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Depreciation deduction on used machinery import allowed

ISLAMABAD (October 15 2002) : The government has decided to allow the deduction of depreciation on second-hand plant and machinery while calculating income tax on assets. It would be instrumental in encouraging import of machinery from industrialised countries, undergoing restructuring selling of high labour-cost machinery. Mostly small and medium enterprises in textile sector would be able to import this machinery. ...

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Shaukat Aziz may continue as finance minister

ISLAMABAD (October 15 2002) : As the tremors of election results jolt the power corridors, one decision seems to be undisturbed and that is the continuation of economic reform agenda and its managers, Shaukat Aziz & Co. According to sources, President Pervez Musharraf has categorically conveyed his desire to Shaukat Aziz that he “must continue after the elections”. The PML ...

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KPMG Becomes Bearing Point

Following in the wake of the consulting/auditing debacle, KPMG has taken the bull by the horns and changed the name of its consulting division to Bearing Point, a peculiar choice if ever there were one. Apparently the firm ran through a list of more than 500 name before it finally settled on the nautically themed moniker. KPMG Consulting isn't the ...

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Sui Southern Gas Company´s net profit up 10.9%

KARACHI (October 01 2002) : Sui Southern Gas Company´s full year net profit rose 10.9 percent after boost in sales and cut in financial charges. Profit for the year ended June 30 rose 10.9 percent to Rs 1.434 billion as compared with Rs 1.292 billion in the same period a year earlier, the company through a statement at Karachi Stock ...

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World Bank chief commends Pakistan

WASHINGTON (October 01 2002) : The World Bank President, James D. Wolfensohn, has commended Pakistan for staying the reform course while urging greater efforts to ensure that the benefits reached the country's poor people. “We have seen Pakistan make a really sustained effort and stick to the ambitious programme of restructuring that it laid out nearly three years ago,” said ...

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Rs 88.2 billion revenue collected in first quarter

ISLAMABAD (October 01 2002) : The federal tax authorities have collected Rs 88.2 billion in the first quarter (July-September) of the current fiscal year 2002-03 against the target of Rs 90 billion, showing a shortfall of Rs 1.8 billion. The collection of Rs 88.2 billion during this period is Rs 10.7 billion higher than Rs 77.5 billion collected in the ...

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Tax returns filing date not extended

ISLAMABAD (October 01 2002) : The Member of Direct Taxes, Central Board of Revenue, Vakil Ahmed Khan, has said the government has not extended the date for filing tax returns. He told Business Recorder on Monday that the last date of filing of tax returns i.e., September 30, 2002, has not been extended. He dispelled the impression that the government ...

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