New taxation measures: law division vets Presidential Ordinance
The Law and Justice Division has vetted the Presidential Ordinance to introduce new taxation measures before federal budget 2013-14. Sources told Business Recorder that the process of vetting the Finance Ordinance has been completed. If the Finance Ordinance has been signed and subsequently promulgated, it would cover new taxation measures of sales tax, income tax, […]
Curtailing tax losses in energy sector: FBR seeks amendments to ST laws in budget
The Federal Board of Revenue has proposed comprehensive amendments to the sales tax laws in Budget (2013-14) to check huge tax losses in energy sector by curtailing sales tax refunds to power sector entities. Sources told Business Recorder here on Monday that the FBR has proposed amendments to the Sales Tax Act 1990 and Sales […]
Budget (2013-14): FBR proposes 16 percent GST on sugar
The PML-N has no intention to impose wealth tax in the 2013-14 budget. “We have no intention to impose wealth tax,” PML(N)-designated federal finance minister Ishaq Dar categorically stated, squashing reports that the new government had plans to impose wealth tax. At present, Dar is finalising the contours of next fiscal year”s budget.
Pakistan Adopts Chinese GPS Satellite system
Pakistan is set to become the fifth Asian country to use China”s domestic satellite navigation system which was launched as a rival to the US global positioning system, a report said Saturday. The Beidou, or Compass, system started providing services to civilians in the region in December and is expected to provide global coverage by […]
Lahore’s Student Develops ‘Rush Hour Controller’ Software
Software developed by a 9th class student from Lahore has won silver medal in the e-biko International Project Olympiad held recently in Ankara, Turkey. Muhammad Abdullah Abid son of Muhammad Ismail Abid, a student of PakTurk School Lahore developed software ‘Rush Hour Controller’ which can change traffic signals according to the number of vehicles on […]
SECP Registers 327 New Limited Liability Firms
The Securities and Exchange Commission of Pakistan (SECP) has registered 327 new limited liability companies during April 2013, raising the corporate portfolio to 62,203 companies. The SECP in its continued efforts to promote corporatization in the country is holding seminars with all stakeholders, conducting awareness campaigns, and extending facilities. Out of the 327 new companies […]
SECP Takes Actions Against Non-compliant Market Participants
The Securities and Exchange Commission of Pakistan (SECP) has endeavored to continue its efforts for the development of a transparent and efficient stock market by ensuring investors’ protection and strengthening the enforcement procedures. “Adopting an aggressive approach for the prevalence of a fair market, the Securities Market Division (SMD) has been practicing vigilant supervision and […]
SECP makes Online Filing of Returns Mandatory
The Securities and Exchange Commission of Pakistan (SECP) has made it mandatory for all listed companies and companies in other categories to file documents, returns, accounts and applications, through SECP’s eServices online filing facility. The SECP had issued a notification in this regard on March 13, 2013, wherein, May 13, 2013 was given as an […]
Pakistan Spends US$ 4.377bn on Telecom imports in Five Years
Pakistan has imported around US $ 4.377 billion mobile phone handsets and other telecom apparatus during last five years with telecom imports of US $ 1.331 billion only in 2007-08, the most promising year for the sector. Pakistan Telecommunication Authority (PTA) in its year 2012 report has revealed that the country imported mobile phone handsets […]
PSO’s after Tax Profit increased by 3.8 Percent
The Pakistan State Oil (PSO) has posted sound financial results over the nine months from July, 2012 to March, 2013 with its earnings after tax increased by 3.8 percent. The Board of Management met at PSO House to review company’s performance for the first nine months of the financial year 2013. The meeting was chaired […]