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Author Archives: CT Report

KCCI welcomes Ali Zaidi’s pledge to clean Karachi within two weeks


KARACHI: Chairman Businessmen Group & Former President Karachi Chamber of Commerce & Industry (KCCI) Siraj Kassam Teli and President KCCI Junaid Esmail Makda, while referring to the remarks by Federal Minister for Maritime Affairs Ali Haider Zaidi who pledged to clean up Karachi from trash in two weeks’ time, extended full support and cooperation to the federal government in its ... Read More »

FBR issues notices to 228 garments & boutique shops


ISLAMABAD: The Federal Board of Revenue (FBR) has issued notices to 228 garment and boutique shops, asking them to get themselves registered with the tax department. The names of these shops were detected during scrutiny of data which showed that these outlets were not registered with the income tax and sales tax departments. FBR spokesperson Dr Hamid Ateeq told media ... Read More »

KIA Lucky Motors launches first all-wheel SUV ‘KIA Sportage’ in Pakistan


LAHORE: KIA Lucky Motors on Wednesday has launched its much-awaited Pakistan’s first all-wheel 2000cc SUV KIA Sportage with 100,000km or four years warranty. KIA Sportage comes in two models- top of the line being an All-Wheel Drive (AWD) version, which is a first of its kind in Pakistan among locally manufactured vehicles. “We promised that we will introduce high-tech specifications ... Read More »

Gold price shoots up Rs1,750, reaches Rs86,250 per tola

ISLAMABAD: The price of 24-karat gold jumped by Rs1,750 and was traded at Rs86,250 per tola, as compared to the previous day’s closing at Rs84,500, Karachi Sarafa Association reported on Wednesday. After witnessing an increase of Rs1,500, the price of 10-gram gold stood at Rs73,945, as against Rs72,445 recorded the day before. The price of silver remained constant and was ... Read More »

KSE-100 plunges over 700 points as funds offload stocks

stock exchange lower at closing

KARACHI: The stock market continued to bleed for the fifth successive session on Wednesday as the benchmark index fell over 700 points to stand below the 30,300-point mark. The market maintained the downturn due to aggressive stock selling by mutual funds. Investors in such funds wanted their money back as no improvement had so far been witnessed at the Pakistan ... Read More »

Private TV news channel fined for ‘breaking code of conduct’


ISLAMABAD: The Pakistan Electronic Media Regulatory Authority (Pemra) slapped a fine of Rs1 million on Geo News for airing a “highly seditious and scandalous programme against National Accountability Bureau Chairman retired Justice Javed Iqbal and maligning state institutions”. According to Pemra, anchorperson Shahzaib Khanzada in his programme “Aaj Shahzaib Khanzada Kay Sath,” on July 18, discussed the matter of a ... Read More »

FBR divides Karachi into two zones to streamline tax collection

tax revenue

KARACHI: To expand tax net in Karachi, the Federal Board of Revenue (FBR) decided to divide Karachi in two zones. The move will help to streamline tax collection in the jurisdiction. FBR also assigned the powers of Broadening of Tax Base (BTB) to two commissioners of income tax. Sources told media that Inland Revenue’s 37 areas are included in Regional ... Read More »

Shipping activity at Port Qasim

port and shipping

KARACHI:Five ships APL Savannah, Maersk Atlanta, STH Montreal, Global Glory and Tomson Gas carrying containers, Coal, Palm oil and LPG took berths at Qasim International Container Terminal, Pakistan International Bulk Terminal, Liquid Cargo Terminal and Engro Vopak Terminal respectively on Tuesday. Meanwhile three more ships Crane Island, Golarice and Petali Lady carrying Steel Coil, LNG and Diesel oil also arrived ... Read More »

FBR extends date for printing retail price on imported items till August 31


ISLAMABAD: Federal Board of Revenue (FBR) issued order stating that the Board has received several representations highlighting various issues and requesting further extension in the time period of clearance after affixation of stickers printed with retail price. Read More »

EU to resist Johnson’s ‘no-deal’ Brexit scare tactics


BRUSSELS: The European Union is bracing for tough Brexit talks with Britain but will stand firm as Prime Minister Boris Johnson ramps up his “no-deal” threats, diplomats said on Tuesday. Johnson, who took office late last month, says he wants to leave the EU with a deal but insists the current terms are unacceptable and if necessary Britain will exit ... Read More »

Accountability Court adjourns hearing of Ashiana-e-Iqbal case till August 21


LAHORE:An accountability court on here on Wednesday adjourned hearing of Ashiana-e-Iqbal Housing scam till August 21. The Accountability Court Judge Naeem Arshad conducted the proceedings wherein the accused including former principal secretary Fawad Hassan Fawad and former DG LDA Ahad Khan Cheema were produced. The counsel for Shehbaz Sharif filed an application before the court contending that his client could ... Read More »

Pak Rupee recovers 20 paisa against US dollar in interbank market

pak rupee 6

KARACHI: The Pakistani rupee on Wednesday further appreciated by 20 paisa against the US dollar and hit Rs158.45 in the interbank market. Yesterday, the local currency gained 28 paisa against the greenback in the interbank market, and closed at Rs158.65. Within last eight working days, the rupee has recovered by Rs2.13 against the dollar in the interbank market. Earlier, the ... Read More »

Govt constitutes seven member body to probe Reko Diq fiasco


ISLAMABAD: The government has constituted a seven-member committee to probe Reko Diq fiasco and identify those responsible for imposition of massive $6 billion penalty against Pakistan by the International Centre for Settlement of Investment Disputes (ICSID). According to a notification, Law Minister Farogh Naseem will convene the committee that includes Minister for Economic Affairs Division Hammad Azhar, Adviser to PM ... Read More »

FBR considering to allow retail pricetagging on imports after clearance


KARACHI: The Federal Board of Revenue (FBR) is expected to allow retail price tagging on imported goods after their clearance from ports as the exercise would save congestion and demurrage. According to the sources the trade representatives, in a meeting, apprised the FBR Chairman Shabbar Zaidi that printing of retail price within the limits of a port area was not ... Read More »

Japan to help enhance car production in Pakistan

japan, pakistan

ISLAMABAD: The Japan International Cooperation Agency (Jica) will assist the automobile industry of Pakistan in enhancing its domestic production from existing 200,000 vehicles by introducing new safety and environment-friendly features. This was announced by Jica chief representative Shigeki Furuta in a meeting with Adviser to Prime Minister on Commerce, Textile, Industries, Production and Investment Abdul Razak Dawood. Furuta headed a ... Read More »

FBR forms 3 port teams to monitor tax collection on retail goods at import stage

Karachi Port

ISLAMABAD: Federal Board of Revenue (FBR) Inland Revenue (IR) Chief (Auto & AM) Tariq Hussain Shaikh issued notification for constitution of three teams to monitor the tax collection at import stage from the importers dealing in retail goods/Third Schedule items.   Read More »

LNG case: NAB arrests Miftah Ismail as IHC rejects bail plea

DrMiftahIsmail BOI

ISLAMABAD: The National Accountability Bureau (NAB) has Wednesday arrested former Finance Minister Miftah Ismail and former Managing Director of Pakistan State Oil (PSO) Sheikh Imran-ul-Haq in the LNG case after the Islamabad High Court (IHC) rejected their bail plea. The anti-corruption watchdog detained both leaders inside the court premises after the bail petition was turned down. On July 25, the ... Read More »

Govt allows aluminium scrap import for industrial use


ISLAMABAD: The federal government has allowed import of aluminium scrap for industrial purposes following a request from Atlas Aluminium for manufacturing aluminium ingots in Pakistan. According to media, Karachi-based Atlas Aluminium had approached the commerce division, seeking permission for import of non-hazardous aluminium scrap as raw material as it had established a state-of-the-art Greenfield plant for manufacturing aluminium ingots through ... Read More »

Govt ready to handover affairs of Islamabad Dry Port to ICCI


ISLAMABAD: Federal Minister for Railways Sheikh Rashid Ahmed Tuesday said that government was ready to handover the affairs of Islamabad Dry Port to Islamabad Chamber of Commerce and Industry (ICCI) on public-private partnership basis so that business community could be further facilitated in imports and exports through this dry port. He said ICCI should submit a comprehensive proposal to government ... Read More »

RCCI condemns use of cluster bomb along LOC and demands UN intervention


RAWALPINDI: The Rawalpindi Chamber of Commerce and Industry (RCCI) has strongly condemned use of cluster bombs along LOC and violation of human rights in Indian occupied Kashmir (IoK) and appealed to the United Nations, OIC and the international human rights to take serious notice of Indian atrocities in Kashmir. RCCI president Malik Shahid Saleem appealed to the United Nations to ... Read More »