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Highlights of Sales Tax and Federal Excise Budgetary Measures 2006-07

Budget FY 2006-07 is aimed at simplification of tax system, improvement in resource mobilization, boosting economic activity to ensure robust economic growth, reducing the cost of doing business for trade & industry, reducing tax burden for lower income strata of the society and promoting a taxpayer friendly culture. The following budgetary measures will add further to these objectives: Relief for ...

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Economic Survey of Pakistan 2005-06 Highlights

ISLAMABAD (June 05 2006): Although Pakistan's economy grew at an average rate of almost 7.5 percent per annum during the past three years, it missed its 7 percent growth target set for the current fiscal year, growing only by 6.6 percent. According to the 'Economic Survey 2005-06', released on Sunday, two of the major components of GDP–agriculture and large-scale manufacturing ...

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Eligibility Criteria Relaxed for SME Classification

KARACHI (June 05 2006): The Federal Government has decided to relax eligibility criteria for small enterprises to enjoy most of the facilities and concessions normally available to businesses by raising the minimum employment bar from 50 to 100, it is reliably learnt. At present, to be eligible, a small manufacturer must have 50 or less employees, inclusive of the owner ...

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Temporary Tax Exemption for Venture Capital Companies

ISLAMABAD (June 02 2006): The government is likely to give exemption of income tax for a specific period to the venture capital companies (VCCs) in the upcoming budget to encourage listing of new companies. Sources told Business Recorder on Thursday that the Central Board of Revenue (CBR) has drafted a proposal for the Ministry of Finance to give income tax ...

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SBP tightens rule on banks' securities purchases

KARACHI (May 31 2006): The State Bank of Pakistan has issued a circular bringing clarity to the classification of securities under the investment portfolio ie “Held-for-Trading”, “Available for Sale” and “Held-to Maturity” based on its BSD circular No 7 dated May 30. The Currency Market Associates (CMKA), in its report on the circular “Held to Maturity” has stated that the ...

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Presumptive Tax System for Exporters to Continue

ISLAMABAD (May 29 2006): While turning down a proposal to bring exports into general assessment scheme, the government has decided to continue with he presumptive tax regime for exporters during 2006-07, it is learnt. Sources said that the decision to continue with the presumptive tax regime for exports was taken a meeting presided over by President Pervez Musharraf. They said ...

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New Sales Tax Refund Rules to Expedite Payment

ISLAMABAD (May 29 2006): New sales tax refund rules would be introduced in the coming budget to minimise delay in payment of refunds to the exporters. The Central Board of Revenue (CBR) may also set up a 'centralised refund office' at Islamabad in the wake of successful experience regarding 'centralised registration office'. Sources told Business Recorder on Sunday that the ...

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Import of Black cabs as CBU exempted from duty and taxes

ISLAMABAD (May 22 2006): The government has changed the criteria for import of 'black cabs', exempting the scheme from customs duty and other taxes in CBU, on the analogy of zero tariff for import of tractors, official sources said on Sunday. The Industries Ministry had suggested that import of 300 black cabs in CBU condition be allowed at 35 percent ...

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CBR curtails powers of Directorate of Inspection and Internal Audit

ISLAMABAD (May 22 2006): The powers of the directorate of inspection and internal audit, customs, sales tax and federal excise have been curtailed by a recent CBR notification, it is learnt. Official sources told Business Recorder that under the new notification, the directorate is no more empowered to directly demand the taxpayer's record and probe financial scams involving tax officials. ...

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Change in Income Tax Ordinance 2001 to Check Misuse of Remittances

ISLAMABAD (May 21 2006): The government is examining a proposal to amend the Income Tax Ordinance 2001 for checking the massive misuse of sending remittances through banking channels without disclosing source of investment. <br> The scheme was being used by money launderers and fraudulent refund claimants for whitening black money. Tax experts said on Saturday that under the present taxation ...

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