Accounting News
Economic and Finance News
Displaying items 1-15 from a total of 1796 item(s).
Highlights of the the Federal Budget 2010-11
KARACHI (June 06, 2010) - The finance minister yesterday announced the federal budget for 2010-2011 in the parliament. The highlights of the budget are listed below.
Published on 6/6/2010
FBR Waives Annual Sales Tax Audit Requirement for Steel Melters/ Re-rollers
ISLAMABAD (May 26, 2010) - The Federal Board of Revenue (FBR) has withdrawn the condition of compulsory sales tax audit of steel melters and re-rollers annually, who opt to pay sales tax ad valorem under Sales Tax Special Procedure Rules 2007. The FBR has amended Sales Tax Special Procedure Rules 2007 through a notification issued here on Tuesday.
Published on 5/26/2010
SECP Act 2010 Draft Proposal: Destruction of documents to be a serious offense
ISLAMABAD (May 26, 2010) - Securities and Exchange Commission of Pakistan Act 2010 will consider destruction of documents by companies as a serious offense in case a person deliberately destroys, falsifies, conceals or disposes of any document which is required during inspection or investigation by the commission.
Published on 5/26/2010
SBP exempts Microfinance Banks' time deposits from Cash Reserve Requirement
KARACHI (May 14, 2010) - State Bank of Pakistan (SBP) has decided to exempt time deposits of one-year tenor and above, held by microfinance banks (MFBs) for maintenance of Cash Reserve Requirement (CRR), and time liabilities of one year tenor and above for maintenance of Statutory Liquidity Requirement (SLR).
Published on 5/14/2010
Documents not needed for Sales Tax refund through Electronic Refund Claim: FBR
ISLAMABAD (May 14, 2010) - The Federal Board of Revenue has abolished condition for submission of documents including invoices, credit notes, debit notes, goods declarations, bank credit advises, etc, for obtaining sales tax refund using Electronic Refund Claim (ERC) under Expeditious Refund System.
Published on 5/14/2010
Violation of Securities Laws: SECP Penalizes Stockbrokers, Stakeholders
ISLAMABAD (April 20 2010) - The Securities and Exchange Commission of Pakistan (SECP) has imposed penalties on 22 members of the stock exchanges and other market stakeholders for violation of securities laws pertaining to insider trading, price manipulation, short/blank selling, wash trades, broker misconduct and non-compliance of the listing regulations during last one year.
Published on 4/20/2010
VAT Regime: Verification of Invoices Biggest Challenge for FBR
ISLAMABAD (April 20, 2010) - The verification of invoices and cross-matching of reported sales and purchases within the entire supply chain is the biggest challenge being faced by the Federal Board of Revenue in the implementation of the Value Added Tax from next fiscal year.
Published on 4/20/2010
SECP to make e-listing of new companies mandatory
ISLAMABAD (Mar 31, 2010) - The Securities and Exchange Commission of Pakistan (SECP) has decided that all listed companies will be directed to convert to e-service and the electronic registrations would be made mandatory for all new companies, Registrar of companies Jawed Hussain said here on Tuesday.
Published on 3/31/2010
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
