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Finance

Exports increase 15% in four months: Commerce minister

ISLAMABAD (November 06 2002) : Pakistan's exports have increased by 15 percent during the first four months (July-October) of the current fiscal as compared to the corresponding period of last year. Addressing a press conference here on Tuesday, Commerce Minister Razak Dawood said that exports fetched $ 3.478 billion in the four months as compared to $ 3.024 billion during ...

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Action against delinquent mutual funds planned; United Money Market Fund launched

KARACHI (November 06 2002) : The Securities Exchange Commission of Pakistan has noted several irregularities in mutual funds management and it intends to take action in respect of such delinquencies including weeding out management in default as they engender consolidation of the industry, warned SECP Chairman Khalid A Mirza. Addressing a gathering of businessmen and financial leaders at the launch ...

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New conditions for power companies refund claims announced

ISLAMABAD (November 05 2002) : The Central Board of Revenue (CBR) has announced new conditions for claiming sales tax refund by certain power companies under section 10 of the Sales Tax Act, 1990. This section relates to the excess amount to be carried forwarded or refunded. The CBR had initially rejected the refund claim filed by the Rousch (Pakistan) Power ...

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SBP (Amendment) Ordinance, 2002 promulgated

ISLAMABAD (November 05 2002) : President, General Pervez Musharraf on Monday promulgated the State Bank of Pakistan (Amendment) Ordinance, 2002, further amending the State Bank of Pakistan Act, 1956. The Ordinance may be called “the State Bank of Pakistan (Amendment) Ordinance, 2002” will come into force at once. Following is the text of the Ordinance:- The following Ordinance promulgated by ...

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FPCCI considers $10 billion export target as 'insignificant'

KARACHI (November 05 2002) : The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) considers Pakistan's export target of around 10 billion dollars as “insignificant”. A study on “Trade between Pakistan and major regional economic groupings”, published by the FPCCI, observed that “for a country of over 140 million people with great human and natural potential, the export target ...

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15% GST imposed on ribbons used in Computer Printers

ISLAMABAD (November 05 2002) : The Central Board of Revenue (CBR) has imposed 15 percent general sales tax (GST) on the ribbons used in the computer printers with immediate effect, says a sales tax ruling 66/2002 issued on Monday. Previously, the tax authorities benefiting the computer companies waived the sales tax on computer printer ribbons under the Sales Tax Act, ...

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New conditions for power companies refund claims announced

ISLAMABAD (November 05 2002) : The Central Board of Revenue (CBR) has announced new conditions for claiming sales tax refund by certain power companies under section 10 of the Sales Tax Act, 1990. This section relates to the excess amount to be carried forwarded or refunded. The CBR had initially rejected the refund claim filed by the Rousch (Pakistan) Power ...

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Revenue Board to educate taxpayers on new income tax law

SIALKOT (November 05 2002) : The Central Board of Revenue is set to initiate taxpayers facilitation campaign this month across the country to educate taxpayers regarding the new Income Tax Ordinance effective from July 2002, said an official source. The additional income tax commissioners (AITC) will hold a series of meetings with the chambers, trade associations, unions and taxpayers in ...

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Pakistan, seven other Muslim states to set rules for Islamic financial system

KUALA LUMPUR (November 04 2002) : Pakistan and seven other Muslim countries launched a global agency on Sunday to set standards for an Islamic financial system that will end “debt slavery”, according to Malaysian Prime Minister Mahathir Mohamad. The basic principle of Islamic banking is the prohibition of usury or interest. It also outlaws investments in companies involved in gambling, ...

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