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Tag Archives: Economic and Finance News

Sale of saving certificates from banks allowed

ISLAMABAD (March 03 2006): The government has restored the agency function of commercial banks allowing the sale of Defence Savings Certificates and Special Savings Certificates (Regd) with immediate effect, says a notification. According to the notification of the Central Directorate of National Savings, the government has already been providing facility of investment in government securities through National Savings' outlets and ...

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Notices issued for carrying out sales tax audit

ISLAMABAD (March 04 2006): The Central Board of Revenue (CBR) has empowered the Directorate General of Intelligence and Investigation (I&I), Customs and Excise to conduct sales tax audit of registered taxpayers, and the directorate has issued notices to certain units demanding sales tax record for carrying out the task. Sources told Business Recorder on Friday that DG (I&I) is not ...

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Hubco declares 12.5 percent cash dividend

KARACHI (February 17 2006): The Hub Power declared a cash dividend of 12.5 percent or 1.25 rupees per share for the six months ended December 31, 2005. During the second quarter ended December 31, 2005, the power plant generated 764 GWh of electricity resulting in a load factor of 29 percent against a load factor of 20 percent in the ...

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CBR starts audit of leading beverage makers

ISLAMABAD (January 30 2006): The Central Board of Revenue (CBR) has started audit of leading beverage manufacturers to ascertain their actual sales tax liability and authenticity of declarations, production and sales in the country. The CBR has issued instructions to all collectors of sales tax to start desk-audit of all the beverage manufacturers keeping in view the production and previous ...

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CBR seeks Finance Ministry approval on major taxation issues

ISLAMABAD (January 29 2006): The Central Board of Revenue (CBR) has taken up four major taxation related issues with the Ministry of Finance for improving revenue operations, issuance of refund to banks and enhanced autonomy to tax officials. Sources told Business Recorder on Saturday that CBR is co-ordinating with the Ministry of Finance to finalise issuance of bonds to banks ...

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CBR slashes duty on film industry equipment

ISLAMABAD (January 20 2006): The Central Board of Revenue (CBR) will charge minimum 5 percent customs duty on the import of recording equipment, cameras and other related machinery/apparatus used by the film industry. The CBR has issued SRO(I)2006 here on Thursday to levy concessionary rate of duty on the import of such equipment. The duty rate has been brought down ...

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CBR asks vegetable ghee makers to pay 15 percent GST on byproducts

ISLAMABAD (January 20 2006): The Central Board Revenue (CBR) has asked the manufactures of vegetable ghee to pay 15 percent general sales tax (GST) on the by-products, including oxygen gas, soap and oil dirt. Official sources told Business Recorder here on Thursday that the manufactures of vegetable ghee have to pay 15 percent sales tax on the taxable by-products, including ...

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CBR extends e-filing date of sales tax returns

ISLAMABAD (January 20 2006): The Central Board of Revenue (CBR) has allowed the registered units of Large Taxpayers Unit (LTU), Karachi/Lahore and public/private limited companies to file their sales tax and federal excise returns manually without imposition of any fine/penalty and default surcharge for late filing of returns for the “tax period of November and December 2005” by January 31. ...

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Powers and jurisdiction of DGIIA officials revised

ISLAMABAD (January 15 2006): The Central Board of Revenue (CBR) has revised the powers and jurisdiction of the tax officials of Directorate General of Inspection and Internal Audit (DGIIA). The CBR has superseded SRO .722(I)92 and SRO 653(I)/2005 through SRO 36(I)/2006 issued on Saturday. According to the notification, the CBR has laid down the functions, powers and jurisdiction of the ...

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No extension in date for e-filing of sales tax returns

KARACHI (January 15 2006): The Central Board of Revenue (CBR) will not extend the date for filing of sales tax and federal excise returns electronically, and the last date for filing of these returns is Monday, January 16, 2006. Officials told Business Recorder on Saturday that although the last date for e-filing of returns is January 15, but due to ...

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