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Islamic Banking: SBP receives three applications

KARACHI: Pervez Said, Director, Islamic Banking Department (IBD) of State Bank of Pakistan (SBP) disclosed on Friday that the central bank has received three applications for the start of full-fledged new Islamic banks in Pakistan. Addressing the launch of Islamic banking operations of Standard Chartered Bank (SCB) at a local hotel, on Friday, he said seven conventional banks of the ...

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IASB Publishes Discussion Paper on Standards for SMEs

The International Accounting Standards Board (IASB) has published a Discussion Paper on its proposal to develop a separate set of international accounting standards for small and medium-sized entities (SMEs). The Discussion Paper sets out the IASB’s preliminary views on aspects of the proposal and invites comments on them by 24 September 2004. The Discussion Paper does not include proposals for ...

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CDC introduces ‘deposit functionality’

KARACHI: The Central Depository Company (CDC) introduced the deposit functionality through Investor Account Services (IAS), which would help retail investors to deposit their physical securities in the Central Depository System (CDS) directly through their own investor accounts. While inaugurating the deposit functionality here on Friday, Dr Tariq Hassan, Chairman, Securities and Exchange Commission of Pakistan (SECP), praised the role played ...

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IFRIC publishes proposed guidance on members’ shares in co-operative entities

The International Financial Reporting Interpretations Committee (IFRIC) has released for public comment a draft Interpretation D8 Members’ Shares in Co-operative Entities giving guidance on the classification of members’ shares in co-operative entities as either financial liabilities or equity. The publication of this draft Interpretation is a direct response to concerns expressed by constituents that the classification of members’ shares in ...

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Banks’ entry into NBFI sector not feasible: SECP

KARACHI: Chairman Securities and Exchange Commission of Pakistan (SECP) Dr Tariq Hassan has said that banks’ foray into non-banking activities may not be feasible for the development of Non-Banking Financial Institutions (NBFIs) of the country. His speech, on the topic of Universal Banking and its Impact on Non-Banking Financial Institutions, was read out at a breakfast forum, organised by The ...

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IFRIC publishes proposed amendment to the scope of SIC-12

The International Financial Reporting Interpretations Committee (IFRIC) has released for public comment Draft Amendment D7 proposing an amendment to the scope of Interpretation SIC-12, Consolidation—Special Purpose Entities. SIC-12 currently excludes from its scope post-employment benefit plans and equity compensation plans. Such plans are, at present, within the scope of the accounting standard IAS 19 Employee Benefits (as amended in 2002). ...

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ICMAP: Revision of Syllabus of IMA, USA

The Institute of Cost and Management Accountants of Pakistan (ICMAP) has released the following statement regarding the revision of syllabus of IMA, USA: “All members are informed that IMA is revising its syllabus and pattern of question papers. Consequently, the exemptions granted to members of various institutes will also be revised. Initially they have decided to grant exemption in only ...

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SBP issues first 'B' forex company licence

KARACHI (June 23 2004): The State Bank of Pakistan on Tuesday issued the first 'B' category Exchange Company Licence to Money Masters Currency Exchange Company 'B' (Pvt) Ltd. The State Bank has already issued 19 No-Objection Certificates (NOCs) for the setting up of 'B' category Exchange Companies. The moneychangers will have to close their shutters by June 30, 2004. The ...

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Sales tax registration drive to start next month

ISLAMABAD (June 23 2004): To expand the tax base for meeting revenue target of 2004-05, the Central Board of Revenue (CBR) will undertake countrywide registration for bringing more wholesalers, distributors and retailers into the tax net from July, 2004. Sources told Business Recorder here on Tuesday that major hurdles in the registration of wholesalers and distributors, who prefer to remain ...

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CVT rate cut to 0.01 percent

ISLAMABAD (June 23 2004): The government has decided to cut CVT from 0.1 percent to 0.01 percent, in addition to two presumptive withholding taxes of 0.005 percent on each buyer and seller, adjustable withholding tax of 0.005 percent and 10 percent withholding tax on COT. Finance Minister Shaukat Aziz, while winding up general debate on Federal Budget in the National ...

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