GCA Consultants -Weekly Updates (June 24 ) 2018

GCA CONSULTANTS:

CA PAKISTAN:

 SECP revokes the registration

https://www.secp.gov.pk/document/sro-619-i-2018-gazette-notification-revocation-of-
registration-capital-insurance-company-limited/?wpdmdl=31647
 Punishing non-filers
https://fp.brecorder.com/2018/05/20180518372438/
 NA passes finance bill 2018-2019
http://www.customstoday.com.pk/national-assembly-passes-finance-bill-2018-19/
 FBR empowered
http://www.customstoday.com.pk/fbr-empowered-to-probe-everyone-receiving-over-rs10m-
remittances/
 More exports subjected to minimum tax
http://www.customstoday.com.pk/more-imports-subjected-to-minimum-tax-in-finance-bill-
2018/
 Mild amendments in finance act 2018
https://www.dawn.com/news/1408817/lawmakers-add-mild-amendments-in-finance-act-2018
 ICAP inks agreement with FWBL
https://www.urdupoint.com/en/pakistan/mou-inked-to-help-provide-work-from-home-oppo-
349243.html
 Spring 2018 suggested solutions
http://www.icap.org.pk/my-student/
 FBR to take stern action after July 01
http://www.customstoday.com.pk/fbr-warns-stern-action-against-tax-evaders-after-july-1/
 Import of goods
http://www.customstoday.com.pk/fbr-amends-section-83-of-customs-act-1969-to-facilitate-
importers/
 NAB starts probe into bahria town projects
https://www.dawn.com/news/1409242
 Clarification on fraudulent notification

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http://download1.fbr.gov.pk/Docs/201852412591567ClarificationFraudulentSRO.pdf
 FED rates on cigarettes
http://www.fbr.gov.pk/DislpaySRO/6336
 Finance act 2018 instructions
http://download1.fbr.gov.pk/Docs/201852413519496FinanceAct2018RatesCigarettesandCemen
t.pdf
 SRO amendment – 659 of 2007
http://www.fbr.gov.pk/DislpaySRO/6337
 SRO amendment – 39 of 2017
http://www.fbr.gov.pk/DislpaySRO/6338
 SRO amendment – 1178 of 2015
http://www.fbr.gov.pk/DislpaySRO/6339
 SRO amendment – 1261 of 2007
http://www.fbr.gov.pk/DislpaySRO/6340
 SRO amendment – 280 of 2014
http://www.fbr.gov.pk/DislpaySRO/6341
 SRO amendment – 1274 of 2006
http://www.fbr.gov.pk/DislpaySRO/6342
 SRO amendment – 1296 of 200
http://www.fbr.gov.pk/DislpaySRO/6343
 SRO amendment – 497 of 2009
http://www.fbr.gov.pk/DislpaySRO/6344
 SRO amendment – 741 of 2013
http://www.fbr.gov.pk/DislpaySRO/6345
 SRO amendment – 558 of 2004
http://www.fbr.gov.pk/DislpaySRO/6346
 SRO amendment – 1151 of 2007
http://www.fbr.gov.pk/DislpaySRO/6347
 SRO amendment – 1035 of 2017
http://www.fbr.gov.pk/DislpaySRO/6348

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 SRO amendment – 655 of 2006

http://www.fbr.gov.pk/DislpaySRO/6349
 SRO amendment – 565 of 2006
http://www.fbr.gov.pk/DislpaySRO/6350
 One untainted big four accounting firm in Malaysia
https://qz.com/1286534/pwc-is-the-last-big-four-accounting-firm-untainted-by-
1mdb/?utm_source=YPL&yptr=yahoo
 Slams collapsed to auditors and regulators
https://www.enr.com/articles/44552-new-parliament-report-slams-collapsed-carillion-bosses-
auditors-and-regulators
 Monetary policy – ENGLISH
http://www.sbp.org.pk/m_policy/2018/MPS-May-2018-Eng.pdf
 Monetary policy – URDU
http://www.sbp.org.pk/m_policy/2018/MPS-May-2018-Urdu.pdf
 Monetary policy information compendium
http://www.sbp.org.pk/m_policy/2018/MPS-May-2018-Compendium.pdf
 SRO amendment – 327 of 2008
http://www.fbr.gov.pk/DislpaySRO/6355
 SRO amendment – 811 of 2013
http://www.fbr.gov.pk/DislpaySRO/6354
 Levy of regulatory duty
http://www.fbr.gov.pk/DislpaySRO/6353
 Exemption from custom duty
http://www.fbr.gov.pk/DislpaySRO/6352
 SRO amendment – 656 of 2016
http://www.fbr.gov.pk/DislpaySRO/6351
 Concessionary notification
http://download1.fbr.gov.pk/Docs/20185241855529309CGO-4-2018.pdf
 Custom Act 1969 – FIRST SCHEDULE
http://download1.fbr.gov.pk/Docs/2018524195331108TarifAmendment-2018.pdf

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 Custom Act 1969 – SECOND SCHEDULE

http://download1.fbr.gov.pk/Docs/20185241954439055thSchedule.pdf
 Procedure for sale of confiscated vehicles
http://download1.fbr.gov.pk/Docs/20185251555158467CustomgeneralOrderNo.5of2018.pdf
 SRO amendment – 894 of 2006
http://www.fbr.gov.pk/DislpaySRO/6358
 Custom Act 1969 – FIFTH SCHEDULE
http://download1.fbr.gov.pk/Docs/20185241954439055thSchedule.pdf
 IAASB survey
http://sgiz.mobi/s3/Envisioning-the-Future-Survey-on-the-IAASB-s-Future-
Strategy?utm_source=IFAC+Main+List&utm_campaign=2e0cdb009f-
SMP_Press_Release_9_14_169_13_2016_COPY_01&utm_medium=email&utm_term=0_cc08d6
7019-2e0cdb009f-80296669
 Finance act 2018 (final)
http://download1.fbr.gov.pk/Docs/2018528155415616FinalFinanceAct2018.pdf
 LLP – SECP registration offices
https://www.secp.gov.pk/document/sro-656i-2018-notification-to-llp-registration-offices-
plad/?wpdmdl=31697
 Review of CA, 2017 by SECP

REVIEW OF COMPANIES ACT, 2017

Securities and Exchange Commission of Pakistan (SECP) is in the process of reviewing the recently
promulgated Companies Act, 2017

 SBP – credit ratings

http://www.sbp.org.pk/publications/c_rating/2018/Ratings-15-May-2018.pdf
 Tax evasion
http://www.customstoday.com.pk/pca-detects-tax-evasion-of-rs14-45m-by-ms-ayoub-
garments-exports/
 PSO corruption
http://www.customstoday.com.pk/rs-1-5-trillion-corruption-in-pso-in-four-years/
 Amendment in insurance rules, 2007

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https://www.secp.gov.pk/document/draft-amendments-in-insurance-rules-
2017/?wpdmdl=31707
 Change of bank name
http://www.sbp.org.pk/notifications/bprd/2018/ntf1.htm
 SMS service for fresh currency notes for Eid Day
http://www.sbp.org.pk/press/2018/PR-30-May-18.pdf
 Reserve position on completion of Nawaz Govt tenure
https://tribune.com.pk/story/1723992/2-end-pml-ns-term-sbps-reserves-stand-just-10-03b/
 Online tax payment in Punjab
https://tribune.com.pk/story/1723081/2-punjab-plans-online-tax-payment/
 Rationalization of sales tax rate
http://www.fbr.gov.pk/DislpaySRO/6359
 FBR refunds over 100 million refunds
http://www.fbr.gov.pk/Contents/fbr-issues-over-100-billion-refunds-during-current-year/21214
 IASB completes conceptual framework revision
https://www.ifrs.org/news-and-events/2018/03/iasb-completes-revisions-to-its-conceptual-
framework/
 Webcast accounting policy changes
https://www.ifrs.org/news-and-events/2018/05/webcast-accounting-policy-changes-proposed-
amendments-to-ias-8/
 Why financial statements don’t work for digital companies
https://hbr.org/2018/02/why-financial-statements-dont-work-for-digital-
companies?utm_campaign=hbr&utm_medium=social&utm_source=facebook
 Block chain for construction
https://mena.thomsonreuters.com/content/dam/openweb/documents/pdf/mena/white-
paper/Blockchain_for_Construction_Whitepaper.pdf
 ICAP newsletter – JUNE 2018
http://www.icap.org.pk/wp-content/uploads/newsletter/2018/june/Newsletter-June-2018.pdf
 Block chain integration
https://www2.deloitte.com/insights/us/en/focus/tech-trends/2018/blockchain-integration-
smart-contracts.html#figure-1

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 IFRS foundation international conference

https://www.ifrs.org/news-and-events/2018/06/ifrs-foundation-international-conference-final-
countdown-to-frankfurt/
 PAKISTAN oil and gas reserves
https://propakistani.pk/2018/06/08/pakistans-oil-gas-reserves-will-run-out-in-10-years-
ministry/
 ENGLAND cricketer misses’ accountancy exams
https://economia.icaew.com/en/news/may-2018/england-cricketer-misses-accountancy-exam-
to-play-test?utm_campaign=Members%20-
%20ICAEW&utm_medium=email&utm_source=467320_economia_1June18&utm_content=Cric
ket&dm_i=47WY%2CA0L4%2CQ5K5J%2C13H3A%2C1
 NGO regulations 2018
https://www.secp.gov.pk/document/association-with-charitable-and-not-for-profit-objects-
regulations-2018/?wpdmdl=31768
 Overseas Pakistanis remittance
http://www.sbp.org.pk/press/2018/PR-11-Jun-18.pdf
 SBP public notice for holidays
http://www.sbp.org.pk/bprd/2018/CL9.htm
 Islamic banking bulletin
http://www.sbp.org.pk/ibd/bulletin/2018/Mar.pdf
 Top court suspends tax prepaid
https://tribune.com.pk/story/1732645/1-top-court-suspends-exorbitant-tax-prepaid-mobile-bills/
 Trade deficit widens
https://tribune.com.pk/story/1732893/2-record-high-import-bill-pakistans-trade-deficit-widens-33-
9b/
 Pakistanis explaining tax amnesty scheme
https://tribune.com.pk/story/1732380/2-explaining-pakistans-greatest-tax-amnesty-scheme/
 Economic development conference
https://www.icmap.com.pk/News_Pdf/nws_12062k18.pdf
 Extension in sales tax and FED return
http://download1.fbr.gov.pk/Docs/2018614146313510extensioninthedayeofsubmission.pdf

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 Extension in WHT statements

http://download1.fbr.gov.pk/Docs/20186141763234147ExtensionCircular.pdf
 2018 ‘Most Powerful Women in Accounting’ Awards to Spotlight 25 Amazing
Women Leaders
https://www.efficientlearning.com/blog/cpa/2018-most-powerful-women-in-accounting-
awards/?hootPostID=a454e67adfebec6eccf096a77ffbfb2c
 The partner at PwC who signed off on the accounts of BHS has been banned from
the profession for 15 years.

As well as banning Mr Denison, the Financial Reporting Council (FRC) fined him £325,000 and PwC
£6.5m.

https://www.bbc.com/news/business-44462835
https://www.ft.com/content/89e05efe-6ed0-11e8-92d3-6c13e5c92914
 KPMG fined
https://www.theguardian.com/business/2018/jun/11/kpmg-fined-more-than-
3m-over-quindell-audit
 Should big 4 accountancy firms be split up?
https://www.ft.com/content/663c433a-2c38-11e8-97ec-4bd3494d5f14
 Finance Act 2018-2019
http://download1.fbr.gov.pk/Docs/2018528155415616FinalFinanceAct2018.pdf
 FAQ – Tax amnesty scheme
http://download1.fbr.gov.pk/Docs/2018620564948722TaxAmnestyFAQs.pdf
 Companies further issue of share capital
https://www.secp.gov.pk/document/draft-companies-further-issue-of-shares-
regulation-2018/?wpdmdl=31816
 Tax amnesty scheme
http://www.fbr.gov.pk/TaxAmnesty2018.html
 Amendment in STSPR, 2007
http://www.fbr.gov.pk/DislpaySRO/6362
 0% sales tax on imports
http://www.fbr.gov.pk/DislpaySRO/6363

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 Amendment in SRO 1125

http://www.fbr.gov.pk/DislpaySRO/6364
 Rescission of SRO 962
http://www.fbr.gov.pk/DislpaySRO/6365
 Rescission of certain SRO
http://www.fbr.gov.pk/DislpaySRO/6366
 Duty drawback of taxes
http://www.sbp.org.pk/epd/2018/FECL10.htm
 Amendment in SRO 495
http://www.fbr.gov.pk/DislpaySRO/6368
 Amendment in SRO 648
http://www.fbr.gov.pk/DislpaySRO/6367
 SECP notifies AML & CFT regulations 2018
https://www.secp.gov.pk/wp-content/uploads/2018/06/Press-Release-June-20-
SECP-notifies-AML-and-CFT-Regulations-2018.pdf
 SECP notifies ECF regulations 2018
https://www.secp.gov.pk/wp-content/uploads/2018/06/Press-Release-June-12-
EMPLOYEE’S-CONTRIBUTORY-FUNDS-INVESTMENT-IN-LISTED-SECURITIES-
REGULATIONS-2018.pdf

ICMAP UPDATES:

 New Release:
 Job vacancies update
https://www.icmap.com.pk/jobs/jvi_rpt_20052k18.pdf
https://www.icmap.com.pk/jobs/jvi_rpt_27052k18.pdf
https://www.icmap.com.pk/jobs/jvi_rpt_11062k18.pdf
https://www.icmap.com.pk/jobs/jvi_rpt_17062k18.pdf
 Post budget conference
https://www.icmap.com.pk/News_Pdf/National_Budget_Post_Budget_Memoir_23052k18.pdf
 Post budget survey infographics

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https://www.icmap.com.pk/News_Pdf/PostBudgetInfographics_04062k18.pdf
 EOI
https://www.icmap.com.pk/NewsDetail.aspx
 SMP survey
https://www.icmap.com.pk/News_Pdf/newsletter_Survey_on_SMP_of_the_Future_in_a_Changing
World.pdf
 Upcoming Events:
No update this week
 Student notice board:
 Exam notice
https://www.icmap.com.pk/ExamNoticeDetail.aspx?Notename=384
 Exam results
http://online.icmap.com.pk/examination_result.aspx
 Guideline for CBE exams
https://www.icmap.com.pk/ExamNoticeDetail.aspx?Notename=392
 Guideline for PCL – 11 examinations
https://www.icmap.com.pk/ExamNoticeDetail.aspx?Notename=391
 Exam notice CBE
https://www.icmap.com.pk/ExamNoticeDetail.aspx?Notename=393

JOB UPDATES:

 For job updates, please click here jobs page.

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