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Author Archives: CT Report

Attendance remained low in govt offices on Wednesday

LAHORE: The official Eid holidays ended on Tuesday but there was an atmosphere of another holiday on Wednesday in the government offices including Excise and PRA. Sources told Customs Today that attendance of employees remained low in government offices. Employees were busy in wishing Eid to each other in the atmosphere of a holiday. Most of the government employees were ... Read More »

LPGA hails LHC verdict allowing use of LPG as fuel in vehicles

LAHORE: LPG Association of Pakistan welcomed the Lahore High Court verdict, allowing use of LPG as fuel in the vehicles and termed it far-reaching decision for economic growth of the country. According to a statement issued here, Chairman LPG Association of Pakistan Farooq Iftikhar said that petition against use of LPG as fuel in the vehicles was surprising act of ... Read More »

Traders seek support of opposition leaders on 0.3pc WHT

 LAHORE: The traders of Punjab seek support of opposition leaders and contacted them to record their protest on August 5 against 0.3 percent withholding tax . After Eid holidays, traders will show their strength against 0.3 percent tax on banking transitions and will observe shutter down strike in all cities of the country. On other side, the trader supported by ... Read More »

Pak embassy hosts Eid Milan Party

ANKARA, The Ambassador of Pakistan to Turkey, Sohail Mahmood, hosted an Eid Milan reception on Eid day, that was attended by a number of Turkish dignitaries, members of Pakistan community, Pakistani students at Turkish Universities, and Embassy officials. Congratulating the guests on the occasion, Ambassador Sohail Mahmood said that the Embassy is gearing efforts to further deepen existing brotherly Pakistan-Turkey ... Read More »

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 »

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 »