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CDC reduces custody fee on shares

KARACHI (March 27 2004): The Central Depository Company (CDC) has again reduced the custody fee charged on shares (equity securities) from 0.045 to 0.035 percent per annum. According CDC's spokesman that its clients had immediately been informed about this 22.22 percent reduction and uploaded on the its website: www.cdcpakistan.com for ready reference of clients. The reduction has been put in ...

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EU, US reach agreement on auditor oversight

The European Commission has said it has reached an agreement with the United States over the oversight of auditing firms, ending an impasse which had threatened to create a new transatlantic quarrel. European commissioner for the internal market Frits Bolkestein and Bill McDonough, president of the Public Company Accounting Oversight Board, announced the accord Thursday. Bolkestein said: “In substance our ...

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DTRE scheme: Starr data to be used for allowing tax-free import

ISLAMABAD (March 27 2004): The Central Board of Revenue (CBR) has decided to use exporters' information in the Sales Tax Automated Refund Repository (Starr) system to analyse their performance before allowing duty- and tax-free import of raw materials/inputs under the Duty and Tax Remission for Export (DTRE) scheme. In this regard, the CBR has issued a directive to all collectors ...

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SBP revises NPLs reporting methodology

KARACHI (March 18 2004): The State Bank of Pakistan has revised the methodology for stating non-performing loans which makes it clear that banks and DFIs will no longer club accrued mark-up with the principal loans and advances. The banks and DFIs will place their non-performing loans on non-accrual status in accordance with consultative paper of 'Basal Committee on Sound Practices ...

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UBL shows 63 percent growth in 2003

KARACHI (March 18 2004): The United Bank on Wednesday presented its first complete year financial statements after privatisation with a net profit of Rs 4.5 billion, showing 63 percent growth. UBL Chairman Shaikh Nahayan Mabarak Al Nahayan while addressing the annual general meeting said, “It gives me great pleasure to present to you the 45th annual report and the financial ...

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CBR curtails auditors' visits to units under adjudication

ISLAMABAD (March 16 2004): The Central Board of Revenue (CBR) has asked the regional collectorates to restrict auditors' influence and frequent visits to a particular unit during adjudication proceedings. Sources told Business Recorder here on Monday that auditors should not re-visit the units during the adjudication proceedings and this should only happen under specific directions of the adjudication officer, as ...

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No refund against old power bills

ISLAMABAD (March 20 2004): The registered consumers of electricity are not entitled to claim 'input tax adjustment'/refund against the old bills paid before June 2, 2003. The CBR on Friday issued a clarification to all the collectors of sales tax on two major issues saying firstly, amended SRO 529 (I)/2003 allows registered consumers to claim input tax adjustment against electricity ...

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Sales tax refund section to stay open on holidays

KARACHI (March 21 2004): The refund section of the Collectorate of Sales Tax (Enforcement) will remain open on Sundays and on public holidays including March 23 to expeditiously dispose of pending refund claims. The step has been taken on requests from textile associations regarding disposal of pending refund claims. The Collector Enforcement has also instructed the refund section staff to ...

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Judge halts KPMG fees in WorldCom dispute-source

A U.S. bankruptcy court judge on Friday halted payments to WorldCom accountants KPMG after a coalition of states said the consultants had a conflict of interest, according to a source familiar with the matter. “The judge did not rule on the merits, he simply ordered that payments and disbursements stop pending a further order,” said the source, who asked not ...

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Shell denies auditor refused to sign accounts

Royal Dutch/Shell on Sunday denied a newspaper report that its joint auditor KPMG had refused to sign off accounts due last Friday because of worries over the quality of information. “The accounts were not presented to the auditors because of the delay with respect to the reserves data,” said a spokesman. “The decision was made by the board not to ...

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