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Author Archives: CT Report

PM Imran reviews CPEC progress, directs ministries to fast-track projects

ISLAMABAD: Prime Minister Imran Khan said the ongoing development projects under the China Pakistan Economic Corridor (CPEC) should be completed on a fast-track basis. He also directed the authorities to give a final shape to consultations with China on future projects. The statements were made at a high-level review meeting to ascertain progress on different CPEC projects. Minister for Economic ... Read More »

ECC waives off port charges against Karkey till Jan 31

ISLAMABAD: Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh chaired the meeting of the Economic Coordination Committee (ECC) of the Cabinet today. ECC considered and approved waiving off all port dues/ charges amounting to Rs194,951,059 on 31-1-2020 or till the vessels leave the port accruing against Karkey. The said waiver was required as a consequence ... Read More »

46 retailers using POS integrate with FBR

ISLAMABAD: About 46 retailers using point of sale (POS) software have integrated themselves with the Federal Board of Revenue (FBR). Names of vendors, their city names, contact numbers and name of their their websites have been posted on the FBR’s website. POS vendors are operating in Karachi, Lahore, Rawalpindi and Islamabad. The FBR amended Sales Tax Rules 2006 to make ... Read More »

Talks with IMF for third tranche of $450m to begin from Feb 3

ISLAMABAD: Pakistan and the International Monetary Fund (IMF) will hold talks starting from Feb. 3 for disbursement of third tranche of about $450 million under the $6 billion Extended Fund Facility (EFF) finalised in May last year. The IMF delegation will perform quarterly review (from October till December) of the economy in the current fiscal year FY20. The global moneylender ... Read More »

Turkmenistan agrees to review TAPI gas price

ISLAMABAD: Turkmenistan has expressed its willingness to revisit the gas price of Turkmenistan-Afghanistan-Pakistan-India (TAPI) Gas Pipeline Project and the Pakistani government has constituted a five-member Price Negation Committee (PNC) to negotiate with Turkmenistan in this regard. Earlier this month, the Petroleum Division had proposed the federal cabinet’s Economic Coordination Committee (ECC) that the gas price of TAPI, which was agreed ... Read More »

Assets case: SHC adjourns hearing of bail plea of Khursheed Shah, others

SUKKUR: The Sindh High Court (SHC) has adjourned the hearing of bail petition filed Khursheed Shah and others in assets beyond income case till February 10. A double bench of SHC heard the bail petition filed by Khursheed Shah and other persons nominated in the assets beyond income case. All of the nominees except Khursheed Shah had sought pre-arrest bail ... Read More »

Gold price sheds Rs150, traded at Rs91,400 per tola

KARACHI:  The per tola price of 24 karat gold depreciated by Rs150 on Tuesday and was traded at Rs91,400 as compared to Rs91,550 on last trading day, Karachi Sarafa Association reported. Likewise, the price of 10 gram gold witnessed decrease of Rs129 and was traded at Rs78,361 against last closing of Rs78,490. The price of silver remained stable and was ... Read More »

Stock market retreats amid absence of triggers

KARACHI: The Pakistan Stock Exchange (PSX) on Tuesday has been retreating over uncertainty after “serious reservations on the proposed New Brokers Regime (NBR)” were raised by PSX Stockbrokers Association (PSA), as stated in a letter to the Securities and Exchange Commission of Pakistan (SECP). The KSE-100 index has remained volatile in the early half of the day amid weak trading ... Read More »

State Bank keeps policy rate unchanged at 13.25pc

KARACHI: The State Bank of Pakistan has decided to keep the interest rate unchanged at 13.25 percent, saying supply side inflation continued to exert pressure on the economy. State Bank Governor Reza Baqir said that when the monetary policy committee had decided the interest rate in July, inflation stood at 8.4 percent. “A few months after that, inflation rate kept ... Read More »

EU will have upper hand in trade talks with UK

The Irish prime minister has told BBC News he believes the EU will have the upper hand in the upcoming trade talks with the UK. Leo Varadkar compared the two sides to football teams, suggesting the EU would have the “stronger team” due to its larger population and market. He also suggested that Britain misjudged the first phase of Brexit. ... Read More »

CPEC offers opportunity to enhance Pakistan’s agri sector

ISLAMABAD: As the second phase of the China–Pakistan Economic Corridor (CPEC) begins, substantial emphasis needs be laid on the development of the agriculture sector in Pakistan, which offers huge prospects of growth, according to experts. The message emerged from a policy dialogue on ‘National Agriculture and Food Security in Pakistan’, which was held at Institute of Policy Studies (IPS) here ... Read More »

FBR seeks details of persons from education institutions paying annual fee above Rs200,000

ISLAMABAD: Federal Board of Revenue (FBR) has directed educational institutions to provide details of persons paying annual fee above Rs200,000 in next three days. Sources told that educational institutions including schools, colleges, universities, tuition centers, technical institutions etc. had been asked to provide details of parents or individuals paying annual fee above Rs200,000 by January 31, 2020. The educational institutions ... Read More »

Economic freedom of Pakistan improves: Heritage Foundation

ISLAMABAD: Pakistan’s economic freedom overall score has improved by 0.6 percent with higher scores for judicial effectiveness and property rights outpacing modest performance in monetary freedom and fiscal health. According to a report compiled by Washington-based Heritage Foundation, Pakistan’s economic freedom score is 55 and its economy is the 131st freest in the 2019 index. Pakistan is ranked 32nd among ... Read More »

FBR detecting immovable property sales & purchase to check fair market values

ISLAMABAD: Federal Board of Revenue (FBR) is monitoring transactions of immovable properties to check sales and purchases on fair market value. The sources told that the FBR had reduced the withholding tax rate to one percent from July 1, 2019 to be collected from purchaser of immovable properties. However, this rate should be two percent in case the buyer is ... Read More »

World stock markets, oil tumble over fear of China virus

LONDON/NEW YORK: Global stock markets and oil prices plunged as panicked investors bolted into safer assets such as gold after China warned that the spread of a deadly new coronavirus was accelerating. Fears of a repeat of the 2003 SARS outbreak, which also began in China, spooked investors who only recently pushed markets to record highs – meaning there was ... Read More »

Footwear exports increase 17pc in 1H of FY2019-20

ISLAMABAD: The footwear exports from the country witnessed increase of 17.75 percent during the first half of current financial year (2019-20) compared to the corresponding period of last year, the latest data of Pakistan Bureau of Statistics (PBS) revealed. Pakistan exported footwear worth $67.404 million during July-December (2019-20) against the exports of $57.244 million during July-December (2018-19), showing a growth ... Read More »

FBR to take stern action against non-filers

ISLAMABAD: Federal Board of Revenue (FBR) on Monday warned persons having taxable income to file their annual returns for tax year 2019 otherwise tax authorities will initiate legal proceedings. The FBR issued reminder for persons having taxable income but so far unable to file their annual returns for tax year 2019. The FBR said that the last date for filing ... Read More »

FBR to take action against 210 employees for taking BISP benefit

ISLAMABAD: The Federal Bureau of Revenue (FBR) has initiated a stern disciplinary action against as many as 196 of its employees who had been benefitting from the Benazir Income Support Programme (BISP) assistance meant for the poor. According to media, around 210 FBR officials (from grade 1 to 16) had received cash stipends under the BISP. Most of them received ... Read More »

KCCI deeply concerned over hardships faced by allottees, members of Bahria Town

KARACHI: Acting President Karachi Chamber of Commerce & Industry (KCCI) Arshad Islam and Chairman of Karachi Chamber’s Housing, Construction & Real Estate Subcommittee Asif Sumsum have underscored that any issue pertaining to additional charges or irregularities in the Bahria Town project have to be amicably resolved as it was not just a matter of grave concerns for the real estate ... Read More »

ICCI issues joint declaration of APCPC 2020

ISLAMABAD: The Islamabad Chamber of Commerce & Industry organized an “All Pakistan Chambers Presidents Conclave 2020” (APCPC 2020) few days ago in which 47 Presidents of Chambers of Commerce and Industry from across Pakistan participated. At the conclusion of the Conclave, Muhammad Ahmed Waheed, President, Islamabad Chamber of Commerce & Industry and Mian Anjum Nisar, President, Federation of Pakistan Chambers ... Read More »