Regulatory Updates Of Pakistan


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📚 Regulatory & 📈 Business related News & Updates
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موضوع: "سرٹیفائیڈ و اہل رئیل اسٹیٹ بزنس اور پروفیشنل" بننے کے 5 اقدامات

کوئی بھی پبلک یا پرائیویٹ ڈویلپمنٹ اتھارٹی کسی بھی رئیل اسٹیٹ ایجنٹ کے ساتھ غیر منقولہ جائیداد کی منتقلی یا رجسٹریشن کے لیے کاروباری سرگرمی نہیں کرے گی جب تک کہ رئیل اسٹیٹ ایجنٹ FBR کے ساتھ بطور نامزد غیر مالیاتی کاروبار اور پیشہ (DNFBP) رجسٹرڈ نہ ہو۔ یہ شرط یکم جنوری 2022 سے نافذ العمل ہوگی۔

درخواست: جائیداد کے کاروبار سے وابستہ لوگوں کو مطلع کریں اور ان کے ساتھ شئیر کریں۔

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Topic: 5 Steps to becoming "Eligible Real Estate Business & Professional"

FBR's recent notification, FATF, stipulates that under the Money Laundering, Terror Financing Act, persons involved in the property / real estate business are required to register with the FBR as Non-Financial Business and Profession DNFBPs. After which the unregistered persons will not be able to continue their business while the transfer or registration of immovable property will not be possible.

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Topic: 5 Steps to becoming "Eligible Real Estate Business & Professional"

FBR's recent notification, FATF, stipulates that under the Money Laundering, Terror Financing Act, persons involved in the property / real estate business are required to register with the FBR as Non-Financial Business and Profession DNFBPs. After which the unregistered persons will not be able to continue their business while the transfer or registration of immovable property will not be possible.

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One month date extension demanded for filing tax returns

Karachi Chamber of Commerce and Industry (KCCI) on Friday demanded the tax authorities to extend the last date of filing returns for the tax year 2021 up to October 31, 2021.

KCCI President M. Shariq Vohra in a statement urged the government to extend last date for filing Income Tax Return from September 30, 2021 to October 31, 2021 as many taxpayers were finding it really hard to file their returns on time due to ongoing extraordinary situation in which many businesses have suffered badly because of limited timings and other curbs imposed to contain the spread of COVID-19 pandemic.

President KCCI said that although the government has recently eased some restrictions but the businesses were still struggling to return to complete normalcy, hence they must be provided some breathing space by extending the last date for filing income tax return till October 31, 2021.

He stated that KCCI has been receiving a lot of requests from the members of the business and industrial community who have been constantly asking the Chamber to approach the higher authorities to seek extension in last date.

“It is a well-known fact that the entire nation including the taxpayers were hit hard by the fourth wave of Covid-19 and the situation remains challenging to date. Hence, the Federal Board of Revenue must keep all the ground realities in mind and extend last date for filing income tax return to October 31, 2021 which would be widely appreciated by the business community,” he added.

Source: PakRevenue
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NADRA’s computation to be treated as assessment: FBR

Federal Board of Revenue (FBR) has said that computation of income and assets prepared by the National Database Registration Authority (NADRA) shall be treated as assessment.

The FBR in explanation to Tax Laws (Third Amendment) Ordinance, 2021 said that a new section 175B has been inserted in the Income Tax Ordinance, 2001 aiming to broaden the tax base through collaboration between NADRA and FBR.

Sub-section (1) of section 175B mandates NADRA to share its records or any other information available or held by it, on its own motion or upon application by the Board.

Sub-section (2) thereof allows NADRA to compute indicative income and tax liability on the basis of various expenses, receipts, assets, properties and liabilities etc. using artificial intelligence, mathematical or statistical modeling or any modern methods.

The FBR may forward such information to the concerned tax authorities having jurisdiction in connection to the subject matter relating to the information, who may utilize the information for the purpose of levy of tax.

The indicative income and tax liability shall be communicated to the person to whom it relates. Such person shall have the option to pay tax as prescribed. In case of failure to pay such liability within stipulated

timeframe, the tax authority shall take action under the provisions of the Ordinance on the basis of the Indicative Income so computed.

If the person against whom the liability has been determined under sub-section (4) of the newly inserted section pays such liability, such payment shall be construed to be an amended assessment order under section 120 or 122(1) or 122(4) as the case may be.

Board is also vested with the powers to make rules for the purposes of subsections (4) and (5) to prescribe the extent of installments, and any relief regarding the penalty and default surcharge, and time limits.

To provide an enabling environment for the joint mechanism the restrictions on provision of information in terms of section 198 have been done away with and the said section is now omitted.

Source: PakRevenue
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Prize bonds (bearer) to become worthless after Sept 30

Bearer prize bonds of major denominations including Rs40,000/-, Rs25,000/- and Rs15,000/- will become worthless after September 30, 2021 if no date extension announcement comes from the government.

The last date for encashment or exchanging the bearer prize bonds with denominations of Rs40,000/-, Rs25,000/- and Rs15,000 is September 30, 2021, which was already extended from May 31, 2021.

In order to comply with the Financial Action Task Force (FATF) for the prevention of money laundering and terror financing, the government had decided to document the financial instruments by the withdrawal of bearer prize bonds.

So far the government has decided to withdraw prize bonds of four denominations including Rs40,000/-, Rs25,000/-, Rs15,000 and Rs7,500. However, the last date for exchanging Rs7,500 denomination bearer prize bonds is December 31, 2021.

The government started withdrawal of bearer prize bonds with Rs40,000 denomination on June 24, 2019. Later, on December 10, 2020, the government announced to discontinue the circulation of Rs25,000 denomination prize bonds. In April 2021, the finance ministry announced that national prize bonds of denominations Rs7,500 and Rs15,000 shall not be sold.

It is likely the finance ministry extend the date for encashment / exchanging the bearer prize bonds beyond September 30, 2021. However, the decision in this regard has not been taken so far.

The finance ministry has issued the following procedure for encashment/exchanging the bearer prize bonds.

01. Conversion to Premium Prize Bonds (Registered): The bonds can be converted to premium prize bonds (registered) of denomination of Rs25,000/- and Rs40,000/- (subject to the adjustment of differential amount) through 16 field offices of State Bank of Pakistan (SBP)’s Banking Services Corporation, and branches of six commercial banks i.e. National Bank of Pakistan, Habib Bank Limited, United Bank Limited, MCB Bank Limited, Allied Bank Limited and Bank Alfalah Limited.

02. Replacement with Special Saving Certificates (SSC) / Defence Saving Certificates (DSC): The bonds can be replaced with SSC/DSC through the 16 field offices of SBP Banking Services Corporation, authorized commercial banks and National Savings Centers.

03. Encashment at Face Value: The bonds will only be encashed by transferring the proceeds to the bond holder’s bank account through the 16 field offices of SBP Banking Services Corporation as well as the authorized commercial bank branches and to the Saving Accounts at National Saving Centers.

Source: PakRevenue
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COVID19 Tracker
Pakistan reports 1,780 new cases (lowest count since Jul'21) in last 24hrs out of 44,712 tests conducted. 3,090 people recovered fully while 42 people lost lives in a single day.


COVID19 Tracker
Pakistan reports 2.060 new cases in last 24hrs out of 44,958 tests conducted. 10,928 people recovered fully while 42 lives were lost in a single day. Total active cases stood at 52,042.


COVID19 Tracker
Pakistan reports 2,233 new cases in last 24hrs out of 52,788 tests conducted. 2,789 people recovered fully while 50 people lost lives in a single day. Total active cases stood at 60,952.


FBR not to ask source of remittances sent through ECs

Federal Board of Revenue (FBR) on Thursday said that tax authorities will not ask source of foreign exchange not exceeding Rs5 million remitted through exchange companies (ECs) or money transfer operators.

The FBR issued explanation to the Tax Laws (Third Amendment) Ordinance, 2021. The revenue body said Section 111(4) of Income Tax Ordinance, 2001 provides exclusion from unexplained income or assets to any amount of foreign exchange remitted from outside Pakistan through normal banking channels not exceeding Rs5 million en-cashed into rupees by a scheduled bank.

The amendment through insertion of an explanation has now also treated remittances through Money Service Bureaus (MCBs), Exchange Companies (ECs) and Money Transfer Operators (MT0s) or other similar entities as foreign exchange remitted from outside Pakistan through normal Banking channels.

After a formal clarification from SBP, Circular No. 05 of 2022 was issued by the Board.

Through this amendment the FBR’s clarification has now been made part of legislation to facilitate foreign remittance and align the law with innovations that have taken place in the banking industry.

Through the Circular No. 05 of 2022, the FBR has withdrawn all the appeals pertaining to income tax exemption on inward foreign remittances.

“In order to win the trust of the taxpayers and spare the public resources for more productive use elsewhere, all departmental appeals filed on the strict sensu interpretation of the law, be withdrawn immediately, and no further appeals be filed if one all fours of this clarification,” according to the circular.

Further, all circulars and instructions issued on the matter previously issued stand rescinded, the FBR added.

Source: PakRevenue
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Employers flay new tax ordinance

President, Employers’ Federation of Pakistan, Ismail Suttar, has strongly condemned the promulgation of new tax ordinance without consultation of the relevant stakeholders.

The federal government introduced Tax Laws (Third Amendment) Ordinance, 2021, which was promulgated on September 15, 2021 through a presidential order.

In a statement, Ismail while criticizing the Federal Board of Revenue (FBR), termed the move irrational and unwelcoming because most transactions are carried out through post-dated checks, and without a grace period of at least 40 days the business community will not be able to adopt the digital mode.

“It is a total disaster and not the right way to bring the non-compliant sector under the tax net to meet the ambitious target of Rs5.5 trillion tax collection by pounding on the largely compliant corporate sector,” Ismail asserted.

On behalf of the member manufacturers and exporters, the EFP president has appealed for an immediate suspension of the new tax law ordinance until due approval by the industrialists.

Source: PakRevenue
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Forward from: Real Estate Updates Of Pakistan
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پاکستان میں گھر کیلئے کم قیمت قرضہ حاصل کرنے کاطریقہ

کس طرح کم قیمت قرضہ حاصل کیا جاسکتا ہے، یہ قرضہ میرا پاکستان میرا گھر اسکیم کے تحت جاری کیا جارہا ہے۔

اس کے لیے کون سی دستاویز درکار ہوتی ہیں اور کن شرائط میں یہ قرضہ مل سکے گا، یہ تمام باتیں اس ویڈیو میں موجود ہیں۔

ذریعہ: سماء بزنس

ری ایڈ وائزرز
سرٹیفائیڈ رئیل اسٹیٹ پروفیشنلس


Forward from: Real Estate Updates Of Pakistan
Implement E-tendering for transparency

The Punjab Housing Department on Wednesday (September 22) decided to implement an online system for tendering of government projects all over the province, news sources reported.

The decision was taken in a meeting presided over by the Provincial Minister for Housing Malik Asad Khokhar and attended by the Additional Secretary Housing Umar Farooq, Deputy Secretary Mumtaz Ahmed and PITB officials. The government will engage PITB for a centralised system to eradicate bribery culture. According to the information shared, the proposed E-tendering system would be implemented in the Housing Department, Lahore Development Authority (LDA), Water and Sanitation Agency (WASA), and all other subordinate departments.

Following the system’s deployment, individuals will be able to bid for projects from the comfort of their own homes with a transparent system. A call centre will also be developed to help consumers with general questions. The tender applicants will be given a unique code, and the computer will designate the qualifying firm for the respective tender award. During a press conference, the housing minister stated that only firms on the department’s approved list will be able to participate in the tendering process.

Source: Zameen
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پرائز بانڈز کیش کروانے کی تاریخ میں توسیع کا امکان

حکومت کی جانب سے بند کیے گئے 40 ہزار، 25 ہزار، 15 ہزار اور ساڑھے 7 ہزار کے پرائز بانڈز کی واپسی کی مہلت 30 ستمبر2021 کو ختم ہوجائے گی۔

بینکنگ کے شعبے سے منسلک افراد کا کہنا ہے ککہ بند ہونے والے پرائز بانڈز کو کیش کروانے کی آخری تاریخ میں توسیع کا امکان ہے اور پرائز بانڈز کیش کرنے والوں کو رواں سال کے آخر تک سہولت دی جاسکتی ہے۔

اس سے قبل بھی حکومت کی جانب سے پرائز بانڈز کی واپسی کی مہلت مہں توسیع دی جاچکی ہے اور 15 ہزار روپے کے پرائز بانڈزکی واپسی کی آخری تاریخ 30 جون، 25 ہزار روپے مالیت کے پرائز بانڈز کی واپسی کی آخری تاریخ 31 مئی مقرر کی گئی تھی اوران تینوں بانڈز کی واپسی کی تاریخ میں 30 ستمبر تک توسیع کی گئی تھی۔

بیرون ملک مقیم پاکستانی جن کے پاس پرائز بانڈز موجود ہیں ان کا کہنا ہے کہ حکومت پرائز بانڈز ان کیش یا پریمیم بانڈز سے تبدیل کروانے کیلیے انہیں مزید مہلت دے، کیونکہ کرونا وبا کے باعث اُن کا اتنی جلدی سفر کرنا ممکن نہیں ہے۔

Source: SaamaTv
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اسٹیٹ بینک نے درآمدی گاڑیوں پرقرضوں کے اجراء پرپابندی لگادی

اسٹیٹ
بینک آف پاکستان نے درآمدی گاڑیوں کیلئے قرضوں کے اجراء پر پابندی لگادی۔ مرکزی بینک نے گاڑیوں، پرسنل لون اور کریڈٹ کارڈ کے قرضوں کیلئے شرائط بھی سخت کردیں۔

اسٹیٹ بینک آف پاکستان نے افراط زر اور درآمدات کو کنٹرول کرنے کیلئے بڑا فیصلہ کرلیا۔ کے مطابق اسٹیٹ بینک نے درآمدی گاڑیوں کیلئے قرضوں کے اجراء پر پابندی لگادی ہے۔

نوٹیفکیشن میں مزید کہا گیا ہے کہ گاڑیوں، پرسنل لون اور کریڈٹ کارڈ کے قرضوں کیلئے شرائط بھی سخت کردی گئی ہیں، گاڑی کیلئے قرض لینے والا آئندہ سے ڈاؤن پیمنٹ 15 کے بجائے 30 فیصد دے گا، گاڑیوں کیلئے قرضوں کی زیادہ سے زیادہ مدت بھی 7 سے کم کرکے 5 سال کردی گئی ہے۔

اسٹیٹ بینک کے مطابق اگست میں بینکوں نے گاڑیوں کیلئے 360 ارب کے ریکارڈ قرضے جاری کئے تھے، نئے ضوابط کے تحت کسی ایک فرد کیلئے گاڑی کے قرضے کی مجموعی حد 30 لاکھ سے زیادہ نہیں ہوگی۔

مرکزی بینک کا اعلامیے میں کہنا ہے کہ پرسنل لون کی زیادہ سے زیادہ مدت 5 سے کم کرکے 3 سال کردی گئی ہے۔

اسٹیٹ بینک کے مطابق ڈیٹ برڈن ریشو کا زیادہ سے زیادہ تناسب 50 سے کم کرکے 40 فیصد کردیا گیا ہے۔

مرکزی بینک کا کہنا ہے کہ پست آمدنی سے متوسط آمدنی تک کے طبقے کی قوت خرید کو محفوظ بنانے کیلئے ایک ہزار سی سی انجن کیپسٹی تک ملک میں تیار ہونیوالی گاڑیوں پر نئے ضوابط لاگو نہیں ہوں گے جبکہ ان کا اطلاق ملکی ساختہ الیکٹرک گاڑیوں پر بھی نہیں ہوگا۔
اسٹیٹ بینک کے مطابق روشن ڈیجیٹل اکاؤنٹس کھولنے والے سمندر پار پاکستانیوں کی سہولت کیلئے روشن اپنی کار پراڈکٹ پر بینکوں یا ترقیاتی اداروں کے قرض سے متعلق ضوابط تبدیل نہیں کئے گئے۔

Source: SaamaTv
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Forthcoming Events in Pakistan
Upto 30th September 2021

▪️International Poultry Expo
23 - 25 Sep 2021 Add To Calendar
Lahore International Expo Centre, Lahore, Pakistan

▪️World Conference on Systems Engineering Research
26 Sep 2021 Add To Calendar
Pearl Continental Hotel, Rawalpindi, Pakistan

▪️International Conference on Civil, Architectural and Environmental Sciences
29 Sep 2021 Add To Calendar
Rawalpindi, Pakistan

▪️International Conference on Advance Education
29 Sep 2021 Add To Calendar
Rawalpindi, Pakistan

▪️International Conference on Recent Advances in Medical and Health Sciences
28 - 29 Sep 2021 Add To Calendar
Best Western Hotel, Islamabad, Pakistan

▪️International Conference on Social Science, Arts, Business and Education
29 Sep 2021 Add To Calendar
Rawalpindi, Pakistan

▪️International Conference on Recycling and Waste Management
29 Sep 2021 Add To Calendar
Rawalpindi, Pakistan

▪️International Conference on Human Rights and Human Dignity
29 Sep 2021 Add To Calendar
Rawalpindi, Pakistan

▪️International Congress on Economy, Finance, and Business
29 Sep 2021 Add To Calendar
Rawalpindi, Pakistan

▪️International Conference on Clinical and Experimental Dermatology
29 Sep 2021 Add To Calendar
Rawalpindi, Pakistan

▪️International Conference on Mechanical and Automobile Engineering
29 Sep 2021 Add To Calendar
Rawalpindi, Pakistan

▪️International Conference on AdvancePhysics and Mathematics
29 Sep 2021 Add To Calendar
Rawalpindi, Pakistan

▪️World Conference on Accountants
29 Sep 2021 Add To Calendar
Rawalpindi, Pakistan

▪️International Conference on Physics
29 Sep 2021 Add To Calendar
Rawalpindi, Pakistan

▪️International Conference on E-Assessment in Mathematical Sciences
29 Sep 2021 Add To Calendar
Rawalpindi, Pakistan

▪️International Conference on Anthropology and Sustainability
29 Sep 2021 Add To Calendar
Rawalpindi, Pakistan

▪️Optics Asia
28 - 30 Sep 2021 Add To Calendar
Karachi, Pakistan

Source: 10times
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Forward from: Real Estate Updates Of Pakistan
Latest Prices of BTK | Sept 23, 2021

Bahria Town Karachi (BTK)
is a diverse market based on multiple precincts. This is how; the prices keep updating as per the latest standards of property in Karachi. It is also vital to understand these trends in order to gain the best results.

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Overall upward trend is being seen in BTK & Scheme 45, so hurry up, and don't miss this opportunity and don't hesitate to contact us, for any information related to BTK & Scheme 45.

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