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AF Ferguson / PWC may face ban on practice

KARACHI (November 08 2006): The Institute of Chartered Accountant of Pakistan has referred A F Ferguson, member of PricewaterhouseCoopers (PWC), to its Investigation Committee to see if the firm has engaged in professional misconduct. The Investigation Committee will begin its deliberation on November 8. It may be recalled that A F Ferguson (Ferguson), representative of global firm PWC in Pakistan, ...

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SECP allows brokers to pledge CFS-financed securities

KARACHI (November 03 2006): The Securities and Exchange Commission of Pakistan (SECP) has allowed the broker CFS financier to pledge CFS-financed securities with the stock exchange as deposit against exposure. In a notification issued here on Thursday, the SECP said that such pledging will only be allowed in the case of proprietary CFS financing by the broker. Consequently, from November ...

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CBR restores excise duty rebate and sales tax refund on cement exports

ISLAMABAD (November 03 2006): The Central Board of Revenue (CBR) has restored rebate of federal excise duty (FED) and refund of sales tax on the cement export via land, air or sea route from November 1, 2006. The CBR on Thursday issued two notifications to implement the decision. Through an SRO.1086(I)/2006, the board has rescinded SRO.391(I)/2006 of April 27, 2006, ...

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SECP Issues Revised Draft of Real Estate Investment Trust Rules

ISLAMABAD (November 03 2006): The Securities and Exchange Commission of Pakistan (SECP) has issued revised draft of the Real Estate Investment Trusts (REITs) rules to put in place the legal framework for real estate transactions in Pakistan. According to an SECP announcement on Thursday, the revised draft of the 'REIT rules' would be notified under part VIII-A of the Companies ...

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SECP raises CFS limits for bourses

ISLAMABAD (November 03 2006): After a detailed meeting with the stock exchanges management, the Securities and Exchange Commission of Pakistan (SECP) on Thursday enhanced the CFS limit to Rs 55 billion for Karachi Stock Exchange (KSE), Rs 10 billion for Lahore Stock Exchange (LSE) and Rs 5 billion for the Islamabad Stock Exchange (ISE) from November 6. It also delayed ...

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CBR Imposes Regulatory Duty on Fixed Wireless Terminals Import

ISLAMABAD (November 03 2006): While exempting/reducing customs duty on the import of several items, the Central Board of Revenue (CBR) has imposed 5 percent regulatory duty (RD) on the import of 'fixed wireless terminals' and 15 percent RD on the import of Ampicillin/Amoxicillin capsules/syrup. Through an SRO.1089(I)/2006 issued on Thursday, the board has levied regulatory duty on the import of ...

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Ex-CEO of Software Giant gets 12 years prison for Accounting Fraud

The former chief executive of Computer Associates International Inc. was sentenced to 12 years in prison and was fined $8 million on Thursday for his role in a massive accounting fraud scandal at one of the world's largest software companies. Sanjay Kumar, 44, had faced up to 20 years behind bars after pleading guilty in April to obstruction of justice ...

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Banks ignore SBP directives as ATMs remain out of cash

KARACHI (October 25 2006): Despite clear directives by the State Bank of Pakistan (SBP) to all banks that adequate backup arrangements should be made to ensure availability of ATM service round the clock, the ATM card users are facing severe hardships in withdrawing cash. Over 80 percent of ATM counters of different banks, including MCB Bank, were either out of ...

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CBR can forgo tax on loans from non-resident bank

ISLAMABAD (October 24 2006): The Central Board of Revenue (CBR) is empowered to give income tax exemption to loans obtained through financing arrangement by a non-resident bank for the Pakistan International Airlines (PIA) for acquiring three Boeing 777-300 ER aircraft and one General Electric Propulsor from Boeing Inc, USA. Sources told Business Recorder on Monday that the national flag carrier ...

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CBR opposes new exemptions to aviation industry

ISLAMABAD (October 11 2006): The Central Board of Revenue (CBR) has opposed any new exemption/concession of duties and taxes to the aviation industry, particularly the flying schools, and chartered planes under the proposed National Aviation Policy (NAP) 2006. Sources told Business Recorder on Tuesday that the tax officials have submitted their comments on NAP, keeping in view the exemptions given ...

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