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Author Archives: CT Report

Traders call for withdrawal of 0.6pc withholding tax on bank transactions‏


ISLAMABAD: The business community of Islamabad  has called upon the government to withdraw 0.6 percent withholding tax which has been imposed since July 1, 2015 on all banking transactions for non-filers. The businessmen opined that the move would discourage banking transactions, promote non-banking and cash transactions and would lead to harmful consequences for the economy. Muzzamil Hussain Sabri, President, Islamabad ... Read More »

APCTA seeks LCCI help to get issue of tax on banking transactions resolved


LAHORE: The All Pakistan Cement Traders Association (APCTA) has sought LCCI help to get the issue of tax on all banking transactions resolved. An APCTA delegation called on LCCI president Ijaz A. Mumtaz and vice president Syed Mahmood Ghaznavi and informed them that imposition of tax on all banking transactions has caused unrest and put the business community in trouble. ... Read More »

Obituary: Father of Customs Today Editor passes away


LAHORE: The entire staff and management of Customs Today are deeply saddened by the sad demise of Mr Muhammad Yasin, the father of Customs Today Editor Rahil Yasin, who passed away on Monday. Inna Lillahi Wa Inallah-e-Raji’oon. He was laid to rest on Tuesday at the Shah Kamal Graveyard in Rehmanpura, Ichhra. His Qul will be held on Wednesday after ... Read More »

IFC to establish business centre at Wagah to facilitate Pak-India trade

wagha border

ISLAMABAD: The International Finance Corporation (IFC), a member of World Bank Group, will set up a business centre at the Wagah border, Lahore, to facilitate Pakistan-India trade, while the government of Pakistan has approved the project after clearance from security agencies. The purpose of the project is to bring ease in trade between both the countries, besides developing a trade-friendly ... Read More »

FBR’s income tax notices to bear bar codes

FBR 18

ISLAMABAD: Federal Board of Revenue (FBR) will issue income tax notices bearing verifiable bar codes from next financial year. The income tax notices to be issued from 1st July 2015 will be computer-generated and they will bear bar codes that can be verified from the FBR’s web portal. To ensure that the income tax notices are genuine, taxpayers will be ... Read More »

LCCI, Swiss Embassy join hands to work together

LCCI President Ijaz A Mumtaz

LAHORE: Embassy of Switzerland and the Lahore Chamber of Commerce and Industry (LCCI) would work hand in hand to make the mutual trade and economic relations further stronger. This decision was made during a meeting between the Ambassador of Switzerland Marc P. George and the LCCI President Ijaz A. Mumtaz here at the Lahore Chamber of Commerce & Industry. LCCI Senior ... Read More »

Gilani returns Mrs. Erdogan diamond necklace to NADRA


ISLAMABAD: Former prime minister Syed Yousuf Raza Gilani has returned the diamond necklace of Turkish first lady Mrs. Erdogan. The necklace was submitted with the NADRA authorities by the staff of Mr Gilani after Cabinet Division and Foreign Office refused to accept it. The FIA on Sunday issued a notice to Gilani to return the necklace of the Turkish first ... Read More »

Court issues arrest warrants for 53 owners of commercial institutions


SIALKOT: The Social Security Department has sent several cases to the court of the special judicial magistrate for the recovery of the prolonged arrears of Rs 6.5 million. According to sources, at least 53 commercial institutions, including bricks kilns, commercial organizations, private hospitals, rice mills and schools owe millions of rupees to the social security department. The Court of Special ... Read More »

LCCI hails Altaf statement on Kalabagh dam


LAHORE: The Lahore Chamber of Commerce and Industry has welcomed the statement of MQM head Altaf Hussain regarding construction of Kalabagh dam and hoped that his gesture would pave way for early completion of this mega project. In a statement issued here Wednesday, the LCCI President Ijaz A. Mumtaz and Convener  Standing Committee on Kalabagh Dam Abdul Basit said that ... Read More »

ICCI calls for strict anti-smuggling measures to boost local industry‏


ISLAMABAD: Islamabad Chamber of Commerce and Industry has called upon the government to take strong anti-smuggling measures as rising phenomenon of smuggling was undermining the local industry and causing harmful consequences for the national economy. Muzzamil Hussain Sabri, President, Islamabad Chamber of Commerce and industry said that national exchequer was reportedly losing around Rs.120 to 150 billion annually due to ... Read More »

World Bank VP calls Finance Minister


ISLAMABAD: The World Bank Vice President for South Asia Region, Ms Annette Dixon made a telephone call to Finance Minister, Mohammad Ishaq Dar. Ms Annette Dixon felicitated Finance Minister Dar on successful completion of growth DPC-2 and said that funds to the tune of USD 500 million would be released within twenty four hours. She  lauded the economic performance of ... Read More »

PR inks accord with a US based company to procure 55 locos

Pakistan railways

LAHORE: The Pakistan Railways (PR) Saturday signed an agreement with General Electric (GE) USA to procure 55 locomotives. PR Director Procurement Ziauddin Ahmed Qureshi and Ishfaq, representative of General Electric of the United States signed the agreement here at Railways Headquarters. Addressing a press conference, Minister for Railways Khawaja Saad Rafique, who oversaw the signing of the agreement, said today ... Read More »

US envoy calls on Finance Minister

Dar Olson meeting 20 June 2015

ISLAMABAD: US Ambassador Richard G. Olson met Federal Finance Minister, Mohammad Ishaq Dar here. He was accompanied by Ms Daniela Ballard, US Embassy’s Economic Counsellor. The US Envoy had exchange of views with Minister Dar on the schedule of meetings of Pak-US Working Group on Economy and Finance as well as TIFA (Trade & Investment Framework Agreement) Council. Both sides ... Read More »

ICCI, Roots School ink MoU to promote entrepreneurial spirit in youth‏


ISLAMABAD: Islamabad Chamber of Commerce and Industry (ICCI) and Roots Millennium Schools (RMS) have signed a Memorandum of Understanding to enhance cooperation for promoting entrepreneurial spirit, especially in youth. Muzzamil Hussain Sabri, President, Islamabad Chamber of Commerce & Industry and Chaudhry Faisal Mushtaq, Chief Executive Officer, Roots Millennium Schools signed the MoU. The signing ceremony was held at Chamber House. ... Read More »

Sindh Infrastructure Development Bond to be launched to raise $200m


KARACHI: The Sindh Infrastructure Development Bond, which aims to raise at least $ 200 million for development and infrastructure projects, is to be launched in the province soon, it is learnt. The sources told Customs Today that the Sindh government was committed to undertake major infrastructure projects across the province despite several serious challenges. In a bid to arrange alternative ... Read More »

Cabinet body deliberates over privatizing Neelum-Jhelum project

nawaz sharif

ISLAMABAD: Prime Minister Nawaz Sharif decided announce to form a high level committee to deliberate over the privitisation of Neelum-Jhelum hydropower project or seek investment in it. “The premier has decided to form a committee to look into the possibility of privatising the Neelum-Jhelum project or entering into a partnership with some investor to ensure its timely completion,” according to ... Read More »

Pak-Saudi Chamber, Smeda sign MoU


LAHORE: The Small and Medium Enterprises Development Authority (Smeda) and the Pak-Saudi Joint Chamber of Commerce and Industry (PSJCCI) inked a memorandum of understanding (MoU) to facilitate joint ventures between the two brotherly countries in the SME sector. The MoU’s manuscript was signed by the authority’s CEO Muhammad Alamgir Chau­dhry and PSJCCI President Mian Mehmoodul Hassan at Smeda’s head office. ... Read More »

Axact scam: FIA to shift Shoaib Shaikh to Islamabad

Axact 2

KARACHI: Preparations are afoot for shifting to Islamabad Axact CEO, Shoaib Shaikh and other suspects in connection with the company’s alleged involvement in the issuance of fake degrees online and money laundering, sources at Federal Investigation Agency said on Wednesday. The FIA will formally submit request with the Sindh Home Deparment and a local court, seeking permission to shift Shoaib ... Read More »

Dar calls for ensuring stable poultry prices during Ramazan


ISLAMABAD: Federal Finance Minister Ishaq Dar called for ensuring fair and stable poultry prices during the holy month of Ramazanul Mubarik. He said that in view of the sanctity of Ramazan and to facilitate people at large, the Poultry Association should closely monitor the poultry prices. He was talking to a four-member delegation of the Poultry Association of Pakistan, which ... Read More »

Govt urged to resolve issues to promote foreign investment‏


ISLAMABAD: Showing great concerns over 47 percent fall in foreign direct investment during July-May 2014-15 compared to the same period of last year, Islamabad Chamber of Commerce and Industry has called upon the government to take emergency steps for resolving all key issues that are holding back foreign investors from exploiting huge investment potential in various sectors of Pakistan’s economy. ... Read More »