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Finance

Customs sub-collectorate set up at Sost

KARACHI (July 18 2005): In Northern Areas, Customs Sub-Collectorate has been set up at Sost for facilitation and smooth flow of trade between Pakistan and China. According to information received here, the Collector of Customs, Rawalpindi, Muhammad Nasir-ud-Din Mehboob, has issued an order this week for Silk Route Dry Port, defining functions of the Sub-Collectorate. The Collectorate will deal with ...

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Audit of goods released under DTRE ordered

ISLAMABAD (July 18 2005): The Central Board of Revenue (CBR) has ordered audit of imported consignments released under the 'Temporary Importation Scheme' and Duty and Tax Remission for Export (DTRE) rules to unearth cases where wrong assessments were made due to mis-declaration. This is for the first time that CBR has decided to simultaneously conduct audit of consignments cleared in ...

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SECP declares KSE decision for removing cap on COT as null and void

KARACHI (July 16 2005): The Securities and Exchange Commission of Pakistan (SECP) has declared Karachi Stock Exchange (KSE) decision for removing cap on COT financing as “null and void, without any validity in law whatsoever”. The stock market regulator on Thursday night issued a letter to KSE, which said: “We note with concern that, in the course of the meeting, ...

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Banks to accept sales tax returns with old numbers

LAHORE (July 16 2005): The Central Board of Revenue (CBR), with the co-operation of State Bank of Pakistan (SBP), has redressed the complaints of registered persons regarding submission of sales tax returns at various branches of National Bank of Pakistan (NBP). In pursuance of the advice from the CBR and SBP, the NBP head office has sent a letter to ...

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Withholding tax on pulses import reduced

KARACHI (July 13 2005): The government has reduced withholding tax on import of pulses from 6 percent to 2 percent to help stabilise the domestic prices and to tackle inflationary pressure. The government on Tuesday decided to reduce withholding tax on import of pulses from 6 percent to 2 percent and soon a Statutory Regulatory Order (SRO) would be issued ...

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SECP penalises 168 companies for violation of rules

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) maintained strict vigilance on the corporate sector and penalized 168 companies during June on account of violation of different legal provisions. The Companies Ordinance, 1984 empowers the Registrars of Companies of the SECP to initiate actions against companies and their management for violations of the law, said SECP source. The violations ...

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Badla investment and rates decline: SECP suspends COT phase-out

KARACHI (July 11 2005): The Securities and Exchange Commission of Pakistan (SECP) has accepted the plea of stock exchanges to suspend the phase-out of Carryover Transaction (COT) at the present level of Rs 12 billion, according to an SECP announcement. The SECP directive is in response to a letter written by three stock exchanges to Adviser to the Prime Minister ...

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Zero sales tax on jute products

ISLAMABAD (July 11 2005): The Central Board of Revenue (CBR) has conveyed to Pakistan Jute Mills Association (PJMA), Karachi, that sales tax at the rate of zero percent would be applicable on import and supply of jute and its products, including sacks/bags. In a clarification issued to the association on Sunday, the CBR observed that raw jute, falling under 'Pakistan ...

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CBR task force to recover tax arrears

ISLAMABAD (July 11 2005): The Central Board of Revenue (CBR) has constituted 'Task Force' in each collectorate of customs for speedy recovery of arrears from the tax defaulters. Official sources told Business Recorder on Sunday that the Task Force would be headed by Additional Collectors/Deputy Collectors to ensure recovery from these tax defaulters. Task Force has been given the assignment ...

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Presumptive tax facility withdrawn for manufacturers-cum-suppliers

ISLAMABAD (July 06 2005): The Central Board of Revenue (CBR) has withdrawn the facility for the manufacturers-cum-suppliers to operate under Presumptive Tax Regime (PTR) due to its misuse, resulting in revenue leakage. The Income Tax Circular 1 of 2005 has explained that manufacturers of goods could exercise the choice to opt for PTR pertaining to payments on account of supply ...

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