Home » News (page 110)

News

Unilever planning parting with Dalda

KARACHI (December 18 2003): Unilever Pakistan Ltd, the country's largest consumer goods maker, announced on Wednesday it plans to sell its edible oil business, commonly known as “Dalda”, as part of its global strategy to focus on core brands. In a release of the company sent to the Karachi Stock Exchange (KSE), Unilever said that it is assessing the future ...

Read More »

CBR withdraws Yellow Cab Scheme SRO

ISLAMABAD (December 19 2003): The Central Board of Revenue (CBR) has withdrawn SRO of 1991 regarding the “Yellow Cab Scheme” taking away condition of the Communication Ministry's no objection certificate (NOC) involvement during transfer of such vehicles in the name of person to whom it is sold by the initial owners. A senior government official told Business Recorder here on ...

Read More »

FASB Issues Exposure Drafts to Support Convergence of Global Accounting Standards

The Financial Accounting Standards Board (FASB) in the USA will issue four Exposure Drafts that would improve U.S. generally accepted accounting principles and converge U.S. accounting guidance to existing international accounting standards. The documents will be available later today on the FASB’s website at www.fasb.org. The Exposure Drafts reflect the progress that the FASB and International Accounting Standards Board (IASB) ...

Read More »

ITIS solely for tax base broadening

ISLAMABAD (December 18 2003): The indigenously developed 'Integrated Tax Information System' (ITIS) would solely be used for broadening the tax base by discovering new taxpayers, eliminating chances of any harassment to the general public. This was stated by Central Board of Revenue (CBR) top tax manager Vakil Ahmed Khan while briefing newsmen on the ITIS system here on Wednesday. A ...

Read More »

IASB issues revised standards 32 and 39 focussing on Financial Instruments

The International Accounting Standards Board (IASB) has issued revised versions of its two Standards dealing with financial instruments. IAS 32 deals with the disclosure of financial instruments and their classification as debt or equity. IAS 39 deals with recognition, derecognition, measurement and hedge accounting. The release of these revised Standards is part of the IASB’s initiative to improve fifteen of ...

Read More »

Habib Bank auction on December 29, bidders told

ISLAMABAD (December 16 2003): The Privatisation Commission (PC) has formally informed the three pre-qualified bidders that the bidding for acquisition of 51 percent stake in Habib Bank Ltd, will take place on Monday, December 29, 2003, it is reliably learnt. The procedure laid down by PC calls for bids in sealed covers, to be opened publicly, for 51 percent shares ...

Read More »

Rs 10,000 refund claims to be paid quickly

ISLAMABAD (December 14 2003): In a major move to facilitate small taxpayers, particularly salaried class, the Central Board of Revenue (CBR) has decided that refund claims up to Rs 10,000 would be cleared on accelerated basis. In this connection, the CBR has issued income tax circular directing Regional Commissioners of Income Tax (RCITs) to forthwith comply with the instructions. Top ...

Read More »

Revenue Board forms steering group to oversee reform process

ISLAMABAD (December 14 2003): The Central Board of Revenue (CBR) has constituted a high powered Steering Group to oversee the key reform process, with the mandate to make reform program more practicable. Steering Group has been constituted here on Saturday through issuance of a CBR notification. Chairman, CBR would work as the Chairman of the Steering Group and its members ...

Read More »

Body to complete demutualisation by mid next year: SECP to hire international and local experts

KARACHI (December 15 2003): Dr Tariq Hassan, Chairman, Securities and Exchange Commission of Pakistan (SECP), has said that regulatory plans to complete the process of demutualisation by middle of next year and to speed it up a committee would be formed comprising international as well as local experts. “We want to have good corporate governance and demutualisation rules at par ...

Read More »

Pakistan to co-operate in Islamic banking with Bahrain

KARACHI (December 13 2003): Pakistan and Bahrain will co-operate in Islamic banking and finance along with other financial sectors. The State Bank of Pakistan and Bahrain Monetary Agency (BMA) have signed a Memorandum of Understanding (MoU) in Manama to strengthen co-operation between the two central banks. Tawfiq A. Husain, Deputy Governor of SBP, and Khalid Abdullah Al Bassam, Deputy Governor ...

Read More »