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Sohail Sarfraz

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AMCs, REIT: MUFAP for abolition of 8 percent minimum tax

The mutual fund industry has proposed the government to abolish eight percent minimum tax on Asset Management Companies (AMCs) and real estate investment trust (REIT) Management Companies licensed by the Securities and Exchange Commission of Pakistan (SEC
Published 27 May, 2020 12:06am
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FBR decides to conduct audit of 4 sugar mills

The Federal Board of Revenue (FBR) has decided to conduct audit of four sugar mills to check/verify their records for the last five years and recover the evaded amount of sales tax in line with the recommendations of the Sugar Inquiry Commission.
Published 24 May, 2020 12:01am
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PTAA seeks PM's help for clearance of blocked refunds

Pakistan Tax Advisors Association (PTAA) has approached Prime Minister Imran Khan for early clearance of blocked income tax refunds by the Federal Board of Revenue's field formations including Regional Tax Offices (RTOs) and Large Taxpayer Units (LTUs).
Published 24 May, 2020 12:01am
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Credit rating rules: SECP empowered to relax requirements

To facilitate credit rating companies, the Securities and Exchange Commission of Pakistan (SECP) has been empowered to relax any of the requirements of Credit Rating Companies Regulation, 2016 for such companies operating in Pakistan.
Published 23 May, 2020 12:06am
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SECP issues definition of 'Government-Guaranteed Sukuk'

The Securities and Exchange Commission of Pakistan (SECP) has issued definition of "Government Guaranteed Sukuk" i.e. Sukuk issued by any corporation or body corporate owned and controlled by the Federal Government and such Sukuk is guaranteed by the Fede
Published 23 May, 2020 12:06am
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Unregistered buyers: Legal changes in CNIC condition likely

Some legal changes are expected in the condition of providing Computerized National Identity Card (CNICs) numbers of the unregistered buyers including enhancement of limit from Rs50,000 to Rs100,000 in the coming budget (2020-21).
Published 21 May, 2020 12:09am
Business

FBR urged to release verified income tax refunds before Eid

The manufactures have urged the Federal Board of Revenue (FBR) to release their verified income tax refunds before Eid providing them much needed cash liquidity to meet their pressing expenses especially those pertaining to staff salaries/wages.
Published 19 May, 2020 12:02am
Business

FBR chief seeks updated lists of refund claimants

Federal Board of Revenue (FBR) Chairperson Nosheen Javed Amjad on Monday directed chief commissioners of large taxpayer units and regional tax offices (RTOs) to update lists of income tax refund claimants on emergency basis.
Published 19 May, 2020 12:02am
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'Tax relief' budget being prepared

On the directions of the Advisor to the Prime Minister on Finance and Revenue, Dr Abdul Hafeez Shaikh, the Federal Board of Revenue (FBR) is preparing a "tax relief" budget 2020-2021 for the business community and the general masses with a focus on greate
Published 18 May, 2020 12:06am