Resignation of SBP head's accepted by PM

Prime Minister Yousuf Raza Gilani has accepted the resignation of  Mr. Shahid Hafiz , head of the State Bank of Pakistan (SBP).  Mr. Shahid stepped down last week at a time of immense turmoil in the economy. 

After Mr. Shahid, Mr.Yasin Anwar has been appointed as acting governor of the SBP. No reason was mentioned for the resignation by the government.  Mr. Shahid served SBP for nine months since after his appointment in September last year. 

By: FinanTax Consulting

SECP registered 344 companies in June 2011

A recent press release of The Securities and Exchange Commission of Pakistan (SECP) claimed that the SECP registered 344 companies in June.  An increase of 5% has been witnessed as compared to 327 companies registered during the corresponding period of previous year.  


The private companies have the highest share in the new incorporations totaling to 311 followed by 23 single-member companies, 2 public unlisted companies, 5 non-profit associations, 2 foreign companies, from Saudi Arabia and Thailand, and one company limited by guarantee under section 43. Of these, 23 companies have investment by nationals from the US, the UK, Australia, Italy, the Netherlands, Denmark, Japan, Canada, China, Iran, the Philippines, Zimbabwe, the UAE, Sri Lanka and Saudi Arabia. 
  
Fifty-nine companies are from the services sector, followed by trading with 45, construction with 23, I.T.,  and tourism with 20 each, communication, textile and transport with 13 companies each, education with 12, pharmaceuticals with 11 companies and broadcasting and corporate agricultural farming with 10 companies each.   
  
The Company Registration Office (CRO), Lahore, registered 118 companies followed by CROs Islamabad and Karachi registering 96 and 90 companies respectively. The remaining CROs of Peshawar, Faisalabad, Multan, Quetta and Sukkur registered 14, 12, 9, 4 and 1 companies respectively. 
  
The authorized capital and paid-up capital of 344 companies, is Rs2.9 billion and Rs484.57 million respectively. During the month, 85 companies increased their authorized capital with the aggregate authorized capital increment of Rs10.74 billion and 104 companies raised their paid-up capital with the total paid-up capital increment amounting to Rs13.33 billion.  


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By: www.finantax.net
Source: http://www.secp.gov.pk/news.asp

For Tax Payers registered in Karachi, FBR extends the date of payment of Taxes

Due to law and order situation in Karachi, the date of payment of Taxes / Duties and filing of sales Tax / FED returns has been extended up to 22nd July by the Federal Board of Revenue (FBR). This extension has been announced  for the period June 2011, for persons registered in LTU/RTOs,Karachi.
By: www.finantax.net

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