SECP issues circular regarding financial operation of family window takaful operations by life insurers: SECP vide Circular No. 15 of 2019 (dated November 18, 2019) in exercise of powers under Rule 11(1)(c) of the Takaful Rules 2012 has given the following requirement of financial reporting to be followed by the life insurers relating to financial…

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SECP issues notification of IFRS 14: SECP vide SRO 1480(I)/2019 (dated November 27, 2019) notified that the International Financial Reporting Standard (IFRS) 14 – Regulatory Deferral Accounts and any further revisions issued by the International Accounting Standards Board (IASB) shall be followed for the preparation of financial statements for the annual reporting periods beginning on…

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SECP withdraws the Companies (Submission of Information regarding Income Tax Return) General Order 2019: SECP vide SRO 1479(I)/ 2019 (dated November 26, 2019) has withdrawn the Companies (Submission of Information regarding Income Tax Return) General Order 2019 issued vide SRO 1048 (I)/2019 dated September 11, 2019.

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SECP issues General Takaful Accounting Regulations,2019 SECP vide SRO 1416(1)/2019 (dated November 20, 2019) issued General Takaful Accounting Regulations 2019. These Regulations shall be applicable to regulatory returns and the published financial statements of operators and also direct the Takaful Operators or Window Takaful Operators to comply with the requirements of International Financial Reporting Standards…

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SECP issues draft Modaraba Regulations 2019 SECP vide SRO 1417(1)/2019 (dated November 19, 2019) issued draft Modaraba Regulations 2019 for information of all the stakeholders and to strictly regulate and monitor the Modaraba sector in Pakistan. The regulation includes the following: Prudential regulations such as: Maximum exposure of a modaraba to a person or group;…

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SECP issues Corporate Rehabilitation Regulations, 2019: Securities and Exchange Commission of Pakistan (SECP) vide SRO 1415(1)/2019 (dated November 19, 2019) issued Corporate Rehabilitation Regulations. The regulations mainly include the following: Eligibility Criteria and application procedure for inclusion in panel of insolvency expert; Requirement to display panel on the website of the Commission; Remuneration of insolvency…

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The FBR amended Income Tax Rules, 2002 and introduced new rules related to “Recovery of Tax from Persons Holding Money on Behalf of a Taxpayer.” Under these draft rules, the FBR authorities can recover from employer (who may owe salary to its employee), a tenant (owing or who may owe rent to its landlord), or…

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The sources in Federal Board of Revenue (FBR) said that the Collectors of Customs of Sea Ports/Dry Ports are obliged to collect withholding tax on imports as per prescribed rates. In the case of goods/equipments imported through Airways, each Collector is obliged to collect tax at the time of clearance. Statements are to be filed…

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According to the updated data of revenue collection, compiled here Wednesday, the FBR has collected Rs 2,412 billion during the first seven months of (2019-2020) against Rs 2,067 billion during the corresponding period of 2018-2019, reflecting an increase of 16.7 percent. According to the provisional revenue collection figures compiled by the FBR, the FBR has…

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Object of launching the tax directory was to introduce financial transparency and sharing information with the public on how much the public representatives, who have been availing the resources of the country on behalf of the people, have been paying individually as taxes to the exchequer. It would be the sixth tax directory of parliamentarians,…

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