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Author Archives: CT Report

Work on pipeline launched to import LNG from China

ISLAMABAD: Pakistan has started construction work on a 700-kilometer pipeline to import liquefied natural gas from China, Minister for Petroleum and Natural Resources Shahid Khaqan Abbasi has said. Abbasi told the media persons that the project would be jointly funded by Pakistan and China. He said the Gwadar port would be the central hub for the China-Pakistan Economic Corridor (CPEC), ... Read More »

Gold prices fall to new record low

KARACHI: The price of yellow metal in the local market dropped to a new record low on Tuesday, in line with the downward trend in international prices. Gold prices fell by Rs 800 to Rs 44,700 per tola (11.66 grams) – a new record low in the Pakistani market. The fall in local market price follows a steep decline in ... Read More »

India shows concern after Pakistan’s JF-17 export order

KARACHI: Pakistan’s first export order of the JF-17 ‘Thunder’ fighter aircraft at the first day of the International Paris Air Show has left India concerned. Pakistan was successful in securing its first ever export order for its JF-17 Thunder fighter at the first day of the International Paris Air Show where a contract was confirmed to have been signed with ... Read More »

Withholding tax on bank transactions hampering real estates business‏

LAHORE: The recently levied 0.3 percent withholding tax on non-filers of tax on all banking transactions, exceeding Rs 50,000 a day, is stalling real estate market activity, according to Pakistan’s best real estate website, Lamudi Pakistan. The real estate sector of Pakistan had already been facing a slowdown in the first quarter of 2015 and with this newly imposed tax, ... Read More »

Eid greetings: Nation’s sacrifice will ensure peace: Nawaz

ISLAMABAD: Highlighting sacrifices of various segments of society in the war against terrorism, including those of the armed forces, Prime Minister Nawaz Sharif has expressed the confidence that due to collective sacrifices, rendered by the nation, Pakistan will soon be blessed with long-term peace and prosperity. “We must also be cognizant of the sacrifices rendered by our valiant armed forces who ... Read More »

Nation celebrates Eidul Fitr

KARACHI: Eidul Fitr celebrated throughout the country with religious fervour and zeal. Eid congregations were held at open places‚ mosques and Eidgahs in all major cities of the country. The Ulema in their sermons highlighted the significance and philosophy of Eidul Fitr. Prayers were also offered for security, progress and prosperity of the country. Meanwhile‚ security has been beefed up ... Read More »

Sialkot Chamber hails Iran’s accord

SIALKOT: The Sialkot Chamber of Commerce and Industry has welcomed the historic deal clinched among the major powers and Iran on Tuesday that aimed at opening up Tehran’s stricken economy. Fazal Jilani, the president of the Sialkot Chamber of Commerce & Industry applauded the deal and said that this deal would be a step forward not only for Iran but ... Read More »

LCCI asks govt to find amicable resolution to withholding tax issue

LAHORE: The government should have to find a way out to resolve the issue of withholding tax on bank transactions and ensure a business-friendly environment in the country. “The Economy is well on the track and cannot afford any confrontation between the government and the business community which is backbone of the economy,” Lahore Chamber of Commerce and Industry (LCCI) ... Read More »

Pak-China ink grant agreement to rehabilitate FATA residents

ISLAMABAD: Ambassador of China to Pakistan, Sun Weidong and Secretary Economic Affairs Division (EAD), Muhammad Saleem Sethi, have signed an agreement on behalf of their respective governments on the award of special grant. According to the agreement, a grant of $10 million in cash will be provided to support Pakistan government in rehabilitation of residents in FATA and promote social ... Read More »

ICCI: Govt should focus on marble industry to export value added products‏

ISLAMABAD: Government should focus on resolving marble industry problems on priority as Pakistan has great potential to improve marble exports by upgrading technology and value addition of marble products, observed Muzzamil Hussain Sabri, President, Islamabad Chamber of Commerce and Industry (ICCI). He said Pakistan is the 6th largest extractor of marble and granite in the world and its reserves of ... Read More »

FBR asks banks to refund excess deduction of WHT on transactions

ISLAMABAD: The Federal Board of Revenue (FBR) has directed the banks to refund or adjust the withholding tax on bank instruments, which has been deducted at the rate of 0.6 percent till The government has reduced the deduction of withholding tax from 0.6 percent to 0.3 percent till 30-9-2015 through a Presidential Ordinance issued on July 11, 2015, says a ... Read More »

Traders asked to focus on Indonesia and ASEAN for exports‏

ISLAMABAD: Indonesia and ASEAN countries are huge markets for Pakistani products and businessmen should focus on these countries to promote trade and exports, observed Muhammad Aqil Nadeem, Pakistan Ambassador-designate to Indonesia while addressing the businessmen at the Islamabad Chamber of Commerce and Industry. He said Indonesia is the largest Muslim country and provides easy access to Pakistan to over $2 ... Read More »

Traders affected by rain call for compensation of business losses‏

ISLAMABAD: A delegation of rain affected traders led by Abdul Ghaffar Chaudhry, Secretary General, Traders Welfare Association, I&T Center, G-8/1, Islamabad visited Islamabad Chamber of Commerce and Industry and called upon Hanif Abbasi, Chairman, Metro Bus Project Committee to arrange due compensation for them as they have suffered huge business losses due to entry of rain water in their shops. ... Read More »

SBP instructs banks to ensure availability of fresh currency notes to general public

KARACHI: The State Bank of Pakistan has held a meeting with the group heads of operations of all commercial banks to address the distribution of fresh currency notes to the general public, uninterrupted availability of ATM services during Eid holidays and issues relating to deduction of withholding tax (WHT) on bank transactions. The meeting was co-chaired by Muhammad Ashraf Khan, ... Read More »

Dar forms body to resolve issue of withholding tax on banking transactions

ISLAMABAD: Federal Finance Ishaq Dar held a meeting with representatives of traders and business community from all over the country on the FBR-related issues, including the imposition of 0.6 percent withholding tax on banking transactions. The minister at the outset clarified that 0.6 percent withholding tax was applicable only on the non-filers. It was in a way meant to persuade ... Read More »

UBL Funds wins two awards at IPO Market Development Summit

LAHORE: UBL Fund Managers Limited (UBL Funds) received two awards at the IPO Market Development Summit organized by South Asian Federation of Exchanges Pakistan (SAFE)at a ceremony held here. UBL Fund Managers, one of the leading asset management companies in Pakistan and a subsidiary of UBL Bank, claimed their awards in two major categories at the summit. The first category ... Read More »

Ministry of Commerce dismisses plea against LCCI elections

LAHORE: The Commerce Ministry has dismissed allegations of irregularities during the LCCI polls 2014, exonerating the present management of the Lahore Chamber of Commerce and Industry of all allegations. In the order, Ministry of Commerce said, “After hearing the parties at length, perusing the relevant record and relevant provisions of law and rules, it is held that the elections of ... Read More »

Businessmen, technocrats for cautious approach towards trade with India

LCCI holds seminar on “The Pros and Cons of Trade Relations with India” LAHORE: Pakistan must weigh the risks and benefits of opening trade with India. This was upshot of the speeches delivered at a seminar on “The Pros and Cons of Trade Relations with India”, jointly organized by the Institute for Policy Reforms and the Lahore Chamber of Commerce ... Read More »

Lamudi hosts real estate empowerment workshop

LAHORE: Lamudi Pakistan’s best real estate website, recently hosted the fifth real estate agents empowerment program followed by an iftar dinner in Karachi. The main aim of the workshop was to impart knowledge about the effectiveness of online marketing medium and provide an opportunity for the real estate agents to grow their network. The workshop started off with a presentation ... Read More »

LCCI to urge govt to withdraw new tax on bank transactions

LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) will take up the issue of imposition of tax on bank transactions with the government. According to a statement issued here, LCCI President Ijaz A. Mumtaz said that Finance Minister Ishaq Dar would be convinced to withdraw this new imposition that had hit the businesses badly. He said that the Lahore ... Read More »