Federal Board of Revenue has issued Circular 02 of 2019 dated August 1, 2019 Through the aforementioned Circular, FBR has issued Clarifications regarding Sales Tax Invoicing. Broadly this circular contains clarifications like: 1."Sales Tax can only be recovered from the customer if the supplier is registered for Sales Tax Purposes and reflects the [...]
Federal Board of Revenue has issued Circular 10 of 2019 dated July 31, 2019. Through the aforementioned Circular, FBR has issued extension in the date of filing of Bi-Annual Witholding Statements under Section 165 till August 20, 2019. It is pertinent to note that according the Finance Act 2019, the Bi-Annual Witholding Statements [...]
Federal Board of Revenue has issued Circular 09 of 2019, wherein FBR issued Explanations of Important Amendments mde in Income Tax Ordinance 2001. These amendments are brought about by Finance Act. 2019. Please click on the link below to read entire document. 20197301672828353explanatorycircular For any further assistance please read our Tax Briefing [...]
Khilji and Co Firm Profile as of July 30, 2019 Khilji and Co (Profile)
Federal Board of Revenue has issued Circular 01 of 2019, wherein FBR issued Explanations of Important Amendments In Sales Tax Act, 1990, Federal Excise Act. 2005 and Islamabad Capital Territory (Tax on Services! Ordinance. 2001) on the basis of Finance Act. 2019. Please click on the link below to read entire document. 201972615718450CIRCULARNO.01OF2019 For any [...]
Introduction SECP issued S.R.O.856(I)/2019 dated July 25th 2019 Commentary SECP vide S.R.O.856(I)/2019 dated July 25th 2019 made amendments in Employees Contributory Funds (Investment in Listed Securities) Regulations, 2018. Vide this amendment notification the grace period to ensure compliance of investment limits as defined in Employees Contributory Funds (Investment in Listed Securities) [...]
Introduction SECP issued S.R.O.857(I)/2019 dated July 25th 2019 Commentary SECP vide S.R.O.857(I)/2019 dated July 25th 2019 made amendments in Regulation # 11 – Restriction on the purchasing company, of Listed Companies (Buy-Back of Shares) Regulations 2019. Vide this amendment notification Restriction of Purchase of its own shares are relaxed as previously companies [...]
Introduction SECP issued SRO ref: 812(I)/2019 on July 11, 2019. Commentary SECP vide S.R.O. 812 (I)/2019 dated July 11, 2019 made alterations in the Seventh Schedule to the Companies Act, 2017 (XIX of 2017). Revised fees subject to the alterations made by S.R.O.812(I)/2019 dated July 11, 2019 as are follows: - [...]
Introduction SECP issued SRO ref: 811(I)/2019 on July 11, 2019. Commentary SECP vide S.R.O. 811 (I)/2019 dated July 11, 2019 has changed the application fee for a company, which is desirous of forming a group with its subsidiary companies from Rs.200,000/- (two hundred thousand rupees) to Rs.50,000/- (fifty thousand rupees). Link [...]
INTRODUCTION Federal Board of Revenue has issued Notification ref: 849/(I)/2019 dated July 24, 2019. COMMENTARY Through the attached notification the mandatory requirement to file monthly withholding tax statement by the 15th of the month, following the month to which monthly tax pertains as per section 165 of Income Tax Ordinance 2001 [...]
