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Public Confidence in Accountants Growing

After a public-perception downfall following the 2002 accounting scandals, accountants are regaining ground. In response to a Harris Poll, 68 percent of U.S. adults surveyed said accountants tell the truth, up 13 percentage points from 55 percent four years ago. In comparison, about half (48 percent) of U.S. adults generally trust that the President tells the truth — down substantially ...

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AICPA, AAA, IAASB Launch Joint Research Project

Three international accounting bodies have joined forces to launch a research initiative that will provide a better understanding of users’ perceptions of the financial statement audit and the auditor’s report. The research is intended to independently examine the perceptions of users of financial statements in countries around the world. The American Institute of Certified Public Accountants (AICPA), the American Accounting ...

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ICAP announces Professional/Final Summer 2006 examination results

KARACHI, July 31, 2006: The Institute of Chartered Accountants of Pakistan (ICAP) has announced the results of its Professional/Final Summer 2006 Examinations. Result Summary: No. of Candidates Complete Passed in Final Examinations 159 Complete Passed in Module E (PE-1) 174 Permanent Credits in Module – E 408 Permanent Credits in Module – F 282 The following is the award of ...

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CBR plans new form to furnish monthly withholding tax for agents

ISLAMABAD (July 28 2006): A new monthly statement has been chalked out for the withholding agents for collection or deduction of withholding tax. The Central Board of Revenue (CBR) on Thursday issued draft of monthly statement for collection or deduction of withholding tax. It has proposed amendment to the Income Tax Rules, 2002, through an SRO.562(I)/2006 issued here on Thursday. ...

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CBR cuts withholding tax on contract carriage

ISLAMABAD (July 22 2006): The Central Board of Revenue (CBR) on Friday decided to reduce withholding tax on contract carriage services from 6 percent to 2 percent as full and final tax liability, under the Presumptive Tax Regime. This was stated by Mohammad Yousuf Shahwani, chairman, All Pakistan Oil Tankers Owners Association (Apotoa), on the conclusion of a daylong meeting ...

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ACCA Pakistan to Hold Seminar on SOX

ACCA Pakistan has arranged a series of one day seminars ‘Sarbanes Oxley: Value for Compliance’ in Islamabad, Lahore and Karachi on 31 July, 2 and 4 August respectively. The landmark Sarbanes-Oxley Act of 2002 was intended to reform public accounting practices and other corporate governance processes and shore up the capital markets. The aim of ACCA Pakistan’s seminar is  to ...

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SECP asks stock brokers to furnish details by June 22

KARACHI (June 21 2006): The Securities Exchange Commission of Pakistan (SECP) has asked a number of stock brokers to submit the series of details by June 22 in order to get confirmation whether they were involved in blank or short selling of shares during last week's unprecedented decline. According to capital market sources: trial balance as of March 31, 2006, ...

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CBR seeks powers to impose penalties, imprisonment

ISLAMABAD (June 21 2006): The government would empower the Central Board of Revenue (CBR) to slap Rs 2 million fine and up to 3-year imprisonment in case a person's security, including post-dated cheque and bank guarantee is dishonoured by the bank. Through proposed amendment in the Finance Bill 2006, if any person would furnish a security or guarantee in the ...

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Exemption to be held for mutual funds: CBR budget amendment proposal

ISLAMABAD (June 21 2006): The Central Board of Revenue (CBR) has submitted to the government that the proposed withdrawal of exemption, currently available to Mutual Funds, on making investment in carryover trade (COT) (Badla) in stock exchanges should not be incorporated in the amended Finance Bill 2006. Sources said on Tuesday that the tax managers have recommended amendment in the ...

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CBR grants duty relief on machinery components

ISLAMABAD (June 21 2006): The government has given exemption of customs duty on imports of raw materials, sub-components, sub-assemblies, components and assemblies (not manufactured locally) and used in the manufacture of prime movers including 'road tractors for semi-trailers and trailers of 280 HP and above'. The Board has amended SRO 543(I)/2004 through SRO 632(I)/2006 issued on Tuesday. The reduced rate ...

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