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Tag Archives: Economic and Finance News

SECP Extends Validity Periods of CRS and CEES

ISLAMABAD  (November 02, 2010) – The Securities and Exchange Commission of Pakistan (SECP) has further extended the validity period of the Companies Regularisation Scheme (CRS) and the Companies Easy Exit Scheme (CEES) for another month, up to November 30, 2010, according to its Circular No 25 of 2010, its press release on Monday said. These schemes were initially operative for three ...

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Standard Rate for Reformed General Sales Tax (RGST) Proposed

ISLAMABAD (October 12, 2010) – The standard rate of sales tax under the reformed general sales tax (RGST) has been proposed as 17 percent to avoid any major revenue shortfall during the remaining months of current fiscal (2010-11). Sources told reporters here on Monday that the Federal Board of Revenue has also proposed standard rate of 17 percent for sales ...

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Highlights of the the Federal Budget 2010-11

KARACHI (June 06, 2010) – The finance minister yesterday announced the federal budget for 2010-2011 in the parliament. The highlights of the budget are listed below. A. INCOME TAX BUDGETARY MEASURES Relief Measures 1. In order to provide relief to large number of taxpayers deriving their incomes from Salary and business, the limit of Basic Exemption is proposed to be ...

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SECP Act 2010 Draft Proposal: Destruction of documents to be a serious offense

ISLAMABAD (May 26, 2010) – Securities and Exchange Commission of Pakistan Act 2010 will consider destruction of documents by companies as a serious offense in case a person deliberately destroys, falsifies, conceals or disposes of any document which is required during inspection or investigation by the commission. Sources told reporters here on Tuesday the draft of the Securities and Exchange ...

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Documents not needed for Sales Tax refund through Electronic Refund Claim: FBR

ISLAMABAD (May 14, 2010) – The Federal Board of Revenue has abolished condition for submission of documents including invoices, credit notes, debit notes, goods declarations, bank credit advises, etc, for obtaining sales tax refund using Electronic Refund Claim (ERC) under Expeditious Refund System. The FBR on Thursday issued procedure for filing and processing of expeditious refund by IT system of ...

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SBP exempts Microfinance Banks' time deposits from Cash Reserve Requirement

KARACHI (May 14, 2010) – State Bank of Pakistan (SBP) has decided to exempt time deposits of one-year tenor and above, held by microfinance banks (MFBs) for maintenance of Cash Reserve Requirement (CRR), and time liabilities of one year tenor and above for maintenance of Statutory Liquidity Requirement (SLR). In terms of powers conferred upon SBP, under section 18 of ...

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VAT Regime: Verification of Invoices Biggest Challenge for FBR

ISLAMABAD (April 20, 2010) – The verification of invoices and cross-matching of reported sales and purchases within the entire supply chain is the biggest challenge being faced by the Federal Board of Revenue in the implementation of the Value Added Tax from next fiscal year. In their budget proposals for 2010-11, tax experts of the Association of Chartered Certified Accountants ...

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Violation of Securities Laws: SECP Penalizes Stockbrokers, Stakeholders

ISLAMABAD (April 20 2010) – The Securities and Exchange Commission of Pakistan (SECP) has imposed penalties on 22 members of the stock exchanges and other market stakeholders for violation of securities laws pertaining to insider trading, price manipulation, short/blank selling, wash trades, broker misconduct and non-compliance of the listing regulations during last one year. According to an announcement by the ...

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