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Country's largest mutual fund: IFC to invest $5 million in Abamco

KARACHI (September 22 2004): Abamco Composite Fund became the largest mutual fund in the private sector amounting to Rs 3.3 billion following the commitment of International Finance Corporation (IFC) to invest $ 5 million in it. Najam Ali, chief executive officer of the company, told reporters on Tuesday that in line with Abamco's efforts to encourage and promote foreign investment ...

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No excise duty on flight info CCTV

ISLAMABAD (September 21 2004): The Central Board of Revenue (CBR) has announced that central excise duty (CED) would not be liveable on closed circuit television system (CCTV) exclusively engaged in tele-casting information about flight schedule at airports. However, advertisements shown on closed circuit television (CCTV) are liable to excise duty. The telecast on CCTV for sale promotion or advertisements would ...

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USAS scheme: small percentage of returns to be selected for audit

ISLAMABAD (September 23 2004): The Central Board of Revenue (CBR) has decided to select a very small percentage of income tax returns pertaining to 'tax year 2004' for audit under Universal Self-Assessment Scheme (USAS). The discretionary powers of the Commissioners of Income Tax (CITs) would be considerably reduced under the parameters being devised for audit selection. Official sources told Business ...

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Banks no more to submit 'ED' statements

KARACHI (September 23 2004): The State Bank of Pakistan on Wednesday decided to discontinue submission of 'ED' statement by banks to the offices of SBP subsidiary. The SBP issued a circular which said: “With a view to rationalising the reports submitted by the banks to our SBP BSC (Bank) offices, it has been decided to discontinue submission of the 'ED' ...

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CBR exempts mutual funds from WHT

KARACHI: The Karachi Stock Exchange (KSE), after receiving approval from the Central Board of Revenue (CBR), has stopped deducting with-holding tax on transactions of mutual funds, subject to provision of a certificate of exemption issued by the Commissioner of Income Tax. The exemption has come into effect from September 15, 2004, while the exemption certificates would be granted under section ...

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SBP directive on export refinancing

KARACHI: The State Bank of Pakistan (SBP) on Wednesday ordered banks to make sure that ‘no duplicate export refinancing is provided by them against one firm export order or export letter of credit’. According to a circular issued to all commercial banks, the SBP directed for maintenance of a register containing columns as that earlier prescribed in ED-Statement, which was ...

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Shell earns Rs 1.5bn, declares Rs 35 dividend

KARACHI: Shell Pakistan Limited (SPL) has completed the 3-D seismic survey of its off-shore block and plans to invest $25 million on the drilling of an exploratory well provided the outcome of the survey is positive. “Already, the SPL has invested $12 to $15 million in the block and it would require another $25 million if the survey report indicates ...

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SECP mulls single licence for all NBFC activities

KARACHI: Dr Tariq Hassan, Chairman Securities and Exchange Commission of Pakistan (SECP) disclosed on Thursday that the SECP is examining the merits of having a single licence for all activities of Non-Banking Financial Corporations (NBFCs) which fall within the same risk class provided the capital adequacy requirements and professional management criteria are met. Addressing the 11th Annual General Body Meeting ...

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International Study Recommends Actions To Achieve Convergence To International Standards

A new international study, commissioned by the Board of the International Federation of Accountants (IFAC), identifies the challenges to adopting and implementing International Financial Reporting Standards (IFRSs) and International Standards on Auditing (ISAs) and recommends actions to be taken by all those in the financial reporting supply chain to achieve convergence to international standards. Entitled Challenges and Successes in Implementing ...

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Canada's CA-CMA Merger Sparks Debate

As accounting professionals in the United States continue to repair the damage caused by corporate scandals and strive to meet regulations mandated by the Sarbanes-Oxley Act, their neighbors to the north are tackling an entirely different issue — but one that has a major impact on the accounting profession all the same. Should Canada's two main professional accounting bodies merge ...

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