Home » News » Finance (page 19)

Finance

Sale of Union Bank to Standard Chartered Bank in process

KARACHI (May 17 2006): The Standard Chartered Bank (SCB) has initialled an agreement with a Saudi combine to acquire 66 percent of its shares in the Pakistani listed Union Bank Limited for 513.76 million dollars. The, deal upon conclusion, will be the biggest yet purchase in Pakistan's banking history. The Aga Khan Fund was the first to purchase 51 percent ...

Read More »

Banks allowed to directly remit freight charges abroad

KARACHI (May 16 2006): The State Bank of Pakistan (SBP) has allowed the authorised dealers to effect remittances of locally collected freight charges to their principals abroad, directly on behalf of concerned freight forwarders/consolidators. The SBP, in its FE circular No 06, released here on Monday, said that the decision has been taken to further facilitate the industry. As declared ...

Read More »

SBP reduces duty drawback on export of PVC

ISLAMABAD (May 07 2006): The Central Board of Revenue (CBR) has reduced duty drawback on export of Polyvinyl Chloride (PVC) resin from May 4, 2006. The Board has amended SRO 787(I)/2006 through a notification issued on Saturday. Duty drawback has been reduced from 5.08 percent to 4.65 percent of the freight on board (fob) value on the export of PVC ...

Read More »

SECP suggests amendments to NBFC rules

KARACHI (April 29 2006): The Securities and Exchange Commission of Pakistan (SECP) has proposed amendments in 'Non-Banking Finance Companies (Establishment and Regulation) Rules 2003'. These amendments have been drafted after an extensive in-house exercise. The object is to update the legal framework for establishment, operation and conduct of NBFCs in accordance with the changing environment of the NBFC sector. The ...

Read More »

HBL gets asset management services licence

KARACHI (April 17 2006): HBL Asset Management Limited, a subsidiary of Habib Bank Limited, has been licensed by the Securities and Exchange Commission of Pakistan (SECP) for Investment Advisory and Asset Management Services. The entry of Habib Bank's subsidiary in the mutual fund industry would help in broadening the nation's mutual fund industry and expand investor base. Shahid Ghaffar, Chief ...

Read More »

Zero sales tax non-availability: CBR issues another list of items

ISLAMABAD (April 17 2006): The sales tax zero-rating facility would not be available on the import of railway locomotives, tramway passenger coaches, tractors, tanks, armoured vehicles, helicopters, aircraft, station wagons, racing cars, dump trucks, warships, cruise ships, excursion boats, ferry boats, cargo ships, barges and similar vessels/vehicles for transportation of persons or goods. The CBR on Sunday issued another 'negative ...

Read More »

CBR shortlists three tax members for Member Audit slot

ISLAMABAD (April 16 2006): The Central Board of Revenue (CBR) has short-listed the names of three tax experts from the private sector for selection as Member, Audit. These short-listed candidates are Abdur Razzaq, Pervaiz Usman and Mohsin Nadeem. The CBR has forwarded the names of these persons to the Ministry of Finance for approval. None of the CBR private Members ...

Read More »

Definition of Commerical Importers changed in Sales Tax Rules

ISLAMABAD (April 16 2006): The Central Board of Revenue (CBR) has changed the definition of 'commercial importers' to ensure collection of sales tax on the basis of 10 percent value-addition from importers dealing in import and local supply of 'same state goods'. The CBR has amended the Sales Tax Special Procedure Rules, 2005 through SRO 346(I)/2006 issued on Saturday. Official ...

Read More »

CBR proposes amendments to get 11 cases settled

ISLAMABAD (April 15 2006): The Central Board of Revenue (CBR) has proposed amendments to the Protection of Economic Reforms Act, 1992, to settle 11 cases pertaining to smuggling of foreign currency, pending before the Supreme Court of Pakistan, involving an amount of $330,000. Sources told Business Recorder on Friday that the parties are taking advantage of section 4 (freedom to ...

Read More »

Amendments in Sales Tax Act proposed by MNCs

ISLAMABAD (April 14 2006): Foreign investors have proposed various amendments to Sales Tax Act, 1990 pertaining to payment of the tax on the basis of value addition and audit of registered taxpayers to simplify the revenue collection procedure. In their budget proposals for fiscal 2006-07, a group of multinational companies has suggested amendments in sections 7A, 10, 25 and 45 ...

Read More »