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Author Archives: CT Report

Fitch downgrades Pakistan’s long-term debt rating

Taiwanese banks reduces exposure to China: FITCH

ISLAMABAD: Fitch Ratings, one of the three major global rating agencies, on Friday downgraded Pakistan’s long-term debt rating to ‘B-Negative’ owing to high debt repayment obligations, low foreign exchange reserves and fragile fiscal situation. The outlook, however, remains stable. The New York-based agency said the downgrading of the rating from ‘B’ to ‘B-’ reflected heightened external financing risk from low ... Read More »

NAB grills PTI senator in Malam Jabba land lease case

KP NAB

PESHAWAR: The National Accountability Bureau (NAB), Khyber Pakhtunkhwa on Friday questioned Pakistan Tehreek-e-Insaf (PTI) Senator Mohsin Aziz for his alleged role in the lease of 275 acres of land in Malam Jabba in Swat. Salma Begum, spokesperson for NAB KP, said that Mohsin Aziz appeared before the Combined Investigation Team at the NAB’s office in Peshawar. She said the investigation ... Read More »

Govt devises strategy for slashing budget deficit to 4%

Asad Umar

ISLAMABAD: In order to secure IMF bailout package, the government has devised a growth framework strategy for undertaking fiscal adjustments of Rs1,000 billion or 2.6 percent of GDP for slashing the budget deficit to 4 percent of GDP by 2020. The Ministry of Finance has prepared highly ambitious plan titled ‘Pakistan’s Economic Stabilisation and Growth Framework’ under which the budget ... Read More »

Underpass design: NAB launches investigation against Sanaullah

NAB

LAHORE: The National Accountability Bureau (NAB) has launched an investigation against Pakistan Muslim League-Nawaz leader Rana Sanaullah for his role in the change of the design of an underpass in his hometown of Faisalabad allegedly to benefit some people. A NAB official said that the bureau had initiated the probe after receiving a complaint that the former Punjab law minister ... Read More »

New mobile tax policy irks overseas Pakistanis

mobile

ISLAMABAD: Overseas Pakistanis, telecommunication operators and industry experts have expressed concern over the government’s new policy to allow only one duty free mobile phone for overseas travellers and register even one phone at airports and Custom Houses. According to sources, even Pakistan Telecommunication Authority (PTA) has taken up the issue of imposing exorbitant duties on imported mobile phones with the ... Read More »

FIA to launch crackdown against money laundering suspects

fia

ISLAMABAD: The Federal Investigation Agency (FIA) has decided to launch a massive crackdown against those Pakistanis who have purchased properties in Dubai with the money laundered to the Gulf state and money changers involved in illegal transfer of funds. According to a document, the decision was taken in a directors’ conference held in the FIA headquarters on Dec 11. The ... Read More »

Balochistan NAB DG urges society to join fight against corruption

NAB

QUETTA: Balochistan National Accountability Bureau (NAB) Director General Muhammad Abid Javed has said that all institutions have to work together to fight corruption. He was addressing a seminar organised by NAB and Metropolitan Corporation in connection with the World Anti-Corruption Day. People belonging to different walks of life including members of the chamber of commerce, Pakistan Engineering Council (PEC) representatives, ... Read More »

KP tobacco farmers threaten protest against ‘sin tax’

tobacco

PESHAWAR: Tobacco growers in Khyber Pakhtunkhwa have threatened that they would launch a province-wide protest campaign, if the federal government will implement the proposed ‘Sin-Tax’ on tobacco. Speaking a news conference at Peshawar Press Club, Rustam Khan, a representative of the tobacco farmers took strong exception a strong exception over the proposal, floated by federal health ministry to impose new ... Read More »

Punjab govt imposes garbage tax on shops in Lahore

LWMC

LAHORE: The Punjab government has imposed Rs 100 per shop each month as solid waste tax in the city. Provincial Minister for Local Bodies Abdul Aleem Khan has announced this tax, saying the former government had assigned the task of conducting a study in this respect to the Lahore Waste Management Company (LWMC). The LWMC was conducting the study over ... Read More »

Pakistan Post facing Rs12.5b deficit

Pakistan Post

RAWALPINDI: Pakistan Postal Service has been facing a Rs12.5 billion annual deficit and the government is struggling with stabilising the department’s financial position by introducing new services including e-commerce, mobile money order and logistic facilities in the country. “We are working hard for putting the house in order and to earn double the amount of the deficit,” said Federal Minister ... Read More »

FBR allows filing of income tax returns till Dec 17

tax returns

ISLAMABAD: Federal Board of Revenue (FBR) allowed filing of income tax returns until 17th December 2018 because of the weekend failing on 15th December which was previously announced as the deadline for filing of returns, says a statement issued by the FBR. The statement issued by the official spokesperson FBR says that a number of queries have been received about ... Read More »

Govt to discuss dual taxes issue in Council of Common Interests meeting

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ISLAMABAD: State Minister for Revenue Hammad Azhar clarified that to resolve the issue of dual taxes in the country, government has decided to discuss during the Council of Common Interests (CII) meeting, while the basic reason behind revenue shortfall is the low taxes imposed on petroleum products. Talking to media, Hammad Azhar has said that government has planned not to ... Read More »

Office of customs airfreight unit at IIA being shifted as building starts collapsing

Nisar Ahmad Phularwal

ISLAMABAD: The authorities are shifting the office of customs cargo (airfreight unit) after the building of the unit at the Islamabad International Airport (IIA) has started collapsing. Additional Collector Customs Nisar Ahmed Phularwal has said that the Civil Aviation Authority (CAA) would start shifting the office of the airfreight unit to another place, comprising two rooms, on Monday. He confirmed ... Read More »

DG Valuation revises customs value of potato frozen French fries

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KARACHI: Directorate-General Customs Valuation Surriya Ahmad Butt has revised customs values of French fries through Valuation Ruling No. 1308/2018. Earlier Customs values of potato frozen French fries were determined through Valuation Ruling No.1308/2018 dated 03-07-2018. However, various representations were received from the importers for re-determination of value of potato frozen French fries. Hence, an exercise was initiated by this Directorate ... Read More »

FBR likely to generate additional Rs50b through ‘sin tax’

Philippines Bureau of Customs seizes fake cigarettes worth P2b

KARACHI: The Federal Board of Revenue (FBR) is likely to generate additional Rs50 billion in revenue from the proposed ‘sin tax’ on cigarettes and beverages. The government planned to impose Rs10 on each 20-packet of cigarettes and Re1 on a beverage bottle. The government intended to utilise the money obtained from ‘sin tax’ for health insurance scheme. The tax money ... Read More »

LDA case: SC orders MNA Afzal Khokhar to be put on ECL

Supreme Court

LAHORE: The Supreme Court of Pakistan issued orders to put names of the Pakistan Muslim League-Nawaz lawmaker Afzal Khokhar and his aide Saiful Malook Khokhar on the Exit Control List (ECL). The orders were issued by a two-member bench, headed by Chief Justice of Pakistan Mian Saqib Nisar, at the Lahore registry on the suo motu notice on as many ... Read More »

Multan Customs conducts forensic examination of 21 seized vehicles

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MULTAN: Collectorate of Customs team conducted forensic examination of twenty-one impounded vehicles. According to details, Customs Anti-Smuggling Organization impounded these vehicles during their crackdown in the jurisdiction. Anti-Smuggling Organization submitted seizure cases of these non-duty paid vehicles after completion of investigations. These seized vehicles were waiting for their Forensic Science Laboratory examination test to verify their status about tampered and ... Read More »

Pakistan’s Economy to blossom after 6-8 months: Sayed Zulfiqar Bukhari

Pic-Dec-13-18

ISLAMABAD: Syed Zulfiqar Abbas Bukhari, Special Assistant to Prime Minister on Overseas Pakistanis and Human Resource Development said that Pakistan was passing through a critical stage, but with the strong efforts of the current government, Pakistan’s economy will start blossoming after 6-8 months. He was addressing the business community at Islamabad Chamber of Commerce & Industry. He said the current ... Read More »

RCCI inks MOU with Chinese trade company

RCCI

RAWALPINDI:  A Memorandum of Understanding (MOU) was signed between Rawalpindi Chamber of Commerce and Industry (RCCI) and a Chinese company Dongguan Yi Zeng Import & Export Trade Co. Ltd here on Friday. President RCCI Malik Shahid Saleem and Chairman Huang Haitao signed and exchange documents at a ceremony attended by Chamber representatives including Senior Vice President Muhammad Badar Haroon Vice ... Read More »

Junaid Makda asks FBR to issue notification about acceptance of stranded cases

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KARACHI: While referring to Prime Minister’s directions given to the concerned Ministry in respect of the Amnesty Scheme that the beneficiaries should not be harassed, President Karachi Chamber of Commerce & Industry Junaid Esmail Makda said that the business community warmly welcomes these directives and looks forward to quick implementation of the same as per directives given by the prime ... Read More »