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Finance

14 sugar mills sales tax audit started

ISLAMABAD (July 26 2005): Special audit of 14 sugar mills is underway to ascertain actual sales tax liability of this sector. The CBR has issued instructions to collectors of sales tax to ensure completion of audit, being conducted by chartered accountants, at the earliest. Official sources told Business Recorder on Monday that chartered accounts have been engaged to conduct special ...

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SECP defers transfer pricing till December 31

KARACHI (July 26 2005): The Securities and Exchange Commission of Pakistan (SECP) has granted further exemption from application of clause 6 of Part I of the Fourth Schedule to the Companies Ordinance, 1984 till December 31, 2005. It has also vide its letter No SMD/SE/2 (85) 2003 dated July 20, 2005, directed all the three stock exchanges to defer the ...

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SBP asks banks to diversify investments

KARACHI (July 25 2005): The State Bank of Pakistan (SBP) has asked all banks and financial institutions to diversify their investments as the stock market volatility holds special risk connotations for its participants. According to a report posted on State Bank of Pakistan webiste, the bank said that an overly optimistic market sentiment can move the index up. However, such ...

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Textile units sales tax refund claims to be verified

ISLAMABAD (July 25 2005): The Central Board of Revenue (CBR) has decided to issue sales tax refund to textile sector units only after verification of sales tax invoices to ensure authenticity of the fresh claims pertaining to tax period June, 2005. The CBR has issued instructions to all collectors of sales tax that refund claims filed by the textile sector, ...

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CBR to devise withholding tax agents registration system

ISLAMABAD (July 25 2005): The Central Board of Revenue (CBR) has decided to devise a 'centralized registration system of withholding tax agents' for their effective monitoring. The Board will also put in place a separate system to ascertain contribution of income tax made by different sectors of the economy. Official sources told Business Recorder on Sunday that CBR would devise ...

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100 percent waiver on taxes clearance by July 31

ISLAMABAD (July 24 2005): The Central Board of Revenue (CBR) has given 100 percent waiver of fine/additional tax, penal surcharge and penalties on payment of outstanding customs duty and sales tax and clearance of warehoused goods by July 31, 2005. An announcement made by the CBR on Saturday said that 100 percent waiver has been given under government commitment to ...

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State Bank guidelines for infrastructure financing

KARACHI (July 24 2005): The State Bank of Pakistan, after consultations with various stockholders, has formulated guidelines for banks and development finance institutions (DFIs) for infrastructure financing (IPF). According to a circular issued by SBP on Saturday, July 23, 2005, infrastructures require large investments and longer gestation periods for development, construction, start-up and operation. The guidelines have been tailored to ...

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Sales tax amnesty extended to July 31

ISLAMABAD (July 23 2005): While giving another opportunity to the taxpayers to clear their outstanding dues, the Central Board of Revenue (CBR) has extended sales tax amnesty scheme for the taxpayers to avail exemption of additional tax and penalty on payment of principal amount from June 30 to July 31, 2005. The CBR has amended SRO 520(I)/2005 of June 6, ...

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CBR notifies new income tax return forms

ISLAMABAD (July 23 2005): To encourage voluntary compliance by the business community, the Central Board of Revenue (CBR) has notified new income tax return forms, statements and annexes for the tax year 2005. Habib Fakhruddin, Member (Facilitation and Tax Education) and official spokesman of CBR, said on Friday that CBR has issued SRO 732(I)/2005 for issuance of new forms for ...

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Fifo to be adopted in sales tax refunds

ISLAMABAD (July 23 2005): The Central Board of Revenue (CBR) has conveyed to the exporters that the policy of 'First in First out' (Fifo) will be adopted for sanctioning of refund of sales tax paid on stocks under SRO 538(I)/2005. Official sources told this correspondent that Fifo phenomenon means priority will be given to a refund claimant who filed the ...

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