Opinion
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Beyond Reasonable Excuse and Negligence
It is true not trite that ignorance of tax law is an excuse. Penalties and freezing injunction are the two…
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CBR's Ultra Vires Circular
Tax year 2006 has evidenced an enormous growth in the ultra vires circulars issued by the Central Board of Revenue…
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Rating of Islamic Financial Institutions
The Islamic financial institutions have seen mushroom growth during the last decade owing to fact that there is a large…
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Limited Liability Partnerships
Professionals are aware of the fact that Companies' Ordinance, 1984 requires partnerships to be registered under section 14 where the…
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How CBR is Losing Tax Revenue
The proviso to section 115 sub-section (1) clause (a) of Income Tax Ordinance, 2001, added by Finance Act, 2005 has…
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Should You Accept the First Job Offer That Comes Your Way?
Sally, a recent accounting graduate, had been looking for work since her final semester. After interviewing with potential employers on…
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CBR's Image Revamping Exercise
The image building exercise of CBR has just concluded on 21st and 22nd August, 2006 with the foreign donors reviewing…
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Globalization Failure – Redux
We tend to think of the forces of globalization as a permanent part of the landscape—but then perhaps they were…
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IFRS – US convergence of accounting standards
We are rapidly heading towards a world where there are two main financial reporting systems - US GAAP accounting, used…
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A Critical Appraisal of Finance Bill, 2006
In the news appearing in the daily press regarding upgrading of Pakistan's ratings, there appears to be an intention to…