Federal Board of Revenue (FBR) has exempted various properties from attachment for recovery from tax defaulters. The FBR issued SRO 353(I)/2020 through which the tax officials have been restrained from attaching certain movable properties of a defaulter for recovery of due taxes. According to the notification, the FBR officials may not attach assets for recovery,…

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The Supreme Court held that income tax liability is to be determined on the basis of taxable income that is derived or legally presumed to have been derived in a whole tax year and not any part of it. The judgment authored by Justice Faisal Arab, a member of three-judge bench said: “Even for the…

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FBR issued SRO 353(I)/2020 to make it mandatory for all the restaurants, bakeries, caterers and sweetmeat shops supplying prepared foods, foodstuff and sweetmeat to show prices and amount of tax separately on menu cards for menu board displayed in their outlets for the end consumers. FBR has made this requirement for tier-I retailers, who are…

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Section Subject Change and its effect 2(33) Definition of Financial Statements has been altered Now all the statements required by IFRS are the requirements of the Companies Act as well. 2(49) Definition of Private company changed Legal glitch removed, no practical effect 2(66) Definition of Special Resolution Updated Now listed companies can hold a general…

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The Financial Accounting Standards Board issued a proposed accounting standards update that would delay the effective date for one year for some private companies and nonprofits in applying its leases standard, and for franchisor businesses in applying the revenue recognition standard, because of the impact of the coronavirus pandemic. Earlier this month, the FASB board…

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The Currency Management Department of the State Bank of Pakistan (SBP) has issued a notification stating that Fresh Bank Notes will not be issued on the occasion of Eid-ul-Fitr 2020. Based on the notification issued a meeting was held by the COVID-19 committee chaired by the Director General Banking on 29 April 2020 where it was decided…

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The Securities and Exchange Commission of Pakistan has issued guidelines on cyber security framework for the insurance sector, providing principles to make the information technology systems of insurance companies and their partners secure and resilient. Cyber risk presents an evolving challenge for the insurance sector due to growing interconnections.

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The Federal Board of Revenue (FBR) has allowed entire Tier-1 retailers who have integrated all their point of sales (POSs) with the Board’s system, to adjust input tax to the extent of 95 percent of the output tax for the tax period. The FBR has amended SRO 1190(I)/2019 through an SRO 344(I)/2020 issued here on Thursday. According…

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The National Assembly has approved the law for imposition of harsh fine and penalties upon manufacturers and retailers for obstructing tax authorities in monitoring business activities. The National Assembly passed the Tax Laws (Second Amendment) Ordinance, 2019 which was promulgated through presidential ordinance in December 2019. After passage it shall be called the Tax Laws (Amendment) Act,…

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The Establishment Division has notified the Civil Servants (Directory Retirement From Service) Rules, 2020. There shall be a retirement board to recommend to the competent authority directory retirement from service in respect of civil servants. No civil servant shall be recommended for directory retirement under these rules, unless any one or more of the following conditions is/are…

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