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Finance

Foreigners get 'advance ruling' facility: CBR forms panel to process appeals

ISLAMABAD (January 11 2004): The Central Board of Revenue (CBR) has devised new procedure for foreign investors/ non-resident companies to obtain 'advance ruling' on income tax matters for avoiding tax disputes in future. In this connection, the CBR has proposed amendment in the Income Tax Rules 2002 through an SRO(I)/2004 issued here on Saturday. Official sources said that Finance Minister ...

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Crosby Asset to launch oil and gas sector mutual fund

KARACHI (January 09 2004): Crosby Asset Management Ltd (CAML) planned to launch an oil and gas sector dedicated mutual fund in next few months to increase their presence in the financial market of the country. Robert Owen, Chairman Techpacific and Crosby said the company has entered in Pakistan market, as for the last two years investment climate is conducive for ...

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Report on demutualisation of bourses soon: SECP chairman

KARACHI (January 09 2004): The Securities and Exchange Commission of Pakistan (SECP) would pursue stock exchanges for 'demutalisation' and subsequent merger of the country's three bourses. This was stated by Dr Tariq Hassan, Chairman, SECP, on Thursday. He added that the regulator would soon finalise a report on the demutalisation of the stock exchanges, its objective, rules and other regulation ...

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SECP prepares corporate governance manual for listed companies

ISLAMABAD (January 08 2004): In continuation of its efforts to improve corporate governance practices in the country, the Securities and Exchange Commission of Pakistan (SECP) has prepared a manual of corporate governance which explains the responsibilities of management, directors and auditors of listed companies in achieving compliance with good governance practices. The SECP issued the Code of Corporate Governance in ...

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CBR gives conditional relief to jewellers

ISLAMABAD (January 08 2004): To encourage jewellers community to pay general sales tax (GST), the Central Board of Revenue (CBR) has decided to give exemption of 'additional sales tax' and penalty to leading jewellers without withdrawing show-cause notices served on them.

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Revenue Board and steel melters reach consensus on sales tax

ISLAMABAD (January 08 2004): The Central Board of Revenue (CBR) and steel melters reached consensus on benchmarks for levying fixed rate of sales tax on various iron/steel products in a meeting between Pakistan Steel Melters Association (PSMA), Lahore, and CBR Member Audit Pervaz Amjad here on Wednesday. After the meeting, Mushtaq Ahmed Cheema, Secretary, PSMA, told Business Recorder that Member ...

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State Bank governor advises textile sector to raise production

KARACHI (January 07 2004): State Bank Governor Dr Ishrat Hussain has advised the textile manufacturers and exporters to raise productivity and reduce wastage to compete in the free trade era. Addressing the 'certificate distribution ceremony' at Pakistan Hosiery Manufacturers Association (PHMA) on Monday evening he said that instead of demanding subsidies and concessions from the government the industrialists should stand ...

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Duty and taxes assessment procedure being revised: vehicle freight rates fixed in dollars

ISLAMABAD (January 07 2004): The government has decided to revise the procedure for calculation of custom duty, sales tax and withholding tax on imported vehicles, sources told Business Recorder here on Tuesday. The minimum freight rate added to the value of vehicles to assess duties/taxes will be in US dollars instead of Pak rupees, reason being that freight rate in ...

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Maxwell Stamps advises CBR to set up Programme Co-ordination Unit

ISLAMABAD (January 06 2004): Tax consultant Maxwell Stamps has proposed to the Central Board of Revenue (CBR) to set up a 'Programme Co-ordination Unit' (PCU) to monitor and facilitate smooth implementation of Pakistan Tax Administration Reform Programme (PTARP). Sources told Business Recorder here on Monday that the PCU, headed by CBR Member Tax Policy and Reforms, would be instrumental in ...

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Sales tax refund rules 2004 devised

ISLAMABAD (January 05 2004): The Central Board of Revenue (CBR) has devised new 'sales tax refund rules 2004' based on authenticity of export documents. The refund cases will be put in high/low risk categories after scrutinising computer profiles of exporters for determining whether refund should be paid promptly or after comprehensive audit. Following this procedure, commercial exporters and manufacturers-cum-exporters will ...

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