Home » News (page 80)

News

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 ...

Read More »

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 ...

Read More »

Deloitte distances itself from Alitalia figures

Alitalia's auditor Deloitte and Touche said today it was unable to form an opinion on the troubled airline's full-year 2003 results because of significant uncertainties surrounding the company's business plan and financing. “Because of relevant uncertainties… we are unable to form an opinion about Alitalia's full-year results,” Deloitte said. The auditor said that the carrier's financial situation deteriorated sharply last ...

Read More »

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 ...

Read More »

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 ...

Read More »

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 ...

Read More »

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 ...

Read More »

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 ...

Read More »

Jewellers exempted from past sales tax liabilities

ISLAMABAD (June 04 2004): The Central Board of Revenue (CBR) has given exemption of past sales tax liabilities, ie, prior to July 1, 2003 to jewellers who want to avail of amnesty scheme under SRO 246 (I)/2004. Tax authorities on Thursday conveyed the decision to the All Pakistan Sarafa Association, Sindh that jewellers who are registered as retailers could avail ...

Read More »

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 ...

Read More »