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Withholding tax on pulses import reduced

KARACHI (July 13 2005): The government has reduced withholding tax on import of pulses from 6 percent to 2 percent to help stabilise the domestic prices and to tackle inflationary pressure. The government on Tuesday decided to reduce withholding tax on import of pulses from 6 percent to 2 percent and soon a Statutory Regulatory Order (SRO) would be issued ...

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SECP penalises 168 companies for violation of rules

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) maintained strict vigilance on the corporate sector and penalized 168 companies during June on account of violation of different legal provisions. The Companies Ordinance, 1984 empowers the Registrars of Companies of the SECP to initiate actions against companies and their management for violations of the law, said SECP source. The violations ...

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Badla investment and rates decline: SECP suspends COT phase-out

KARACHI (July 11 2005): The Securities and Exchange Commission of Pakistan (SECP) has accepted the plea of stock exchanges to suspend the phase-out of Carryover Transaction (COT) at the present level of Rs 12 billion, according to an SECP announcement. The SECP directive is in response to a letter written by three stock exchanges to Adviser to the Prime Minister ...

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Zero sales tax on jute products

ISLAMABAD (July 11 2005): The Central Board of Revenue (CBR) has conveyed to Pakistan Jute Mills Association (PJMA), Karachi, that sales tax at the rate of zero percent would be applicable on import and supply of jute and its products, including sacks/bags. In a clarification issued to the association on Sunday, the CBR observed that raw jute, falling under 'Pakistan ...

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CBR task force to recover tax arrears

ISLAMABAD (July 11 2005): The Central Board of Revenue (CBR) has constituted 'Task Force' in each collectorate of customs for speedy recovery of arrears from the tax defaulters. Official sources told Business Recorder on Sunday that the Task Force would be headed by Additional Collectors/Deputy Collectors to ensure recovery from these tax defaulters. Task Force has been given the assignment ...

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IASB, FASB Publish First Joint Proposals

The International Accounting Standards Board and the U.S. Financial Accounting Standards Board each issued proposals that aim to improve and align the accounting for business combinations. The proposals include a draft standard that the two boards developed in their first major joint project. The objective of the project is to develop a single high-quality standard for accounting for business combinations ...

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CBR gives options under tax concessionary scheme

ISLAMABAD (July 06 2005): The Central Board of Revenue (CBR) has given option to the companies to avail the concessionary scheme introduced for retailers of textiles and other sectors to pay 3 percent combined concessionary tax including one percent income tax and three percent sales tax. However, income tax paid by companies under this scheme will be treated as advance ...

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Presumptive tax facility withdrawn for manufacturers-cum-suppliers

ISLAMABAD (July 06 2005): The Central Board of Revenue (CBR) has withdrawn the facility for the manufacturers-cum-suppliers to operate under Presumptive Tax Regime (PTR) due to its misuse, resulting in revenue leakage. The Income Tax Circular 1 of 2005 has explained that manufacturers of goods could exercise the choice to opt for PTR pertaining to payments on account of supply ...

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Procedure for withholding tax agents simplified

ISLAMABAD (July 05 2005): The Central Board of Revenue (CBR) has made it mandatory for all withholding tax agents to submit quarterly and annual statements with details of tax collected or deducted. The CBR has amended Income Tax Rules 2002 through SRO 641(I)/2005 to simplify the deduction procedure for withholding tax agents. All withholding tax agents, other than Federal and ...

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