Quarterly Journal, Quarterly Journal,

20182018

(July-September)(July-September)

Quarterly Journal,

2018

(July-September)

Executive Center, Office No. 2,

2nd Floor, Plot No. 24, I‐8, Markaz,

Islamabad.

Ph: +92 51 4938396, +92 51 4938395

E.mail: tmrc@tmrc.com.pk | Web: www.tmrc.com.pk

Take a glance on our Activity CalendarTake a glance on our Activity Calendar

Page: 02 Page: 02

What FBR contributes this quarter?What FBR contributes this quarter?

Page: 03 Page: 03

What SECP contributes this quarter?What SECP contributes this quarter?

Page: 05Page: 05

Knowledge dose for learners. Knowledge dose for learners.

Page: 08Page: 08

Due dates Schedule of Annual CompliancesDue dates Schedule of Annual Compliances

Page: 11Page: 11

Take a glance on our Activity Calendar

Page: 02

What FBR contributes this quarter?

Page: 03

What SECP contributes this quarter?

Page: 05

Knowledge dose for learners.

Page: 08

Due dates Schedule of Annual Compliances

Page: 11

TARIQ MIAN RAMZAN ARSHAD & CO.Cost & Management AccountantsAuditors, Financial, Tax & Corporate Advisors

Issue: 01Issue: 01

RegistrationLicensing

Incorporation

Corporate &

Tax Advisory

Audits &

Assurance

Management Consulting

COMPLIANCE NEWS JOURNAL

ERP, Financial, HR, IT & Management Consultants

TMR CONSULTING (PVT.) LIMITED

(GP, AX &

DYNAMICS365)

Office 365,Microsoft

Azure

TM

RA

C

CO

MP

LIA

NC

E N

EW

S J

OU

RN

AL

We OWN our Clients; we EDUCATE them to Grow

Tax refreshment program is conducted for clients' CEO/Business owners regarding Finance Act 2018 and Budgetary amendments; its implica�ons for businesses as per compliance and opera�ons.

Mr. Ramazan is contribu�ng his knowledge to educate society towards paying tax in order to become produc�ve part of a healthy society.

Media is source to spread and shareknowledge

Event of Pride

Mr. Naveed Malik SVP‐ICCI Presen�ng Shield to Liaqat Ali Dola Registrar Companies SECP who also gave briefing & awareness about LLP program. Nisar Mirza VP, Khalid Choudhry Former SVP‐ICCI, Dildar Abbasi, Mian Ramzan, Sohail Rabbani, Mian Rashid Humayun, Syed Asad, Ch. Irfan, & many others are present.

Overseas Team Training at Dubai office is conducted regarding implica�ons of VAT Regula�ons on Companies

Learning; Gateway to Success

Training Seminar on Income Tax at FAST ‐ Na�onal University of Computer & Emerging Sciences. H‐11/4, Islamabad.

INCOME TAX

TM

RA

C

CO

MP

LIA

NC

E N

EW

S J

OU

RN

AL

“A Thorough Analysis on latest amendments of Finance Supplementary Act 2018”

Finance Supplementary (Amendment) Act 2018

The Federal Budget 2018‐19 was presented and approved by the previous Government in May 2018. The new government took the charge of Government in August 2018. Due to poli�cal instability for the last one year, the economy has been facing financial crises and it has put a challenge on the new government to run its economic affairs especially the financial needs. Thecurrent Government has presented the Finance Supplementary (Amendment) Bill 2018 which was approved by the Na�onal Assembly with slight amendments and became the Act. The Finance Supplementary (Amendment) Act 2018 is termed as the mini‐budget through few amendments in the taxa�ons laws have been made which include;

Amendments in Income Tax Law which majorly include;

Compulsion on banks to disclose data of certain banking transac�ons Sec�on 227C has been amended where restric�on for non‐filers has been waived

off in case of vehicles under 200cc, tractors, and property by non‐residents etc and parallel to these penal�es new penal�es introduced for Car Manufacturers and Excise & Taxa�on Department viola�ng the provisions of sec�on 227C.

Closure of audit cases selected u/s 214D by paying higher taxes than the originally filed returns.

Tax rates have been enhanced for individuals (salaried and non‐salaried both) falling in the income slab exceeding Rs.2.4 million.

Abolishing of few tax exemp�ons on perquisites of Provincial Governors and ministers.

Gran�ng of exemp�ons to Supreme Court of Pakistan ‐Diamer Basha and Mohmand Dams Fund.

Increase in custom duty rates on 34 items Exemp�on from sales tax on pharmaceu�cal industry items Increase in excise duty rates on Cigare�es

SRO 1165(I)/2018 dt: 28.09.2018Title: Amendment in Chapter VIII A of Income Tax Rules, 2002

These dra� amendments relate to the repor�ng requirements for banking companies that a new statement namely “Cash Withdrawals Statement” shall be submi�ed to FBR along with other statements (Account Holders Deposit Statement, Credit Card Payments Statements, and Wri�en off loan statement, currency transac�on report and suspicious transac�ons report) (Ref: a�er Clause‐h, SubRule‐1, Rule39B)

Circular NO. 04/2018 dt: 30.09.2018Title: Extension in date of Filing of Income Tax Returns/statements for the year 2018

The date of filing of Income Tax Return for 2018 of Salaried Individual and AOP which was due on 30 Sep 2018 is extended up to 30 Nov 2018

The detail of New Rates are given at the End of this News Le�er. (Ref: Page # 10)

TM

RA

C

CO

MP

LIA

NC

E N

EW

S J

OU

RN

AL

SALES TAX

Five export oriented sectors (tex�le, carpet, leather, sports and surgical goods) are provided special zero ra�ng and reduced rates and this SRO is amended from �me to �me. This year major amendments were made through SRO771(1)2018 dated 21.06.208 as budgetary measures and further amendment have been made through SRO 996(I)2018 dt: 11.08.2018 and SRO 881(I)/2018 dt: 13.07.2018

SRO 888(I)/2018 dt: 23.07.2018

SRO 889(I)/2018 dt: 23.07.2018

Sales tax on Electricity supply is exempted for all users (Domes�c, commercial and industrial) of Districts Chital, Dir, Swat and others falling in that zone.

Retailers supplying “Goods” are exempt from sale tax located in the Districts of Chital, Dir, Sawat, and others falling in that zone.

SRO 890(I)/2018 dt: 23.07.2018

Goods produced and supplied by industrial units located in and near Districts of Chitral, Dir, Sawat, and others falling in that zone are declared sales tax exempted (Full rate)

The manner and format of this new statement is prescribed in Form D given and will be added a�er Form‐C.

SRO 1091(I)/2018 dt: 04.09.2018Title: Dra� ‐ Electronic Return for Companies for Tax Year 2018

Dra� amendments in the Income Tax Act 2002 have been proposed by FBR for considera�on of related par�es and open for sugges�on �ll seven days a�er the date of publica�on in the official gaze�e. (Ref: Income Tax Ordinance 2001(XLIX of 2001) sec�on 237‐sub‐sec�on ‐1.)

SRO 1012 (I)/ 2018 dt: 17.08.2018Title: Electronic Return for Individuals and AOPs and Paper Return for Individuals for Tax Year 2018

Income Tax Returns and Wealth Statements formats for Tax Year 2018 are prescribed by amending the Income Tax Rules 2002. Separate Income Tax Return forms for different heads of income specified including Salary income, Business individuals as well as for Non‐Residents.

SRO 887 (I)/2018 dt: 23.07.2018

Incomes of Individuals and Business En��es having registered offices in Districts of Chitral, Dir, and Sawat including Kalaam and former Tribal Areas have been exempted (ref clause (144) of Part I of the Second Schedule to the ITO 2001. Further, the Withholding Provisions shall also not apply if payer and the recipients are residents of these areas. However, in case of salary, the withholding shall not apply in respect of persons working in these areas even if the payer is not resident of these areas. (ref: clause (105) of Part IV of the Second Schedule to the ITO 2001)

SRO 996(1)/2018 dt: 11.08.2018Title: Further Amendments in SRO No.1125(1)/2011dt:31‐12‐2011

TM

RA

C

CO

MP

LIA

NC

E N

EW

S J

OU

RN

AL

SECP

Final No�fica�on regarding licensing and opera�ons regula�ons for future brokers has been issued following previously published in official Gaze�e vide S.R.O. 600(I)/2018 dated May 9, 2018.(Ref: sub‐sec�on (1), sec�on 114, 47, 48, 51, 52, 58, 59, 60, 61, 62, 63, 64, 66, 68, 95, Futures Market Act, 2016, (XIV of 2016)

SRO 1164 (I)/2018 dt: 26.09.2018No�fica�ons of future brokers licensing and opera�ons regula�ons 2018

F.No.11 (9) 2018‐Admn dt: 14.09.2018Title: Establishment‐of‐pm‐cj‐fund‐for‐diamer‐basha‐and‐mohmand‐dam

Prime minister has been pleased to call for public dona�ons for PM‐CJ fund for Diamer Basha and Mohmand Dam following details as under:Bank: State Bank of PakistanTitle: Supreme Court of PakistanAccount No: 03‐593‐299999‐001‐4IBAN: PK06SBPP0035932999990014

SRO 1099(I)/2018 dt: 10.09.2018No�fica�on of Limited Liability Partnership regula�ons 2018

Following Dra� amendments are proposed by SECP. Comments and sugges�ons are addressed if receive within 14 days of this no�fica�on. (Ref: Sec 53,Limited Liability Partnership Act, 2017 (XV of 2017)

SRO 1092 (I)/2018 dt: 06.09.2018No�fica�on‐amendment‐in‐third‐schedule

The Securi�es and Exchange Commission of Pakistan is pleased to make following amendments in the Third Schedule to the Companies Act, 2017, namely,‐In the Note, at the end of table, a�er paragraph (4), the following new paragraphs shall be inserted, namely:‐“5. The Medium Sized Companies that are otherwise required to follow IFRS for SMEs and Accoun�ng Standards for NPOs, may opt to follow the IFRS no�fied by the Commission for the prepara�on of financial statements.6. The Small Sized Companies that are otherwise required to follow revised AFRS for SSEs may opt to follow IFRS no�fied by the Commission or IFRS for SMEs.”.(Ref: sub‐sec�on (2), sec�on 507, Companies Act, 2017 (Act No. XIX of 2017)

S.R.O. 1098 (I)/2018 dt: 06.09.2018No�fica�on to delega�on of power IEIRD

The Securi�es and Exchange Commission of Pakistan (the Commission) ,delegates the powers and func�ons of the Commission to its Commissioner, Interna�onal Rela�ons Department as detailed in the aforesaid no�fica�on.(Ref: Sec.10, Securi�es and Exchange Commission of Pakistan Act, 1997 (XLII of 1997)

SRO 1079 (I)/2018 dt: 03.09.2018No�fica�on for dra� amendments in intermediaries registra�on regula�ons 2017

The dra� amendments to the Intermediaries (Registra�on) Regula�ons, 2017 (the Regula�ons) are proposed to be made by the Securi�es and Exchange Commission of Pakistan as per aforesaid no�fica�on. Comments and sugges�ons are addressed if receive within 14 days of this no�fica�on.

(Ref: sec�on 512, Companies Act, 2017, clause (b), sec�on 43, Securi�es and Exchange Commission of Pakistan Act, 1997 (XLII of 1997)

SRO 1081 (I)/2018 dt: 03.09.2018Statutory‐no�fica�on‐amendments‐in‐the‐aml‐and‐c�‐regula�ons‐2018

The dra� amendments to the Security and Exchange Commission of Pakistan (An� Money Laundering and Countering Financing Terrorism) Regula�ons, 2018 are proposed to be made by the Securi�es and Exchange Commission of Pakistan as per aforesaid no�fica�on. Comments and sugges�ons are addressed if receive within 30 days of this no�fica�on. ,

(Ref: sec�on 40, Clause (w), sub‐sec�on (4), sec‐20, Securi�es and Exchange Commission Pakistan Act, 1997 (XLII of 1997)

SRO 1006 (I)/2018 dt: 10.08.2018No�fica�ons to Special Public Prosecutors

The commission is pleased to appoint the officers as Special Public Prosecutors to conduct all prosecu�on of offenses against any person under the XLVII of 1997 or any administrated legisla�on provided thereto.

SRO 995 (I)/2018 dt: 10.08.2018Amendments in Real Estate Investment trust Regula�ons, 2015

SRO 994 (I)/2018 dt: 10.08.2018Title: Amendments in central depository (Licensing & Opera�ons) Regula�ons 2016

SRO 992(1)/2018 dt: 08.08.2018Title: These regula�ons shall be called the General Takaful Accoun�ng Regula�ons, 2018

The dra� regula�ons for informa�on of all persons likely to be affected thereby and no�ce is given that objec�ons and sugges�ons, if any, received within thirty days of this no�fica�on will be taken into considera�on by the SECP.

SRO 884 (I)/2018 dt: 17‐07‐2018No�fica�on to a delega�on of powers

Authority to operate and the delegate is assigned from top to bo�om towards commissioner, Middle‐Level managers, and Officers. Ref: Real Estate Investment Trust Regula�ons, 2015

SRO 885 (I)/2018 dt: 17‐07‐2018No�fica�on to a delega�on of powers

TM

RA

C

CO

MP

LIA

NC

E N

EW

S J

OU

RN

AL

Authority to operate and the delegate is assigned from top to bo�om towards Commissioner, Middle‐level management and Officers of Specialized Companies Division. Ref: Listed Companies (Code of Corporate Governance) Regula�ons, 2017 )

Circular No. 9 dt: 03‐07‐2018

Mandatory cer�fica�on for Professionals of Modarabas.

Circular No. 10 dt: 04‐07‐2018

Mandatory cer�fica�on for Professionals of Capital Market.

Circular No. 11 dt: 10‐07‐2018

Mandatory Cer�fica�on requirements for the Professional working with Insurers, including Takaful operators in the designated Func�ons.

Circular No. 12 dt: 10‐07‐2018

Mandatory cer�fica�on for Professionals of NBFCs.

Circular No. 15 dt: 17‐07‐2018Risk Management and Control Guidelines for Asset Management Companies.

Detailed guidelines are provided in respect of the general framework of Risk Management for Asset Management Companies

Circular No. 14 dt: 12‐07‐2018Corporate Social Responsibility ‐Contribu�on towards the construc�on of Dam

All Companies are encouraged to contribute to “DIAMER BASHA AND MOHMAND DAM FUND‐2018” in pursuance of Supreme Court Order.

TM

RA

C

CO

MP

LIA

NC

E N

EW

S J

OU

RN

AL

TMRAC is aimed to achieve excellence through perfect collabora�on of its clients and related par�es to develop tax awareness and other compliance educa�on. This sec�on is based to achieve that goal by in introducing various concepts for laymen to understand and play its role towards accordingly.

Learn and Grow with TMRAC

“Tax is the price for living in a civilized society” (Mian M Ramzan)

INCOME TAX OVERVIEW

Income tax is a tax levied on the quantum of income earned by a taxpayer during an Income year. Tax rates and method of calcula�ng income tax varies with the type/status of the tax. Following are the type of taxpayers under the income tax law:

Tax on income of individuals and AOPs is levied whose annual income exceeds minimum threshold prescribed by the Govt which is currently Rs. 400,000 whereas no minimum threshold for Companies.

Income tax collec�on mechanism is as follows;

Following persons are required to file the Annual Income Tax Returns;

Annual Collec�on (Through Annual Returns)

Advance Tax (Paid quarterly based on last year income/turnover for businesses)

agents)

Withholding Tax (WHT) Regime (Transac�on based tax collec�on through withholding

every company

respect of any of the two preceding tax years Any person whose income exceeds the minimum threshold or has been charged to tax in

NPOs including welfare ins�tu�ons

A person claiming a loss carried forward

within the municipal limits or areas in a Cantonment; or the Islamabad Capital Territory and owns the immovable property of 500 Sq. Yards and flat with covered area 2000 Sq. Feet in a ra�ng area.

Owns the immovable property of 250 Sq. Yards or owns any flat located in areas falling

Owns a motor vehicle having engine capacity above 1000 CC

Has obtained Na�onal Tax Number is the holder of commercial or industrial connec�on of a connec�on of electricity where

The amount of annual bill exceeds Rs. 500,000

Persons Registered with Chambers, trade or business associa�ons or Market Commi�ees

Members of Pakistan Engineering Council, Pakistan Medical and Dental Council

Members of Pakistan Bar Council or Provincial Bar Council Members of Pakistan Bar Council or Provincial Bar Council

Members of ICMAP or ICAP cont.

Individuals (Salaried and Others)

Business En��es (Proprietorships, AOPs, and Companies)

TM

RA

C

CO

MP

LIA

NC

E N

EW

S J

OU

RN

AL

The following persons shall not be required to furnish a return of income for a tax year where he was required by reason that he owns the immovable property of 250 sq. yards or more or flat in municipal limits.

Learn and Grow with TMRAC

Persons Required to file the Wealth Statement along with Wealth Reconcilia�on Statement

(a) A widow;

(b) an orphan below the age of twenty‐five years;

(c) a disabled person; or

(d) in the case of ownership of immovable property by a non‐resident person.

Every Resident Tax Payer being an Individuals filing Tax Returns.

Every member of AOP

Every Person filing statement u/s115(4).

For determina�on of income tax liability, there exist two Regimes:

A‐ Normal Regime Under the normal regime, the tax liability is determined on the basis of income earned by a taxpayer

during an income year by applying Tax Rates as provided in the Ordinance.

B‐ Final/Fixed Tax/Separate Block Tax Regime Under this regime, the tax is paid on a fixed rate basis. In most of the cases, it is collected or deducted

through withholding Regime whereas in certain cases paid as a separate block of income.

As a major por�on of income tax is being collected through withholding Regime, the Tax Liability where tax is deducted/collected at source is determined under following three categories;

Tax Deducted/Collected as Adjustable and Tax is paid under Normal Regime (e.g WHT from salaries, tax collected through telephone/mobile bills)

Tax Deducted/Collected as Minimum Tax (WHT on Service Providers)

Tax Deducted/Collected as Final Tax ‐PTR (WHT of Contractors, Suppliers)

The due date for filing of Annual Income Tax Return for TY 2018 for Individuals and AOPs and Statements for FTR Cases is 30th November 2018.

Sugges�ons for a par�cular topic by our readers are always welcomed and treated at priority.Email: mianramzan@tmrc.com.pk | mahwishpervaiz87@gmail.com

TM

RA

C

CO

MP

LIA

NC

E N

EW

S J

OU

RN

AL

TM

RA

C

CO

MP

LIA

NC

E N

EW

S J

OU

RN

AL

Comparison of the Old and New Tax Rates as amended through Finance Supplementary (Amendment) Act, 2018

The new Rate Table for Tax Year 2019 for Individuals other than salaried Individuals shall be as follows effec�ve from 1st July 2018.

Sr.No.

Taxable Income Slabs

Tax Rate as perFinance Act 2018

New Taxable IncomeSlabs

New Rates

1 0‐ Rs.400,000 0% 0‐ Rs.400,000 0%

2

3

4

5

Rs. 400,001 to Rs. 800,000

Rs. 1,000/‐ Rs. 400,001 to Rs. 800,000

Rs. 1,000/‐

Rs.800,001 to Rs. 1,200,000

Rs.800,001 to Rs. 1,200,000

Rs. 2,000/‐ Rs. 2,000/‐

Rs.1,200,001 to Rs.2,400,000

Rs.2,400,001 to Rs.4,800,000

5% of the amount exceeding Rs. 1,200,000

Rs. 60,000 + 10% of amount exceeding Rs. 2,400,000

5% of the amount exceeding Rs. 1,200,000

Rs.1,200,001 to Rs.2,400,000

Rs. 4,800,001 and above

Rs. 300,000 + 15% ofamount exceedingRs. 4,800,000

6

6

Rs.2,400,001 to Rs.3,000,000

Rs. 60,000 + 15% of the amount exceeding.Rs. 2,400,000

Rs.3,000,001 to Rs.4,000,000

Rs.150,000 + 20% of the amount exceeding Rs. 3,000,000

Rs.4,000,001 to Rs.5,000,000

Rs.350,000 + 25% of the amount exceeding Rs. 4,000,000

Rs. 5,000,001 and above

Rs.600,000 + 29% of theamount exceeding Rs. 5,000,000

5

7

8

The new Rate Table for Tax Year 2019 for Salaried Individuals shall be as follows effec�ve from 1st July 2018.

Sr.No.

Taxable Income Slabs

Tax Rate as perFinance Act 2018

New Taxable IncomeSlabs

New Rates

1 0‐ Rs.400,000 0% 0‐ Rs.400,000 0%

2

3

4

5

Rs. 400,001 to Rs. 800,000

Rs. 1,000/‐ Rs. 400,001 to Rs. 800,000

Rs. 1,000/‐

Rs.800,001 to Rs. 1,200,000

Rs.800,001 to Rs. 1,200,000

Rs. 2,000/‐ Rs. 2,000/‐

Rs.1,200,001 to Rs.2,400,000

Rs.2,400,001 to Rs.4,800,000

5% of the amount exceeding Rs. 1,200,000

Rs. 60,000 + 10% of amount exceeding Rs. 2,400,000

5% of the amount exceeding Rs. 1,200,000

Rs.1,200,001 to Rs.2,500,000

Rs. 4,800,001 and above

Rs. 300,000 + 15% ofamount exceedingRs. 4,800,000

6

6

Rs.2,500,001 to Rs.4,000,000

Rs. 65,000 + 15% of the amount exceeding.Rs. 2,500,000

Rs.4,000,001 to Rs.8,000,000

Rs.290,000 + 20% of the amount exceeding Rs. 4,000,000

Rs. 8,000,001 and above

Rs.1,090,000 + 25% of theamount exceedingRs. 8,000,000

5

7

TM

RA

C

CO

MP

LIA

NC

E N

EW

S J

OU

RN

AL

DUE DATES/SCHEDULE OF ANNUAL COMPLIANCES

Sr.No.

Descrip�on of Legal/

Statutory RequirementsRegulator Compliance Date

1 FBR

On or before 30th,

November,

2018 as extended

Filing of Annual Income Tax Return for Individuals/AOPs

2 FBR

Filing of Annual Income Tax Return and statement of Final Taxa�on (in case of Companies)‐ for the year ending between first day of July and 31st day of December.

On or before 30th,

November,

2018 as extended.

3 FBR

Filing of Annual Income Tax Return and statement of Final Taxa�on (in case of Companies)‐ for the year ending between first day of January and 30th day of June 2018.

On or before 31st

December 2018.

4

Provincial

Tax

Authori�es

Submission of Annual Audited Accounts to the Provincial Sales Tax Authori�es, if re g i ste re d w i t h P rov i n c i a l Reve n u e Authori�es.

Within 15 days

of audit report

on accounts.

5

SECP

With in 15 days of AGM

With in 30 days of AGM

Along with Annual Return

6

SECP

Submission of Annual Audited Accounts to SECP. (In case of public companies (including associa�on not for profit and companies limited by guarantee) and private companies having share capital exceeding Rs. 10 million)

Within 30 days of Annual

General Mee�ng in case

of listed company and

Within 15 days of Annual

General Mee�ng in case

of any other company

7

SECP

Submission of Authen�cated Financial Statements (whether audited or not) to SECP. (A private company, not being a subsidiary of public company, having the paid up capital not exceeding one million rupees)

Within 30 days of

Annual General Mee�ng.

Holding of Annual General Mee�ng(AGM) Within 120 days of

close of Financial YearSECP

Prepara�on & filing of Annual Form/Returns of Securi�es & Exchange Commission of Pakistan, only in case of companies.

Form 29/28

Annual Return‐Form A/B/C/D

(Excep�on for filing of Form C for private companies having paid up capital of less than Rs.3million)

Form 32/33

TARIQ MIAN RAMZAN ARSHAD & CO.

Our Team...

Mian Muhammad RamzanFCMA, ACFE,23 years professional Experience

M. Tariq Khurshid FCMA, APA, Microso� Cer�fied Professional23 Years Experience of Management Consul�ng

Hafiz M. AtharMBA, Partner Dubai, UAE

Muhammad Arshad Bashir FCMA, 23 years professional Experience

MuhammadImranMalikFCMA, ACIS,15 years professional Experience

CONTACT DETAILSCONTACT DETAILSCONTACT DETAILS

HEAD OFFICE: Executive Center, Office # 1, 3rd Floor, Plot No. 24, I‐8, Markaz, Islamabad‐Pakistan

Ph: +92 51 4938395‐396| Cell: +92‐321‐5224488 | Email: tmrc@tmrc.com.pk

LAHORE OFFICE: 4‐C, Model Town, Lahore‐Pakistan. Tel: +92‐42‐35857747‐8 | Fax: +92‐42‐35857745

Email: arshad@tmrc.com.pk | Cell: 03219504472

DUBAI, UAEthTMR Consulting, MBC, 9 Floor, Conrad Tower, Sheikh Zaid Road,

Dubai, UAE. Email: tmrcuae@tmrconsult.com

web: www.tmrcousult.com | tmrc.com.pk

Disclaimer;The informa�on contained in this Newsle�er may not be taken as legal text as it is only general informa�on about the tax and corporate updates. It does not imply any obliga�on on the part of our organiza�on, partners or our employees. Specific legal provisions should be consulted and professional advice may be sought before any ac�on is taken.

KARACHI OFFICE:Office# 506, 5th Floor, Westland Trade Center, Shaheed‐e‐Millat Road, Near Baloch Colony Flyover,

Karachi, Pakistan. Tel: +92 320 0200087

Let Us Grow Together; You Consult, We Assure