Regulatory Updates Of Pakistan

2021-09-21 06:58:54 پاکستان میں سونے کی قیمتوں میں اضافہ

عالمی مارکیٹ میں اضافے کے بعد پاکستان میں بھی سونے کی قیمتوں میں اضافہ دیکھنے میں آیا ہے۔

بین الاقوامی بلین مارکیٹ میں فی اونس سونے کی قیمت 3 ڈالر کے اضافے سے 1758 ڈالر کی سطح پر پہنچنے کے باعث مقامی صرافہ مارکیٹوں میں بھی پیر کو فی تولہ اور فی دس گرام سونے کی قیمتوں میں بالترتیب 400 روپے اور 343 روپے کا اضافہ دیکھا گیا۔

اصافے کے باعث کراچی، حیدرآباد، سکھر، ملتان، لاہور، فیصل آباد، راولپنڈی، اسلام آباد، پشاور اور کوئٹہ کی صرافہ مارکیٹوں میں فی تولہ سونے کی قیمت بڑھ کر 112900 روپے اور فی دس گرام سونے کی قیمت بڑھ کر 96794 روپے ہوگئی۔
بلین مارکیٹ کے ذرائع کا کہنا ہے کہ سونے کی مقامی قیمت اب بھی دبئی گولڈ مارکیٹ سے 3000 روپے کم ہے تاہم اس کے برعکس فی تولہ چاندی کی قیمت بغیر کسی تبدیلی کے 1380 روپے اور دس گرام چاندی کی قیمت 1183.12 روپے پر مستحکم رہی ہے۔

Source: ExpressUrdu
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2021-09-21 06:58:27 Corporate taxpayers to adopt digital mode of payment w.e.f 1st November-FBR considering grant of grace period

Federal Board of Revenue (FBR) is considering allowing the corporate taxpayers a grace period of 40 days to switch over to the digital mode of payments w.e.f. November 1, 2021 under Tax Laws (3rd Amendment) Ordinance, 2021. This has been stated in a press release issued by FBR to clarify the relevant clauses of Tax Laws (3rd Amendment) Ordinance.

The Federal Board of Revenue vide the Tax Laws (3rd Amendment) Ordinance, 2021, (the New Ordinance) has introduced significant changes to the Income Tax ordinance, 2001 with a view to documentation of the economy, capture the supply chains, and broaden the tax base. The New Ordinance has restricted the scope of payments via traditional banking channels on account of expenditures exceeding Rs.250, 000/- to taxpayers other than companies. Consequently, clause (la) in section 21 has been inserted in the Ordinance whereby it is now mandatory for companies to make payments on expenditures exceeding Rs.250, 000/- through digital mode only. However, expenditures on account of utility bills, freight charges, travel fair, and payment of taxes and fines would continue to be admissible either paid in cash or traditional banking instruments. The purpose behind this legislative enactment is to encourage digital payments and discourage traditional mode of transactions by the corporate sector in the first phase.

It is pertinent to mention that currently grey transactions (hiding/suppressing sales invoices and un-reconciled payments through open/revolving cheque or cash) are highly prevalent in business value chains. Almost 99% of all business transactions are on cash/cheque. Moreover, 3rd party payments are highly prevalent in organized and informal sector whereby businesses do not use their own bank accounts when making payment for supplies and tell their own customers/transaction based informal-investors to make direct payments to the principle supplier. This is highly prevalent in supply chains and has become an accepted norm. Likewise, cross cheques create financial inefficiency due to clearing period of 1-3 days. Similarly, cross cheques/open cheques do not carry the “purpose” of the payment or its relationship with the invoice. Despite many attempts to increase documentation of supply chains such as WHT and Further tax, the number of unregistered distributors and retailers remains high whereby sales are suppressed and due income tax is completely avoided.

However, owing to lack of digital readiness by some corporate taxpayers immediately, FBR is considering to allow the corporate taxpayers a grace period of 40 days to switch over to the digital mode of payments w.e.f. November 1, 2021. In the intervening period they may use the traditional banking transaction methods including cross cheques, cross bank drafts, cross pay orders, or any other crossed banking instrument showing transfer of amount from the business bank account of the taxpayer in addition to digital mode of payment as long as those are compliant with the law. In the meantime, FBR is also engaging SBP to issue necessary instructions to operationalize this important provision of law as well as encourage the banking sector to facilitate the corporate businesses to accomplish digitization within the stipulated timeframe.

Source: Official
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2021-09-21 06:55:36 SECP S.R.O. 1177 (I)-2021 Notification-exemption-of-IFRS-9 Open / Comment

2021-09-21 06:55:33 Monetary Policy Statement
September 20, 2021 Open / Comment

2021-09-20 14:20:48 PSX Unadjusted Closing Summary
KSE100 – 46,614.68 -21.40 pts (-0.05%)
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Market Volume – 193.89 mn
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Highest Change – Synthetic & Ryon (-3.04%) Open / Comment

2021-09-20 08:05:57 COVID19 Tracker
Pakistan reports 2,167 new cases in last 24hrs out of 51,348 tests conducted. 2,312 people made full recovery while 40 lives were lost in a single day. Total active cases stand at 63,724. Open / Comment

2021-09-20 07:51:30 FinPocket Prime
Iss Haftay ki Khaas Khabrein
URDU I September 19, 2021
On Market Front Open / Comment

2021-09-20 07:37:44 FBR slaps extra sales tax up to 17% on unregistered persons

Federal Board of Revenue (FBR) has imposed extra sales tax up to 17 per cent on unregistered industrial and commercial connection holders of electricity and gas utilities.

However, this levy is applicable to consumers who are not sales tax registered persons or not appearing on the Active Taxpayers List (ATL).

The FBR issued SRO 1222(I)/2021 on Friday to levy tax, on the total billed amount excluding the amount of federal taxes, in addition to the tax payable under Sub-Section (1) of Section 3 of the Sales Tax Act, 1990, on supplies of electric power and natural gas to persons having industrial or commercial connections. But this levy is applicable on persons who have either not obtained a sales tax registration numbers or are not on the ATL maintained by the FBR.

The tax shall applicable at an extra rate as under, subject to the mode, manner, conditions, and limitations prescribed in the rules, namely:

Industrial connections holders: the tax rate shall be 17 per cent.

Commercial connections holders:

— The tax rate shall be five percent on Rs10,000 monthly billed amount.

— The tax rate shall be 7 per cent on amount between Rs10,001 to Rs20,000 monthly bill.

— The tax rate shall be 10 per cent on amount between Rs20,001 to Rs30,000 monthly bill.

— The tax rate shall be 12 per cent on amount between Rs30,001 to Rs40,000 monthly bill.

— The tax rate shall be 15 per cent on amount between Rs40,001 to Rs50,000 monthly bill.

— The tax rate shall be 17 per cent on monthly bill amounting Rs50,001 and above.

The FBR issued another SRO 1223(I)/2021 to exclude certain sectors from the application of the extra sales tax.

The tax shall not be applicable on supplies made by steel sector and edible sector.

Source: PakRevenue
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2021-09-20 07:37:16 FBR to block mobile phones of non-filers

The Federal Board of Revenue (FBR) has been empowered under income tax statute to block mobile phones or mobile phone SIMs of persons who have taxable income but remained non-filer of annual return.

The government promulgated Tax Laws (Third Amendment) Ordinance, 2021, and made major amendments to the Income Tax Ordinance, 2001.

As per the amendments, the FBR has been empowered to take strict actions against non-filers, including blocking mobile phones or mobile phone SIMs. Besides, the tax authorities have also powers to give orders to utility companies for discontinuations of electricity connection and gas connection of non-filer.

Section 114B has been introduced through the Tax Law to the Income Tax Ordinance, 2001.

Following is the text of the new Section:

“114B. Powers to enforce filing of returns. — (1) Notwithstanding anything contained in any other law for the time being in force, the Board shall have the powers to issue income tax general order in respect of persons who are not appearing on Active Taxpayers List (ATL) but are liable to file return under the provisions of this Ordinance.

(2) The income tax general order issued under sub-section (1) may entail any or all of the following consequences for the persons mentioned therein, namely:-

— disabling of mobile phones or mobile phone sims;

— discontinuance of electricity connection; and

— discontinuance of gas connection.

(3) The Board or the Commissioner having jurisdiction over the person mentioned in the income tax general order may order restoration of mobile phones, mobile phone sims and connections of electricity and gas, in cases where he is satisfied that —

(a) the return has been filed; or

(b) person was not liable to file return under the provisions of this Ordinance.

(4) No person shall be included in the general order under sub-section (1) unless following conditions have been met with, namely:-

(a) notice under sub-section (4) of section 114 has been issued;

(b) date of compliance of the notice under sub-section (4) of section 114 has elapsed; and

(c) the person has not filed the return.

(5) The action under this section shall not preclude any other action provided under the provisions of this Ordinance.

Source: PakRevenue
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2021-09-20 07:36:50 NADRA to compute indicative income, tax liability

National Database and Registration Authority (NADRA) has been empowered to compute indicative income and tax liability of persons using artificial intelligence and other modes.

The powers have been given under Tax Laws (Third Amendment) Ordinance, 2021 promulgated on Friday.

Through the Tax Laws, a new section 175B has been inserted to Income Tax Ordinance, 2001 to authorized NADRA to take measures for broadening of tax base.

Following is the text of Section 175B of the Income Tax Ordinance, 2001:

175B. The National Database and Registration Authority (NADRA).

(1)The National Database and Registration Authority shall, on its own motion or upon application by the Board, share its records and any information available or held by it, with the Board, for broadening of the tax base or carrying out the purposes of this Ordinance.

(2) The National Database and Registration Authority may—

(i) submit proposals and information to the Board [Federal Board of Revenue] with a view to broadening the tax base;

(ii) identify in relation to any person, whether a taxpayer or not –

(a) income, receipts, assets, properties, liabilities, expenditures, or transactions that have escaped assessment or are under-assessed or have been assessed at a low rate, or have been subjected to excessive relief or refund or have been misdeclared or misclassified under a particular head of income or otherwise;

(b) the value of anything mentioned in sub-clause (a) of clause (ii), if such value is at variance with the value notified by the Board or the district authorities, as the case may be, or if no such value has been notified the true or market value; and

(iii) enter into a memorandum of understanding with the Board for a secure exchange and utilization of a person’s information.

(3) The Board [FBR]may use and utilize any information communicated to it by the National Database and Registration Authority and forward such information to an income tax authority having jurisdiction in relation to the subject matter regarding the information, who may utilize the information for the purposes of this Ordinance.

(4) The National Database and Registration Authority may compute indicative income and tax liability of anyone mentioned under sub-sections (1) or (2) by use of artificial intelligence, mathematical or statistical modeling or any other modern device or calculation method.

(5) The indicative income and tax liability computed by the National Database and Registration Authority under sub-section (4) shall be notified by the Board to the person in respect of whom such indicative income and tax liability has been determined, who shall have the option to pay the determined amount on such terms, conditions, installments, discounts, reprieves pertaining to penalty and default surcharge, and time limits that may be prescribed by the Board.

(6) In case the person against whom a liability has been determined under sub-section (4), does not pay such liability within the time prescribed under sub-section (5), the Board shall take action under this Ordinance, upon the basis of tax liability computed under sub-section (4).

(7) If the person against whom the liability has been determined under sub-section (4) pays such liability in terms of sub-section (5), such payment shall be construed to be an amended assessment order under section 120 or sub-section (1) of section 122 or sub-section (4) of section 122 as the case may be.

(8) For the purposes of sub-sections (4) and (5), the Board may prescribe the extent of installments, reprieves pertaining to penalty and default surcharge and time limits.

Source: PakRevenue
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