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Author Archives: CT Report

GDP growth at 3.3pc falls short of 6.2pc target: Hafeez Shaikh

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ISLAMABAD: Pakistan achieved a GDP growth of 3.3 percent during the outgoing fiscal year, falling short of its targeted 6.2 percent, the Prime Minister’s Adviser on Finance, Dr Abdul Hafeez Shaikh, said Monday. Dr Shaikh was sharing details of a pre-budget document titled “Economic Survey 2018-19,” formally launched by the Pakistan Tehreek-e-Insaf (PTI) government, with the media at a press ... Read More »

PSX nosedive by 938 points on budget, Zardari arrest

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KARACHI: The stock market on Monday nosedived by 938 points owing to scheduled budget announcement and arrest of Asif Ali Zardari, leader of Pakistan People’s Party. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 34,568 points as against 35,505 points showing a decline of 938 points. Analysts at Arif Habib Limited said that besides the anticipation of ... Read More »

Govt unveils Economic Survey of Pakistan 2018-19

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ISLAMABAD: The Pakistan Tehreek-i-Insaf (PTI) led government formally launched the pre-budget document “Economic Survey 2018-19” on Monday to share the key economic indicators and the performance of different sectors of the economy. The pre-budget document was shared with media at a press conference held at P-Block Auditorium during which an overview of the economic progress in recent years in Pakistan ... Read More »

PFC seeks industrial status for enhancement in exports

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LAHORE: Pakistan Furniture Council (PFC) Chief Executive Mian Kashif Ashfaq has urged the government to award furniture sector the status of an industry so that exports of the sector could be enhanced and a reasonable foreign exchange could be fetched for the country. Presiding over a meeting of the board of directors on Monday, he asked the government to provide ... Read More »

Govt to present around Rs6tr national budget tomorrow: Dr. Khaqan Najeeb

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ISLAMABAD: The PTI led-government is going to present its first federal budget for the fiscal year 2019-20, with an estimated outlay of around Rs6 trillion on Tuesday (tomorrow). The National Assembly has already been summoned for the presentation of the federal budget, an official notification said. “The budget focuses on ensuring economic stabilization, undertaking projects which create jobs and providing ... Read More »

NAB arrests Asif Ali Zardari in fake bank accounts case

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ISLAMABAD: The National Accountability Bureau (NAB) on Monday arrested former president Asif Ali Zardari in the fake bank accounts case here from the federal capital. A team of NAB officials reached the Zardari House in the federal capital hours after a bench of the Islamabad High Court (IHC) — comprising Justices Amir Farooq and Moshin Akhtar Kayani — had rejected ... Read More »

Crackdown against benami property holders in budget proposed

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ISLAMABAD: The upcoming budget for this year will have the proposition to initiate crackdown against the holders of benami properties. According to sources, for crackdown, an authority and tribunal will be established, for which approval will be given to hire 10 people of grade 17 to 21. The authority will be tasked with sending notices to the owners of benami ... Read More »

IHC rejects bail for Asif Zardari and Faryal Talpur in fake bank accounts case

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ISLAMABAD: The Islamabad High Court on Monday rejected the permanent bail for Pakistan People’s Party (PPP) co-chairman Asif Ali Zardari and his sister, Faryal Talpur in the fake bank accounts case. A bench comprising Justice Amir Farooq and Justice Moshin Akhtar Kayani was conducting hearing over Asif Zardari and Faryal Talpur’s plea for permanent bail in the fake bank accounts ... Read More »

KPT Shipping Intelligence Report June 10

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KARACHI: The Karachi Port Trust (KPT) issued the following shipping report for the last 24 hours, ending 0700 hours on Monday. ALONG SIDE (Bulk Oil Pier) OP-I Sea King D. Jet Oil Alpine 09/06/19 OP-I Glenda Merye D. SB Oil Alpine 06/06/19 OP-II Maistros D. Mogas Alpine 09/06/19 ALONG SIDE (East Wharves): 5 Lian Hua Song D. Gen.Cargo COSCO 07/06/19 ... Read More »

G20 agrees to push ahead with digital tax

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FUKUOKA / JAPAN: Group of 20 finance ministers agreed to compile common rules to close loopholes used by global tech giants such as Facebook to reduce their corporate taxes, a copy of the bloc’s draft communique obtained by Reuters showed. Facebook, Google, Amazon, and other large technology firms face criticism for cutting their tax bills by booking profits in low-tax ... Read More »

IHC reserves verdict on Zardari, Faryal’s per-arrest bail petitions

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ISLAMABAD: The Islamabad High Court on Monday reserved verdict on pre-arrest bail petitions filed by Pakistan People’s Party (PPP) Co-chairman Asif Ali Zardari and sister Faryal Talpur’s in two cases related to money laundering of billions through fake accounts. A two-member bench comprising Justice Mohsin Akhtar Kiyani and Justice Amir Farooq heard petitions seeking pre-arrest bail in mega money laundering ... Read More »

Deadline for amnesty scheme not to be extended: Shahzad Akbar

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ISLAMABAD: Under the proposed bailout agreement with the International Monetary Fund (IMF) the deadline for assets declaration scheme could not be extended, said Special Assistant to the Prime Minister on Accountability Mirza Shahzad Akbar said here on Monday. He asked the people to take advantage from the amnesty scheme before June 30, 2019 and declare their assets since once the ... Read More »

Govt eyes 4pc growth rate for next fiscal year

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ISLAMABAD: The government is targeting slight improvements in savings and investments, coupled with better performance by agriculture and industry to achieve an economic growth rate of four per cent during the next fiscal year, compared to a dismal growth of 3.3pc during the current fiscal year. According to budget documents, the government is setting a target of total investment-to-GDP ratio ... Read More »

Punjab govt set to impose new taxes in budget

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LAHORE: The Punjab government is mulling to impose new taxes on the people and suggestions to collect property tax from motorways and restaurants have surfaced on media, according to reports. The Punjab government has prepared the documents to impose taxes of Rs25 to 30 billion in next fiscal year. According to reports, the government is mulling to increase agriculture income ... Read More »

Dollar gains against rupee in interbank market by 2.15

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KARACHI: Fluctuations in the US dollar against the rupee continued as the market opened on Monday. The greenback increased by Rs2.15 in the interbank market at the beginning of the day. After the increase, the price of dollar reached Rs150.75, whereas, in the interbank buying of dollar became Rs150.50. Last month, the rupee registered record lows against the US dollar ... Read More »

All Pakistanis should declare assets, benami accounts by June 30: PM Imran

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ISLAMABAD: Prime Minister Imran Khan urged all Pakistanis to declare assets including any benami accounts until June 30 as afterwards they will not get a chance to do so. Prime Minister Imran Khan addressed the nation on Monday to take people into confidence in relation to the financial situation of the country. In his address, Prime Minister Khan said that ... Read More »

Tax target set at Rs5,500b in upcoming budget

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ISLAMABAD: The proposed budget strategy paper estimated the next year’s federal current expenditure at more than Rs6 trillion, following which the federal expenses are expected to reach Rs4 trillion. As the federal government is set to announce the federal budget for the upcoming financial year 2019-20 on June 11, it has set a target of Rs5,500 billion in tax revenue, ... Read More »

FBR nominates four focal persons for tax amnesty scheme

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ISLAMABAD: Federal Board of Revenue (FBR) Member Inland Revenue (IR) Policy Hamid Ateeq Sarwar has been nominated as the chief coordinator for successful implementation of tax amnesty scheme 2019. According to notification issued on Monday, the FBR designated Inland Revenue officers for the implementation of the tax amnesty scheme 2019. The following officers have been nominated as focal persons: Dr. ... Read More »

Junaid Makda urges govt to put axle load regime on hold

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KARACHI: President of the Karachi Chamber of Commerce & Industry (KCCI) Junaid Esmail Makda has urged the Ministry of Communications to put the recently implemented axle load regime on hold as it was not agreed upon by all the stakeholders including the goods transporters and representatives of the business & industrial community. While referring to a meeting with Secretary Communications ... Read More »

RCCI asks FBR to take all stakeholders on board prior finalizing budget 2019-20

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RAWALPINDI: The Rawalpindi Chamber of Commerce and Industry (RCCI) has lamented on the Federal Board of Revenue (FBR) and Ministry of Finance and Commerce for not taking stakeholders on board prior finalizing the Fiscal Budget 2019-20. The RCCI President Malik Shahid Saleem said in a statement that it was the first time that government authorities have not involve key stakeholders ... Read More »