Convention between the Government of the Islamic Republic of Pakistan and the Government of the Republic of South Africa for the Avoidance of Double Taxation and the prevention of fiscal evasion with respect to taxes on Income has been made with effect from 9th March, 1999

01

Notification with respect to certain amendments made in Rules 211, 214, 219 and 220 of Income Tax Rules, 2002, in respect of approval of Non-Profit Organizations u/s.2(36) of Income Tax Ordinance, 2001.

02

Draft of Sales Tax Refund Rules, 2004 issued.

03

Special Procedure for Manufacturers-cum-Suppliers of Spun Yarn Rules, 2004 issued.

04

Clarification issued in respect of issues raised by the Collector (Exports), Karachi on DTRE-2003 for compliance by all the concerned.

05

06

Clarified that DTRE Scheme is applicable only in respect of cases relating to areas where all the four Federal Tax Laws i.e. Customs, Central Excise, Sales-tax and Income-tax are applicable simultaneously. However, DTRE facility exclusively for Sales-tax can be granted if exporter is from the area wherein Sales Tax Act, 1990 is applicable.

07

Clarification issued in respect of issues raised by the Collector Multan for compliance by all the concerned.

Under the Companies (General Provisions and Forms) Rules, 1985, only Company's Chief Executive or Secretary can sign the statutory returns but due to practical difficulties faced by the Companies, now the documents/returns filed under the signature of a Director will also be accepted for registration.

All Non-Banking Finance Companies (including Modaraba) are directed to comply with Section 20 of the National Accountability Ordinance, 1999, in letter and spirit by reporting all suspicious financial transactions to the Chairman, NAB.

Now even Unlisted Public Companies have been allowed in emergent situations to hold their Board Meetings through video conferencing where it is not possible for the directors to be physically present at the venue of the meeting. However, requirements of requisite quorum and other legal formalities relating to holding such meetings must be strictly observed. Further, Company Secretary is responsible to secure video recording of the proceedings of the meeting and keep it in his custody along with other relevant records.

Old National Identity Cards (NIC) are not to be accepted as valid document, as the same have been cancelled by the Government. The dealing officers are required to ensure that new computerized NIC are mentioned on all the relevant papers.

Companies Easy Exit Scheme (CEES) re-launched providing an opportunity to dormant Unlisted Public and Private Companies; Associations Not For Profit; Companies Limited by Guarantee and Foreign Companies, having no assets or liabilities and not carrying business, to take advantage of the exit facility and get their names struck off the Register of Companies, after fulfillment of specified formalities and payment of requisite fees. CEES is operative for a period of 4-months from 01-03-2004 to 30-06-2004.