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Sohail Sarfraz

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SECP relaxes key compliance requirements for NBFCs

The Securities and Exchange Commission of Pakistan (SECP) has relaxed key compliance requirements for the non-banking finance companies (NBFCs) including extension up to May 31, 2020, for submission of the quarterly financial statements.
Published 23 Apr, 2020 02:53am
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FBR, agencies to be empowered to enforce anti-smuggling law

The Federal Board of Revenue (FBR), security and intelligence agencies would be fully empowered to enforce Prevention of Smuggling Ordinance 2020 within the country for checking smuggling of foreign currency, gold, sliver, sugar, onion, rice, pulses, whea
Published 20 Apr, 2020 12:00am
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Tax expert advocates escrow accounts for developers, builders

The government should allow developers and builders to deposit project investment money in the escrow accounts instead of bank accounts to claim exemptions from probing source of investment under section 111 of the Income Tax Ordinance 2001.
Published 19 Apr, 2020 12:00am
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IMF scales down tax target to Rs 3.908 trillion

The International Monetary Fund (IMF) has revised projection of Federal Board of Revenue (FBR) tax collection of Rs 4.8 trillion pre-Covid-19 to Rs 3.908 trillion post Covid-19 for the current fiscal year, reflecting a decrease of Rs 0.892 trillion.
Published 18 Apr, 2020 12:00am
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Government may eliminate Fifth Schedule of Customs Act, 1990

The government is likely to eliminate Fifth Schedule (conditional exemption of customs duty) of the Customs Act, 1990, introduce zero percent customs duty slab and withdraw additional customs duty and regulatory duties in phases under tariff rationalizati
Published 16 Apr, 2020 12:00am