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Highlights of the Economic Survey of Pakistan 2007-08

Islamabad, 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. 01. GROWTH AND INVESTMENT – Real GDP grew by 5.8 percent in 2007-08 as against 6.8 percent last year and growth target of 7.2%. The economy has shown ...

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Redundant provisions in ITO 2001 related to dividend tax to be deleted

ISLAMABAD (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. The dividend income is covered under presumptive tax ...

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New sales tax return not workable: Sales Tax Bar Association

KARACHI (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. This was stated by Karachi Sales Tax Bar Association (KSTBA) in its comments regarding new sales tax return implementation. The bar has sent its ...

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FBR may remove procedural flaws in EOUs and SME rules

ISLAMABAD (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. Sources told reporters on Sunday that the sketchy rules have confused ...

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Current tax regime to fetch more revenue than CGT: KSE managing director

KARACHI (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. He pointed out that according to the decision ...

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Raise in withholding tax on cash withdrawal likely

ISLAMABAD (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. Sources told Business Recorder on Wednesday that the government is seriously ...

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CGT exemption extended to 2010, no change in CVT

KARACHI (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 ...

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No withholding tax deduction for making payments to banking companies

ISLAMABAD (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. According to circular 2 of ...

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FBR Abolishes Bank Endorsement Condition on Good for Payment

ISLAMABAD (February 28 2008): The Federal Board of Revenue (FBR) has abolished condition of bank's endorsement (good for payment) on post-dated cheques for the consignments being released for public and private bonded warehouses, expediting clearance of industrial/commercial consignments at Karachi. Mohammad Abdullah, information secretary, All Pakistan Customs Agents Association (APCAA) told Business Recorder on Wednesday the FBR has issued instructions ...

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Bank of Punjab seeking Licence to Launch Islamic Banking Services

LAHORE (February 27 2008): The Bank of Punjab (BoP) has applied to the State Bank of Pakistan (SBP) for the issuance of a licence to launch Islamic banking from the platform of BoP. After the issuance of license, BoP will open specific Islamic banking branches throughout the country, BoP President Hamesh Khan, said. While addressing the concluding ceremony of the ...

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