Introduction The Sindh Sales Tax on services (Amendment) Bill 2018 has been passed by the Provincial Assembly and is being promulgated effective July 1, 2018. Commentary The scope of clause 1(b) of Section 4 of the Act have been modified so as to extend the scope of taxable activity on account of “lease, rent, license [...]
Institute of Chartered Accountants has circulated the Gazette of Pakistan Statutory Regulatory Order No. 1211 (I)/2018 dated October 5, 2018. with following quoted cover text. QUOTE: "The United Nations Security Council (UN Security Council) vide its Resolutions directs to apply travel restrictions, arms embargo and to freeze the funds and other financial resources of certain [...]
Introduction The Securities and Exchange Commission of Pakistan has issued S.R.O. 1225 (I)/2018. dated October 8, 2018. Commentary Through this SRO, SECP has issued The Companies (General Provisions and Forms) Regulations, 2018. The particulars are specified as they are required under the relevant provisions of the Companies Act 2017. Pursuant to Section 506 of the [...]
Online procedure for correction in Computerized Payment Receipts for Inland Taxes This blog is written by Mr. M. Kaleem Majeed, Manager Taxation and Corporate Advisory Services. Please read this procedural blog and provide your valued comments. Online procedure for correction in Computerized Payment Receipts for Inland Taxes In order to facilitate taxpayers for ease of [...]
Introduction Institute of Chartered Accountants of Pakistan (ICAP) has issued Circular 13 of 2018 and The Guide for Accountants in respect of ‘Anti-Money Laundering and Counter Financing of Terrorism. Commentary Primarily in the light of recommendations from Financial Action Task Force (FATF), Government of Pakistan has increased its efforts to implement the Anti-Money Laundering Act [...]
Introduction The Federal Board of Revenue has issued Notifications ref: S.R.O. 1212 (I)/2018 and S.R.O. 1212 (I)/2018 both dated October 5, 2018. Commentary The above mentioned SRO 1212 has rescinded SRO 888(1)/2018, 889(1)/2018 & 890(1)/2018 all dated July 23, 2018 has been rescinded and restored the exemptions available from application of provisions of Sales Tax [...]
WHT Exemptions & Exemption Certificate u/s 159 This blog is written by Mr. Hussain Mehmood Asif, Senior Manager Taxation and Corporate Services. Please read this interesting and informative blog and provide your valued comments. EXEMPTIONS FROM WITHHOLDING OF INCOME TAX AND EXEMPTION CERTIFICATE UNDER SECTION 159 OF THE INCOME TAX ORDINANCE (ITO), 2001 This is [...]
Dear Valued Client, Introduction The Securities and Exchange Commission of Pakistan has issued Notification /Directive S.R.O. 1194 (I)/2018 dated October 2, 2018 Commentary The attached notification prescribes the related party transaction and their treatment. The notification prescribes the direction related to “related party transactions policy”, excluding the transactions occurring on “arm’s length transaction” principle and [...]
Introduction The Securities and Exchange Commission of Pakistan has issued Notification /Directive S.R.O. 1201 (I)/2018 dated October 3, 2018 Commentary Another step taken by SECP to restrict the anti money laundering activities and terrorism by issuing the attached notification whereby the insurance companies have been required to disclose mainly: The ultimate beneficial owner (natural person) [...]
This blog is written by Mr. Saif Uddin Khilji, Senior Manager Taxation and Corporate Advisory Services. Please read this intriguing and informative blog and provide your valued comments. Penalty Proceedings and Burden of Proof Section 182(1) of the Income Tax Ordinance, 2001 states offences and penalties as “any person who commits any offence specified under [...]
