Page 29 - ICAP-Newsletter-October-2018

Governance, Transparency and Service to Members & Students www.icap.org.pk Income Tax Return and Wealth Statement in Offline Mode According to FBR Press Release dated 4 September FBR-IT Wing has launched Iris-ADX (Asynchronous Data Watch Out Exchange), an application that allows the taxpayer/E- intermediary to prepare data related to income tax for the July-September 2018 issue return and wealth statement in offline mode. After preparing the statements in offline mode, the same can be uploaded to FBR’s repository. The Iris-ADX application is available for installation at the FBR website. FBR Reform Program – World Bank Mission to Review Progress A World Bank mission will visit Pakistan during September-October 2018 to review the progress on the implementation of the reform program of the FBR under tax component of the Trust Fund for Accelerated Growth and Revenue (TAGR). In the context of implementing the work program of the tax component and Recipient Executed Component (RETF) of the TAGR, the World Bank is planning a number of visits to the FBR between September and October 2018. Exemption to Services in Relation to Diamer Bhasha & Mohmand Dams-Fund Sindh Revenue Board (SRB) has notified vide SRO SRB- 3-4116/2018 dated September 11, 2018 exemption to ICAP Members registered persons providing following services in relation to the donations and contributions made for the DEBATE on ‘Supreme Court of Pakistan-Diamer Bhasha & Mohmand Dams-Fund’: 1. Advertisements (tariff heading 98.02 and the sub- On-job Human Resource heads thereof); 2. Advertising Agents (tariff heading 9805.7000); Development helps lower 3. Telecommunication services (tariff heading 98.12 and the sub-heads thereof); and employee turnover 4. Banking services (tariff heading 9813.4000 and the sub-heads thereof). Stay tuned to other Information Sharing Commences Pakistan has formally started sharing bank account changes in Pakistan's details of non-residents on a reciprocal basis with 38 countries under the Multilateral Convention on largest circulated Mutual Administrative Assistance in Tax Matters of the Organisation for Economic Cooperation and professional journal Development (OECD); with effect from September 1, 2018. As per the agreement, there will be an exchange of information of those non-residents who opened new accounts in Pakistan between July-December 2017 — irrespective of cash limits; and vice versa. Further accounts of non-resident individuals that were opened Publication Department in Pakistan prior to July 1 with more than US$ 10,000 will The Institute of Chartered Accountants of Pakistan also be shared with the intended partners. October 2018 29