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CBR to introduce ‘sales tax free’ system

LAHORE: The Central Board of Revenue (CBR) is introducing a rule to be called ‘Delivery of goods without payment of sales tax’ in order to facilitate exporters and avoid pile up of refunds. Collector Sales Tax, Lahore Region, Muhammad Nazim Saleem revealed this while briefing members of the Lahore Chamber of Commerce and Industry (LCCI) on different steps being taken ...

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PICIC applies for merger with PICIC Bank

LAHORE: The Central Board of Revenue (CBR) is introducing a rule to be called ‘Delivery of goods without payment of sales tax’ in order to facilitate exporters and avoid pile up of refunds. Collector Sales Tax, Lahore Region, Muhammad Nazim Saleem revealed this while briefing members of the Lahore Chamber of Commerce and Industry (LCCI) on different steps being taken ...

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NBFIs may start non-banking business

KARACHI: Securities and Exchange Commission of Pakistan (SECP) will shortly allow Non-Banking Financial Institutions (NBFIs) to start 10 new types of Non-Banking Businesses (NBBs). Sources of the banking industry said on Friday that NBBs include Currency, Currency index, Interest Rate Instrument, Interest Rate Index, Share, Share Index, Stock, Stock Index, Debenture, and Bond Index. All these businesses were conducted by ...

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‘Bank ratings do not represent SBP’s sanction’: SBP

KARACHI: The State Bank of Pakistan (SBP) while disclaiming its official role connection and the findings of the credit ratings of the commercial banks and DFIs of the country by two credit rating agencies of the country said: “These ratings represent the opinions of respective rating agencies and do not reflect the views of the SBP”. The SBP in June ...

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Pakistan to implement Basel-II accord in 2007

KARACHI: The Governor State Bank of Pakistan (SBP), Dr Ishrat Hussain said on Thursday that the implementation of the Basel-II agreement on exposure and security standard would take place in 2007. While inaugurating an international conference on the subject of WTO and Basel-II agreement, he said that the SBP has already issued a detailed roadmap for the implementation of Basel-II.<br> ...

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ICAP, SECP discuss corporate sector issues

KARACHI: The Institute of Chartered Accountants of Pakistan (ICAP) and Securities and Exchange Commission of Pakistan (SECP) discussed corporate sector issues. According to a press release received here on Friday, the ICAP submitted a report of the consultants on the issue of transfer pricing related rules to the SECP for consideration, which was presented at the meeting held recently. Chairman ...

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Carryover transaction exposure of banks and DFIs capped

KARACHI (February 27 2005): In order to ensure smooth transition from COT to Margin Financing, the State Bank of Pakistan (SBP) has decided to cap COT exposure of banks/DFIs. The central bank has taken this decision in connection with SECP's time-based action plan for phasing out of Carryover Transaction (COT) by June, 2005. In this connection, the SBP issued a ...

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CBR may refer tax crime cases to FIA

ISLAMABAD (February 27 2005): The Board-in-Council on Saturday decided that the Central Board of Revenue (CBR) may refer major cases of tax-related crimes, involving huge amount of revenue, to the Federal Investigation Agency (FIA), but the Board will decide which case has to be given to FIA. Moreover, taking action on the presentations of Member Customs and Member Direct Taxes, ...

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CDC cuts annual fee by 67 percent

KARACHI (February 26 2005): The Central Depository Company (CDC) has reduced the investor account holders' annual fee by almost 67 percent to increase the number of investors and eliminate cumbersome paper work. The CDC has been making a consistent effort to ensure that its services are highly cost-effective and convenient. CDC's services have set forth a reliable and innovative platform ...

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Central Excise Act being redrafted

ISLAMABAD (February 26 2005): The Central Board of Revenue (CBR) is redrafting Central Excise Act, 1944 to make it more compatible with the Sales Tax Act, 1990 and will rescind all the provisions and rules which have become redundant. Official sources told Business Recorder on Friday that by reducing the scope of Central Excise Act, 1944, central excise duty (CED) ...

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