Home » Tag Archives: Economic and Finance News (page 30)

Tag Archives: Economic and Finance News

Duty relief on computer parts restored

ISLAMABAD (July 21 2005): The Central Board of Revenue (CBR) has restored the exemption of customs duty on import of computer parts, withdrawn in 2005-06 budget. According to a notification issued on Wednesday the zero-percent customs duty would be applicable on the import of processor, motherboard, hard drive, CD rom drive, floppy disk drive, key board, mouse, flash drive, RAM, ...

Read More »

Pakistan-Switzerland sign convention for avoidance of double taxation

ISLAMABAD (July 20 2005): Pakistan and Switzerland on Tuesday signed a Convention for Avoidance of Double Taxation to promote trade and business activities between the two countries. Central Board of Revenue (CBR) Chairman M. Abdullah Yusuf signed the convention on behalf of the Government of Pakistan and Ambassador of Swiss Confederation Denis Feldmeyer signed it on behalf of the Swiss ...

Read More »

Seven categories covered under Customs amnesty scheme

ISLAMABAD (July 20 2005): Seven categories of cases have been covered under the amnesty scheme for availing exemption from fine and penalty on payment of principal amount of custom duty by the business community up to July 31, 2005. Explaining the contents of SRO (I)/2005 of July 7, 2005, official sources told Business Recorder that exemption of fine/penalty is available ...

Read More »

CBR begins desk audit of four sectors

ISLAMABAD (July 20 2005): The Central Board of Revenue (CBR) has started desk audit of four sectors, which include commercial importers, customs house agents, retailers and steel smelters, to ascertain actual payment of sales tax. Official sources told Business Recorder on Tuesday that CBR would carry out desk audit, without visiting the business premises of these taxpayers, on the basis ...

Read More »

Additional collectors to adjudicate all cases

ISLAMABAD (July 19 2005): The Central Board of Revenue (CBR) has given extensive powers to additional collectors to adjudicate all cases from August 1, 2005, saving both time and money of the taxpayers. Official sources told this scribe on Monday that CBR decision to abolish all collectorates of adjudication, customs, sales tax and central excise and transfer these powers to ...

Read More »

Karachi Stock Exchange introduces COT freeze system

KARACHI (July 19 2005): The board of directors of Karachi Stock Exchange (KSE) has started a system for freezing total outstanding COT positions to Rs 12 billion, irrespective of individual scrip. According to a notice issued by the KSE on Monday, the governing board of directors of the Exchange in its meeting on July 16 reviewed the SECP directive, capping ...

Read More »

Customs sub-collectorate set up at Sost

KARACHI (July 18 2005): In Northern Areas, Customs Sub-Collectorate has been set up at Sost for facilitation and smooth flow of trade between Pakistan and China. According to information received here, the Collector of Customs, Rawalpindi, Muhammad Nasir-ud-Din Mehboob, has issued an order this week for Silk Route Dry Port, defining functions of the Sub-Collectorate. The Collectorate will deal with ...

Read More »

Audit of goods released under DTRE ordered

ISLAMABAD (July 18 2005): The Central Board of Revenue (CBR) has ordered audit of imported consignments released under the 'Temporary Importation Scheme' and Duty and Tax Remission for Export (DTRE) rules to unearth cases where wrong assessments were made due to mis-declaration. This is for the first time that CBR has decided to simultaneously conduct audit of consignments cleared in ...

Read More »

SECP declares KSE decision for removing cap on COT as null and void

KARACHI (July 16 2005): The Securities and Exchange Commission of Pakistan (SECP) has declared Karachi Stock Exchange (KSE) decision for removing cap on COT financing as “null and void, without any validity in law whatsoever”. The stock market regulator on Thursday night issued a letter to KSE, which said: “We note with concern that, in the course of the meeting, ...

Read More »

Banks to accept sales tax returns with old numbers

LAHORE (July 16 2005): The Central Board of Revenue (CBR), with the co-operation of State Bank of Pakistan (SBP), has redressed the complaints of registered persons regarding submission of sales tax returns at various branches of National Bank of Pakistan (NBP). In pursuance of the advice from the CBR and SBP, the NBP head office has sent a letter to ...

Read More »