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Finance

Sales tax relief on unsold stocks extended

KARACHI (January 08 2005): The Central Board of Revenue (CBR) has extended the sales tax exemption on unsold stocks of the importers, which expired on December 31, till March 31. The Sales Tax Collectorate sources said on Wednesday that the extension on unsold stocks had been granted on the recommendation of Karachi Chamber of Commerce and Industry (KCCI) and other ...

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SBP sets up $15 million fund for micro-finance banks

KARACHI (January 06 2005): The State Bank of Pakistan (SBP) on Wednesday announced establishment of a New Bank Fund (NBF) worth $15 million to provide institutional strengthening support to district and province-based Micro-finance Banks (MFBs). The SBP said that the Fund would provide institution and network building soft loans to new Micro-finance Banks licensed by the State Bank to operate ...

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CIRC, National Assets reach settlement

KARACHI: State-controlled Corporate and Industrial Restructuring Corporation (CIRC) and National Assets Leasing Corporation (NALC) have reached a financial settlement, under which the NALC will pay Rs10 million to the CIRC to revive business operations of this almost dead leasing company. The Securities and Exchange Commission of Pakistan (SECP) has already issued a notice to this leasing company to wind up ...

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SECP fines PICIC for insider trading

KARACHI: The Pakistan Industrial Credit and Investment Corporation Ltd (PICIC) has been fined Rs500,000 by the Securities and Exchange Commission of Pakistan (SECP) for insider trading in two of its subsidiary mutual funds. According to a SECP press statement on Tuesday, the PICIC has been fined for indulging in the trading of PICIC Investment Fund (PIF) and PICIC Growth Fund ...

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Adjudication collectorates powers enhanced

ISLAMABAD (January 05 2005): The Central Board of Revenue (CBR) has empowered the collectors, collectorates of customs, sales tax and central excise, (adjudication) to settle cases pertaining to the directorate general of intelligence and investigation, customs and excise. The powers of adjudication authorities have been enhanced to deal with the cases of respective regional offices of directorate of intelligence and ...

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SBP revises criteria for banks to open new branches

KARACHI (January 05 2005): The State Bank of Pakistan (SBP) has revised criteria for banks to open new branches. A SBP notification issued here on Tuesday said, “It has been further decided that henceforth every bank, which has a branch network of more than 100 branches, shall open at least 20 percent of the branches outside the jurisdiction of big ...

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UBL, Askari and Prime Bank may float Rs 4.3 billion terms finance certificates

KARACHI (January 05 2005): The United Bank Ltd, Askari Commercial Bank, and the Prime Commercial Bank Limited have planned to float terms finance certificates (TFCs) soon aimed at raising funds towards Tier-II capital for minimum capital requirement. These TFCs would jointly raise nearly 4.3 billion rupees to help expand their services and open new branches. The United Bank Ltd (UBL) ...

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Six units excluded from Karachi LTU jurisdiction

ISLAMABAD (January 05 2005): The Central Board of Revenue (CBR) has excluded six units from the jurisdiction of Large Taxpayer Units (LTU), Karachi. Following are the names and sales tax registration numbers of the excluded units: Hafiz Tannery (sales tax registration number 202420300273); Pakistan Paper Sack Corporation Ltd (1200481901164); Adamjee Enterprises (1101620002746); Adamjee Impex International (1100119015946); Muhammad Shafi Tanneries (Pvt) ...

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CED exemption on cement used in EPZs not allowed

ISLAMABAD (January 04 2005): The Central Board of Revenue (CBR) has turned down a major demand of the ministry of industries and production seeking exemption of central excise duty (CED) on cement used in Export Processing Zones (EPZs) for building infrastructure. In this connection, the CBR has issued instructions to all collectors of sales tax to charge central excise duty ...

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Tax disputes: CBR launches drive for out-of-court settlement

ISLAMABAD (December 21 2004): The Central Board of Revenue (CBR) has launched a countrywide campaign to encourage the business community for out-of-court settlement through Alternative Dispute Resolution (ADR) mechanism. In this connection, the Legal Wing of CBR has conveyed to the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) to take advantage of ADR system for settlement of tax-related ...

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