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Tag Archives: Economic and Finance News

SECP to make e-listing of new companies mandatory

ISLAMABAD (Mar 31, 2010) – The Securities and Exchange Commission of Pakistan (SECP) has decided that all listed companies will be directed to convert to e-service and the electronic registrations would be made mandatory for all new companies, Registrar of companies Jawed Hussain said here on Tuesday. Talking to media at a workshop on e-services in the SECP he said ...

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Tax Clearing House for implementation of E-payment/refund facility through banks

ISLAMABAD (March 09 2010): The Electronic Payment and Refund System (EPARS) facility of Federal Board of Revenue (FBR) would be available through banks fulfilling minimum criteria notified by the State Bank of Pakistan (SBP). Sources told reporters here on Monday that the board would establish a Tax Clearing House (TCH) for implementation of the EPARS to directly deposit the refunds ...

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SECP may give powers to its Enforcement Department to monitor and examine companies' accounts

ISLAMABAD (February 16 2010): The Securities and Exchange Commission of Pakistan (SECP) is likely to give powers of adjudication to its Enforcement Department to act against public unlisted and private companies, which failed in filing their annual audited accounts with the registrars of the commission. Sources told reporters on Monday that the proposal would further strengthen the working of SECP ...

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SBP Announcement: CNIC not needed for sub-$5000 foreign exchange deals

KARACHI (February 11 2010): The State Bank of Pakistan (SBP) on Wednesday announced that sellers and buyers of foreign exchange up to $5000 will be exempted from providing computerised national identity card (CNIC). Earlier, the SBP had stated that all transactions at exchange companies must be reported to SBP on the same day, and CNIC be obtained from all clients. ...

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Banking Companies (Amendment) Bill 2009 passed: SBP given powers to take control of banks

ISLAMABAD (February 09 2010): The National Assembly has passed the Banking Companies (Amendment) Bill 2009 enabling the State Bank of Pakistan (SBP) to change management in banks, impose losses on shareholders by writing down their capital, intervene and take control of banks, appoint administrators to manage and restructure banks when symptoms of crises are determined. The National Assembly Monday passed ...

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Finance Amendment Ordinance 2009 re-promulgated: Empowers Tax Officials

ISLAMABAD (February 09 2010): The federal government has re-promulgated the Finance Amendment Ordinance 2009 empowering tax officials to continue with making provisional assessment of the non-filers of income tax returns for the Tax Year 2009. Sources told reporters on Monday that the Finance Amendment Ordinance 2009 has been recently re-promulgated on the harmonisation of sales tax, federal excise duty and ...

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STARR to have detailed information on business bank accounts for refund claims

ISLAMABAD (February 09 2010): Detailed information on the business bank accounts of registered taxpayers would directly be available to the tax officials through the Sales Tax Automated Refund Repository System (Starr) for quick processing of refund claims. Sources told reporters on Monday that the taxpayers registered with Federal Board of Revenue e-portal would have to declare their relevant bank account ...

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FBR to credit tax refunds upto Rs 50,000 to bank accounts

KARACHI (January 23 2010): In order to speed up tax refund process, the Federal Board of Revenue (FBR) has decided to credit tax refund amount up to Rs 50,000 directly to the taxpayers' bank accounts without electronic refund claims. Sources told reporters on Friday that the decision was taken at a meeting convened by FBR Chairman Sohail Ahmad at Regional ...

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FBR to issue investment bonds to swap tax refund liability with banks

KARACHI (January 22 2010): The Federal Board of Revenue is going to issue investment bonds to banks to swap tax refund liability of around Rs 15 billion. Sources told reporters on Thursday that the modalities in this regard are being finalised as Pakistan Banks Association (PBA) has accepted the proposal. Sources said the Large Taxpayers Unit (LTU) has been directed ...

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SBP to gradually adopt AAOIFI's Shariah standards

KARACHI (January 17 2010) – The State Bank of Pakistan (SBP) has decided to gradually adopt Shariah standards issued by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) keeping in view the local environment and needs of the Islamic banking industry in the country. The decision to adopt AAOIFI Shariah standards has been taken to harmonise and standardise ...

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