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Finance

Procedure to deal with complaints against income tax cases audit

ISLAMABAD (December 01 2002) : The Central Board of Revenue (CBR) has announced income tax procedure for the taxpayers whose cases were erroneously selected for total audit under Self-Assessment Scheme (SAS) for 2002-2003, says an income tax circular issued on Saturday. The CBR recently held computer ballot for the selection of cases for total audit. However, there is possibility that ...

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Duty drawback allowed to exporters of diesel generating sets

ISLAMABAD (December 01 2002) : To boost the exports of engineering goods, the government has allowed duty drawback facility to the exporters of diesel generating sets from November 28, 2002. The extent of repayment of custom duty would be 10.62 per cent of the fob value on the export of such sets. The Central Board of Revenue (CBR) has included ...

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'Over Rs 1,500 million stuck-up sales tax refund hits textile exports'

FAISALABAD (December 01 2002) : More than Rs 1,500 million sales tax refund of the textile exporters are stuck up with the department, and they are unable to book fresh export orders as all their capital is almost blocked. All Pakistan Cloth Exporters Association (Apcea) Chairman Khurram Iftikhar while talking to newsmen here on Saturday stated this. He said the ...

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Pakistan International Airlines misses revenue target by Rs 637 million

ISLAMABAD (November 29 2002) : Pakistan International Airlines (PIA) missed the revenue target in the first quarter of current financial year by Rs 637 million because of non-operation of flights to Far East. According to documents released by the federal government, which is part of government's commitments with the International Monetary Fund and the World Bank to make public the ...

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State Bank asks banks to set a benchmark for lending to clients

KARACHI (November 29 2002) : The State Bank of Pakistan wants the banks to come up with a benchmark for lending as KIBOR has become more of a benchmark for transactions between banks rather than between banks and clients. A meeting at the SBP Head Office, chaired by Deputy Governor (Banking) Taufiq Hussain with the heads of five big network ...

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Oil & Gas Development Corporation, Habib Bank shares may be sold through bourses

KARACHI (November 29 2002) : The government might sell shares in Oil & Gas Development Corporation (OGDC) and Habib Bank Ltd., through stock market before offering any block deal or strategic sale following the approval of the Privatisation Commission. Moin Fudda, Managing Director of the Karachi Stock Exchange (KSE), met Shaukat Aziz, Advisor to the Prime Minister on Finance and ...

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Securities, Exchange Commission reforms leave positive impact on capital market

LAHORE (November 29 2002) : The capital market reforms initiated in 1993, in collaboration with the Asian Development Bank (ADB) and enforced by Securities and Exchange Commission of Pakistan (SECP)) since 2000, have left significant impacts on the financial markets and corporate sector of the country. “The effective enforcement of reforms by SECP under the skilful and undaunted leadership of ...

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SBP slashes 6-month treasury bills rates by 1.53 percent

KARACHI (November 28 2002) : The State Bank of Pakistan on Wednesday has cut the 6-month Treasury Bills rates by 1.53 percent to 4.84 percent after slashing discount rate by 1.5 percent last week. The first auction of 6-month Treasury Bills under the lowered discount rate attracted over Rs 68 billion, more than three times than the target of the ...

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Duty Drawback on PVC cables allowed

ISLAMABAD, Nov 27: The Central Board of Revenue has allowed the facility of duty drawback on export of PVC insulated cables aimed at increasing its exports. The repayment of customs duty on export of the same products would be effective from November 23, 2002, said a customs notification issued on Tuesday. Provided the duty drawback would be allowed against showing ...

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