CBR has constituted a Committee under Rule 213A read with S.206A, for purposes of giving Advance Ruling to Non-Residents, comprising Chairman, CBR as its Chairman and Member (Direct Taxes), CBR and a nominee of Law Division Mr. Zakir Mahmood Janhar, Senior Joint Secretary, Ministry of Law, Justice and Human Rights, as its members.

14

Agreement signed for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income, by the Government of Islamic Republic of Iran and Government of Pakistan, provisions of which will come in effect from 01.01.2005.

15

Guidelines for Tax Audit of Corporate Returns for Tax Year 2003, issued by CBR to all RCITS.

Guidelines for Tax Audit of Non- Corporate Returns for Tax Year 2003, issued by CBR to all RCITS.

17

Parameters for selection of Corporate and Non-Corporate cases for audit for Tax Year 2003, released by CBR in press.

18

CBR clarified that as per policy decision, no correspondence will be made by the Department with the Tax Payer, in respect of Returns filed under USAS, for Tax Year 2003. Further, letters already issued for removal of deficiencies and filing of short documents should now not be pursued, and in case of violation of these instructions, strict action shall be taken by CBR.

19

Instructions regarding payment of Advance Tax Liability u/s. 147 of the Income Tax Ordinance, 2001 issued.

20

To facilitate the clients/customers of Non Banking Finance Companies (NBFCs), it has been decided that in cases where the depositors/borrowers have not yet obtained Computerized National Identity Cards (CNIC) for opening of accounts/ extension of financing, the NBFCs, may obtain the attested copies of old NIC and receipt of NADRA (evidencing that the client has applied for CNIC) along with an undertaking that a copy of CNIC will be submitted immediately on receipt.

In order to maintain discipline in data reporting by NBFCs to the Credit Information Bureau (CIB) of SBP, all NBFCs are directed in terms of S.282(1) of the Companies Ordinance, 1984 to provide factual and accurate data to SBP on the prescribed format, from time to time, on monthly basis, but not later than 10th of every month following the month to which CIB data relates.

Similar directives to the above effect, have also been issued to Modarabas for submission of monthly data to Credit Information Bureau (CIB) of SBP. It has also been observed that any violation in this regard shall be dealt under the provisions of the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980.

Listed Companies have been allowed to place its Quarterly Accounts on its website which will be treated compliance of the provisions of S.245 of the Companies Ordinance, 1984, subject to the fulfillment of the specified conditions.

Directives issued under Rule-7 of Credit Rating Companies Rules, 1995 that while entering into a rating contract, the credit rating companies shall not accept a rating assignment where a client terminated a rating contract with another credit rating company, except with the prior approval of the SECP, and communicating in writing with the credit rating company, if any, which had previously rated the company, to ascertain professional reason as to why the appointment should not be accepted.

In suppression of earlier notifications, SECP notified Powers and Functions of Director (Enforcement Department) Company Law Division to adjudge all offences, contravention's and defaults under various specified provisions of the Companies Ordinance and to impose fine (other than fine in addition to, or in lieu of, imprisonment).