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Author Archives: CT Report

Health, safety, environment laws available but enforcement too weak: Junaid Makda

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KARACHI: President Karachi Chamber of Commerce & Industry (KCCI) Junaid Esmail Makda has said that some of the crucial laws on Health, Safety & Environment have been enacted since 1974, which are quite comprehensive but it was a pity that, despite these laws, the performance in both public and private organizations is poor. Speaking as chief guest at 5th International ... Read More »

Customs I&I establishes Appraisement Cell to streamline work

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LAHORE: Directorate of Customs Intelligence and Investigation (I&I) Deputy Director Usman Tariq issued office order to establish dedicated Appraisement Cell in order to streamline the work of enforcement branch.     Read More »

PSX gains 292 points in volatile trading

A sign of the Pakistan Stock Exchange is seen on its building in Karachi, Pakistan January 11, 2016. REUTERS/Akhtar Soomro/File Photo

KARACHI: The stock market gained 292 points on Thursday amid highly volatile trading sessions. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 36,796 points from previous day’s closing of 36,504 points with gain of 292 points. Analyst at Next Capital Limited said that the decline in international oil prices after the US Energy Information Administration (EIA) reported ... Read More »

China seeks to allay fears over Belt and Road debt risks

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BEIJING: China aims to make the Belt and Road initiative sustainable and prevent debt risks, its finance minister said on Thursday, seeking to allay criticism that the infrastructure plan to boost trade and investment creates a heavy burden for some nations. The policy championed by Chinese President Xi Jinping has become mired in controversy, with some partner nations bemoaning the ... Read More »

Govt appoints Hussain Asghar as deputy chairman NAB

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ISLAMABAD: The Pakistan Tehreek-e-Insaf (PTI) government appointed Hussain Asghar as deputy chairman of the National Accountability Bureau (NAB). A notification issued by the Ministry of Law and Justice said President Arif Alvi gave a green signal to the appointment following consultations with NAB Chairman Justice (r) Javed Iqbal. NAB Chairman Justice (r) Javed Iqbal had recommended Hussain Asghar’s appointment as ... Read More »

Gwadar to transform into hub of international marine trade on cards: Naseer Kashani

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BEIJING: Chairman of Gwadar Port Authority (GPA) Naseer Khan Kashani said on Wednesday that Gwadar Smart Port City Master Plan was on the cards which would transform Gwadar into a hub for industrialization, commercial activity and international marine trade. “I believe that fortunes will trickle down to the grassroots level, uplifting the lives of common people, equipping them with market-oriented ... Read More »

Fire doused at banking court building

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LAHORE: Firefighters have doused the fire that broke out at Banking Court Lahore’s building, damaging the court records as it spread to judges’ rooms on Thursday. According to sources, chambers and rooms of the judges came under the blaze, burning important records however no loss of life occurred, as the judges and the staff of the court was successfully evacuated ... Read More »

Tax Amnesty Scheme will be finalized by next week with amendments: Younus Dagha

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ISLAMABAD: The government will be presenting the Federal Budget 2018-19 by the end of next month, a government official revealed. Talking to media after the meeting of National Assembly’s Standing Committee on Finance, Revenue and Economic Affairs, Finance Secretary Younus Dagha said that his ministry has expedited its work with regard to the next fiscal budget as well as the ... Read More »

Japan court grants $4.5m bail to Carlos Ghosn

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TOKYO: A Japanese court granted Carlos Ghosn bail on Thursday, meaning the former Nissan boss could soon walk out of his Tokyo detention centre to prepare his defence against multiple charges of financial misconduct. The Tokyo District Court set bail at 500 million yen ($4.5 million) as the 65-year-old auto sector legend faces four charges ranging from concealing part of ... Read More »

NAB investigates Shahid Khaqan Abbasi in LNG scam

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ISLAMABAD: Pakistan Muslim League-Nawaz (PML-N) Shahid Khaqan Abbasi on Thursday appeared before the National Accountability Bureau (NAB) probe team at the bureau’s office in Rawalpindi after being summoned in Liquefied Natural Gas (LNG) scam case. The NAB summoned Abbasi as former minister for petroleum and natural resources for recording his statement in ‘illegal’ award of the LNG contract with Qatar. ... Read More »

NAB chief wants improvement working of anti-graft body

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ISLAMABAD: National Accountability Bureau (NAB) Chairman Justice ® Javed Iqbal on Wednesday emphasised the need for improvement in the working of the organisation through efficient, effective and expeditious disposal of white-collar crime cases. An improved infrastructure, rationalised workload and timelines had been prescribed for efficient, effective and expeditious disposal of cases from complaint verification up to the filing of a ... Read More »

Brick kiln owners warn countrywide strike

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ISLAMABAD: Brick kiln owners have warned massive protests and nationwide shutdown against profit-mongering of coal mine owners who they blame for continued increase in the price of coal. The greed of operators of coal mines will not only increase the price of bricks but will also hurt steel, cement and over thirty-two industries linked to the construction sector, said Shoaib ... Read More »

Trading resumes at PSX after being suspended due to technical glitch

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KARACHI: Trading resumed at Pakistan Stock Exchange on Thursday after being suspended for over two hours over a technical issue. Trading had been suspended since 10:30am and resumed around noon. The market extended buying at the resumption. It was trading at higher share prices before the fault developed. PSX benchmark KSE 100 index was up 328 points to 36,832 points ... Read More »

LHC adjourns hearing of Khawaja brothers’ bail petitions till May 7

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LAHORE: A Lahore High Court (LHC) division bench adjourned hearing of bail petitions filed by former railways minister Khawaja Saad Rafique and his brother former provincial minister Khawaja Salman Rafique in Paragon City scam till May 7. On 25.4.2019, the bench adjourned the matter due to absence of National Accountability Bureau prosecutor who could not appear due to sickness. The ... Read More »

Pakistan Stock Exchange suspends trading due to technical fault

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KARACHI: The Pakistan Stock Exchange (PSX) on Thursday morning suspended trading after a technical fault in its trading network limited access for some brokerages. According to a PSX notice, the trading was suspended after multiple brokerage houses reported that they were unable to place their orders. “Due to some technical issues identified in the trading system of the exchange, where ... Read More »

Pakistan will fight its case before FATF on May 15: NA body told

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ISLAMABAD: Pakistan will fight its case before the Financial Action Task Force (FATF) on May 15 in Colombo, Sri Lanka, besides undertaking diplomatic efforts for performance-based review of its “robust” compliance with global standards against money-laundering and terror financing. This was the crux of an in-camera briefing to the Standing Committee of the National Assembly on Finance and Revenue. Finance ... Read More »

FBR recommends three phases for new tax amnesty scheme

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ISLAMABAD: Federal Board of Revenue (FBR) has recommended three phases for new tax amnesty scheme for undeclared assets. The FBR recommended three phases for the amnesty scheme for period ended June 30, 2019, September 30, 2019 and December 31, 2019. The rate of tax for undeclared assets (other than domestic real estate/undisclosed income has been recommended at five percent, 10 ... Read More »

NAB arrests accountant of M/s Park Lane Estates in fake accounts case

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ISLAMABAD: The National Accounta­bility Bureau (NAB), Rawalpindi, on Wednesday arrested the accountant of a firm owned by former president Asif Ali Zardari. According to the anti-graft watchdog, Mohammad Hanif was accountant of Park Lane Estates and also a secretary in Parthenon, a front company of Park Lane. Allegedly involved in misappropriation of bank loans obtained by Parthenon, Hanif was one ... Read More »

Pakistan’s exports to India shrunk significantly after levy of 200pc duty: Shandana Gulzar

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ISLAMABAD: Parliamentary Secretary for Commerce Shandana Gulzar has informed the National Assembly that Pakistan’s exports to India had shrunk significantly after the imposition of 200pc duty on Pakistani products by the Indian government in wake of the Pulwama incident. Responding to a calling attention notice in the National Assembly, she said Pakistani exportable products have taken a hard hit amid ... Read More »

KTBA, RTOs reviews budget proposals

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KARACHI: The office bearers of Karachi Tax Bar Association (KTBA) discussed budget proposals 2019/2020 with Chief Commissioners of Inland Revenue on Wednesday. The chief commissioners Inland Revenue from Regional Tax Offices (RTOs) Karachi including Shafqat Kehar, Badaruddin Ahmed Qureshi and Muhammad Ali Khan. The chief commissioners visited the KTBA and met newly elected office bearers. Both the sides discussed budgetary ... Read More »