Corporate Investigations and Business Fraud Risk Services
Bookkeeping
Payroll preparation and related services
Processing high-volume transactions
Opinion and counseling on accounting matters
Designing and implementation of Accounting System including training of organization's accounting personnel
Drafting / compiling Accounting Policies and Procedures
Secondment / deputation of accounting personnel
Facilitating implementation of new computerized accounting system or shifting from existing one to a new one
Incorporation related services including drafting of Memorandum and Articles of Association
Preparation / submission of periodical returns as required under the Companies Act, 2017
Winding up of companies
Facilitating in foreign investment related matters including coordination with the Board of Investment and preparation/submission of required documents
Corporate Law Compliance Review
E-filing
Tax Planning and Strategy Development
Tax Registration
Obtaining Confirmations, Clarifications and Permissions From the Tax Authorities
Conducting Tax Audits
Preparation and Filing Income Tax Returns
Preparation and Filing Sales Tax Returns
Preparation and Filing Various Tax Statements
Preparation and Payment of Electronic Challan
Finalization of Tax Audit and Undertaking Representations
FBR has inserted a new clause (114AA) in Part I of the second schedule to the ordinance. As per this clause, the exemption has been provided on the capital gain on the sale of constructed residential property (in case of a house, having a land area of 500 square yards and in case of flat, area up to 4000 square yards), that was being used for personal accommodation by the resident individual, his spouse or his dependents, and the utility bills for that property were being issued in the name of said individual.
The exemption shall not be available to such a person who has previously availed the exemption.
However, Section 236C of the ordinance remains un-amended, the section implies that sale of the above-mentioned properties would be subject to the advance tax collection of 1% of the sale proceeds, unless, an exemption certificate from commissioner has been obtained by the seller.
As per the current provisions, the capital gain tax is zero on the sale of those constructed properties whose holding period is more than 4 years. Also, in the case when such property is sold within one year of the holding period, advance tax collected under Section 236C at the rate of 1% is being treated as minimum tax.
This amendment is purposed to providing an exemption of capital gain tax to those constructed properties whose holding period is less than 4 years,
Sindh government has taken the decision for providing relief to the public within the jurisdiction of the Sindh Government.
As per a notification issued by the Sindh Excise, Taxation and Narcotics Control Department, it has been decided by the provincial government to remit 25 percent (for three months)of the payment of the property tax dues for the year 2019-2020, and including surcharges as at March 31, 2020. This shall apply to all classes of persons in respect of any category of property.
Tax remission has been allowed for all the taxable property units, said the department. It was further added that the adjustment of 25 percent remission in the tax liability would be made during the next financial year 2020-2021 for those who have already discharged their liabilities for the current year.
Motor vehicle taxhas already been exempted up to 25 percent for next three months. The classes of motor vehicles included are loader, coaster, delivery van, ST wagon, pickup, mini truck, taxi, van, minibus, and MCR (including rickshaw and Qing qi).
Al those who have already discharged their motor vehicle tax liability for the current year would be getting the adjustment of 25 percentin the next financial year.
The payment of tax professions, trades, callings, and employment have also been given the exemption up to 25 percentfor the current financial year. And for those who have already discharged their liabilities for the current year, an adjustment of 25 percent would be made in the next financial year.
State bank of Pakistan shall remain close for public dealings on Monday, April 27, 2020, as the day has been declared as Public Holiday for the deduction of Zakat.
Therefore, public dealings would be closed in all banks, DFIs, and MFBs on Monday, April 27, 2020.
However, this bank holiday would be treated as a working day for all the employees of the banks, DFIs, MFBs and they will be attending their official assignments except for public dealings (in office or work from home, as designated under this situation of COVID-19).
A centralized system for online payments has been devised by the FBR. Following this system, Payments of Sales tax, FED, and income tax refunds would be made directly in the bank accounts of the taxpayers.
To follow this system, all the taxpayers have been requested by the FBR to update IRIS profiles.
IBAN detail row has been added in the given bank account details area, and the taxpayers are required to add their complete IBAN number of the same bank account which has already been provided to receive sales tax, FED, and Income tax refund cheques.
Taxpayers have been advised to do the needful as soon as possible in order to avail this electronic transfer facility.
Also, all the exporters have also been required by the FBR to update their WEBOC profile and provide IBAN of the same bank as is added in details for the receipt of Custom Duty Drawbacks.
Exporters are required to provide the details as soon as possible in order to get the electronic transfer facility for custom duty drawbacks availed.
A Pay and Pension Commission has been constituted by the government of Pakistan with an effect from April 14. 2020.
Pay and pension commission is constituted:
1-Pay and allowances
To study the adequateness of current basic scale system and evaluation of the current salaries of Government employees throughout the federation and provincial government employees are also included, and that the commission shall recommend measures for the improvement and uniformity of this system.
To study of the segregation of basic pay scales between specialized departments/occupations/cadres.
To review the management position scale (MP scales), special professional pay scales (SPPS), project pay scales and management gradesand that the commission shall recommend any measures for the improvement and uniformity.
To review special incentives, admissible regular allowances, and all such allowances, so to highlight the shortcomings and to recommend corrective measures.
To review the existing facilities and perks and to make recommendations like monetization.
2-Pension
To highlight in the pension scheme, existing distortions, and shortcomings and to recommend measures. To verify in the current system after a critical evaluation of future liabilities through study, the sustainability.
To evaluate alternate systems like defined contribution, keeping available resources under consideration, which are more efficient and sustainable, and setting up of pension funds in light of international best practices.
3- Existing incentive regime (Honorarium or special rewards) shall be reviewed by the commission and improvements shall be recommended.
4- Legislative measures for the protection and streamlining the Pay, pension and allowances regime of Govt. employees shall be evaluated and recommended by the commission.
5- If desired by the government, the commission may make interim recommendations so that interim relief can be provided.
6- The commission has been given powers so that it can co-opt any person or agency for getting assistance in its deliberations.
7-Secretariat support shall be provided to the commission by Finance division and the recommendations by the commission shall be made within 6 months from the date of the constitution of commission. Financial resources of the Government shall be taken into consideration by the commission while making recommendations.
Federal and Provincial civil servants, other government servants, civilians paid from defense estimates, all Armed Forces/Civil Armed Forces personnel and holders of the posts in Management Scales and employees of such Public sector corporations/autonomous/semi-autonomous bodies, other than Banks and DFIs, which have adopted the scheme of Basic Pay Scales in Toto are included in the scope of the work of the commission.
Employees of Public Sector Corporations/Autonomous/Semi-Autonomous bodies who are regulated under the Pay Scales prescribed by these organizations and the employees governed under the Industrial Relations Ordinance, 1969 and/or whose financial terms of service are settled through Collective Bargaining Agents, are executed from the scope of work of the Pay & Pension Commission.
The composition of the commission is as follows:
Mr. Wajid Rana, Former Federal Secretary, Chairman.
Mr. Nazar Hussain Mahar, Retired Civil Servant, Member.
Dr. Noor Alam, Retired Civil Servant, Member.
Ms. Seema Kamil, President, United Bank Limited, Karachi, Member.
Mr. Zubyr Soomro, Chairman, Board of Directors, National Bank of Pakistan, Member.
Ms. Nausheen Ahmed, Company Secretary, ICI (Pakistan) Limited, Member.
MEMBERS EX-OFFICIO
Secretary, Finance Division, Government of Pakistan, Member.
Secretary, Establishment Division, Government of Pakistan, Member.
Secretary, Defence Division, Government of Pakistan, Member.
Secretary, Finance Department, Government of Punjab, Member.
Secretary, Finance Department, Government of Khyber Pakhtunkhwa, Member.
Secretary, Finance Department, Government of Sindh, Member.
Secretary, Finance Department, Government of Balochistan, Member.
Secretary, Finance Department, Government of AJ&K, Member.
Secretary, Finance Department, Government of Gilgit Baltistan, Member.
An Officer of BS-21 of the Auditor, General of Pakistan, Government of Pakistan, Member.
An officer of BS-21, Controller General of Accounts, Government of Pakistan, Member.
Joint Secretary (Regulations), Finance Division, Government of Pakistan, Member/Secretary.
