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Author Archives: CT Report

Number of taxpayers increased by 30pc to 1.4m in a year: Hammad Azhar

Hammad Azhar 2

LAHORE: Minister of State for Revenue Hammad Azhar has said that number of taxpayers in the country have increased by 30 per cent during a year, while the Federal Board of Revenue (FBR) has issued notices to further 20,000 non-filers. Addressing a press conference at Directorate General Public Relations (DGPR) Punjab, he said that so far 1,400,000 (1.4 million) taxpayers ... Read More »

Hopeful rupee will stabilise as money flows in: Tariq Bajwa

tariq Bajwa

LAHORE: State Bank of Pakistan Governor Tariq Bajwa expressed hope that the slide in the rupee will be stemmed once money flows into the economy. Speaking to reporters in Lahore, Bajwa said the dollar rate is dependent on two factors: macroeconomic fundamentals and market sentiments. “As money [flows into] the economy [through cash injected], Insha’Allah you will see, the market ... Read More »

Deadline for filing income tax return expiring tonight


ISLAMABAD: The deadline for filing income tax returns is expiring tonight (Monday), which the Federal Board of Revenue would not reportedly extend again. The government has already extended the deadline thrice to November 30, December 15 and December 17 (today) and sources say a further extension is highly unlikely. These back-to-back extensions have helped the government increased tax revenues by ... Read More »

Canada looking forward to enhance trade ties with emerging Asian economies including Pakistan: McDonald


KARACHI: Trade Commissioner of Canada Ms. Margaux McDonald has said that Canada, which has been on the path to recovery since 2014 `is open for trade therefore the business community of Karachi should focus on improving trade ties with Canadian business community. Speaking at a meeting during her visit to Karachi Chamber of Commerce & Industry, she said that the ... Read More »

Kazakhstan ready to offer trade opportunities for Bangladesh


Dhaka : The government of Kazakhstan is willing to offer trade and business opportunities for Bangladeshi business people, ambassador of Kazakhstan to Bangladesh said yesterday. Barlybay Sadykov, the ambassador, also said his government will consider employment facilities for Bangladeshi skilled manpower in the areas of English language teaching, nursing and housekeeping. Sadykov was speaking at a seminar titled ‘Trade and ... Read More »

Fitch downgrades Sri Lanka to ‘B’ amidst political crisis; outlook stable


Colombo : Fitch Ratings has downgraded Sri Lanka’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘B’ from ‘B+’, with a stable outlook. Fitch Ratings said the downgrade reflects heightened external refinancing risks, an uncertain policy outlook, and the risk of a slowdown in fiscal consolidation as a result of an ongoing political crisis. KEY RATING DRIVERS The downgrade reflects heightened ... Read More »

New tax obligations for offshore supplies of low value goods

australia tax

Sydney : Australia, as well as many other jurisdictions including New Zealand and Switzerland, are implementing new rules regarding the application of the goods and services tax (GST) or value added tax (VAT) to the supply of low value goods to consumers. Retailers and marketplaces that sell to consumers in these jurisdictions need to be aware of these changes and ... Read More »

Khalifa Port to double container volumes in 2019, official says


Abu Dhabi : Khalifa Port expects to double the number of containers handled next year with the help of China’s Cosco Shipping Ports, which inaugurated a $430 million terminal and container freight station at the Abu Dhabi facility on Monday, officials said. CSP, the Hong Kong-listed unit of the world’s No. 3 container shipping line China Cosco Shipping Corporation, has ... Read More »

Common oil and gas markets, digital economy, customs duties on agenda of EAEU summit


MOSCOW: A meeting of the Supreme Eurasian Economic Council will be held in St. Petersburg on 6 December. It will be attended by the presidents of the Eurasian Economic Union member states and the president of Moldova, which is an observer country at the Eurasian Economic Union, BelTA learned from the Kremlin press service. “The forthcoming meeting of the Supreme ... Read More »

Exclusive: China’s Unipec to buy U.S. oil after Xi-Trump tariff truce

Donald Trump the campaigner talked tough on China: He threatened to slap tariffs of 45% on Chinese exports, and promised to label Beijing a "currency manipulator."Full credit: Ian Berry/CNNMoney/Shutterstock

BEIJING/SINGAPORE: Chinese oil trader Unipec plans to resume U.S. crude shipments to China by March after the Xi-Trump deal at the G20 meeting reduced the risk of tariffs being imposed on these imports, three sources with knowledge of the matter said. The sources told Reuters that Unipec – trading arm of state refiner Sinopec (600028.SS) – is looking to import ... Read More »

Iran’s handmade carpet exports decline by 20 pct in 7 months


TEHRAN: Iran exported 176 million U.S. dollars worth of hand-woven carpets during the first seven months of the current Iranian year (March 21-Oct. 22), which shows a 20 percent fall compared with the corresponding period of last year, Eghtesadonline news website reported on Tuesday. “Some 32 percent of our handmade carpets used to go to the United States. We have ... Read More »

Turkey sees surprisingly strong fall in inflation


Turkey : Turkey’s annual consumer price inflation rate has fallen for the first time since March—and sharply. November saw it fall 3.62 percentage points from October’s 15-year high of 25.24% to 21.62%, the Turkish Statistical Institute (TUIK) announced on December 3. Respondents to a Bloomberg poll and a Capital Economics forecast had anticipated that the rate would turn out to ... Read More »

Impact of trade war on Malaysia


Malaysia : LITERATURE has shown that trade liberalisation in general enhanced total economic welfare and made societies better off. From the Ricardo days of the 19th century, when the theory and concept of comparative advantage was introduced by British economist David Ricardo, there was evidence that there were gains to be made from free trade. It was argued that trade ... Read More »

Japan Foods in regional tie-up with Minor Singapore


Singapore : Catalist-listed Japan Foods Holding has teamed up with a fellow restaurant operator to run each other’s brands in Japan, Thailand and China. The collaboration involves creating a joint venture with Minor Singapore, an indirect subsidiary of Minor International Public. Each firm will hold 50 per cent. Japan Foods will run the joint venture’s Thai eatery operations in Japan ... Read More »

€1.36 million of cannabis seized at Dublin Port


Ireland :unstamped cigarettes, with the assistance of gardaí and Revenue detector dog Bill. The illegal tobacco products, branded ‘Excellence’ and ‘NZ’, were uncovered during a search carried out, under warrant, of two residential properties in the Dundalk area. The retail value of the contraband is over €8,000, representing a potential loss to the Exchequer of €6,500. A woman in her ... Read More »

France to tax global tech giants in 2019, regardless of EU plans


France’s economy minister says Paris will tax tech giants including Google and Facebook from 2019, even if the European Union decides not to. We take a closer look. Plus, OPEC members are meeting for a second day after failing to agree to a production cut. Iran has asked for an exemption, saying US sanctions are targeting its oil sector. Read More »

Half of Canada’s chinook salmon populations in decline: scientists


Scientists who evaluate the health of Canada’s wild plants and animals have concluded that half the country’s chinook salmon populations are endangered. The Committee on the Status of Endangered Wildlife In Canada says some only number a couple of hundred fish and are in danger of disappearing. The finding was released as part of the committee’s regular look at Canadian ... Read More »

Hong Kong fears Trump will end special trading status

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Hong Kong business groups are starting to worry the Trump administration will open the door to ending the financial hub’s preferential trade status, rendering it “just another Chinese city” as its government gets closer to Beijing. The US-China Economic and Security Review Commission stoked fears last month with a recommendation that Congress reassess Hong Kong’s special trading status for some ... Read More »

China Defrauded Sri-Lanka To Seize Hambantota Port: US Lawmaker


Colombo : Sri Lanka was forced to hand over the strategic Hambantota Port to China, due to Beijing’s debt-trap policies. This was stated by a powerful US lawmaker on Tuesday sought an end to the Chinese debt trap. China was defrauding small countries with nonviable infrastructure projects and was charging exorbitant rates that the poor countries could not afford, alleged ... Read More »

ASF foils money laundering bid at Lahore airport


LAHORE: Airport Security Force (ASF) on Saturday foiled money laundering bids by arresting two passengers, including a woman, with foreign currency worth millions of rupees at the Lahore airport. According to ASF officials, $39,100 (approx. Rs5.4 million) were recovered while searching the baggage of a passenger leaving for Bangkok through an international airline flight. Another woman, Li Zen, also leaving ... Read More »