Page 8 - Newsletter-Nov2015

Newsletter The Institute of Chartered Accountants of Pakistan Certification on Board Evaluation The Institute of Chartered Accountants of Pakistan Techniques in Lahore Continuing Professional Development (CPD) Committee of NRC organised a workshop on Taxation on August 15, 2015 at ICAP House Lahore. Kamran Iqbal Butt, FCA The Institute of Chartered Accountants of Pakistan (ICAP) Convener CPD North, welcomed the participants and held Certification on Board Evaluation Techniques guest speakers to the workshop. The full day workshop (CBET) on October 26, 2015 at Avari Hotel, Lahore. with four sessions covered important matters in these The trainer was Huma Pasha, former head Internal Audit statutes and case laws for the benefit of members. Dawood Hercules Group and currently chairperson and director Workstream Automation Ltd. She presented The first session was on direct taxes and the presenter valuable information and kept the attention of the was Zeeshan Ijaz, partner KPMG Taseer Hadi & Co. participants intact throughout the session. This one- Chartered Accountants. Various important provisions of day course was based on case studies, theory as well as Income Tax Law were highlighted and the presenter also interactive exercises. answered questions of audience. The second session was on indirect taxes (federal) and the presenter was Amer Younis, senior manager Ernst & Young Ford Rhodes Sidat Hyder Chartered Accountants. He gave a very detailed and comprehensive presentation covering various provisions on indirect taxes (federal). The third session was on Sales Tax Act on services and the presenter was Shoaib Ahmed Waseem, FCA, partner Junaidy Shoaib Asad Chartered Accountants. He gave a detailed tabular comparison of various types of sales tax Participants of the Certification on Board Evaluation Techniques on services in all provinces and Federal Capital Territory. held in Lahore According to the Code of Corporate Governance The fourth and the last session was a dedicated session 2012, the board has to put in place a mechanism for on case laws on taxation which was led by Shahbaz Butt, undertaking annual evaluation of the performance of senior advocate Supreme Court of Pakistan. He elaborated the board within two years of the implementation of the history of taxation case laws in Pakistan. He also gave an Code. Being the regulatory body, ICAP launched CBET account of various important decisions on taxation given by keeping in mind the SECP requirements as well as to High Courts and Supreme Court of Pakistan. The members cater to the needs of the professionals. found this session to be extremely useful. The session was attended by CA fraternity in large numbers; Members ICAP launched the course on July 16, 2015 in Karachi in expressed appreciation of workshops on such topics. A response to the growing needs of the top level management DVD of this session is also available from NRC secretariat. to understand the depth of board operations. Workshop on Taxation Workshop on Update on Saudi Income Tax and Zakat Law - 2015 Taxation surely is a reality which has to be faced. Our dilemma is that not only we have to face it individually by KSA Chapter (Eastern Province) but we get the responsibility to interpret and practically apply it as part of our scope of work. This year’s budget The Continuing Professional Development (CPD) has brought changes in various taxation statutes Committee in Eastern Province of Kingdom of Saudi Arabia including Income Tax Ordinance 2001, Sales Tax Act (KSA) Chapter jointly with Institute of Cost and Management 1990, Punjab Sales Tax on Services Act 2012, Sindh Sales Accountants of Pakistan (ICMAP) KSA branch organised a CPD Tax on Services Act 2011, KPK Sales Tax on Services Act workshop on Update on Saudi Income Tax and Zakat Law 2013 and introduced Islamabad Capital Territory (Tax on 2015 under the chairmanship of Nabeel Najam on August Services) Ordinance 2001, etc. 27, 2015 at Alturki Business Park auditorium in Al-Khobar. 8 November 2015