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Author Archives: CT Report

SBP revising foreign exchange manual


ISLAMABAD: Considering the market dynamics, business environment and changes in way of doing business, the State Bank is in the process of revising the Foreign Exchange Manual in consultation with relevant stakeholders in a phased manner. The revision is mainly aimed at simplification of the existing instructions, adoption of best international practices, removal of redundancies, introduction of new foreign exchange ... Read More »

Textile exports decline 1.42pc in FY 2017-18


ISLAMABAD: Textile group exports from the country during financial year ended on June 30, 2019 was in Dollar term reduced by 1.42% as compared to the exports of the corresponding period of last. The textile group exports during the period from July-June, 2018-19 came down from US$ 13.520 billion to $13.329 billion, showing an approximate reduction of US$0.191 billion during ... Read More »

PIAF worried over missing export target for FY2018-19


LAHORE: The Pakistan Industrial and Traders Associations Front (PIAF) former chairman Irfan Iqbal Sheikh has expressed his serious concern for not achieving export target set for the fiscal year 2018-19, which was missed by a huge margin of over $5 billion, as the current export portfolio is marred by a lack of diversification. He observed that exports have dropped by ... Read More »

Chairman BoI Zubair Gilani seeks transfer of technology by investors


KARACHI: Board of Investment (BoI) Chairman Zubair Gilani here on Saturday said emphasis of PTI government, as per policy, is on transfer of technology. Addressing a session organised at the Governor House of Sindh to promote investment in the energy sector of the country he said no major investment was registered in the country during past many years except CPEC ... Read More »

PM Imran US President Trump meeting to send positive signals to investors of share market

A sign of the Pakistan Stock Exchange is seen on its building in Karachi, Pakistan January 11, 2016. REUTERS/Akhtar Soomro/File Photo

KARACHI: The scheduled visit of Prime Minister Imran Khan to meet US President Donald Trump next week will send positive signals to investors of share market. Analysts at Arif Habib Limited said that the PM is expected to meet President Trump next week for a reset in bilateral ties which is likely to play a pivotal role in rejuvenating sentiments ... Read More »

Toyota, China’s BYD team up to develop battery EVs

A BYD E.SEED Concept car is displayed at the Beijing auto show on April 26, 2018. - Global carmakers touted their latest electric and SUV models in Beijing as they warily welcomed China's promise of better foreign access to the world's largest auto market, where domestic vehicles are making major inroads. Industry behemoths like Volkswagen, Daimler, Toyota, Nissan, Ford and others are displaying more than 1,000 models and dozens of concept cars at the Beijing auto show. (Photo by WANG ZHAO / AFP)        (Photo credit should read WANG ZHAO/AFP/Getty Images)

TOKYO: Toyota Motor said it would develop battery electric vehicles (EVs) and batteries with BYD Co Ltd, in a sign it was ramping up partnerships with Chinese players as planned to build affordable EVs for the world’s top auto market. In a joint statement, Toyota and the Chinese electric automaker said on Friday that they would develop sedans and sport ... Read More »

PM directs FBR to reduce FED on ghee, steel units in tribal areas from 17pc to 7pc

Imran Khan 4

ISLAMABAD: The Prime Minister Office has issued directive to the Federal Board of Revenue (FBR) to reduce federal excise duty (FED) on the ghee manufacturing and steel units established in newly merged districts of erstwhile Federally Administered Tribal Areas (Fata), from 17 percent to 7 percent under the proposed rules and policy. The directive was given after Standing Committee on ... Read More »

Pakistan hires lobbying firm in Washington


WASHINGTON: The Pakistani embassy in Washington has hired the services of a leading lobbying firm, Holland & Knight, to ensure effective representation of Islamabad’s interests in the United States. A contract was signed by embassy representatives and Tom Reynolds, a former Republican congressman from New York who represented the top lobbying firm. Foreign Minister Shah Mahmood Qureshi witnessed the contract ... Read More »

CNIC condition will stay: FBR Chairman Shabbar Zaidi


ISLAMABAD: Federal Board of Revenue (FBR) Chairman Shabbar Zaidi made it clear that the government would not back down from the condition of producing the national identity card for the purchase of Rs50,000 and stressed the need for paying taxes. He was addressing the ‘Policy Symposium on Pakistan Economy & IMF Programme: Challenges & Opportunities’ on Friday Zaidi termed taxes ... Read More »

FBR should review applicability of taxes on shares & securities: Farrukh Sabzwari


ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) Chairman Farrukh Sabzwari has asked the Federal Board of Revenue (FBR) Chairman Shabbar Zaidi to recognise the applicability of different tax rates on ‘shares’ and ‘securities’. Sabzwari has said that under the Income Tax Ordinance, 2001, the stake in an unlisted company is called a ‘share’ while that of a listed company ... Read More »

NAB launches money laundering probe against Maryam Nawaz


LAHORE: As the Islamabad accountability court on Friday rejected a National Accountability Bureau (NAB) application seeking legal proceedings against PML-N Vice-President Maryam Nawaz for using a bogus trust deed in the Avenfield properties case, the anti-graft body initiated another probe against her in money laundering and income beyond means investigation. The NAB launched another investigation against Maryam Nawaz, her father ... Read More »

Customs, excise duty collections record double-digit growth: SBP

tax revenue

ISLAMABAD:The customs and excise duty collections recorded a double-digit growth during the fiscal year 2018-19, State Bank of Pakistan (SBP) said in its recent report. According to SBP report “The State of Pakistan’s Economy” the depreciation of Pakistan rupee, imposition of regulatory duty, and an increase in excise duties led to a double-digit growth in custom and excise collection during ... Read More »

FBR aims to bring five million under tax net in two years

tax net

KARACHI: The Federal Board of Revenue (FBR) aims to bring the number of income tax return filers to five million in the next couple of years as the tally of active taxpayers has already crossed 2.1 million for tax year 2018, an official said on Friday. “In order to achieve five-million-milestone, the FBR has launched several measures to encourage/force persons ... Read More »

Biggest visa center of Asia to become operational in Karachi from Sept 2019: UAE Envoy


KARACHI: Ambassador of United Arab Emirates (UAE) Hamad Obaid Alzaabi has informed that UAE Embassy will be opening a visa center in Karachi which will become operational in the first week of September 2019 while another visa center will also become functional in Islamabad in the first week of October 2019 which would provide all facilities here in Pakistan. “Everything ... Read More »

World Bank Mission meets LCCI head Almas Hyder

lcci 6

LAHORE: A 4-member World Bank team on Strengthening Markets for Agriculture & Rural Transformation in Punjab (SMART) Friday called on the LCCI President Almas Hyder and had a detailed meeting. World Bank Mission was headed by Hans Johannes while Senior Communications Officer Ms. Flore Martinant de Preneuf, Communications Officer Ms. Mehreen Saeed and Irfan Razzaq were the other members of ... Read More »

FIA establishes FATF compliance unit


ISLAMABAD: The Federal Investigation Agency (FIA) on Friday constituted a separate unit to ensure effective and timely completion of the Financial Action Task Force’s (FATF) action plan. According to a notification, the newly established unit will work under the counterterrorism wing of the FIA. “The FATF compliance unit will serve as the focal point for all activities related to the ... Read More »

No CPEC document shared with IMF


ISLAMABAD: Senator Sherry Rehman, the chairperson of the Senate Standing Committee on CPEC, said the government’s statement was in contradiction to media reports which stated that the government had shared details of debt incurred on account of CPEC projects as well as other sensitive information with the IMF. “I am stating on record that no such information has been shared ... Read More »

Gold price soars by Rs700, traded at Rs84,100 per tola


ISLAMABAD: The per tola price of 24 karat gold soared by Rs700 on Friday and was traded at Rs84,100 as compared to the last closing at Rs83,400, according to Karachi Sarafa Association. The price of 10 gram gold also witnessed increase of Rs600 and was traded at Rs72,085 against Rs71,485. The price of silver remained constant and was traded at ... Read More »

KSE-100 shrugs off early losses to close 149 points higher


KARACHI: Indices of the Pakistan Stock Exchange (PSX) which opened the session in the red on Friday managed to change its course later in the day and closed in green. Foreign investors closed the preceding session on Thursday as net buyers with a net inflow of $2.65 million where major buying was witnessed in the banking sector ($1.44 million). According ... Read More »

Shipping activity at Port Qasim

port and shipping

KARACHI :Six ships Hansa America, OOCL Washington, Bores Veritas, Secon-6, Kmarin Oslo and Maersk Princess carrying containers, coal, general cargo, palm oil and diesel oil were allotted berths at Container Terminal, Electric Power Terminal, Multi-Purpose Terminal, Liquid Terminal and FOTCO Oil Terminal respectively on Thursday. Meanwhile, more ships Da Tong Yun Young Glory, Ocean Feather and Tai Shine, Stena Weco, ... Read More »