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New rules to make Sales Tax refund more exporter-friendly

ISLAMABAD (March 30 2004): The new 'Sales Tax Refund Rules 2004' will be instrumental in giving preference to exporters under Gold/Silver categories available as per existing rules, making the refund procedure more exporter-friendly. Moreover, the exporters with more volume of export per annum will be given preference in issuance of refund as compared to those with less volume. The CBR ...

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Faysal Bank earns Rs 2.15 billion net profit in 2003

KARACHI (March 30 2004): Faysal Bank Limited has earned the profit highest amongst banks in Pakistan as Rs 2.15 billion after tax in the year 2003. Faysal bank held its Annual General Meeting of shareholders on Monday, which was chaired by the Director of the Bank Sanaullah Qureshi and member of its audit committee. The Bank's earnings per share grew ...

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PIA net profit likely to grow by 47 percent

KARACHI (March 30 2004): Pakistan International Airlines (PIA) net profit is expected to record an increase of 47 percent for the year ended on December 31, 2003, on the back of higher passenger traffic and reduction in financial costs. PIA is expected to announce its financial results for 2003 on Tuesday through Karachi Stock Exchange. Muneeza Imtiaz, research analyst from ...

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Revenue Board to issue Sales Tax Guide shortly

ISLAMABAD (March 29 2004): To facilitate the business community, the Central Board of Revenue (CBR) would shortly issue a Sales Tax Guide to explain Sales Tax Act, 1990, in a simple language to the taxpayers. Sources told Business Recorder here on Sunday that the compendium would clarify SROs, procedures and various sections of the Sales Tax Act, 1990, to guide ...

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Adamjee Insurance defers 2003 accounts announcement

KARACHI (March 31 2004): Adamjee Insurance Company has deferred the announcement and approval of the annual accounts for the year ended December 31, 2003. Adamjee Insurance through a notice on Tuesday informed the Karachi Stock Exchange (KSE) that a meeting of the board of directors of the company was scheduled to be held on Tuesday, March 30 at the registered ...

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IASB Issues Standards on Business Combinations, Goodwill and Intangible Assets

The International Accounting Standards Board (IASB) has issued International Financial Reporting Standard 3 Business Combinations (IFRS 3), and revised Standards IAS 36 Impairment of Assets and IAS 38 Intangible Assets. The IASB announced in July 2001 that it would undertake a project on Business Combinations as part of its initial agenda. The project’s objective is to improve the quality of, ...

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MCB approves 27.5 percent cash dividend and 10 percent bonus

KARACHI (March 30 2004): Shareholders of Muslim Commercial Bank Limited on Monday approved 27.5 percent cash dividend and 10 percent bonus shares for the year 2003. The shareholders of Muslim Commercial Bank at its 56th annual general meeting chaired by Sh Mukhtar Ahmed approved the recommendations of the Board of Directors for payment of 27.5 percent cash dividend and 10 ...

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IASB Issues Standard on Insurance Contracts

The International Accounting Standards Board (IASB) today issued International Financial Reporting Standard 4 Insurance Contracts (IFRS 4). The publication of this IFRS provides, for the first time, guidance on accounting for insurance contracts, and marks the first step in the IASB’s project to achieve the convergence of widely varying insurance industry accounting practices around the world. In developing IFRS 4, ...

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Pak-Kuwait to launch Islamic insurance unit

KARACHI (March 26 2004): Pak-Kuwait Investment Company plans to launch Islamic insurance company in Pakistan and has established an Asset Management Company to diversify and expand its services. The 25th Annual General Meeting (AGM) of Pakistan Kuwait Investment Company (Private) Limited was held recently in Karachi and was attended by shareholders representing Government of Pakistan through State Bank of Pakistan ...

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NBP posts all-time high pre-tax profit

KARACHI (March 27 2004): National Bank of Pakistan pre-tax profit reached an all-time high level and was highest in the history of the banking sector in Pakistan because of tremendous growth witnessed in credit to industries, deposits and investment in stock market. The NBP during 1999 had earned a profit after-tax of Rs 400 million. After change in the management ...

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