TAHSEEN REHMAN & CO.

AUDIT, ACCOUNTANCY, TAXATION AND CORPORATE CONSULTANCY

PHILOSOPHY & CULTURE

TRUST, UNDERSTANDING AND SOLID STUDIED SOLUTION PROVISION.
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DYNAMICS CERTIFIED PROFESSIONALS

EXPERTISE AND ASSURANCE THEY NEED TO MANAGE THEIR ORGANIZATION
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About TRC

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.

 

Our Services

 

audit


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accountancy


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consulting


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taxation


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News & Updates

Reimbursement of claims for the payments of salaries and wages is allowed by the State Bank of Pakistan.

State Bank of Pakistan decides to allow reimbursement claims to all those businesses by which wages and salaries have been paid by own resources.

Refinance scheme for payment of wages and salaries to the workers and employees of business concerns due to Coronavirus pandemic had been announced in a notification on April 10, 2020, by the State Bank of Pakistan.

As per the sayings of the SBP, the entities that had applied for financing in the month of April 2020 but could not get approval in April due to formalities, are now allowed to claim reimbursement of salaries and wages paid in the month of April by using their own resources.

The SBP has also decided to follow similar facilitation for the month of May 2020.

The businesses, who applied for the facility under the captioned Schemes in May 2020, can pay wages and salaries from their own sources and claim reimbursement of the same after their financing is approved.

Also, those entities who could not apply for this refinance scheme in the month of April and paid salaries and wages to the workers and employees in the said month are allowed to claim reimbursement, provided all other terms and conditions including not laying off the employees are met.

News & Updates

Extension in the deadlines for the renewal of license by the S E C P amid Corona Virus Pandemic

A Circular (No. 19/2020) has been issued by the Securities and Exchange Commission of Pakistan (S E C P).

As per this circular, S E C P has provided an extension in time for renewal of license due to COVID-19 ( Corona Virus).

Corona Virus has been impacting many businesses around the globe for a long time.

In order to facilitate the shareholders/directors/employees during this ongoing pandemic, the S E C P issued the guidelines regarding renewal of their licenses, issued in pursuance of section 42 of the Company Law.

As per the S E C P, license shall be revoked with the provision of Section 42(5) of the Companies Act 2017 for all those companies which had not applied for the renewal and the due date for renewal of license was before February 2020.

License would not be revoked till June 30, 2020 for all those companies whose license had been expired in the months of February, March, April, and May 2020 and such companies had not applied for the renewal. However, upon receipt of their applications, the license shall be renewed from the date of the expiry of their existing license.

The license would be revoked for all such companies which had applied for the renewal of their license either before or after February 01, 2020, and certain deficiencies were communicated to them, but they failed to comply with the regulations, said regulator of S E C P.

Also, if the companies face no difficulty, companies may apply for the renewal of the license in a regular manner by complying with all the requirements.

News & Updates

FBR provides extension to filling Sales tax return and payment of sales tax and federal excise duty for March 2020

Federal Board of Revenue Pakistan has issued a notification. As per this notification, FBR has further extended the date of filing sales tax return and payment of sales tax for the month of March 2020.

FBR has extended the due date for payment of Sales Tax and Federal Excise Duty for the month of March 2020 up to May 27, 2020. These were due on April 15, 2020, but the date was previously extended till May 12, 2020.

Also, filing of the Sales Tax Return for the month of March 2020 which was due on April 18, 2020, has been further extended up to May 30 2020. The date for filing was previously extended up to May 15, 2020

News & Updates

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.

News & Updates

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):

  1. Muhammad Tahir Khan, Additional Commissioner IR, RTO, Sialkot (OPS)
  2. Muhammad Asfandyar Janjua, Additional Commissioner IR, RTO-II, Karachi.
  3. Sadia Ali Akram, Additional Commissioner IR, CRTO, Karachi.
  4. Muhammad Ali Khan, Secretary, FBR.
  5. Amara Sarwar, Additional Commissioner IR, CRTO, Lahore.
  6. Neelam Ifzal, on deputation to PRA, Lahore.
  7. Inayat Malik, Additional Commissioner IR, LTU, Islamabad
  8. Laiq Zaman, Additional Commissioner IR, LTU-II, Karachi
  9. Naseebullah, on deputation to BRA, Quetta
  10. Naseer Ahmad, Additional Commissioner IR, CRTO, Karachi
  11. Muhamamd Masood Ahmad Gorsi, Additional Commissioner IR, CRTO, Karachi
  12. Sadia Iftekhar, Secretary, FBR, Islamabad
  13. Tarique Aziz, Deputy Commissioner IR, CRTO, Karachi.
  14. Nasir Khan, Deputy Commissioner IR, RTO-II, Karachi.

BS-18 officers of Pakistan Customs Service (PCS):

  1. Jamshed Ali Talpur, Secretary, FBR
  2. Imran Rasool Khan, Deputy Collector, MCC Hyderabad
  3. Rana Irfan Shaukat, Deputy Director, Directorate of Intelligence and Investigation- FBR, Multan
  4. Saad Ata Rabbani, Deputy Director, Directorate of Intelligence and Investigation, FBR, Karachi.
  5. Wajid Zaman, Deputy Director, Directorate General of Intelligence and Investigation, FBR, Islamabad.
  6. Ihsanullah Shah, Deputy Collector, MCC Gwadar
  7. Ammara Durrani, Deputy Collector, MCC (JIAP), Karachi.
  1. Further relaxation in the Rozgaar Scheme is allowed by the State Bank of Pakistan
  2. Crackdown on smuggling of contraband items by the FBR
  3. FBR directs officers of BS-18 to submit their asset declaration
  4. Credit Risk Sharing facility has been announced for small and medium sized businesses
  5. Exemption has been provided by the FBR to various properties from attachment in case of default of tax payment
  6. Amendments in the Companies Act 2017 through Companies Amendment Ordinance, 2020

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