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
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
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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.
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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.
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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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