Page 44 - ICAP Newsletter December 2018 Final

Newsletter The Institute of Chartered Accountants of Pakistan Procedure for taking credit of Tax paid under Amnesty Acts 2018 feedback The FBR has clarified vide Circular 7 dated October 24, 2018 that if tax had been paid under Voluntarily Declaration of Domestic Assets Act 2018 and Foreign Promoting CA Brand in Canada Assets (Declaration and Repatriation) Act 2018 under Thank you for giving Amnesty Scheme 2018 on or before July 31, 2018, but good space and coverage declaration has been not filed on or before that date, to the Fourth Biennial the person cannot take amnesty on assets against which Gala Dinner organised by such tax had been paid in his wealth statement for tax Canada Chapter of The year 2018. However, the tax paid can be used against tax Institute of Chartered liability arising under Tax Return 2018. For this purpose, Accountant of Pakistan members in the November the procedure for correction of CPR shall be followed Newsletter 2018. The to change the payment Section from ’5-Payment of collage of the newspaper Tax Under Voluntary Declaration of Domestic Assets coverage of the event was Act 2018- 92034’ to ‘9202-147- Advance Income Tax’ if particularly eye-catching. payment was made before June 30, 2018 and ‘9203- 137- Admitted Income Tax’ if payment was made after June I would like to share and add that 10 different 30, 2018. Canadian publications covered this flagship event of ICAP members’ Canada Chapter in four different languages i.e. English, Urdu, Hindi and Gujarati. Reporting of daily cash position by Banks The purpose of coverage in Canada’s Hindi and SBP had mandated banks to submit ‘denomination- Gujarati publications was to spread the word to non- wise’ and ‘branch-wise’ monthly stock position Pakistani community of Canada about the presence of cash balance via State Bank of Pakistan (SBP) and activities of Canada Chapter and also to spread Data Acquisition Portal (DAP) through Circular No. word about ICAP and to promote the CA Pakistan CMD/5/2016 dated September 26, 2016. Additionally, brand in Canada. I would also like to convey to the SBP has mandated banks to submit ‘branch-wise’ cash management committees of other Overseas Chapters receipt and cash payment at each day end through of ICAP members that they should also follow suit and DAP to improve monitoring and management of its spread the word about the presence of their chapters and its activities and also promote CA Pakistan brand cash operations. in their respective countries’ publications for the information of general public. Government decides to undertake Tax Reforms on - Qasim Abbas, FCA, FCMA (R-0799), Toronto, Canada fast track The government has decided to implement the Tax Good Effort Reforms Commission’s (TRC) report on a fast track. Under the chairmanship of the finance minister, Asad I’ve gone through the November edition of ICAP Umar the meeting was attended by tax and legal newsletter. The entire team experts from the private sector, including members has shown great effort of the Tax Reforms Implementation Committee (TRIC). in covering all important The TRC also proposed the setting up of a national tax events including AGM in one agency, besides stripping the FBR of its policymaking consign. I really like the idea role. He promised to get the Benami rules cleared of announcing the elections from the relevant cabinet body. The Benami Act that of office bearers as a wave empowers the FBR to take over properties held in names of change. In a nutshell, the entire issue is very nicely of people other than real owners remains ineffective in packed. Best wishes for the absence of rules. He also decided to revive the TRIC, continued success. Look forward with keen interest retaining its old composition. Three members of the TRC to receive future publications. All the best. – Abid Shahban, Karachi-based eminent lawyer, Ashfaq Tola, a leading tax expert and Masoud Naqvi, a chartered - Syeda Hoor Ul Ain, manager Education & Training department, ICAP accountant – have been retained as TRIC members. 44 December 2018