:::Rafaqat Babar & Co.

News And Events

1	Rafaqat Babar (Pvt) Ltd Prepares all the Documentaries/Presentations for the NWFP International Investment Conference 2005.

2	Rafaqat Babar & Co. appointed as Auditors of China International for Mangla Dam and Malakand III Hydro Power Project, Bexin Construction & Engineering Company Ltd. Gawadar Project.

3	Rafaqat Babar & Co. Chartered Accounatnts launches Accounting for Accountants Finance training course at its Kabul Office

4	Section 231-A Now not applicable on Forex Accounts
	The CBR has announced that 0.1 percent withholding tax will not be applicable on withdrawal of cash from foreign currency accounts. This announcement has cleared the doubts regarding the levy of withholding tax U/S 231A of the Ordinance 2001 on withdrawal from foreign currency accounts. In the light of this clarification, it is evident that no withholding tax would be charged on withdrawals from foreign currency accounts. All the backing companies have been issued a separate circular to debit the accounts by 0.1 % of payment every time a cash withdrawal is made. The cash withdrawal limits is above Rs. 25,000. It means there will be no charge on cash withdrawal up to Rs.25,000. The tax deducted would be payable in the Federal Government account within seven days of such deduction. Failure to comply with this legal obligation would render bank liable to be treated in default U/S 161 of the Ordinance 2001. However, advance tax U/S 231A will not be deducted in case of cash withdrawal by Federal or Provincial government, a foreign diplomat or diplomatic mission in Pakistan , a person presenting an exemption certificate issued by the Commissioner of Income Tax. The provision is effective from July 01, 2005.

5	World Bank President Praises Pakistan's Recent Economic AchievementsWorld Bank. President James D. Wolfensohn has praised Pakistan 's economic achievements and its bold reform program urging the importance of avoiding the risk of complacency that sets in with success, and emphasized that the challenge now is to sustain reforms in order to accelerate growth and achieve the Millennium Development Goals.

	“The progress has been terrific. Now Pakistan must stay the course until the benefits of its achievements reach the vulnerable sections of the society including the very poor, women, children and the disabled,” said Mr. Wolfensohn, at the conclusion of a three-day visit to Pakistan 0n 7/27/2005. “You cannot deal with poverty without rapid growth. Pakistan has done very well on accelerating growth all across the macro-economic front. This enables it to concentrate on improving social outcomes.” The president emphasized that Pakistan still has a long way to go in terms of achieving its human development goals, and that a renewed focus on better social service delivery, and empowerment of women will allow Pakistan to contribute to the achievement of the Millennium Development Goals.

	Mr. Wolfensohn praised Pakistan 's vibrant civil society organizations, private sector entrepreneurs and captains of business and industry he met during his visit. “The group I met working on disability, HIV/AIDS, and rural development was very inspiring. They are in the f rontline, confronting with innovative ideas and tremendous energy these very difficult and challenging problems,” he added.

	Pakistan joined the World Bank in July 1950. Since 1952, the World Bank has approved 96 loans and 163 credits for Pakistan totaling more than US$15 billion. Lending for FY05 is estimated to be around US$950 million.

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