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Finance

CBR starts exercise to simplify perquisites calculation

ISLAMABAD (December 31 2005): The Central Board of Revenue (CBR) has started an exercise to simplify the income tax procedure for calculation of perquisites and allowances available to employees working in government and private sector. Official sources told Business Recorder on Friday that valuation of perquisites/benefits and calculation of various allowances is very complex at present under the Income Tax ...

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KSE rejects SECP directive over appointment of stocbrokers as chairman

KARACHI (December 31 2005): The members of Karachi Stock Exchange (KSE) in a meeting on Friday rejected the directive of the Securities and Exchange Commission of Pakistan (SECP), and would seek legal opinion against barring stockbrokers' appointment as chairman of the bourse. According to some senior members of KSE, the extraordinary general meeting held on Friday in Karachi Stock Exchange ...

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Central Board of Revenue(CBR) devises new policy to take away tax exemptions

ISLAMABAD (December 29 2005): The Central Board of Revenue (CBR) has devised a new policy for taking away income tax exemptions in 2006-07 budget, with special focus on withdrawal of those exemptions which could yield maximum revenue. Outlining salient features of the new 'policy', official sources told Business Recorder on Wednesday that the CBR has started compiling a comprehensive proposal ...

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CBR Revises Standard Operating Procedure for Sales Tax Returns

ISLAMABAD (December 29 2005): The Central Board of Revenue (CBR) has asked the collectors to reject four types of inadmissible sales tax/federal excise returns, filed electronically by corporate sector. The CBR will not accept sales tax returns filed electrically which are invalid or do not contain 'digital certificate' or 'digital signature'. Returns would also be rejected in cases where attachments ...

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SECP unveils rules to allow non-member act as KSE chief

KARACHI (December 29 2005): The Securities and Exchange Commission of Pakistan (SECP) has announced rules to allow the Karachi Stock Exchange (KSE) to appoint non-member as its chairman aimed at limiting the possibility of conflict of interest. According to a statement issued on Wednesday, the SECP, in exercise of its powers under Section 34(5) of the Securities and Exchange Ordinance, ...

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Corporate entities need not submit documents when filing e-returns

SLAMABAD (December 25 2005): The corporate companies would not be required to submit supportive documents along with the income tax returns filed electronically for the 'tax year 2005' during current month. Official sources told Business Recorder on Saturday that the multinational companies and other corporate entities are required to submit additional documents along with the manually filed income tax returns. ...

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Fake SRO used to claim sales tax exemption

ISLAMABAD (December 25 2005): Some businessmen have tried to claim exemption of sales tax/customs by presenting fake 'Statutory Regulatory Order' (SRO) or 'exemption order' to the concerned collectorates, it is learnt. It has been brought to the notice of Central Board of Revenue (CBR) that bogus SRO was deliberately presented to two different collectorates for clearance of duties/taxes-free consignment, which ...

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Central Board of Revenue planning to revamp appeals system

ISLAMABAD (December 24 2005): The Central Board of Revenue (CBR) is planning to revamp the entire appeals system to speed up processing of cases at the levels of Adjudication; Commissioner, Appeals; Income Tax Appellate Tribunal (ITAT) and higher courts. Under the new program, a detailed strategy would be devised for restructuring the entire appeals structure. For this purpose, estimates of ...

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Rules for Continuous Funding System (CFS) implementation notified

KARACHI (December 20 2005): The Karachi Stock Exchange (KSE) has released rules and regulation pertaining to ‘continuous funding system’ (CFS) started from Monday on real time basis while the limit has been reduced by nearly Rs 500 million, following consent from the management of the Exchange. THE NOTIFICATION SAID: 1.ENTERING PREMIUM PERCENTAGES INSTEAD OF PREMIUM RATES: In order to limit ...

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SBP invites suggestions on new Export Finance Scheme

KARACHI (December 20 2005): The State Bank of Pakistan has invited suggestions and recommendations from all the stakeholders on the new Export Finance Scheme (EFS) 2005 in order to further update the scheme. The recommendations and suggestions have been invited by the Small & Medium Enterprise Department, State Bank of Pakistan (SBP). The SBP's EFS in operation since 1973 has ...

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