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Documents not needed for Sales Tax refund through Electronic Refund Claim: FBR

ISLAMABAD (May 14, 2010) – The Federal Board of Revenue has abolished condition for submission of documents including invoices, credit notes, debit notes, goods declarations, bank credit advises, etc, for obtaining sales tax refund using Electronic Refund Claim (ERC) under Expeditious Refund System. The FBR on Thursday issued procedure for filing and processing of expeditious refund by IT system of ...

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SBP exempts Microfinance Banks' time deposits from Cash Reserve Requirement

KARACHI (May 14, 2010) – State Bank of Pakistan (SBP) has decided to exempt time deposits of one-year tenor and above, held by microfinance banks (MFBs) for maintenance of Cash Reserve Requirement (CRR), and time liabilities of one year tenor and above for maintenance of Statutory Liquidity Requirement (SLR). In terms of powers conferred upon SBP, under section 18 of ...

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ACCA Gets Brand Award for Second Consecutive Year

KARACHI (May 10, 2010) – ACCA Pakistan has been declared as the winner of 'Brands of the Year Award' in the category of Professional Accountancy Program for the second time, consecutively, this year. ACCA’s success with a decisive majority indicates a continuum of ACCA’s increasing brand popularity, strong stakeholder confidence and a high level of customer satisfaction. The award was ...

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Results from ACCA Show Continuing Rise in Demand for Accountants

KARACHI (April 26, 2010) – ACCA (the Association of Chartered Certified Accountants) continues to see growth in member and student numbers, reflecting the need for professional accountants, especially in the context of global economic conditions. The global membership of ACCA now stands at 140,000, a growth of 6.5 per cent from the 31 December 2008 figure of 131,500 members. Student ...

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Violation of Securities Laws: SECP Penalizes Stockbrokers, Stakeholders

ISLAMABAD (April 20 2010) – The Securities and Exchange Commission of Pakistan (SECP) has imposed penalties on 22 members of the stock exchanges and other market stakeholders for violation of securities laws pertaining to insider trading, price manipulation, short/blank selling, wash trades, broker misconduct and non-compliance of the listing regulations during last one year. According to an announcement by the ...

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VAT Regime: Verification of Invoices Biggest Challenge for FBR

ISLAMABAD (April 20, 2010) – The verification of invoices and cross-matching of reported sales and purchases within the entire supply chain is the biggest challenge being faced by the Federal Board of Revenue in the implementation of the Value Added Tax from next fiscal year. In their budget proposals for 2010-11, tax experts of the Association of Chartered Certified Accountants ...

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ACCA issues proposals for Federal Budget 2010

KARACHI (April 9, 2010) – Maintaining its practice of submitting annual budget proposals, ACCA Pakistan Budget proposals “Supporting Fair Taxation” outline practical recommendations aimed at establishing a fair taxation system by widening the tax base and nurturing a culture of voluntary tax payment. To make Pakistan’s corporate tax rates globally competitive, a progressive series of rates of 25%, 30% and ...

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ACCA Pakistan Organizes Workshops for Financial English Teachers

KARACHI (April 01, 2010) – ACCA Pakistan recently organized training workshops for teachers of Cambridge ICFE (International Certificate in Financial English) in Karachi and Lahore. English is the international language of accounting and finance, for finance professionals excellent financial English skills represent greater employability and enhanced career progression. For finance and accounting students this means greater ease in passing professional ...

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SECP to make e-listing of new companies mandatory

ISLAMABAD (Mar 31, 2010) – The Securities and Exchange Commission of Pakistan (SECP) has decided that all listed companies will be directed to convert to e-service and the electronic registrations would be made mandatory for all new companies, Registrar of companies Jawed Hussain said here on Tuesday. Talking to media at a workshop on e-services in the SECP he said ...

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ACCA Pakistan Recognises Members through Networking Event

ISLAMABAD (March 12, 2010) – Association of Chartered Certified Accountants (ACCA) Pakistan held an annual networking event for its members in Islamabad today at the Serena Hotel providing a unique opportunity to build linkages within the ACCA community and benefit from networking with leadership from well recognised employers from the industry. This annual networking event marked the celebration of ACCA ...

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