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Highlights of the Federal Budget FY 2009-10

KARACHI (June 13 2009) Following are the salient highlights of the budgetary measures taken by federal government in income tax, customs, sales and federal excise tax for 2009-10. INCOME TAX BUDGETARY MEASURES (FY 2009-10) Relief Measures The basic limit of exemption from income tax in respect of salaried persons is proposed to be increased from Rs.1,80,000 to Rs.2,00,000. In the ...

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SECP Defers Raise in Minimum Capital Requirement for Leasing Companies

KARACHI (May 23 2009): The Securities and Exchange Commission of Pakistan (SECP) has deferred, for two years, the implementation of increase in minimum capital requirement for leasing companies. This was announced by SECP Chairman Salman Ali Shaikh here on Friday while talking to media at the ceremony of launching of Year Book 2008 of the Leasing Association of Pakistan and ...

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FBR introducing new registration form for all taxpayers

ISLAMABAD (May 24 2009): The Federal Board of Revenue is introducing a new “Taxpayer Registration Form” for registration of income tax, sales tax, federal excise through a single form, simplifying registration process for business community. The new form would be used by all categories of taxpayers including corporate taxpayers, business entities, companies as well as individuals. Previously, corporate taxpayers and ...

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Auditors asked to conduct income tax audit only for a year

KARACHI (May 24 2009): Federal Board of Revenue (FBR) has directed its auditors to conduct income tax audit only for a year to facilitate the taxpayers, who are receiving audit notices for multiple years. The board is of the view that issuing of audit notices for multiple years creates a sense of frustration amongst taxpayers, hence in order to rationalise ...

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SECP issues new rules for Mutual Funds to ensure best practices

ISLAMABAD, March 27 2009: The Securities and Exchange Commission of Pakistan (SECP) on Thursday issued a circular for bringing the country’s mutual fund industry into sync with international best practices. Under the 11th circular of this year, the commission has directed all the asset management companies (AMCs) to comply with the new rules in respect of collective investment schemes being ...

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Insurance Rules 2002 amendment proposals: only licensed surveyors allowed to conduct business

ISLAMABAD (March 19 2009): Only licensed insurance surveyors under Insurance Ordinance 2000 would be allowed to conduct insurance survey of insured loss/damage to ensure impartiality and fair handling of a claim by an insurer under the proposed insurance surveying rules. The Securities and Exchange Commission of Pakistan (SECP) has proposed amendments/modifications in the insurance surveying rules of Insurance Rules 2002, ...

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FBR bars commercial importers goods from clearance

ISLAMABAD (March 16 2009): The Federal Board of Revenue (FBR) has barred commercial importers of miscellaneous goods from clearance of their consignments under Pakistan Customs Computerised System (PACCS), thus excluding commercial imports from the purview of computerised clearance system. The containers having miscellaneous goods are highly prone to misdeclaration due to combination of multiple items in one container. In case ...

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FBR to implement new strategy for speedy sales tax refunds

ISLAMABAD (March 17 2009): The Federal Board of Revenue (FBR) has implemented a new strategy for immediate clearance of outstanding sales tax refunds claims, where supplies data/invoice summary objections have been removed by the Sales Tax Automated Refund Repository computer system (STARR). In this connection, the FBR on Monday issued instructions to the Pakistan Revenue Automation Limited (PRAL) and directors-general ...

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RTO Islamabad asks banks to provide e-filed data of WHT deductions

ISLAMABAD (March 13 2009): Regional Tax office (RTO) Islamabad has directed certain commercial banks within the jurisdiction of federal capital to provide withholding tax data on various deductions made by banks and file electronic statement under section 165 of the Income Tax Ordinance 2001. Sources told the reporter on Thursday that the taxation officers of the Enforcement Section of the ...

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