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Author Archives: CT Report

Businessmen eagerly waiting for completion of Pak-China Economic Corridor: FPCCI


KARACHI: The business community is eagerly waiting for completion of Pak-China Economic Corridor which would bring economic revolution in Pakistan and China. This was stated by Muhammad Waseem Vohra, vice president of the FPCCI in a meeting with 16 member delegation of Xinjiang province of China. The meeting was also attended by Muhammad Ikram Rajput, vice president and Incharge Sindh Region ... Read More »

Govt asked to make consensus for resolving economic issues‏


ISLAMABAD: The economic situation of the country demands that the government should take all stakeholders including business community on board for making consensus decisions that would help in resolving the key issues of the economy and pave way for smooth economic development of the country, observed Muhammad Ashfaq Hussain Chatha, acting president, Islamabad Chamber of Commerce and Industry (ICCI). Addressing ... Read More »

Imposition of regulatory duty on iron imports challenged in SHC


KARACHI: A large number of the importers of iron and steel products have approached the Sindh High Court against imposition of regulatory duty on imports of iron and steel from China. The Pakistan Welding Electrodes Limited and Izhar Steel are among the litigants who have gone to the court challenging the federal government’s notification regarding imposition of regulatory duty on ... Read More »

Finance Minister hails SECP for compliance with IOSCO rules

Ishaq Dar

ISLAMABAD: Federal Finance Minister  Ishaq Dar has commended Securities and Exchange Commission of Pakistan (SECP) on its landmark achievement of compliance with the International Organization of Securities Commissions (IOSCO) Principles for securities regulation. Mr. Zafar Hijazi, Chairman SECP presented the Report published by the IOSCO to the Finance Minister.  The Report recognized that SECP has made a significant progress in ... Read More »

FBR stopped from taking action against 50 companies

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KARACHI: The Sindh High Court on Friday restrained the Federal Board of Revenue (FBR) from taking adverse action against over 50 companies, listed at Karachi Stock Exchange, in pursuance of its notices for payment of levy on services. Headed by Justice Hassan Azhar Rizvi, a division bench had taken up the petitions filed by several companies which had moved the ... Read More »

Pak Qatar Family Takaful announces 27.22pc surplus distribution for 2014

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LAHORE: The Pak Qatar Family Takaful Limited (PQFTL) has announced the distribution of 27.22 percent surplus among its Individual Family Takaful participants (Direct Business) for the year 2014, consecutively for the seventh year. This surplus reflects the institution’s competitive financial performance during the year 2014. The single-rate method has been adopted to calculate the surplus, and will be distributed amongst the ... Read More »

Islamabad traders announce shutter down strike on August 3 against WHT


ISLAMABAD: The business community has agreed to go for a shutter down strike on 3rd of August 2015 against the imposition of 0.3 percent withholding tax on banking transactions. The consensus decision was announced by Abdul Rauf Alam, Chairman, Joint Traders Action Committee during a meeting of business community at Islamabad Chamber of Commerce and Industry. The traders vowed that ... Read More »

Govt ready to address traders concern, says Dar


ISLAMABAD: The President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Mian Idrees accompanied by former President, FPCCI, Zubair Tufail called on the Federal Minister for Finance Mohammad Ishaq Dar here Friday morning. They discussed the issue of withholding tax on banking transactions with the Minister in detail. They informed the Minister about meetings with traders and ... Read More »

LCCI asks FBR to resolve issue of ‘inactive’ online services

LCCI President Ijaz A Mumtaz

LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) has urged the Federal Board of Revenue (FBR) to resolve the issue of “inactive” of online services at its portal. LCCI President Ijaz A. Mumtaz said that the LCCI is constantly receiving complaints from its members that they are facing serious problems while working with FBR’s online services as their online requests ... Read More »

LPG Association demands transparency in reallocation of LPG quota


LAHORE: LPG Association of Pakistan has urged Federal Petroleum Minister Shahid Khaqan Abbasi to ensure complete transparency in the reallocation of LPG quota by Pak-Arab Refinery Company (PARCO), saying that all allocations should be made through open tender systems. According to a statement issued here, LPG Association Chairman Farooq Iftikhar said that all marketing companies approved by OGRA should be ... Read More »

Distinction between haram and halal must to make accountability system result-oriented: Abdullah


ISLAMABAD: Renowned academician, scholar and former Chief Secretary KPK, Mr. Abdullah has delivered a lecture to FBR officers on “Morality, ethics and public service delivery”. The talk was delivered as part of a new series of motivational lectures organized on the initiative of FBR Chairman to motivate officers to work with renewed zeal. The lecture was arranged at the main ... Read More »

LCCI establishes relief fund to help flood victims

LCCI President Ijaz A Mumtaz

LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) has established “Flood Relief Fund” with an initial amount of Rs 5 million  for the flood affectees. The LCCI President Ijaz A. Mumtaz said that the aim of establishing the “Flood Relief Fund” is to extend help to the victims who are in dire need of rescue. Ijaz A. Mumtaz appealed to the ... Read More »

NAB submits fresh list of corruption cases in SC


ISLAMABAD: National Accountability Bureau (NAB) has submitted a fresh list 29 mega corruption scandals amounting to Rs 650 billion in Supreme Court of Pakistan. According to details, NAB has provided detailed information about corruption, fraud in property allotments and misuse of authority in the fresh list of mega corruption cases. The list consists of 17 cases of corruption including Rs ... Read More »

FIA arrests accused involved in making fake appointments


KARACHI: The Federal Investigation Agency (FIA) has arrested an accused who is involved in making fake appointments in police, excise, customs and the FIA. Sources told Customs Today that big shots are also involved in this scam along with the accused. Sources of police told this correspondent that the name of accused is Zeeshan and he collected Rs 300,000 to ... Read More »

Pakistani economy on right track, claims Abdul Basit


LAHORE: All segments of society would have to supplement the government efforts aimed at economic revival of the country. “There is a dire need of understanding that acts like sit-ins and undue protests had not only caused undue damage to the national economy but had also tarnish image of those elements that were responsible for all of these ills.” In ... Read More »

Service sector rejects 8 percent tax on revenue

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LAHORE:  The businessmen from service sector have termed the eight percent un-adjustable withholding tax on “revenue” from July 1, 2015, a draconian tax law which is aimed at destroying the service sector that contributes over 53 percent of the GDP. The TUV AUSTRIA Bureau of Inspection and Certification’s Chief Executive Rashid Mehr in a statement said the controversial law of 8 percent tax on “revenue” has ... Read More »

APTPMA shows concern over levy of FC/TR surcharge


FAISALABAD: Regional Chairman All Pakistan Textile Processing Mills Association Shaikh Khalid Habib has said that levy of financing cost and transaction rationalization surcharges will definitely destroy the textile processing industry of the country. According to a statement he said that due to power crisis foreign investors prefer to sign accords for the sale of textile goods to other countries. He ... Read More »

LCCI asks govt to shelve plan to enhance gas tariff

LCCI President Ijaz A Mumtaz

LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) has demanded the government shelve its plan of make a hefty increase in the gas tariff. “Instead of taking such anti-business decisions, it would be better for the government to explore new reserves of natural gas,” LCCI President Ijaz A. Mumtaz said. In a statement issued here, the LCCI president said that any increase ... Read More »

Businessmen rap imposition of 8pc withholding tax on ‘revenues’ in service sector

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LAHORE:  The businessmen from the service sector have termed the eight percent un-adjustable withholding tax on “revenues” from July 1, 2015, a draconian tax law which is aimed at destroying the service sector that contributes over 53 percent of the GDP. TUV Austria Bureau of Inspection and Certification’s Chief Executive Rashid Mehr, in a statement, said that the controversial law ... Read More »

Govt should adopt simplified tax system, says Mian Adrees

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FAISALABAD. Business Community is ready to pay taxes but they are skeptical of coercive taxation system which should be streamlined and simplified on war footings, said Mian Muhammad Adrees, President Federation of Pakistan Chambers of Commerce and Industry (FPCCI). He was addressing an Eid Millan Party organized by Sitara Group of Industries which was also attended by Rana Muhammad Afzal ... Read More »