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CBR to collect 15 percent sales tax on UPS

ISLAMABAD (September 14 2006): The Central Board of Revenue (CBR) will collect 15 percent sales tax on import and local supply of 'uninterrupted power supply (UPS) of power rating up to 1.5 KVA' and battery charges. In this regard, the Board on Wednesday issued instructions to all collectors of sales tax for compliance. According to the directive, the Board has ...

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CBR simplifies sales tax rules

ISLAMABAD (September 13 2006): To simplify the sales tax documentation for leading sectors, the Central Board of Revenue (CBR) has withdrawn the condition of filing of 'sales tax invoice summary statement' by hotels; restaurants; CNG stations; retailers; courier services, persons engaged exclusively in sale/purchase from unregistered persons and those engaged exclusively in import-cum-export and are making no local purchases/supplies. The ...

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SECP revises NBFC Rules

ISLAMABAD (September 13 2006): The Securities and Exchange Commission of Pakistan (SECP), under revised Non-Banking Finance Companies (Establishment and Regulation) Rules, 2003 (NBFC Rules), has proposed single licensing regime for activities in leasing, investment finance services and housing finance services. The SECP on Tuesday notified draft amendments to the Non-Banking Finance Companies (Establishment and Regulation) Rules, 2003 (NBFC Rules). The ...

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Sales taxpayers without NTN to be barred from e-filing their returns

ISLAMABAD (September 02 2006): The Central Board of Revenue (CBR) will bar the registered sales taxpayers, operating without National Tax Number (NTN), from electronically filing sales tax returns, depositing tax or getting their consignments cleared under Customs Administrative Reform Project (CARE). In another major decision, the Board has asked the companies, having multiple sales tax registration numbers (STRNs), to operate ...

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SBP issues guidelines for livestock financing

KARACHI (August 29 2006): The State Bank of Pakistan (SBP) on Monday issued 'Guidelines for Livestock Financing' to facilitate and encourage the banks/financial institutions in enhancing flow of credit to the livestock sector. The 'guidelines' cover all areas of livestock financing business, including loan purpose and objectives, product development, eligibility of borrowers, delivery channels, monitoring mechanism, etc. With the issuance ...

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High refund claims lead to scrutiny of tax records

ISLAMABAD (August 29 2006): The Central Board of Revenue (CBR), to check the authenticity of claims, has started examining the tax records of corporate companies which have claimed huge amounts of income tax refunds. In this connection, the Board has started an in-depth exercise to scrutinise the data of corporate entities, claiming extraordinary high amounts of income tax refunds from ...

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Customs duty on black cabs reduced to 20 percent

ISLAMABAD (August 27 2006): The Central Board of Revenue (CBR) has reduced customs duty, to 20 percent, on import of the much-talked about 'Black Cabs' in Combined Built Unit (CBU) condition, to be imported by Prime Transport Limited (PTL), a Karachi based company, official sources told press. President Pervez Musharraf and Prime Minister Shaukat Aziz had allowed import of 300 ...

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Crescent Investment Bank fails to submit audited accounts

KARACHI (August 25 2006): The Crescent Standard Investment Bank Limited (CSIBL) will go down in record books as the bank has circulated “un-approved and un-audited” annual accounts for the year ended December 31, 2005 to its shareholders and that too after eight and a half months. The accounts show a loss of Rs 2,118,546,000 or loss per share (Rs 16.85) ...

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CBR reduces duty drawback on major sectors

ISLAMABAD (August 20 2006): The Central Board of Revenue (CBR) has reduced duty drawback rates for textile, leather, surgical, engineering and all other leading export sectors from August 17, 2006. The CBR on Saturday issued new standard duty drawback notifications. Which including SRO.837(I)/2006, SRO.838(I)/2006, SRO.839(I)/2006 and SRO.840(I)/2006 in supersession of the SRO.784(I)/2005, SRO.785(I)/2005, SRO.786(I)/2005 and SRO.787(I)/2005. The rates have been ...

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