Home » News » Finance (page 60)

Finance

Provisional sales tax registration allowed

ISLAMABAD (April 07 2004): Noticing the delay in sales tax registration of importers and manufacturers, the Central Board of Revenue (CBR) has directed all collectors of sales tax to immediately issue provisional registration certificates to the manufacturers and importers. This is subject to the condition that all the requisite documents should be submitted by the applicants. The CBR on Tuesday ...

Read More »

SBP to educate banks on SME lending

KARACHI: The State Bank of Pakistan (SBP) will pursue and educate commercial banks to extend loans to Small and Medium Enterprises (SMEs) on cash flow basis under the newly implemented Prudential Regulations for SMEs. This was stated by the Deputy Governor State Bank of Pakistan (SBP) Tawfiq A Hussain while responding to the complaints from SME sector at the first ...

Read More »

SBP asks banks to comply with prudential rules

KARACHI (April 02 2004): The State Bank of Pakistan (SBP) has explained that prudential regulations represented minimum standards that the banks needed to comply with, adding that the banks primary basis for lending should be the cash flows and not necessarily the collateral. This was stated by SBP Joint Directors Shaukat Zaman and Inayat Hussain, while making a presentation on ...

Read More »

SECP penalises three listed companies

KARACHI (April 02 2004): The Securities and Exchange Commission of Pakistan (SECP) has imposed penalties of Rs 95,000 on the chief executives of three listed companies which failed to prepare and circulate quarterly accounts within the prescribed time. The SECP is exercising strict vigilance to ensure that listed companies are submitting their quarterly accounts to their shareholders within one month ...

Read More »

Adamjee Insurance defers 2003 accounts announcement

KARACHI (March 31 2004): Adamjee Insurance Company has deferred the announcement and approval of the annual accounts for the year ended December 31, 2003. Adamjee Insurance through a notice on Tuesday informed the Karachi Stock Exchange (KSE) that a meeting of the board of directors of the company was scheduled to be held on Tuesday, March 30 at the registered ...

Read More »

MCB approves 27.5 percent cash dividend and 10 percent bonus

KARACHI (March 30 2004): Shareholders of Muslim Commercial Bank Limited on Monday approved 27.5 percent cash dividend and 10 percent bonus shares for the year 2003. The shareholders of Muslim Commercial Bank at its 56th annual general meeting chaired by Sh Mukhtar Ahmed approved the recommendations of the Board of Directors for payment of 27.5 percent cash dividend and 10 ...

Read More »

New rules to make Sales Tax refund more exporter-friendly

ISLAMABAD (March 30 2004): The new 'Sales Tax Refund Rules 2004' will be instrumental in giving preference to exporters under Gold/Silver categories available as per existing rules, making the refund procedure more exporter-friendly. Moreover, the exporters with more volume of export per annum will be given preference in issuance of refund as compared to those with less volume. The CBR ...

Read More »

Faysal Bank earns Rs 2.15 billion net profit in 2003

KARACHI (March 30 2004): Faysal Bank Limited has earned the profit highest amongst banks in Pakistan as Rs 2.15 billion after tax in the year 2003. Faysal bank held its Annual General Meeting of shareholders on Monday, which was chaired by the Director of the Bank Sanaullah Qureshi and member of its audit committee. The Bank's earnings per share grew ...

Read More »

PIA net profit likely to grow by 47 percent

KARACHI (March 30 2004): Pakistan International Airlines (PIA) net profit is expected to record an increase of 47 percent for the year ended on December 31, 2003, on the back of higher passenger traffic and reduction in financial costs. PIA is expected to announce its financial results for 2003 on Tuesday through Karachi Stock Exchange. Muneeza Imtiaz, research analyst from ...

Read More »

Revenue Board to issue Sales Tax Guide shortly

ISLAMABAD (March 29 2004): To facilitate the business community, the Central Board of Revenue (CBR) would shortly issue a Sales Tax Guide to explain Sales Tax Act, 1990, in a simple language to the taxpayers. Sources told Business Recorder here on Sunday that the compendium would clarify SROs, procedures and various sections of the Sales Tax Act, 1990, to guide ...

Read More »
X