week on Jan 12 to review the recommendation to release US$1 billion of Pakistan’s US$6 billion, three-year programme. However, Pakistan has been ... Read More »