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Tag Archives: Economic and Finance News

SECP allows KESC to issue 14.5 percent right shares

KARACHI (December 12 2009): The Securities and Exchange Commission of Pakistan (SECP) has allowed the Karachi Electric Supply Company (KESC) to issue 14.50 percent right shares ie 2.501 billion ordinary shares at per value ie Rs 3.5 per share total amounting to Rs 8.754 billion as announced by the board of directors of the company on October 27, 2209. The ...

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SBP removes conditions on commercial banks for wheat financing

KARACHI (November 11, 2009) – The State Bank of Pakistan (SBP) has withdrawn the conditions placed on commercial banks for giving financing facilities to the private sector for procurement of wheat with immediate effect. “Banks are now free to extend financing facilities to the private sector for procurement of wheat, keeping in view their lending policies, business consideration, risk profile ...

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Bosicor posts heavy loss of Rs10.33bn for 2009

KARACHI (November 11, 2009) – Loss after tax of Bosicor Pakistan refinery has jumped to Rs10.33 billion for the year ended June 30, 2009. It will be worth mentioning here that the company had managed to book a profit after tax of Rs15.12 million last year (2008). Accordingly, loss per share translated into Rs26.35 against earning per share of Rs0.04 ...

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FBR considering changing RTO's jurisdiction for CVT collection to outside Karachi

KARACHI (November 10 2009): The Federal Board of Revenue (FBR) is planning to make suitable amendments in the jurisdiction of Regional Tax Offices (RTOs) to start assertive monitoring of the Capital Value Tax (CVT). Sources told Business Recorder on Monday that the issue was picked up on the recommendation of the Director General, Intelligence and Investigation. He suggested to the ...

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FBR Lays Conditions for Sales Tax Zero-rating on Import of Polyethylene/polypropylene

ISLAMABAD (September 20 2009): The Federal Board of Revenue (FBR) has laid down certain conditions for sales tax zero-rating on import and supply of polyethylene and polypropylene for manufacture of mono filament yarn and net cloth. The FBR has suppressed SRO 769(I)/2009 through a notification issued here on Saturday. According to the notification, the FBR has zero-rated the import and ...

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Signs of Global Economic Recovery Based on Fragile Evidence: ACCA Survey

KARACHI (September 17, 2009) – Claims that the worlds economy is recovering is based on fragile evidence, according to the latest Global Economic Conditions Survey by ACCA (the Association of Chartered Certified Accountants). It has repeated its warning that world economic leaders should guard against complacency – and not confuse less panic over the crisis with strong evidence that the ...

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Highlights of the Federal Budget FY 2009-10

KARACHI (June 13 2009) Following are the salient highlights of the budgetary measures taken by federal government in income tax, customs, sales and federal excise tax for 2009-10. INCOME TAX BUDGETARY MEASURES (FY 2009-10) Relief Measures The basic limit of exemption from income tax in respect of salaried persons is proposed to be increased from Rs.1,80,000 to Rs.2,00,000. In the ...

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SECP Defers Raise in Minimum Capital Requirement for Leasing Companies

KARACHI (May 23 2009): The Securities and Exchange Commission of Pakistan (SECP) has deferred, for two years, the implementation of increase in minimum capital requirement for leasing companies. This was announced by SECP Chairman Salman Ali Shaikh here on Friday while talking to media at the ceremony of launching of Year Book 2008 of the Leasing Association of Pakistan and ...

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FBR introducing new registration form for all taxpayers

ISLAMABAD (May 24 2009): The Federal Board of Revenue is introducing a new “Taxpayer Registration Form” for registration of income tax, sales tax, federal excise through a single form, simplifying registration process for business community. The new form would be used by all categories of taxpayers including corporate taxpayers, business entities, companies as well as individuals. Previously, corporate taxpayers and ...

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Auditors asked to conduct income tax audit only for a year

KARACHI (May 24 2009): Federal Board of Revenue (FBR) has directed its auditors to conduct income tax audit only for a year to facilitate the taxpayers, who are receiving audit notices for multiple years. The board is of the view that issuing of audit notices for multiple years creates a sense of frustration amongst taxpayers, hence in order to rationalise ...

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