Regulatory Updates Of Pakistan

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کوئی بھی پبلک یا پرائیویٹ ڈویلپمنٹ اتھارٹی کسی بھی رئیل اسٹیٹ ایجنٹ کے ساتھ غیر منقولہ جائیداد کی منتقلی یا رجسٹریشن کے لیے کاروباری سرگرمی نہیں کرے گی جب تک کہ رئیل اسٹیٹ ایجنٹ FBR کے ساتھ بطور نامزد غیر مالیاتی کاروبار اور پیشہ (DNFBP) رجسٹرڈ نہ ہو۔ یہ شرط یکم جنوری 2022 سے نافذ العمل ہوگی۔

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2021-12-14 14:15:40 Free Workshop
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Topic: 5 Steps to becoming "Eligible Real Estate Business & Professional"

FBR's recent notification, FATF, stipulates that under the Money Laundering, Terror Financing Act, persons involved in the property / real estate business are required to register with the FBR as Non-Financial Business and Profession DNFBPs. After which the unregistered persons will not be able to continue their business while the transfer or registration of immovable property will not be possible.

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2021-12-13 13:17:23 Free Workshop
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Topic: 5 Steps to becoming "Eligible Real Estate Business & Professional"

FBR's recent notification, FATF, stipulates that under the Money Laundering, Terror Financing Act, persons involved in the property / real estate business are required to register with the FBR as Non-Financial Business and Profession DNFBPs. After which the unregistered persons will not be able to continue their business while the transfer or registration of immovable property will not be possible.

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2021-11-05 17:37:52 For news and updates related to Real Estate of Karachi,
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2021-09-26 14:01:26 One month date extension demanded for filing tax returns

Karachi Chamber of Commerce and Industry (KCCI) on Friday demanded the tax authorities to extend the last date of filing returns for the tax year 2021 up to October 31, 2021.

KCCI President M. Shariq Vohra in a statement urged the government to extend last date for filing Income Tax Return from September 30, 2021 to October 31, 2021 as many taxpayers were finding it really hard to file their returns on time due to ongoing extraordinary situation in which many businesses have suffered badly because of limited timings and other curbs imposed to contain the spread of COVID-19 pandemic.

President KCCI said that although the government has recently eased some restrictions but the businesses were still struggling to return to complete normalcy, hence they must be provided some breathing space by extending the last date for filing income tax return till October 31, 2021.

He stated that KCCI has been receiving a lot of requests from the members of the business and industrial community who have been constantly asking the Chamber to approach the higher authorities to seek extension in last date.

“It is a well-known fact that the entire nation including the taxpayers were hit hard by the fourth wave of Covid-19 and the situation remains challenging to date. Hence, the Federal Board of Revenue must keep all the ground realities in mind and extend last date for filing income tax return to October 31, 2021 which would be widely appreciated by the business community,” he added.

Source: PakRevenue
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2021-09-26 13:45:30 NADRA’s computation to be treated as assessment: FBR

Federal Board of Revenue (FBR) has said that computation of income and assets prepared by the National Database Registration Authority (NADRA) shall be treated as assessment.

The FBR in explanation to Tax Laws (Third Amendment) Ordinance, 2021 said that a new section 175B has been inserted in the Income Tax Ordinance, 2001 aiming to broaden the tax base through collaboration between NADRA and FBR.

Sub-section (1) of section 175B mandates NADRA to share its records or any other information available or held by it, on its own motion or upon application by the Board.

Sub-section (2) thereof allows NADRA to compute indicative income and tax liability on the basis of various expenses, receipts, assets, properties and liabilities etc. using artificial intelligence, mathematical or statistical modeling or any modern methods.

The FBR may forward such information to the concerned tax authorities having jurisdiction in connection to the subject matter relating to the information, who may utilize the information for the purpose of levy of tax.

The indicative income and tax liability shall be communicated to the person to whom it relates. Such person shall have the option to pay tax as prescribed. In case of failure to pay such liability within stipulated

timeframe, the tax authority shall take action under the provisions of the Ordinance on the basis of the Indicative Income so computed.

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

Board is also vested with the powers to make rules for the purposes of subsections (4) and (5) to prescribe the extent of installments, and any relief regarding the penalty and default surcharge, and time limits.

To provide an enabling environment for the joint mechanism the restrictions on provision of information in terms of section 198 have been done away with and the said section is now omitted.

Source: PakRevenue
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2021-09-26 13:44:55 Prize bonds (bearer) to become worthless after Sept 30

Bearer prize bonds of major denominations including Rs40,000/-, Rs25,000/- and Rs15,000/- will become worthless after September 30, 2021 if no date extension announcement comes from the government.

The last date for encashment or exchanging the bearer prize bonds with denominations of Rs40,000/-, Rs25,000/- and Rs15,000 is September 30, 2021, which was already extended from May 31, 2021.

In order to comply with the Financial Action Task Force (FATF) for the prevention of money laundering and terror financing, the government had decided to document the financial instruments by the withdrawal of bearer prize bonds.

So far the government has decided to withdraw prize bonds of four denominations including Rs40,000/-, Rs25,000/-, Rs15,000 and Rs7,500. However, the last date for exchanging Rs7,500 denomination bearer prize bonds is December 31, 2021.

The government started withdrawal of bearer prize bonds with Rs40,000 denomination on June 24, 2019. Later, on December 10, 2020, the government announced to discontinue the circulation of Rs25,000 denomination prize bonds. In April 2021, the finance ministry announced that national prize bonds of denominations Rs7,500 and Rs15,000 shall not be sold.

It is likely the finance ministry extend the date for encashment / exchanging the bearer prize bonds beyond September 30, 2021. However, the decision in this regard has not been taken so far.

The finance ministry has issued the following procedure for encashment/exchanging the bearer prize bonds.

01. Conversion to Premium Prize Bonds (Registered): The bonds can be converted to premium prize bonds (registered) of denomination of Rs25,000/- and Rs40,000/- (subject to the adjustment of differential amount) through 16 field offices of State Bank of Pakistan (SBP)’s Banking Services Corporation, and branches of six commercial banks i.e. National Bank of Pakistan, Habib Bank Limited, United Bank Limited, MCB Bank Limited, Allied Bank Limited and Bank Alfalah Limited.

02. Replacement with Special Saving Certificates (SSC) / Defence Saving Certificates (DSC): The bonds can be replaced with SSC/DSC through the 16 field offices of SBP Banking Services Corporation, authorized commercial banks and National Savings Centers.

03. Encashment at Face Value: The bonds will only be encashed by transferring the proceeds to the bond holder’s bank account through the 16 field offices of SBP Banking Services Corporation as well as the authorized commercial bank branches and to the Saving Accounts at National Saving Centers.

Source: PakRevenue
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2021-09-26 13:42:46 COVID19 Tracker
Pakistan reports 1,780 new cases (lowest count since Jul'21) in last 24hrs out of 44,712 tests conducted. 3,090 people recovered fully while 42 people lost lives in a single day. Open / Comment