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Author Archives: CT Report

LESCO appoints focal persons for Lahore Chamber of Commerce and Industry

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LAHORE: The Lahore Electric Supply Company (LESCO) appointed focal persons for the Lahore Chamber of Commerce and Industry to overcome the challenges of new connections, extension of load and over billing. The decision was made by the LESCO Chief Executive Officer Qaiser Zaman while speaking at the Lahore Chamber of Commerce and Industry. The LCCI president Sheikh Muhammad Arshad, senior ... Read More »

PBIT chief briefs Chinese Consul General about incentives, 10 year tax holiday for SEZs

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LAHORE: Chairman Punjab Board of Investment and Trade (PBIT) Abdul Basit on Thursday brief first Consul General of China in Lahore Yu Boren, Boren about the incentives offered to the investors including the 10 year tax holiday to the Special Economic Zones (SEZ’s). Sectors like Agriculture, Real Estate, Energy, SEZs and Low Cost Housing were discussed in detail. Boren accompanied ... Read More »

Finance Minister Ishaq Dar meets development partners

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ISLAMABAD: Federal Finance Minister Mohammad Ishaq Dar had a meeting with a delegation of Pakistan’s development partners from Japan, Australia, EU, Norway, USAID and ADB. The meeting followed GoP (EAD) and ADB’s signing ceremony relating to establishment of Pakistan National Disaster Management Fund, program loan for Energy Sector Reform, project loans of advance metering infrastructure project and new customer information ... Read More »

FBR to defend 0.2% WHT on bank transactions before NA committee

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ISLAMABAD: The Federal Board of Revenue (FBR) will defend its decision of levying 0.2 percent withholding tax on bank transactions before the National Assembly (NA) Standing Committee on Finance and Revenue. In this regard, FBR has prepared comprehensive briefing for the committee along with set of briefs which have been received by the secretariat of concerned committee. Last Friday, National ... Read More »

GoP signs Letter of “Pakistan National Fund for Disaster Management “ with Asian Development Bank

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ISLAMABAD: The Government of Pakistan (GoP) and Asian Development Bank (ADB) signed a Letter of Exchange for the establishment of “Pakistan National Fund for Disaster Management”, a program loan for “Sustainable Energy Sector Reform Program- Subprogram II” and two project loans of “Advance Metering Infrastructure Project and New Customer Information and Billing System for Entire Company in IESCO and LESCO” ... Read More »

Korean envoy shows concern on decreasing Pak-Korean trade

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  KARACHI: Ambassador of Korea, Song Jong-Hwan, while expressing concern over decreasing trade volume between Pakistan and Korea since 2012, opined that absence of Free Trade Agreement (FTA) between the two countries and lack of proper understanding of each other’s markets were the two main possible reasons of this decline. Exchanging views during his visit to the Karachi Chamber of ... Read More »

Business community warns against any further increase in taxes‏

ICCI president Shiekh Atif

ISLAMABAD: Local business community in a meeting at Islamabad Chamber of Commerce and Industry cautioned the government to desist from any move to impose further taxes on existing taxpayers in order to improve revenue collection because such measures would bring additional woes to trade and industry, make life of common man more difficult and entail harmful consequences for the economy. ... Read More »

Pakistanis exporters’ eye Bangladeshi market for business: Rahim Janoo

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KARACHI: Abdul Rahim Janoo, Senior Vice President, FPCCI says that the Pakistani exporters are eyeing towards Bangladeshi market to enhance trade volume particularly the exporters. In this regard, Saif-ur-Rehman, Deputy High Commissioner of Bangladesh Wednesday visited Federation of Pakistan Chamber of Commerce and Industry and had a meeting with members of FPCCI. The meeting was chaired by Abdul Rahim Janoo, ... Read More »

ECC allows TCP to sell balance lint cotton stock

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ISLAMABAD: A meeting of the Economic Coordination Committee of the Cabinet was held here. Finance Minister, Mohammad Ishaq Dar chaired the meeting. On a proposal of Ministry of Commerce, the ECC allowed TCP to sell balance lint cotton stock available with them on retail daily basis at minimum of the KCA spot rate for the day through Commission Agent(s) whose ... Read More »

NA passes Anti Money Laundering Amendment Bill 2015

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ISLAMABAD: In order to bring further improvement in the Anti-Money Laundering Act, 2010, the Finance Minister Ishaq Dar, Wednesday, got the Anti-Money Laundering (Amendment) Bill, 2015 from the Lower House of the Parliament. However, a bill to provide for the establishment of Deposit Protection Corporation, as a subsidiary of the State Bank of Pakistan, and for the management and control ... Read More »

Russian investors keen to invest in Pakistan’s energy, automobile sectors‏

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ISLAMABAD: A delegation of Russian businessmen led by Ildar Mingaleev, Deputy Minister, Ministry of Industry and Trade of the Republic of Tatarstan visited Islamabad Chamber of Commerce and Industry and showed keen interest to invest in Pakistan’s energy and automobile sectors. Ildar Mingaleev said that Russian delegation has held negotiations with Pakistan Petroleum Limited and OGDCL to explore joint ventures ... Read More »

German envoy seeks strengthened trade ties with Pakistan

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SIALKOT: The Ambassador of Germany to Pakistan Ms Ina Lepel has stressed the need for promoting and strengthening of trade ties between Pakistan and Germany. Talking to the exporters during her visit to leading industrial units in Sialkot, she  pledged to make all out efforts to ensure easy access of Sialkot exporters to European Union (EU), enabling them to explore and capture the ... Read More »

Govt should focus on youth entrepreneurship to overcome unemployment

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ISLAMABAD: The Young Entrepreneurs Forum (YEF) of Islamabad Chamber of Commerce and Industry organized Global Entrepreneurship Week 2015 to stimulate the entrepreneurial spirit in youth. Faculty members and a large number of students of various universities including Quaid-e-Azam, Air, Federal Urdu, COMSATS and FAST University attended the event. The event discussed two themes i.e. “IT Business Prospects for Startups” and ... Read More »

LCCI demands revamping of loss-making PSEs

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LAHORE: The Lahore Chamber of Commerce and Industry demanded of the government to run all Public Sector Enterprises (PSEs) under Public-Private partnership as majority of public entities have failed to deliver desired results. According to a statement issued here, the LCCI president Sheikh Muhammad Arshad, senior vice president Almas Hyder and vice president Nasir Saeed said that government would have ... Read More »

FBR makes major reshuffle in Inland Revenue

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ISLAMABAD: Following major reshuffle in the FBR at top level, the tax machinery on Thursday made second tier transfer/postings at important stations of revenue spinners in order to make efforts for maximising tax collection in the current fiscal year. The newly appointed FBR Chairman Nisar Mohammad Khan, who belongs to Customs group, made first changes at different important positions in ... Read More »

EAD signs Financing Agreement of $500m with World Bank

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ISLAMABAD: Government of Pakistan (Economic Affairs Division) and World Bank signed the Financing Agreement of US$ 500 million for Second Power Sector Reforms Development Policy Credit (DPC) here Friday evening. The Financing Agreement was signed by Tariq Bajwa, Secretary, Economic Affairs Division (EAD) on behalf of the Government of Pakistan, while Patchamuthu Illangovan, Country Director World Bank signed the agreement ... Read More »

LCCI seeks early solution of withholding tax dilemma

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LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) sought help of Prime Minister Nawaz Sharif for early resolution of withholding tax on banking transaction. According to a statement, the LCCI president Sheikh Muhammad Arshad said that issue of withholding tax on banking transactions is causing trust deficit between the government and the business community. Sheikh Muhammad Arshad said that ... Read More »

ANF seized mega cache of Hashish weighing 4.2 ton from Qilla Abdullah

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ISLAMABAD: ANF while conducting 7 operations against drug trafficking seized huge cache of drugs comprising 4.2 Ton Hashish, 1 Kg Heroin, Heroin Filled Capsules and 600 Gram Ice (Amphetamine), while arrested 7 persons and impounded 2 vehicles. ANF Quetta while carrying out a successful intelligence led operation, seized 4218 Kg Hashish from desolate site in Tehsil Gulistan, District Qilla Abdullah. ... Read More »

Fisheries: neglect in curbing malnutrition in Pakistan

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By Nadia Nazish and Khalid Abbas Department of Zoology, Wildlife and Fisheries, University of Agriculture, Faisalabad   FAISALABAD: The fisheries resources play a significant role in economic welfare, income generation, employment and food security of a country. Global fish production was recorded 82.6 million tonnes in 2011 and 79.7 million tonnes in 2012. Worldwide average per capita fish consumption was ... Read More »

LCCI vows to support govt on Kalabagh issue  

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LAHORE: Rising population graph can give birth to severe food security challenges in near future therefore we have to build kalabagh dam at any cost as it would bring huge part of land under cultivation which is currently lying idle due to lack of water. In a statement issued here, the LCCI president Sheikh Muhammad Arshad, SVP Almas Haider and vice ... Read More »