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Retailers may pay sales tax at 10 percent value-addition

ISLAMABAD (August 10 2004): The Central Board of Revenue (CBR) announced here on Monday that retailers have been given the facility to pay sales tax on the basis of 10 percent value-addition, instead of 15 percent, on their purchases. For this purpose, the Board has issued a one-page simplified retail tax return-cum-challan form for retailers. The CBR has amended special ...

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Employers allowed tax adjustments in salaries

ISLAMABAD (August 10 2004): To facilitate salaried class, the Central Board of Revenue (CBR) has allowed employers to make adjustment of income tax payable by salaried persons under Income Tax Ordinance 2001. The salaried taxpayer is entitled to credit of such tax payment, provided he is owner of the motor vehicle or subscriber of telephone in his own name. The ...

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CBR outlines use of goods declaration copy

ISLAMABAD (August 10 2004): The Central Board of Revenue (CBR) has announced that goods declaration (GD) copy for importer/exporter could be used by exporters for claiming customs duty drawback and release of bank guarantee from July 1, 2004. The importer's/exporter's copy of GD may be used by the importer for refund, rebate, registration of vehicles and for record etc whereas ...

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SEC May Delay Accounting Rules

The U.S. Securities and Exchange Commission may hold back on new accounting rules to give companies time to comply, an official said Wednesday. “We're trying to restrain ourselves in the number of new initiatives that we would put in place,” SEC chief accountant Donald T. Nicolaisen said in an interview. A major corporate governance rule requiring companies to report on ...

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ICAP office-bearers elected

KARACHI: Executive Director Institute of Chartered Accountants of Pakistan (ICAP) Aslam Dossa announced on Sunday the names of the office-bearers of the institute elected for the year 2004-05. Dossa said Zafar Iqbal Subhani has been elected as the new president of the ICAP; Syed Asad Ali Shah has been elected as vice-president (South) while Hidayat Ali was elected as VP ...

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PICIC Bank profits likely to show 75 percent growth

KARACHI (August 05 2004): Picic Commercial Bank, which is expected to announce its half-yearly results with over 75 percent increase in its profit and 100 percent in earning per share, may emerge as the only private bank having 100 branches across the country. Banking industry sources said that Picic Commercial Bank would come up with record breaking figures of financial ...

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Foreign investors may have 100 percent equity in services sector

ISLAMABAD (August 05 2004): Further liberalising the investment policy, the government has decided to allow 100 percent equity for foreign investors in services sector. Talking to Business Recorder here, the Board of Investment (BoI) Chairman Waseem Haqqie said that 100 percent equity in services sector with the condition of its dilution to 60:40 within five years had been done away ...

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Importers given immunity from audit, sales tax on value-addition

ISLAMABAD (August 05 2004): Fulfilling a major demand of importers, the Central Board of Revenue (CBR) has given immunity from audit to all those commercial importers who would pay sales tax on the basis of value-addition. The CBR has also withdrawn the condition of detailed audit of commercial importers under new amended rules. The CBR has amended Sales Tax Special ...

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SBP issues clarification on surplus/deficit revaluation

KARACHI (August 05 2004): The State Bank on Wednesday has issued clarification about revaluation of assets and their classification. Some banks had approached the State Bank seeking clarifications relating to the implementation of the related circular dealing with revaluation surplus/deficit. All such queries have been reviewed, said a SBP circular. The earlier circular issued on July 13 will be effective ...

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Bank Al Habib issued licence for Islamic banking

KARACHI (August 05 2004): The State Bank on Wednesday issued a licence to Bank Al Habib Limited for its first Islamic Banking Branch located in Karachi. The licence was handed over by Pervez Said, Director, Islamic Banking Department, SBP, to Abbas D Habib, Chief Executive, Bank Al Habib, at a ceremony held at State Bank premises. With the issuance of ...

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