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International cultural events and relaxed visa rules are giving Shanghai’s economy an additional impetus after the financial and commercial hub of mainland China reported buoyant growth in its major hi-tech industries.The China Shanghai International Arts Festival (CSIAF), featuring 1,400 shows from operas and symphonies to ballets and musicals, generated consumption worth 4.4 billion yuan (US$620 million), up 10.2 per cent on year, according to the organisers.The month-long festival ended on Thursday, with overseas tourists – which included those from Hong Kong, Macau and Taiwan – accounting for 12.5 per cent of the total audience, compared to 7.8 per cent last…

International cultural events and relaxed visa rules are giving Shanghai’s economy an additional impetus after the financial and commercial hub of mainland China reported buoyant growth in its major hi-tech industries.The China Shanghai International Arts Festival (CSIAF), featuring 1,400 shows from operas and symphonies to ballets and musicals, generated consumption worth 4.4 billion yuan (US$620 million), up 10.2 per cent on year, according to the organisers.The month-long festival ended on Thursday, with overseas tourists – which included those from Hong Kong, Macau and Taiwan – accounting for 12.5 per cent of the total audience, compared to 7.8 per cent last…

China pledged to “actively consider” helping Syria with post-war reconstruction when its new foreign minister visited Beijing earlier this month.But analysts said the two sides needed to first overcome the major hurdle of militant groups linked to China’s Xinjiang region integrated into the Syrian armed forces.Chinese Foreign Minister Wang Yi told his counterpart Asaad al-Shaibani on November 17 that the two sides should gradually resume exchanges, adding that Beijing would consider helping the country rebuild.He also urged the new Syrian transitional government, formed after the fall of Bashar al-Assad last year, to act against Uygur militant groups that had been…

A report due to be released next month by a South Korean foundation will attempt to settle some of the discrepancies over the sinking of a ship repatriating Korean labourers from Japan to Busan in 1945, although historians warn that it could dredge up decades-old accusations and further harm bilateral relations.The South Korean government has commissioned the Foundation for Victims of Forced Mobilisation by Imperial Japan to conduct a thorough investigation into conflicting passenger lists and other documents related to the sinking of the Ukishima Maru in Maizuru Harbour in northern Kyoto prefecture on August 24, 1945.The key question revolves…

KARACHI: Karachi Tax Bar Association (KTBA) has requested the Federal Board of Revenue (FBR) to modify its IRIS to accept revised wealth statements in cases where tax proceedings have been concluded without amendments or notices have been withdrawn. In a letter addressed to FBR Chairman, KTBA highlighted a procedural gap between tax law provisions and the IRIS system’s current functionality. According to Section 116(3) of the Income Tax Ordinance 2001, taxpayers who have submitted a wealth statement may file a revised statement to correct omissions or misstatements at any time before receiving a notice under Section 122(9). While IRIS currently…

ISLAMABAD: The Supreme Court directed the Private Power and Infrastructure Board (PPIB) to return the performance guarantee (PG) along with interest to Spencer Powergen Company of Pakistan Limited. A three-member bench, headed by Justice Munib Akhtar and comprising Justice Muhammad Shafi Siddiqui and Justice Miangul Hassan Aurangzeb, upheld the Islamabad High Court (IHC) judgment. On May 13, 2013, a Division Bench of the IHC had directed the appellants (PPIB and others) to refund the amount received on the encashment of the PG furnished by the respondent (the company), along with profit at the prevailing bank rate from the date of…

LAHORE: Use of certified wheat seed for the current sowing season has increased by over 25 percent leading the hopes to achieve a good yield. Similarly, keeping in view the sowing trend, it is expected that it will surpass the target of 16.5 million acres set for the current season. Secretary Agriculture Punjab Iftikhar Ali Sahoo claimed this while presiding over a review meeting regarding wheat cultivation held in Multan today. He highlighted the critical importance of wheat for national food security and stated that the cultivation target for Punjab has been fixed at 16.5 million acres. He further said…

LAHORE: In line with the policy of the provincial government, the Punjab Revenue Authority (PRA) is gradually advancing towards full digital transformation. To discuss the development of digital mechanism, Chairman PRA Moazzam Iqbal Sipra held a meeting with Chairman Punjab Information Technology Board (PITB) Faisal Yousaf. The PRA chairman while speaking on the occasion said that digitalisation must focus on facilitation of consumers, creating a business-friendly environment and ensuring transparency in entire tax collection system. During the meeting, recommendations regarding the upgradation of PRA’s monitoring dashboard and database were also reviewed. PRA chairman said that an integrated database will be…

Amid the diplomatic fallout between Tokyo and Beijing, Hunanese accountant Echo He feels relieved she has chosen Southeast Asia for her year-end trip with her husband and colleagues, instead of the popular choice, Japan.The latest spat between both nations arose on November 7 when Japanese Prime Minister Sanae Takaichi suggested her country could deploy its military forces in the event of a conflict in the Taiwan Strait.This infuriated Beijing, which sees Taiwan as part of China to be reunited by force if necessary. Most countries, including the United States and Japan, do not recognise Taiwan as an independent state, but…

KARACHI: Chairman Businessmen Group (BMG) Zubair Motiwala and President Karachi Chamber of Commerce & Industry (KCCI) Muhammad Rehan Hanif have welcomed the Federal Board of Revenue’s issuance of Customs General Order (CGO) No08/2025, which introduces an important operational improvement in the handling of transshipment consignments destined for Azakhel Dry Port. They noted that the new amendment, which supplements Customs General Order No12 of 2002, ensures consistency, prevents delays, and establishes a clearly defined procedure for all stakeholders involved in the movement of transshipment cargo, they added. Chairman BMG and President KCCI stated that this is a highly constructive and timely…