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SECP Issues Draft of Companies Buy-back of Shares Regulations, 2009

ISLAMABAD (January 23 2009): The Securities and Exchange Commission of Pakistan (SECP) has issued draft of the “The Companies (Buy-Back of Shares) Regulations, 2009,” to elaborate the procedure for the listed companies to buy back/repurchase their own shares. The commission on Thursday issued draft SRO(I)/2009 for obtaining viewpoint of the stakeholders on the new procedure. The draft regulations have also ...

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SBP Allows One-year Grace Period on Long Term Financing Facility

KARACHI (January 23 2009): The State Bank of Pakistan (SBP) has given a one year grace period on loans availed under the Long Term Financing Facility (LTFF) scheme. The circular to this effect was issued on Thursday following the demand put forth by Dr Ikhtiar Baig on behalf of export oriented industry. As a result around Rs 11.8 billion due ...

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KSE amends listing regulations regarding transfer pricing and corporate governance

Jan. 20, 2009 – KARACHI: The Karachi Stock Exchange has made amendments to the listing regulations regarding transfer pricing and corporate governance. According to the KSE, the management had already sought permission from the Securities and Exchange Commission of Pakistan for these amendments. According to the amendments, Chapter XII captioned Transfer Pricing and Regulation 38 (1) to (11) thereunder have ...

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SBP announces exposure limit reduction process for banks

KARACHI (January 20 2009): As part of banking reforms, the State Bank of Pakistan has provided a roadmap for banks to increase their capital and reduce their exposure limits. According to international standards, bank exposure to a single entity has been limited to 25 percent. Unlike the developed world, where a holding company is regarded as a single entity, SBP ...

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FBR merges direct tax, sales tax and federal excise into one department

ISLAMABAD (January 16 2009): The Federal Board of Revenue has merged direct tax, sales tax and federal excise into one department, called 'Inland Revenue' which would be headed by a single Member. Under the revamped organisational structure of the FBR, former Member Direct Taxes Irfan Nadeem has been appointed as FBR Member Inland Revenue with immediate effect. The position of ...

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Morgan Stanley and Citigroup to merge brokerage operations

NEW YORK (January 15 2009): Citigroup and Morgan Stanley announced plans Tuesday to merge the world-wide brokerage operations of the banking giants in a deal giving ailing Citi 2.7 billion dollars in upfront cash. The combined firm, to be called Morgan Stanley Smith Barney, will have 1.7 trillion dollars in client assets and some 20,000 brokers world-wide. The deal was ...

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FBR cuts depreciation to one percent on Import of old, used vehicles

ISLAMABAD (January 15 2009): The Federal Board of Revenue (FBR) has reduced depreciation from two to one percent on import of old and used vehicles by overseas Pakistanis. The FBR has amended SRO.577 (I)/2005 through a notification issued here on Wednesday. As a result, the decision to make 50 percent reduction in depreciation rate would increase overall rates of duties ...

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SECP amends Companies Ordinance to Allow Listed firms to Buy Back Shares

ISLAMABAD (January 11 2009): The Securities and Exchange Commission of Pakistan (SECP) has allowed listed companies to buy back their own shares and hold them as treasury shares, which may be re-issued under the regulations being prescribed by the Commission. The SECP on Saturday amended section 95A of the Companies Ordinance 1984 through Companies (Amendment) Ordinance, 2009. Details showed that ...

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FBR considering set up of separate withholding tax functions in RTOs

ISLAMABAD (January 12 2009): The Federal Board of Revenue (FBR) is examining a proposal to set up a separate function of withholding tax in each Regional Tax Office (RTO) for proper enforcement of withholding provisions under the Income Tax Ordinance 2001. Sources told reporters on Saturday that the board is seriously considering two proposals for changes in the organisational structure ...

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