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Meezan Bank Records 61% Growth in Quarterly Post-tax Profit

KARACHI (May 02, 2011) – Meezan Bank recorded 61% growth in its post-tax profit for the quarter ended March 31, 2011. A statement said here on Monday that the Profit after tax for the quarter increased to Rs.586 million as compared to Rs.364 million in the corresponding quarter last year. It said that the Board of Directors of Meezan Bank ...

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FBR Gives Inland Revenue Officials Power to Demand Tax Record

ISLAMABAD (November 15, 2010) -The Federal Board of Revenue (FBR) has empowered all officials of Inland Revenue, authorised by the concerned commissioner, to direct taxpayers for submitting tax records/documents to conduct sales tax audit under section 25 of the Sales Tax Act, 1990. In this connection, the FBR has issued a clarification to the Large Taxpayer Unit (LTU), Islamabad. Sources ...

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Withholding Tax Statements Filed by Agents u/s 165 of ITO to be Desk Audited

ISLAMABAD  (November 02, 2010) – The withholding tax (WHT) statements filed by the withholding agents under section 165 of the Income Tax Ordinance 2001 (ITO) for first quarter (July-September) of 2010-11 would be subjected to desk audit to check discrepancies in payment of taxes for improving collection during current fiscal. Sources told reporters here on Monday that the deadline for filing ...

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SECP Extends Validity Periods of CRS and CEES

ISLAMABAD  (November 02, 2010) – The Securities and Exchange Commission of Pakistan (SECP) has further extended the validity period of the Companies Regularisation Scheme (CRS) and the Companies Easy Exit Scheme (CEES) for another month, up to November 30, 2010, according to its Circular No 25 of 2010, its press release on Monday said. These schemes were initially operative for three ...

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World Bank Asks FBR to Develop Simple Accounting System for Small Taxpayers

ISLAMABAD  (November 02, 2010) – The World Bank review mission has asked the Federal Board of Revenue (FBR) to develop a simple accounting system for small taxpayers by March 2011 to encourage documentation in the country. Sources told reporters here on Monday that the FBR has a huge number of small taxpayers in its taxpayers' register. Many of the taxpayers cannot ...

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Standard Rate for Reformed General Sales Tax (RGST) Proposed

ISLAMABAD (October 12, 2010) – The standard rate of sales tax under the reformed general sales tax (RGST) has been proposed as 17 percent to avoid any major revenue shortfall during the remaining months of current fiscal (2010-11). Sources told reporters here on Monday that the Federal Board of Revenue has also proposed standard rate of 17 percent for sales ...

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Highlights of the the Federal Budget 2010-11

KARACHI (June 06, 2010) – The finance minister yesterday announced the federal budget for 2010-2011 in the parliament. The highlights of the budget are listed below. A. INCOME TAX BUDGETARY MEASURES Relief Measures 1. In order to provide relief to large number of taxpayers deriving their incomes from Salary and business, the limit of Basic Exemption is proposed to be ...

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SECP Act 2010 Draft Proposal: Destruction of documents to be a serious offense

ISLAMABAD (May 26, 2010) – Securities and Exchange Commission of Pakistan Act 2010 will consider destruction of documents by companies as a serious offense in case a person deliberately destroys, falsifies, conceals or disposes of any document which is required during inspection or investigation by the commission. Sources told reporters here on Tuesday the draft of the Securities and Exchange ...

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