Regulatory Updates Of Pakistan

2021-04-21 11:14:51 Commodities Update Open / Comment

2021-04-21 07:53:34 Real estate remains top priority for documentation of economy

Tax authorities have prioritized real estate sector for documentation of economy during next three years for increasing share of direct taxes in revenues.

The Medium Term Budget Strategy Paper for 2021/2022 to 2023/2024 issued by the ministry of finance stated that all out efforts are being made to increase the share of direct taxes in revenues.

“Documentation of economy to increase the taxation in services, real estate and wholesale and retail is top priority,” it added.

According to the paper the use of information technology is the corner stone of strategy of Federal Board of Revenue (FBR) for mobilization of revenues.

It aims at automation of all business processes starting from registration to assessment and issuance of refunds.

Installation of the ‘Track and Trace’ system, point of sale integration of retailers with FBR’s computerized system, e-audit and e-appeals are at various stages of implementation and would be fully operational in the medium term.

Source: PakRevenue
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2021-04-21 07:53:15 SECP issues list of persons for issuance of instruments

Securities and Exchange Commission (SECP) on Tuesday issued a notification to revise previous SRO regarding list of persons to whom any instrument in the nature of ‘redeemable capital’ may be issued by a company.

The SECP notified the following persons to whom any instrument in the nature of “redeemable capital” may be issued by a company, subject to the terms and conditions as provided under section 66 of the Act, namely:-

(i) mutual funds, Voluntary Pension Schemes and Private fund being managed by NBFC;

(ii) insurer registered under the Insurance Ordinance, 2000 (XXXIX of 2000);

(iii) a Securities Broker;

(iv) a Fund and Trust as defined in the Employees Contributory Funds (Investment in Listed Securities) Regulations, 2018;

(v) a company and body corporate as defined in the Companies Act, 2017(XlX of 2017);

(vi) all individual investors including accredited individual investors, in case of Government Debt Securities, and debt securities whose debt servicing is guaranteed by the Government;

(vii) accredited individual investors, in case of corporate debt instruments: Provided that the company shall ensure the following:

(a) instrument is not placed to more than fifty (50) accredited individual investors;

(b) information memorandum contains all applicable information/disclosures as prescribed under the Public Offering regulations, 2017; and

(c) instrument is not sold to non-accredited investors in secondary market.

Explanation: – for the purposes of this notification the expressions, –

(a) “accredited individual investor” means an individual investor registered with National Clearing Company of Pakistan Limited and having net assets of Rs. 5 million or more; and

(b) “Government Debt Securities” means a debt security such as Treasury Bill (T-Bill), Pakistan Investment Bond (PIB), Government of Pakistan (GoP) Ijarah Sukuk and any other debt instrument issued by the Federal Government, Provisional Government, Local Government/Authority, and any other statutory body.

Source: PakRevenue
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2021-04-21 07:52:52 FBR urged to abolish withholding tax, minimum tax for commercial importers

Federal Board of Revenue (FBR) has been urged to abolish withholding tax and minimum tax for commercial importers in the upcoming budget 2021/2022.

Karachi Chamber of Commerce and Industry (KCCI) in its proposals for the upcoming budget said that commercial Importers of raw material pay withholding tax at 2 percent up to 5.5 percent which can only be possible if the gross profit is 30 percent, while the margin is not more than 2 to 3 percent on raw materials sold without value addition or change in form.

By amendment to Section 148 of Income Tax Ordinance, 2001 through Finance Bill 2018-19, WHT paid on import of raw materials by commercial importers has been converted to minimum tax and the importers have been taken out of fixed tax regime (FTR).

The chamber said that the concept of WHT is unique to Pakistan’s Tax regime which in fact is tantamount to putting the burden of tax-collection from undocumented entities on the compliant tax payers and avoiding the responsibility to broaden tax-base.

After acquiring unprecedented powers to access information under Section 56 A and 56 B in Income Tax Ordinance, 2001, FBR and its subordinate departments must take the responsibility to identify non-compliant and undocumented entities/persons instead of laying the onus on existing taxpayers.

The chamber proposed that concept of minimum tax and withholding tax may be abolished.

Tax Payers may be allowed to pay certain Fixed Tax or opt for Audit regime and pay taxes in accordance with actual tax liability on Income.

Furthermore, all Taxes deducted have to be adjustable against actual tax liability.

Giving rationale, the chamber said that the commercial importers who are a major source of revenue will be able to resume their business and contribute to revenue as well as promotion of SMEs.

Source: PakRevenue
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2021-04-21 07:51:52 KCCI-E-Bulletin-Apr-20-2021 Open / Comment

2021-04-21 07:51:52 SRB 20210419_NOTIFICATION_D21 Open / Comment

2021-04-21 07:51:49 GOP The State-Owned Enterprises (Governance and Operations) Act, 2021 Open / Comment

2021-04-21 07:51:11 GOP The Publication of the Holy Quran (Elimination of Printing and Recording Errors) (Amendment) Act, 2021 Open / Comment

2021-04-21 07:51:05 GOP The Jammu and Kashmir (Administration of Property), (Amendment) Act, 2021 Open / Comment

2021-04-21 07:50:58 GOP The Domestic Violence (Prevention and Protection) Act, 2020 Open / Comment