The Islamabad Capital Territory Trust Act, 2020
The Islamabad Capital Territory Trust Act, 2020 The Islamabad Capital Territory Trust Act, 2020_compressed
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TAXATION OF EXPLORATION & PRODUCTION COMPANIES
This blog is written by Mr. Mohsin Alizai, Please read this blog and provide your valued comments TAXATION OF EXPLORATION & PRODUCTION COMPANIES Exploration and Production (E & P) companies operate with the business structure of Joint Venture Operations. One of the JV Partner act as operator while others act as non-operating partners. [...]
MINIMIZING TRADE DEFICIT
This blog is written by Mr. Syed Asim Habib. Please read this blog and provide your valued comments MINIMIZING TRADE DEFICIT It is a fact that Pakistan’s position and performance on the Global Trade Ranking has been disappointingly low. There are many perpetual trade deficits in shape extreme modest export earnings versus colossal import bills. [...]
GROUP RELIEF & GROUP TAXATION
This blog is written by Mr. Hafiz Muhammad Shafaat Ali. Please read this blog and provide your valued comments FBR introduce the concept of group relief through Finance Act 2004 whereby allowing adjustment of losses of a subsidiary company against income of its holding company and after that the FBR also introduced the concept of [...]
FBR Circular
INTRODUCTION Federal Board of Revenue issues Circular No 3 of 2020 wherein FBR issued EXPLANATION OF IMPORTANT AMENDMENTS MADE IN THE INCOME TAX ORDINANCE, 2001 brought about through Finance Act 2020 LINK OF DOCUMENT 2020931892445579CircularNo.3of2020_compressed-min_compressed
KPRA Notification
Introduction Khyber Pakhtunkhwa Revenue Authority (KPRA) had issued Khyber Pakhtunkhwa Sales Tax on Service Special Procedures (Withholding) Regulation, 2015 for prescribing rules and regulations relating to withholding of provincial sales tax. These regulations have now been repealed with the introduction of ‘Khyber Pakhtunkhwa Sales Tax on Services (Withholding) Regulation, 2020’ (“Regulations”) vide Notification No. [...]
BLACKLISTING AND SUSPENSION OF SALES TAX REGISTRATION
This blog is written by Mr. Muhammad Kaleem Majeed. Please read this blog and provide your valued comments BLACKLISTING AND SUSPENSION OF SALES TAX REGISTRATION “We live on a mote of dust suspended in a sunbeam” The purpose of this blog is to explain the lacuna of over-stretched powers given in Rule 12 [...]
SECP Circular
DISCLOSURE OF IMPACT OF COVID-19 PANDEMIC ON FINANCIAL STATEMENTS OD COMPANIES SECP vide Circular No. 26 of 2020 dated August 31, 2020 requiring Companies to make disclosure under separate note titled “Impact of Covid-19 on the Financial Statements” in first set of Annual or Interim Financial Statements issued after August 31, 2020. The [...]
KCO Newsletter August 2020
In continuation of our regular practice, we are pleased to present and publish our Newsletter for the month of August 2020. KCO Newsletter Aug 2020 Please click on link mentioned below to access and study the Khilji & Co, Chartered Accountants Newsletter (AUGUST 2020.) This Newsletter envisages following aspects: COMMENTARY ON CASE LAW – APPELLATE TRIBUNAL [...]
AUDIT COMMITTEE AND ITS ROLE TOWARDS EFFECTIVE CORPORATE GOVERNANCE
This blog is written by Mr. Agha Mudassar Khan. Please read this blog and provide your valued comments. In the context of best corporate governance practices and the means by which these can be adhered by corporate entities, Audit Committee is an imperative composition, through which independent members of board, confer ample of assurance [...]