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Sohail Sarfraz

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FBR directed to simplify H-Form within a week

Adviser to the Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh Tuesday directed Federal Board of Revenue (FBR) to take input and suggestions from the textile exporters and simplify the H-Form (stock statement) within a week to expedite the pr
Published 04 Dec, 2019 12:00am
Markets

FAQs replied by SECP on beneficial ownership

The Securities and Exchange Commission of Pakistan (SECP) has clarified that beneficial ownership (BO) information is necessary to detect and prevent tax evasion, corruption, money laundering, terrorist financing, and other illicit behavior involving one
Published 04 Dec, 2019 12:00am
Business

Ishrat for effective use of CNIC to detect tax evasion

Advisor to the Prime Minister for Institutional Reforms & Austerity Dr Ishrat Hussain said on Monday that the government will have to automate all business processes, simplify laws, eliminate interaction between tax collector and taxpayers and use CNIC (c
Published 03 Dec, 2019 12:00am
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Lending Modaraba may raise funds through issuance of 'COM': SECP

A lending Modaraba, having enabling clause for resource mobilization in its prospectus, with the approval of the Commission, may raise funds through issuance of Certificates of Musharakah (COM) after complying with the laid down requirements by the Commis
Published 01 Dec, 2019 12:00am
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July-November updated collection shows Rs211.4bn shortfall

The updated collection of the Federal Board of Revenue (FBR) stood at Rs 1,617 billion during July-November (2019-20) against the target of Rs 1,828.4 billion, reflecting a shortfall of Rs 211.4 billion. According to a tweet of FBR Chairman Shabbar Zaidi
Published 01 Dec, 2019 12:00am
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Registered units: DG&I, IR restrained from conducting raids

Chairman Federal Board of Revenue (FBR) Shabbar Zaidi has decided to restrain Directorate General of Intelligence and Investigation Inland Revenue (IR) from conducting income tax and sales tax raids on registered units, creating harassment among the busin
Published 30 Nov, 2019 12:00am
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Corporate sector: SECP withdraws major documentary measure

Securities and Exchange Commission of Pakistan (SECP) Friday withdrew a major documentary measure from corporate sector by taking away condition of mandatory submission of compliance certificate regarding its status of compliance with the requirements of
Published 30 Nov, 2019 12:00am
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CCP recommends steps to protect real estate investors

A three-member bench of the Competition Commission of Pakistan (CCP) Thursday declared that numerous cases have been witnessed in Pakistan's burgeoning real estate sector where investors in housing schemes have been defrauded by unscrupulous elements.
Published 29 Nov, 2019 12:00am
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FBR lists factors behind revenue shortfall during 2018-19

The Federal Board of Revenue (FBR) has described slowdown in the construction-allied sectors including cement and steel, and import compression as major factors behind revenue shortfall during 2018-19. According to the FBR's biannual review (July-December
Published 27 Nov, 2019 12:00am
Business

Fee structure for registering Modaraba companies revised

In line with the directions of the Securities and Exchange Policy Board, Securities and Exchange Commission of Pakistan (SECP) has revised fee structure for registration of Modaraba companies, annual renewal and other regulated activities within the Modar
Published 27 Nov, 2019 12:00am
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Draft authority law seeks repeal of FBR law

The draft Federal Revenue Authority Act 2020 has proposed to reconstitute Federal Board of Revenue (FBR) into Federal Revenue Authority (FRA) to make it a service-oriented organization, with job protection to existing employees, and greater autonomy and p
Published 26 Nov, 2019 12:00am