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Sohail Sarfraz

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FBR can adopt Indian taxmen's pattern

Federal Board of Revenue (FBR) and Directorate of Intelligence and Investigation Inland Revenue (IR) can alert it's field formations to check sales tax frauds by jewellers community on the pattern of multi-million tax evasion committed by a racket of jewe
Published 19 Jan, 2020 12:00am
Business

Tax appeals: ATIR rules provide for separate procedure: bench

A full bench of the Appellate Tribunal Inland Revenue (ATIR) Islamabad has highlighted that Appellate Tribunal Inland Revenue Rules, 2010 have vividly provided separate procedure for filing and hearing of main appeal as well as filing and disposal of stay
Published 19 Jan, 2020 12:00am
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New tax laws: FBR explains GST/FED-related amendments

The government has imposed penalties and punitive actions for not printing retail price with sales tax on retail items and bringing exempted goods from "tax-exempt areas" of Azad Jammu and Kashmir, Gilgit-Baltistan and erstwhile tribal areas into tariff a
Published 18 Jan, 2020 12:00am
Business

Most of Islamabad shops selling smuggled goods: RTO survey

A survey conducted by Regional Tax Office (RTO) Islamabad along with customs department revealed that most of the outlets/shops in the federal capital are involved in selling smuggled goods under the cover of imported items and they are directed to displa
Published 18 Jan, 2020 12:00am
Business

'FBR chief should be from Customs or IRS'

One of the Federal Board of Revenue's (FBR) committees on restructuring of the Board has recommended that the FBR chairman should be from Pakistan Customs or Inland Revenue Service (IRS). The Islamabad-based consultative committee has finalized its recomm
Published 18 Jan, 2020 12:00am
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Unregistered persons: FBR unveils STGO regarding supply curbs

The Federal Board of Revenue (FBR) Thursday conveyed to entire manufacturing sectors/industries that the threshold limit of supplies made by manufactures to unregistered persons of Rs 10 million per month/Rs100 million per year under Tax Laws (Second Amen
Published 17 Jan, 2020 12:00am
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FBR explains how importers can supply items to markets

Federal Board of Revenue (FBR) on Tuesday allowed importers to freely supply imported retail items in the domestic markets in cases where importers have intimated the commissioners about undertakings to print the retail price within 10 days of release/cle
Published 15 Jan, 2020 12:00am
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Customers' assets: Brokers must meet AML, CFT requirement: SECP

The Securities and Exchange Commission of Pakistan (SECP) Tuesday conveyed to the brokers' community that the new brokers' regime aims to ensure that custody of customers' assets is only allowed to brokers with sufficient capacity to meet the requisite le
Published 15 Jan, 2020 12:00am
Markets

Securities brokers asked to maintain minimum liquid capital

Securities and Exchange Commission of Pakistan (SECP) has directed securities brokers to maintain minimum liquid capital and file monthly statements of net capital balance and liquid capital with the securities exchange and clearing house, submit reviewed
Published 14 Jan, 2020 12:00am
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SECP introduces new regime for securities brokers

Securities and Exchange Commission of Pakistan (SECP) Monday introduced new brokers regime for securities brokers by dividing brokers into three categories i.e. 'Trading Only', 'Trading and Self-Clearing' and 'Trading and Clearing' category with minimum n
Published 14 Jan, 2020 12:00am
Business

FBR launches crackdown on counterfeit cigarette sellers

The Federal Board of Revenue (FBR) Monday launched a crackdown against the traders/businessmen involved in selling of counterfeit cigarettes, but also started nationwide awareness campaign among the traders to avert from selling such non-duty paid items.
Published 14 Jan, 2020 12:00am
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There're no differences between PM, chairman: FBR

Chairman Federal Board of Revenue (FBR) Shabbar Zaidi has said that Prime Minister Imran Khan will formally announce the concessions given to traders and he will also participate in the PM's interaction with traders on January 20. The FBR on Saturday clar
Published 12 Jan, 2020 12:00am
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Amnesty scheme: ATIR bench for amending 2018 ordinance

A division bench of the Appellate Tribunal Inland Revenue (ATIR) has asked the Chairman of the Federal Board of Revenue (FBR) to amend Voluntary Declaration of Domestic Assets Ordinance, 2018 to resolve fundamental matters in the amnesty scheme, protect t
Published 11 Jan, 2020 12:00am
Markets

SECP releases list of 59 research entities/individual analysts

The Securities and Exchange Commission of Pakistan (SECP) Friday released a list of 59 renowned research entities/individual research analysts performing functions under the Research Analysts Regulations, mostly engaged in preparations of reports on secur
Published 11 Jan, 2020 12:00am