Regulatory Updates Of Pakistan

2021-09-12 11:51:12 Banks provide information of deposits, withdrawals

Section 165A of Income Tax Ordinance, 2001 has made it mandatory for banks to provide details of cash deposits and cash withdrawals to the tax authorities.

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 165A of the Income Tax Ordinance, 2001:

165A. Furnishing of information by banks.— (1) Notwithstanding anything contained in any law for the time being in force including but not limited to the Banking Companies Ordinance, 1962 (LVII of 1962), the Protection of Economic Reforms Act, 1992 (XII of 1992), the Foreign Exchange Regulation Act, 1947 (VII of 1947) and the regulations made under the State Bank of Pakistan Act, 1956 (XXXIII of 1956), if any, on the subject every banking company shall make arrangements to provide to the Board in the prescribed form and manner,—

(a) a list of persons containing particulars of cash withdrawals exceeding fifty thousand Rupees in a day and tax deductions thereon, aggregating to Rupees one million or more during each preceding calendar month.”;

(b) a list containing particulars of deposits aggregating rupees ten million or more made during the preceding calendar month;

(c) a list of payments made by any person against bills raised in respect of a credit card issued to that person, aggregating to rupees two hundred thousand or more during the preceding calendar month;

“(d) a list of persons receiving profit on debt and tax deductions thereon during preceding financial year.”

(2) Each banking company shall also make arrangements to nominate a senior officer at the head office to coordinate with the Board for provision of any information and documents in addition to those listed in sub-section (1), as may be required by the Board.

(3) The banking companies and their officers shall not be liable to any civil, criminal or disciplinary proceedings against them for furnishing information required under this Ordinance.

(4) Subject to section 216, all information received under this section shall be used only for tax purposes and kept confidential. (Disclaimer: The text of above section is only for information. Team PkRevenue.com makes all efforts to provide the correct version of the text. However, the team PkRevenue.com is not responsible for any error or omission.)

Source: PakRevenue
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2021-09-12 11:50:49 Tax recovery first in liquidation, bankruptcy

Section 166 of Income Tax Ordinance, 2001 explained that tax recovery shall be first from a person in the estate of liquidation or bankruptcy.

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 166 of the Income Tax Ordinance, 2001:

166. Priority of tax collected or deducted. — (1) Tax collected by a person under Division II of this Part or Chapter XII or deducted from a payment under Division III of this Part or Chapter XII shall be —

(a) held by the person in trust for the Federal Government; and

(b) not subject to attachment in respect of any debt or liability of the person.

(2) In the event of the liquidation or bankruptcy of a person who has collected or deducted tax from a payment under Division III of this Part or Chapter XII, the amount collected or deducted shall not form part of the estate of the person in liquidation or bankruptcy and the Commissioner shall have a first claim for that amount before any distribution of property is made.

(3) Every amount that a person is required to deduct from a payment under Division III of this Part or Chapter XII shall be –

(a) a first charge on the payment; and

(b) deducted prior to any other amount that the person may be required to deduct from the payment by virtue of an order of any Court or under any other law.

Source: PakRevenue
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2021-09-12 11:49:07 Monetary Policy Announcement

The Monetary Policy Committee of SBP will meet on Monday, September 20, 2021 at SBP Karachi to decide about the Monetary Policy. Later on, SBP will issue the Monetary Policy Statement through a press release on the same day.

It would be pertinent to mention here that SBP issued an advanced calendar of MPC meetings earlier in May 2021 through a press release (https://www.sbp.org.pk/press/2021/Pr-20-May-21.pdf) and all the meetings are being held accordingly. The advance calendar is also available at: https://www.sbp.org.pk/m_policy/mp-calendar.asp

Source: SBPOfficial
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2021-09-12 11:43:42 Open / Comment

2021-09-10 17:42:25 Open / Comment

2021-09-10 14:56:01 PSX Unadjusted Closing Summary
KSE100 – 47,226.11 +600.99 pts (+1.29%)
Top Contributor to KSE 100 – Cement (+132.71 pts)
Market Volume – 426.08 mn
Volume Leader – ANL (-0.60%)
Highest Change – Jute (+5.05%) Open / Comment

2021-09-10 13:52:09 Interbank Closing Open / Comment

2021-09-10 10:15:20 COVID19 Tracker
Infection rate clocks in at 6.03% as Pakistan reports 3,689 new cases in last 24hrs out of 61,128 screenings. 3,755 made full recovery while 83 people lost lives in a single day. Total active cases count was recorded at 91,440. Open / Comment

2021-09-10 07:23:12 Land record online

THE prime minister is right in describing the initiative to digitise the country’s land record system as “transformative”, both for the economy and the people. Speaking at the launch of the digitised land record system and cadastral map of Islamabad showing the extent, value and ownership of land, particularly for taxation purposes, he reiterated the government plans to digitise the land revenue record in three major cities — Karachi, Lahore and Islamabad — by November this year and then in the rest of the country in six months for improved administration and governance of the real estate sector and construction industry.

If the government successfully meets the deadlines it has set for itself, it would bring a major shift in the economy and drastically reduce land conflicts that are responsible for almost half the litigation burden that our frail civil and criminal justice system must shoulder. As the prime minister pointed out, digitising land records will eradicate land grabbing, control illegal and haphazard construction activities and land development in both the urban and rural areas, guarantee transparency in land and property transactions, curb record tampering, and provide quick ownership information online. More importantly, the availability of verified records online should go a long way in increasing the access of people, particularly women, to land and property.

It is well recognised the world over that secure land and property rights are critical to increasing the access of people and businesses to land for effectively using this asset for quicker economic growth, poverty reduction and social inclusion. Doubtful and ambiguous land titles are a huge impediment in the evolution of the housing- and construction-financing industry in Pakistan since our risk-averse banks are reluctant to venture into this sector for fear of long litigation and losses. At the individual level, people are forced to pay a higher price for land or property with clean titles. Removing ambiguities overall would create more uniform levels of pricing. For the government, the accuracy of the land record contributes to effective planning, better tax collection and resource allocations, and improved disaster management. Digitising land and property records is, therefore, the need of the hour for investment in housing, better environmental management and improved revenues.

It is, however, pertinent to note that the provinces have been extremely slow to implement the land administration reforms initiated more than one and a half decades ago with technical and financial assistance from different global institutions. Stiff resistance from the provincial revenue bureaucracy that is deeply invested in the legacy land administration system owing to factors ranging from financial corruption to fear of technology has kept successive governments from making meaningful progress in this area. With the prime minister himself pursuing the project, the renewed push for secure land and property rights in the country stands a much better chance of success this time around.

Source: DawnNews
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2021-09-10 07:20:23 ٹویوٹا پاکستان میں پہلی بار ہائبرڈ کاریں بنانے کیلئے تیار

انڈس موٹر یا ٹویوٹا کمپنی نے پاکستان میں پہلی بار اپنی فہرست میں ہائبرڈ کاروں کو شامل کرتے ہوئے اپنی پروڈکٹ لائن کو بڑھانے کا منصوبہ بنایا ہے۔ ٹویوٹا پاکستان میں گاڑیاں بناتی اور درآمد شدہ ٹویوٹا کاریں فروخت بھی کرتی ہے۔

پاکستان میں کار استعمال کرنے والے لوگ پہلے ہی ٹویوٹا ہائبرڈ جیسے سیڈان پریوس اور ہیچ بیک ایکوا کا تجربہ کر چکے ہیں۔ وہ بنیادی طور پر جاپان سے استعمال شدہ حالت میں آتی ہیں۔

کمپنی نے پاکستان اسٹاک ایکسچینج (پی ایس ایکس) کے ساتھ اپنے منصوبے شیئر کیے ہیں کہ وہ پاکستان میں ہائبرڈ الیکٹرک وہیکل کی مقامی پیداوار کے لیے اگلے تین سالوں میں 10 کروڑ ڈالر کی سرمایہ کاری کرے گی۔

کمپنی نے کہا کہ اس کا فیصلہ حکومت پاکستان کی جانب سے فنانس ایکٹ 2021 اور اس کے بعد کے قانونی ریگولیٹری احکامات کے ذریعے بعض ٹیکسوں اور ڈیوٹیوں کی مد میں فراہم کردہ مراعات پر مبنی تھا۔

ٹویوٹا کمپنی کے اعلان کے مطابق یہ سرمایہ کاری پورٹ قاسم میں موجود کمپنی کے پلانٹ کی اپ گریڈیشن اور ان کی توسیع، لوکلائزیشن اور ہائبرڈ ایلکٹرک کار کی پیداواری کے لیے کی جائے گی۔

ماہر آٹو سیکٹر شکیب خان کے مطابق لوگ پاکستان میں ٹویوٹا ہائبرڈ کاریں پسند کرتے ہیں، لیکن مقامی طور پر بنی ہائبرڈ کاروں کی کامیابی ان کی قیمت اور خصوصیات پر منحصر ہوگی۔ شکیب خان نے مزید کہا کہ بہت سے لوگ گاڑی نئی یا پرانی ہونے کی پرواہ نہیں کرتے، اہم چیزیں جن پر وہ غور کرتے ہیں وہ قیمت اور گاڑی کی خصوصیات ہیں۔

سما منی نے ہائبرڈ کاروں کے صارفین سے بات کی جنہوں نے کہا کہ ایندھن پر ان کا خرچہ 30 فیصد کم ہے۔ اس کا مطلب یہ ہے کہ ہائبرڈ کار چلانے پر اسی طرح کی عام گاڑی کے مقابلے انہیں 30فیصد کم دینے پڑیں گے۔

دنیا بھر کے دیگر ممالک کی طرح پاکستان بھی موسمیاتی تبدیلی کے اثرات کو سنجیدگی سے لیتا ہے کیونکہ یہ ملک ان پانچ خطرناک ممالک میں شامل ہے جو براہ راست موسمیاتی تبدیلی کے اثرات سے متاثر ہوتے ہیں اور اس کے نتیجے میں معاشی اور سماجی نقصانات ہوتے ہیں۔

اپنا کردار ادا کرنے کی کوشش میں، پاکستان نے ٹرانسپورٹ سیکٹر کو ایندھن پر مبنی موٹر سائیکلوں، کاروں، بسوں اور ٹرکوں سے الیکٹرک گاڑیوں میں تبدیل کرنے کے لیے الیکٹرک وہیکل پالیسی بنائی ہے۔ پالیسی کاروباری اداروں کو صنعتی اسمبلی شروع کرنے میں مدد کے لیے ڈیوٹی اور ٹیکس پر مراعات فراہم کرے گی، پاکستان کو امید ہے کہ 2030 تک ملک میں 30 فیصد گاڑیاں بجلی سے چلنے والی ہونگی۔

وزارت موسمیاتی تبدیلی کے مطابق 42 فیصد گھریلو فضائی آلودگی ٹریفک سے آتی ہے۔ 30 فیصد گاڑیوں کو برقی بنانے سے پاکستان کو ہر سال تیل کی درآمد میں تقریبا 2ارب ڈالر کی بچت ہو سکتی ہے۔

Source: SamaaNews
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