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Author Archives: CT Report

Junaid Makda assures MSPIDA to make efforts for resolving issues

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KARACHI: President Karachi Chamber of Commerce and Industry (KCCI) Junaid Esmail Makda has assured All Pakistan Motorcycles Spare Parts Importers & Dealers Association (MSPIDA) that KCCI will try its best to get taxation, Customs Valuation Rulings, Duty Structure, cleanliness, law & order and K-Electric related issues resolved. The assurance was given during a meeting with members of MSPIDA delegation who ... Read More »

Govt urged to ensure cut in paper prices

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LAHORE: Government should play a decisive and immediate role for reduction in paper prices as recent massive hikes have given a big blow to this business. The demand was raised at a meeting between the LCCI Acting President Khawaja Shahzad Nasir, Vice President Fahim-ur-Rehman Sehgal and a delegation of All Pakistan Paper Merchants Association (APPMA). The delegation was comprised of ... Read More »

PM should have a consultative session with business leaders every three months

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ISLAMABAD: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Sunday said the Prime Minister Imran Khan has decided to take stakeholders into confidence over economic issues for which the business community is highly grateful. In a meeting with the leaders of the business community on Friday, the PM Imran Khan asked the business community to help implement ... Read More »

Women empowerment and entrepreneurship’ problems discussed

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RAWALPINDI: A coffee morning was arranged by Rawalpindi Chamber of Commerce and Industry (RCCI) for women entrepreneurs to discuss the issues and hurdles to economic empowerment of women. Chief Executive Officer of Depilex and Depilex Smileagain Foundation, Masarrat Misbah, was the chief guest on the occasion. The function was largely attended by the businesswomen from the twin cities of Rawalpindi ... Read More »

NAB challenges Nawaz, Maryam and Safdar’s release in SC

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ISLAMABAD: NAB has challenged the Islamabad High Court’s decision to suspend the Sharif family’s prison sentences awarded in the Avenfield reference. In its appeal filed to the Supreme Court, the bureau says the high court doesn’t have the jurisdiction to make such a decision under Article 199 of the Constitution. Article 199 refers to the jurisdiction of the high courts. ... Read More »

Senate panel to discuss modalities for implementing Tax Relief Regime with FBR

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ISLAMABAD: The State Bank of Pakistan (SBP) will brief the Senate’s Standing Committee on Finance and Revenue tomorrow (Tuesday) regarding the recent devaluation of rupee against US dollar and its impact on the country’s overall economy. In its meeting, which would be held under the chairmanship of Senator Farooq H Naik, the committee will discuss with the Federal Board of ... Read More »

Over Rs100b transactions through fake accounts made, JIT tells SC

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ISLAMABAD: The Joint Investigation Team (JIT) tasked to probe mega laundering through fake bank accounts has informed the Supreme Court that the scam involved over Rs100 billion, instead of the original calculation of Rs 35 billion. The JIT submitted its second report on the case to the apex court on Monday in which it revealed that the case has transformed ... Read More »

Pak rupee strengthens in interbank, depreciates in open market

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KARACHI: The Pakistani rupee on Monday witnessed a mix trend against the US currency both in open market and interbank. As per the local money market, the dollar gained 10 paisas in open market for buying at Rs133.40 and for selling at Rs135. The dollar lost 10 paisas in interbank for buying at Rs133.40 and for selling at Rs133.60. On ... Read More »

Former PU VC Mujahid, five others sent to jail on judicial remand

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LAHORE: An accountability court on Monday sent Punjab University former vice-chancellor Dr Mujahid Kamran and five former registrars to jail on 14-day judicial remand in illegal appointments case. Earlier, National Accountability Bureau (NAB) officials produced Mujahid Kamran, Dr Auranzeb, Kamran Abid, Dr Liaqat Ali, Dr Ras Saud and Amin Athar before Accountability Court Judge Syed Najam ul Hassan on expiry ... Read More »

Chairman reviews NAB performance

NAB chairman Justice Javed Iqbal

ISLAMABAD: National Accountability Bureau Chairman Justice (r) Javed Iqbal chaired a meeting to review performance of the Bureau and expressed satisfaction over Gallup and Gillani surveys conducted across the country. Gallup and Gillani survey from October 8 to 15 declared that 59 percent of Pakistanis expressed satisfaction over NAB’s performance. Lauding the survey results, the Chairman NAB said that eradication ... Read More »

Sindh Excise launches road checking drive to nab tax defaulting vehicles

Excise seizes documents of 284 vehicles on token tax default

KARACHI: Provincial Minister for Excise and Taxation and Narcotics Control and Parliamentary Affairs Mukesh Kumar Chawla has said that Sindh Excise will launch a Road Checking Campaign across the province from Monday (today) to November 1 to nab defaulted motor vehicles from non -payment of motor vehicle tax/unregistered vehicles or vehicles plying on upon transfer letter. This he said while ... Read More »

PRA being armed with ‘electronic’ powers

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ISLAMABAD: The Punjab government has sought approval of the provincial assembly for the use of “monitoring or tracking by electronic or other means” of registered persons or services to enhance its revenue, budget documents show. The Punjab Revenue Authority (PRA) is being armed with the unique “electronic” powers. The statement of objects and reasons of the budget presented by the ... Read More »

ASF seizes 1.84kg heroin at Lahore airport

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LAHORE: The Airport Security Force (ASF) on Sunday arrested a passenger and seized 1.84kg heroin from his possession at the Lahore airport, said an officer of ASF. He said that passenger Ameen Ullah reached the airport to leave for Muscat and during baggage search ASF inspector Mazhar Bokhari found 1.84kg crystal heroin in his baggage. The passenger was arrested and ... Read More »

Court to hear NAB reference against Gilani

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ISLAMABAD: An accountability court apprised today (Monday) that the court will hear a National Accountability Bureau (NAB) reference against former Prime Minister Yousuf Raza Gilani after wrapping up a case against Nawaz Sharif. Former premiers Gilani and Nawaz met at the Accountability Court I today as they came to attend the hearing of NAB references filed against them. According to ... Read More »

Permission for tax-free shotgun import sought

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KARACHI: National Rifle Association of Pakistan (NRAP) has requested Minister for Inter Provincial Coordination to allow duty-free import of shotgun and cartridges for Usman Chand who aims to qualify for 2020 Tokyo Olympics. In a letter to Dr Fahmida Mirza, Executive Vice President NRAP Javaid S Lodhi has said that Usman was a talented shooter who could win an Olympic ... Read More »

UAE’s tax refund scheme for tourists to launch on Nov 18

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Dubai : The Federal Tax Authority (FTA) announced on Monday that its Tax Refund for Tourists Scheme will go into effect on November 18. The first phase of the scheme, which allows tourists to request refunds of the VAT incurred on their purchases, will see the digital system implemented at Abu Dhabi, Dubai and Sharjah International Airports. As of mid-December, ... Read More »

India, Iran working on rupee-rial facility for Chabahar port

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Iran : importance of Chabahar port project for both Iran and India, saying that the two countries were working out ways to sidestep the US sanctions. According to Islamic Republic News Agency (IRNA) on Sunday, the ‘Hindu business line’ noted, “India is weighing a rupee-rial payment mechanism for the Chabahar project in Iran as it weaves a way around the ... Read More »

In 2017, Kim spent millions on luxury goods from China:lawmaker

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SEOUL:North Korea imported at least $640 million (72 billion yen) worth of luxury goods from China last year, in defiance of U.N. sanctions outlawing such trade over North Korea’s nuclear and missile programs, a South Korean lawmaker said on Monday. The United States has urged strict implementation of sanctions as part of a “maximum pressure” campaign which Washington has credited ... Read More »

US-China trade war saps confidence among Hong Kong businesses

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Hong kong : The trade war between the United States and China is beginning to weigh on business sentiment among small to medium-sized employers, with overall confidence for the fourth quarter at its lowest level since the beginning of last year, according to a new survey. Sentiment for the final three months of the year dropped 6.7 points to 43.0 ... Read More »

Brexit deal is 95% settled, UK’s May to tell Parliament

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London : British Prime Minister Theresa May will tell lawmakers Monday the “vast majority” of a Brexit deal has been reached with European Union leaders, as she attempts to prove she’s making progress in talks amid criticism from all sides at home. According to her prepared remarks, May will say “95 per cent of the withdrawal agreement and its protocols ... Read More »