About TRC

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.


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News & Updates

In order to help companies and businesses facilitate the current crisis due to COVID-19, Regulatory deadlines under the Companies Act 2017 have been relaxed by the Securities and Exchange Commission of Pakistan (SECP).

Following regulations have been approved by SECP in the powers conferred under Section 510 of the Companies Act 2017:

  1. As provided in Section 132 of the Act, extension for 30 Days has been allowed for holding of the Annual General Meeting to those companies which are facing difficulties in holding AGM for the year ended 31st December 2019. The companies can now hold their meetings for the year ended 31st December 2019 on or before the 29th of May 2019.
  2. Those companies may file impediment reports with the concerned registrar under section 158(2) of the act whose election of directors is due before or in the above-mentioned AGM. The impediment report should cite the reasons for the delay in holding the elections of directors.
  3. An extension period of 30 days has been allowed for the filing of any statutory return which is required to be filed on or after 24thof March 2020. The statutory return would be filed with the concerned registrar after the occurrence of any event with a delay of 30 days. No additional filing fee would be charged as no penal action shall be taken for the late filing.

Maintenance of the continuity of the economic activity and health and safety of the business workforce all over Pakistan is being focused in the response of SECP to COVID-19. For ensuring the health and safety of Members of SECP, a plan of operating with 50% workforce from office and 50% workforce from home on the weekly rational basis is adopted by SECP having effect from 24th of March, 2020. The members who have been asked to work from home include especially mothers who use in-house daycare activity and the employees with medical conditions. To facilitate employees work from home, the arrangements have been completed by the Information Technology Department of SECP.

Moreover, all such unnecessary assignments including training and employee engagement activities have been suspended for time being. All hearings by the adjudication division would be done through skype video call only.

To ensure the safety of people and resist the spread of COVID-19, precautionary measures have already been taken by SECP. The measures included are closure of daycare and cafeteria, in-house gym, use of an elevator for up to a maximum 03 person at a time and social distancing has also been ensured in general.

Reference:

https://www.secp.gov.pk/wp-content/uploads/2020/03/Press-Release-March-23-SECP-relaxed-regulatory-deadlines-amid-COVID-19-Pandemic.pdf

News & Updates

Keeping in view the threats being imposed by the Corona Virus epidemic and restricted movement of people due to lockdown in the country, FBR has provided the taxpayers with the facility of Alternate Delivery Channels (ADC) to make the payment of Customs Duty, Income Tax, Sales Tax, and federal Excise Duty.

Following are the options that are included in the list of Alternate Delivery Channels to make payment of above-mentioned liabilities:

  1. ATMs
  2. Mobile Banking (Jazz Cash etc.)
  3. Internet Banking
  4. Over the counter from all the branches of all the scheduled banks

List of banks which have the facility of online banking and ATMs under alternate delivery Channels:

  1. Askari Bank
  2. Bank Alfalah
  3. Meezan Bank
  4. NBP
  5. Habib Metro
  6. ICBC
  7. Soneri Bank
  8. JS Bank
  9. MCB
  10. UBL
  11. HBL
  12. ABL
  13. Summit Bank
  14. Bank of Punjab
  15. Bank Al Habib
  16. Faysal Bank
  17. Silk Bank
  18. Bank Islami

 

Reference:

https://fbr.gov.pk/alternate-delivery-channels-for-payment-duties-taxes/152297

News & Updates

An SRO having number 54(I)/2020 has been issued by the Securities and Exchange Commission of Pakistan (SECP) in the exercise of powers conferred under section 512 read with section 88 of the companies act, 2017 (XIX of 2017). The SRO clearly mentioned the amendments being made in the regulations (2019) of Buy-Back of shares by the Listed Companies. The same has been previously published in the official gazette vide notification no, 1549 dated December 11, 2019, as per the requirements of the provisions to the said section 512.

In regulation 9, in sub-regulation 1;

The words

“provided that the free float of the company after the purchase does not fall below twenty-five percent of the total paid-up share capital of the purchasing company”, shall be omitted.

The said SRO is dated as 28th of January, 2020.

Reference:

https://www.secp.gov.pk/document/sro-54-i-2020-amendments-in-the-listed-companies-buy-back-of-shares-regulations-2019/?wpdmdl=38235

News & Updates

There has been an amendment made in the 12th schedule of the Sales tax act 1990. According to this amendment, an additional value addition tax at the rate of 3% would be levied on the import of goods other than inputs or raw materials and including import of such goods which are subject to customs duty at the rate of 16% or above.

According to this ordinance, the effect of the amendment in the twelfth schedule (3% value addition tax) is not applicable on the Plant, machinery and equipment being imported by a manufacturer for in house installation or house, falling in chapters 84 and 85 of the first schedule to the Customs Act 1969 (IV of 1960).

The refund of a 3% value addition tax would not be barred if paid on goods used in making zero-rated supplies.

Reference:

ICAP Newsletter- March 2020

News & Updates

 On 18th of March 2020, there had been the issuance of notice by the Federal Board of Revenue (FBR) of Pakistan stating the extension in the date for submission of the Sales Tax Return and Federal Excise Duty Return for the Tax period of February 2020 exercising the powers conferred under section 74 of the Sales Tax Act, 1990 and section 43 of the federal Excise act, 2005. As per this notice, the date of submission of Returns of Sales Tax and Federal Excise Duty has been extended up to 25-03-2020. The returns were previously due on 18-03-2020.

 

 

Reference:

http://download1.fbr.gov.pk/Docs/202031817345395442020-03-18(ExtensionindateofSTReturn).pdf

  1. Slash in the Benchmark rate by 75 BPS
  2. Free-Fall in the stocks around the globe due to Corona Virus outbreak
  3. Launch of real-time Track and Trace system for three sectors by FBR
  4. FBR starts obtaining CNIC on purchases above 50000 Rupees
  5. Extension in date of filing Annex-H
  6. Planning for Annual general meeting and threat imposed by Corona Virus

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