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Documents not needed for Sales Tax refund through Electronic Refund Claim: FBR

ISLAMABAD (May 14, 2010) – The Federal Board of Revenue has abolished condition for submission of documents including invoices, credit notes, debit notes, goods declarations, bank credit advises, etc, for obtaining sales tax refund using Electronic Refund Claim (ERC) under Expeditious Refund System. The FBR on Thursday issued procedure for filing and processing of expeditious refund by IT system of ...

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SBP exempts Microfinance Banks' time deposits from Cash Reserve Requirement

KARACHI (May 14, 2010) – State Bank of Pakistan (SBP) has decided to exempt time deposits of one-year tenor and above, held by microfinance banks (MFBs) for maintenance of Cash Reserve Requirement (CRR), and time liabilities of one year tenor and above for maintenance of Statutory Liquidity Requirement (SLR). In terms of powers conferred upon SBP, under section 18 of ...

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VAT Regime: Verification of Invoices Biggest Challenge for FBR

ISLAMABAD (April 20, 2010) – The verification of invoices and cross-matching of reported sales and purchases within the entire supply chain is the biggest challenge being faced by the Federal Board of Revenue in the implementation of the Value Added Tax from next fiscal year. In their budget proposals for 2010-11, tax experts of the Association of Chartered Certified Accountants ...

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Violation of Securities Laws: SECP Penalizes Stockbrokers, Stakeholders

ISLAMABAD (April 20 2010) – The Securities and Exchange Commission of Pakistan (SECP) has imposed penalties on 22 members of the stock exchanges and other market stakeholders for violation of securities laws pertaining to insider trading, price manipulation, short/blank selling, wash trades, broker misconduct and non-compliance of the listing regulations during last one year. According to an announcement by the ...

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SECP to make e-listing of new companies mandatory

ISLAMABAD (Mar 31, 2010) – The Securities and Exchange Commission of Pakistan (SECP) has decided that all listed companies will be directed to convert to e-service and the electronic registrations would be made mandatory for all new companies, Registrar of companies Jawed Hussain said here on Tuesday. Talking to media at a workshop on e-services in the SECP he said ...

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Tax Clearing House for implementation of E-payment/refund facility through banks

ISLAMABAD (March 09 2010): The Electronic Payment and Refund System (EPARS) facility of Federal Board of Revenue (FBR) would be available through banks fulfilling minimum criteria notified by the State Bank of Pakistan (SBP). Sources told reporters here on Monday that the board would establish a Tax Clearing House (TCH) for implementation of the EPARS to directly deposit the refunds ...

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SECP may give powers to its Enforcement Department to monitor and examine companies' accounts

ISLAMABAD (February 16 2010): The Securities and Exchange Commission of Pakistan (SECP) is likely to give powers of adjudication to its Enforcement Department to act against public unlisted and private companies, which failed in filing their annual audited accounts with the registrars of the commission. Sources told reporters on Monday that the proposal would further strengthen the working of SECP ...

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SBP Announcement: CNIC not needed for sub-$5000 foreign exchange deals

KARACHI (February 11 2010): The State Bank of Pakistan (SBP) on Wednesday announced that sellers and buyers of foreign exchange up to $5000 will be exempted from providing computerised national identity card (CNIC). Earlier, the SBP had stated that all transactions at exchange companies must be reported to SBP on the same day, and CNIC be obtained from all clients. ...

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Finance Amendment Ordinance 2009 re-promulgated: Empowers Tax Officials

ISLAMABAD (February 09 2010): The federal government has re-promulgated the Finance Amendment Ordinance 2009 empowering tax officials to continue with making provisional assessment of the non-filers of income tax returns for the Tax Year 2009. Sources told reporters on Monday that the Finance Amendment Ordinance 2009 has been recently re-promulgated on the harmonisation of sales tax, federal excise duty and ...

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STARR to have detailed information on business bank accounts for refund claims

ISLAMABAD (February 09 2010): Detailed information on the business bank accounts of registered taxpayers would directly be available to the tax officials through the Sales Tax Automated Refund Repository System (Starr) for quick processing of refund claims. Sources told reporters on Monday that the taxpayers registered with Federal Board of Revenue e-portal would have to declare their relevant bank account ...

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