http://www.accountancy.com.pk/newsgen_archive.asp Latest business, economic and finanace-related news items published on Accountancy. http://www.accountancy.com.pk/articles.asp?id=1844ISLAMABAD (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.http://www.accountancy.com.pk/articles.asp?id=1844 http://www.accountancy.com.pk/articles.asp?id=1843ISLAMABAD (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.http://www.accountancy.com.pk/articles.asp?id=1843 http://www.accountancy.com.pk/articles.asp?id=1842KARACHI (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.http://www.accountancy.com.pk/articles.asp?id=1842 http://www.accountancy.com.pk/articles.asp?id=1841ISLAMABAD (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.http://www.accountancy.com.pk/articles.asp?id=1841 http://www.accountancy.com.pk/articles.asp?id=1840ISLAMABAD (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. http://www.accountancy.com.pk/articles.asp?id=1840 http://www.accountancy.com.pk/articles.asp?id=1839ISLAMABAD (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.http://www.accountancy.com.pk/articles.asp?id=1839 http://www.accountancy.com.pk/articles.asp?id=1838KARACHI (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.http://www.accountancy.com.pk/articles.asp?id=1838 http://www.accountancy.com.pk/articles.asp?id=1837KARACHI (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.http://www.accountancy.com.pk/articles.asp?id=1837 http://www.accountancy.com.pk/articles.asp?id=1836KARACHI (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.http://www.accountancy.com.pk/articles.asp?id=1836 http://www.accountancy.com.pk/articles.asp?id=1835KARACHI (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.http://www.accountancy.com.pk/articles.asp?id=1835