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SECP serves notices to brokers involved in wash sales

ISLAMABAD (August 05 2005): On the recommendation of the Task Force probing stock market crash, the Securities and Exchange Commission of Pakistan (SECP) has served show-cause notices on individuals allegedly involved in “insider trading” and wash sales. The commission in a statement on Thursday said that since the report identifies a large number of brokers, the SECP has decided to ...

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No retrospective recovery of presumptive tax under study: CBR

ISLAMABAD (August 05 2005): The Central Board of Revenue (CBR) is considering not to retrospectively recover amount from the manufacturers-cum-suppliers, who operated under Presumptive Tax Regime (PTR), as the tax authorities have withdrawn the facility in Budget 2005-06, which resulted in massive revenue leakage. In this connection, amendments in the budgetary decision is likely to be announced on Friday after ...

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Drive begins to raise GST collection from big units

ISLAMABAD (August 02 2005): The Central Board of Revenue (CBR) has launched an exercise to raise general sales tax (GST) collection from the large-scale manufacturing units to meet the ambitious target of Rs 690 billion in fiscal 2005-2006. Sources told this correspondent on Monday that there is a visible gap between the growth in the large-scale manufacturing sector and growth ...

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CBR barred from auditing PIA income tax return

ISLAMABAD (August 02 2005): Federal Tax Ombudsman (FTO) former Justice Munir A. Sheikh has stopped audit of PIA's income tax return for the year 2003 by the Central Board of Revenue (CBR) due to defective order/notice, as they lacked essentials required by the law. The FTO took this decision on an application filed by the Pakistan International Airlines Corporation (PIAC), ...

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President endorses CITs authority for audit

ISLAMABAD (August 01 2005): Endorsing the CBR's verdict on audit under the Universal Self-Assessment Scheme (USAS), President Pervez Musharraf has set aside the judgement of Federal Tax Ombudsman (FTO) confirming that the Commissioners of Income Tax (CITs) were empowered to select any case for audit of the income tax record maintained by a person. Sources told Business Recorder on Sunday ...

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SBP allows change in MCB name

KARACHI (July 31 2005): The State Bank of Pakistan has allowed change in the name of Muslim Commercial Bank as MCB Bank Limited with effect from August 1, 2005. According to a notification BPD (PU-31)/625/x/2005/9419, issued here on Saturday, the central bank approved and notified the said change in exercise of the powers conferred on it by clause (c) of ...

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CBR clarifies withholding tax on ship-breaking

ISLAMABAD (July 28 2005): To facilitate the ship-breaking industry, the Central Board of Revenue (CBR) has announced that one percent reduced rate of withholding tax on import of ships for dismantling would be applicable on the 'Bills of Entry' presented on or after July 1, 2005. The CBR on Wednesday issued Income Tax Circular 5 of 2005 to clarify the ...

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PSO profit may depict 40 percent growth in fiscal year 2005

KARACHI (July 28 2005): Pakistan State Oil Limited (PSO) is expected to report a 40 percent growth in its earnings for the year ended June 30 because of higher sales of black and white oil and higher crude oil prices. According to an analyst from Investcapital Securities, the net profit of the PSO would range between Rs 5.88 billion and ...

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UBL earnings may double

KARACHI (July 28 2005): United Bank net earnings for the six months ended on June 30, 2005, would be more than double because of increase in net interest income and income generated through brokerage and commission. UBL started its official marathon at the KSE from Monday (June 25) with a downward circuit breaker on its second trading day to mark ...

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