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Sales tax concession: Revenue Board rectifies communication glitch

ISLAMABAD (February 12 2004): To discourage deliberate delay in payment of sales tax, the Central Board of Revenue (CBR) has taken precautionary measures to check those people who are availing of immunity from additional tax and penalties under the sales tax concession package carelessly drafted by the audit authorities. Sources told Business Recorder here on Wednesday that the CBR Member ...

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Ernst & Young completes 80 years in Middle East

Ernst & Young, the Middle East's largest assurance and business advisory firm, has completed their 80th year of operations in the Middle East region. The firm, which currently provides assurance, business advisory and risk management services for many of the largest regional and international organizations in the Middle East, expects to significantly grow its Middle East business over the coming ...

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Revenue Board directive for sales tax de-registration and transfer of units

ISLAMABAD (February 10 2004): To assist the registered persons in de-registration/transfer of registration, the Central Board of Revenue (CBR) has directed all collectors of sales tax not to de-register units merely for transfer of sales tax registration. Sources told Business Recorder here on Monday that in a few cases the CBR has asked the collectorates to de-register persons who applied ...

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CITs to monitor tax men authorised to access ITIT

ISLAMABAD (February 10 2004): The Commissioners of Income Tax (CITs) will strictly monitor the tax officials authorised to access the Integrated Tax Information System (ITIT) carrying all the information pertaining to persons liable to registration with the tax department. Official sources told Business Recorder here on Monday that there are no chances of any misuse of information due to the ...

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More and more companies part ways with their auditors

There's no love lost between a growing number of companies and their auditors. More than 1,460 companies in USA either dropped or got dropped by their auditors last year. That's a five-year record excluding those forced to leave Arthur Andersen in 2002 after it closed, Auditor-Trak says. To show how high the corporate divorce rate is: Nearly a third of ...

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Revenue Board to assess withholding tax on imported goods

ISLAMABAD (January 30 2004): The Central Board of Revenue (CBR) would assess withholding tax on the imported goods on the basis of import value including custom duty and sales tax as per Income Tax Ordinance 2001, official sources told Business Recorder here on Thursday. The provision of section 148 of the Income Tax Ordinance 2001 has been resorted by the ...

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IPPs can file sales tax returns up to 25th of every month

ISLAMABAD (January 30 2004): Fulfilling a major demand of independent power producers (IPPs), the government has extended date of filing of monthly sales tax returns by the independent power producers (IPPs). Now, the IPPs could file returns up to 25th of every month instead of 15th. In this regard, the Central Board of Revenue (CBR) has notified the decision through ...

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50 new services to be brought into GST net

ISLAMABAD (January 31 2004): Taking into account suggestions/identification of all four provinces, the federal government is preparing a list of about 50 new services to be brought into the general sales tax (GST) net in budget 2004-05. Sources told Business Recorder here on Friday that the 'working group' on extension of GST net, in consultation with the provinces and various ...

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Sales Tax Refund Rules 2004: Revenue Board seeks business community views

ISLAMABAD (January 31 2004): The CBR will circulate new Sales Tax Refund Rules-2004, to all federations of chambers of commerce and trade bodies for comments after approval by the Finance Ministry. Sources told Business Recorder here on Friday that the CBR wants to take business community into confidence regarding issuance of new rules and incorporate viable suggestions of trade in ...

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AGP wing to check 85 percent audited units

KARACHI (February 02 2004): The Revenue Receipt Audit (RRA) wing of the Auditor-General of Pakistan will check audit of 85 percent of the units already audited by the Central Board of Revenue with preference to higher revenue risk areas. The RRA has also been authorised to carry out initial audit of 15 percent of the total registered units. An agreement ...

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