Common Reporting Standards (CRS)

Memorandum on Common Reporting Standards (CRS)

Pakistan government has commenced the implementation of OECD Multilateral Convention by incorporating relevant rules in tax laws. For this purpose, the Federal Board of Revenue (FBR) has proposed [through draft SRO 101(I)/2017 dated February 17, 2017] the Rules to be inserted in the Income Tax Rules 2002 with respect to Common Reporting Standards (CRS). This is a very significant and completely new paradigm, in relation to exchange of information by the financial institutions in Pakistan with respect to dissemination of certain information about clients to Pakistani regulatory authorities.

With this reference, our firm has issued a Memorandum which provides an oversight on the draft Rules.

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Companies Ordinance, 2016

Note on New Company Law in Pakistan - Key changes & new concepts

This brief note is the first of a series to be released by the firm on the new Companies Ordinance, 2016 (2016 Ordinance). This Ordinance has repealed the existing Companies Ordinance, 1984 (1984 Ordinance).

The Companies’ law is the primary and mother law for the businesses to be run under the corporate sector. Other laws, including banking laws etc. rely on this primary law with respect to corporate regulations.

In this part, only a summary of key changes and new concepts of the 2016 Ordinance have been identified. Our comments on implications shall follow.

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Tax Memorandum

Memorandum on Federal & Provincial Finance Acts, 2016

This booklet contains notes and comments on the amendments made in the fiscal laws passed by Federal and Provincial assemblies of Sindh, Punjab and KPK as they stand on July 1, 2016. Balochistan Finance Act, 2016 is not covered by this booklet for the reason that the same is not yet available with us. Further, this booklet also contains comments on various SROs issued under the Federal fiscal laws.

Through various Memorandums released by our Firm during June 2016 on Federal and Provincial Finance Bills, 2016, we presented general comments, suggestions and effects of the various proposals made in the Finance Bills laid before the respective assemblies for their approval.

Notes and comments in the booklet provide views on certain matters which have generally been made with positive connotation, however readers are requested to seek specific opinions and views on contentious issues especially for the reason that executive field officers and at times even the appellate and judicial forums apply and interpret the laws on the basis of text, ignoring the intention of law.

For unsettled industry issues arising from the above amendments, we intend to separately approach the respective industries.

We consider that readers will find the booklet useful which contains our comments on amended provisions in sequential order and not in preference of importance. We thank the staff which has helped us in preparing this booklet.

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