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Business

May 20, 2017

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Briefs

Briefs

Disclosure of audit selection rejected

By our correspondent

KARACHI: The Federal Board of Revenue (FBR) has rejected the taxpayers and business associations demand to disclose the audit selection criteria and said that confidentiality is protected under the tax laws.

In a clarification on Audit Policy 2016 issued on Friday, it said several taxpayers and associations of trade and industry have demanded the revenue authorities to disclose the criteria under which audit cases have been selected for the tax year 2015.

“As per sub section (1A) of the Section 214C of the Income Tax Ordinance, 2001, the FBR will keep parameters confidential.Therefore, risk parameters used for the selection of income tax cases for audit for the tax year 2015 cannot be disclosed,” it said. The FBR also clarified that the cases selected for audit for the tax year 2014 can also be selected for the tax year 2015, as there is no bar in the Audit Policy 2016.

 

Updated forex manual 2017 issued

By our correspondent

KARACHI: The State Bank of Pakistan on Friday issued an updates version of foreign exchange manual 2017 to facilitate the stakeholders including authorised dealers (banks), exporters, importers, travel agents, carriers, etc., a statement said.

Since issuance of the updated foreign exchange manual in 2016, several changes/amendments in the foreign exchange regulations have been made.  The manual stands updated up to April 30, 2017 and has been placed at the State Bank’s website for reference of the stakeholders.

The State Bank expects that the use of updated manual by the stakeholders would enable them to comply with the existing rules and regulations governing foreign exchange business.

 

PSX introduces post-close session

By our correspondent

KARACHI: MSCI has announced the implementation of their reclassified Pakistan-inclusive EM Index and the start date of this implementation has been set for June 1, 2017, a statement said on Friday.

Based on T+2 settlement cycle, it is expected that the related orders will be coming to the market on or before May 30, 2017, a statement said. In anticipation of substantial volumes and in the light of certain classes of investors to enter the market at the closing price, the management of the exchange has introduced a Post-Close Session, which will be effective shortly.

The subjected Post-Close Session will begin after 30 minutes of the regular market and will last for 15 minutes, wherein, trading would take place only at the closing prices of relevant stocks on time priority basis.

 

SECP conducts programme

By our correspondent

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) conducted two-day successful faculty development programme in Karachi, a statement said on Friday.

The programme was conducted in collaboration with the Higher Education Commission (HEC), World Bank and UKAid, it added.  The event hosted business faculty members from more than 15 universities of Karachi and adjoining cities. The programme was part of the series of sessions held over the last year as per the Investor Education Programme.

The objective of the programme was to bring a higher level of awareness among the distinguished faculty members regarding the financial sectors regulated by the SECP and the investment avenues available to investors.  The dissemination of the relevant information is an important step towards ensuring that the investors may be able to protect themselves from financial frauds.

 

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