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  • Exxon Mobil to present progress report to PM on offshore drilling near Karachi

    Exxon Mobil to present progress report to PM on offshore drilling near Karachi

    KARACHI: Exxon Mobil, an American multinational oil and gas corporation, will present progress report on offshore drilling near Karachi to Prime Minister Imran Khan.

    Local TV channel reported on Wednesday that the drilling activities Drilling activities in Pak Kekra-1 had achieved big success.

    The drilling was continued to identify the actual reserves of gas and petroleum and the drilling in the last phase.

    The offshore drilling in Karachi is started as “Mother of All Rigs” main drilling ship along with three supply vessels began the drilling.

    The TV report quoting sources said that the drilling progress would be presented to the prime minister soon.

    The offshore drilling has been jointly undertaken by Exxon Mobil, ENI, OGDC and PPL.

  • Trade deficit contracts by 13.02 percent to $23.67 billion in nine months

    Trade deficit contracts by 13.02 percent to $23.67 billion in nine months

    ISLAMABAD: Pakistan’s trade deficit has contracted by 13.02 percent during first nine months (July – March) 2018/2019 due to significant decline in import bill in the same period, according to trade data released by Pakistan Bureau of Statistics (PBS) on Wednesday.

    The trade deficit shrank to $23.67 billion during first nine months of current fiscal year as compared with the deficit of $27.21 billion in the corresponding period of the last fiscal year.

    The import bill during the first nine months was declined by 8 percent to $40.75 billion as compared with $44.28 billion in the same period of the last fiscal year.

    Experts said that the imposition of regulatory duty on luxury and non-essential items during the last budget and followed in the supplementary budget helped in curtailing import growth.

    However, growth in exports was remained flat. The exports were at $17.08 billion during the period under review as compared with $17.06 billion in the same period of the last fiscal year.

    The import bill sharply declined by 21 percent in the month of March 2019 to $4.15 billion as compared with $5.25 billion in the same month of the last fiscal year.

    On the other hand the exports also fell by 11.13 percent in the month under review. The exports exhibited decline of 11.13 percent decline to $1.98 billion in March 2019 as compared with $2.28 billion in the same month of last year.

    The reduction in import bill in March 2019 resulted in narrowed trade deficit for the month. The trade deficit was contracted by 28.07 percent to $2.17 billion in March 2019 as compared with $3.02 billion in March 2018.

  • Remittances increase to $16.1 billion in July – March

    Remittances increase to $16.1 billion in July – March

    KARACHI: Overseas Pakistani workers have remitted $16.1 billion during first nine months (July – March) 2018/2019 as compared with $14.8 billion in the same period of the last fiscal year, showing 8.74 percent growth.

    State Bank of Pakistan (SBP) on Wednesday said that during March 2019, the inflow of worker’s remittances amounted to US $1745.80 million, which is 10.73 percent higher than February 2019 and 3.20 percent lower than March 2018.

    The country wise details for the month of March 2019 show that inflows from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to US $405.87 million, US $378.14 million, US $271.11 million, US $281.26 million, US $167.80 million and US $44.20 million respectively compared with the inflow of US $427.62 million, US $424.89 million, US $247.17 million, US $258.96 million, US $183.79 million and US $58.91 million respectively in March 2018.

    Remittances received from Malaysia, Norway, Switzerland, Australia, Canada, Japan and other countries during March 2019 amounted to US $197.41 million together as against US $202.26 million received in March 2018.

  • KSE-100 index falls 33-month low on revision in growth forecast

    KSE-100 index falls 33-month low on revision in growth forecast

    KARACHI: The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) plunged to 33-month low on Wednesday due to downward revision in growth forecast by IMF for Pakistan.

    Analysts at Topline Securities said that KSE 100 index closed at 36,579 index level (-551 point or 1.5 percent) which is a 33-month low. Downward revision in growth forecast by IMF and pressure on cement stocks amid cut in cement bag prices led to selling pressure in the market.

    As per IMF, Pakistan’s economy will grow at an average rate 2.5 percent during the next five years and its external imbalance will remain elevated; growth rate of 2.5 percent is the lowest economic growth rate predicted by any multilateral lender.

    Cement sector continued its weak performance eroding 109 points from index.

    Traded volume was down 12 percent to 141 million shares whereas trade value was down 30 percent to US$29.1 million.

  • Rupee makes gain against dollar

    Rupee makes gain against dollar

    KARACHI: The Pak Rupee made slight gain against dollar on Wednesday amid lower demand for import and corporate payments.

    The rupee ended Rs141.38 to the dollar from previous day’s closing of Rs141.39 in interbank foreign exchange market.

    The interbank foreign exchange market was initiated in the range of Rs141.39 and 141.40.

    The market recorded day high of Rs141.39 and low of Rs141.37 and closed at Rs141.38.

    In open market the exchange rate was ended with 20 paisas gain in rupee value.

    The buying and selling of dollar was recorded at Rs142.00/Rs142.50 in from previous day’s closing of Rs142.30/Rs142.70 in cash ready market.


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    Rupee ends firmer in rang bound trading

  • FBR promotes 49 Inland Revenue Officers to Assistant Commissioner BS-17

    FBR promotes 49 Inland Revenue Officers to Assistant Commissioner BS-17

    ISLAMABAD: Federal Board of Revenue (FBR) o Wednesday promoted 49 officers of Inland Revenue from BS-16 to the post of Assistant Commissioner Inland Revenue (BS-17) with immediate effect.

    Following are the officers, who are promoted by the FBR:

    01. Farrukh Rehman, Regional Tax Office (RTO), Faisalabad

    02. Amjad Ali Khan, Corporate RTO, Lahore

    03. Kanwar Abdul Rahim, RTO Multan

    04. Muhammad Akbar, RTO Multan

    05. Iftikhar Ahmad Lali, RTO Faisalabad

    06. Malik Muhammad Arshad, Corporate RTO, Lahore

    07. Mehrur Rehman, RTO Peshawar,

    08. Abid Hussain, RTO Peshawar

    09. Fazl-e-Amin, RTO Peshawar

    10. Asim Sana Naik, Corporate RTO Lahore

    11. Khuda Bux Abbasi, RTO Sukkur

    12. Tafukhur Zahoor, Directorate of Internal Audit (IR), Lahore

    13. Muhammad Pervez Khan, Large Taxpayers Unit (LTU) Karachi

    14. Darshan Lal, Corporate RTO Karachi

    15. Muhammad Khan, Corporate RTO Lahore

    16. Tauheed Raziq Khan, RTO Multan

    17. Muhammad Humayun, RTO Peshawar

    18. Aslam Pervez, RTO Peshawar

    19. Qaisar Khan, RTO Peshawar

    20. Mazhar Javed, RTO Sahiwal

    21. Muhammad Zafar Iqbal, RTO Multan

    22. Muhammad Mazhar Ejaz, RTO Faisalabad

    23. Ashfaq Ahmed, LTU Karachi

    24. Muhammad Yaqub Malik, RTO Islamabad

    25. Akbar Ali Shad, Internal Audit (IR) Islamabad

    26. Muhammad Mohsin, RTO-II Islamabad

    27. Farasat Yar Khan, Corporate RTO Karachi

    28. Ejaz Iqbal Raja, RTO Rawalpindi

    29. Muhammad Asghar, RTO Faisalabad

    30. Azizur Rehman Awan, RTO Quetta

    31. Saleem Raza, RTO Sargodha

    32. Abdul Qayyum, LTU Islamabad

    33. Ansar Hussain, Internal Audit IR Rawalpindi

    34. Zia Ahmad Butt, LTU Islamabad

    35. Muhammad Rafiq Awan, LTU Karachi

    36. Khalid Ali Siddiqui, LTU II Karachi

    37. Muhammad Irfan Siddiqui, LTU Karachi

    38. Mustafa Tayyab Ali, Corporate RTO Karachi

    39. Muhammad Naeem Sialvi, RTO II Lahore

    40. Aftab Ahmad Nasir, RTO Faisalabad

    41. Javed Iqbal, RTO Faisalabad

    42. Muhammad Altaf Anjum, RTO Faisalabad

    43. Jamshed Khan, Directorate of Intelligence and Investigation, IR, Peshawar

    44. Muhammad Zafar, RTO Islamabad

    45. Ishtiaq Ahmed, RTO Gujranwala

    46. Mehboob Ahmed, RTO Gujranwala

    47. Mehboob Ahmad, RTO Gujranwala

    48. Noor Muhammad Baloch, RTO III Karachi

    49. Muhammad Shahzad, Corporate RTO Karachi

    The FBR said that the promotion would take effect from the date of their joining, subject to the

    conditions that no disciplinary proceedings are pending against them.

  • Sales Tax Act 1990: refund of input tax payable in 45 days

    Sales Tax Act 1990: refund of input tax payable in 45 days

    KARACHI: Federal Board of Revenue (FBR) is required to pay sales tax refunds to the taxpayers in 45 days from the date of filing claim.

    According to recently updated Sales Tax Act, 1990 issued by the FBR, the Section 10 explained the refund of input tax.

    Section 10: Refund of input tax

    Sub-Section (1): If the input tax paid by a registered person on taxable purchases made during a tax period exceeds the output tax on account of zero rated local supplies or export made during that tax period, the excess amount of input tax shall be refunded to the registered person not later than forty-five days of filing of refund claim in such manner and subject to such conditions as the Board may, by notification in the official Gazette specify:

    Provided that in case of excess input tax against supplies other than zero-rated or exports, such excess input tax may be carried forward to the next tax period, along with the input tax as is not adjustable in terms of sub-section (1) of section 8B, and shall be treated as input tax for that period and the Board may, subject to such conditions and restrictions as it may impose, by notification in the official Gazette, prescribe the procedure for refund of such excess input tax.

    Provided further that the Board may, from such date and subject to such conditions and restrictions as it may impose, by notification in the official Gazette, direct that refund of input tax against exports shall be paid along with duty drawback at the rates notified in the such notification.

    Sub-Section (2): If a registered person is liable to pay any tax, default surcharge or penalty payable under any law administered by the Board, the refund of input tax shall be made after adjustment of unpaid outstanding amount of tax or, as the case may, default surcharge and penalty.

    Sub-Section (3): Where there is reason to believe that a person has claimed input tax credit or refund which was not admissible to him, the proceedings against him shall be completed within sixty days. For the purposes of enquiry or audit or investigation regarding admissibility of the refund claim, the period of sixty days may be extended up to one hundred and twenty days by an officer not below the rank of an Additional Commissioner Inland Revenue and the Board may, for reasons to be recorded in writing, extend the aforesaid period which shall in no case exceed nine months.

  • Ministry notifies implementation of labeling, printing requirements on imported goods from July 01

    Ministry notifies implementation of labeling, printing requirements on imported goods from July 01

    ISLAMABAD: The ministry of commerce on Tuesday notified the implementation of labeling and printing conditions on imported goods from July 01, 2019.

    The commerce ministry issued SRO 438(I)/2019 to amend Import Policy Order, 2016 and deferred the implementation of labeling requirement and mandatory description of goods in Urdu language till June 30, 2019.

    The ministry imposed the conditions through SRO 237 (I)/ 2019 issued on February 19, 2019, under which it was made mandatory that the ingredients and details of the products (e.g. nutritional facts, usage instructions etc.) of the food products shall be printed in Urdu and English languages on the consumer packaging.

    It is further made mandatory that the logo of the Halal certification body shall be printed on the consumer packaging. The ministry had made it clear that the labeling shall not be in the form of a sticker, over printing stamp or scratched labeling.

    It is also made mandatory that the shipment shall be accompanied by a Halal Certificate issued by a Halal Certification Body, accredited with an Accrediting Body which is a member of International Halal Accreditation Forum (IHAF) or Standards Metrology Institute for Islamic Countries (SMIIC).

    The ministry of commerce through the latest notification also amended the requirement of shelf life.

    The ministry of commerce extended the labeling requirement on the demand of business community as a large number of imported consignments were stuck at the ports failing to meet the requirement.

  • MCC Islamabad announces auction of vehicle on April 11

    MCC Islamabad announces auction of vehicle on April 11

    ISLAMABAD: Model Customs Collectorate (MCC) Islamabad has announced public auction of confiscated vehicles and those vehicles surrendered by Prime Minister House under austerity measures and surrendered by National Agricultural Research Centre (NARC) Islamabad.

    The auction has been scheduled on April 11, 2019

    Following confiscated vehicles would be presented for auction:

    01. Mercedez Benz Car E200, Model 1998, Chassis No. WDB210035-2A-648986

    02. Mitsubishi Pajero, Model 2005, Chassis No. JMYLNV76W5J002599

    03. Mercedez Benz Car E240, Model 2002, Chassis No. WDB210062-2B-483258

    04. Mitsubishi Pajero, Chassis No. JMYLNV76W5J000309

    05. Nissan Sunny, Model 2006, Chassis No. JN1CEAN16Z0501267

    06. Nissan Sunny, Model 2006, Chassis No. JN1CEAN16Z0501315

    07. Toyota Cressida Sedan, Station Wagon, Model 1991, Chassis No. RX72-6009732

    08. Toyota Cressida Sedan, Station Wagon, Model 1991, Chassis No. RZ72-6009700

    09. Suzuki Van, Model 1998, Chassis No. DA21V-106767

    10. Toyota Land Cruiser, Model 1983, Chassis No. BJ60-011734

    11. Toyota Hiace, Model 1980, Chassis No. RH20B-038785

    12. Toyota Land Cruiser, Model 1991, Chassis No. PZJ70-0003729

    13. Toyota Hiace, Model 1988, Chassis No. LH1B0008465

    14. Toyota Land Cruiser, Model 1991, cn. PZJ70-0003701

    Vehicles surrendered by PM’s office placed at I-9, Islamabad Dry Port

    15. BMW X5 Jeep, Model 2016, Chassis No. WBAKR6206GOM99845

    16. BMW X5 Jeep, Model 2016, Chassis No. WBAKR6204GOM99830

    17. Mitsubishi Lancer S/Saloon, Model 1994, Chassis No. CSNBIRU00812

    18. LEXUS Jeep, Model 2006, Chassis No. JTJHT00W564013596

    Surrendered By NARC Placed at NARC Chak Shehzad

    19. Mitsubishi Double Cabin, Model 1989, Chassis No. CJNK-440LP00693

    20. FIAT Truck, Chassis No. 682N3-099185

    21. Toyota Corolla Car, Chassis No. TT133-601345

    22. Toyota Corolla Car, Model 1982, Chassis No. KE70-5070315

  • FBR waives penalty on overstayed consignments

    FBR waives penalty on overstayed consignments

    ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday waived penal surcharges on overstayed consignments to facilitate trade community.

    The FBR said that the waiver had been granted in pursuance to decision taken at the Economic Coordination Committee (ECC) of the Cabinet held on March 27, 2019 to waive penal surcharges on the overstayed cargoes at ports.

    The FBR said that the time to stay of the cargo has been extended up to April 13 the period for which warehoused goods may remain in the warehouse.

    Further the government also directed to remit penal surcharges in the case of goods which are cleared from the warehouse within the period starting on April 08, 2019 and ending April 13, 2019.

    The FBR said that the decision would not apply to the goods which had since been abandoned or auctioned under the rules.