Asif Awan & Co- Management Consulting

14/05/2019

Government has announced its tax amnesty scheme — Asset Declaration Scheme — after it was approved by the cabinet.

"The basic purpose of the scheme is not to generate revenue but to document the economy," says finance adviser.

14/05/2019

"The basic purpose of the scheme is not to generate revenue but to document the economy," says finance adviser.

05/07/2018

Tax Amnesty for declaration of foreign and domestic income & assets extended till 31st July 2018

Federal cabinet, on the recommendations of the Finance Minister, has approved extension of closing date of tax amnesty schemes for declaration of foreign assets and domestic income and assets till July 31st, 2018. This has been effected through a Presidential Ordinance.
The deadline for filing amnesty declarations was June 30th, 2018. However, during last week a large number of representations have been received from trade bodies, professional associations and general public for extending the closing date due to short operational period after clearing legal and procedural challenges. The extension was also needed to remove ambiguities through clarifications and explanations required to provide certainty to the general public and to ensure effective implementation of the schemes. In addition, declarants of foreign assets faced problems in the payment of tax on foreign assets and repatriation of liquid assets.
The Finance Minister recommended extension of the cut-off date for availing amnesty schemes as there has been an overwhelming demand and response which is on the rise. The date has been extended by one month to enable general p***c to file declarations for undeclared foreign assets and undeclared domestic assets and income and thereby get their tax affairs in order. It will also help the government in bringing undocumented persons, assets and income into the documented sector. Depending on flows, the schemes have potential to bring in macroeconomic and fiscal stability in the economy.

10/05/2018

Become a Tax Filer

07/09/2016

Do you Know That?

Under ITO, 2001- Income from exports of computer software or IT services or IT enabled services are exempt upto the period ending on 30th day of June, [2019:]

[“Provided that eighty per cent of the export proceeds is brought into Pakistan in foreign exchange remitted from outside Pakistan through normal banking channels.”]

Explanation.- For the purpose of this clause –

(a) “IT Services” include software development, software maintenance, system integration, web design, web development, web hosting, and network design, and

(b) “IT enabled services” include inbound or outbound call centres, medical transcription, remote monitoring, graphics design, accounting services, HR services, telemedicine centers, data entry operations [, locally produced television programs] and insurance claims processing.]

07/10/2015

Taxation services - Preparation of income tax returns - Preparation of Wealth statements - Determination of tax liability under the provisions of Income Tax Ordinance, 2001 Sales Tax - Federal ... - Services - Islamabad

07/10/2015

You must have heard the anti-colonial slogan “no taxation without representation” that struck a chord …

13/08/2015

FBR extends date for filing of withholding tax statement for July-2015 till 15th of September,2015
http://download1.fbr.gov.pk/Docs/20158131583313697CircularNo03of2015.pdf

01/07/2015

SECP approves book-building regulations
The Securities and Exchange Commission of Pakistan (SECP) has approved the 2015 Book-Building Regulations which are expected to help promote the primary market and to extend maximum facilitation to Initial Public Offerings (IPOs) in Pakistan. Book building is a common practice in developed markets and is being used in emerging markets as well. The decision was taken by the policy board of SECP to amend and upgrade the previous book-building regulations as they are not effectively enforceable due to non-applicability of these regulations to the book runners and non-availability of any penalty clause in them. The new book building regulations highlight that the total offer size should not be less than 25 mn shares and the maximum bid size by a single bidder is 10 % of the book-building portion. The associated companies and associated undertakings of the issuer or the offerer shall not in aggregate make bids for shares in excess of 5% of the book-building portion. The new law has banned the related employees to participate in the bidding for shares. These include the employees who are directly involved in the 'Issue' or the offer for sale, of the issuer, the offerer, the book runner and sub-book runner.Under the new law, 'Person' eligible to perform the functions of book runner are required to be registered as a book runner with the SECP. Prospectus is required to be published and circulated just once, that is before commencement of the book-building. The new law has mechanism for pre-registration of the potential bidders with the institution providing the book-building system, and the provision has been included for payment of margin money through online transfer. Restriction has been imposed on making consolidated bid, that is 'bid which is fully or partially beneficially owned by persons other than the one named. 'Under the new system, an eligible investor shall not make a bid with price variation of more than 20% of the prevailing indicative strike price, and the bidding shall remain open for at least two days. There is a restriction on release of the subscription money that was received against the bids accepted. The restriction will remain till credit and dispatch of all shares allocated under the retail portion of the issue and issuance of NOC by the relevant securities exchange in case the company is already listed or there is formal trading of the company in case of new listing. There is restriction on withdrawal and downward revision of bids after 4pm on last day of the bidding period too. A fine up to Rs10m can be imposed on any company which fails to comply with the regulations or which refuses to abide by it.
(Dawn June 30, 2015)

15/06/2015

(New York, New York, June 15, 2015) – The International Federation of Accountants® (IFAC®), the global organization for the accountancy profession, today revised upward by 16% the membership of its member bodies following analysis of membership data from 2009 to 2013. Conducted by the independent Centre for Economics and Business Research, the analysis shows that membership of IFAC’s more than 175 members and associates in 130 countries and jurisdictions now totals 2.84 million accountants in public practice, education, government service, industry, and commerce.

This growth is a combination of new accountants joining existing IFAC member organizations and new professional accountancy organizations (PAOs) joining IFAC. Over the four-year period:

69% of total growth was from IFAC member organizations expanding their ranks through organic growth; and
31% was through additional PAOs joining IFAC.
Fayez Choudhury, IFAC CEO, said, “IFAC is honored to represent 2.84 million accountants globally. They are men and women operating throughout society to strengthen organizations and economies, bound by a code of ethics that obliges them to act in the public interest. I am especially pleased that IFAC’s representation is being driven by organic membership growth within our member bodies, as well as PAOs successfully completing the rigorous journey to IFAC membership.”

In terms of organic growth, IFAC member organizations in advanced economies gained the most new members from 2009 to 2013. Regionally, membership of European IFAC member organizations grew the most—from 834,000 to 981,000 over the four-year period.

Since 2009, IFAC has added 21 new members and associates in almost every region of the globe. IFAC saw particularly strong growth in 2012 as a number of large PAOs became member organizations.

The study was conducted by the Centre for Economics and Business Research (Cebr), an independent economics and business research consultancy, using data supplied by IFAC member organizations. The complete report—which includes findings on the state of the global accountancy profession and the profession’s impact on the global economy—will be issued later this year.

About IFAC
IFAC is the global organization for the accountancy profession, dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. It is comprised of more than 175 members and associates in 130 countries and jurisdictions, representing over 2.8 million accountants in public practice, education, government service, industry, and commerce.