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Finance

Pakistan State Oil profit up 176 percent

KARACHI (October 29 2002) : Pakistan State Oil's profit in three months up to September 30, 2002, recorded a tremendous growth of 176 percent where its sales revenue was over Rs 48 billion. The Board of Management, Pakistan State Oil, met on Monday to review the performance and accounts for the first quarter ended September 30, 2002. M Salim, Chairman, ...

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Muslim Commercial Bank's profit rises by 84 percent

KARACHI (October 29 2002) : The Muslim Commercial Bank's profit rose 84 percent in quarter ended September 30, 2002, compared with the previous year. The MCB Board of Directors, which met in Lahore on Saturday under the chairmanship of Mian Muhammad Mansha, has recommended to give an interim cash dividend of 2.50 per share or 25 percent to its shareholders, ...

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SECP develops rules for issue of commercial paper

ISLAMABAD (October 29 2002) : The Securities and Exchange Commission of Pakistan (SECP) has developed and issued “Guidelines for the issue of Commercial Paper' to further develop and broaden the money market and provide an additional financial instrument to investors. The issuance of these guidelines also forms a part of the conditions of the recently approved Financial Markets (Non-Bank) Governance ...

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KSE index recorded 29.5 percent rise in 2001-2002

KARACHI (October 29 2002) : The Karachi Stock Exchange (KSE) witnessed a decrease in outflow in foreign portfolio investment in 2001-2002 as it totalled at $8 million from $140 million in the previous year after some offshore funds sold their holdings. Two factors were significant in widespread foreign outflow in 2000-2001, firstly foreign investors mainly Morgan Stanley Dean Witter announced ...

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WAPDA exempted of Sales Tax liabilities, penalties

ISLAMABAD (October 30 2002) : Admitting glaring mistake pertaining to wrongly adjudged sales tax, the Central Board of Revenue (CBR) has exempted Water and Power Development Authority (Wapda) from payment of sales tax liabilities and additional penalties on supplies of electricity from August 16 to December 31, 1999. The tax authorities have accepted this blunder, in the sales tax order ...

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Rules specified for Sales Tax disputes resolution

ISLAMABAD (October 27 2002) : The Government has specified a set of rules that shall apply to all cases of disputes brought for resolution under section 47A of the Sales Tax Act, 1990. Under the new rules, any registered person or a class of persons may submit an application to the Chairman Central Board of Revenue under section 47A for ...

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Ombudsman holds medicine trader's registration for general sales tax illegal

ISLAMABAD (October 27 2002) : Since medicines are exempt from sales tax, the Federal Tax Ombudsman, Justice Saleem Akhtar, has held that registration of a wholesaler of medicines with turnover exceeding Rs five million is not legal. The complainant, Kamran Distributors, of Rawalpindi, had submitted that when sales tax on medicines was levied on manufacturers from February 2, 2002, the ...

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New banking company on the cards

KARACHI (October 25 2002) : A new banking company would be formed following amalgamation with Crescent Investment Bank Limited, Pakistan Operations of Mashreq Bank and International Housing Finance Limited. Crescent Investment Bank and International Housing Finance Limited signed an agreement with Mashreq Bank, a banking company incorporated under the laws of the United Arab Emirates. In terms of the agreement, ...

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Near-boom Conditions Prevail on Stock Market

KARACHI, Oct 24: Near-boom conditions prevailed on the stock market on Thursday as investors were not inclined to take even a technical breather and continued to build-up long positions ahead of PSO board meeting. The KSE-100 index missed the prestigious level of 2,200 just by six points at 2,194.28 but the market capitalization soared by Rs9.226 billion to hit the ...

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Pakistan's foreign exchange reserves up to record $8.445 billion

KARACHI (October 25 2002) : Pakistan's foreign currency reserves rose $169 million to a record $8.445 billion in the week ended Oct. 17, said State Bank of Pakistan, the central bank. The country revised foreign currency reserves target last month to $10 billion for the year ending June 30, 2003 from earlier estimates of $7 billion. But after continuous flow ...

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