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No penalty on sales tax returns till October 25

ISLAMABAD (October 19 2004): The Central Board of Revenue (CBR) has waived additional tax and penalty on the late filing of sales tax returns by the international freight forwarders during June-September 2004. This is subject to filing of all outstanding sales tax returns by October 25, 2004. The CBR has given exemption of additional tax/penalty for the months of June, ...

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Chartered accountants given access to e-returns in India

Chartered accountants can now function as electronic intermediaries (e-intermediaries) as the government moves inexorably towards a paperless tax administration. The Institute of Chartered accountants of India (ICAI) had aggressively pushed for the government’s permission to make CAs eligible to operate as e-return intermediaries. Until now, only banks could function as e-intermediaries for tax filing and the decision to allow CAs ...

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CBR seeks data of salaried persons' employers

ISLAMABAD (October 23 2004): The Central Board of Revenue (CBR) will issue letters to all those salaried persons who failed to submit names and addresses of their employers in the income tax returns for the 'tax year 2003'. The CBR on Friday issued instructions to all Commissioners of Income Tax (CITs) that the missing information about the salaried assessees should ...

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Anti-money laundering still very much ‘work in progress’: KPMG

Anti-money laundering is still very much “work in progress” within the banking industry, with plenty of work left to be done, but banks are clearly committed to the war against money laundering and international terror. In its 2004 Anti-Money Laundering Survey, consulting firm KPMG said the challenge for policymakers and law enforcement is to engage the industry more effectively, give ...

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Drawback on artificial leather reduced

ISLAMABAD (October 23 2004): The Central Board of Revenue (CBR) has reduced duty drawback on the export of artificial leather (PVC binding material) from October 22, 2004. The CBR has replaced Schedule LXXXV of the standard SRO.415(I)/2001 of June 18, 2001 through a notification issued on Friday. According to the notification, the duty drawback will be 2.09 percent of the ...

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Retail sector ‘emerging,’ in India, says PwC study

India’s organised retail sector situation is ‘emerging’, but regulatory constraints are, however, ‘still strong’, a PricewaterhouseCoopers’ retail and consumer survey studying the growth patterns in transitional economies has said. “It still remains to be seen if the new government will be promoting modern commerce through a more liberal approach to foreign investment from companies in the retail and consumer sector—and ...

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PLGMEA, CBR discuss refund issue

KARACHI: A delegation of Pakistan Leather Garments Manufacturers and Exporters Association (PLGMEA) led by Fawad Ijaz Khan, Chairman, PLGMEA, called on newly appointed Collector Sales Tax (Enforcement) Rashid Ahmed the other day to discuss the problems of the Association’s members regarding outstanding Sales Tax refund claims, according to a press release of the PLGMEA received here on Friday. Other Sales ...

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ICI Pak net profit jumps to Rs 2.4bn

KARACHI: ICI Pakistan Limited has declared a net profit of Rs2.4 billion during nine months ended Sept 2004, marking an increase of 281 per cent from Rs641 million during the same period last year. Though the turnover of the company has recorded a slight fall of 6.25 per cent to Rs16.18 billion from the corresponding period’s Rs17.26 billion, the bottomline ...

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ICAP issues Annual Report for FY 2004

KARACHI: The Institute of Chartered Accountants of Pakistan (ICAP) has taken legal actions against 16 chartered accountants allegedly involved in unethical practices in the last one year, one high official of the institute said on Friday. “During the last one year, the Institute took legal actions against 16 chartered accountants allegedly involved in unethical practices,” the official of the chartered ...

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EU reviews overseas accounting standards

A group of European regulators announced plans on Thursday to review the accounting standards of Japan, the US and Canada to see if they are adequate or whether companies that use them must provide additional disclosures, or even completely redo their financial statements, if they want their securities to trade in European markets. The Committee of European Securities Regulators or ...

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