FBR Notification (770 (I)/2020) Introduction Federal Board of Revenue (Revenue Division) had issued Corrigendum in the Sales Tax Notification S.R.O. No. 770 (I)/2020 dated August 24, 2020. Commentary Earlier the aforesaid Notification was issued while reducing the rate of Sales Tax on import of sugar. However, through the aforesaid Corrigendum, the [...]
This blog is written by Mr. Ahmed Yar Khan. Please read this blog and provide your valued comments The magnitude of disruption from the Covid-19 pandemic has significantly impacted organizations of all sizes, across all industry sectors. Management and those charged with governance are having to make difficult decisions daily about operational, financial, and strategic [...]
Securities and Exchange Commission of Pakistan has issued Circular 25 of 2020 on August 31, 2020 wide subject: Corona Virus Contingency planning for general meetings of shareholders. In light of the continuing threat posed due to COVID-19 Pandemic and to protect well of the shareholder, the Securities and Exchange Commission of Pakistan (SECP), in exercise [...]
This blog is written by Mr. Saif Uddin Khilji. Please read this blog and provide your valued comments THIN CAPITALIZATION A company is typically financed (or capitalized) through a mixture of debt and equity. “Thin capitalization” refers to the situation in which a company is financed through a relatively high level of debt [...]
This blog is written by Mr. Abdul Hafeez. Please read this blog and provide your valued comments The Government of Punjab has promulgated on December 13th, 2019, The Punjab Workers Welfare Fund Act 2019 (PWWF Act) whereby every establishment is required to pay to the fund in accordance with following conditions: Section 4: Mode of [...]
The Federal Board of Revenue (FBR) has approved the Audit Policy 2019 pertaining to tax year 2018. The policy shall apply to persons or classes of persons falling under all or any of the tax statutes i.e. Income Tax Ordinance, 2001 (ITO,2001) Sales Tax, 1990 (STA, 1990) and Federal Excise Act, 2005 (FEA, 2005). Computer [...]
This blog is written by Mr. Zahid Mehmood, FCA, FCCA, Partner Khilji & Co. Please read this blog and provide your valued comments MATERIALITY IN PLANNING AND PERFORMING AN AUDIT What is the concept of materiality in the context of financial statements? The overall materiality at the financial statement level is [...]
This blog is written by Mr. Ajmal Khan. Please read this blog and provide your valued comments AK BLOG 26082020
INTRODUCTION Federal Board of Revenue issued notification ref: 773/(I)/2020 dated August 24, 2020. COMMENTARY Section 165A of the Income Tax Ordinance, 2001 requires all banking companies to provide information relating to cash withdraws, deposits, credit card payment and profit on debts exceeding certain limits as prescribed in the said section. Similarly, 165B [...]
Introduction Government of Khyber Pakhtunkhwa (Finance Department) had issued a Notification No. BO(Res-III)FD/2-2/2019-20/Vol-I dated August 05, 2020 to make amendment in Second Schedule of the Khyber Pakhtunkhwa Finance Act No. XXI of 2013. Commentary Through the aforesaid Notification, following further amendments as stated (in Red) have been made in the Second Schedule of the [...]
