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Author Archives: CT Report

Customs Court rejects Ayyan Ali’s bail request

RAWALPINDI: A special Customs Court in Rawalpindi denied super model Ayyan Ali’s bail application after hearing arguments from both sides. Ayyan Ali was arrested in March on charges of smuggling $500,000 abroad. Since then, she is being held at Adiala Jail. Counsel for Ayyan Ali, Advocate Latif Khosa stated in the Customs Court that she was carrying money to hand ... Read More »

RCCI rejects reduction in power subsidy ‏

RAWALPINDI: The executive committee of the Rawalpindi Chamber of Commerce and Industry (RCCI) has expressed concern on 50 percent possible decrease in the power subsidy in budget 2015-16 and said that it will add to the suffering of the masses. While chairing the executive committee meeting, President RCCI Syed Asad Mashadi said that according to information the government is reducing ... Read More »

PM Secretariat asks FBR to send report on inspectors’ status

MULTAN: Prime Minister Secretariat has sought the report from the Federal Board of Revenue for not upgrading the status of inspectors working in the regional tax offices since 1991. The Regional Tax Office Multan tax inspectors and Inland Revenue inspectors are working at the same designation without the up gradation of their job status. According to the detail, Deputy Secretary ... Read More »

SECP suggests withdrawal of tax on bonus shares

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has recommended to the Federal Board of Revenue (FBR) to withdraw 5 percent tax on bonus shares and applicability of current capital gains tax (CGT) as well as elimination of federal excise duty (FED) on mutual funds. In its budget proposal for 2015-16, the corporate sector regulator said the current rate ... Read More »

Govt allocates hefty amount for all sectors: Afzal

ISLAMABAD: The Pakistan Muslim League Nawaz (PML-N) government has allocated hefty amount for the betterment of all sectors, will be announced in fiscal budget 2015-16, Parliamentary Secretary for Finance Rana Muhammad Afzal said on Wednesday. “We had given priority to education sector and allocated double amount for Higher Education Commission (HEC) as compared to last year. The previous government was ... Read More »

Pakistan, China to not accept dictation on where to build economic corridors: Sherry Rehman

ISLAMABAD: Vice President Pakistan Peoples Party (PPP) Sherry Rehman Wednesday said that reports about India organizing and celebrating a war carnival to mark the 50th anniversary of the 1965 Indo-Pak war will further shrink the space for any semblance of normalcy left in the bilateral relationship. Muscular articulations such as these, or objecting to Pakistan’s China Pakistan Economic Corridor (CPEC) ... Read More »

Sindh govt releases Rs 3.9 billion as subsidy to sugarcane growers

KARACHI:  Sindh government has released Rs 3.90 billion to 28 sugar mills operating in the province to give Rs 12 subsidy per 40 kilogram to sugarcane growers. This decision was taken in a meeting held here with Sindh Chief Minister in the chair, an official statement said Wednesday. Sindh Chief Secretary Siddiqui Memon, Principal Secretary to CM Alamudin Bullo, Special ... Read More »

PM for continues supply of petrol during Ramzan

ISLAMABAD: Prime Minister Nawaz Sharif has directed all out efforts for smooth supply of petroleum products and to observe load-shedding schedule during Ramzan. The prime minister was chairing a high-level meeting to review the power and petroleum supply situation during summer season, especially during the Ramzan at the PM House. The prime minister also directed the ministry of water and ... Read More »

Pakistan’s economy is back on track, says Pervez Malik

LAHORE: PML-N Lahore President Pervez Malik has said that economic health of the country is getting better with every passing day due to well-planned practical economic policies of the Nawaz Sharif government. He was talking to a delegation of traders from various city markets. Pervez Malik said that the country’s economy was now on the right track after concrete steps ... Read More »

Ishaq Dar rejects Indian stand on economic corridor

ISLAMABAD: Federal Finance Minister Ishaq Dar has said that China Pakistan Economic Corridor (CPEC) was envisioned by Prime Minister Nawaz Shairf and the Chinese leadership and it is now becoming a reality. CPEC would be beneficial not only for China and Pakistan but also for the people of whole region, he added. Minister Dar stated this on Tuesday while meeting ... Read More »

MCCI and ACCA agrees to support accounting profession

MULTAN: The Multan Chamber of Commerce and Industries (MCCI) and Association of Chartered Certified Accountants (ACCA) Pakistan signed a memorandum of understanding (MoU) to promote highest professional, ethical and governance standards in the region. Both entities share strong interests in working together to advance the public interest and to support the accounting profession in Multan by building both capacity and ... Read More »

ICCI calls to develop all tax forms in Urdu to facilitate taxpayers

ISLAMABAD: The Islamabad Chamber of Commerce and Industry has called upon the government to announce developing all tax forms in Urdu language in the forthcoming budget and making them simple to facilitate the taxpayers. ICCI President Muzzamil Hussain Sabri, Senior Vice President Muhammad Shakeel Munir and Vice President Muhammad Ashfaq Hussain Chatha said that the current tax return forms in English ... Read More »

Import duty on skimmed, whey, fat-filled milk be reduced to 15 percent: KCCI

KARACHI: Karachi Chamber of Commerce and Industry President Iftikhar Ahmed Vohra, while supporting the demand of Milk Powder Importers and Processors, urged the government to announce reduction in import duty of skimmed milk, whey milk and fat-filled milk from the existing 25 percent to 15 percent in the forthcoming budget for the fiscal year 2015-16. Talking to a delegation of ... Read More »

FPCCI delegation to attend SCO Business Forum in Russia

ISLAMABAD: A delegation of Federation of Pakistan Chambers of Commerce and Industries (FPCCI) led by its President Mian Muhammad Adrees will visit Russian Federation this month to attend a meeting of Shanghai Cooperation Organization (SCO) Business Forum to be held in St. Petersburg to further promote trade in the region and especially with Russian Federation. Russian Federation embassy spokesman on ... Read More »

CPEC to open new door of progress, prosperity in Pakistan: Baloch

ISLAMABAD: Federal Minister for SAFRON Lt. Gen (R) Abdul Qadir Baloch Tuesday said that new doors of progress and prosperity would open in the country through China-Pakistan Economic Corridor project. Talking to a news channel, he said India’s objection over the project was illogical as India actually did not like Pak-China bilateral trade and close relations. The minister said Pakistan ... Read More »

PML-N’s govt puts Pakistan’s economy on track: Pervez Malik

LAHORE: President of Pakistan Muslim Leagu-Nawaz Lahore, Member National Assembly Pervez Malik has said that economic condition of the country is getting better with every passing day due to well-planned economic policies of the current government. While talking to a delegation of traders from various cities, Pervez Malik said that the country’s economy was now on the right track after ... Read More »

Nepra cuts power tariff by Rs 2.08 per unit 

ISLAMABAD – The National Electric Power Regulatory Authority (Nepra) on Tuesday reduced power tariff by Rs 2.08 per unit under the monthly fuel adjustment plan. The tariff reduction will be passed on to consumers from next month. According to Nepra, around 6.43 billion units were sold in March and the generation cost remained Rs6.04 per unit. Electricity was sold to ... Read More »

Lack of merit: Anti-Corruption Gujranwala to reinvestigate 600 cases

SIALKOT: Anti-Corruption Establishment (ACE) Gujranwala has stopped the implementation of all the inquiries of as many as 600 corruption cases after receiving complaints of corruption against the investigators. According to the senior ACE officials, the Director ACE Gujranwala Division Shehzad Saeed stopped implementation on the inquiries of above mentioned 600 corruption cases. As the investigation officers of ACE has sent ... Read More »

PESSI officials harassing traders, complains LCCI president

LAHORE: The Lahore Chamber of Commerce and Industry has called for restructuring of Social Security Department to turn it into a facilitator for of the business community in true spirit. According to a statement issued here, LCCI President Ijaz A Mumtaz, Senior Vice President Mian Nauman Kabir and Vice President Syed Mahmood Ghaznavi said that a number of LCCI members ... Read More »

Punjab Employees Social Security Institution harassing traders, complains LCCI president

LAHORE: The Lahore Chamber of Commerce and Industry has called for restructuring of Social Security Department to turn it into a facilitator for of the business community in true sense of words. In a statement issued here, the LCCI President Ijaz A. Mumtaz, Senior Vice President Mian Nauman Kabir and Vice President Syed Mahmood Ghaznavi said that a number of ... Read More »