Tahseen Rehman & Co. is firm of Chartered Accountants providing high quality audit, accounting, taxation and consultancy services to small and medium size businesses across Pakistan.
TRC philosophy is based upon investing in a tradition of trust, understanding and solid studied solution provision. We at TRC stand firm in our belief that we are a family comprised of our clients and our personnel. By placing the clients’ interests first, they prosper. It is when our clients prosper that TRC prospers.
The team is led by Mr. Tahseen Bukhari who gels the entire spectrum of national and international experience in the domains of Finance, Audit, ERP Implementation, Management, Organization Development, Business Process Outsourcing and Systems Development. He holds Chartered Accountancy certification from the Institute of Chartered Accountants of Pakistan.
FPCCI advises the Federal Board of Revenue Pakistan to shun Multiple audits of registered taxpayers
In order to ensure ease of doing business, the Federal Board of Revenue Pakistan has been advised by the business community to shun the conduction of multiple audits of the taxpayer in a year.
The Federation of Pakistan Chambers of Commerce and Industry (FPCCI), in its proposals for budget 2020/2021 submitted to the Federal Board of Revenue Pakistan said that registered taxpayers receive notices of multiple audits in a year such as Income Tax audit under Section 177 of the Income Tax Ordinance 2001, Withholding Tax audit under Section 161 of the Income Tax Ordinance 2001; Sales Tax audit under Section 25 of the Sales Tax Act 1990.
Also, multiple notices of amendments in assessments under Section 122 of the Income Tax Ordinance 2001 and under Section 111 of the Income Tax Ordinance 2001 are received by the taxpayers for providing the explanation of sources.
This requirement of multiple audits create unease to doing business and also, un-necessary problems are created for the taxpayers.
It has been recommended by the FPCCI that the concept of multiple audits should be done away with and there should be provided an alternate concept of a composite audit of registered taxpayers.
It has also been suggested by the FPCCI that after being consulted with all stakeholders, new audit parameters should be enforced.
Federal Board of Revenue Issues a list of all such BS-18 officers who failed to submit assets declaration
The Federal Board of Revenue Pakistan previously advised all the Inland Revenue Service (IRS) and Pakistan Customs Service (PCS) of BS-18 to submit the assets declaration. Click Here. It was said by the FBR that actions would be taken against the officers failing to submit asset declaration.
Now, the Federal Board of Revenue Pakistan has issued a list such BS-18 officers of Inland Revenue Services (IRS) and Pakistan Customs Service (PCS) who failed to submit their asset declaration.
BS-18 officers of Inland Revenue Service (IRS):
Muhammad Tahir Khan, Additional Commissioner IR, RTO, Sialkot (OPS)
Muhammad Asfandyar Janjua, Additional Commissioner IR, RTO-II, Karachi.
Sadia Ali Akram, Additional Commissioner IR, CRTO, Karachi.
Muhammad Ali Khan, Secretary, FBR.
Amara Sarwar, Additional Commissioner IR, CRTO, Lahore.
Neelam Ifzal, on deputation to PRA, Lahore.
Inayat Malik, Additional Commissioner IR, LTU, Islamabad
Laiq Zaman, Additional Commissioner IR, LTU-II, Karachi
Naseebullah, on deputation to BRA, Quetta
Naseer Ahmad, Additional Commissioner IR, CRTO, Karachi
Muhamamd Masood Ahmad Gorsi, Additional Commissioner IR, CRTO, Karachi
Sadia Iftekhar, Secretary, FBR, Islamabad
Tarique Aziz, Deputy Commissioner IR, CRTO, Karachi.
Nasir Khan, Deputy Commissioner IR, RTO-II, Karachi.
BS-18 officers of Pakistan Customs Service (PCS):
Jamshed Ali Talpur, Secretary, FBR
Imran Rasool Khan, Deputy Collector, MCC Hyderabad
Rana Irfan Shaukat, Deputy Director, Directorate of Intelligence and Investigation- FBR, Multan
Saad Ata Rabbani, Deputy Director, Directorate of Intelligence and Investigation, FBR, Karachi.
Wajid Zaman, Deputy Director, Directorate General of Intelligence and Investigation, FBR, Islamabad.
Further relaxation in the Rozgaar Scheme is allowed by the State Bank of Pakistan
Further relaxation has been provided by the State bank of Pakistanto the refinance scheme. This is done so to support workers at large scale from a layoff due to the pandemic situation of Covid-19.
SBP has been receiving feedback from various stakeholders, for making the scheme more facilitative for businesses and creating incentives for employees, since the launch of the refinance scheme called Rozgaar scheme.
To ensure the benefits of the scheme to SMEs that offer large scale employment, many of the changes have been carried out in the scheme.
For this purpose, Government risk-sharing facility and allowing corporate guarantees as collateral are expected to incentivize the banks in extending loans.
SBP has now decided to enhance its refinance limits to facilitate medium and large businesses.
Hence, State Bankwill now be financing up to 100 percent of wages and salaries of businesses with an average 3-month wage bill of up to Rs500 million.
These can be used for the wages to be paid for the months of April, May, and June 2020.
Before the enhancement in the scheme, 100% financing was only allowed to a wage bill of up to 200 million rupees.
Similarly, for businesses with a 3-month wage bill exceeding Rs500 million, State Bank will now finance of up to 75 percent with maximum financing of Rs1 billion.
Earlier, 75 percentof financing was available up to a maximum of Rs375 million and 50 percent up to a maximum of Rs500 million.
These changes shall be applicable with an immediate effect.
Further financing can be availed by such businesses that were financed at the previous lower limit.
Old and new financing limits can be compared by the following table:
Category
Wages and salaries bills for three months
Previous loan limit
New loan limits
(1)
(2)
(3)
(4)
A
Less than or equal to Rs.200 million
100 percent of 3 months wage bill
100 percent of 3 months wage bill
B
More than Rs.200 million and less than or equal to Rs.500 million
Rs.200 million or 75 percent of 3 months wage bill, whichever is higher subject to a maximum cap of Rs.375 million
100 percent of 3 months wage bill
C
More than Rs.500 million
Rs.375 million or 50 percent of 3 months wage bill, whichever is higher subject to a maximum cap of Rs.500 million
Rs.500 million or 75 percent of 3 months wage bill, whichever is higher subject to a maximum cap of Rs.1 billion
The increased financing limits in relation to Government’s risk-sharing facilityfor collateral deficient SMEs and small corporates will be enabling all of the businesses to benefit from this Rozgaar Scheme of SBPand this will be preventing the large scale layoffs.
Also, this refinance scheme has been extended to non-deposit taking financial institutes.
Requests from 1440 businesses for the financing over Rs.103 billionhave been received by the banks since the launch of this facility from May 8. 2020.
500 companies covering 450,000 employeeshave been provided with the financing of Rs.47 billion.
A complete list of the measures taken by the SBP to support the economy and public health since the outbreak of COVID-19 is available at http://www.sbp.org.pk/corona.asp.
FBR directs officers of BS-18 to submit their asset declaration
All the BS-18 officers of Inland Revenue Service (IRS), Pakistan Customs Service (PCS) and ex-cadre who are in the promotion zone have been directed by the FBR in an official memorandum to forward their declaration of assets for the; last five years up to June 30, 2019, by May 15, 2020.
FBR sources said that as per promotion rules the officials had been required to submit their asset declaration besides providing performance evaluation reports (PERs).
Assets declaration has not been submitted by a large number of officers, as per the resources.
Initial departmental proceedings would be initiated by the FBRin case of the failure to submit the assets declaration by FBR.
