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No 'special tax year' for cotton-textile sector

ISLAMABAD (August 17 2004): On persistent demand of cotton ginners and cotton textile companies, the Central Board of Revenue (CBR) has permitted these sectors to carry out their transactions as per normal tax year (July 1-June 30) instead of previously assigned 'special tax year'. The decision will help these sectors to fulfil their obligations more effectively under Income Tax Ordinance ...

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CBR to issue amended rules for CARE implementation

ISLAMABAD (August 15 2004): The Central Board of Revenue (CBR) has decided to issue amended rules and notifications for the smooth implementation of the Customs Administration Reforms Process (CARE). It would cover all customs operations like warehousing, transshipment, transit, exports, DTRE, rebate, duty drawback, refunds, adjudication, provisional clearance, securities, MIS, exemptions, trade policy etc. Sources told Business Recorder here on ...

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Foreign investors approach CBR for advance ruling

ISLAMABAD (August 17 2004): Six foreign investors have approached Central Board of Revenue (CBR) for obtaining 'advance ruling' on income tax matters before making investment in Pakistan. Official sources told Business Recorder here on Monday that the tax authorities would examine their cases and sectors in which investment is being made for issuance of advance ruling through procedure notified through ...

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Duty and sales tax on mobile phone parts abolished

ISLAMABAD (August 11 2004): In a major move to attract foreign investment in the mobile phone sector, the government has abolished custom duty and sales tax on the import of its accessories. In this connection, the CBR has amended SRO 390(I)/2001 through SRO (I)/2004 here on Tuesday to take away the duties and taxes on the mobile phone accessories. The ...

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PICIC Bank declares 15 percent dividend

KARACHI (August 12 2004): Picic Commercial Bank has posted a record pre-tax profit of Rs 556 million for the first half of the year ended June 30, 2004, showing a rise of about 70 percent as compared to the corresponding period of the last year. The bank had recorded a pre-tax profit of Rs 331 million during the same period ...

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Union Bank first-half results announced

KARACHI (August 12 2004): Union Bank Limited has announced its results for the first half of 2004. The Board has approved an issue of one bonus share for every 10 shares held for the financial year 2004. The bank's operating profit before provisions for the half-year ended June 30, 2004 amounted to Rs 782.78 million as against Rs 360.18 million, ...

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CBR to establish 'research department'

ISLAMABAD (August 15 2004): The Central Board of Revenue (CBR) has decided to set up an independent research department to assist the tax authorities in approving all tax related proposals for increasing efficiency of the tax machinery. This independent research department would ensure co-ordination among different departments working under CBR. If customs authorities take a decision, it should be in ...

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Sales tax on value addition not adjustable

KARACHI (August 15 2004): The Central Board of Revenue (CBR) has announced that the sales tax paid on value addition by a commercial importer is not adjustable as input tax unless it is paid in excess of 10 percent. The ruling has been made by the Secretary (ST-L&P) CBR after it received a number of queries that the registered persons ...

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FTO orders compliance: CBR withdraws three sales tax instructions

ISLAMABAD (August 15 2004): The Central Board of Revenue (CBR) has withdrawn three sales tax instructions issued on registration and de-registration during 2003 and 2004 for reducing unnecessary paper work to make fresh sales tax registration easy. Sources told Business Recorder here on Saturday that the decision has been taken on an order of Federal Tax Ombudsman (FTO) who termed ...

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Sales tax collectors asked to ensure correct payment

ISLAMABAD (August 06 2004): The Central Board of Revenue (CBR) has directed all the collectors of sales tax to monitor sectors where rate of general sales tax (GST) has been brought down from 20 percent to 15 percent in the Budget 2004-05. In the budget, SRO 389 (I)/2001 was rescinded through another SRO 489 (I)/2004 of June 12, 2004 to ...

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