Finance

KARACHI (May 02, 2011) – Meezan Bank recorded 61% growth in its post-tax profit for the quarter ended March 31, 2011. A statement said here on Monday that the Profit after tax for the quarter increased to Rs.586 million as compared to Rs.364 million in the corresponding quarter last year. It said that the Board of Directors of Meezan Bank ...

ISLAMABAD (November 15, 2010) -The Federal Board of Revenue (FBR) has empowered all officials of Inland Revenue, authorised by the concerned commissioner, to direct taxpayers for submitting tax records/documents to conduct sales tax audit under section 25 of the Sales Tax Act, 1990. In this connection, the FBR has issued a clarification to the Large Taxpayer Unit (LTU), Islamabad. Sources ...

ISLAMABAD  (November 02, 2010) – The World Bank review mission has asked the Federal Board of Revenue (FBR) to develop a simple accounting system for small taxpayers by March 2011 to encourage documentation in the country. Sources told reporters here on Monday that the FBR has a huge number of small taxpayers in its taxpayers' register. Many of the taxpayers cannot ...

ISLAMABAD  (November 02, 2010) – The withholding tax (WHT) statements filed by the withholding agents under section 165 of the Income Tax Ordinance 2001 (ITO) for first quarter (July-September) of 2010-11 would be subjected to desk audit to check discrepancies in payment of taxes for improving collection during current fiscal. Sources told reporters here on Monday that the deadline for filing ...

ISLAMABAD  (November 02, 2010) – The Securities and Exchange Commission of Pakistan (SECP) has further extended the validity period of the Companies Regularisation Scheme (CRS) and the Companies Easy Exit Scheme (CEES) for another month, up to November 30, 2010, according to its Circular No 25 of 2010, its press release on Monday said. These schemes were initially operative for three ...

KARACHI (October 14, 2010) – The State Bank of Pakistan (SBP) has enhanced the minimum paid up capital requirement (MCR) (free of losses) by 400 percent, to Rs 10 billion, with immediate effect, with a view to tightening criteria for setting up a commercial bank. The central bank has made some changes in the existing guidelines and criteria for setting ...

ISLAMABAD (October 12, 2010) – The standard rate of sales tax under the reformed general sales tax (RGST) has been proposed as 17 percent to avoid any major revenue shortfall during the remaining months of current fiscal (2010-11). Sources told reporters here on Monday that the Federal Board of Revenue has also proposed standard rate of 17 percent for sales ...

KARACHI (June 06, 2010) – The finance minister yesterday announced the federal budget for 2010-2011 in the parliament. The highlights of the budget are listed below. A. INCOME TAX BUDGETARY MEASURES Relief Measures 1. In order to provide relief to large number of taxpayers deriving their incomes from Salary and business, the limit of Basic Exemption is proposed to be ...

ISLAMABAD (May 26, 2010) – Securities and Exchange Commission of Pakistan Act 2010 will consider destruction of documents by companies as a serious offense in case a person deliberately destroys, falsifies, conceals or disposes of any document which is required during inspection or investigation by the commission. Sources told reporters here on Tuesday the draft of the Securities and Exchange ...

ISLAMABAD (May 26, 2010) – The Federal Board of Revenue (FBR) has withdrawn the condition of compulsory sales tax audit of steel melters and re-rollers annually, who opt to pay sales tax ad valorem under Sales Tax Special Procedure Rules 2007. The FBR has amended Sales Tax Special Procedure Rules 2007 through a notification issued here on Tuesday. According to ...