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ACCA Pakistan to Hold Seminar on SOX

ACCA Pakistan has arranged a series of one day seminars ‘Sarbanes Oxley: Value for Compliance’ in Islamabad, Lahore and Karachi on 31 July, 2 and 4 August respectively. The landmark Sarbanes-Oxley Act of 2002 was intended to reform public accounting practices and other corporate governance processes and shore up the capital markets. The aim of ACCA Pakistan’s seminar is  to ...

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PIPFA budget recommendations: Raise in income tax exemption limit

KARACHI: The Pakistan Institute of Public Finance Accountants (PIPFA) has suggested to the policy-makers that basic tax exemption limit for salaried class be fixed at Rs200,000. PIPFA in its pre-budget suggestions sent to the policy-makers said that currently income tax is charged when an individual’s income for a tax year exceeds the threshold of Rs100,000, but argued it should not ...

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ICMAP Budget Suggestions: ITMS suggested to arrest tax evasion

KARACHI: The Institute of Cost and Management Accountants of Pakistan (ICMAP) has estimated that a record sum of Rs180 billion per annum of tax evasion or under-filing of tax returns are recorded in the national economy. In its pre-budget suggestions, sent to the Central Board of Revenue (CBR), the ICMAP has suggested that for recovery of this huge amount an ...

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ACCA Pakistan Submits Budget Proposals

KARACHI: International financial and accounting body ACCA has suggested to policy makers in the Central Board of Revenue (CBR) what it called ‘Green Taxes’ in Pakistan to save deteriorating environmental cleanliness in Pakistan. ACCA for the first time has presented pre-budget proposals on Saturday. Second round of pre-budget proposals will be held next week in Islamabad in which chairman CBR ...

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ICAP submits pre-budget recommendations for various industries

KARACHI: The Institute of Chartered Accountants of Pakistan (ICAP) has submitted its pre-budget recommendations with regard to textiles, oil and gas, hotel, pharmaceutical, automobile, leather and sugar industries. ICAP had already submitted its recommendations with regard direct taxation and Sales Tax separately. Taxation and Economic Policies Committee, headed by Saqib Masood, has submitted the new set of pre-budget recommendations. With ...

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Accounting standards for SMEs to be issued by June

KARACHI: President Institute of Chartered Accountants of Pakistan (ICAP) Syed Shabbar Zaidi has said the Securities and Exchange Commission of Pakistan will likely issue accounting standards for small and medium enterprises by June this year. Addressing a press conference at ICAP head office on Thursday about the first accounting summit of South Asia scheduled for April 18 in Pakistan, he ...

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PwC questions outsourcing benefits

More than half of outsourcing projects in the finance industry show no initial cost benefits in the first year, according to research by PricewaterhouseCoopers (PwC). However, the consultancy firm reported that the number of financial services companies sending jobs offshore will double in the next three years, despite staff in popular countries such as India proving harder to retain. Businesses ...

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Accenture Names CEO to Additional Position of Chairman

The board of directors of Accenture (NYSE: ACN) has named CEO William D. Green to the additional position of chairman, effective Sept. 1. He will succeed Joe W. Forehand, who will retire as Accenture’s chairman on Aug. 31. Mr. Green, 52, succeeded Mr. Forehand as CEO on Sept. 1, 2004, and has been a member of the Accenture board of ...

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IAS for Islamic banking to be enforced from next month

KARACHI: President of Institute of Chartered Accountants of Pakistan (ICAP) Syed Mohammad Shabbar Zaidi disclosed on Wednesday that ICAP has succeeded in developing International Accounting Standard (IAS) with regard of Islamic Banking and financial reporting system. Addressing members of Karachi Income Tax Bar Association (KITBA) he said this IAS would be a land mark in the history of Islamic banking ...

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PriceWaterhouseCoopers (PwC) Study: Fraud Mostly Detected by Chance

Despite tough regulations aimed at improving corporate governance, financial fraud is still on the rise around the world, and most is still detected by chance, a study from auditing firm PriceWaterhouseCoopers (PwC) showed Tuesday, according to Reuters. Globally, the number of companies that reported financial fraud increased 22 percent in the last two years, according to the PwC study, which ...

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