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Drawback on diesel generating sets reduced

ISLAMABAD (August 20 2004): The Central Board of Revenue (CBR) has reduced duty drawback on the export of diesel generating sets from August 19, 2004. The duty drawback on the export of liquid glucose and rice gluten protein concentrate has also been reduced. The CBR has amended SRO 414(I)/2001 and SRO 415(I)/2001 through issuance of two notifications issued here on ...

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CBR and vanaspati makers reach understanding on value addition for imported palm olien

ISLAMABAD (August 20 2004): The Central Board of Revenue (CBR) and Pakistan Vanaspati Manufacturers Association (PVMA) on Thursday agreed on a new formula for value addition for imported palm olien after long negotiations. According to the new formula, the CBR would allow 15 percent value addition to the ghee industrialists on taxable purchases and make it a base to calculate ...

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Minimum benchmark value of bill of entry reduced

ISLAMABAD (August 21 2004): The Central Board of Revenue (CBR) has substantially reduced the minimum benchmark value of bill of entry from Rs 2,500 to Rs 2,000 for levying sales tax on services rendered by the customs agents. Thus, customs agents will have to pay minimum sales tax of Rs 300 per bill of entry as compared to Rs 375 ...

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Former EC Accountant Wins Whistle-Blower Award

Marta Andreasen, the former chief accountant for the European Commission, has won this year’s Cliff Robertson Sentinel Award given by the Association of Certified Fraud Examiners (ACFE). The award, established by the actor Cliff Robertson, recognizes an individual’s efforts to root out fraud. While at the EC, Andreasen discovered inadequate internal controls, with about 95% of the payments from the ...

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Auditors oppose proposed ban on consulting

The concept paper on the companies act is creating a storm in audit circles. It has some very bold proposals, one of which bars auditors from providing non-audit services to the same company. The auditing industry could soon undergo a big change. The draft paper on Companies Act proposes to ban auditors from performing non-audit services. Some services such as ...

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Chartered accountants’ conference begins in India

The all-India continuing professional education (CPE) conference of the Institute of Chartered Accountants of India (ICAI) was inaugurated by the Chief Minister, Mr Manohar Parrikar in Calangute today. The three-day conference being attended by 625 delegates and students would discuss and deliberate on CARO’ 2003, accounting standards and service tax. Addressing a press-conference prior to the inaugural function, the ICAI ...

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Parmalat sues former auditors Deloitte and Grant Thornton for $10 Billion

Parmalat sued its former auditors, Deloitte & Touche and Grant Thornton, on Wednesday, claiming damages of at least $10 billion (R65 billion) and broadening a legal battle to claw back funds from financial partners it says helped drive it into insolvency. Parmalat said it was seeking damages from Deloitte Touche Tohmatsu and Grant Thornton International, as well as their Italian ...

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Shell profit rises 20 percent in fiscal year 2004

KARACHI (August 20 2004): The profit of Shell Pakistan Limited in the year ended June 30, 2004 rose 20 percent because of higher oil prices and inventory gains. The Shell's profit from July to June amounted to Rs 1.508 billion as compared with Rs 1.254 billion of the preceding year. The earning per share also rose to 43.01 rupees a ...

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Drawback on footwear reduced

ISLAMABAD (August 18 2004): The Central Board of Revenue (CBR) has reduced duty drawback on export of leather and synthetic footwear and canvas/textile footwear from August 17, 2004. The CBR has amended standard SRO 413(I)/2001 through SRO (I)/2001 issued here on Tuesday. The duty drawback has been reduced on the export of canvas or textile shoes with rubber sole (all ...

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BDO partner suspended for standards neglect

An auditor in an Australian chartered accountants firm has been suspended for twelve months after ignoring important audit standards, the corporate watchdog said. The Australian Securities and Investments Commission (ASIC) said BDO partner Ralph David Goodman was suspended following a review he conducted of The Satellite Group Ltd financial report for the half-year ending 31 December 1999. His suspension follows ...

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