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DTI and PricewaterhouseCoopers to research latest virus, spam and other security trends

PricewaterhouseCoopers has launched the latest government-sponsored survey of information security breaches. The DTI Information Security Breaches Survey 2004, like its predecessors, will be the most authoritative source on the state of information security in the UK. The survey’s findings will be published in April 2004 at the Infosecurity Europe Exhibition in London. The survey forms an important part of the ...

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Revenue Board starts commercial exporters audit

ISLAMABAD (November 03 2003): The Central Board of Revenue (CBR) has started audit of commercial exporters to ascertain the admissibility of genuine sales tax refund issued to them. Sources said Business Recorder here on Sunday that certain collectors alleged commercial exporters of intentionally resorting to audit by the Directorate of Revenue Receipt Audit (DRRA) to avoid sales tax department auditors. ...

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Banks to comply SBP equity investment rules

KARACHI (November 03 2003): The decision of the State Bank of Pakistan to restrict investment in share market would force several banks to unload their positions in a year period because their contribution as per their equity portfolio has gone up as high as 71 percent. According to a report of KASB Equities, the financial statements of banks indicate that ...

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United Companies creditors settle case with Deloitte

Creditors of bankrupt United Companies Financial Corp. and the company's auditors have reached an undisclosed settlement in a lawsuit over the company's collapse. In a state district court lawsuit that began last week, creditors had been seeking $685 million from Deloitte and Touche, claiming the auditing firm failed to advise company management properly about financial problems that later ruined United ...

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Input tax adjustment for PTV ads: Revenue Board issues procedure

ISLAMABAD (November 02 2003): The Central Board of Revenue (CBR) has issued procedure for adjustment of input tax paid on advertisement services by Pakistan Television Corporation (PTV) registered clients. The CBR has superseded ruling 12/2003 through a directive issued to collectors of sales tax here on Saturday. The CBR has informed Pakistan Advertising Association and PTV, Karachi, that banking instruments ...

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Backers hope conference will prove XBRL is 'real'

The developers of XBRL, the Internet-based software language for business reports, are hopeful that their upcoming international conference will be a break-out for the technology that holds the promise of revolutionizing how business reporting is performed. The XBRL International conference, to be held here Nov. 3-7, is scheduled to feature the most prominent display of XBRL’s capabilities since that technology ...

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AICPA, FBI ally on anti-fraud Webcast

With 134 major cases of corporate fraud being investigated, the American Institute of CPAs and the Federal Bureau of Investigations thought it was time to work more closely together. On Nov. 6, 2003, the AICPA, senior members of management of the FBI, and the Department of Justice will join forces to present a free, interactive Webcast about preventing and detecting ...

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Advances against certain raw materials need no margins

KARACHI (October 30 2003): The new Prudential Regulations have put no margin requirement for advances against raw materials to manufacturing and processing units of capital goods, engineering goods, consumer durable, medicine, cotton yarn, cigarettes, fertilisers, pesticides, vegetable ghee and edible oil. The SBP has put no margin requirements for advances against raw cotton (both phutti and lint cotton) to ginners. ...

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National Bank's nine-month profit doubles

KARACHI (October 30 2003): The profit of National Bank of Pakistan Ltd, the country's largest lender by assets, rose twofold in the nine months ending on September 30, 2003, helped by returns on stock market investments and cut in tax rates, analysts said. The net profit of NBP rose to Rs 3.29 billion ($ 57 million), from Rs 1.66 billion ...

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Revenue Board opposes GST exemption on phosphatic fertiliser

ISLAMABAD (October 31 2003): Despite the support of three ministries, the Central Board of Revenue (CBR) has strongly opposed the exemption of general sales tax (GST) on phosphatic fertiliser and its raw materials and asked the government to take other measures for reduction of prices of DAP fertiliser. Sources in the Finance Division said that the ministries of commerce, petroleum ...

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