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.
Zakat deduction would be made at source on credit balance of Rs46329 or more on first day of Ramadan, said the SBP
Administrator General Zakat had notified the Nisab of Zakat at Rs46329 for the year 1440-41, said State Bank of Pakistan (SBP).
In case, the amount of credit in an account is less than Rs46329 on the first day of Ramadan 1441 AH, no deduction of Zakat at source shall be made.
The first day of Ramadan has already been notified (Subject to the appearance of the moon) and is likely to fall on April 23 or 24, 2020. And the Zakatwould be deducted from Saving Bank Accounts, Profit and Loss sharing accountsand other similar accounts with a credit balance of Rs46329 and more.
Also, all the Zakat collection controlling agencies have been asked for the deduction of Zakat as and where applicable.
The FBR extended the dates of payment of sales tax and filing of Sales tax returns for the month of March
On Saturday 18th April 2020, FBR issued a circular for the extension in the last date of the payment of sales tax for the month of March 2020. The date has been further extended till April 27, 2020. The payment was previously due on April 15, 2020.
Also, there has been an extension in the last date for filing monthly sales tax returns for the month of March 2020 up to April 30, 2020. The returns were previously due on April 18, 2020.
The government has made an extension in the lockdown periodup to April 30, 2020, with an aim to contain the outbreak of COVID-19.
The FBR, in light of extension in lockdown, has facilitated the people by extending the dates of sales tax payment and filing of sales tax returns.
The State Bank of Pakistan to cut the policy rate by 200 BPS too 9%
It is for the third time in a month that the State Bank of Pakistan has cut down the policy rate for 13.25% to 9%.
In a statement, the SBP said that due to the decline in growth and inflation expectations, the policy rate has been decided to further cut down by 200 Basis points to 9% in an emergency meeting of the Monetary Policy Committee (MPC).
Forward-looking real interest rates (the policy rate less expected inflation) get reduced to zero after this decision, and this is in the middle of the ranges across most emerging markets.
This action would be acting like a cushion to the impact of COVID-19 over growth and employment, as it is providing ease to borrowing cost and the debt service burden on households and firms, while financial stability is also being maintained.
Recovery to economic activity would also be ensured by this step after the pandemic is subsidized.
It is also highlighted by the MPC that this rate cut would be complemented with other supportive measures of the SBP for the economy, and these include concessional financing to companies (Check details) that do not layoff their employees, an extension of one year for repayment of principal, doubling the period of rescheduling of loan from 90 to 180 days and also the concessional financing to hospitals and medical centers. (Check details)
The worsening outlook of the coronavirus pandemic for global and domestic economic activity was noted by the MPC in the last meeting held on 24th March 2020.
In this situation, “MPC remains ready to take whatever further actions become necessary in response to the evolving economic impact of the Coronavirus.” said the MPC.
The global and domestic outlook is being further deteriorated and there is the expectation for the world economy to enter into the sharpest downturn since the great depression, contracting by as much as 3 percent in 2020 (As per the projections released this week by IMF).
In addition to all this, oil prices have been plummeted further, globally and the persistence of low prices is being suggested by the future markets.
Domestically, high-frequency indicators of activity―including retail sales, credit card spending cement production, export orders, tax collections, and mobility data from Google’s recently introduced Community Mobility Reports―suggest a significant slowdown in most parts of the economy in recent weeks.
Marked reduction in inflation momentum has also been shown by the CPI out-turn of March and the more recent weekly SPI released in April.
Before recovering to around 2 percent growth in the financial year 2020,the economy is being expected to contract by -1.50 percent in 2020. Expectation about inflation for the current year is close to previously announced 11-12 percent and would fall to 7-9 percent next year.
Due to some upside risks of inflation due to temporary supply disruption and food price shocks, these risks are unlikely to generate the second-round effects due to the weakness of the economy. Also, the inflationary impact of the recent exchange rate depreciation is expected to be contained given low import demand and falling global prices.
Preventive measures against COVID-19 being taken by the SECP for its employees deputed at CROs and Facilitation centres
Workforce all across the world has been threatened by the outbreak of Coronavirus disease (COVID-19), same is the case in Pakistan as the COVID-19 is evolving in Pakistan at an alarming rate.
For the protection and well-being of the employees of the Securities and Exchange Commission of Pakistan (SECP) deputed at the Company Registration Offices (CROs) and facilitation centers, SECP has issued a circular (No. 13/2020) dated 14th April 2020 to explain the preventive measures that have been taken by the SECP.
Following list describes the preventive measures by SECP:
As per the advice of local authorities, Public dealing at the Company Registration Offices (CROs) and Facilitation centers has been stopped until further instruction.
As provided in Regulation 19 of the company (Registration Offices) Regulations, 2018, there is a stoppage in the inspection of documents and records of companies. However, respective CROs In-charges may allow online inspection in case of dire need, and may vary from case to case.
Time limit for the response has been enhanced to 30 days as the companies are being faced with difficulties in responding to the queries and letters of CROs.
