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Author Archives: CT Report

Shabbar Zaidi to resume charge after leave: FBR

ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday said that Syed Shabbar Zaidi is still Chairman of the FBR but he is on leave. While clarifying new reports about the vacancy of office of Chairman, FBR, Dr. Hamid Ateeq Sarwar, Spokesperson for the FBR / Member (IR-Policy) clarified that Syed Muhammad Shabbar Zaidi, Chairman, FBR is on medical leave and ... Read More »

LHC grants Hamza Shehbaz bail in Ramzan Sugar Mills case

LAHORE: The Lahore High Court (LHC) on Thursday accepted the bail plea of Hamza Shehbaz in the Ramzan Sugar Mills case. A two-member bench of the LHC, headed by Justice Mazhar Ali Naqvi, on Thursday conducted a hearing into the Ramzan Sugar Mills case. Shehbaz had been indicted in the sugar mills case along with his father, former Punjab Chief ... Read More »

Talks with IMF team focused on fiscal adjustments

ISLAMABAD: Pakistan and the visiting International Monetary Fund (IMF) delegation continued their talks on Wednesday to work out a revised budgetary estimate on the exact extent of fiscal adjustments needed to stay on track with commitments. According to media, the FBR officials have also argued against hiking withholding tax rates. Talks have just begun on these matters as the government ... Read More »

LTU sales tax collection on imports increases 21pc

KARACHI: The collection of sales tax on import has recorded a growth of around 21 per cent, increasing to Rs470 billion during the first seven months (July to January) 2019-2020, from Rs389 billion in the corresponding period last year. According to official statistics from the Large Taxpayers Unit (LTU) in Karachi, the collection increased to Rs474 billion during first seven ... Read More »

APM Hafeez Shaikh presides over meeting to discuss issues related to power sector

ISLAMABAD: Advisor to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh chairs a meeting here at the Finance Division to discuss different issues related to the power sector. In the presence of Minister for Energy, Adviser to PM on Petroleum, secretary energy and secretary finance, different proposal  were discussed that were related to how monthly, quarterly and ... Read More »

Pakistan’s forex reserves swells by US $281m

KARACHI: The Forex Reserves of Pakistan has surged by 3 per cent on Thursday and soared to USD 18.644 billion by $281 million, according to date released by the State Bank of Pakistan (SBP). SBP’s reserves has swelled by $359 million and recorded at $12.274 billion. Primarily, liquid foreign currency reserves held by the country, including net reserves held by ... Read More »

KCCI appreciates US & UK’s decision to ease travel advisory for Pakistan

KARACHI: President Karachi Chamber of Commerce & Industry (KCCI) Agha Shahab Ahmed Khan, while warmly welcoming United States and United Kingdom’s decision to ease their travel advisory for Pakistan, said that the Karachi Chamber has been widely demanding relaxation in travel advisory and it was really heartening to see that the travel advisories have finally been eased by both these ... Read More »

SHC halts demolition of Karachi’s historic Metropole Hotel

KARACHI: The Sindh High Court (SHC) on Thursday halted the demolition of Karachi’s historic Metropole Hotel located near the Shahrah-e-Faisal. The SHC judge presided the hearing on the petition of advocate Muhammad Kamran Sher. The petition has made the various officials respondents in the case. The petitioner maintained that they have their shops inside the Metropole Hotel and the administration ... Read More »

RCCI 2nd Smart Technology Expo ends on a high note

RAWALPINDI: The second smart technology exhibition organized by the Rawalpindi Chamber of Commerce and Industry (RCCI) ended on a high note. The main purpose of the exhibition was to highlight the problems faced by IT companies and find solutions for it. Also bringing awareness among business community about the latest trends and the use of modern technology to promote trade. ... Read More »

KCCI to hold meeting of ports, shipping & multi-model transport body on Feb 8

KARACHI: Karachi Chamber of Commerce and Industry (KCCI) will hold the first meeting of ports, shipping & multi model transport sub-committee on February 8, 2020 at 3:30 p.m. at KCCI. According to schedule issued by Deputy Secretary KCCI Mukhtar Ibrahim, the meeting will be started with the recitation of the Holy Quran. Chairman of Ports, Shipping & Multi Modal Transport ... Read More »

Moody’s report underpins stable outlook for Pakistan banking system

ISLAMABAD: Moody’s Investors Service has said in its new report that robust funding, high liquidity and close links with the sovereign underpin its stable outlook for the Pakistan banking system over the next 12-18 months. “The sovereign credit profile has improved in recent months, benefiting the banks through their high exposure to government securities, which account for around 40% of ... Read More »

New LPG policy likely to be introduced soon

ISLAMABAD: The government is likely to introduce a new LPG policy in a bid to slash taxes on imported LPG, marketing and distribution margins, local media reported on Thursday. The new policy will link locally produced LPG with 90 percent of Saudi Aramco contract price (CP). On January 1, 2019, the LPG Pricing Committee held a meeting and the Petroleum ... Read More »

2 sub-committees of traders, exporters formed for talks with FBR

LAHORE: A parliamentary committee has formed two sub-committees of traders and exporters to talk with Federal Board of Revenue on CNIC condition and tax refunds issues. The National Assembly Standing Committee on Finance, Revenue and Economic Affair, which met under the chair of Faiz Ullah, MNA, has discussed the problems being faced to exporters due to delay in releasing of ... Read More »

Opec to mull output cuts over virus outbreak

VIENNA: Delegates from the Opec club of oil-producing countries — as well as their ally Russia — began a meeting at the organisation’s headquarters in Vienna on Tuesday to discuss their reaction to China’s coronavirus epidemic and its impact on global demand. Crude prices have tumbled since the deadly outbreak in the world’s second-biggest economy, which is a huge consumer ... Read More »

CPEC phase-II will generate employment opportunities: Gen (r) Asim Bajwa

QUETTA: CPEC Authority Chairman Lt Gen (r) Asim Saleem Bajwa has said that after successful completion of phase one, the country is gearing up for the phase-II of the multi-billion dollar China-Pakistan Economic Corridor project, envisioned to generate massive employment opportunities for Pakistanis. Asim Bajwa, tweeting from his fresh Twitter handle for the first time, said the CPEC project with ... Read More »

Iranian envoy, Hafeez Shaikh discuss ways to enhance trade ties

ISLAMABAD: Iranian ambassador to Pakistan Syed Muhammad Ali Hosseini called on Adviser to Prime Minister on Finance Dr Abdul Hafeez Shaikh. Matters of mutual interest, bilateral cooperation, trade, investment, regional peace and other issues were discussed in the meeting. On the occasion, Hafeez Shaikh said that Pakistan desired to further enhance the volume of bilateral trade between the two neighboring ... Read More »

FBR refutes statements on economic team-IMF talks, says process ongoing 

ISLAMABAD: Federal Board of Revenue (FBR) spokesman on Wednesday denied giving any inputs to media regarding the ongoing talks between the government’s economic team with the International Monetary Fund (IMF) delegation visiting Pakistan. According to the spokesman, the talks between the two sides are ongoing for the release of the third tranche of the US$ 6 billion bailout package. “The ... Read More »

FPCCI opposes proposed increase in gas price

ISLAMABAD: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Mian Anjum Nisar strongly criticized the move to increase gas prices and urged Prime Minister Imran Khan to immediately stop the implementation of the proposal. FPCCI President Mian Anjum Nisar in a statement said that the proposal of the Ministry of Petroleum would seriously affect the industrial sector, especially ... Read More »

Brokers’ community proposes revision in ‘new broker regime’

KARACHI: The Stock Market Reforms Committee, set up by the Securities and Exchange Commission of Pakistan (SECP) to prepare ‘New Brokers Regime’ (NBR), said that SECP did not fully implement its recommendations and some of the quantitative and qualitative criteria have been diluted to accommodate some practical concerns of the market participants, said a Committee’s statement here on Tuesday. It ... Read More »

Japan donates ten coronavirus testing kits to Pakistan

ISLAMABAD: The Government of Japan has donated ten coronavirus testing kits to Pakistan. Sources told that Japan’s embassy in Islamabad handed the kits over to officials of the National Institute of Health (NIH). The kits were made available on a request by the Government of Pakistan. Each testing kit costs US$2,000. Earlier, on Sunday, Special Assistant to Prime Minister (SAPM) ... Read More »