Accounting News
Economic and Finance News
Displaying items 1-15 from a total of 1788 item(s).
Tax Clearing House for implementation of E-payment/refund facility through banks
ISLAMABAD (March 09 2010): The Electronic Payment and Refund System (EPARS) facility of Federal Board of Revenue (FBR) would be available through banks fulfilling minimum criteria notified by the State Bank of Pakistan (SBP). Sources told reporters here on Monday that the board would establish a Tax Clearing House (TCH) for implementation of the EPARS to directly deposit the refunds payment to the taxpayer's bank account.
Published on 3/9/2010
SECP may give powers to its Enforcement Department to monitor and examine companies' accounts
ISLAMABAD (February 16 2010): The Securities and Exchange Commission of Pakistan (SECP) is likely to give powers of adjudication to its Enforcement Department to act against public unlisted and private companies, which failed in filing their annual audited accounts with the registrars of the commission.
Published on 2/16/2010
SBP Announcement: CNIC not needed for sub-$5000 foreign exchange deals
KARACHI (February 11 2010): The State Bank of Pakistan (SBP) on Wednesday announced that sellers and buyers of foreign exchange up to $5000 will be exempted from providing computerised national identity card (CNIC). Earlier, the SBP had stated that all transactions at exchange companies must be reported to SBP on the same day, and CNIC be obtained from all clients.
Published on 2/11/2010
STARR to have detailed information on business bank accounts for refund claims
ISLAMABAD (February 09 2010): Detailed information on the business bank accounts of registered taxpayers would directly be available to the tax officials through the Sales Tax Automated Refund Repository System (Starr) for quick processing of refund claims.
Published on 2/9/2010
Finance Amendment Ordinance 2009 re-promulgated: Empowers Tax Officials
ISLAMABAD (February 09 2010): The federal government has re-promulgated the Finance Amendment Ordinance 2009 empowering tax officials to continue with making provisional assessment of the non-filers of income tax returns for the Tax Year 2009.
Published on 2/9/2010
Banking Companies (Amendment) Bill 2009 passed: SBP given powers to take control of banks
ISLAMABAD (February 09 2010): The National Assembly has passed the Banking Companies (Amendment) Bill 2009 enabling the State Bank of Pakistan (SBP) to change management in banks, impose losses on shareholders by writing down their capital, intervene and take control of banks, appoint administrators to manage and restructure banks when symptoms of crises are determined.
Published on 2/9/2010
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
