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Author Archives: CT Report

Moody’s upgrades Pakistan’s credit rating to B3: Dar

ISLAMABAD: Moody’s Investor Service has upgraded Pakistan’s sovereign credit rating by a notch, from Caa1 to B3, Federal Finance Minister Ishaq Dar announced on Thursday in the National Assembly. According to Dar, Moody’s had downgraded the country’s credit rating to Caa1 on July 13, 2012. The outlook for the rating back then was negative. A sovereign with a Caa rating ... Read More »

Pak-China ink accord for MSA patrol vessels

ISLAMABAD: Pakistan and China signed a landmark agreement for construction of six patrol vessels for Maritime Security Agency (PMSA). The agreement was signed today during a ceremony at the Ministry of Defence Production (MoDP) in Rawalpindi. Documents were signed by M/s China Ship Trading Company (M/s CSTC) and the Pakistani government on behalf MoDP. According to the agreement, four ships ... Read More »

Record handling of containers at Karachi Port during May 2015

KARACHI – Karachi Port witnesses a record handling of containers in the month of May 2015 and it reflects the sound policies practiced by Karachi Port Trust under the guidance of Chairman Karachi Port Trust Vice Admiral (R) Shafqat Jawed. The port has registered handling of 160,649 TEUs (Twenty Equivalent Unit) of cumulative imports and exports containers at its two ... Read More »

Senate body approves tax on bank transactions

ISLAMABAD: A Senate committee backed the imposition of 0.6 percent tax on all banking instruments of over Rs 50,000 for non-filers of returns, while Federal Finance Minister Ishaq Dar agreed to put in place a mechanism to finance through the Public Sector Development Program schemes recommended by the committee. During a meeting of the Senate Standing Committee on Finance and ... Read More »

FPCCI demands extension in Sukkur-Lahore Motorway up to Karachi

KARACHI: Mian Muhammad Adrees, President FPCCI has urged the government to extend the existing Sukkur – Lahore motorway to Karachi. He argued that Karachi is the economic hub with the facility of two ports handling more than 60 percent of Pakistan’s cargo and this city is also contributing about 70% revenue to the national exchequer. The Pak-Afghan transit trade activities ... Read More »

Proposal “Tax on Undistributed Reserves” to be reviewed

ISLAMABAD: Federal Minister for Finance and Revenue Muhammad Ishaq Dar on Monday agreed to give a sympathetic consideration to bring the newly proposed section 5-A, namely “Tax on Undistributed Reserves” through finance bill 2015-16. It will be enacted in line with the spirit to encourage dividend distribution by the companies as introduced earlier through Finance Act 1999, a statement said. ... Read More »

Farmers welcome incentives offered to agriculture sector in budget

ISLAMABAD: Farmers welcomed the federal Budget 2015-16 saying agriculture sector remains a major focus of the federal government despite devolution of much of the operational responsibilities to the provinces. Talking to APP on Monday, Muhammad Haroon, a small farmer of Rawalpindi said a number of tax incentives have been offered to help agriculture sector. He said the steps taken by ... Read More »

Govt focusing on education, economy, energy: Ishaq

ISLAMABAD: Federal Minister for Finance, Ishaq Dar has said that the government was focusing on improving education, economy, energy and addressing the issues of extremism in the country. “Promotion of quality education would help boost economy besides resolve the matter of energy and extremism,” he stated while talking to a private news channel. He said that the government is working ... Read More »

Sindh govt to present development-oriented budget: Finance minister

KARACHI: Sindh Minister for Finance Syed Murad Ali Shah has said that efforts are being made to present a development-oriented provincial budget for the year 2015-16 and to improve the service delivery in the province. While talking to journalists after launching of Dolmen City Real Estate Investment Trust (REIT) at Karachi Stock Exchange (KSE) here on Monday, he said that ... Read More »

Governor for facilitating FATA mines holders, implementation of mines policy

PESHAWAR: Khyber Pakhtunkhwa Governor Sardar Mahtab Ahmad Khan directed the political administration to guide and facilitate the mines holders in FATA. The investors should not be discouraged rather they should be guided and facilitated. The Governor advised the members of the delegation of Association of FATA Mining Development to avoid confrontation with political institution. Moreover, he said that legal mining ... Read More »

Chinese firm seeks to setup logistic park in Pakistan

ISLAMABAD: Chinese company Xinjiang Production and Construction intends to set up a science and technology, and logistic park in Pakistan to promote trade between both countries. A 7-member Chinese delegation, led by Huang Zhigang, Commissar of the Thirteenth Division in Xinjiang Production and Construction Corps, visited Board of Investment on Monday. The delegation also met Secretary BOI, Iftikhar Babar and ... Read More »

No load-shedding in Sehr,Aftar, Taravih: Abid Sher Ali

SUKKUR: Minister of State for Water and Power, Chaudhry Abid Sher Ali has announced that there will be no load-shedding during Sehr, Aftar and Taravih timings in the holy month of Ramadan, while the overall duration of power load management shall also be reduced. Talking to media at the WAPDA rest house here on Monday, he said that the campaign ... Read More »

UAE Customs set to launch new road transport system

ISLAMABAD: United Arab Emirates Customs is set to introduce a global road transport system which dramatically accelerates the movement of goods across frontiers. The International Road Transport (TIR) System, which slashes the time, trucks spend at customs controls, is being operational at the UAE’s borders by the end of current year. Sharjah and Umm Al Quwain Customs officials will sign ... Read More »

AJK govt to cancel allotment of industrial plots on not establishing industries by owners

MIRPUR: The Azad Jammu and Kashmir government Monday decided to cancel allotment of industrial plots located in various industrial estates as their allottees were unable to setup industrial units there. Sources told APP here on Monday that decision to this effect was taken in a recent high level meeting of AJK Industries Department. The department so far cancelled the allotment ... Read More »

Chambers call for levying tax on agri-income

LAHORE: Presidents of all chambers of commerce and industry on Monday called for levying tax on agricultural income across the country to broaden the tax base, and construction of water reservoirs on top priority to meet the ever increasing energy needs of the country. They also called for continuity in democratic set-up for a sustained economic growth, which would help ... Read More »

Dates farmers reaping benefits of PARC solar dryer technology

ISLAMABAD: The solar drying technology, introduced by the Pakistan Agricultural Research Council (PARC), is helping dates’ farmers to reduce the ripening time of crop to 3-4 day from 7-8 day, besides enhancing profitability and quality. Chief Scientist and Director General of Agricultural Engineering Division of PARC Dr Munir Ahmad said this at an “Inception Workshop on Post-Harvest Management and Value ... Read More »

Belarus minister for increasing trade with Pakistan

ISLAMABAD: Belarus and Pakistan need to reach $1 billion in mutual trade, Industry Minister of Belarus Vitaly Vovk said on Monday. “I have already said that we need to reach $1 billion in trade with Pakistan. Today we have $6-7 billion in trade with Ukraine which population is 45 million people,” the minister was quoted as saying by Belarusian news ... Read More »

Chairman visits under construction site of NAB headquarter

ISLAMABAD: Chairman National Accountability Bureau (NAB), Qamar Zaman Chaudhry on Monday visited under-construction site of office building for Bureau’s Headquarters in Islamabad and reviewed the physical progress made on ground. During the briefing, it was informed by Director General NAB that in light of the directions of Chairman during his last visit on under construction site, the work is in ... Read More »

BISP starts issuing Benazir Debt Cards to the beneficiaries

MIRPUR: All the Mirpur-division based beneficiaries of Benazir Income Support Program (BISP) have been directed to immediately contact the nearest BISP offices with their computerized national identity card (CNIC) to get the Benazir Debt Card. This was stated by Director BISP Mirza Khizar Hayat on the occasion of launching of site of Benazir Debt Card here on Monday that June ... Read More »

Dar inaugurates SECP’s web portal

ISLAMABAD: Finance Minister Mohammad Ishaq Dar Monday inaugurated the investor education web portal of the Securities and Exchange Commission of Pakistan’s (SECP) here. The web portal `Jama Punji’ was envisioned to play a key role in the SECP’s overall investor education programme and awareness about different investment opportunities available in the country. The minister welcomed SECP’s initiative and hoped that ... Read More »