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Centralized sales tax registration hits business activities

KARACHI (April 07 2005): Business activities in the cosmopolitan city have been seriously marred due to the delay in Centralised Sales Tax Registration by the Central Board of Revenue (CBR) in Islamabad. The new centralised system introduced for registration under Sales Tax in the budget last year takes one month as compared to a week consumed in the previous localised ...

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Islamic insurance companies allowed investment in properties

KARACHI: Takaful (Islamic) insurance companies, to be established under the proposed Takaful Insurance Rules-2005, will be permitted to invest in properties and mutual funds TFC. Prior to nationalisation and forced merger into State Life Insurance Corporation, the private life insurance companies were allowed to invest in properties and all major buildings and properties of SLIC are those of nationalised life ...

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Habib Bank links KIBOR with SBP rate

KARACHI: The Habib Bank Ltd (HBL) has become the first commercial bank which has linked its Karachi Inter-Bank Offered Rate (KIBOR)-related financing with State Bank of Pakistan (SBP) displayed rate of KIBOR. Bank sources said the HBL had standarised the KIBOR by linking it to the daily rate displayed by State Bank of Pakistan (SBP) on its website. The KIBOR ...

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No blocking of sales tax refund to meet revenue target

ISLAMABAD (April 06 2005): Central Board of Revenue Chairman Abdullah Yousuf has said that the tax machinery should not block sales tax refund or intensify 'advance tax' collection at import stage for meeting the ambitious Rs 50 billion monthly target of April and May and Rs 90 billion in June 2005. On Tuesday, he directed all collectors of customs, sales ...

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Seized vehicles to be auctioned with CBR Council's consent

ISLAMABAD (April 06 2005): CBR 'Board-in-Council' has decided to share the powers of customs department for disposal of confiscated vehicles. At present, customs department is solely empowered to dispose of confiscated vehicles. However, it has been decided that the consent of 'Board-in-Council' should be taken by Member Customs prior to auction/disposal of seized vehicles. These include tampered, non-duty paid and ...

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Service tax on stock brokers on the cards

ISLAMABAD (April 05 2005): The Central Board of Revenue (CBR) has agreed in principle to levy, in budget 2005-06, central excise duty (CED) as 'service tax' on commission earned by stock brokers of all the three bourses. In case the Ministry of Finance gives approval of the proposal, CBR would collect 'service tax' from 200 registered brokers of Karachi Stock ...

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Jamshoro Power Company: financial adviser accused of delaying sell-off

ISLAMABAD (April 04 2005): The Privatisation Commission (PC) has accused the Financial Adviser, Abacus Consulting, Lahore, local contractor of Pricewaterhouse Coopers, of delaying government programme to take Jamshoro Power Company (JPC) transaction to bidding stage at the earliest, sources in Commission told Business Recorder. “The Financial Adviser furnished evaluation report with considerable delay and after a number of reminders, which ...

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Non-duty paid cars regularisation: CBR to move proposal to ECC

ISLAMABAD (April 04 2005): Central Board of Revenue (CBR) Chairman Abdullah Yusuf has said that the Board will submit the proposal for the regularisation of non-duty paid cars to the Economic Co-ordination Committee (ECC) of the Cabinet after incorporating the viewpoint of the Interior Ministry. He told Business Recorder on Sunday that the CBR is waiting for the response of ...

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Pak Suzuki earnings decline in 2004

KARACHI (April 04 2005): Pak Suzuki earnings declined in CY04 mainly on account of adverse yen movement, higher steel prices and increase in depreciation charge due to expansion. Pak Suzuki increased prices of its cars by about Rs 20,000 near the end of the year which shall benefit margins in CY05. Most of the company's models are booked for 5-6 ...

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Badla financing: PAC demands details of investors

ISLAMABAD (April 03 2005): Taking serious notice of the recent crisis in the stock market, Public Accounts Committee (PAC) has directed the Securities and Exchange Commission of Pakistan (SECP) and Karachi Stock Exchange (KSE) to give the names of brokers and financial institutions involved in making investment in Badla financing. Heads of SECP and all three stock exchanges explained the ...

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