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Author Archives: CT Report

Pakistan’s e-commerce to reach $600m by 2017

ISLAMABAD: More than $30 million are being spent on online purchases currently in the country, which show that Pakistan’s e-commerce market would reach over $600 million by 2017. No doubt e-commerce industry is booming throughout the region including in China where Alibaba’s e-commerce market capitalization estimated to be over $250 billion. With many new online ventures springing up rapidly and ... Read More »

Haroon for enhancing tax-to-GDP ratio from 11% to 18%

KARACHI: There is need to enhance the tax-to-GDP ratio from the present 11 percent to 17-18 percent, said Minister for State and Special Assistant to the Prime Minister on Revenue Haroon Akhtar Khan. Speaking to businessmen at the Karachi Chamber of Commerce and Industry (KCCI), he said that with the addition of six percent in the tax-to-GDP ratio, the country’s ... Read More »

Govt to sign five more LNG agreements with Qatar: Abbasi

MULTAN: The government has announced to sign five more liquefied natural gas (LNG) supply agreements with Qatar in coming days. Federal Minister for Petroleum and Natural Resources Shahid Khaqan Abbasi, addressing the members of Multan Chamber of Commerce & Industry (MCCI), said that the new LNG supply agreements would help fulfil national energy needs and put the country on path ... Read More »

Rice exporters urge SBP to extend payback period for loans to 360 days

LAHORE: The rice exporters have urged the State Bank of Pakistan to extend the payback period for the export refinance loans to 360 days from the current 180 days. Rice Exporters Association of Pakistan (REAP) Chairman Shafique Chaudhary, addressing a meeting, said that the other reasons for the rice sector crisis include the soaring cost of production because of expensive ... Read More »

FBR to reshape Integrated Risk Information System after complaints

PESHAWAR: Federal Board of Revenue (FBR) has announced to reshape the online system for processing tax returns, Integrated Risk Information System (IRIS), after receiving complaints by the business community. FBR Member Inland Revenue (operations) Dr Mohammad Irshad, during a joint meeting of traders and members of the Tax Bar Association at regional tax office, issued directives to the chief commissioner ... Read More »

Chinese airline increases flights to Pakistan

BEIJING: China Southern Airlines has increased the number of flights between Urumqi and Islamabad to promote people-to-people contacts between Pakistan and the Xinjiang region of China. Xinjiang Goldwind Science and Technology Chairman Wu Gang asserted that the businessmen should visit each other countries more frequently to reap benefits of the available business potential. He said, “China’s Belt and Road initiative ... Read More »

Balochistan govt to establish tax-free industrial zones: CM

  KARACHI: Chief Minister Balochistan Sanaullah Khan Zehri, addressing the closing ceremony of 15th Textile Asia, has said that his government is working on introducing tax-free industrial zones in the province. “There are already some tax-zones, but due to the Pak-China Economic Corridor Balochistan has become a very important province,” he said. He congratulated the organisers on holding such a ... Read More »

Rainy spell good for agri production

ISLAMABAD: The experts in Ministry of Food and Agriculture have termed the current rainy spell good for agricultural production, especially for wheat, gram and pulses. A senior official of the ministry said that besides wheat, which has been sown over 8.8 million hectare of land in the country, rain will also help to boost the production of pulses like grams, ... Read More »

Hesco launches crackdown, forms women task force to curb power theft

NAWABSHAH: Hyderabad Electric Supply Company (Hesco) has launched a massive crackdown to overcome power theft in the city and also formed a women task force to nab these defaulters. This was stated by Superintending Engineer HESCO Nawabshah Circle, Farooq Ahmed Afgan in an informal talk with media persons at Nawabshah Press Club on Saturday. He said that government announced strict ... Read More »

BASF announces €110m sales in Pakistan

KARACHI: The world’s leading chemical producer, BASF, has announced €110 million sales in Pakistan at the end of 2015. According to the company’s statement, BASF, which offers innovative solutions for key local business sectors, generated sales of more than €70 billion in 2015 worldwide with its shares are traded on the stock exchanges in Frankfurt, London and Zurich. BASF has ... Read More »

Manufacturing activities increasing in Punjab industrial estates: PBIT

LAHORE: Punjab Board of Investment and Trade (PBIT) Chairman Abdul Basit has said that the manufacturing activities are increasing in the provinces as number of plots in developed industrial estates is also surging rapidly. In a statement, Abdul Basit said that Punjab has removed most of the hurdles being faced by the investors. Industrial power, he said, is now available ... Read More »

Turkmen leader to visit Pakistan to enhance trade ties

ISLAMABAD: Turkmenistan President Gurbanguly Malikgulyyewic Berdimuhamedow is coming Pakistan on two-day official visit from Wednesday (March 16) on the invitation of Prime Minister Nawaz Sharif. The prime minister visited Turkmenistan capital Ashgabat in December last year to ink Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline agreement and extended the invitation to the host president for the visit. He will be received by Prime ... Read More »

Seminar organised to promote tourism

LAHORE: The Walled City of Lahore Authority (WCLA) organised a tourism seminar on “Trends and Strategies for Tourism inside Androon Lahore” and reflected on the ways to boost tourism in the historic city of Lahore which is rich with history, culture and traditions. The speakers included Kamran Lashari, Director General Walled City Lahore Authority, Amjad Islam Amjad, writer and poet, ... Read More »

LCCI holds awareness seminar on Voluntary Tax Compliance Scheme

LAHORE: Voluntary Tax Compliance Scheme (VTCS) is a golden chance to come into tax net. This is a business friendly initiative of the government and all circles should adopt “first understand and then react” policy. This was upshot of the speeches delivered at an awareness seminar on “Voluntary Tax Compliance Scheme” organized by the Lahore Chamber of Commerce and Industry ... Read More »

FBR employees asks high ups to restore performance allowance

SIALKOT: The employees of Federal Board of Revenue (FBR) in Gujranwala have said that performance allowance should be resorted so they could continue their work actively to make Voluntary Tax Compliance Scheme successful. If performance allowance which they termed as right of employees were not restored, the employees will start a protest from March 15, 2016 to get their right, ... Read More »

Computer wins series against human Go champion

SEOUL: A Google-developed computer programme took an unassailable 3-0 lead in its match-up with a South Korean Go grandmaster on Saturday – marking a major breakthrough for a new style of “intuitive” artificial intelligence (AI). The programme, AlphaGo, secured victory in the five-match series with its third consecutive win over Lee Se-Dol – one the ancient game’s greatest modern players ... Read More »

5.2m BISP beneficiaries divided into 45,000 committees: Marvi

ISLAMABAD: Benazir Income Support Programme (BISP) Chairperson Marvi Memon has said that the programme has divided five point two million beneficiaries into forty five thousand Beneficiary Committees across the country. According to Radio Pakistan, she said BISP Beneficiary Committees video messages on women empowerment are one of the signs of the woman revolution taking place in Pakistan. The chairperson said ... Read More »

Outlets fined Rs 6.835m over sub-standard food

ISLAMABAD: Islamabad Capital Territory administration has imposed fine to the tune of Rs  6.835 million during raids on food outlets to check standard and hygiene conditions of food items last year. During the year, the relevant authorities conducted 330 inspections and sealed 86 premises providing sub-standard food items. Sources at Ministry of Interior on Saturday said the authorities also arrested ... Read More »

ERRA completes 4,873 projects in KP

ISLAMABAD: Earthquake Reconstruction and Rehabilitation Authority (ERRA) has completed 4,873 projects in Khyber Pakhtunkhwa out of a total of 6,887 projects to help provide basic amenities to the people of earthquake hit areas. According to an official, the completed projects have become functional in earthquake ravaged areas of 2005 earthquake. Giving details of the projects he said, a total of ... Read More »

CDNS collects Rs 166b against target of Rs 202b

ISLAMABAD (APP): The Central Directorate of National Savings (CDNS) collected Rs 166 billion by Feb 29 against the proportionate target of Rs202 billion during the current fiscal year (2015-16). The official said that the estimated target of the national savings for the year 2015-16 had been set at Rs 302b. Likewise, he said during the first quarter of the current ... Read More »