The launch of PRA IRIS was intended to herald a new era in sales tax filing for taxpayers in Punjab. However, the initial experience has highlighted several areas where the portal falls short of expectations. By addressing these issues promptly, the Punjab Revenue Authority can deliver on its promise of providing a streamlined and user-friendly tax filing experience. Until then, it remains to be seen whether PRA IRIS will live up to its name as "A NEW EXPERIENCE" or simply be seen as more of the same.
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FBR has issued draft of certain further amendments in the Income Tax Rules, 2002 vide S.R.O. 1612(1)/2022. This SRO. Federal Board of Revenue proposes to make in exercise of the powers conferred by sub-section (1) of section 237 of the Income Tax Ordinance, 2001 (XLIX of 2001), is hereby published for information of all persons likely to be affected thereby and, as required by sub-section (3) of the said section 237, notice is hereby given that objections or suggestions thereon, if any, may for consideration of the Federal Board of Revenue be sent within seven days of publication of the draft in the official Gazette.
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The Securities and Exchange Commission of Pakistan (SECP) has published a concept paper titled “Review of Landscape & Revamping Framework-REITs” for soliciting public comments. It provides a glance at Real Estate Investment Trusts (REITs) Industry and covers proposed amendment(s) in the REITs regulatory framework.
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The Securities and Exchange Commission of Pakistan (SECP) has approved amendments to the Modaraba Regulations, 2021. The amendments have refined the regulatory framework for Modarabas in Pakistan while improving doing business climate in the country.
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Federal Board of Revenue(FBR) has categorically rebutted the above captioned news item, FBR reels under a major 'cyber attack' published in eExpress Tribune today as on August 15, 2022. The instant news item sought to create a misleading impression that FBR had shut down its website in anticipation of a possible hacking attack. The scribe of subject news item rather went on to term it 'national emergency situation.' Unfortunately, the said story is based on far-fetched imagination and is obviously miles away from facts.
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FBR Online Return filing system will be temporarily unavailable from 10 PM on 6th August to 10 AM on 7th August 2022 due to system maintenance.
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FBR has issued draft of certain further amendments in the Income Tax Rules, 2002 vide S.R.O. 1612(1)/2022
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The aim of proposed regulatory amendments is to introduce new REIT products, create ease for REIT Management Companies in launching different REIT schemes, and shift towards reporting based regime.
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