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60-day delay in transfer of sales tax condoned

ISLAMABAD (April 21 2004): To facilitate the traders/business community, the Central Board of Revenue (CBR) has given condonation on the delay period (beyond the prescribed limit of 120 days) in transfer of payment through banking channel under section 73 of the Sales Tax Act, 1990. The CBR has notified the decision through Sales Tax General Order (STGO) 1 of 2004 ...

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Importers given relief on goods in bond

ISLAMABAD (April 22 2004): Giving a major relief to the importers, the Central Board of Revenue (CBR) has waived the penal surcharge on goods removed from public bonded warehouses, private bonds and manufacturing bonds warehouses. The CBR has used powers under Section 98 of the Customs Act to notify the decision through SRO (I)/2004 issued here on Wednesday. According to ...

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CIMA Puts Ethics at the Heart of Its New Syllabus

It's official. The new-generation CIMA professional chartered management accounting qualification has been launched. After 18 months of intense research and development, the new syllabus was presented to tuition providers at a special “warm-up” conference held in London at the end of January. The qualification will be examined for the first time in May 2005. It will place greater emphasis on ...

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SECP finalising pension scheme for private sector

KARACHI (April 18 2004): Finance Minister Shaukat Aziz has said that the Securities and Exchange Commission of Pakistan (SECP) is finalising a pension scheme for the private sector, and urged the mutual funds industry to look at the possibility of designing products to meet the needs of retiring people. The minister was addressing the launching ceremony of 'Faysal Balanced Growth ...

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6-Month Bar Against Ernst & Young Begins

A six-month bar against Ernst & Young from accepting new corporate audit clients began Monday, the Securities and Exchange Commission said. An administrative law judge at the SEC imposed the suspension on the nation's third-largest accounting firm on April 16 for compromising its independence by engaging in a lucrative business deal with a company whose books it audited. The judge ...

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RCITs told to clear all tax refunds

ISLAMABAD (April 20 2004): Taking a major step to facilitate the business community, Central Board of Revenue (CBR) Chairman Muhammad Abdullah Yusuf has directed all the Regional Commissioners of Income Tax (RCITs) to forthwith issue income tax refunds to the taxpayers irrespective of the quantum of refund amount. He was addressing the RCITs conference held here on Monday. CBR Member ...

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Ernst & Young offers 24 hours, 7 days online business advisory services to Middle East businesses

Ernst & Young, the Middle East's largest professional services firm, has recently launched their on-line web-based business advisory service, www.eyonline.com. The service offers Middle East businesses 24 hours, 7 days a week online access to global and local resources. Ernst & Young Online provides a wide selection of business tools that are content-rich and easy to use. These tools help ...

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Europe Lags in Corporate Governance Efforts

Boards of directors of large multinational companies based in Europe have lagged their U.S. counterparts in increasing the time and effort they spend on corporate governance in the wake of corporate scandals, according to PricewaterhouseCoopers' Management Barometer. Far fewer boards in Europe than the U.S. — 32 percent, versus 62 percent, respectively — spent more time and effort in 2003 ...

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Accountant Pleads in $45 Million Scam

A accountant in US pleaded guilty Monday to two federal charges resulting from an alleged scheme in which an investment firm falsely claimed ties to Italian royalty to defraud investors of nearly $45 million, prosecutors said. Richard Glenn Dunham, 56, of Corona del Mar, Calif., entered his plea before U.S. District Judge Dale Fischer to charges of mail fraud and ...

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Call to improve corporate culture in ICAP moot

LAHORE (April 18 2004): Dr Ishrat Hussain, Governor, State Bank of Pakistan (SBP), has said that improvement in corporate culture is a must to improve Pakistan's share in global market. Referring to the expected 6 percent growth target in near future, he said that this would definitely result in reduction of poverty level as well as improvement in health, education, ...

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