FBR selects 44,868 cases for audit by parametric computer ballot

ISLAMABAD (Staff Reporter):  The Federal Board of Revenue (FBR) on Thursday has selected 44,868 tax cases for audit through parametric computer ballot for the tax year 2016. Parametric computer ballot as per Audit Policy 2017 was held for selection of cases for audit for tax year 2016 and tax period July 1, 2015 to June 30, 2016 in respect of income tax, sales tax and federal excise duty. The computerised balloting held at FBR headquarters under the supervision of Adviser to PM on Revenue and Federal Minister Haroon Akhtar Khan. The FBR selected 7.5 percent cases for audit for tax year 2016 out of the total returns filed during last year. The break-up showed that 1,499 cases of income tax (corporate) and 34,515 cases of income tax (non-corporate) were selected. Similarly, 1,274 cases of sales tax (corporate) and 7,532 cases of sales tax (non-corporate) were also selected. Meanwhile, 48 cases were selected from FED under corporate and non-corporate.

"A company or individual selected for an audit would not be subjected to this exercise for next two consecutive years as the audit would be done once in three years," Haroon said. He further said that all cases of income exclusively from salary and where the salary exceeds 50 percent of taxable income are excluded from this parametric computer balloting.

ICAP holds CFO Conference

LAHORE (Staff Reporter): Institute of Chartered Accountants of Pakistan (ICAP) organised its annual CFO Conference here in Lahore at local hotel on Thursday. The conference was attended by more than 600 professionals from the fraternity of finance and business. ICAP President Riaz Rehman Chamdia stated that ICAP's professionals constitute vital part of the industry and it is incumbent for the institute to cater to their needs and expectations. The Institute is fully cognizant of the obligation it carries towards the business and finance professionals. It is committed to provide a better platform for the financial leaders of the country to explore and overcome the challenges of 21stcentury he further stated. In contemporary business environment, the role of the Chief Financial officer (CFO) has advanced from the traditional role of providing financial insights and analysis to a stellar role of supporting and shaping strategies and guiding key business initiatives as a Financial Leader.

Advans Microfinance Bank to continue supporting entrepreneurs

LAHORE (PR): Advans Pakistan Microfinance Bank has launched its new brand identity and a new logo reflecting both the company’s rapid growth since its inception only five years ago, and its resolve to stay committed to adding meaningful value to the microfinance sector in Pakistan. The launch event was attended by senior representatives of regulatory bodies, and of the microfinance and the larger financial sector, as well as by customers of Advans, the media and other invitees. Believing that the growth of private entrepreneurship is the engine for sustainable economic and social development, Advans Bank supports entrepreneurs venturing into diverse businesses, by financially empowering them, while also counselling them on different operational and management aspects of their businesses. Since the opening of its first business office in Mahmudabad, Karachi in January 2013, Advans has made rapid progress and today it has 9 points of sale in Karachi, one in Hyderabad & one in Larkana with more than 8,000 active borrowers.

and gross loan portfolio of more than Rs 700 million. The MFB also has deposits over Rs 500 million with 16,000 clients in total.

TDAP holds series of seminars

KARACHI (PR): Trade Development Authority of Pakistan organised a series of seminars in Karachi on “Initiative Programme to Control Food from the Source” in collaboration with AMD (Agriculture Market Development) for creating awareness regarding UAE market for exporters of agro related products. Dubai Municipality experts gave presentations pertaining to UAE’s requirements for agro/food related imports (SPS/documentary requirements). These seminars were focused on explaining different types of contraventions that exports from Pakistan fall in to as well as documentary requirements of UAE compliance regime. The first day of the series was focused on agro products (fruits & vegetables), the second day was dedicated to meat, poultry, fisheries and related products and on the final day matters related to rice and processed food were discussed. All concerned associations, exporters and representatives from government departments such as Plant Protection, Animal Quarantine, and Marine Fisheries Department attended the sessions.

These seminars provided a platform to exporters to clear any misconceptions and to raise their concerns with Dubai Municipality experts which will have a positive impact on Pakistan’s exports to UAE.