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Tax Clearing House for implementation of E-payment/refund facility through banks

ISLAMABAD (March 09 2010): The Electronic Payment and Refund System (EPARS) facility of Federal Board of Revenue (FBR) would be available through banks fulfilling minimum criteria notified by the State Bank of Pakistan (SBP). Sources told reporters here on Monday that the board would establish a Tax Clearing House (TCH) for implementation of the EPARS to directly deposit the refunds ...

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Central Depository Company (CDC) becomes ACCA Approved Employer

KARACHI (February 25, 2010) – The Central Depository Company of Pakistan (CDC) has been registered as an Approved Employer with the Association of Chartered Certified Accountants (ACCA), the global body for professional accountants. The registration process involved the assessment of CDCs standards for staff training and development as well as overall learning environment at the organization. This close relationship will ...

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SECP may give powers to its Enforcement Department to monitor and examine companies' accounts

ISLAMABAD (February 16 2010): The Securities and Exchange Commission of Pakistan (SECP) is likely to give powers of adjudication to its Enforcement Department to act against public unlisted and private companies, which failed in filing their annual audited accounts with the registrars of the commission. Sources told reporters on Monday that the proposal would further strengthen the working of SECP ...

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ACCA Pakistan to Launch SME Survival Kit

KARACHI (February 12, 2010) – Acknowledging the contribution of the SME sector to the economic growth, ACCA Pakistan in partnership with stakeholders like Small and Medium Enterprise Development Authority (SMEDA) and local chambers has been focusing on enhancing accounting, bookkeeping and taxation skills and knowledge of SME owner managers. ACCA Pakistan SME sub-committee has commissioned an SME Survival Kit that ...

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SBP Announcement: CNIC not needed for sub-$5000 foreign exchange deals

KARACHI (February 11 2010): The State Bank of Pakistan (SBP) on Wednesday announced that sellers and buyers of foreign exchange up to $5000 will be exempted from providing computerised national identity card (CNIC). Earlier, the SBP had stated that all transactions at exchange companies must be reported to SBP on the same day, and CNIC be obtained from all clients. ...

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Banking Companies (Amendment) Bill 2009 passed: SBP given powers to take control of banks

ISLAMABAD (February 09 2010): The National Assembly has passed the Banking Companies (Amendment) Bill 2009 enabling the State Bank of Pakistan (SBP) to change management in banks, impose losses on shareholders by writing down their capital, intervene and take control of banks, appoint administrators to manage and restructure banks when symptoms of crises are determined. The National Assembly Monday passed ...

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Finance Amendment Ordinance 2009 re-promulgated: Empowers Tax Officials

ISLAMABAD (February 09 2010): The federal government has re-promulgated the Finance Amendment Ordinance 2009 empowering tax officials to continue with making provisional assessment of the non-filers of income tax returns for the Tax Year 2009. Sources told reporters on Monday that the Finance Amendment Ordinance 2009 has been recently re-promulgated on the harmonisation of sales tax, federal excise duty and ...

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STARR to have detailed information on business bank accounts for refund claims

ISLAMABAD (February 09 2010): Detailed information on the business bank accounts of registered taxpayers would directly be available to the tax officials through the Sales Tax Automated Refund Repository System (Starr) for quick processing of refund claims. Sources told reporters on Monday that the taxpayers registered with Federal Board of Revenue e-portal would have to declare their relevant bank account ...

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ACCA Pakistan Organizes “Train the Teacher” Initiative

KARACHI (February 03, 2010) – As part of ACCA’s continued efforts to develop excellence in professional accounting education and establish best practices amongst tertiary accounting education providers, ACCA Pakistan recently organised “Train The Trainer" workshop on 3 February 2010 at the Marriott Hotel, Karachi. Dr Afra Sajjad, Head of Education and Policy Development of ACCA Pakistan and Barrister Mahreen Khan ...

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FBR to credit tax refunds upto Rs 50,000 to bank accounts

KARACHI (January 23 2010): In order to speed up tax refund process, the Federal Board of Revenue (FBR) has decided to credit tax refund amount up to Rs 50,000 directly to the taxpayers' bank accounts without electronic refund claims. Sources told reporters on Friday that the decision was taken at a meeting convened by FBR Chairman Sohail Ahmad at Regional ...

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