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Author Archives: Article Manager

Limited Liability Partnerships

Professionals are aware of the fact that Companies' Ordinance, 1984 requires partnerships to be registered under section 14 where the number of partners exceeds 20 and the object of such partnership is acquisition of gain. However, since independence or even at the time of promulgation of Companies' Ordinance, 1984, no body bothered to put cross references in Partnership Act, 1932.

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Rating of Islamic Financial Institutions

The Islamic financial institutions have seen mushroom growth during the last decade owing to fact that there is a large demographic of untapped consumers around the globe who have waited for a long time to have such products. Such an immeasurable success has compelled conventional financial institutions to launch products for this segment of consumers so that they are not left behind in the race.

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How CBR is Losing Tax Revenue

The proviso to section 115 sub-section (1) clause (a) of Income Tax Ordinance, 2001, added by Finance Act, 2005 has created much ease for the genuine taxpayer earning taxable income under the salary income by not filing of income tax return where there is no other income than salary, but has also provided even more opportunities to tax thieves.

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CBR's Image Revamping Exercise

The image building exercise of CBR has just concluded on 21st and 22nd August, 2006 with the foreign donors reviewing press releases of this year-long process and visiting the various LTU and MTU offices. However, the ground realities are very much different from what was portrayed through the press and explanations.

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Globalization Failure – Redux

We tend to think of the forces of globalization as a permanent part of the landscape—but then perhaps they were thinking that way too in 1914, when a number of factors from an over-extended superpower to a rise in terrorism ushered in the First World War. Our current international economy has similarities to the economic dynamics of ninety years ago.

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IFRS – US convergence of accounting standards

We are rapidly heading towards a world where there are two main financial reporting systems - US GAAP accounting, used by the largest part of the global capital market, and International Financial Reporting Standards (IFRS), the system now being used as the benchmark in many other countries - all of Europe, China, Australia, Malaysia and Egypt to name a few.

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A Critical Appraisal of Finance Bill, 2006

In the news appearing in the daily press regarding upgrading of Pakistan's ratings, there appears to be an intention to convey a pre-defined picture of this most critical operational document which sets the strategic direction of the country on tactical basis, the Finance Bill.

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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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