Regulatory Updates Of Pakistan

2021-04-29 09:52:01 Govt approves two road connectivity projects

The government has approved two new development projects worth PKR 196.5 billion to promote connectivity in Eastern Corridor that connects Gwadar and Karachi ports, according to news sources. Additionally, another project for the Hyderabad-Sukkur motorway has also been approved at a cost of PKR 191.47 billion.

The approvals were provided in a meeting, which was presided over by the Deputy Chairman of Planning Commission Muhammad Jehanzeb Khan – who also recommended the M-6 project to the Executive Committee of the National Economic Council (ECNEC) at a cost of PKR 92 billion. Under a separate project, the land for the project will be bought by the federal government, whereas the working for original PC-1 will be on the basis of a feasibility study conducted on December 2019. This study proposed cross-subsidy from the Sukkur-Multan motorway for 10 years.

Moreover, the meeting also approved a health project, “Strengthen­ing of Existing DHQs, and selected THQs, RHCs, BHUs. This project will be launched in districts of Awaran, Washuk, Khuzdar, Lasbela, Panjgur, Gwadar and Kech at a cost of PKR 4.997 billion.

Source: Zameen
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2021-04-29 07:33:49 COVID19 Tracker
Pakistan reports 5,480 new cases out of 57,013 tests performed in a single day. 3,699 people recovered fully while 151 deaths were recorded in last 24 hrs. 49 critical cases were reported in one day. Open / Comment

2021-04-29 07:24:33 SECP Ammendments-in-Public-Offering-Regulations-2017 Open / Comment

2021-04-29 07:06:13 FBR advised to use withholding statements for identifying new taxpayers

Tax practitioners have advised the Federal Board of Revenue (FBR) to examine withholding statements and extract information of persons not paying taxes and not filing their annual returns.

The members of Karachi Tax Bar Association (KTBA) in their pre-budget 2021/2022 seminar urged the FBR for mining of its database to identify new taxpayers & those not fully discharging their liabilities

FBR should extract information from withholding statements, details of government supplies and maintain a database of above third party information, according to a presentation made by Haider Patel, former president, KTBA.

He further suggested that relevant organizations, departments, institutions including utility companies, banks, NADRA and information obtained related to offshore transactions should submit prescribed information on quarterly basis to the FBR.

The FBR has been further advised effective enforcement for compliance of filing of Return of Income under section 114 of Income Tax Ordinance, 2001.

Source: PakRevenue
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2021-04-29 07:05:54 Corporate tax rate should be brought down to 25pc

Tax practitioners have demanded to bring down the tax rate at 25 percent in order to encourage investment and documentation of economy.

Tax practitioners at a pre-budget seminar organized by Karachi Tax Bar Association (KTBA) discussed the proposals for the budget 2021/2022.

At the seminar a presentation was given on income tax proposals, which pointed out that in Pakistan the corporate tax rate in FY2021 is 29 percent which due to multiplicity of taxes (2 percent Workers’ Welfare Fund + 5 percent Workers’ Participation Fund) goes up to 36 percent.

The average tax rate in Asia was 21.32 percent in 2020. The high rate of tax is encouraging tax evasion and is discouraging documentation of economy and corporatization. It is also a disincentive for foreign and local investment.

It is proposed that maximum rate of income tax at 29 percent on companies should be brought down to 25 percent by reducing 1 percent every year similarly on single member/small companies to compete with other regional and global countries their rate of tax be reduced gradually to 22 percent.

Source: PakRevenue
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2021-04-29 07:05:17 PSX issues new trading, office timings

Pakistan Stock Exchange (PSX) on Wednesday issued new timings of trading and office of the exchange effective from Thursday April 29, 2021.

The revised timings, as appended, shall take effect from trading day April 29, 2021 and shall remain in force till further notice.

Following is the revised schedule of PSX:

Source: PakRevenue
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2021-04-29 07:03:39 SBP revises bank timings

State Bank of Pakistan (SBP) on Wednesday revised the office and public dealing hours of banks.

The SBP said that in line with the decision of National Command & Operation Centre (NCOC) to contain the spread of COVID-19, the SBP will observe the following office hours, which will also be followed by all banks / DFIs / MFBs till further orders:

Bank office hours:

Monday to Thursday from 9:00 a.m. to 2:00 p.m. (without break)

Friday from 9:00 a.m. to 1:00 p.m. (without break)

Banks / MFBs have been advised to observe the following business (banking) hours for public dealing:

Monday to Thursday from 9:00 a.m. to 1:00 p.m. (without break)

Friday 9:00 a.m. to 12:30 p.m. (without break)

Previously, the SBP issued bank timings during Ramazan on April 12, 2021. However, new timings shall supersede the instructions contained in BPRD Circular Letter No.10 dated April 12, 2021.

Source: PakRevenue
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2021-04-29 07:02:56 SECP SRO 507I2021 of Grant of Registration to Postal Life Insurance Company Limited Open / Comment

2021-04-29 07:02:20 SECP Notification 508I2021 Delegation of Powers to MDPRD Insurance Open / Comment

2021-04-29 07:01:43 SECP Notification under section 66 of the Companies Act 2017 April 19 2021 Open / Comment