ISLAMABAD, Oct 15: With a view to further streamlining the working of companies, the Securities and Exchange Commission. of Pakistan ) SEC) has decided that companies who will file their statutory returns up to Dec 31 without additional fee, would be absolved of any liability arising from the default in filing such returns within the prescribed period. The Companies Ordinance, ...

ISLAMABAD (October 15 2002) : The government has decided to allow the deduction of depreciation on second-hand plant and machinery while calculating income tax on assets. It would be instrumental in encouraging import of machinery from industrialised countries, undergoing restructuring selling of high labour-cost machinery. Mostly small and medium enterprises in textile sector would be able to import this machinery. ...

KARACHI (October 01 2002) : The State Bank of Pakistan has decided to keep the rate of refinance unchanged for the month of October. ´It has been decided that the rate of refinance under the Export Finance Scheme i.e. 6.5 percent per annum, will continue to be applicable during the month of October, 2002,´ says circular issued by the State ...

KARACHI (October 01 2002) : Sui Southern Gas Company´s full year net profit rose 10.9 percent after boost in sales and cut in financial charges. Profit for the year ended June 30 rose 10.9 percent to Rs 1.434 billion as compared with Rs 1.292 billion in the same period a year earlier, the company through a statement at Karachi Stock ...

WASHINGTON (October 01 2002) : The World Bank President, James D. Wolfensohn, has commended Pakistan for staying the reform course while urging greater efforts to ensure that the benefits reached the country's poor people. “We have seen Pakistan make a really sustained effort and stick to the ambitious programme of restructuring that it laid out nearly three years ago,” said ...

ISLAMABAD (October 01 2002) : The federal tax authorities have collected Rs 88.2 billion in the first quarter (July-September) of the current fiscal year 2002-03 against the target of Rs 90 billion, showing a shortfall of Rs 1.8 billion. The collection of Rs 88.2 billion during this period is Rs 10.7 billion higher than Rs 77.5 billion collected in the ...

ISLAMABAD (October 01 2002) : The Member of Direct Taxes, Central Board of Revenue, Vakil Ahmed Khan, has said the government has not extended the date for filing tax returns. He told Business Recorder on Monday that the last date of filing of tax returns i.e., September 30, 2002, has not been extended. He dispelled the impression that the government ...

KARACHI (October 01 2002) : The Pakistan Telecommunication Company Limited (PTCL) has earned highest so far revenue of Rs 66.4 billion and declared a dividend of 27.5 percent for the year ended on June 30, 2002. The audited accounts of Pakistan Telecommunication Company Limited (PTCL) for the year ended June 30, 2002, were approved by the Board of Directors of ...

KARACHI (October 01 2002) : After a long fight for two years the dollar slipped down into the band of Rs 58 and broke the barrier of Rs 59 in the kerb market on Monday. At the closing session, the moneychangers reported that the US currency slipped to Rs 58.98 as buying rate. However, the selling rate was Rs 59.03. ...

ISLAMABAD, Sept 21: The Central Board of Revenue (CBR) has clarified that the income tax returns for the period ending June 30, 2002 are to be filed under the repealed Income Tax Ordinance 1979 on the old forms. An official statement issued by CBR on Saturday said that in case of existing taxpayers, wealth statement would accompany all returns of ...