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Author Archives: CT Report

FBR increases import duty on 731 items

duties-taxes-import-spain-spainbox1

ISLAMABAD: The Federal Board of Revenue (FBR) has increased regulatory duty (RD) on 731 commodities to control the soaring imports of the country. The enhanced RD has been imposed on around 731 items including used cars, tyres, mobile phones, electronic goods, readymade garments, ceramics tiles, pulses, fruits, dairy items, sports goods, and cosmetics etc. The FBR issued the notification of ... Read More »

PSQCA to form body to address issues of retailers for compliance of standards

Pic-Oct-17-17

ISLAMABAD: Muhammad Khalid Siddiq, Director General, Pakistan Standards & Quality Control Authority (PSQCA) visited Islamabad Chamber of Commerce & Industry to listen to the issues being faced by the retailers due to PSQCA raids and agreed to form Committees to address highlighted issues and for ensuring compliance of standards and quality of products. He said PSQCA never wanted to create ... Read More »

FCCI hails suspension of major condition of SRO1125(I)/2011

fcci

FAISALABAD: Sheikh Farooq Yusuf acting President Faisalabad Chamber of Commerce & Industry (FCCI) has welcomed the suspension of major condition of the SRO 1125(I) 2011 which has made levy of “further tax” applicable on goods supplied to persons having no  sales tax registration. In a statement issued here today, he said that after continuous declining trend in exports, the five ... Read More »

Oman’s central bank raises OMR63m through treasury bills

OMAN

  MUSCAT: Oman’s central bank raised OMR62.81 million by way of a treasury bill. The treasury bill has a maturity period of 91days, from October 18 to January 17, 2018. The average accepted price reached 99.711 for every OMR100 while the minimum accepted price arrived at 99.705 per OMR100. The average discount rate and the average yield reached 1.15852 per ... Read More »

Turkish Airlines signs deal with Carpet Union

AFGHAN

  KABUL: A Turkish airline has agreed to fly Afghan carpets to 300 destinations at a discounted rate of 50 percent. The agreement was signed between Carpet Producers Union of Afghanistan and Turkish Airlines in Kabul. Afghan businessmen will be charged $2.5 USD per kilogram to transport their carpets to European countries. The carpets will reach their destinations within three ... Read More »

Malaysia imposes anti-dumping tariffs on Taiwan steel firms

TAIWAN

  TAIPEI: Malaysia has imposed anti-dumping tariffs on steel companies from four countries, including Taiwan, after accusing them of selling their cold rolled stainless steel products at unfairly low prices, according to Taiwan’s Ministry of Economic Affairs (MOEA). The MOEA’s Bureau of Foreign Trade (BOFT) said in a statement Monday that Malaysia’s Ministry of International Trade and Industry issued a ... Read More »

EU approves €100m in financial assistance for Jordan

JORDAN

  AMMAN: The European Commission, on behalf of the European Union (EU), has today approved the disbursement of a €100 million loan to Jordan under its Macro-Financial Assistance (MFA) programme. This disbursement marks the launch of the second Macro-Financial Assistance programme for Jordan with a total worth of €200 million, which follows a first package of €180 million approved in ... Read More »

Kuwait budget in deficit

KUWAIT

  KUWAIT CITY: The country recorded a deficit of KD 1.94 billion in its general budget in the first half of fiscal 2017/2018, reports Al-Rai daily quoting the monthly financial report released by the Ministry of Finance. The ministry said the achieved deficit in the first half of the financial year constitutes 25 percent of KD 7.9 billion — the ... Read More »

Spain lags but markets shrug off Ophelia

SPAIN

  MADRID: Spanish stocks lagged behind a broadly-flat European market on Monday as the Catalonia crisis and a profit warning from renewables energy firm Siemens Gamesa weighed. Spain’s main IBEX share index fell 0.7pc while the pan-European STOXX 600 benchmark added 0.01pc, staying near the four-month highs hit last week as optimism over global growth offset growing political worries. “Spanish ... Read More »

Portugal to increase car tax

PORTUGAL

  LISBON: Portugal’s Government has announced an increase in taxes for motor vehicle use and ownership from 2018. The main measure in the country’s draft 2018 Budget, the increase to the tax on new vehicle purchases will average 1.4 percent for petrol- and diesel-powered cars. Meanwhile the annual tax will also be increased to a similar degree for vehicles purchased ... Read More »

Greek Jan, Sep govt budget surplus slightly below target on lower revenues

GREEK

  ATHENS: Greece’s central government attained a primary budget surplus of 4.5 billion euros (£4 billion) in the first nine months of the year, slightly below target due to lower tax revenues, finance ministry data showed on Monday. The government’s target was for a primary budget surplus – which excludes debt-servicing costs – of 4.556 billion euros for the January-to-September ... Read More »

Italy presents low-key budget ahead of 2018 elections

ITALY

  ROME: Italy’s government approved on Monday a low-key 2018 budget which includes measures to raise youth employment, tackle poverty and encourage investments ahead of an election in the spring. The financial package aims to lower the budget deficit to 1.6 percent of gross domestic product (GDP) from a targeted 2.1 percent this year, while avoiding painful pre-election belt-tightening measures. ... Read More »

Tesla tax’ could hit Norway, the world’s top EV market

NORWAY

  OSLO: Norway, which has emerged as the world’s leading market for zero-emission electric vehicles despite also leaning heavily on revenue from oil extraction, may be on the verge of enacting steep cutbacks to some of the tax breaks for Teslas and other EVs. The proposed 2018 budget, released by Norway’s center-right government, would mainly target electrified cars weighing more ... Read More »

German court jails two people-smugglers over 2015 influx

GERMAN

  BERLIN: A German court convicted two human traffickers on Tuesday of putting the lives of hundreds of asylum seekers at risk while transporting them at the height of the refugee influx in 2015. The first defendant, aged 28, was jailed for six years and nine months on six counts of people smuggling, while his 27-year-old accomplice was handed a ... Read More »

3 Denmark gains 17,000 customers in Q3, revenue rises thanks to smartphone campaign

DENMARK

  COPENHAGEN: 3 Denmark said it gained 17,000 new customers in the third quarter, giving it a total of 1.27 million. Revenue in the period rose to DKK 713 million from DKK 703 million last year, amid tough competition. Revenue was buoyed by its summer campaign for smartphones and strong start to sales of the new iPhones. Third quarter service ... Read More »

Govt accepts tourism development strategy in Hungary

HUNGARY

  BUDAPEST: Hungary’s government has accepted the National Tourism Development Strategy 2030, a guideline for “all players of the sector until 2030”, Zoltán Güller, CEO of the Hungarian Tourism Agency, told the Tourism Summit 2017 conference in Budapest on Monday. Addressing the event, Prime Minister Viktor Orbán said that the strategy will “secure for Hungary a worthy place in world ... Read More »

Rozi Khan Burki assumes charge as Member (HRM)

Rozi Khan Burki

ISLAMABAD: Rozi Khan Burki, a Pakistan Customs Service officer of BS-22, has assumed charge as Member (HRM). The officer, pursuing the Board’s Notification No. 2857-IR-I/2017, dated 11.10.2017, relinquished the charge of the post of Member (BS-22), Federal Board of Revenue (HQ), Islamabad with effect from October 12 and assumed the charge of the post of Member (HRM) on the same ... Read More »

Nepse rebounds 47 points as election preparation buoys investors

nepse

KATHMANDU: Nepal Stock Exchange (Nepse) benchmark index jumped 46.59 points on Monday to close at 1,564.87 points. The stock market rebounded on the second trading day of the week by double-digit following a long slump after Dashain festival.  The single-day surge in the benchmark index was the highest in six months for a market that has recovered somewhat after a ... Read More »

BMP seeks restructuring of TDAP for strengthening exports sector

FPCCI 1

KARACHI: The Businessmen Panel (BMP) of FPCCI has asked for immediate restructuring of Trade Development Authority of Pakistan (TDAP), with equal attention towards a clear trade promotion policy aimed at introducing local products in the international markets. Khawaja Shahzeb Akram, Mian Usman Zulfiqar and Ahmad Jawad in a joint statement said there was also an urgency to fill the vacant ... Read More »

New Zealand CPI rises 0.5% on the quarter

CPI

WELLINGTON: The quarterly inflation data from New Zealand saw consumer prices rising 0.5% in the quarter ending September. It was higher than the median estimates of 0.4% and also beat the 0.2% forecast given by the Reserve Bank of New Zealand. The third quarter increase in inflation puts it in line with the RBNZ’s target although the central bank is ... Read More »