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Finance

SBP approves merger of ABN Amro and Prime Commercial Bank

KARACHI (September 01 2007): The State Bank of Pakistan (SBP) on Friday has granted final approval for the merger of ABN Amro Bank N.V. Pakistan and “Prime Commercial Bank Limited”(PCB) into new bank namely “ABN Amro Bank (Pakistan) Limited.” In exercise of the powers conferred on State Bank of Pakistan (SBP) has notified that the name of “Prime Commercial Bank ...

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New list of locally-made goods for sales tax concession

ISLAMABAD (August 31 2007): The Federal Board of Revenue (FBR) has issued a new list of 906 'locally manufactured goods' for levying concessionary rate of customs duty and sales tax to discourage import of goods being produced by the domestic industry. The board has issued Customs General Order (CGO) 11 of 2007 revising the “list of locally manufactured items” in ...

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Demutualisation Act to be introduced: SECP

LAHORE (August 21 2007): The chairman, Securities and Exchange Commission of Pakistan (SECP), Razi-ur-Rehman Khan has said that work on preparation of 'Demutualizastion Act' is underway and currently rules of the proposed act are being made. He stated this to journalists after inaugurating Arif-Habib Rupali Bank branch at the Lahore Stock Exchange (LSE) here on Monday. In response to a ...

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'Vigilance Wing' empowered to probe tax fraud cases

ISLAMABAD (August 14 2007): The Vigilance Wing of Directorate-General, Intelligence and Investigation, Federal Board of Revenue (FBR), has been empowered to co-ordinate with other investigating agencies to probe fraud cases utilising third party data. Sources told reporters on Monday that the directorate has issued an order specifying the functions, powers and jurisdiction of vigilance wing. It has been empowered to ...

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SECP issues draft of private equity fund rules

ISLAMABAD (August 14 2007): The Securities and Exchange Commission of Pakistan (SECP) has issued the draft 'Private Equity and Venture Capital Funds (PE&VCF) Regulations 2007' meant to attract foreign direct investment and provide capital to local corporate sector for its growth and expansion. An announcement in this regard was made by SECP on Monday. The private equity is a distinct ...

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Highlights of the Rs 1.599 Trillion 2007-08 Federal Budget

ISLAMABAD: The federal budget for 2007-08 with an outlay of Rs 1.599 trillion presented in the National Assembly on Saturday contains huge subsidies and relief for the masses and the public sector entities. The subsidies amount to Rs 133.9 billion, while relief to the people included major increase in salaries of the government employees by 15 per cent, pensions by ...

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Tax neutrality for acquisition and mergers

ISLAMABAD (June 10 2007): The federal government on Saturday realigned its taxation rules allowing establishing of holding companies and providing tax neutrality for acquisition and mergers. Pakistan's corporate sector has been clamouring for a long time to modernise the income tax rules and allow group entities to merge. And, thereby, provide the size needed to access international capital markets. Minister ...

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Highlights of Economic Survey of Pakistan 2006-07

ISLAMABAD (June 09 2007): Pakistan's economy continues to gain traction as it experiences the longest spell of its strongest growth in years. The outcomes of the outgoing fiscal year indicate that Pakistan's upbeat economic momentum remains on track. Economic growth accelerated to 7.0 percent in 2006-07 on the back of robust growth in agriculture, manufacturing and services. Economic growth has ...

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CBR fails to bring services sector into tax net

ISLAMABAD (June 09 2007): The Central Board of Revenue (CBR) remained helpless in bringing services sector into the tax net during 2006-07. According to Economic Survey released on Friday, the services sector continued to perform strongly for third consecutive year in a row and grew by 8.0 percent in 2006-07 as against of 9.6 percent last. Services sector has grown ...

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CBR's bid to bring potential units in tax-net

ISLAMABAD (May 24 2007): The collectorates of sales tax have started verifying third-party information, including gas/electricity data to bring potential units into the tax net for increasing number of registered persons by end of the outgoing fiscal 2006-07. The Central Board of Revenue (CBR) on Wednesday issued instructions to the field formations to launch the registration campaign. According to the ...

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