News
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KPMG Admits 115 New Partners
Accounting firm KPMG LLP has announced the admission of 115 new partners into the U.S. firm. Of the 115 partners,…
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SBP defeats banks' bid to raise TB rates
KARACHI (October 02 2003): The State Bank of Pakistan on Wednesday foiled the attempt by banks to raise the yield…
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Income Tax returns date extended to October 11
ISLAMABAD (October 02 2003): As increasing number of taxpayers are willing to file returns under Universal Self Assessment Scheme (USAS),…
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Procedure to check bogus refund claims modified
ISLAMABAD (October 04 2003): To effectively check the bogus sales tax refund/duty drawback claims by the exporters, the Central Board…
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EU Orders Single Accounting Standards Starting in 2005 for EU Companies
The European Commission has ordered all of the European Union's 7,000 publicly traded companies to switch to international accounting standards…
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FASB to Study Pension Accounting
The body that sets US accounting rules will start a review of rules governing the way companies measure benefit obligations…
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Bonded carriers: Revenue Board revises transportation procedure
ISLAMABAD (September 30 2003): The Central Board of Revenue (CBR) has made revolving bank guarantee/Defence Saving Certificates mandatory for the…
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Income tax exemption: religious bodies' rating by private agency from July
ISLAMABAD (October 01 2003): The Central Board of Revenue (CBR) has decided to start certification/rating of non-profit/religious organisations through independent…
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Tax returns to be accepted after due date with penalty
ISLAMABAD (October 01 2003): The income tax returns filed after the deadline of September 30 would be accepted after payment…
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CAs’ panel in India points finger at surrogate auditing
The CAAC (Chartered Accountants Action Committee) in India has fired its first salvo against corporates in India using surrogate entities…
