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Sohail Sarfraz

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Corporate laws: SEPB discusses key policy changes

The Securities and Exchange Policy Board (SEPB) discussed key policy changes in corporate laws to encourage listing of companies and increase capital formation, assist Federal Board of Revenue (FBR) to ensure documentation of corporate sector, facilitate
Published 15 Dec, 2019 12:00am
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'Origin of import circumvention': FBR decides to lodge FIRs

Federal Board of Revenue (FBR) has decided to lodge FIRs and take other actions under the Customs Act against importers involved in mis-declaration of goods of Indian origin through international ports like Dubai, Hong Kong and Singapore.
Published 14 Dec, 2019 12:00am
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FBR condones time limit for filing Annex-H (stock statement)

The Federal Board of Revenue (FBR) has condoned the time limit of filing of Annex-H (stock statement) in the sales tax return by the exporters for the tax period of July 2019 up to January 15, 2020. In this regard, the FBR has issued instructions to the f
Published 13 Dec, 2019 12:00am
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Pakistan, China to implement 'Green Corridor' system

Pakistani and Chinese customs administrations have principally agreed to implement 'Green Corridor' - a fast track customs clearance system exclusively for speedy clearances of the perishable agricultural products, under the proposed Green Corridor at Sus
Published 12 Dec, 2019 12:00am
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Corporate sector: SECP introduces 'Regulatory Sandbox Environment'

Securities and Exchange Commission of Pakistan (SECP) Wednesday took a major step to facilitate corporate sector by introducing 'Regulatory Sandbox Environment' for companies to conduct limited scale live tests of new products, services or business models
Published 12 Dec, 2019 12:00am
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FBR arm issued refunds sans verification: AGP

The Auditor General of Pakistan (AGP) has expressed serious concern over the issuance of huge amount of sales tax refunds without verification under Federal Board of Revenue's Expeditious Refund System (ERS) by the Centralized Sales Tax Refund Office (CST
Published 11 Dec, 2019 12:00am
Markets

NBFCs: SECP issues qualified capital, terms and conditions

The Securities and Exchange Commission of Pakistan (SECP) has issued the qualified capital and its terms and conditions for the Non-Banking Finance Companies (NBFCs) engaged exclusively in the business of issuance of guarantees to enhance the quality of d
Published 11 Dec, 2019 12:00am
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AGP tells FBR to beef up WEBOC system

The Auditor General of Pakistan (AGP) has cautioned the Federal Board of Revenue (FBR) to immediately upgrade software and hardware of customs imports clearances on an emergency basis to avert any untoward incident of system failure of Web-Based One-Custo
Published 10 Dec, 2019 12:00am
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Charitable bodies: Rationalization of exemptions recommended

The Auditor General of Pakistan (AGP) has strongly recommended rationalization of exemptions granted to charitable organizations and withdrawal of income tax exemptions granted under Second Schedule (Exemption Schedule) of the Income Tax Ordinance 2001, s
Published 10 Dec, 2019 12:00am
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Tax Year 2019: FBR receives 1.7m returns till 6th

Federal Board of Revenue (FBR) has so far received 1.7 million income tax returns (till December 6) for Tax Year 2019 as compared to 1.2 million returns during the same period of the Tax Tear 2018, reflecting an increase of 0.5 million returns.
Published 07 Dec, 2019 12:00am
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Info under income tax law: Banks withdraw petitions from SHC

Banks have withdrawn their petitions from Sindh High Court (SHC) on the issue of providing information under Sections 165 and 165A (furnishing of information by banks) of the Income Tax Ordinance 2001 after settlement of issues with the Federal Board of R
Published 07 Dec, 2019 12:00am
Pakistan

Islamabad RTO sets up market bodies to expedite registrations

Expanding the scope of its enforcement activities, Regional Tax Office, Islamabad Wednesday constituted special market committees with the assistance of trade associations and Islamabad Chamber of Commerce and Industry (ICCI) to maximize registration with
Published 05 Dec, 2019 12:00am