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=1790Thursday, June 12, 2008 - ISLAMABAD- Finance Minister Naveed Qamar on Wednesday presented the Finance Bill to give effect to the financial proposals of the federal government for the year beginning on the first day of July, 2008, and to amend certain laws. Following is the text of the bill.http://www.accountancy.com.pk/articles.asp?id=1790 http://www.accountancy.com.pk/articles.asp?id=1789Islamabad, June 10 - The Economic Survey of Pakistan for the year 2007-08 was released today by the Ministry of Finance. The following are the salient features and highlights of this survey.http://www.accountancy.com.pk/articles.asp?id=1789 http://www.accountancy.com.pk/articles.asp?id=1788ISLAMABAD (June 09 2008)- The Federal Board of Revenue (FBR) is likely to remove procedural flaws in the Export-Oriented Units (EOUs) and Small and Medium Enterprises Rules, 2008, in coming budget, which have created serious problems for collectors of customs in issuance of fresh licenses to the applicant units. http://www.accountancy.com.pk/articles.asp?id=1788 http://www.accountancy.com.pk/articles.asp?id=1787KARACHI (June 09 2008)- The proposed new sales tax return, being implemented from coming budget, is not workable and could create difficulties for taxpayers owing to its amendments, which are not considerable in Sales tax Act. http://www.accountancy.com.pk/articles.asp?id=1787 http://www.accountancy.com.pk/articles.asp?id=1786ISLAMABAD (June 09 2008)- The Federal Board of Revenue (FBR) is likely to amend the Income Tax Ordinance 2001 in the 2008-09 budget to abolish redundant provisions relating to the taxation of dividend. Sources told reporters on Sunday that there was a separate system for taxation on dividend under the Ordinance 2001. http://www.accountancy.com.pk/articles.asp?id=1786 http://www.accountancy.com.pk/articles.asp?id=1785ISLAMABAD (June 05 2008)- The government is likely to withdraw 'time-bound exemptions,' substantially reduce income tax exemptions; raise withholding tax on cash withdrawal from banks from 0.2 percent to 0.3 percent and raise capital value tax (CVT) on immovable property from 2 percent to 5 percent in budget 2008-2009.http://www.accountancy.com.pk/articles.asp?id=1785 http://www.accountancy.com.pk/articles.asp?id=1784KARACHI (June 05 2008)- The government's decision to retain the current tax regime for capital markets will contribute more revenue than imposition of capital gains tax on listed shares. This was stated by Karachi Stock Exchange Managing Director Adnan Afridi while speaking at a press conference at KSE building here on Wednesday.http://www.accountancy.com.pk/articles.asp?id=1784 http://www.accountancy.com.pk/articles.asp?id=1783KARACHI (June 04 2008)- The government has agreed to extend exemption of Capital Gain Tax (CGT) on listed shares to further two years to June 30, 2010 from June 30, 2008. This was decided at a meeting of a Karachi Stock Exchange delegation and Finance Minister Naveed Qamar at Islamabad on Tuesday. The meeting was also attended by the members of the newly-formed Economic Advisory Council.http://www.accountancy.com.pk/articles.asp?id=1783 http://www.accountancy.com.pk/articles.asp?id=1782ISLAMABAD (March 01 2008)- There is no requirement in the Seventh Schedule (banking schedule) of the Income Tax Ordinance 2001 to deduct withholding tax at the time of making payment to banking companies. FBR has issued an income tax circular on Friday to clarify the applicability of withholding tax provision in case of banking companies.http://www.accountancy.com.pk/articles.asp?id=1782 http://www.accountancy.com.pk/articles.asp?id=1781ISLAMABAD (February 29 2008)- The collectors of customs have been empowered to block import consignments where the businessman is unable to clear tax arrears. Sources told reporter on Thursday that the FBR has issued instructions to Collectors of Customs (Appraisement) not to clear containers of importers who failed to submit pending dues (taxes/duties).http://www.accountancy.com.pk/articles.asp?id=1781