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Author Archives: CT Report

Devalue China’s currency to help Christmas tree exporter

BEIJING: Decision to devalue China’s currency will help companies boost sales and drive growth in overseas markets Zhu Zhixiang sells artificial Christmas trees in Yiwu, Zhejiang province. Normally, she wraps up her overseas sales by July. But this year, August has been an incredibly busy month. “We would usually finish receiving orders from foreign clients by the end of July, ... Read More »

Chinese firm inks $1.48b deal with Dangote Group to build cement plants in Africa

SHANGHAI: A Chinese firm has signed a deal worth $1.487 billion with Nigeria-based cement giant Dangote Group to build cement plants in several African countries. The plants will be built by China’s Sinoma International Engineering Co Ltd in countries including Ethiopia, Kenya, Zambia, Senegal, Niger, Mali, Cameroon, Cote D’Ivore Ghana and Nepal. They are expected to add 25 million metric ... Read More »

Singapore’s manufacturing output falls 6.1% in July

SINGAPORE: Singapore’s manufacturing output declined 6.1 percent year-on-year in July, said the Economic Development Board (EDB) here the other day. According to data released by EDB, output, excluding biomedical manufacturing, fell by 4.1 percent on a year-on-year basis. On a seasonally adjusted month-on-month basis, manufacturing output decreased 4.0 percent. Excluding biomedical manufacturing, output grew 1.2 percent month-on-month. The decline means ... Read More »

India’s RSASTF seizes red sanders worth Rs.1 crore

NEW DELHI: The Red Sanders Anti-Smuggling Task Force (RSASTF) officials on Wednesday, seized as many as 35 red sanders logs worth at Rs.1 crore during a skirmish with the smuggling operatives at Cheekateegalakona area in Seshachalam forests. According to sources, the task force officials, during their regular combing operations, came face-to-face with as many as 50 woodcutters transporting logs from ... Read More »

42% growth: Askari Bank earns Rs3.03b in Q2

LAHORE: Askari Bank has posted 42 per cent increase in its profits as the bank earned Rs3.03 billion in the second quarter of calendar year 2015 against Rs2.14 billion of the corresponding period last year. According to the bank, the growth is after absorbing an additional 4 percent of super tax charge and the retrospective application of uniform tax rate ... Read More »

Firm barred from conducting performance audit of AWK University

PESHAWAR: A private company has been barred from conducting performance audit of the Abdul Wali Khan University Mardan on the directives of Khyber Pakhtunkhwa government. The Peshawar High Court (PHC) restrained the Deloitte Chartered Accountant, Islamabad from conducting performance audit of the university till the next order of the court. The order was issued by a division bench comprising Justice ... Read More »

CDA to decide new parameters for commercial buildings in Blue Area

ISLAMABAD: With the aim to make the federal capital more beautiful, the Capital Development Authority (CDA) board has assigned the responsibility to formulate planning parameters for commercial buildings in the Blue Area. The decision was taken during a CDA board’s meeting at its headquarters. It also approved hiring of consultancy services for planning, detailed engineering design and resident construction supervision ... Read More »

FBR hosts ad agencies competitive presentations

ISLAMABAD: The country’s top tax collecting organization – Federal Board of Revenue (FBR) – on Wednesday hosted competitive-presentations by as many as 21 advertising agencies for the purpose of hiring the future publicizing client. FBR’s Member Facilitation and Taxpayers Education (FATE) Nadeem Dar, and Member Inland Revenue-Policy, Shahid Hussain Asad, observed competitive presentations along with representatives of Press Information Department. ... Read More »

Filing of income tax return: Kasumbi asks FBR to extend last date upto Oct 31

KARACHI: Acting President of the Karachi Chamber of Commerce and Industry (KCCI), Muhammad Ibrahim Kasumbi has requested the Federal Board of Revenue (FBR) to extend last date for filing income tax returns for individuals from August 31, 2015 to October 31, 2015. In a communiqué issued to Chairman FBR Tariq Bajwa, Acting President Ibrahim Kasumbi pointed out that a large ... Read More »

ACAAP, PIFFA urges govt to withdraw turnover tax on service industry

SIALKOT: The Air Cargo Agents Association of Pakistan (ACAAP) and Pakistan International Freight Forwarders Association (PIFFA) have jointly give a five-day deadline to the government to withdraw 8 percent turnover tax on service industry or they observe strike from September 1. Both ACAAP and PIFFA gave this deadline to the government, while addressing an important meeting of all the main trade bodies in Sialkot. ... Read More »

NAB arrests former petroleum advisor Dr Asim  

KARACHI: The National Accountability Bureau (NAB) has arrested former advisor on petroleum and natural resources Dr Asim Hussain. The sources told Customs Today that the NAB had written a letter to former advisor asking him for the details of LNG contracts and other details during his tenure. However, Dr Asim showed reluctance to hand over the documents. The plaintclothes officials ... Read More »

ICCI honours football team for winning final in Korea‏

ISLAMABAD: The Islamabad Chamber of Commerce and Industry (ICCI) has organized a ceremony in honour of Pakistan Under-13 Football team that won the Asian Youth Football Fiesta cup held in Korea from August 7 to 10, 2015 by beating Mongolia by 3-0 in the final. Dr M Akhtar Nawaz Ganjera Director General Pakistan Sports Board, Mohsin Ali, president of the ... Read More »

Auction of general cargo/ vehicles held

KARACHI: The Model Customs Collectorate-MCC Preventive has held an auction of the general cargo and vehicles on Tuesday at SWH Custom House/ Ghasbandar ASO Store. The auction of general cargo and vehicles included old and used V cassette, tape recorder, DVD, heavy meat chopper, juicer blander, baby four wheel cycles, auto parts, art silk cloth, polyester, fabric cloth, stereo speakers, ... Read More »

FBR to make second change in WEBOC system

KARACHI: Federal Board of Revenue (FBR) decided to make second major change in WEBOC system. After this change all data of Pakistan Customs and inland Revenue will be combined. Through this change customs officials will be responsible for incomplete information. Sources told Customs Today that Directorate of Reforms and Automation informed all processing officers, principal appraisers, assistant or deputy collectors ... Read More »

LPGA urges government to bring down input cost of the local producers

 LAHORE: LPG Association of Pakistan has demanded of the government to bring down the input cost of the local LPG producers who are suffering hard due to import and smuggling of adulterated and dangerous LPG. In a statement issued here Chairman of the LPG Association of Pakistan Farooq Iftikhar said that local producers of LPG are in deep trouble because of ... Read More »

Customs seizes Rs 287,926,419 smuggled goods since January 2015

KARACHI: While informing about the performance of the customs, Collector Model Customs Collectorate- Preventive Syed Tariq Huda says smuggled goods worth Rs 287,926,419 have been seized in the running year i.e January 2015 till to date. Moreover, the MCC-Preventive officials have conducted several raids on different places resulted in arrest of 36 culprits along with the smuggled goods and liquor ... Read More »

KPCCI hails govt for establishing Expo Centre in Peshawar

PESHAWAR: Khyber Pakhtunkhwa Chamber of Commerce and Industry (KPCCI) appreciated the federal government decision for giving approval regarding establishment of Expo Centre in Peshawar. The centre will be established at cost of over Rs 2 billion. For the project, seed money of Rs 500 million has been allocated in Public Sector Development Scheme (PSDP) by the federal government in the ... Read More »

ICCI lauds restoration of GSP Plus program of US for Pakistan‏

ISLAMABAD: The Islamabad Chamber of Commerce and Industry has hailed the restoration of GSP Plus program by the United States for Pakistan and termed it a highly positive development for the economy of Pakistan as it would help in improving country’s exports and reduce trade deficit. US has renewed its GSP program for Pakistan through Dec 31, 2017 effective retrospectively ... Read More »

Shell awards free fuel to winners

KARACHI: Sixteen people across the country won free fuel for a month by participating in Shell Pakistan’s Fuel Efficiency campaign. Shell is encouraging customers who purchase Shell Super Unleaded to pledge to be more fuel efficient. Upon making the pledge, customers become eligible to win free fuel for a month as well as a chance to win a grand prize ... Read More »

Indus Motors holds bloggers meeting

KARACHI: Indus Motor Company held a meeting aimed at engaging bloggers at its facility at Port Qasim. The day-long event, held at the company’s head office and plant located at Port Qasim, aimed to engage bloggers with first-hand, end-to-end experience of Toyota’s presence in Pakistan. The bloggers were briefed on various aspects of the organization, such as the elaborate safety ... Read More »