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Duty drawback on thermos, hackle and toothbrushes reduced

ISLAMABAD (February 26 2005): The Central Board of Revenue (CBR) has reduced duty drawback on export of vacuum flasks/jugs, hackles and toothbrushes from February 25, 2005. The CBR has amended standard SRO.414(I)/2001 and SRO.415(I)/2001 through four notifications issued on Friday. The duty drawback on the export of plumages/hackles has been slashed to 0.26 percent of the fob value. The duty ...

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SBP planning bonds trading on stock market

ISLAMABAD (February 14 2005): The State Bank is planning to introduce legal changes in relevant laws in order to start trading of government bonds and securities at stock markets. This amendment would bring retail investors into government bonds and securities trading. It would also help reduce bank's leverage which places pressure on the interest rates, sources told Business Recorder. The ...

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IFAC Releases 2005 Handbook of International Public Sector Accounting Pronouncements

The 2005 edition of the International Federation of Accountants' (IFAC's) Handbook of International Public Sector Accounting Pronouncements is now available in print and a downloadable PDF format. Print copies may be ordered and the PDF version downloaded from the Public Sector Accounting section of IFAC's online bookstore. The print version, which will be available later this month, and the PDF ...

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CBR considering goods delivery without sales tax

KARACHI (February 13 2005): Central Board of Revenue (CBR) Member, Sales Tax, Shahid Ahmed said here on Saturday that the government is going to introduce a new scheme for delivery of goods without sales tax. Talking to newsmen after a meeting with Lasbela Chamber of Commerce and Industry (LCCI), he said at present the law department is examining the scheme. ...

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KAPCO six-month profit up by 17.4 percent

KARACHI (February 13 2005): Kot Addu Power Company's first half-year profit rose by 17.4 percent to Rs 3.687 billion as compared with same period a year ago. The company released financial results for the six months ended December 31, 2004, at Karachi Stock Exchange (KSE) on Saturday. According to chairman's review, over the period the power plant generated 4141 GWh ...

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Rebate on polyester items: CBR again blocks MoC summary

ISLAMABAD (February 12 2005): The Central Board of Revenue (CBR) has once again succeeded in blocking the summary of Commerce Ministry regarding payment of duty drawback on polyester filament yarn (PFY) and polyester staple fibre (PSF), submitted to the Economic Co-ordination Committee (ECC) of the Cabinet, it is learnt. Sources said that the ECC was informed by CBR that the ...

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New procedure for bonded goods re-export unveiled

ISLAMABAD (February 12 2005): The Central Board of Revenue (CBR) has announced new procedure for speedy processing of documents to re-export the imported consignments lying at ports and warehouses across the country to facilitate the exporters. The CBR has issued Customs General Order (CGO) 2 of 2005 here on Friday to issue two simplified procedures for the re-export of consignments ...

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Leaders of Accountancy Bodies Commit International Support to Clarifying Professional Pronuncements

The International Federation of Accountants (IFAC), the global organization for the accountancy profession representing 163 accountancy organizations with more than 2.5 million accountants in public practice, education, government service, industry and commerce, convened a meeting in London this week with the chief executives of 30 member bodies and regional accountancy organizations. Representatives of the World Bank and the United Nations ...

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Recommendations made on Convergence Activities for Public Sector Financial Reporting Standards

As part of its program to support convergence of International Public Sector Accounting Standards (IPSASs) and statistical bases of financial reporting where appropriate, the International Public Sector Accounting Standards Board (IPSASB) of the International Federation of Accountants (IFAC) has released a research report that identifies differences in the requirements of IPSASs and statistical reporting models. The report also makes recommendations ...

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Auditor’s Reporting on Bank’s Internal Controls – Deferred for a Year

At the recommendation of the Institute, the State Bank of Pakistan has deferred the attestation requirement of SBP’s Guidelines on Internal Controls for one year that will now be applicable from the year ending December 31, 2005. On May 27, 2004, SBP issued its Guidelines on Internal Controls via BSD Circular No.7 of 2004, Paragraph 7(c) of which requires “Statutory ...

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