Final Notification for ammendments in Credit Rating Companies Regulations (after plad) COMMENTARY - AMENDMENTS TO THE CREDIT RATING COMPANIES REGULATION, 2016 Introduction: SECP vide S.R.O.1223 (I)/2019 dated October 10, 2019 has introduced amendments to the Credit Rating Companies Regulation, 2016 to provide more conducive regulatory environment to Credit Rating Companies (CRCs). The [...]
INTRODUCTION Federal Board of Revenue issued letter dated October 18, 2019 COMMENTARY: Through this letter, FBR has extended date of Payment and Filing of Sales Tax and Federal Excise Return for Tax Period September 2019 as follows Payment of Sales Tax and Federal Excise Duty October 22, 2019 Submission of Sales and Federal Excise Return [...]
INTRODUCTION The FBR issued SRO 1203(I)/2019 dated October 10, 2019 to make amendments in Sales Tax Rules, 2006. COMMENTARY: Majorly, Sales Tax Rules relating to Tier-1 Retailers have been prescribed through this SRO to share their sales data with the Federal Board of Revenue (FBR) computerized system on real-time basis which is [...]
INTRODUCTION The President of Pakistan promulgated Tax Laws (Amendment) Ordinance 2019 on October 9, 2019. COMMENTARY AMENDMENTS OF THE CUSTOM ACTS: First Schedule, Chapter 99, sub-chapter V (Column 1, PCT Code 9917) Benefits of exemption also extended to “Gwadar International Terminals Limited and “Gwadar Marine Services Limited”. The benefit restricted [...]
INTRODUCTION Securities and Exchange Commission of Pakistan issued following SROs S.R.O. 1197(I)/2019 dated October 03, 2019 AMENDMENTS TO THE EMPLOYEES CONTRIBUTORY FUNDS (INVESTMENT IN LISTED SECURITIES) REGULATIONS, 2018 SECP vide No. S.R.O. 1197(I)/2019 dated October 03, 2019 made amendments to the Employees Contributory Funds (Investment in Listed Securities) Regulations, 2018 [regulation 4, clause (iv)(b)], [...]
INTRODUCTION The FBR issued Sales Tax General Order (STGO) No. 106/2019 dated October 04, 2019 in the matter of “Good Faith” with respect to CNIC requirement for sale to unregistered persons to end misconceptions and misapprehensions on the issue. COMMENTARY Through this circular, the Federal Board of Revenue (FBR) has clarified issues [...]
KHILJI AND CO, NEWSLETTER ---- SEPTEMBER 2019 COMMENTARIES OF SELECTED CASE LAWS NOTIFICATIONS / CIRCULARS EVENT OF THE MONTH SOCIAL MEDIA PRESENCE KCO15NewsletterSep19
SRO # 1163 (I)/2019 dated September 25th, 2019 issued regulations titled “Listed Companies (Code of Corporate Governance) Regulations, 2019”,. COMMENTARY These Regulations require Board of Directors of the Listed Companies to use “comply or explain approach” except the requirements for which it is explicitly stated as “mandatory”. “Comply or explain approach” means [...]
INTRODUCTION The Federal Revenue Board (FRB) issued S.R.O.1190(I)2019 dated October 02, 2019 relating to application of section 8B of Sales Tax Act, 1990 which limits the input tax amount to be adjusted during a period to 90% of the output tax for that period and the excess is carried forward to next tax periods. [...]
Federal Board of Revenue has issued Circular No 14 of 2019 (ref: C.No.2(1)Contd/I.Tax/2019 on September 30, 2019. This Circular states that the Date of Filing of Income Tax Returns / Statements for Tax Year 2018 has been extended upto October 31, 2019 The new date i.e. October 31, 2019 will be applicable for Individuals, AOPs and [...]
