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Author Archives: CT Report

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 »

APBF rejects new 0.6% WHT on banking instruments of more than Rs 50, 000

LAHORE: The All Pakistan Business Forum has strongly opposed the decision to impose a new 0.6 percent withholding tax on all banking instruments valued at more than Rs 50,000. Criticising the new tax, APBF President Ibrahim Qureshi termed it an unnecessary burden, which will be very detrimental for the already-weak business and trade activity in the country. It would surely ... Read More »

Increase in tax-to-GDP must for sustainable growth, says Pervez Malik

LAHORE: President of the Pakistan Muslim League (N) Lahore and MNA Pervez Malik has said that the government has to increase tax-to-GDP ratio for sustainable economic development of the country. Those who are rich but not paying tax are burden on the honest taxpayers. He was talking to a delegation of businessmen. Pervez Malik said that tax evasion is one ... Read More »

Traders call for withdrawal of 0.6pc withholding tax on bank transactions‏

ISLAMABAD: The business community of Islamabad  has called upon the government to withdraw 0.6 percent withholding tax which has been imposed since July 1, 2015 on all banking transactions for non-filers. The businessmen opined that the move would discourage banking transactions, promote non-banking and cash transactions and would lead to harmful consequences for the economy. Muzzamil Hussain Sabri, President, Islamabad ... Read More »

APCTA seeks LCCI help to get issue of tax on banking transactions resolved

LAHORE: The All Pakistan Cement Traders Association (APCTA) has sought LCCI help to get the issue of tax on all banking transactions resolved. An APCTA delegation called on LCCI president Ijaz A. Mumtaz and vice president Syed Mahmood Ghaznavi and informed them that imposition of tax on all banking transactions has caused unrest and put the business community in trouble. ... Read More »

Obituary: Father of Customs Today Editor passes away

LAHORE: The entire staff and management of Customs Today are deeply saddened by the sad demise of Mr Muhammad Yasin, the father of Customs Today Editor Rahil Yasin, who passed away on Monday. Inna Lillahi Wa Inallah-e-Raji’oon. He was laid to rest on Tuesday at the Shah Kamal Graveyard in Rehmanpura, Ichhra. His Qul will be held on Wednesday after ... Read More »

IFC to establish business centre at Wagah to facilitate Pak-India trade

ISLAMABAD: The International Finance Corporation (IFC), a member of World Bank Group, will set up a business centre at the Wagah border, Lahore, to facilitate Pakistan-India trade, while the government of Pakistan has approved the project after clearance from security agencies. The purpose of the project is to bring ease in trade between both the countries, besides developing a trade-friendly ... Read More »

FBR’s income tax notices to bear bar codes

ISLAMABAD: Federal Board of Revenue (FBR) will issue income tax notices bearing verifiable bar codes from next financial year. The income tax notices to be issued from 1st July 2015 will be computer-generated and they will bear bar codes that can be verified from the FBR’s web portal. To ensure that the income tax notices are genuine, taxpayers will be ... Read More »

LCCI, Swiss Embassy join hands to work together

LAHORE: Embassy of Switzerland and the Lahore Chamber of Commerce and Industry (LCCI) would work hand in hand to make the mutual trade and economic relations further stronger. This decision was made during a meeting between the Ambassador of Switzerland Marc P. George and the LCCI President Ijaz A. Mumtaz here at the Lahore Chamber of Commerce & Industry. LCCI Senior ... Read More »

Gilani returns Mrs. Erdogan diamond necklace to NADRA

ISLAMABAD: Former prime minister Syed Yousuf Raza Gilani has returned the diamond necklace of Turkish first lady Mrs. Erdogan. The necklace was submitted with the NADRA authorities by the staff of Mr Gilani after Cabinet Division and Foreign Office refused to accept it. The FIA on Sunday issued a notice to Gilani to return the necklace of the Turkish first ... Read More »

Court issues arrest warrants for 53 owners of commercial institutions

SIALKOT: The Social Security Department has sent several cases to the court of the special judicial magistrate for the recovery of the prolonged arrears of Rs 6.5 million. According to sources, at least 53 commercial institutions, including bricks kilns, commercial organizations, private hospitals, rice mills and schools owe millions of rupees to the social security department. The Court of Special ... Read More »

LCCI hails Altaf statement on Kalabagh dam

LAHORE: The Lahore Chamber of Commerce and Industry has welcomed the statement of MQM head Altaf Hussain regarding construction of Kalabagh dam and hoped that his gesture would pave way for early completion of this mega project. In a statement issued here Wednesday, the LCCI President Ijaz A. Mumtaz and Convener  Standing Committee on Kalabagh Dam Abdul Basit said that ... Read More »