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Author Archives: CT Report

Promotion of tax culture must for economic stability: Dar

ishaq daar

ISLAMABAD: In line with the audit policy for tax year 2015, random computer ballots were held here to select cases for audit for tax year 2014 and tax period 1st July, 2013 to 30th June, 2014, in respect of income tax, sales tax and federal excise duty. The balloting was held at FBR House. Federal Minister for Finance Muhammad Ishaq ... Read More »

Pakistan, Turkey to further strengthens economic ties

1 Senator Iqbal Zafar Jhagra talking to Turkish Prime Minister while Ambassador of Pakistan looks on.

ANKARA: Senator Iqbal Zafar Jhagra, Secretary General of the Pakistan Muslim League (N), attended the 5th Statutory Congress of the Justice and Development Party (AKP) . Senator Jhagra is visiting Turkey on the instructions of Prime Minister Muhammad Nawaz Sharif to attend the Congress on his behalf. The AK Party Congress was convened in the run-up to the renewed Parliamentary ... Read More »

SBP launches SMS service for issuance of fresh banknotes on Eidul Azha

pakistani currency

KARACHI: State Bank of Pakistan in collaboration with Pakistan Banks’ Association (PBA) introduced a mobile SMS service for issuance of fresh currency notes to the general public. The move is aimed at further facilitating the general public in acquiring fresh currency notes on the eve of forthcoming Eid-ul-Azha. These fresh notes will be available from 335 selected commercial bank branches ... Read More »

LCCI hails SBP’s decision to cut interest rate by one percent

ijaz mumtaz

LAHORE: The Lahore Chamber of Commerce and Industry hailed SBP’s decision to cut interest rate by one percent and said that it will help stimulate private sector growth. According to a statement issued here, the LCCI president Ijaz A. Mumtaz said that the Governor State Bank deserves appreciation for bringing down the interest rate to seven percent. Ijaz A. Mumtaz, ... Read More »

Ireland revenue officers seize €500K cash at Dublin airport


DUBLIN: A 36-year-old man was stopped at Dublin Airport today with €500,000 in cash concealed in his hand luggage. The money was seized by Revenue officers under Proceeds of Crime legislation following an intelligence-led operation. Officials say it was the largest seizure of cash this year. Revenue officers were granted a three-month detention order by Judge John Coughlan in the ... Read More »

Vohra protests govt.’s move to keep KCCI away from PM’s meeting

iftikhar vohra kcci

KARACHI: President of Karachi Chamber of Commerce and Industry (KCCI) Iftikhar Ahmed Vohra strongly protested federal government’s move to keep KCCI away from participating in a crucial meeting presided over by Prime Minister Mian Muhammad Nawaz Sharif in Islamabad which was held to discuss numerous issues being faced by the business and industrial community of Pakistan. According to a statement ... Read More »

KSA to invest in Pakistan’s power and energy sector‏


ISLAMABAD: Prince Sultan Bin Saud Bin Mohammed Bin Saud Alkabeer of Almarai Company along with a delegation visited Islamabad Chamber of Commerce and Industry and showed keen interest to explore business opportunities in different sectors in Pakistan with special focus on power and energy sectors. He said Pakistan was a promising country for investment and his group wanted to invest ... Read More »

K-Electric and EasyPaisa build electronic payment channel for new connections


KARACHI: K-Electric announced that the power utility further cemented its collaboration with Telenor’s EasyPaisa and payments for new connections for electricity could now also be made with ease at any EasyPaisa shop or via Easy paisa mobile accounts/wallets. This is first time that such an initiative has been launched in the power utility sector for accepting payments for New Connections ... Read More »

Hong Kong police bust people-smuggling syndicate


HONG KONG: A people-smuggling syndicate which allegedly brought more than 200 Vietnamese illegal immigrants into Hong Kong to work over the past 12 months was broken up after local law enforcers arrested 18 people, according to police. Intelligence revealed a shipment of illegal Vietnamese immigrants from Shenzhen to Hong Kong was arriving in the city once a week, according to ... Read More »

US Court sentences prison to trailer driver for marijuana smuggling


NEW YORK: A tractor-trailer driver from Barrie, Ont. was sentenced this week by U.S. District Judge Richard J. Arcara to 37 months in prison. Daniel Hebert, 42, had previously pleaded guilty to smuggling more than 100 kilograms of marijuana from Canada into the United States and failure to appear for court proceedings. Assistant U.S. Attorney Mary Catherine Baumgarten said Hebert ... Read More »

Malaysia Airlines inks long-term lease agreements with ALC


KUALA LUMPUR: Malaysia Airlines Bhd (MAB) and Air Lease Corp (ALC) have signed long-term lease agreements for four new Airbus A350-900s. Powered by two Rolls Royce Trent XWB-84 engines, the A350-900 aircraft were from ALC’s order book with Airbus and would be delivered between the fourth quarter of 2017 and second quarter of 2018, MAB said in a statement. The ... Read More »

Singapore’s Vibrant Group net profit surges 10.3% to $7.5m in Q1


SINGAPORE: Logistics firm Vibrant Group reported here the other day that first-quarter net profit rose 10.3 per cent to $7.5 million. Revenue for the three months to July 31 inched down 4.9 per cent to $48.1 million, owing to a fall in revenue from the freight and logistics business, and provision for financial services. Quarterly earnings per share was 0.29 ... Read More »

Kuwait Customs foils attempt to smuggle whisky bottles


KUWAIT CITY: Kuwait customs officers at the Al-Nuwaiseeb border post have arrested a young Kuwaiti for attempting to smuggle whisky bottles into the country, media reports. The bottles were tied to the legs with the help of adhesive tape. When the officers became suspicious of the youth, they found nothing in the car and they asked him to step out ... Read More »

Angola to review customs duties on goods, equipment


LUANDA: The government of Angola wants to reduce the customs duties applied to goods and equipment “necessary for national production” under a new tariff list that came into force in March 2014, pursuant to a legislative authorisation approved by parliament. The legislative authorisation allows the President of Angola, within 90 days, “to amend the rates of the Customs Tariff List ... Read More »

Kuwait’s Jazeera Airways reports 36% growth in flown passengers in July


KUWAIT: Jazeera Airways yesterday released its Operational Performance Report for the month of July 2015, which showed a 36% increase in total flown passengers from July 2014. The increase of flown passengers in July was driven by continued strong demand on all routes served by the airline, better flight schedules, and a constantly improving booking and check-in experience. Jazeera Airways ... Read More »

SL gets Singapore’s IRA help to overhaul tax system


COLOMBO: Sri Lanka’s Inland Revenue Department is receiving help from the Inland Revenue Authority of Singapore to overhaul the complicated local tax system, Central Bank Governor Arjuna Mahendran said in an interview with The Strait Times. “The Inland Revenue Authority of Singapore is involved in a technical assistance project with Sri Lanka in the revenue department,” he was quoted as ... Read More »

Penang customs seizes 22kg of drugs, 5 Indonesian arrested


GEORGETOWN: The Penang Customs Department arrested five Indonesian men and seized from them 22.067kg of drugs worth RM3.17 million in a raid at the Perai Dock, Seberang Perai. Its director, Datuk Mohd Pudzi Man said in the 5pm raid, a team from the Penang Customs Marine Unit arrested the five men, aged between 30 and 54, and inspected the Indonesian-registered ... Read More »

Hon Hai sales jump by 6.48%, Pegatron sales up 16.4% in Aug


TAIPEI: Apple Inc’s iPhone main assemblers Hon Hai Precision Industry Co and Pegatron Corp yesterday reported the highest August sales in their histories, with both expecting sales for this month to continue expanding on the back of new iPhone models. Hon Hai said consolidated sales last month rose 6.48 percent to NT$292.91 billion (US$89.1 billion) from a year earlier, pushing ... Read More »

Taiwan’s Gourmet Master sales surge 7% to $56.9m in Aug


TAIPEI: Shares for Gourmet Master Co Ltd, best known for its coffee shop and bakery chain 85°C, rose 3.57 percent yesterday as the company reported steady growth in sales for last month. Consolidated sales rose 6.64 sequentially and 7 percent year-on-year to NT$1.87 billion (US$56.9 million) last month, with aggregate sales in the first eight months rising 13 percent annually ... Read More »

Mexico likely to raise broiler production

Mexico broiler

MEXICO CITY: After implementing strong biosecurity measures, Mexico rebounded from avian influenza outbreaks with growing broiler production, according to a new report from the US Department of Agriculture’s Foreign Agricultural Service. Broiler meat production for 2016 continues to grow at two per cent annually, the report said. It predicted production in 2016 at 3.16 million metric tons (MMT). Appropriate measures ... Read More »