AGL 40.00 No Change ▼ 0.00 (0%)
AIRLINK 129.00 Decreased By ▼ -0.53 (-0.41%)
BOP 6.76 Increased By ▲ 0.08 (1.2%)
CNERGY 4.50 Decreased By ▼ -0.13 (-2.81%)
DCL 8.70 Decreased By ▼ -0.24 (-2.68%)
DFML 41.00 Decreased By ▼ -0.69 (-1.66%)
DGKC 81.30 Decreased By ▼ -2.47 (-2.95%)
FCCL 32.68 Decreased By ▼ -0.09 (-0.27%)
FFBL 74.25 Decreased By ▼ -1.22 (-1.62%)
FFL 11.75 Increased By ▲ 0.28 (2.44%)
HUBC 110.03 Decreased By ▼ -0.52 (-0.47%)
HUMNL 13.80 Decreased By ▼ -0.76 (-5.22%)
KEL 5.29 Decreased By ▼ -0.10 (-1.86%)
KOSM 7.63 Decreased By ▼ -0.77 (-9.17%)
MLCF 38.35 Decreased By ▼ -1.44 (-3.62%)
NBP 63.70 Increased By ▲ 3.41 (5.66%)
OGDC 194.88 Decreased By ▼ -4.78 (-2.39%)
PAEL 25.75 Decreased By ▼ -0.90 (-3.38%)
PIBTL 7.37 Decreased By ▼ -0.29 (-3.79%)
PPL 155.74 Decreased By ▼ -2.18 (-1.38%)
PRL 25.70 Decreased By ▼ -1.03 (-3.85%)
PTC 17.56 Decreased By ▼ -0.90 (-4.88%)
SEARL 78.71 Decreased By ▼ -3.73 (-4.52%)
TELE 7.88 Decreased By ▼ -0.43 (-5.17%)
TOMCL 33.61 Decreased By ▼ -0.90 (-2.61%)
TPLP 8.41 Decreased By ▼ -0.65 (-7.17%)
TREET 16.26 Decreased By ▼ -1.21 (-6.93%)
TRG 58.60 Decreased By ▼ -2.72 (-4.44%)
UNITY 27.51 Increased By ▲ 0.08 (0.29%)
WTL 1.41 Increased By ▲ 0.03 (2.17%)
BR100 10,450 Increased By 43.4 (0.42%)
BR30 31,209 Decreased By -504.2 (-1.59%)
KSE100 97,798 Increased By 469.8 (0.48%)
KSE30 30,481 Increased By 288.3 (0.95%)

Karachi Tax Bar Association (KTBA) has proposed the Federal Board of Revenue (FBR) to insert a provision in the Registration Rules to cater unregistered firms. In a letter sent to chairman FBR, the Association cited that although the registration process had already started and the draft rules for the registration were now being circulated for recommendation, the same should had been done before the activation of the registration module.
Refer to the SRO 986(l)/2015 circulated on October 12, 2015 for getting public opinion on the draft of the registration rules, the KTBA proposed that a new omnibus column should be added to cover income not mentioned above ie "Income from other sources". It further emphasised upon the board to insert a provision in the Registration Rules to facilitate the unregistered firms and added that many recognised provident funds, approved superannuation funds and approved gratuity funds were recognised or approved by the relevant commissioner of income tax on the basis of the trust deed and rules produced, without having been registered in the formal sense before the registrar. However, neither the law nor the commissioner required such formal registration.
These schemes are in operation for decades, and receive all benefits of recognition or approval under the Income Tax Ordinance, 2001, and its predecessor Ordinance or Acts, it said. The KTBA said it would be difficult to require formal registration after so many years and termed it impossible as document, requiring registration, had to be presented to the Registrar within four months especially in Sindh and requirement of a new document would definitely create serious legal and administrative complications.
Keeping this in view, it has been recommended to insert a provision to the effect that in the case of an existing recognised provident fund, approval letter issued by the Commissioner will serve the purpose of the SRO, the KTBA said. In case of refusal for compulsory registration, the person should have a right of appeal before Commissioner (Appeals) or representation before the Chief Commissioner, it maintained.

Copyright Business Recorder, 2015

Comments

Comments are closed.