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Finance

FBR Partially Implements Taxpayer Ledger System

ISLAMABAD (March 07, 2012) – The Federal Board of Revenue (FBR) has partially implemented taxpayer ledger system as all the tax-related transactions other than tax returns and tax payments are currently not being captured through the ledger system. Sources told reporters here on Tuesday that the taxpayer ledger system is an IT-based system of the FBR which has to capture ...

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HSBC Sells its Insurance Business in Asia and South America

HONG KONG (March 07, 2012) – Banking giant HSBC has announced that it has agreed to sell its general-insurance businesses in Hong Kong, Singapore, Argentina and Mexico for around $914 million. The move is part of the bank's strategy to cut costs and focus on growth, HSBC Group Chief Executive Stuart Gulliver said in a statement to the Hong Kong ...

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Bank Alfalah Records Rs.3.5 billion in Net Profits for CY11

KARACHI (March 05, 2012) – Bank Alfalah Limited (BAFL) recorded Rs.3.5 billion in net profits in CY11, nearly 3.6 times higher than the previous year. BAFLs mark-up revenues jumped by 18 percent to Rs.44 billion in CY11 relative to the previous year although the detailed accounts are not available at the moment. It seems that the Bank has benefited from ...

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UBL Records Substantial Growth from Last Year

KARACHI (February 23, 2012) – In line with market expectations, United Bank Ltd (UBL), the country's third largest commercial bank, managed to record outstanding growth in its bottom line in CY11 compared to the last year. The Banks mark-up revenues managed to exhibit an impressive growth, likely due to a massive expansion in its investment portfolio. In line with the ...

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Revenue Collection Increased by 27.4 percent in July-September 2011: FBR

ISLAMABAD (October 04, 2011) – The Federal Board of Revenue (FBR) has realized a total provisional collection of Rs.373.819 billion during the first quarter of July-September 2011-12 showing an overall increase of 27.4 percent as compared to same period of last fiscal year. According to the provisional figures released by the Federal Board ofRevenue (FBR), here Tuesday during the period ...

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SECP Seeks Comments on Draft of Fertilizer Industry (Cost Accounting Records) Order, 2011

KARACHI (October 03, 2011) – The Securities and Exchange Commission of Pakistan (SECP) has sought objections or suggestions from stakeholders in next thirty days about the draft of Fertilizer Industry (Cost Accounting Records) Order, 2011, issued vide SRO 852-I-2011. The SECP has developed and issued notification for draft of Fertilizer Industry (Cost Accounting Records) Order, 2011, for the chemical fertilizer ...

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Salient Features and Highlights of the Federal Budget 2011-12

ISLAMABAD (June 03, 2011) – The federal budget for the fiscal year 2011-2012 was announced on Friday. Following are its salient features and highlights: The total outlay of budget 2011-12 is Rs.2767 billion. The size is 14.2 per higher than the size of budget estimates of 2010-11. The resource availability during 2011-12 has been estimated at Rs. 2463 billion against ...

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Highlights of the Economic Survey of Pakistan 2010-11

KARACHI (June 02, 2011) – The Ministry of Finance has today released the annual Economic Survey for the year 2010-11 which reports on the performance of the Pakistani economy. Following are its salient features and highlights. 01. GROWTH AND INVESTMENT The Real GDP is estimated to grow at 2.4 percent on the back of strong performance of services sector as ...

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SECP Approves Futures Contract in Cotton for Commodities Market

ISLAMABAD (May 06, 2011) – The Securities and Exchange Commission of Pakistan (SECP), as part of its mandate to develop and strengthen the commodities market, has granted approval to the Pakistan Mercantile Exchange Limited (PMEX) for introduction of the futures contract in cotton. The new futures contract adds to the existing agriculture futures contracts portfolio of the PMEX, said a ...

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SECP Registered 338 Companies in April 2011

ISLAMABAD (May 03, 2011) – The Securities and Exchange Commission of Pakistan (SECP) has registered 338 companies in April 2011, whereas 342 companies were incorporated last month and 322 in the corresponding month of last year. The private companies have a major share in new incorporation totaling 306 companies. In addition, 22 single-member companies, 2 public unlisted companies, 5 non-profit ...

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