TRC Lead Team

TRC Lead Team

Our team includes Chartered Accountants, Certified Public Accountants, Cost and Management Accountants, Tax Practicing Lawyer, Intuit QuickBooks and Microsoft Dynamics Certified Professionals from group of big professional firms. Therefore, we possess the necessary competence to provide quality service to our range of clients at a competitive price. We can offer our clients the expertise and assurance they need to manage their organization effectively and proactively.

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.

He worked for Deloitte (Public/Chartered Accountants) KSA and Pakistan for over 4 years and also at management position of a UAE based well established multinational group for over 2 years.

TRC Support Team

The support team consists of approximately 10 employees and trainees who are either ACCA or ICMA finalists / part qualified and CA trainees.


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News & Updates

A comprehensive tax incentive package has been announced by Prime Minister of Pakistan Imran Khan on Friday 03-04-2020. The package is announced for the construction industry.

The prime minister announced the opening of the sector with effect from April 14, 2020.

In a talk to media persons, Prime Minister said that the government has taken a decision in coordination with the provinces. The decision has the aim of reviving the economic activities in the country, badly affected by the situation arising due to the Corona Virus outbreak.

Some of the key points of the tax incentive package are as follows:

  • Various incentives like tax incentives, waivers, and subsidies in areas of sales tax, capital gain tax, withholding tax, etc. have also been announced by the Prime Minister.
  • In providing details, Imran Khan said that no queries would be asked about the source of income from those investing in the construction sector during the year 2020.
  • The construction sector has been brought in the fixed-tax regime under which the rate of tax would be levied on the basis of per square yard and per foot for Land.
  • For those, making investments in the housing program by Prime Minister would be given the tax rebate of 90% and such persons would be required to pay only 10% of the total calculated tax amount.
  • Withholding tax would also be waived-off in cement and steel sectors.
  • In coordination with provincial governments of Punjab, Khyber Pakhtunkhwa and Sindh, Sales tax has been decided to bring down to 2 percent through consolidation of all taxes.
  • Capital Gain Tax on the sale of house is also being done away with.
  • Rs30 Billion subsidy has also been given on Naya Pakistan Scheme. Also, the further subsidy would also be given on its progress.
  • It has also been decided by the Government to give the status of Industry to the Construction sector.
  • To help promote the Construction industry in Pakistan, the Construction Industry Development Board (CIDB) will be established.

Previously, Rs1200 Billion stimulus package was announced by the Federal Government for providing the poor and daily wagers with financial relief in the situation of Lockdown due to COVID-19. And now Government has decided to open construction Sector.

 

 

Reference:

https://pkrevenue.com/pm-announces-tax-incentive-package-for-construction-industry/

News & Updates

There has been an approval of Rs75 Billion by the Economic Committee of the Cabinet (ECC). The fund has been approved for the Federal Board of Revenue (FBR) to make payment of tax refunds. This is done to make FBR able to pay back the sales tax and income tax refunds, duty drawbacks and customs duties which are due for the last 10 years.

Approximately 676055 beneficiaries will be able to improve their liquidity position with the help of this amount.

Grant of Rs30 billion to the Ministry of Commerce was also approved in the meeting of ECC. This grant is approved for the repayment of duty drawbacks to textile exporters in the current financial year in order to improve their liquidity position keeping in view the slowdown in businesses due to the outbreak of coronavirus outbreak worldwide.

 

 

Reference:

https://pkrevenue.com/ecc-approves-rs75-billion-for-repayment-of-tax-refunds/

News & Updates

Fictitious routing of goods through the areas which have exemptions or special tax treatments has been noticed by some persons. For the sake of discouraging this activity, a new provision has been added.

The provision stipulates that:

  1. Document in respect of goods supplied from tax-exempt areas should be accompanied to a conveyance carrying such goods.
  2. For the examination of goods and the related documents, the Regional Tax Office has the jurisdiction so that it may establish check-posts, on the routes being originated from tax-exempt areas.
  3. An officer under proper acknowledgment shall seize the goods along with the vehicle carrying those goods, in case, the prescribed documents are absent, or there is any discrepancy in the documents.
  4. Within Fifteen days of the seizure of goods and vehicle, a show-cause notice shall be issued to the owner for the imposition of penalty.
  5. In the light of this provision, the expression Tax-exempt areas refer to Azad Jammu and Kashmir, Gilgit-Baltistan, Tribal areas as defined in Article 246 of the Constitution of Islamic Republic of Pakistan and such areas as may be prescribed.

 

Reference:

ICAP Newsletter- March 2020

News & Updates

Government of Punjab has announced a Tax relief Package for the sectors being affected by COVID-19:

  • On all online platforms, GST has been cut off to zero percent now.
  • Urban immovable property tax and infrastructure development Cess has been postponed.
  • For property transactions, the CVT tax rate and Stamp Duty have been reduced to 2%.
  • HR development-related businesses and services are rated at Zero now. Businesses are also inclusive of those that are closed in order to get the cost of resuming activity reduced.
  • GST has been suspended on the services being provided by Hospitals and Medical consultants.
  • GST has also been suspended on Construction services.

This tax relief package has a value of Rupees 18 Billion.

Reference:

https://www.thenews.com.pk/print/637142-rs18b-tax-relief-for-affected-sectors

News & Updates

On 25th March 2020, the Federal Board of Revenue issued a notice regarding the Office timings amid threat of COVID-19. The Establishment Division’s Notification NO. 6/1/2002-D-2 clarified the following timings for FBR and all its field formations as a part of the measures to contain the spread of COVID-19 (Corona Virus):

  • Monday to Thursday (10:00 am to 04:00 pm)
  • Fridays (10:00 am to 01:00 pm)

The timings shall have an immediate effect and shall remain in force till Tuesday, 7th April 2020, in case of no modification and withdrawal.

 

Reference:

  1. Amendment in Section 73 of Sales Tax Act 1990
  2. Special relief package for Five export sectors (Zero-rated industrial consumers)
  3. Relaxed regulatory deadlines by SECP amid COVID-19 pandemic
  4. FBR provides the Alternate Delivery Channels for the payment of Taxes and Duties in wake of Corona Virus and Lock down
  5. Amendment made by SECP in the regulations of Buy-Back of Shares
  6. Amendment made in 12th schedule of the Sales Tax Act 1990

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