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Non-Banking Finance Companies

There are different types of institutions involved in providing financial services, which include commercial banks, development financial institutions (DFIs) and non-banking finance companies (NBFCs). Unlike DFIs that have a specified objective at priority besides efficient business conduct, NBFCs are formed purely with commercial objectives.

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Taxonomy of Dividend under Income Tax Ordinance, 2001

Taxation of dividend in Pakistan is quite unique in its treatment compared to similar statutes of the rest of the world. There are two different taxation treatments applicable under the Income Tax Ordinance, 2001, one which is meant for companies and other is for persons other than companies. This article is an endeavor to understand the taxonomy of tax regime applicable on dividend income, problems related thereto and suggestion for improvement in tax regime to reap full benefit.

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Fostering Regional Hubs Budget

The global environment is undergoing rapid changes; in particular following the macro-economic control and reforms of state enterprises, the government has embarked reforms of its capital markets by giving a 1% reduction in tax rate for new enlistment.

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Taxation of Takaful Insurance

Takaful insurance is the talk of the town these days and even though not a single company has started its Takaful operations yet, SECP has issued rules containing the detailed infrastructure and discharged its obligation. The taxation of Takaful insurance business is an important area of knowledge because it is one of the special types of activity of insurance sector and current fourth schedule of Income Tax Ordinance, 2001 does not encompass this new model of taxation.

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Offshoring Q&A

Offshoring, despite the political controversy surrounding it, shows no sign of waning. In fact, just the opposite appears true. A new report by PricewaterhouseCoopers says the U.S. financial services sector, in particular, is set to double offshoring by 2008.

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IAS 17- Changing Facemask

Liven a’ big machine, IAS 17 “Leases” has ever been just a small part but stimulated a sizeable debate since its birth. IASB has finally revised the standard in the harmonization process of financial reporting standards for the new era of 2005.

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A jettison for corporate sector difficulties

Jettisoning is the act of voluntarily throwing cargo overboard to lighten or stabilize the ship that is in immediate danger. This article is an endeavour to understand the purpose and impact of such exercise by task force on corporate tax policy over the business community and the country.

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A case for re-writing Companies Ordinance, 1984

Accounting professionals in Pakistan believe that the Companies’ Ordinance, 1984 was promulgated by intentionally making the decades old Companies Act obsolete. This is about to happen again. It is high time that the lawyer-led SECP must think about the socio-economic impact of this important piece of legislation which is increasingly affecting the daily life of citizens of Pakistan.

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Takaful Insurance Business

The astonishing results of the much underestimated Islamic Banking in Pakistan have compelled the decision makers of normal interest-based banks to dedicate at least one of their branches as an Islamic Bank.

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