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SBP amends Prudential regulations for Micro-Finance Banks

KARACHI (April 14 2006): The State Bank of Pakistan (SBP) on Thursday made certain amendments to the prudential regulations for micro-finance banks (MFBs) to ensure soundness and stability of the micro-finance banking industry in Pakistan. The amendments are also aimed at bringing the existing classification/provisioning/write-off criteria for micro loans in line with the international best practices while keeping in view ...

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Sales tax return form being redesigned

KARACHI (April 08 2006): Member, Sales Tax, Central Board of Revenue (CBR), Shahid Ahmed, informed the business community on Friday that CBR was redrafting sales tax return form to collect more information about tax payers. Addressing members of Lasbela Chamber of Commerce and Industry (LCCI) here on Friday, he said that the present format of sales tax return form gives ...

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KESC must pay sales tax on total billed amount

ISLAMABAD (April 07 2006): The Karachi Electric Supply Corporation (KESC) should pay sales tax on the total amount billed to its consumers, as the Independent Power Producers (IPPs) are depositing sales tax under the same arrangement. CBR officials told Business Recorder here on Thursday that the IPPs being private companies are paying sales tax on the actual power supplied by ...

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CBR to soon launch 'Nexus' to broaden tax base

ISLAMABAD (March 08 2006): The Central Board of Revenue (CBR) is planning to collect information about investment made in shares, credit cards and bookings in five-star hotels to bring the potential taxpayers into the tax net, and some 100-150 leading sales tax, customs and income tax payers have been selected to test-run the new computer program 'Nexus' for broadening the ...

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Sale of saving certificates from banks allowed

ISLAMABAD (March 03 2006): The government has restored the agency function of commercial banks allowing the sale of Defence Savings Certificates and Special Savings Certificates (Regd) with immediate effect, says a notification. According to the notification of the Central Directorate of National Savings, the government has already been providing facility of investment in government securities through National Savings' outlets and ...

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Notices issued for carrying out sales tax audit

ISLAMABAD (March 04 2006): The Central Board of Revenue (CBR) has empowered the Directorate General of Intelligence and Investigation (I&I), Customs and Excise to conduct sales tax audit of registered taxpayers, and the directorate has issued notices to certain units demanding sales tax record for carrying out the task. Sources told Business Recorder on Friday that DG (I&I) is not ...

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Hubco declares 12.5 percent cash dividend

KARACHI (February 17 2006): The Hub Power declared a cash dividend of 12.5 percent or 1.25 rupees per share for the six months ended December 31, 2005. During the second quarter ended December 31, 2005, the power plant generated 764 GWh of electricity resulting in a load factor of 29 percent against a load factor of 20 percent in the ...

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CBR starts audit of leading beverage makers

ISLAMABAD (January 30 2006): The Central Board of Revenue (CBR) has started audit of leading beverage manufacturers to ascertain their actual sales tax liability and authenticity of declarations, production and sales in the country. The CBR has issued instructions to all collectors of sales tax to start desk-audit of all the beverage manufacturers keeping in view the production and previous ...

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CBR seeks Finance Ministry approval on major taxation issues

ISLAMABAD (January 29 2006): The Central Board of Revenue (CBR) has taken up four major taxation related issues with the Ministry of Finance for improving revenue operations, issuance of refund to banks and enhanced autonomy to tax officials. Sources told Business Recorder on Saturday that CBR is co-ordinating with the Ministry of Finance to finalise issuance of bonds to banks ...

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CBR slashes duty on film industry equipment

ISLAMABAD (January 20 2006): The Central Board of Revenue (CBR) will charge minimum 5 percent customs duty on the import of recording equipment, cameras and other related machinery/apparatus used by the film industry. The CBR has issued SRO(I)2006 here on Thursday to levy concessionary rate of duty on the import of such equipment. The duty rate has been brought down ...

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