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Author Archives: CT Report

India raises import duty to 200% on Pakistani goods

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ISLAMABAD: Despite continuing its economic retaliation with Pakistan in the aftermath of the Pulwama incident, India raised the custom duty to 200% on all goods it imports from Pakistan, India Today reported. The decision will significantly hamper Pakistan’s exports to its neighbouring country, which stood at $488.5 million for the financial year 2017-18. The decision will lead to drastic increase ... Read More »

FATF group to review Pakistan’s performance today

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ISLAMABAD: A four-member Pakistani delegation will be witnessing on Monday a review in Paris of its performance by an expert group of the Financial Action Task Force (FATF) on its compliance with global guidelines against terror financing and money laundering. The Asia-Pacific Group (APG), an associate firm of the Paris-based FATF, will present Pakistan’s report and responses to five specific ... Read More »

Saudi Crown Prince conferred with Pakistan’s highest civil award

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ISLAMABAD: Saudi Arabia’s Crown Prince Mohammed bin Salman was conferred with the country’s highest civil award Nishan-e-Pakistan on Monday. President Arif Alvi conferred the award on the Saudi crown prince at an investiture ceremony held in his honour at the Presidency. The ceremony was attended by Prime Minister Imran Khan and the heads of the three armed forces. Senate Chairman ... Read More »

Accountability Court indicts Shehbaz , 9 others in Ashiana Housing scam case

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LAHORE: An accountability court on Monday indicted Pakistan Muslim League-Nawaz (PML-N) President Shehbaz Sharif and nine others in the Ashiana Iqbal Housing scam case. The leader of the opposition in the National Assembly and other suspects appeared before the accountability court in Lahore as Judge Syed Najamul Hassan heard the case. Judge Hassan then framed charges against Shehbaz and the ... Read More »

NAB chairman requests for transfer of money laundering case to Rawalpindi

NAB chairman Justice (retd) Javed Iqbal

ISLAMABAD: National Accountability Bureau (NAB) Chairman Justice (retd) Javed Iqbal on Monday filed a request for the transfer of the ongoing money laundering case to Rawalpindi. NAB officials submitted documents signed by the chairman of the accountability watchdog in a banking court in Karachi seeking the transfer of the case to Rawalpindi. In the documents, Justice (r) Iqbal stated that ... Read More »

Pak Rupee makes significant gain against dollar in early trade

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KARACHI: The Pak Rupee has made significant gain of 40 paisas against dollar in early trade on Monday due to positive sentiments on signing of huge investment deals between Saudi Arabia and Pakistan. The dollar is being traded at Rs138.40 in interbank foreign exchange market. The exchange rate was ended at Rs138.83 to the dollar in interbank foreign exchange market ... Read More »

FBR declares procedure for import of motor vehicles into Pakistan

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KARACHI: Federal Board of Revenue (FBR) issued guide for Pakistani nationals residing abroad including dual nationals can import old and used vehicles into Pakistan under three different schemes. These three schemes are included, personal baggage; gift scheme; and transfer of residence. However, cars not older than 03 years and other vehicles not older than 05 years can be imported under ... Read More »

Saudi crown prince orders release of 2,107 Pakistani prisoners

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ISLAMABAD: Saudi Crown Prince Muhammad Bin Salman on Monday ordered the release of 2,107 Pakistani prisoners in Saudi Arabia with immediate effect. Foreign Minister Shah Mehmood Qureshi and Information Minister Fawad Chaudhry shared that the Saudi crown prince, who is on a two-day visit to Pakista, ordered the release of Pakistani prisoners on Prime Minister Imran Khan’s request. “HRH Crown ... Read More »

Pakistan, Saudi Arabia ink accords to further cement cooperation

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ISLAMABAD: Pakistan and Saudi Arabia on Sunday signed seven memorandums of understanding (MoUs) and agreements in diverse fields, including energy, power, petrochemical, mineral resources and sports, to further enhance their cooperation. The signing ceremony held at the Prime Minister House was witnessed by Prime Minister Imran Khan and Saudi Crown Prince Mohammed bin Salman. Saudi Foreign Minister Adel bin Ahmed Al-Jubeir, ... Read More »

PSO declares 50 percent decline in net profit for first half

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KARACHI: Pakistan State Oil (PSO) has declared 50 percent decline in net profit for half-year period ended on December 31, 2018, according to financial results submitted to Pakistan Stock Exchange (PSX) on Monday. The state run oil company has declared Rs4.25 billion for January – December 2018 as compared with Rs8.522 billion in the corresponding period of the last year. ... Read More »

ACWA Power to invest $4b in Pakistan’s renewable energy sector

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ISLAMABAD (APP) – The Saudi power producing company ACWA Power on Sunday expressed its willingness to invest around $ 4 billion in Pakistan’s renewable energy sector. The intention to this regard was expressed during a meeting between a Saudi investors’ delegation led by ACWA Power Chairman Mohammad A Abunayyan and the Pakistani side headed by Minister for Finance Asad Umar ... Read More »

Crown Prince visit: Pakistan, Saudi Arabia sign $20 billion agreements

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ISLAMABAD: Prime Minister Imran Khan and Saudi Crown Prince Mohammad Bin Salman went to have their one to one meeting in which eight agreements and MOU of $20 Billion were signed without delay.   After the grand welcoming celebrations, Prime Minister Imran Khan had Crown Prince Mohammad Bin Salman individually meet his cabinet members.  After signing of the agreements , ... Read More »

Withholding tax collection drops 9pc during 1H

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ISLAMABAD: The share of withholding taxes has dropped to slightly over two-thirds of total income tax collection in first half of the current fiscal year due to a combination of court decision and legislative changes, which may bode well for the government’s plans to rely less on withholding taxes. From July through December of fiscal year 2018-19, the Federal Board ... Read More »

New chapter begins in Pakistan, Saudi Arabia bilateral ties: Razak Dawood

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ISLAMABAD: Adviser to Prime Minister on Commerce Abdul Razak Dawood on Monday said a new chapter has begun in bilateral relations of Pakistan and Saudi Arabia. Addressing the Pak-Saudi Business Conference in Islamabad, the adviser to the premier said, “Saudi investment in Pakistan is highly significant for positive trajectory of the country’s growth and economy.” Stating that “Saudi Arabia is ... Read More »

Appraisement West redistribute work among deputy & assistant collectors

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KARACHI: Collectorate of Customs West Wajid Ali has reshuffled assignments of deputy/assistant collectors within the Collectorate. Accordingly, Deputy Collector Aftabullah Shah is assigned HQ, Establishment/Admin, Licensing Branch, Import Section, Confidential, CPF, CHO, Transport, Cash Section, Accounts, Treasury, Procurement, Policy & Coordination, Statistical, PRAL, Adjudication and Customs Laboratory. Earlier he was looking after HQ, Establishment/Admin, Group-IV (Ch.50-70), MIS, Confidential, CHO, Transport, ... Read More »

PRAL to compile data in USD instead of PKR

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ISLAMABAD: Senate’s Standing Committee on Statistics has directed to the FBR entity Pakistan Revenue Automation Pvt Limited (PRAL) to compile the data in international USD standard instead of PKR and recommended the introduction of a mechanism to improve the quality of Pakistani products in the international market. The Senate Standing Committee on Statistics was presided over by Senator Dr. Jehanzeb ... Read More »

Businessmen asked to cooperate in renovation of FG schools

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ISLAMABAD: The business community is playing key role in the economic development of the country and it should come forward to cooperate in renovating FG schools in Islamabad that would be a great noble cause for nation building. This was said by Dr. Ali Ahmed Kharal, Director General, Federal Directorate of Education while addressing traders and industrialists at Islamabad Chamber ... Read More »

KCCI shows disappointment over unjust relocatios, seeks govt intervention

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KARACHI: President Karachi Chamber of Commerce and Industry (KCCI) Junaid Esmail Makda, while expressing sheer disappointment on unjust relocations of the affectees of anti-encroachment drive, rejected the balloting carried out by Mayor Karachi in which majority of the shopkeepers have been displaced to irrelevant localities contrary to their businesses whereas the space allocated to shopkeepers is smaller as compared to ... Read More »

REIT playing vital role to strengthen economy: RCCI

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RAWALPINDI: The Real Estate Investment Trust (REIT) has a vital role to the economy and the investment landscape in Pakistan with the opportunity to benefit from large, diversified holdings of real estate. Since their inception, REITs have helped many countries including U.S. achieve important economic and social goals. In a statement, Acting President Rawalpindi Chamber of Commerce and Industry (RCCI) ... Read More »

Pakistan utilizes $375m of $4.5b credit line extended by KSA

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ISLAMABAD: Pakistan has utilized $375 million out of $4.5 billion oil financing facility extended by the Saudi-led Islamic Development Bank, officials said, part of a package to support dwindling public finances and avert a balance of payments crisis. “The facility has been operationalized and Pakistan has already utilized $375 million out of the $4.5 billion,” Dr. Khaqan Hassan Najeeb, spokesman, ... Read More »