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Author Archives: CT Report

Zero gas pressure hits badly SITE industries’ production

KARACHI: Abdul Hadi, President SITE Association of Industry, has said that the media and government are praising the growth in Large Scale Manufacturing and exports and decline in current account deficit during the last few months. Export industry is running at almost full capacity around the country, which is a good sign for the country. In a statement, President SITE ... Read More »

SBP, NBP to observe extended bank timings today for tax collection 

KARACHI: State Bank of Pakistan (SBP) has announced that field offices of the central bank and designated branches of National Bank of Pakistan (NBP) would observe extended bank timings today in order to facilitate tax collection process. According to the details issued by the SBP, the central bank said that in order to facilitate the collection of government receipts, duties ... Read More »

Visitors shop at Pakistani pavilion at China-ASEAN Expo

BEIJING: A large number of visitors showed keen interest in Pakistani products displayed at Pakistan pavilion set up in the exhibition area of the 17th China-ASEAN Expo (CAEXPO) being held in Nanning, Guangxi province China. Pakistan traders and businessmen exhibited jewellery, precious stones, marble, carpets, furniture, handicrafts, and sports goods at the stalls set up in the Pakistan at their ... Read More »

Carpet industry has potential to dominate global markets: PCMEA

LAHORE: The Pakistan Carpet Manufacturers and Exporters Association (PCMEA) said that country s carpet industry had great potential to dominate global markets with innovative designs. PCMEA Senior Vice Chairman Riaz Ahmed stated this in a meeting here at Carpet Training Institute (CTI) and a several members of the association also participated in the meeting through video link due to second ... Read More »

Italian envoy stresses to enhance Pak-Italy bilateral trade

ISLAMABAD: The Italian Ambassador to Pakistan, Andreas Ferrarese on Sunday stressed to enhance the bilateral trade between Pakistan and Italy to its full potential from current $1.7 billion to $5 billion annually. Both sides interested to achieve the trade balance as currently Pakistan has a trade surplus with Italy in FY 2019-20, the Ambassador said. Replying to question, he said ... Read More »

Asian stocks fluctuate as virus cases offset vaccine roll-out hopes

HONG KONG: Asian markets swung Monday as hopes that vaccines will soon be rolled out played against concerns over a pick-up in virus cases around the world. Oil prices were also under pressure ahead of a two-day meeting of major producers, with traders worried that they had still not agreed on an extension of the output cuts that have provided ... Read More »

Updated ATL: FBR receives record 2.96m tax return

ISLAMABAD: The filing of income tax return has reached a new peak of 2.96 million, according to the updated Active Taxpayers List (ATL) issued by Federal Board of Revenue (FBR) on Monday. The record return filing was made possible following effective measures taken by the tax authorities to encourage persons having taxable income to file their return. According to the ... Read More »

Pakistan earns US$89.97m from export of travel services during 1Q of FY 21

ISLAMABAD: Pakistan earned US $ 89.970 million by providing different travel services in various countries during the first quarter (Q1) of financial year 2020-21. This shows decline of 32.33 percent as compared to US $121.124 million same services were provided during the corresponding period of fiscal year 2019-20, Pakistan Bureau of Statistics (PBS) said. During the period under review, the ... Read More »

President Alvi proposes ‘trade triangle’ between Pakistan, China & ASEAN

ISLAMABAD: President Dr Arif Alvi has proposed establishing a trade triangle between Pakistan, China and Association of Southeast Asian Nations (ASEAN) to maximise the quantum of intra-regional business opportunities. In his virtual address to the 17th China-ASEAN Expo held in China’s Nanning city, the president said that Pakistan’s stable macroeconomic policies and ease of doing business offered an attractive market ... Read More »

Resident Pakistanis not allowed to invest in Naya Pakistan Certificates: FBR

ISLAMABAD: Federal Board of Revenue (FBR) clarified that resident Pakistanis are not allowed to invest in Naya Pakistan Certificates (NPCs). The FBR issued clarification to a news appeared in a national daily. The FBR said that the only non-resident individuals can purchase Naya Pakistan Certificate, who maintain bank account abroad or foreign currency account maintained in Pakistan. “It is also ... Read More »

Return filing must for Pakistanis having foreign assets

ISLAMABAD: Pakistanis having income and assets abroad are required to file annual income tax return under Section 114 of the Income Tax Ordinance, 2001. According to Section 114 of the Ordinance the return filing is mandatory for: “(x) is a resident person being an individual required to file foreign income and assets statement under section 116A.” The Section 116A of ... Read More »

NAB launches separate inquiry into Sindh wheat scam

KARACHI: The National Accountability Bureau (NAB) on Saturday initiated a separate inquiry into Sindh wheat scam under the anti-money laundering act 2010 after important revelations. The latest investigation disclosed that the important personalities involved in the wheat scam laundered money abroad, sources said. The secretary food department Sindh excused himself from appearing before the NAB along with the record by ... Read More »

KCCI facilitates Hassan Vohra for appointment as advisor of ports, shipping & multi modal transport sub-committee

KARACHI: Karachi Chamber of Commerce and Industry (KCCI) President Shariq Vohra extended his best wishes to Hassan Shaikh Vohra for his appointment as advisor of ports, shipping and multi modal transport, sub-committee. In a letter addressed to Hassan Vohra he stated “I am delighted to inform that, you have been appointed as Advisor of KCCI’s Ports, shipping and multi modal ... Read More »

FBR transfers 6 PCS officers of BS-17-19 with immediate effect

ISLAMABAD: Federal Board of Revenue (FBR) issued notification for transfers and postings of following officers of BS-17-19 with immediate effect and until further orders: Shoukat Ali (BS-19), Secretary Federal Board of Revenue (HQ) is transferred and posted as Additional Director, Directorate of Input Output Coefficient Organization, Karachi. Syed Fazal Samad (BS-19, Secretary, Federal Board of Revenue is transferred and posted ... Read More »

Pak Rupee ends down by 20 paisas against USD

KARACHI: The Pak Rupee fell by 20 paisas against the dollar on Friday owing to higher demand of the foreign currency for import and corporate payments. The rupee ended at Rs159.46 to the dollar from the previous day’s closing of Rs159.26 in the interbank foreign exchange market. Currency dealers said that the higher demand of the greenback was seen due ... Read More »

Dawood asks exporters to send proposals for Pak-Afghan PTA

ISLAMABAD: Advisor to the Prime Minister on Trade and Investment, Abdul Razak Dawood has urged exporters to send their proposals on the proposed Pakistan-Afghanistan Preferential Trade Agreement (PTA). “Chaired the first consultative session with the stakeholders on proposed Pakistan-Afghanistan PTA at the MOC. Valuable inputs were provided by various stakeholders,” said Dawood in a series of tweets. “This will now ... Read More »

Plastic import increases 3.32pc in 4 months

ISLAMABAD: The import of plastic material into the country witnessed an increase of 13.32 percent during the first four months of the current financial year (2020-21) as compared to the corresponding period of last year. Pakistan imported plastic worth $701.579 million during July-October 2020-21 as compared to the imports of $619.097 million during July-October 2019-20, according to data released by ... Read More »

Paul Koyi urges Pakistani businessmen to improve ties with Tanzanian counterparts

KARACHI: President Tanzania Chamber of Commerce, Industry & Agriculture (TCCIA) Paul F. Koyi has urged the Pakistani businessmen & industrialists to improve ties with Tanzanian counterparts by exploring more avenues of trade and investment cooperation between the two countries in different sectors of the economy. Paul Koyi, who led a 4-member Tanzanian delegation during its visit to Karachi Chamber of ... Read More »

Asia markets extend rally into the weekend

HONG KONG: Asian markets maintained their upward momentum Friday, heading into the weekend on a strong note with investors continuing to take heart from the prospect of vaccines being rolled out in the next few weeks. Hopes are high that with at least three inoculations in the pipeline, life can begin to get back to normal next year and give ... Read More »

KPT shipping intelligence report Nov 27

KARACHI: The Karachi Port Trust (KPT) issued the following shipping report for the last 24 hours, ending 0700 hours on Friday. ALONG SIDE (Bulk Oil Pier) OP-II Velos Sapphire D.Mogas Alpine 27/11/20 ALONG SIDE (East Wharves): 2/3 Ts Delta D. Dap Bulk-Sh. 19/11/20 4/5 Nord Sirius D. Wheat Alpine 20/11/20 10/11 Ince Il Gaz D. Wheat Northstar 20/11/20 11/12 Sorsi ... Read More »