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Author Archives: CT Report

Pakistan loses textile exports worth $250m due to gas crisis: APTMA

ISLAMABAD: Pakistan has been deprived of textile exports worth $250 million in December 2021 after gas supply was suspended to the sector in Punjab for 15 days. Executive Director All Pakistan Textile Mills Association (APTMA) Shahid Sattar confirmed the loss of millions of dollars and said that it could “never be recovered”. However, sanity prevailed in the government circles and ... Read More »

Finance committee summons report on M/s Metro Shoes raid from FBR

ISLAMABAD: The Senate Standing Committee on Finance Revenue and Economic Affairs has directed the Federal Board of Revenue’s (FBR) Chairman to submit a report on raiding the premises of Metro Shoes. The committee meeting, held under the chair of Senator Telha Mahmood for the third consecutive day, was informed by Metro Shoes CEO Jahanzaib Nadeem that FBR’s Large Taxpayer Office ... Read More »

Roadmap for DRAP integration with PSW agreed

ISLAMABAD: The roadmap for Drug Regulatory Authority of Pakistan’s integration with Pakistan Single Window was discussed and agreed between the two entities in a meeting held between Aftab Haider, CEO Pakistan Single Window (PSW) and  Asim Rauf, CEO Drug Regulatory Authority of Pakistan (DRAP). The meeting was also attended by PSW and DRAP officials collaborating on the program. DRAP’s integration ... Read More »

FBR announces CNG value for charging sales tax

ISLAMABAD: The Federal Board of Revenue (FBR) fixed the value of compressed natural gas (CNG) for the collection of sales tax. The FBR issued SRO 39(I)/2022 dated January 08, 2022 and notify the values of CNG, which is applicable from January 01, 2022. In suppression of its notification No. SRO 690(I)/2019 dated June 29, 2019, the FBR notified the value ... Read More »

Dr. Sania opens Ehsaas Nashonuma Center in Khanewal

MULTAN: Special Assistant to the Prime Minister on Poverty Alleviation and Social Protection, Senator Dr. Sania Nishtar opened the Ehsaas Nashonuma Center at the District Headquarter Hospital Khanewal. Four Ehsaas Nashonuma Centers are functional in Jahanian, Khanewal, Kabirwala and Mian Channu Tehsils of Khanewal. Currently, Ehsaas Nashonuma Centers are operational in two districts of South Punjab: Khanewal and Rajanpur. “In ... Read More »

IMF accepts request to postpone review of loan plan

ISLAMABAD: The International Monetary Fund (IMF) has accepted Pakistan’s request to postpone the review of its $6 billion loan programme scheduled for Jan 12, sources told Dawn on Saturday. The review is now expected to take place either on Jan 28 or 31, they said. The government on Jan 4 laid the controversial Finance (Supplementary) Bill 2021, generally known as ... Read More »

Multan Customs generates Rs35.77m revenue during December

MULTAN: Collectorate of Customs Enforcement and Compliance (E&C) has collected Rs35.77 million under the heads of customs duty, sales tax and Income tax during month of December 2021-22. According to the details, Multan Customs has collected Rs31.22 million in wake of customs duty during the month of December. Multan Customs collected Rs2.55 million under the head of sales tax during ... Read More »

KCCI organizes Free Medical Camp

KARACHI: The Karachi Chamber of Commerce & Industry (KCCI) in collaboration with Dr. Essa Laboratory & Diagnostic Centre, Hashmanis Group of Hospitals and Khidmat-e-Insaniyat Trust organized a Free Medical Camp at KCCI premises on Saturday which was widely attended not only by KCCI members but also by people from different walks of life. The Medical Camp comprised of numerous facilities ... Read More »

EFP seeks 180 days’ facility for exporters

KARACHI: President, Employers’ Federation of Pakistan(EFP), Ismail Suttar was disappointed by the central bank’s decision to run amok in their foreign exchange regulations without considering the repercussions of implementation. In a statement, the EFP president said that the State Bank had very recently announced a policy, which requires the exporters to bring back foreign proceeds in a maximum of 120 ... Read More »

Businessm community in KP concerned at unnecessary actions

PESHAWAR: Expressing concern over ‘unnecessary actions’ on the pretext of floating rules, the business community urged the Federal Tax ombudsman (FTO) to take notice of anti-business behaviours of relevant tax-collection institutions and authorities. Sarhad Chamber of Commerce and Industry President Hasnain Khurshid Ahmad and other representatives of SCCI raised these issues with the Federal Tax Ombudsman, Dr Asif Mehmood Jah, ... Read More »

Govt extends deadline for exchange of old banknotes till Dec 31

KARACHI: The federal government on Friday announced an extension in the last date for exchanging old banknotes of Rs10, 50, 100 and 1,000 on the recommendation of the central bank. According to a statement issued by the State Bank of Pakistan (SBP), the government has extended the last date for exchanging old banknotes of Rs10, 50, 100 & 1000 by ... Read More »

Scores of Pakistanis defrauded of Rs17.5bn on apps linked to Binance

KARACHI: Sindh Federal Investigation Agency (FIA) Cyber Crime unit summoned a representative of global cryptocurrency exchange Binance in a scam estimated to have defrauded Pakistanis of $100 million (approximately Rs17.5 billion). A press statement from FIA said that on December 20, people from all over the country started contacting FIA Cyber Crime Sindh through social media and disclosed about at ... Read More »

Tarin advises tax-avoiders to pay taxes before govt reaches them

ISLAMABA: The Federal Minister for Finance and Revenue, Shaukat Tarin advised the unregistered potential taxpayers to initiate paying taxes before the government reaches them within a couple of months with documentary evidence of their assets. “I assure the nation that change is taking place, we are making use of technology and will reach all potential taxpayers,” he said while addressing ... Read More »

OMAP to get full banking support: Baqir

LAHORE: State Bank of Pakistan Governor Reza Baqir has assured central bank’s full support in resolving issues of Oil Marketing Companies (OMCs) and promised to organise a meeting of the Oil Marketing Association of Pakistan (OMAP) with the Pakistan Banks Association (PBA). A delegation of OMAP office bearers including Chairman Tariq Wazir Ali, Senior Vice Chairman Tariq Mehmood, and Vice ... Read More »

Razak vows for increasing, IT export to $3.7b in FY 2021-22

ISLAMABAD: Adviser to the Prime Minister on Commerce and Investment, Abdul Razak Dawood has said that there is a lot of scope to increase exports in Information Technology (IT) from non-traditional sector at present. The current annual $ 2.5 billion IT exports are very low, “We now have an annual export target of $3.7 billion this year, he said . ... Read More »

WB country director congrats Ehsaas on successful completion of South Asia’s first digital survey

ISLAMABAD: The World Bank (WB) Country Director Najy Benhassine congratulated Ehsaas on the successful completion of South Asia’s first digital National Socio Economic Registry (NSER) survey. He was speaking at the launching ceremony of the NSER survey chaired by Special Assistant to the Prime Minister on Poverty Alleviation and Social Protection, Senator Dr Sania Nishtar. Speaking on the occasion, the ... Read More »

Inflation witnesses slight increase of 0.08pc in first week of 2022

ISLAMABAD: The prices of various food items went down during the week ending on January 6 as compared to the previous week, according to the Sensitive Price Indicator (SPI) data released by Pakistan Bureau of Statistics (PBS). According to the data, the food commodities that witnessed decrease in prices on Week-on-Week (WoW) basis included tomatoes and chillies, the prices of ... Read More »

Finance committee rejects proposals to increase sales tax on various items

ISLAMABAD: The Senate Standing Committee on Finance Revenue and Economic Affairs has rejected the proposals to impose a 17 per cent sales tax on gold, diamond, articles of finished jewellery or parts of other precious metals used in making precious jewellery. The development came during a meeting of the parliamentary panel held here on Thursday under the chair of Senator ... Read More »

FBR to introduce National Sales Tax Return

ISLAMABAD: The FBR has decided to launch the National Sales Tax Return. According to the FBR announcement, in order to facilitate the taxpayers, promote ease of doing business and reduce compliance costs, the FBR achieved one more milestone by developing the National Sales Tax Return. This is by all means a watershed initiative towards automation, data integration and harmonisation of ... Read More »

Trade deficit widens 106pc in July-Dec

ISLAMABAD: Pakistan’s trade deficit year-on-year widened by a sharp 106.4 per cent to $25.478 billion which was driven largely by a nearly triple increase in imports compared to exports, showed data released by the Pakistan Bureau of Statistics. According to a report, merchandise trade deficit swelled by 85.38pc year-on-year to $4.857bn in December. The trade deficit had reached an all-time ... Read More »