Regulatory Updates Of Pakistan

2021-04-26 12:36:44 PSX Unadjusted Closing Summary

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Market Volume – 407.97 mn
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Source: CapitalStake
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2021-04-26 11:06:14 Commodities Update Open / Comment

2021-04-26 08:38:08 Forthcoming Events in Pakistan
Upto 31th May 2021

International Conference on Management, Economics & Social Science
28 - 29 Apr 2021
Best Western Hotel, Islamabad, Pakistan

International Conference on Institutional Development, Business Law and Social Science Research
07 May 2021
Dreamworld Resort, Hotel & Golf Course, Karachi, Pakistan

Annual Mobile Commerce & Digital Banking Summit & Exhibition
20 May 2021
Marriot Hotel KARACHI, Karachi, Pakistan

Build Pakistan
21 - 23 May 2021
Lahore Expo Center, Lahore, Pakistan

Light Pakistan
21 - 23 May 2021 Postponed
Lahore Expo Center, Lahore, Pakistan

Logistics, Transports & Material Handling Pakistan
21 - 23 May 2021 Postponed
Lahore Expo Center, Lahore, Pakistan

Cleaning Waste Facilities Management Pakistan Expo
21 - 23 May 2021 Postponed
Lahore Expo Center, Lahore, Pakistan

RAH EXPO Pakistan
21 - 23 May 2021 Postponed
Lahore Expo Center, Lahore, Pakistan

Flooring Pakistan Expo
21 - 23 May 2021 Postponed
Lahore Expo Center, Lahore, Pakistan

International Conference on Intelligence and Safety for Robotics
26 May 2021
Pearl Continental Hotel, Rawalpindi, Pakistan

International Congress on Economy, Finance, and Business
29 May 2021
Rawalpindi, Pakistan

World Conference on Accountants
29 May 2021
Rawalpindi, Pakistan

International Conference on Mechanical and Automobile Engineering
29 May 2021
Rawalpindi, Pakistan

International Conference on Recycling and Waste Management
29 May 2021
Rawalpindi, Pakistan

Source: 10times
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2021-04-26 07:56:42 The Appellant is absolved from Pakistan taxation and no provision of the IT Ordinance is attracted as he does not have any plausible source of income that has deemed to have accrued to him.

Section 111 is applicable to residents of Pakistan only and cannot be extended to appellant who is resident abroad and do not have taxable in Pakistan. Section 111 of the IT Ordinance cannot be invoked on non-resident French National who’s habitual abode is in France and have more personal and economic interest in France than Pakistan and has not earned any income from any Pakistan source. The department has failed to discharge it’s onus for the reinforcement of Section 111.

The Appellant is not taxable in Pakistan and Section 111 is not attracted to non-resident in the presence of Tax treaty between Pakistan and France upon applicable tie-breaker text. The ATIR deleted the levy of Tax under Section 111. The consequential to deletion of liability the Zonal Commissioner Inland Revenue is directed to return the amount extorted from the bank accounts of the Appellant and with compensation, if applicable, be paid to the appellant.

Source: Brecorder
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2021-04-26 07:56:41 FBR cannot probe investment of non-resident Pakistanis

The Appellate Tribunal Inland Revenue (ATIR) has declared that the Section 111 (unexplained income/assets) of the Income Tax Ordinance 2001 is applicable to residents of Pakistan only and cannot be extended to the persons, who are resident abroad and do not have taxable in Pakistan.

Tax lawyer Shaheer Bin Tahir, who pleaded the case on the behalf of a French national, told Business Recorder that the tribunal has issued the order in favour of the non-resident Pakistani with the directions to the Commissioner Inland Revenue to return the amount extorted from the bank accounts of the appellant and with compensation. The judgement of the ATIR was also confirmed in the tax reference file by the department under Section 133 before the Lahore High Court. Justice Ayesha A Malik while heading the Divisional Bench has dismissed the Reference in limine.

According to a recent decision of the Appellate Tribunal Inland Revenue (ATIR), the bilateral tax treaty between Pakistan and France has an overriding effect on the IT Ordinance. Furthermore, since the appellant is filing his tax returns in France, in light of the tax treaty between Pakistan and France, no action can be perpetuated in Pakistan by the Pakistan tax authorities.

In the recent tribunal decision in case of Raja M Raheel vs Commissioner Inland Revenue (CIR) Appeal has been filed against the impugned order passed by the Commissioner Inland Revenue (Appeals), Sialkot on the following ground that the Appellant is non-resident Pakistani, engaged in Restaurant business in France where he is earning his livelihood. Since he does not have any Pakistani Source Income, therefore, Section 111 of the IT Ordinance cannot be invoked. Even otherwise, he had enough agricultural income to purchase this property.

Shaheer Bin Tahir Director (International Taxes) in Tahir Razzaque Khan & Co explained that the appellant is a French national and is not a resident of Pakistan. He is engaged in the business of restaurant and is owner of one in Paris, France and holds that his source of income is outside Pakistan. The proceedings in the case were started by the Assistant Commissioner Inland Revenue (ACIR) on the basis of information where it was alleged that the taxpayer purchased properties for the consideration of Rs3,432,000. Notice under Sections 114(4) and 116(1) of the Income Tax Ordinance was issued but on the day of the hearing neither anyone appeared, nor filed any reply. Later on, notice under Section 111(1)(b) were issued but to no avail.

Consequently, the ACIR completed assessment, creating a tax demand of Rs858,000 and subsequently attached the bank accounts and recovered the impugned tax so assessed.

According to the record this fact is evident that the appellant has an established business in France and resides abroad. In Pakistan, he has purchased a certain piece of land in Pakistan regardless how the amount was paid. At this stage, if at all we presume that he has permanent home in both the states (i.e., France and Pakistan) though it is not alleged by the department at any point of time. Even then, the taxpayer cannot be subject to Pakistani tax because the centre of vital interest is France and his personal and economic relations are closer, he referred to the tribunal judgment.

The order the tribunal revealed that the provisions of the Income Tax Ordinance cannot be invoked because the Bilateral Tax Treaty between Pakistan and France has an overriding effect on the IT Ordinance. Furthermore, since the appellant is filing his tax returns in France, in light of the Tax treaty between Pakistan and France, no action can be perpetuated in Pakistan by the Pakistan Tax authorities.

The ATIR held that the Appellant has centre of vital interest in France by virtue of his personal and economic interests abroad. He has his habitual abode abroad, and his income is assessed in France. Open / Comment

2021-04-26 07:56:03 ہونڈا کمپنی کا 100فیصد الیکٹرک گاڑیاں بنانے کا اعلان

جاپانی کمپنی ہونڈا نے اعلان کیا ہے کہ وہ اگلے 19 سالوں میں اپنی تمام گاڑیاں سو فیصد الیکٹرک بنائے گا۔

خبر رساں ادارے اے ایف پی کے مطابق جاپانی ہونڈا کمپنی نے جمعہ کو اعلان کیا کہ 2040ء تک وہ تمام گاڑیاں الیکڑک اور فیول سیل یعنی ہائیڈروجن پر چلنے والی بنائے گا۔

کے مطابق ہونڈا کے نئے سربراہ توشیرو مائیب کا کہنا تھا کہ الیکٹرک اور فیول سیل گاڑیوں کا ٹارگٹ یقیناً مشکل ہے لیکن وہ کمپنی کیلئے بڑا ہدف طے کرنا چاہتے ہیں۔

کمپنی کے اگلے 19 سالوں کیلئے طے شدہ اہداف کے مطابق 2030ء تک 40 فیصد الیکٹرک اور فیول سیل گاڑیاں مارکیٹ میں فروخت کی جائیں گی جبکہ 80 فیصد کا ہدف 2035ء تک پورا کرلیا جائے گا۔

رپورٹ میں بتایا گیا ہے کہ کمپنی کے مطابق 2040ء تک عالمی مارکیٹ میں ہونڈا کی تمام گاڑیاں الیکٹرک اور فیول سیل پر مبنی ہوگی۔ ہونڈا نے اپنا ہدف مکمل کرنے کیلئے ریسرچ اور ڈیولپمنٹ کے شعبے میں 46 ارب ڈالر کی سرمایہ کاری کا منصوبہ بنایا ہے۔

جاپانی وزیراعظم نے 2030ء تک ملک میں کاربن ڈائی آکسائیڈ کا اخراج 46 فیصد کم کرنے کا اعلان کیا تھا، جس کے بعد ہونڈا کمپنی کی جانب سے مکمل طور پر الیکٹرک گاڑیاں بنانے کا بیان جاری کیا گیا۔

Source: SamaaTv
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2021-04-26 07:55:18 جوائنٹ ٹاسک فورس اینٹی منی لانڈرنگ اینڈ ٹیرارزم فنانسنگ کے ٹی او آرز میں ترامیم

بینک دولت پاکستان اور سیکورٹیز اینڈ ایکسچینج کمیشن آف پاکستان (ایس ای سی پی) نے مالی گروپ کی سطح پر اینٹی منی لانڈرنگ، دہشت گردی کی فنانسنگ کے انسداد، جوہری پھیلاؤ کی فنانسنگ کی روک تھام کی نگرانی سمیت نگرانی کے حوالے سے تعاون کو مزید مضبوط بنانے کے لیے اپنی جوائنٹ ٹاسک فورس برائے مرکب مالی ادارہ جات کے اصول و ضوابط یعنی ٹرمز آف ریفرنس (ٹی او آرز) میں ترامیم کردی ہیں۔

گورنر اسٹیٹ بینک ڈاکٹر رضا باقر اور چیئرمین ایس ای سی پی عامر خان نے ٹی او آرز میں ترامیم کے لیے مراسلہ مفاہمت پر دستخط کیے۔ مالی شعبے کے ضابطہ کار اداروں کے مابین ادارہ جاتی تعاون مالی گروپوں، جو مختلف قسم کے مالی اداروں پر مشتمل ہیں، کی موثر نگرانی کا ایک اہم عنصر ہے۔ چنانچہ مارچ 2009ء میں اسٹیٹ بینک اور ایس ای سی پی نے جوائنٹ ٹاسک فورس قائم کی تاکہ مالی شعبے میں مرکب ادارے بننے (conglomeration) کے خطرات کو فعال طور پر شناخت کیا جاسکے اور ان سے نمٹا جاسکے۔

جوائنٹ ٹاسک فورس کے ٹی او آرز میں نگرانی پر تعاون، مدت وار اجلاسوں کے انعقاد اور مالی گروپوں کے بارے میں ضابطہ کار اداروں کے درمیان معلومات کا تبادلہ شامل ہیں۔ ان ٹی او آرز پر وقتاً فوقتاً نظرثانی کی جاتی رہی ہے تاکہ انھیں ضابطہ کاری کے میدان میں ہونے والی تبدیلیوں اور مالی بازار کی حرکیات سے ہم آہنگ رکھا جاسکے۔
گروپ کی سطح پر اے ایم ایل سی ایف ٹی سی پی ایف کی نگرانی کی اہمیت کو مدنظر رکھتے ہوئے اسٹیٹ بینک اور ایس ای سی پی دونوں نے اس بات پر اتفاق کیا کہ جوائنٹ ٹاسک فورس کے ٹی او آرز میں اس شعبے کو زیادہ واضح کیا جائے۔

ٹی او آرز میں اس بہتری سے ضابطہ کاروں کو گروپ کی سطح پر بین الاقوامی معیارات کے مطابق اے ایم ایل سی ایف ٹی سی پی ایف کی نگرانی کا عمل انجام دینے اور زیادہ منظم انداز میں تعاون اور معلومات کے تبادلے کو مضبوط بنانے میں مدد ملے گی۔ نظر ثانی شدہ ٹی او آرز مالی شعبے میں صحت، دیانت داری اور منصفانہ برتاؤ کے مجموعی پالیسی مقاصد کو آگے بڑھائیں گے۔

Source: ExpressUrdu
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2021-04-26 07:54:45 کلیئرنس میں تاخیر لاگت میں اضافے کا باعث بن رہی ہے، کراچی چیمبر

کراچی چیمبر آف کامرس اینڈ انڈسٹری نے محکمہ کسٹمز کو اپنی کارکردگی بہتر بنانے اور طریقہ کار کو تیز کرنے پرتوجہ دیتے ہوئے کہاہے کہ مال کی کلیئرنس میں تاخیر کاروباری لاگت میں اضافے کا باعث بن رہی ہے۔

کراچی چیمبر کے صدر شارق وہرہ نے کہاہے کہ تاجر برادری کی محکمہ کسٹمز سے مثبت توقعات وابستہ ہیں لیکن اس اہم محکمے کی کارکردگی توقعات کے مطابق نہیں لہٰذا توقعات اور ڈلیوری کے مابین یہ فرق نہیں ہونا چاہیے بلکہ اس سے مؤثر طریقے سے نمٹنا ہوگا، یہ بات انہوں نے ڈائریکٹوریٹ جنرل ٹریننگ و ریسرچ سے 31 ویں مڈ کیریئر مینجمنٹ کورس کے سینئر کلکٹرز کے وفد سے تبادلہ خیال کرتے ہوئے کہی۔

وفد کی قیادت ایڈیشنل ڈائریکٹر جنید عثمان اکرم نے کی جبکہ اجلاس میں سینئر نائب صدر کے سی سی آئی ثاقب گڈلک، نائب صدر شمس الاسلام خان اور کے سی سی آئی کی منیجنگ کمیٹی ممبران نے بھی شرکت کی۔

Source: ExpressUrdu
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2021-04-26 07:54:04 Sindh to align Property Rates in Karachi, Sukkur, Hyderabad

During a virtual meeting with World Bank (WB) Country Director Mr Najy Binhussin, Sindh Chief Minister (CM) Murad Ali Shah said that the provincial government wants to align its property rates in Karachi, Hyderabad and Sukkur as per the Federal Board of Revenue (FBR), according to news sources.

During 2019, the FBR issued valuation tables for Capital Gains Tax (CGT) collection for 21 Pakistani cities, including these three cities. Customarily, the federal and provincial taxes are paid on property-related transactions. The federal taxes include capital gains tax (CGT) and Advance Tax. On the other hand, provincial taxes include Capital Value Tax, registration fee and stamp duty. These taxes are charged on the minimum property rate that has been set by the FBR. However, as these tables were revised, valuation rates for federal and Sindh governments are significantly different.

Moreover, CM Shah said that Sindh has drafted its Fiscal Responsibility Legislation, and added that a resettlement and rehabilitation framework will be developed to address encroachments in the province. The meeting also reviewed the progress of World Bank projects launched in Karachi.

Source: Zameen
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2021-04-26 07:52:45 FBR advised to simplify withholding tax regime on imports

Federal Board of Revenue (FBR) has been urged to simplify the withholding tax regime on imported goods under Section 148 of the Income Tax Ordinance, 2001.

Overseas Investors Chamber of Commerce and Industry (OICCI) in its proposals for budget 2021/2022 urged to FBR to simplify the withholding taxes on goods at the import stage.

It suggested that the criteria for obtaining exemption under Section 148 of the Income Tax Ordinance, 2001 should be based on discharge of advance tax liability as per section 147 of the Income Tax Ordinance, 2001 and clause 72B of the part 1 of the second schedule should be restored.

Raw materials imported at the rate of 5.5 percent withholding tax should not be subject to minimum taxation. This anomaly should be clarified by FBR at the earliest.

Procedure for application of reduced rate of 2 percent on import of raw material for own use which are not covered under Part II of Twelfth Schedule is highly cumbersome and should be simplified.

Section 148 (1) of the Ordinance to amended via the following insertion:

“Provided that the Commissioner shall issue exemption certificate/ certificate of non-deduction / collection of advance tax at source at import stage within fifteen days of filing of application to exempt entities upon verification:

Provided further that the Commissioner shall be deemed to have issued the exemption certificate upon the expiry of fifteen days to the aforesaid company and the certificate shall be automatically processed and issued by Iris”.

Source: PakRevenue
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