Regulatory Updates Of Pakistan

2021-09-23 15:48:25 FBR Circular no. 7 of 2021-22 - Policy regarding explanation of important amendments introduced in Income Tax Ordinance, 2001, via The Tax Laws (Third Amendment) Ordinance, 2021 Open / Comment

2021-09-23 15:47:22 FBR S.R.O1256(I)-2021 - Amendment Rules 2001 (Addition of new chapter XLI i.e. Uzbekistan-Pakistan Transit Trade Rules) Open / Comment

2021-09-23 14:27:51 PSX Unadjusted Closing Summary
KSE100 – 45,327.34 -269.90 pts (-0.59%)
Top Contributor to KSE 100 – Technology & Communication (-84.19 pts)
Market Volume – 442.88 mn
Volume Leader - $WTL (-1.34%)
Highest Change – Refinery (-5.11%) Open / Comment

2021-09-23 07:18:44 Prosecution for improper use of NTN Certificate

Section 194 of Income Tax Ordinance, 2001 has prescribed prosecution for improper use of NTN (National Tax Number) Certificate.

The Federal Board of Revenue (FBR) issued the Income Tax Ordinance, 2001 updated up to June 30, 2021. The Ordinance incorporated amendments brought through Finance Act, 2021.

Following is the text of Section 194 of Income Tax Ordinance, 2001:

194. Prosecution for improper use of National Tax Number Certificate .— A person who knowingly or recklessly uses a false National Tax Number Certificate including the National Tax Number Certificate of another person on a return or other document prescribed or used for the purposes of this Ordinance shall commit an offence punishable with a fine not exceeding fifty thousand rupees or imprisonment for a term not exceeding two years, or both.

Source: CustomNews
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2021-09-23 07:12:49 MCC JIAP seizes diamonds

Customs staff posted at Jinnah International Airport (JIAP), Karachi intercepted a passenger zahid khalil resident of Karachi arriving from Dubai by Emirates Flight and recovered hundreds of precious diamonds weighing 136 carats, a Rolex watch and other electronic items valuing Around Rs11 million.

Information was passed through Collector Raza to Additional Collector Yusuf Magsi and Deputy Collector Inamullah Wazir regarding movement of previous stones throughan Emirates flight. Vigilance was tightened, which led to recovery of the goods.

FIR has been lodged and the passenger has been arrested. On his pointing his financier who was also travelling in the same flight has also been arrested. Both the accused are going to be presented before the judge for seeking remand. Further investigation is underway.

Source: CustomNews
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2021-09-22 15:59:59 No extension in income tax return last date: FBR

The Federal Board of Revenue (FBR) clarified on Tuesday (September 21) that the board is not considering extending the deadline for submitting tax returns, news sources reported.

The last date for filing tax returns will be September 30, as proposed earlier. According to the details, the Federal Board of Revenue (FBR) has denied rumours in several publications that the deadline for filing income tax returns had been extended. According to the apex tax authority’s spokesperson, the FBR headquarters is not considering any suggestion in this respect. The authority confirmed that they have begun a nationwide integrated advertising campaign for return submissions that would run until September 30. A full-fledged awareness campaign on electronic, print and social media is underway which is proving to be effective and encouraging.

The results are coming out and people are submitting their annual income tax returns in large volumes. They have appealed to the taxpayers to file their annual income tax returns before the deadline of September 30, 2021. The official board sources have said that to clarify any confusion, people can call the FBR Helpline at 111-772-772 for any guidance, or contact the nearest income tax office.

Source: Zameen
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2021-09-22 14:16:30 Stocks take Over 800 pts Intraday U-turn!
KSE100 – 45,670.04 -338.81 pts (-0.74%)
Top Contributor to KSE 100 – Technology & Communication (-69.86 pts)
Market Volume – 581.56 mn
Volume Leader - WTL (-4.82%)
Highest Change – Woollen (-7.41%) Open / Comment

2021-09-22 07:31:57 SECO S.R.O. 1214 (I)-2021 Ammendemnts-in-Public-Offering-Regulations-2017-SPAC Open / Comment