http://www.accountancy.com.pk/articles_archive.asp Articles on accounting, taxation, auditing and other finance-related subjects. http://www.accountancy.com.pk/articles.asp?id=181One wonders about the news item appearing in the newspapers in which World Bank issued a report stating the fact that corruption has increased in last eight years. I reiterate my earlier year’s submission whereby I suggested that Government should be bound to present Financial Statements in line with International Public Sector Accounting Standard Board’s exposure draft 27 – Presentation of Budget Information in Financial Statements.http://www.accountancy.com.pk/articles.asp?id=181 http://www.accountancy.com.pk/articles.asp?id=180There is consensus among Islamic scholars that to replace interest, the ideal mode of financing under Islamic banking system is financing on profit and loss sharing (PLS) basis. It therefore, follows that in case an entrepreneur availing finance from an Islamic bank earns profit, it must be shared between the bank and the entrepreneur.http://www.accountancy.com.pk/articles.asp?id=180 http://www.accountancy.com.pk/articles.asp?id=179We know that the imposition of tax and computation of total income has to be classified under one of the five heads of income. Rent received or receivable by a person in respect of land or building, is charged to tax under the income head ‘Income from property’.http://www.accountancy.com.pk/articles.asp?id=179 http://www.accountancy.com.pk/articles.asp?id=178A number of local and foreign scheduled banks have started Islamic banking windows and exclusive Islamic banking branches in Pakistan. It is expected that Islamic banking will capture 12% of the deposit market by 2012.http://www.accountancy.com.pk/articles.asp?id=178 http://www.accountancy.com.pk/articles.asp?id=177This article is an endeavor to find out the substance of fiscal laws in economic and accounting terms by correlating different amendments brought by Finance Act, 2007 – Juncta Juvant.http://www.accountancy.com.pk/articles.asp?id=177 http://www.accountancy.com.pk/articles.asp?id=176Minimization of compliance costs not only for businesses but also for the collectors and maximization of revenue for Pakistan seems to be the core issue of this seminar. When I use the word direct taxation, I would mean to include income tax (Federal and Provincial) and Capital Value Tax broadly speaking and in one sense can be effectively categorized as direct taxes.http://www.accountancy.com.pk/articles.asp?id=176 http://www.accountancy.com.pk/articles.asp?id=175Consumption taxes have grown to be a major source of tax revenue for governments around the globe. Tax authorities worldwide are gradually migrating the overall tax burden from direct tax to the less visible indirect taxes and are the sole big reason of increasing inflation.http://www.accountancy.com.pk/articles.asp?id=175 http://www.accountancy.com.pk/articles.asp?id=174Shariah compliant finance is an important part of life for the faithful. Currently, Shariah-compliant financial products are available to both Muslims and non-Muslims around the globe. Hence, all consumers should have the opportunity to take up these products without facing undue regulatory barriers.http://www.accountancy.com.pk/articles.asp?id=174 http://www.accountancy.com.pk/articles.asp?id=173As co-authors of the Buyer's Guide for Audit, Anti-Fraud, and Assurance Software, we are often asked to give a kind of Consumer Reports -type summary of 140 vendors in areas as diverse as forensics, risk management, web collaboration, data analysis, and SOX compliance. People ask us what the 'best' package is. This is a reasonable question but it is hard to answer.http://www.accountancy.com.pk/articles.asp?id=173 http://www.accountancy.com.pk/articles.asp?id=172It is true not trite that ignorance of tax law is an excuse. Penalties and freezing injunction are the two most important aspects of Income Tax Ordinance, 2001. However, penal provisions contain a most commonly used word reasonable coupled with the phrase opportunity of being heard.http://www.accountancy.com.pk/articles.asp?id=172