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Author Archives: CT Report

No extension in deadline of amnesty scheme: FBR


ISLAMABAD: Federal Board of Revenue (FBR) Chairman Syed Shabbar Zaidi has said that the government will not extend the deadline of amnesty scheme. Talking to a private news channel, Zaidi said FBR had collected all the relevant data about the people. To a question, he said jewellery being held by the people at home was not included in the scheme ... Read More »

Registration of prize bonds mandatory: FBR Chairman Shabbar Zaidi


ISLAMABAD: Federal Board of Revenue (FBR) Chairman Shabber Zaidi said registration of prize bonds is compulsory now as bonds of Rs40000 would be considered useless if not registered. While talking to media, he said FBR has acquired the data that was never with us before. He said it should be clear that extension in amnesty scheme would not be given. ... Read More »

Japan keen to invest in water plant

japan, pakistan

ISLAMABAD: A Japanese business delegation has expressed keen interest in the evolving investment opportunities in building water treatment and affluent plants for the emerging industrial sector in Pakistan for the better management of its wastes. The delegation, led by Japanese Ambassador to Pakistan Kuninora Matsuda, called on Adviser to Prime Minister on Commerce Abdul Razak Dawood on Wednesday. The adviser ... Read More »

Govt approves Rs270b for circular debt

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ISLAMABAD: The federal government approved Rs270 billion for settlement of circular debt and additional spending by various ministries and decided to discontinue Rs3 per unit electricity subsidy for local industries. The ECC allowed settling the outstanding liabilities of the Prime Minister Industrial Package. Former premier Nawaz Sharif had approved Rs3 per unit subsidy for all industries including the exporters. But ... Read More »

Export of services up 8pc


ISLAMABAD: The export of services jumped by 8.08 per cent to $446.05 million in April, from $412.69m in same month last year, the Pakistan Bureau of Statistics reported. Between July-April, the export proceeds posted a paltry growth of 1.70pc to $4.453 billion year-on-year. The services sector has emerged as the main driver of economic growth with its share in GDP ... Read More »

Belt and Road Initiative can lift 32m out of poverty: World Bank


WASHINGTON: China’s massive Belt and Road infrastructure drive could speed up economic development and reduce poverty for dozens of developing countries, the World Bank said on Tuesday in a new report that called for deep policy reforms and more transparency for the initiative. The long-delayed report said that the Belt and Road — a string of ports, railways, roads and ... Read More »

Pak-China friendship beyond political affiliations: Mandviwala


ISLAMABAD: Senate Deputy Chairman Saleem Mandviwala said that Pakistan’s commitment to a healthy relationship with China and to the success of China Pakistan Economic Corridor (CPEC) are beyond the political affiliations and provincial territories. He expressed these view during a meeting with Chinese delegation, led by Baige Zhao who called on him here at the Parliament house, a statement said. ... Read More »

Customs I&I impounds smuggled betel nut worth Rs18.06m near Hub Chowk

Irfan Javed

KARACHI: Directorate of Customs Intelligence and Investigation has seized huge quantity of smuggled betel nut (Areca) worth Rs18.06 million. According to the details, Director Irfan Jawaid received credible information that attempt would be made to transport smuggled betel nut from Baluchistan to Karachi. He constituted a team under the supervision of Additional Director Ali Zaman Gardezi which also include Principal ... Read More »

NAB files reference against Rauf Siddiqui, others


KARACHI: The National Accountability Bureau (NAB) filed the reference pertaining to illegal appointments in Sindh Small Industries Corporation (SSIC)  against Muttahida Quami Movement-Pakistan (MQM-P) leader Rauf Siddiqui and others, before the administrative judge of Karachi’s accountability courts. The court accepted the reference and issued arrest warrants for the accused who are on the run. These include SSIC Regional Director Syed ... Read More »

Govt allows investors of Rs40,000 prize bonds to register bonds up to March 31, 2020

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ISLAMABAD: Government of Pakistan finance division has allowed the investors of Rs40,000 Prize Bonds (bearer) to register their bonds up to 31st March, 2020. Economic Coordination Committee (ECC) has decided that holders of bearer prize bonds of R 40,000 denomination can opt for any of the following opportunities to convert their bonds:- Conversion of Rs40, 0000 bearer bond to Premium ... Read More »

Awareness session held at RCCI on Assets Declaration Scheme


RAWALPINDI: An awareness session on Assets Declaration Scheme 2019 was held at the Rawalpindi Chamber of Commerce and Industry (RCCI) here on Wednesday. Chief Commissioner Inland Revenue Dr. Basheer Ullah Khan while addressing a large number of traders in the awareness seminar reiterated that the closing date for the Assets Declaration Scheme is 30th June 2019. He advised people intending ... Read More »

KCCI terms requirement of CNIC detrimental to economic activities


KARACHI: The Budgetary measures announced on 11th June by the government carry some harsh and apparently unrealistic measures for broadening of tax base. According to Karachi Chamber of Commerce & Industry (KCCI), through an amendment to Section 8 (Sub-Sec.1, Clause M) of Sales Tax Act 1990, it is now mandatory for the supplier of goods to provide CNIC number of ... Read More »

Switzerland eyes great potential for developing trade with Russia


MOSCOW, : Swiss companies consider Russia and the Eurasian Economic Union as an important market with a high growth potential, Head of Switzerland’s Department of Foreign Affairs Ignazio Cassis said in an interview with TASS published on Wednesday. According to him, last year Russia was ranked 25th among Switzerland’s trade partners, with trade volume reaching $2.8 bln, a 14% increase ... Read More »

Dubai Customs turns to AI to boost productivity


Dubai Customs has announced that its “Productivity Engine” has been approved by the Dubai Executive Council to be used at the government departments level, WAM reported. The engine, developed in-house by Dubai Customs, uses Artificial Intelligence (AI) to boost productivity, reduce costs and make clients happier and more satisfied towards the fulfilments of Dubai bold plans and vision. The AI ... Read More »

Lift extra 15% customs duty on smartphones: BMBA


Dhaka,: The Bangladesh Mobile Phone Business Association (BMBA) has demanded withdrawal of additional 15 percent customs duty on smartphones proposed in the new budget. BMBA President Md Nizam Uddin Jitu said the proposed duty will be an obstacle towards achieving the goal of ‘Digital Bangladesh’ and encourage illegal imports. “We fear that about Tk 6,000 crore will be laundered if ... Read More »

US: 16.5 Tons of Cocaine Seized in Historic Bust


Authorities in Philadelphia snatched over a $1 billion worth of cocaine on Tuesday in what officials describe as one of the largest drug busts in US history. MSC Gayane docked early Monday morning in the Packer Marine Terminal after a month-long voyage from Buenaventura, Colombia. A routine customs check on Tuesday found traces of cocaine on the second mate’s arms, ... Read More »

Inflation in Canada spikes to 2.4% on higher prices for food


Canadians may be feeling a price pinch as inflation rose to 2.4 per cent in May from the same month one year ago, led by higher prices for food. That compares to a rise of two per cent in April, according to Statistics Canada’s consumer price index (CPI) released Wednesday. Year-over-year prices rose in all eight categories of the index, ... Read More »

Sri Lanka to raise up to Rs 480bn debt under Active Liability Management Act


Cabinet nod has been received to move a resolution in Parliament to raise up to 480 billion rupees under the provisions of the Active Liability Management Act. Accordingly, taking into consideration the Public Debt maturity structure during the period from 2020 to 2029, the Central Bank has recommended to raise the amount in or outside Sri Lanka. The Active Liability ... Read More »

Singapore welcomes Malaysia’s proposal for sheltered walkways across the Causeway


SINGAPORE : Singapore welcomed Malaysia’s plans to build sheltered walkways across the Causeway, although it has yet to receive any official proposal or communication on the plans. In response to TODAY’s queries on Malaysia’s plans for sheltered walkways linking Johor to Woodlands, a spokesperson from the Ministry of Transport (MOT) said on Wednesday (June 19) that there is already a ... Read More »

Iran’s Non-Oil Trade With D-8 Increases by 31 Percent


Iran traded 994,733 tons of non-oil commodities worth $668.67 million with member states of the D-8 Organization for Economic Cooperation during the first Iranian month (March 21-April 20) to register a 3.71% decline in tonnage and a 31.92% rise in value compared with last year’s same month. Latest data released by the Islamic Republic of Iran Customs Administration show Iran’s ... Read More »