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Archive for: April 2014

News Others April 21, 2014

SECP undertakes strict monitoring & vigilance of corporate sector

Date: April 18, 2014

KARACHI: The Chairman Securities and Exchange Commission of Pakistan (SECP) Tahir
Mahmood has said that the SECP has been remaking its Standard Operating Procedures (SOPS)
and procedures to ease the regulatory compliance.

He was addressing a joint press conference here on Friday to highlight the recent achievements
and developments of the SECP.

Commissioner Specialized Companies Division Imtiaz Haider, Commissioner Insurance Asif
Arif and Commissioner Securities Market Division Zafar Abdullah were also present at the

Tahir Mahmood said that the SECP undertakes strict monitoring and vigilance of the corporate
sector with a view to promoting transparency, accountability and good corporate governance
practices and thereby protecting the interests of investors.

News Others April 16, 2014

Tax directory unveiled

Date: April 16, 2014

The Federal Board of Revenue Tuesday issued Annual Tax Directory containing the names of
more than 800,000 taxpayers for (Tax Year 2013) disclosing titles and tax payments of the
income tax return filers, corporations, Association of Persons (AOPs) and individuals.

The tax directory has not disclosed the annual income of all taxpayers. Only National Tax
Numbers (NTNs) and tax paid for the Tax Year 2013 has been specified in the directory of all
taxpayers for the year ended June 2013. The directory has been tabulated from returns filed
manually and electronically (till April 14, 2014). Manually filed returns have been entered into
the system. There may be some discrepancies at the level of filing or data entry. Moreover, a
considerable number of manually filed returns could not be entered into the system despite best
efforts due to missing identifiers on the returns.

News Others April 16, 2014

FBR not satisfied with RTOs” and LTUs” performance

Date: April 16, 2014

The Federal Board of Revenue has expressed dissatisfaction over the performance of the Chief
Commissioners of Large Taxpayer Units (LTUs) and Regional Tax Offices (RTOs) in the
collection of estimated revenue through budgetary measures introduced in Finance Act, 2013.
Sources told Business Recorder here on Tuesday that the FBR has conveyed its concerns to the
Chief Commissioners at the conference held at the FBR House.

News Others April 14, 2014

SECP launches online payment facility for stakeholders

Date: April 11, 2014

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) is pleased to
announce the launch of online payment facility for its stakeholders.

An arrangement has been made with MCB Bank Limited whereby MCB customers can make
payments to SECP through MCB’s internet banking facility.

Now customers with accounts of MCB bank can make payments to SECP through online funds
transfer facility without the hassle of visiting a bank or the SECP offices.

Online filers of SECP can submit their documents through eServices and generate challan for
payment, as per previous practice.

Pakistan – Srilanka (FTA) SRO 280(I)/2014

SRO Number:                      SRO 280(I)/2014
SRO Date:                            April 08, 2014
SRO Relates To:                 
Imports & Custom Duties
SRO Title:                            
Pakistan – Srilanka Free Trade Agreement
Brief Description:               Import of 993 items from Sri Lanka,FBR announces tariff concessions


News Others April 14, 2014

Import of 993 items from Sri Lanka: FBR announces tariff concessions

Date: April 12, 2014

The Federal Board of Revenue (FBR) announces tariff concessions on the import of 993 items
from Sri Lanka under Free Trade Agreement (FTA). In this regard, the FBR superseded SRO
570(I)/2005 dated June 6, 2005, through SRO 280(I)/2014 issued here on Friday.

According to the notification, the Federal Government exempts import to Pakistan from Sri
Lanka, if made in conformity with the “rules of Determination of Origin of Goods under the Free
Trade Agreement between Pakistan and Sri Lanka (Pakistan-Sri Lanka FTA Rules of Origin)”
and the operating “Certification Procedure for the Rules of Origin”, notified by the Ministry of
Commerce. The goods falling under the respective Heading and sub-Heading numbers of the
First Schedule of the Customs Act has been exempted from so much of the customs-duty, as in
excess of the rates specified in the SRO.

News Others April 4, 2014

July-March fiscal year 2014: FBR raises WHT demand of over Rs 32 billion

Date: April 04, 2014

The Federal Board of Revenue (FBR) has raised withholding tax demand of over Rs 32 billion
during July-March 2013-14, which would result in substantial recovery of billions of rupees
through effective monitoring and audit of withholding agents. Sources told Business Recorder
here on Thursday that the Directorate General of Withholding Taxes had made huge tax demand
of Rs 32 billion against the withholding agents during the period under review.

News Others April 4, 2014

FBR’s erratic ARC a cause of problem for taxpayers

Automated Revenue Collection (ARC) is ‘Pain in the Neck’

Date: April 04, 2014

Federal Board of Revenue’s (FBR’s) automated revenue collection (ARC) is ‘pain in the neck’,
creating hurdles instead of facilitating the tax payers. The existing system being implemented by
the FBR in collaboration with Pakistan Revenue Automation Private Limited (PRAL) is not
delivering the results as there are many discrepancies which the industrialists face every day.

In the case of adjustment of sales tax that importers and businessmen pay during the import
stage, they are showered with a lot of obstacles in its proceedings. The FBR had revised the
automated revenue collection system (PRAL) without any proper planning.

News Others April 4, 2014

Tax Collection

FBR Lobbies to Switch Back to ‘Old Circle System’

Date: April 04, 2014

‘Imported’ administrative reforms implemented over the last 12 years in the Federal Board
of Revenue (FBR) with the help of $149 million in external assistance could not work in
Pakistan, believe top tax officials who have now started lobbying for reverting back to the
old ‘circle system’.

The sweeping reforms that started changing the face of the FBR from 2001-02 had been financed
by the World Bank and Department for International Development (DFID) of the United
Kingdom. In the old system, called circle, the country had been divided into over 700 small
circles for tax collection. The circles were present at the tehsil level.

News Others April 4, 2014

Tax Evasion

Two Foreign IT Firms’ Officials Held

Date: April 04, 2014

The Directorate General of Intelligence and Investigation Inland Revenue (IR) on Thursday
arrested two high-profile executives of an international IT giant in Karachi, selling computer
products and accessories on alleged involvement in tax evasion. Sources told Business Recorder
here on Thursday that it was the first of its kind of case where the directorate has successfully
nabbed senior executives of a top IT company. The agency has taken action against the local
office of the international IT company.