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Author Archives: CT Report

Budget 2015-16: Govt announces Rs 230 million funds for narcotics development projects

ISLAMABAD: The government has allocated Rs 230.425 million for Narcotics Control Division in the Public Sector Development Programme (PSDP) for the year 2015-16 for four ongoing and one new project. According to the budgetary document released here Friday, the government has allocated Rs 230.425 million for the new project like development of parking for confiscated/ seized vehicles of regional directorate, ... Read More »

Sindh Board of Revenue, Excise and Taxation asked to achieve recovery target by June 30

KARACHI: Sindh Chief Secretary Muhammad Siddique Memon has advised the Board of Revenue, Sindh and Excise and Taxation Department to achieve the recovery target by June 30. The chief secretary said that no negligence would be tolerated in this regard, according to a press release issued here in Friday. Siddique Memon was presiding over a meeting at his office, which ... Read More »

Budget 2015-16: Rs 159.964 billion allocated for Communications Division’s projects

ISLAMABAD: The Federal Government has allocated Rs 159.964 billion for 69 development projects of Communications Division in the Public Sector Development Programme (PSDP) for the fiscal year 2015-16. According to the budgetary document released on Friday, the government has specified 364.747 million for eight schemes of Ministry of Communications out of which Rs 357.247 million for six ongoing schemes while ... Read More »

Budget 2015-16: Govt allocates Rs. 1.5 billion for uplift of agriculture

ISLAMABAD: The federal government has allocated Rs. 1.5 billion for the development of agriculture sector under its Public Sector Development Programme (PSDP) for the financial year 2015-16. According to the PSDP, released here Friday, the government has allocated Rs 1.401 billion for the completion of 16 on-going projects and Rs 89.939 million for 7 new schemes in the agriculture sector. ... Read More »

Budget 2015-16: Govt allocates Rs 12b for Ports, Shipping Division in PSDP

ISLAMABAD: The government has allocated Rs 12 billion for Ports and Shipping Division in the Public Sector Development Programme (PSDP) for the year 2015-16. According to the budgetary document released on Friday, the government has set aside Rs 5.223 billion for six ongoing schemes, while Rs. 6.777 million earmarked for eight new sachems of the Ports and Shipping Division. Highest ... Read More »

Budget 2015-16: Finance Minister Ishaq Dar presents budget in NA

ISLAMABAD: Finance Minister Ishaq Dar presented the budgetary proposals for financial year 2015-16 before the National Assembly on Friday. The National Economic Council has already approved Public Sector Development Programme of Rs 700 billion for the next financial year. The target growth for next year has been set at 5.5 percent with historically low interest rates and infrastructure spending expected ... Read More »

LCCI launches FM 98.6 Radio for overseas Pakistanis

LAHORE: The Lahore Chamber of Commerce and Industry has achieved another milestone by putting its Radio FM 98.6 on its website. LCCI President Ijaz A. Mumtaz has formally launched the LCCI FM Radio website in a prestigious ceremony here at the Lahore Chamber of Commerce and Industry. This step would enable Pakistanis living abroad to listen to the LCCI activities ... Read More »

Dar unveils Pakistan Economic Survey 2014-15

  Govt sets 5.1 percent growth rate in budget 2015-16 ISLAMABAD: Federal Finance Minister Ishaq Dar unveiled the Pakistan Economic Survey 2014-15, with a focus on success stories over missed targets on Thursday. The minister had set an economic growth target of 5.1 percent in the current year’s budget. At a provisional growth rate of 4.2 percent, the target has ... Read More »

LCCI demands FBR expedite stuck-up sales tax, income tax refund claims

LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) has demanded the Federal Board of Revenue (FBR) chairman expedite stuck-up sales tax and income tax refund claims as traders are facing serious financial crunch because of delay in issuance of refund claims. The LCCI Vice President Syed Mahmood Ghaznavi said that delay in sales tax and income tax refunds is ... Read More »

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 »