Introduction Securities and Exchange Commission of Pakistan (SECP) notified regulation wide S.R.O. 1318 (I)/2018 dated November 2, 2018, titled “Shariah Governance Regulations, 2018”. Commentary These regulations are notified in exercise of the powers conferred by sub-section (1) of section 512 read with section 451 of the Companies Act, 2017 (XIX of 2017) after having been [...]
Introduction Federal Board of Revenue issued Notifications ref: SRO SRO 1321(1)/2018 dated November 2, 2018. Commentary The aforementioned SRO 1321(1)/2018 offers for objection or suggestion (within 7 days) in draft amended Income Tax Rules, 2002 relating to “Definitions” whereby changes have been introduced so as to delete few definitions like “Currency Transactions Report” etc and [...]
Introduction Federal Board of Revenue issued Notifications ref: SRO SRO 1355(1)/2018 dated November 7, 2018. Commentary The mentioned SRO No. 1355 of 2018 adds the Section “25A, 37 & 37A” to the Additional Director-I, Intelligence & Investigation, Lahore as stated in Serial No. 22 of para 2 of table mentioned in SRO 1301 dated October [...]
Deductions not allowed in Computing Income from Business This blog is written by Mr M. Basir Dawer, Senior Associate Taxation and Corporate Affairs. Please read this blog and provide your valued comments. Deductions not allowed in Computing Income from Business Section.21 of Income Tax Ordinance 2001 specifies different deductions which are not allowed while computing Income from [...]
Institute of Chartered Accountants of Pakistan has issued a useful information titled as IFRS News - IASB issues Definition of Material (Amendments to IAS 1 and IAS 8). Through this particular explanation, he International Accounting Standards Board (IASB) has issued amended definition of ‘Material’, reproduced below: “Information is material if omitting, misstating or obscuring it could [...]
In continuation of our regular practice, we are pleased to present and publish our Newsletter for the month of October 2018. Please click on link mentioned below to access and study the Khilji & Co, Chartered Accountants Newsletter (October 2018) KCO Newsletter October 2018 This Newsletter envisages following aspects: Commentary on Lahore High Court: 2016 [...]
To develop a winning strategy, know who you are fighting This Blog is written by Mr. Sohail Arif, Senior Associate Audit and Assurance Services. Please read this blog and provide your valued comments. To develop a winning strategy, know who you are fighting Business strategy is all about using uncertain information to make unalterable choices that best [...]
Introduction SECP issued Circular # 20 of 2017 notifying amendment in Circular No. 16 of 2018 (maintenance of register of ultimate beneficial ownership information by the companies) issued on August 29, 2018. Commentary Amendment pertains to Para # 3 of the Circular No. 16 of 2018, whereby minimum threshold of shareholding to seek information to [...]
Introduction Federal Board of Revenue issued Notification ref: SRO SRO 1320(1)/2018 dated November 2, 2018. Commentary The attached SRO empowers the Commissioner IR to give direction through order for conducting manual post-refund scrutiny of any refund claim sanctioned after June 30,2014, which was not admissible as per his information, Pre-determined criteria or otherwise. The said [...]
What Outsourcing Entails This blog is written by Mr. Awais Mumtaz, Senior Associate Taxation and Corporate Services. Please read this informative piece and provide us your valued comments. What Outsourcing Entails Organizations, these days, not only look for cost-effective solutions to systematically run non-core activities like accounting and payroll services, but also expect to add value in order [...]
