Understanding provisions of withholding taxes under the Income Tax Ordinance, 2001 This blog is written by Mr. Ehtisham Sohail, Associate Taxation and Corporate Services. Please read this blog and provide your valued comments. Understanding provisions of withholding taxes under the Income Tax Ordinance, 2001 Introduction: 1.1) Provisions of withholding taxes are probably one of the most [...]
Introduction SECP issued Circular 21 of 2018 ref: CLD/CCD/ PR( 11 )/2017 dated November 27, 2018. Commentary This particular circular was issued to indicate the modification which was earlier prescribed through Circular 19 and Circular 32 of 2017. Both these Circulars were about compliance with the requirements of section 452 of the Companies Act, 2017. [...]
Introduction Federal Board of Revenue has issued Order Ref F.No.4(69)IT-Budget/2018-pt dated November 27, 2018. Commentary In the back drop of recent surge in the notices served under section 214E to the filers, who filed their previous Tax Year(s) of 2015, 2016 and 2017, returns after the due dates. FBR has decided to exempt the Salaried [...]
Tax Credit Allowed for Investment in SUKUK This blog is written by Mr. Hasnain Mir, Associate Taxation and Corporate Services. Please read this blog and provide your valued comments. Tax Credit Allowed for Investment in SUKUK what is SUKUK? Islamic bonds, structured in such a way as to generate returns to investors without infringing Islamic law (that [...]
HEDGING This blog is written by Mr. Muneeb Sultan, Associate Internal Audit Services. Please read this blog and provide your valued comments HEDGING HEDGING is a risk management strategy. Hedging involves reducing or eliminating financial risk by passing that risk on to someone else. It can provide certainty of cash flows, which helps with budgeting, encourages management [...]
Summary of IAS 23 This blog is written by Mr. Adnan Khan, Associate Audit and Assurance Services. Please read this blog and provide your valued comments. Summary of IAS 23 Borrowing costs: Borrowing costs are interest and other costs incurred by an entity in connection with the borrowing of funds Borrowing costs may include: Interest [...]
INTRODUCTION SECP vide S.R.O.1405 (I)/2018 - Dated November 16, 2018 issued “Directive for Disclosure about the Complaint Resolution Forums” regarding assurance products offered by insurers. COMMENTARY Insurers are directed to Fix Notice Board containing “Awareness Message”, at prominent palaces where general public and policy holders pay frequent visits, upload “Awareness Message” on websites, and print [...]
Benefits of Leasing Under IFRS 16 This blog is written by Mr. Haseeb Zaman, Associate Taxation and Corporate Services. Please read this blog and provide your valued comments. Benefits of Leasing Under IFRS 16 The new accounting standard for leases – IFRS 16 – requires that companies reporting under IFRS must report all leases on [...]
Detailed Commentary Commetnary for SECP SRO 1399 Link of Document Companies (further issue of shares) Regulation 2018 - final for notification-14.11.18
Introduction Securities and Exchange Commission of Pakistan (SECP) has issued S.R.O.1404 (I)/2018 - Dated November 15, 2018. Commentary The aforementioned SRO is self explanatory as issued by SECP, Regulations 4 of the Credit rating companies regulations 2016 to specify the Islamic International Rating Agency, Bahrain, as internationally recognized foreign credit rating institution for the purpose [...]
