Accounting News
Economic and Finance News
Displaying items 1-15 from a total of 1782 item(s).
FBR to credit tax refunds upto Rs 50,000 to bank accounts
KARACHI (January 23 2010): In order to speed up tax refund process, the Federal Board of Revenue (FBR) has decided to credit tax refund amount up to Rs 50,000 directly to the taxpayers' bank accounts without electronic refund claims.
Published on 1/23/2010
FBR to issue investment bonds to swap tax refund liability with banks
KARACHI (January 22 2010): The Federal Board of Revenue is going to issue investment bonds to banks to swap tax refund liability of around Rs 15 billion. Sources told reporters on Thursday that the modalities in this regard are being finalised as Pakistan Banks Association (PBA) has accepted the proposal.
Published on 1/22/2010
SBP to gradually adopt AAOIFI's Shariah standards
KARACHI (January 17 2010) - The State Bank of Pakistan (SBP) has decided to gradually adopt Shariah standards issued by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) keeping in view the local environment and needs of the Islamic banking industry in the country.
Published on 1/17/2010
SECP allows KESC to issue 14.5 percent right shares
KARACHI (December 12 2009): The Securities and Exchange Commission of Pakistan (SECP) has allowed the Karachi Electric Supply Company (KESC) to issue 14.50 percent right shares ie 2.501 billion ordinary shares at per value ie Rs 3.5 per share total amounting to Rs 8.754 billion as announced by the board of directors of the company on October 27, 2209.
Published on 12/12/2009
Bosicor posts heavy loss of Rs10.33bn for 2009
KARACHI (November 11, 2009) - Loss after tax of Bosicor Pakistan refinery has jumped to Rs10.33 billion for the year ended June 30, 2009. It will be worth mentioning here that the company had managed to book a profit after tax of Rs15.12 million last year (2008).
Published on 11/11/2009
SBP removes conditions on commercial banks for wheat financing
KARACHI (November 11, 2009) - The State Bank of Pakistan (SBP) has withdrawn the conditions placed on commercial banks for giving financing facilities to the private sector for procurement of wheat with immediate effect.
Published on 11/11/2009
FBR considering changing RTO's jurisdiction for CVT collection to outside Karachi
KARACHI (November 10 2009): The Federal Board of Revenue (FBR) is planning to make suitable amendments in the jurisdiction of Regional Tax Offices (RTOs) to start assertive monitoring of the Capital Value Tax (CVT).
Published on 11/10/2009
FBR Lays Conditions for Sales Tax Zero-rating on Import of Polyethylene/polypropylene
ISLAMABAD (September 20 2009): The Federal Board of Revenue (FBR) has laid down certain conditions for sales tax zero-rating on import and supply of polyethylene and polypropylene for manufacture of mono filament yarn and net cloth.
Published on 9/20/2009
Signs of Global Economic Recovery Based on Fragile Evidence: ACCA Survey
KARACHI (September 17, 2009) - Claims that the worlds economy is recovering is based on fragile evidence, according to the latest Global Economic Conditions Survey by ACCA (the Association of Chartered Certified Accountants).
Published on 9/17/2009
Highlights of the Federal Budget FY 2009-10
KARACHI (June 13 2009) Following are the salient highlights of the budgetary measures taken by federal government in income tax, customs, sales and federal excise tax for 2009-10.
Published on 6/13/2009
Auditors asked to conduct income tax audit only for a year
KARACHI (May 24 2009): Federal Board of Revenue (FBR) has directed its auditors to conduct income tax audit only for a year to facilitate the taxpayers, who are receiving audit notices for multiple years.
Published on 5/23/2009
FBR introducing new registration form for all taxpayers
ISLAMABAD (May 24 2009): The Federal Board of Revenue is introducing a new "Taxpayer Registration Form" for registration of income tax, sales tax, federal excise through a single form, simplifying registration process for business community.
Published on 5/23/2009
SECP Defers Raise in Minimum Capital Requirement for Leasing Companies
KARACHI (May 23 2009): The Securities and Exchange Commission of Pakistan (SECP) has deferred, for two years, the implementation of increase in minimum capital requirement for leasing companies.
Published on 5/23/2009
SECP issues new rules for Mutual Funds to ensure best practices
ISLAMABAD, March 27 2009: The Securities and Exchange Commission of Pakistan (SECP) on Thursday issued a circular for bringing the country’s mutual fund industry into sync with international best practices.
Published on 3/27/2009
Insurance Rules 2002 amendment proposals: only licensed surveyors allowed to conduct business
ISLAMABAD (March 19 2009): Only licensed insurance surveyors under Insurance Ordinance 2000 would be allowed to conduct insurance survey of insured loss/damage to ensure impartiality and fair handling of a claim by an insurer under the proposed insurance surveying rules.
Published on 3/19/2009
