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Tag: KTBA

  • KTBA, RTOs discuss budget proposals

    KTBA, RTOs discuss budget proposals

    KARACHI: The office bearers of Karachi Tax Bar Association (KTBA) discussed budget proposals 2019/2020 with Chief Commissioners of Inland Revenue on Wednesday.

    The chief commissioners Inland Revenue from Regional Tax Offices (RTOs) Karachi including Shafqat Kehar, Badaruddin Ahmed Qureshi and Muhammad Ali Khan.

    The chief commissioners visited the KTBA and met newly elected office bearers.

    Both the sides discussed budgetary proposals and other matters of common interest.

    KTBA president Rehan Siddiqi apprised the senior tax officials about the problems faced by members of the bar.

    He suggested measures to improve understanding between tax departments and tax practitioners.

    The chief commissioners assured full support to remove trust gap between tax collector and taxpayers and underscored the need to broaden the tax base.

    The chief commissioners sought bar’s help for the purpose which was assured by the KTBA president as such both sides further agreed to keep in touch to resolve issues.

  • KTBA asks FBR to clarify filing withholding statements after amendment

    KTBA asks FBR to clarify filing withholding statements after amendment

    KARACHI: Karachi Tax Bar Association (KTBA) has asked Federal Board of Revenue (FBR) to issue clarification regarding filing withholding tax statement following amendment made through Finance Supplementary (Second Amendment) Act, 2019.

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  • KTBA elects Rehan Siddiqui as president for 2019-2020

    KTBA elects Rehan Siddiqui as president for 2019-2020

    KARACHI: Karachi Tax Bar Association (KTBA) in the 62nd Annual General Meeting held on Thursday announced Muhammad Rehan Siddiqui as president of the association of the term 2019-2020.

    The AGM announced following office bearers and executive committee after the election 2019:

    Office Bearers:

    Muhammad Rehan Siddiqui, President

    Syed Hassan Naeem, Vice President

    Syed Zafar Ahmed, General Secretary

    Ammar Ather Saeed, Joint Secretary

    Muhammad Mustafa Raheem, Librarian

    Executive Committee Member:

    Arshad Ali Siddiqui

    Arshad Mahmood

    Ghulam Rabbani

    Iqbal Ahmad Abdan

    Irfan Ghafoor

    Khalid Mahmood Siddiqui

    Muhammad Mehmood Bikiya

    Syed Faiq Raza Rizvi

  • Informal donations prone to money laundering: SECP

    Informal donations prone to money laundering: SECP

    KARACHI: Pakistan has been rated amongst most charitable nations in the world but most donations are routed informally which makes the whole exercise prone for terror financing and money laundering, Waseem Ahmad Khan, Additional Director, Securities and Exchange Commission of Pakistan (SECP) said on Wednesday.

    He was addressing at a seminar organized by Karachi Tax Bar Association (KTBA) at auditorium of Regional Tax Office (RTO) Karachi.

    He said that SECP and State Bank of Pakistan (SBP) had taken initiatives to fix the issues on Anti Money Laundering (AML)/Countering Financing Terrorism (CFT) pointed out by Financial Action Task Force (FATF).

    He informed the participants that FATF is a 37-member global body established in 1989 with mandate to combat money laundering, terror finance and nuclear non-proliferation. Besides it has also associates observers.

    Pakistan as a member has international obligations to comply with FATF recommendations and correspondingly it had promulgated relevant laws including Anti-Terrorist Act, 1997, Anti-Money Laundering Act, 2010, National Counter Terrorism Act, 2013 etc. and had also devised national action plan.

    Waseem Ahmad said that the SECP was undertaking enhanced due diligence on the basis of territorial / geo-political basis, sectoral lines and channel of donations.

    In order to realize the full impact of spirit of generosity of Pakistan horizontally, he suggested risk management should be set up by every non-profit organization (NPO).

    Khalid Mahmood, President, KTBA, in his welcome address thanked the speaker and audience who attended the seminar in a big number. The even was moderated by KTBA vice president Zeeshan Merchant.

  • KTBA requests FBR to include late-filers’ name into ATL

    KTBA requests FBR to include late-filers’ name into ATL

    KARACHI: The Karachi Tax Bar Association (KTBA) on Thursday requested tax authorities to include names of late filers of income tax returns, who already applied for extension, into Active Taxpayers List (ATL).

    The KTBA requested the chairman of Federal Board of Revenue (FBR) to issue instructions for inclusion of the names of those taxpayers who had duly applied for extension for filing of return of income and the rejection order of which was not passed by the commission and they filed return of income by the requested due date and also those taxpayers who are registered with FBR after June 2018 and are entitled for inclusion as per SRO831(I)/2015 dated August 21, 2015 in the ATL issued by the FBR.

    It said that the instruction will be in accordance with the true spirit of law and for the facilitation of taxpayers who fulfilled their responsibility as compliant taxpayers and will also encourage new taxpayers, consequently helping in increasing the tax base.

    The tax bar further said that it cannot be considered reasonable that these taxpayers should be treated as non-filer for the entire next year equating them with those non-filers who did not even bother to file return at all and you will be agree that both should not be treated in the same manner.

    Under Section 182A of Income Tax Ordinance, 2001 the taxpayers, who filed their returns after due date, have been denied to have their names into ATL for tax year 2018.

  • Amendments to help Pakistan in controlling offshore tax evasion, avoidance: Vishno Raja

    Amendments to help Pakistan in controlling offshore tax evasion, avoidance: Vishno Raja

    KARACHI: Amendments to Income Tax Ordinance, 2001 will help Pakistan in controlling offshore tax evasion and avoidance.

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