Restriction on Purchase of Certain Assets (Section 227C) This blog is written by Mr. Hussain Mehmood, Senior Manager Taxation Advisory Services. Please read this interesting and informative blog and provide your valued comments. Restriction on Purchase of Certain Assets (Section 227C) This is with reference to the introduction of a new section numbered as 227C [...]
Introduction Federal Board of Revenue issued two (02) Notifications ref(s): SRO 1267(1)/2018 dated October 16, 2018 and SRO 1268(1)/2018 dated October 16, 2018 Commentaries SRO 1267(1)/2018 dated October 16, 2018 SRO 488(1)/2004 dated June 12, 2004 specifies the goods that need to be supplied only to the Sales tax registered person, otherwise no input tax will be [...]
Introduction Federal Board of Revenue has issued Circular No 5 of 2018 titled as Clarification regarding Filing of various Return Forms. Commentary A clarification has formally been issued by FBR regarding “form of return for salaries individuals” that included only fewer fields like salary, profit on debt & other sources, however did not provide for [...]
This blog is written by Mr. Nauman Ul Qadeer, Senior Manager Consulting and Financial Advisory Services. Please read this blog and provide your valued comments. PREVENTION OF OFFENCES RELATING TO FRAUD, MONEY LAUNDERING AND TERRORIST FINANCING The changing trends and pattern of Money laundering (ML) and Terrorist Financing (TF) is a major global concern now [...]
Introduction SECP issued notification S.R.O. 18 of 2018 dated October 16, 2018 whereby additional conditions with respect to Prudential Regulations for Modarabas are incorporated. Additional conditions widened the application and scope of the Fit and Proper Criteria in relation to Modaraba Company and Modaraba. Commentary New conditions / insertions are as follows: 1 – Affidavit, [...]
This blog is written by Mr. Mohsin Alizai, Assistant Manager, Taxation and Corporate Services. Please read this blog and provide your valued comments. Practical problems as regards obtaining and maintaining up-to-date information relating to the ultimate beneficial owners where the companies having legal persons as members or shareholders in pursuance of Circular # 16 of 2018 issued [...]
This blog is written by Mr. Hafiz Muhammad Shafaat Ali, Assistant Manager, Taxation and Corporate Services. Please read this blog and provide your valued comments. Procedure for Registration of NGO/NPO Definition Nonprofit organizations are organized for a public or mutual benefit other than generating profit for owners or investors. Non-profit organization may be different in [...]
This blog is written by Mr. Anwar A. Gondal, Assistant Manager Internal Audit Services. Please read this academic blog and provide your valued comments. IAS 1 PRESENTATION OF FINANCIAL STATEMENTS It sets out the overall requirements for financial statements, including how they should be structured, the minimum requirements for their content and overriding concepts such as going [...]
Introduction SECP issued notification S.R.O. 1261 (I)/2018 dated October 10, 2018. Commentary It notifies amendments to the “Limited Liability Partnership Regulations 2018”. This applies to all Limited Liability Partnerships (LLP) with immediate effect. Through this SRO, SECP made new insertions in the “Limited Liability Partnership Regulations 2008” which require an LLP to comply with the [...]
In continuation of our regular practice, we are pleased to present and publish our Newsletter for the month of September 2018. Please click on link mentioned below to access and study the Khilji & Co, Chartered Accountants Newsletter (September 2018) KCO Newsletter September 2018 This Newsletter envisages following aspects: COMMENTARY ON FEDERAL TAX OMBUDSMAN (FTO): [...]
