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All refund claims of LTU for 2002 cleared

KARACHI (June 12 2004): The Large Taxpayer Unit (LTU) has cleared all refund claims pertaining to 2002 and efforts are being made to clear claims of 2003 by June 30. There is a backlog of Rs 3 billion in income tax refund. LTU Director General Shahid Jamal stated this, while addressing a delegation, which visited the unit on Friday. He ...

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Federal budget today, volume may be over Rs 1 trillion

ISLAMABAD (June 12 2004): The coming budget for 2004-05, to be presented on June 12 in Parliament, would cross Rs 900 billion (Rs 700 billion current expenditures and Rs 202 billion development spending). CBR revenue has been set at Rs 580 billion and rest of the revenue would come from surcharges and non-tax revenue. Total revenue would be Rs 820 ...

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Economic Survey of Pakistan 2003-04: Highlights

An upbeat Finance Minister, claiming marked improvement in macro-economy, announced 6.4 percent GDP growth for 2003-04 and an extraordinary 4.2 percent cut in poverty from 2000-01 through 2003-04. Enumerating the achievements, Shaukat Aziz all smiling spoke of higher than targeted growth rate accompanied by a 'stellar' rise in industrial production; a double-digit growth in per capita income; a strong upsurge ...

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State Bank relaxes 'B' category foreign exchange company rules

KARACHI (June 06 2004): The State Bank has relaxed the rules, for establishment of 'B' category exchange companies, by reducing the amount of paid-up capital and reserves required to keep with SBP. The State Bank has decided to give relaxation to the existing authorised moneychangers for setting up of 'B' category exchange companies. According to relaxation allowed, the minimum paid ...

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Exporters to get new incentives in budget: DTRE scheme being revamped

ISLAMABAD (June 08 2004): The Central Board of Revenue (CBR) will give new incentives to the exporters under the revamped Duty and Tax Remission for Export (DTRE) Rules to be announced in the budget. Sources told Business Recorder here on Monday that the CBR has given final touches to the revised DTRE rules taking into account the recommendations of all ...

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Outsourcing may not be best option for businesses: Ernst & Young

Singapore: Outsourcing has been a global catch-phrase in recent years as one way for companies to reduce costs, and Singapore companies have also been quick to jump on that bandwagon. Increasingly, they have been getting external parties to provide selected goods and services for their operations. But Ernst & Young Associates, which advises businesses on restructuring in Singapore, says companies ...

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Rules for 'B' category exchange companies issued

KARACHI (June 08 2004): The State Bank on Monday issued rules and procedures for 'B' category of Exchange Companies which carry instructions and prescribed application forms. In order to bring the existing Authorised Money Changers within the realm of Exchange Companies and to ensure smooth transition of their existing business, it has been decided that the existing authorised Money Changers ...

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SECP approves merger of three companies into FSIBL

LAHORE (June 08 2004): The Securities & Exchange Commission of Pakistan (SECP) has sanctioned the schemes of merger/amalgamation of Paramount Leasing Limited (PLL), Pacific Leasing Company Limited (PLCL) and First Leasing Corporation Limited (FLCL) into First Standard Investment Bank Limited (FSIBL). According to a dispatch of the FSIBL to Lahore Stock Exchange (LSE), the board of directors of the FSIBL ...

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IFAC Explores Budget Reporting for Governments and Need for International Public Sector Standards

A new Research Report commissioned by the International Federation of Accountants' (IFAC's) Public Sector Committee (PSC) considers best practices in budget formulation and reporting under differing budget models and government administrative arrangements, and examines whether the development of an International Public Sector Accounting Standard (IPSAS) on budget reporting falls within the PSC's mandate. The Research Report, entitled “Budget Reporting,” was ...

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IFAC Ethics Committee Revises Ethics Code on Audit Partner Rotation

The Ethics Committee of the International Federation of Accountants has approved a revision to its Code of Ethics for Professional Accountants to clarify guidance pertaining to lead partner rotation for audit clients that are listed entities. When the Ethics Committee initially updated Section 8 of the Code, “Independence Requirements for Assurance Engagements,” in November 2001, the Code specified that lead ...

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