Accountancy Articles
Displaying items 1-10 from a total of 167 item(s).
Finance Bill 2009-2010: Looking into the PESTL Crystal Ball
by Muhammad Ashraf | Published on 5/1/2009
Whilst the global economy is slowing down under the impact of the US subprime crisis, Pakistan has not remained immune from the suffering of the global turmoil. Pakistan's economic growth is declining sharply and according to International Monetary Fund, the economic growth is anticipated to be 2.5%. Currently, Pakistans economy is facing the threat of a prolonged recession.
Problems Under The Withholding Tax Regime [WHT]
by Muhammad Ashraf | Published on 4/1/2009
Withholding is an act of deduction or collection of tax at source and is in the nature of an advance tax payment. Historically, the contribution of Withholding Tax was 41 percent of total direct tax revenues but now it is contributing more than 90% of the Regional Tax Offices.
Issues in Islamic Banking
by Syed Imad-ud-Din Asad | Published on 2/10/2009
Islamic banking has achieved growth rates that tremendously outpace conventional banking. While there are banking norms common to both Islamic and western financial systems, certain norms are exclusive to Islam. Some of the Islamic restrictions render certain western banking practices and transactions void.
Role of Tax Directors and Managers during Economic Downturn
by Muhammad Ashraf | Published on 11/29/2008
During economic downturns, company bosses search for as many ways as possible to cut business costs and bring in cash. As the possibility of a global recession gets stronger every day, companies are aiming to generate cash and hold on to it. The sticky economy does raise other issues, which, admittedly, are also valid to address when times are good.
Strategic Fiscal Policy
by Muhammad Ashraf | Published on 5/18/2008
One wonders about the news item appearing in the newspapers in which World Bank issued a report stating the fact that corruption has increased in last eight years. I reiterate my earlier year’s submission whereby I suggested that Government should be bound to present Financial Statements in line with International Public Sector Accounting Standard Board’s exposure draft 27 – Presentation of Budget Information in Financial Statements.
Instruments of Islamic Banking in Operation
by Dr Shahid Hasan Siddiqui | Published on 4/21/2008
There is consensus among Islamic scholars that to replace interest, the ideal mode of financing under Islamic banking system is financing on profit and loss sharing (PLS) basis. It therefore, follows that in case an entrepreneur availing finance from an Islamic bank earns profit, it must be shared between the bank and the entrepreneur.
ABC of Income from Property
by Muhammad Ashraf | Published on 1/19/2008
We know that the imposition of tax and computation of total income has to be classified under one of the five heads of income. Rent received or receivable by a person in respect of land or building, is charged to tax under the income head ‘Income from property’.
Critical Analysis of the Current Islamic Banking System
by Salman Ahmed Sheikh | Published on 11/8/2007
A number of local and foreign scheduled banks have started Islamic banking windows and exclusive Islamic banking branches in Pakistan. It is expected that Islamic banking will capture 12% of the deposit market by 2012.
Juncta Juvant of Finance Act 2007
by Muhammad Ashraf | Published on 10/2/2007
This article is an endeavor to find out the substance of fiscal laws in economic and accounting terms by correlating different amendments brought by Finance Act, 2007 – Juncta Juvant.
Direct Tax Policy Principles
by Muhammad Ashraf | Published on 5/17/2007
Minimization of compliance costs not only for businesses but also for the collectors and maximization of revenue for Pakistan seems to be the core issue of this seminar. When I use the word direct taxation, I would mean to include income tax (Federal and Provincial) and Capital Value Tax broadly speaking and in one sense can be effectively categorized as direct taxes.
