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Tag Archives: Economic and Finance News

Revenue Collection Increased by 27.4 percent in July-September 2011: FBR

ISLAMABAD (October 04, 2011) – The Federal Board of Revenue (FBR) has realized a total provisional collection of Rs.373.819 billion during the first quarter of July-September 2011-12 showing an overall increase of 27.4 percent as compared to same period of last fiscal year. According to the provisional figures released by the Federal Board ofRevenue (FBR), here Tuesday during the period ...

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SECP Seeks Comments on Draft of Fertilizer Industry (Cost Accounting Records) Order, 2011

KARACHI (October 03, 2011) – The Securities and Exchange Commission of Pakistan (SECP) has sought objections or suggestions from stakeholders in next thirty days about the draft of Fertilizer Industry (Cost Accounting Records) Order, 2011, issued vide SRO 852-I-2011. The SECP has developed and issued notification for draft of Fertilizer Industry (Cost Accounting Records) Order, 2011, for the chemical fertilizer ...

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Salient Features and Highlights of the Federal Budget 2011-12

ISLAMABAD (June 03, 2011) – The federal budget for the fiscal year 2011-2012 was announced on Friday. Following are its salient features and highlights: The total outlay of budget 2011-12 is Rs.2767 billion. The size is 14.2 per higher than the size of budget estimates of 2010-11. The resource availability during 2011-12 has been estimated at Rs. 2463 billion against ...

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Highlights of the Economic Survey of Pakistan 2010-11

KARACHI (June 02, 2011) – The Ministry of Finance has today released the annual Economic Survey for the year 2010-11 which reports on the performance of the Pakistani economy. Following are its salient features and highlights. 01. GROWTH AND INVESTMENT The Real GDP is estimated to grow at 2.4 percent on the back of strong performance of services sector as ...

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SECP Approves Futures Contract in Cotton for Commodities Market

ISLAMABAD (May 06, 2011) – The Securities and Exchange Commission of Pakistan (SECP), as part of its mandate to develop and strengthen the commodities market, has granted approval to the Pakistan Mercantile Exchange Limited (PMEX) for introduction of the futures contract in cotton. The new futures contract adds to the existing agriculture futures contracts portfolio of the PMEX, said a ...

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SECP Registered 338 Companies in April 2011

ISLAMABAD (May 03, 2011) – The Securities and Exchange Commission of Pakistan (SECP) has registered 338 companies in April 2011, whereas 342 companies were incorporated last month and 322 in the corresponding month of last year. The private companies have a major share in new incorporation totaling 306 companies. In addition, 22 single-member companies, 2 public unlisted companies, 5 non-profit ...

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Meezan Bank Records 61% Growth in Quarterly Post-tax Profit

KARACHI (May 02, 2011) – Meezan Bank recorded 61% growth in its post-tax profit for the quarter ended March 31, 2011. A statement said here on Monday that the Profit after tax for the quarter increased to Rs.586 million as compared to Rs.364 million in the corresponding quarter last year. It said that the Board of Directors of Meezan Bank ...

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FBR Gives Inland Revenue Officials Power to Demand Tax Record

ISLAMABAD (November 15, 2010) -The Federal Board of Revenue (FBR) has empowered all officials of Inland Revenue, authorised by the concerned commissioner, to direct taxpayers for submitting tax records/documents to conduct sales tax audit under section 25 of the Sales Tax Act, 1990. In this connection, the FBR has issued a clarification to the Large Taxpayer Unit (LTU), Islamabad. Sources ...

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World Bank Asks FBR to Develop Simple Accounting System for Small Taxpayers

ISLAMABAD  (November 02, 2010) – The World Bank review mission has asked the Federal Board of Revenue (FBR) to develop a simple accounting system for small taxpayers by March 2011 to encourage documentation in the country. Sources told reporters here on Monday that the FBR has a huge number of small taxpayers in its taxpayers' register. Many of the taxpayers cannot ...

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Withholding Tax Statements Filed by Agents u/s 165 of ITO to be Desk Audited

ISLAMABAD  (November 02, 2010) – The withholding tax (WHT) statements filed by the withholding agents under section 165 of the Income Tax Ordinance 2001 (ITO) for first quarter (July-September) of 2010-11 would be subjected to desk audit to check discrepancies in payment of taxes for improving collection during current fiscal. Sources told reporters here on Monday that the deadline for filing ...

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