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SBP formulates scheme for long-term financing for export projects

KARACHI (April 17 2004): The State Bank has formulated a scheme for Long-Term Financing for the Export Orientation Projects (LTF-EOP). The scheme envisages provision of long-term financing for the establishment of the export-oriented projects and for the import of new machinery. The exporters have been consulted before the scheme and the industrialists said that the new scheme would be widely ...

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Security apparatus developed for GST database

ISLAMABAD (April 15 2004): The Central Board of Revenue (CBR) has developed the security apparatus for GST-related database of taxpayers available with the Collectorates of Sales Tax in accessible to control leakage of information. Sources told Business Recorder here on Wednesday that the CBR has given responsibility of GST database security to 12 tax officials, who have been allocated special ...

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SECP launches 'Directors and Secretaries Guide'

ISLAMABAD (April 15 2004): The Securities and Exchange Commission of Pakistan (SECP) has launched a second 'guide series' booklet named 'Directors' and Secretaries' Guide' to improve the conduct of both key officials and help supplement their legal acumen and skill. Releasing the booklet, the Member of Companies Law, Abdur Rahman Qureshi, told newsmen here that the SECP is issuing the ...

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Taxpayers may get sales tax registration directly

ISLAMABAD (April 14 2004): In a major step to accelerate sales tax registration process, the Central Board of Revenue (CBR) is seriously considering to allocate sales tax registration numbers to the taxpayers directly instead of Collectorate of Sales Tax from July 1, 2004. Sources told Business Recorder here on Tuesday that the CBR is working on a budget proposal to ...

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SBP redefines Prudential Regulations

ISLAMABAD (April 14 2004): The State Bank of Pakistan (SBP) has redefined Prudential Regulation Rules for banks, DFIs and NBFIs, by virtue of which current maturities of long-term debts have been included in the definition of current liabilities. As per revised criteria, current liabilities ratio (current ratio) of the borrowers is to be 1:1 at the time of fresh exposure/ ...

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Challan system for sales tax refund to go

KARACHI (April 11 2004): The Central Board of Revenue has planned to pay sales tax refund to exporters under an automatic procedure without involving the 'Challan system' and other officials of CBR, CBR Chairman Abdullah Yousuf said here on Saturday. Addressing members of All Pakistan Textile Mills Association (Aptma) and answering their questions, the new Chairman of CBR assured them ...

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Pick 5 percent non-corporate and 20 percent corporate returns for audit: CBR directive to RCITs

ISLAMABAD (April 08 2004): The Central Board of Revenue (CBR) has directed all Regional Commissioners of Income Tax (RCITs) to select 5 percent income tax returns of non-corporate sector and 20 percent of the corporate sector for audit of the tax year 2003. Sources told Business Recorder here on Wednesday that the CBR has given deadline of April 15, 2004, ...

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Banks and DFIs can get subsidiaries regularised by December 31

KARACHI (April 09 2004): The State Bank of Pakistan (SBP) has granted time to banks and development finance institutions (DFIs) who had already established subsidiaries before the issuance of State Bank's related circular. “Some of the banks/DFIs, which had already established subsidiaries, have approached us requesting for grant of some time for regularisation of the position in accordance with the ...

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UBL plans Rs 2.5 billion TFC issue

KARACHI (April 09 2004): United Bank Ltd (UBL) has planned to float country's largest listed terms finance certificate valued at Rs 2.5 billion to expand its service and for tier 2 capital purposes. According to the sources at the capital market, the UBL terms finance certificate would be the largest debt offering at the stock market, having maturity of eight ...

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SECP suspends COT measures

KARACHI (April 09 2004): The Securities and Exchange Commission of Pakistan (SECP) has suspended the notice issued by the Karachi Stock Exchange (KSE) issued on March 29 to protect the interest of weak holders. According to a letter issued to the KSE on Thursday, the SECP said most of the market crises have occurred because of COT, ie either withdrawal ...

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