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COMMECS Students were offered Rs 1 Million from Meezan Bank

Commecs Institute of Business & Emerging Sciences  (CIBES) organized a seminar on Islamic Banking in corroboration with Meezan Bank, an awarded Islamic Bank in Pakistan.  Commecs is the only accountancy institute in Karachi which organizes meet ups with banks and financial institutions to help its students network and learn from the best. Mr Fayyaz ur Rehman Khan, Vice President of Meezan Bank, delivered speech on Islamic banking and thanked State Bank of Pakistan for its effor

May 17, 2012 No Comments Full Story

ICAP Passed 366 Students in Intermediate Results

Institute of Chartered Accountants of Pakistan (ICAP) has announced the results of CA Foundation and Intermediate Examination Spring 2012 here on Tuesday.  According to ICAP, some 366 candidates were declared passed in Intermediate exams that were held in March 2012. Similarly, 43 students of Module-D were allowed to move to next level while some 1,164 students were awarded permanent credits in Module-D. Some 581 students were passed in Module-C and some 1,409 candidates were granted per

May 16, 2012 No Comments Full Story

FBR may issue New Sales Tax Procedure for Coal Mining Companies

Inside sources of PakistanACCA told us that the Federal Board of Revenue (FBR) is likely to issue a new sales tax special procedure for coal mining companies for payment of sales tax in budget (2012-2013) to replace the existing system of fixation of a minimum value of taxable supply of locally produced coal at Rs. 1000 per ton for the purpose of sales tax calculation.  Sources told PakistanACCA that the FBR has principally agreed to the reservations of the Pakistan Mine Owners Associati

May 14, 2012 No Comments Full Story

Job Opportunity: Mazik Global Looking for ACCA Affiliates

Mazik Global Inc. has the following opportunities   Post 1.     Senior Consultant 2.     Associate Consultant 3.     Junior Consultant 4.     Trainee Consultant (All Karachi based, with Domestic / International Travel expected)    Eligibility The ideal candidate for job should have the following credentials: ACCA Affiliate and finalist Good communication skills Flexible and goal oriented Strong work ethics Functi

May 10, 2012 No Comments Full Story

A.F.Ferguson Appointed for Rs 2 Million to Audit Pakistan Tobacco

By Mr Zahur Shah (guest post) Very few people are aware that while Pakistan govt, who ask tobacco companies to put 'Smoking is Injurious to health' message on every cigarette packet with a horrible picture on it, is the biggest beneficiary of it.  Pakistan Tobacco Company, one of the oldest multinational in Pakistan and owner of multiple famous brands, made Rs 37 Crore in first quarter of 2012, on sales revenues of Rs 17.7 Billion. But out of those Rs 17 Billion, almost 12 billion w

May 7, 2012 No Comments Full Story

Hameed Chaudhri and Chartered Accountants Certify Atlas Honda for Bonus Shares Issue

Atlas Honda, country's one of the largest automobile company, has been planning to issue bonus shares from its residual free reserves.  Atlas requested Hameed Chaudhri & Co Chartered Accountants to certify this bonus issue. In a notice sent to Karachi Stock Exchange, Atlas Honda presented the certificate from Hameed Chaudhri and Company. The official letters were as follows:   As requested by you, we have ascertained from financial statements of the company for year ended Mar

May 2, 2012 No Comments Full Story

Asif Kasbati, Partner A.F.Ferguson, Opposed the Corporate Tax Regime

"Corporate income tax rate should gradually be brought down to 25% and 30% for listed and unlisted companies respectively as 35% rate is very high viz-a-viz 25% tax date on other business houses".  These views were expressed by Asif Kasbati, Director Tax Services, A.F.Ferguson & Co, while speaking at the pre-budget seminar organized jointly by Karachi Branch Council (KBC) of Institute of Cost and Management Accountants of Pakistan (ICMAP) and Federation of Pakistan Chambers of Commerce

April 27, 2012 No Comments Full Story

CA Murderer and Our Combined Mental Illness: Letters to Editors

By Concerned Father (function(d, s, id) { var js, fjs = d.getElementsByTagName(s)[0]; if (d.getElementById(id)) return; js = d.createElement(s); js.id = id; js.src = "//connect.facebook.net/en_US/all.js#xfbml=1"; fjs.parentNode.insertBefore(js, fjs); }(document, 'script', 'facebook-jssdk'));   I completed my ACCA when most of you never even heard of this qualification way back in 2001 and then joined a prestigious audit firm and completed my CA and now I'm work

April 26, 2012 15 Comments Full Story

ACCA Pakistan Pre-Budget Seminar with Lahore Chamber of Commerce

[caption id="" align="alignright" width="420" caption="ACCA's Last Year Budget Seminar in Islamabad"][/caption] ACCA Pakistan is organizing a pre-budget seminar in collaboration with Lahore Chamber of Commerce and Industry (LCCI) with theme of “Strategy for Growth” on May 03 at Jinnah Auditorium. ACCA Pakistan has always been a supporter of fair taxation; it can play a vital role in dealing with the core issues of our country, and can thus instigate the required growth. In order t

April 26, 2012 No Comments Full Story

CA Student Killed his Parents

In a tragic event, a boy named Waqas Tariq, a CA student in Rawalpindi, killed his parents because of their continuous taunting on him because of his several unsuccessful attempts in CA exams.  This is first of its kind event in Pakistan and will sure took the accountancy circles with a surprise. According to Police source, Tariq Mehmood, 55, Tabasum Tariq, 45, and son Saad Tariq, 19, were found bludgeoned to death inside their rented house after neighbours reported to police of stinking

April 26, 2012 64 Comments Full Story

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