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SBP pays Rs 29 billion under Long Term Finance for Export Scheme

KARACHI (December 23 2006): The State Bank of Pakistan has disbursed Rs 29 billion by December 20, 2006 under its long term financing scheme for export oriented project (LTE-EOP), it was learnt on Friday. Out of this disbursement Rs 20.20 billion went to textile sector under the debt swap option offered by the SBP earlier, and Rs 8.8 billion constituted ...

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CBR audit officials denied access to records

ISLAMABAD (December 20 2006): The regional income tax officials have shown reluctance to provide tax records of different companies/units to CBR Directorate-General Inspection and Internal Audit for unearthing discrepancies/violations of rules. It is learnt that the issue was discussed in the last Commissioners' conference and instructions were issued to field formations for compliance. Sources said that DG Inspection and Internal ...

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SECP Asks Listed Companies to Adopt IFRS

ISLAMABAD (December 20 2006): The Securities and Exchange Commission of Pakistan (SECP) has asked the listed companies to follow International Financial Reporting Standards (IFRSs) for maintaining of balance sheets and profit and loss accounts. According to the recently issued SRO.(I)/2006, the SECP has directed that IFRSs 2, 3, 5, and 6, issued by the International Accounting Standards Board, shall be ...

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SBP relaxes rules for foreign companies for opening bank account

KARACHI (December 09 2006): The State Bank of Pakistan has decided to relax the condition of obtaining 'Board Resolution' and 'Certificate of Commencement of Business' for opening bank account of only those foreign companies which belong to countries where similar requirements are not enforced under their rules and regulations. The central bank, in a letter to the presidents and chief ...

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SBP may get powers to penalise currency dealers

ISLAMABAD (November 28 2006): The government is likely to authorize the State Bank of Pakistan (SBP) to impose monetary penalties on foreign exchange companies for violation of Foreign Exchange Regulation Act (FERA), 1947, sources in Finance Ministry have said. For this purpose, the Ministry has proposed amendments in the Act to be considered by the Cabinet in its meeting to ...

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CBR for following President's order on timeframe for adjudication

ISLAMABAD (November 28 2006): The Central Board of Revenue (CBR) has directed the collectors of sales tax to strictly follow the President's judgment for adjudication of cases within the given timeframe under Sales Tax Act, 1990. Sources told Business Recorder on Monday that the Board has issued instructions to all collectors of sales tax to follow the time period for ...

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CBR to conduct last three years' sales tax, FED refund audit

ISLAMABAD (November 25 2006): The Central Board of Revenue (CBR) has decided to conduct audit of sales tax refund and federal excise duty (FED) rebate to exporters during last three financial years. Sources told this correspondent on Friday that the Board has decided to carry out audit of refund/rebate based on the information to be provided by the Collectorates of ...

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CBR reconciles telecom sector revenue figures with PTA

ISLAMABAD (November 25 2006): The Central Board of Revenue (CBR) has started reconciliation of revenue figures of telecom companies, including mobile phone operators, with the Pakistan Telecommunication Authority (PTA) database to check the volume of duties and taxes paid by this sector. Sources said on Friday the board has issued instructions to the collector, sales tax and federal excise, Rawalpindi ...

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Plan to make government insurance companies more business-friendly

ISLAMABAD (November 18 2006): Commerce Ministry is preparing a strategy to make the public sector insurance companies more business-friendly and efficient as compared to private sector to avoid international financial institutions' resentment on their privatisation. The plan is being deliberated at a time when Asian Development Bank Financial Management Governance Program (FMGP) mission is coming here to discuss progress on ...

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Balochistan Abolishes Stamp Duty on Memorandum and Articles of Memorandum

Islamabad – November 16, 2006: The Provincial Assembly of Balochistan has passed the Stamp Amendment Bill, 2006, on November 01, 2006 abolishing the stamp duty on Memorandum and Articles of Association of companies. As proposed by the SECP, the stamp duty on companies has already been abolished by the provincial governments of Punjab, N.W.F.P and Sindh. As a result of ...

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