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Accounting firms get more flexible to retain employees

Public accounting firms, tired of annually replacing good employees, are increasingly acknowledging that some staff might actually want a life outside of work. Accounting firms have traditionally run as lean operations, hiring less staff than needed for the workload. That meant that during slow periods, they didn't have a lot of employees sitting around doing nothing. But during the busy ...

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Export miscalculation: revenue loss to be deducted from drawback claims

KARACHI (December 20 2004): The Collectorate of Customs (Export) has said the cases of export valuation with a loss of revenue up to Rs 5,000 would not be referred to the adjudication collectorates and rebate copy would be released against warning. This was stated by Collector of Customs (Export) Javed Qazi in a meeting with Karachi Customs Agents Group (KCAG) ...

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GST rate may be revised downward

ISLAMABAD (December 16 2004): The current 15 percent general sales tax (GST) in Pakistan is comparatively higher as compared to other countries of the region, which needs to be reviewed, official sources told Business Recorder here on Wednesday. The Central Board of Revenue (CBR) will review the GST rate because it is up to 10.4 percent in some of the ...

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Rs 35 per share fixed for Kapco IPO

ISLAMABAD (December 16 2004): The Privatisation Commission board has determined the per share price for Kot Addu Power Company (Kapco) at Rs 35 for its initial public offering (IPO). Sources said that the Privatisation Commission board in its last meeting determined the price for Kapco shares IPO and now it would be presented to the Committee of the Cabinet on ...

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Ban on old machinery and parts import may be removed

RAWALPINDI (December 16 2004): The government is planning to remove the ban on import of old and used machinery and industrial spare parts to discourage smuggling and arrest the losses being caused to national exchequer, said Abdullah Yousuf, Chairman, Central Board of Revenue (CBR), here on Wednesday. He was addressing a function of Rawalpindi Chamber of Commerce and Industry (RCCI), ...

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CVT rates on used car import notified

ISLAMABAD (December 16 2004): The Central Board of Revenue (CBR) has issued the actual rate of capital value tax (CVT) on old and used vehicles imported by overseas Pakistanis out of total consolidated amount of duties/taxes as per Customs General Order 10 of 2004. The CBR on Wednesday issued SRO 977(I)/2004 to notify the four slabs of capital value tax, ...

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Al Meezan to float Rs 1.2bn mutual fund

KARACHI: The public subscription of Meezan Balanced Fund (MBF) – a closed end scheme managed by Al Meezan Investment Management Ltd – worth Rs1,200 million is due to commence from December 20 to 23, 2004. A closed end scheme means a scheme constituted by way of a trust to raise funds through the issuance of certificates to the public for ...

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EPB allows 5 percent shipment in all US categories

KARACHI (December 15 2004): The Export Promotion Bureau (EPB) has allowed shipment up to a safe limit of 5 percent of the base level against exporters' own quota in all US categories, including 338 in which visas were stopped due to fear of embargo. It has also agreed to pay for the warehouse charges in the US for the goods, ...

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ICAP says badla trade be taxed

KARACHI: Institute of Chartered Accountants of Pakistan (ICAP) has recommended that present Badla or Carry-over Transaction of shares at the stock exchanges should come under the purview of taxation laws of the country. ICAP has ruled that CoT is a Repo transaction keeping into relevant paragraphs of two international accounting standards numbers 18 and 39. ICAP sources said that the ...

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Parameters devised for speedy sales tax refund

ISLAMABAD (December 14 2004): The Central Board of Revenue (CBR) has devised 10 major parameters to categorise exporters under 'green', 'yellow' and 'red' channels for speedy payment of sales tax refund to exporters. Official sources told Business Recorder here on Monday that the exporters would be brought under the 'high-risk' or 'low-risk' category on the basis of these parameters. The ...

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