KARACHI – In a move aimed at bolstering small and medium-sized enterprises (SMEs) in Pakistan, the State Bank of Pakistan (SBP) unveiled the SME Asaan Finance scheme on Monday, allowing banks to lend up to Rs10 million to qualifying businesses.
(more…)Author: Faisal Shahnawaz
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Amendment of assessment must be completed in 120 days
ISLAMABAD: The Federal Board of Revenue (FBR) on Monday said that a limitation of 120 days has been imposed with regard to the period of time during which amendment of assessment under section 122 of the Ordinance must be completed.
The FBR in a circular No. 4 Income Tax (Operations) stated that owing to availability of extended period of time, the completion of proceedings under section 122 of the Income Tax Ordinance, 2001 within desired time has remained a challenge and diverse treatment was meted out viz-a-viz time taken for completion of proceedings across the formations.
This varied treatment has commutatively resulted in below par revenue outcomes for the exchequer and increased compliance costs for the taxpayers due to protracted delays in legal actions.
The Finance Act, 2021 has brought about a significant amendment in section 122 of the Ordinance whereby a limitation of 120 days has been imposed with regard to the period of time during which amendment of assessment under section 122 of the Ordinance must be completed subsequent to issuance of a show cause notice.
The said amendment harmonizes the procedure of amendment of assessment under the Income Tax Ordinance, 2001 with the procedure of assessment under section 11 the Sales Tax Act, 1990 and section 14 of the Federal Excise Act, 2005.
The aforementioned amendment is also an effort to restore the true spirit of the Income Tax Ordinance, 2001 where amendment proceedings are entered into after carrying out inquiry or audit, if necessary, and do not remain pending for an indefinite period of time.
In case the proceedings cannot be completed within the prescribed time period of 120 days, the Commissioner may extend the time limit for up to another ninety days for recorded reasons. The new provision would apply to the show cause notices issued after July 1, 2021.
Accordingly, formations are expected to be cognizant of this important amendment. The Commissioners are required to ensure that necessary guidance is provided to assessing officers in this regard.
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KIBOR rates on August 16, 2021
KARACHI: State Bank of Pakistan (SBP) on Monday issued following Karachi Interbank Offered Rates (KIBOR) on August 16, 2021.
Tenor BID OFFER 1 – Week 6.91 7.41 2 – Week 6.95 7.45 1 – Month 7.00 7.50 3 – Month 7.15 7.40 6 – Month 7.31 7.56 9 – Month 7.43 7.93 1 – Year 7.51 8.01 -
Dollar rises to Rs164.19 in interbank
KARACHI: The US dollar gained 19 paisas against the Pakistani Rupee in the interbank foreign exchange market on Monday, closing at Rs164.19 compared to the previous session’s close of Rs164.00. This appreciation comes as a result of increased demand for the dollar to settle import payments ahead of midweek public holidays.
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SBP issues customers exchange rates for August 16
KARACHI, August 16, 2021: The State Bank of Pakistan (SBP) has published the latest exchange rates for customers on Monday, August 16, 2021.
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Bank holidays for Ashura
KARACHI: The State Bank of Pakistan (SBP) on Monday announced that the banks shall be closed for two days on August 18 – 19, 2021 on the occasion of Ashura.
The central bank in a circular addressing presidents and chief executive officers (CEOs) of all banks that the SBP will remain closed on 18th and 19th August, 2021 (Wednesday and Thursday) being 9th and 10th Muharram-ul-Haram, 1443 A.H. on the occasion of Ashura.
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Tax rates on exports of goods, services for 2021-2022
Islamabad – The Federal Board of Revenue (FBR) has released updated withholding tax rates on exports of goods and services for the fiscal year 2021-2022.
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Taxpayers’ information intact; database breach prevented
In a recent cyber onslaught, the Information Technology (IT) wing of the Federal Board of Revenue (FBR) emerged triumphant in safeguarding the tax system’s database against a Trojan malware attack.
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Tax bar urges updating sales tax return
In a bid to streamline tax procedures and ensure compliance with recent legislative changes, the Karachi Tax Bar Association (KTBA) has called upon the Federal Board of Revenue (FBR) to promptly update the online sales tax return form.
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FBR’s web portal shuts for service optimization
ISLAMABAD: The Federal Board of Revenue (FBR) announced on Saturday that its web portal is currently offline due to ongoing service optimization activities. The technical team is working on migrating services, resulting in the temporary unavailability of services.
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