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Author Archives: CT Report

Quetta Customs impounds 15545 banned animal hormone injections worth Rs34m


QUETTA: Collectorate of Customs team deputed at Quetta International Airport foiled a bid to smuggle 15545 numbers of banned animal hormone injections worth millions which were being smuggled from Dubai to Quetta. According to the details, Collector Customs Preventive Dr. Iftikhar Ahmed received credible information that huge quantity of animal hormone injections will be smuggled through Quetta International Airport. He ... Read More »

‘Invest in Pakistan’ tech summit concludes in Silicon Valley


WASHINGTON: A tech summit titled ‘Invest in Pakistan’ concluded in San Jose, Silicon Valley on Sunday. In his welcome address, Pakistan’s Ambassador to the US Dr. Asad M Khan thanked the audience from Pakistan and across the United States, including US government officials, for their participation in the event. Briefing the audience on the investment landscape in Pakistan, he highlighted ... Read More »

Flight of $6b annually is serious issue: FBR chairman


ISLAMABAD: Federal Board of Revenue (FBR) Chairman Syed Shabbar Zaidi said inconsistency in economic policies was more serious issue than any external threat to investment environment. Addressing at a discussion forum titled Raabta on ‘Enterprising Peace – Regional Stability for Economic Prosperity’ Zaidi said: “The first thing we have to establish in Pakistan is consistency and stability in our system ... Read More »

FBR to handle businessmen tax-related cases: NAB chief Javed Iqbal


ISLAMABAD: National Accountability Bureau (NAB) Chairman Justice (r) Javed Iqbal said that the business community’s income and sales tax-related cases would be referred to the Federal Bureau of Revenue (FBR). Speaking at the NAB Headquarters, he said that the accountability watchdog would not take suo motu action against bank defaulters; rather the same would be referred to the banking courts ... Read More »

Value of Pak Rupee improves after govt’s steps: Hammad Azhar


ISLAMABAD: Federal Minister for Economic Affairs, Hammad Azhar, said that the value of the national currency, rupee, has improved after the immediate steps taken by the federal government, according to media. Hammad Azhar, while addressing a press conference alongside the Punjab Minister for Industries and Trade Mian Aslam Iqbal, said that the government made tough decisions for national economy which ... Read More »

PM Imran decides to hand over Pakistan Steel Mills to China

Imran Khan 4

ISLAMABAD: China and Russia have offered to revive multi billions Pakistan Steel Mills as its companies have expressed keen interest to make investments worth billions in Pakistan Steel Mills. *Prime Minister Imran Khan was apprised of the Chinese and Russian companies offer during a high-level session to discuss the steps for the revival of the state-owned Pakistan Steel Mills. The ... Read More »

PSX registers positive trends at the start of weekly trading


KARACHI: The Pakistan stock exchange registered positive trends at the start of trade today with the KSE-100 index showed an upward trajectory, ARY News reported on Monday. First day of the business week, the 100 index saw an increase of 482 points. The growth was registered at 33, 516 points on the index table. Federal Minister for Economic Affairs, Hammad ... Read More »

Oil prices slip again amid gathering gloom over global economy


SINGAPORE: Oil prices fell on Monday, extending last week’s heavy losses, with traders fearing the global economic slowdown will weigh on future oil demand growth while pegging hopes for a rebound on progress in talks this week on ending the U.S.-China trade war. Brent crude futures LCOc1 edged down 24 cents to $58.13 a barrel by 0147 GMT while U.S. ... Read More »

NAB to grill Shehbaz Sharif at his residence tomorrow

Shahbaz Sharif

LAHORE: A combined investigation team (CIT) of the National Accountability Bureau (NAB) Lahore on October 8 will interrogate Opposition Leader in the National Assembly (NA) Shahbaz Sharif at his residence in the Lahore Waste Management Company (LWMC) scam and income beyond means investigation. According to sources familiar with the matter, Sharif has been informed by the accountability watchdog and a ... Read More »

All issues of traders will be solved 100pc: NAB chairman


ISLAMABAD: National Accountability Bureau (NAB) Chairman Justice (r) Javed Iqbal has said the allegations levelled by traders on the accountability watchdog were unjustified. Addressing a press conference i, Iqbal said NAB will never take unfriendly steps against businessmen. “We are struggling to provide a good environment for the businessmen in the country.” “NAB does not formulate business policies,” he said. ... Read More »

Pakistan largely complied with 36 of 40 FATF parameters: APG report


SYDNEY/PARIS: The Asia/Pacific Group on Money Laundering (APG) published its report on money-laundering and terror-financing in Pakistan, a week before its Paris-based G7 counterpart, the Financial Action Task Force (FATF), is set to announce its decision to remove or retain Islamabad in its grey list. The long-awaited 228-page report, titled “Mutual Evaluation Report 2019,” would provide a basis for the ... Read More »

Japan in talks with Pakistan to import skilled labour

japan, pakistan

ISLAMABAD: Japan is in talks with Pakistan for the import of thousands of skilled labour and a Memorandum of Understanding in this regard will be signed soon, Radio Pakistan reported on Monday. Minister and Deputy Head of Mission at Embassy of Japan in Pakistan Yusuke Shindo said the MoU could be signed between the two countries next month. He said ... Read More »

Plan to change law for the rich Sohail?

sohail shams

KARACHI: Some junior customs officials have allegedly planned to change law for the rich Sohail Shams, CEO of M/s United Marine Agencies (UMA) who is said to be involved in a huge scam of clearing 930 consignments through mis-declarations, causing heavy loss to the national exchequer. Sources have informed Customs Today that some junior customs officials have planned to delete ... Read More »

Sales tax collection through imports up 18.5pc during 1Q

Tax Revenue

KARACHI: Sales tax collection from imports rose 18.5 percent to Rs200.72 billion in the first quarter of the current fiscal year of 2019/20 as the government raised duties and withdrew certain exemptions to mobilise revenue. According to media, the collection rose due to abolishing of incentives in sales tax regime and imposition of higher customs duty rates. Sales tax collection ... Read More »

ADB to provide additional $200m for Benazir Income Support Programme

ADB - Bangladesh

ISLAMABAD: Asian Development Bank (ADB) on Monday approved a $200 million loan to the Benazir Income Support Programme (BISP), according to a press release issued by the Manila-based lending agency. The amount is additional financing issued by the bank for the social development project which supports more than 5 million eligible families across the country through over $3.6 billion in ... Read More »

Govt decides to form CPEC Authority with Presidential Ordinance


ISLAMABAD: Federal Government has decided to bring an ordinance to establish the proposed CPEC Authority, according to media. The text of the proposed law for the authority has been prepared and forwarded to the President of Pakistan for his approval, sources said. The government has decided to issue an ordinance as both the houses of the Parliament, the National Assembly ... Read More »

SBP Governor Reza Baqir calls for rapid digitisation of payments


KARACHI: Stressing the need for rapid digitisation of payments, Governor of State Bank of Pakistan Dr. Reza Baqir said on Saturday heavy reliance on cash and limited use of digital channels reduces economic efficiency, hinders financial and economic development and impedes the goal of documenting the economy. He was speaking at a workshop titled ‘Digital Payments Reforms’ organised by SBP ... Read More »

Accountability Court adjourns bail application of Khawaja brothers till Oct 14 


LAHORE: An accountability court on Saturday adjourned the hearing regarding bail petition of Khawaja Saad Rafique and Salman Rafique in the Paragon reference till October 14. The court proceeding was conducted by Accountability Court Judge Jawad-ul- Hassan. National Accountability Bureau (NAB) prosecutors Hafiz Ather Awan and Ali Tipu Khan appeared in the court while from the side of Khawaja brothers ... Read More »

FBR to install Point of Sales Invoicing in big private hospitals 


ISLAMABAD: Federal Board of Revenue Chairman Shabbar Zaidi on Saturday said that the FBR is considering to install Point of Sales invoicing system in all big private hospitals and medical centres. Zaidi in his tweet said “FBR is seriously considering to install Point of Sales invoicing system in all ‘big private hospitals and medical centres’. A campaign for the same ... Read More »

NAB pleas to cancel bail of Shehbaz Sharif set for hearing on Oct 22

Shahbaz Sharif

ISLAMABAD: Supreme Court of Pakistan on Saturday set the date for hearing of appeals filed by National Accountability Bureau (NAB) against bail of Opposition Leader in the National Assembly Shehbaz Sharif. As per details, a three-member bench of the Supreme Court will hear the appeals against the bail of PML-N president in the Saaf Pani and Ashiyana cases on October ... Read More »