Emergy Consulting LLP

15/08/2021

I am delighted to announce that Emergy Consulting LLP have reached an exciting milestone – 1,000 + followers on LinkedIn and we could not be more pleased. A big thanks to all our followers for contributing to the group by sharing, liking and commenting on posts. We love engaging with you all!

Our LinkedIn page is an important tool which enables us to actively engage with our customers and followers alongside our other digital channels:

Facebook - https://www.facebook.com/Emergyconsulting

Instagram - https://www.instagram.com/emergyconsulting/

We look forward to welcoming new followers and continuing to grow our LinkedIn base.

Once again, thank you all very much for helping us reach such a great milestone!

14/08/2021

03/08/2021

Tax Season 2021 is here, and Emergy Consulting LLP is fully geared up to help you file your return. FBR for the first time made Tax Form 2021 available on July 1, 2021, and it is likely that it will not allow any extension in the deadline of September 30, 2021. So, file your tax return with us.

02/08/2021

Seeking "Accounts and Finance Associates" for a client near Port Qasim area, Karachi and a client in Korangi Industrial Area

• Ideal candidate should be ICMAP or ACCA part qualified with 0-1 year experience have sufficient knowledge about accounting concepts, and proficient in MS Office (MS Excel in particular) and effective communications skills

• Incumbents will get market competitive salary.

• Priority would be given to those who live near Landhi, Malir, Gulistan e Johar, Rashid Minhas road due to proximity of client location

To apply, please send your updated CV at: [email protected]
with position “Accounts/Finance Associate” in the subject line

31/07/2021

Tax filling deadline (Pakistan) is two months away: 30th September 2021

Contact us at Emergy so that we can take care of all your tax filling needs.

Phone: +92-303-2705-168
WhatsApp: +92-303-2705-168
Email: [email protected]
Website: www.emergyinc.com

03/07/2021

OF OF AND :

Before March 2021, export of IT services and IT enabled services were exempt from tax with the condition that eighty per cent (80%) of the export proceeds is brought into Pakistan in foreign exchange remitted from outside Pakistan through normal banking channels.
On 22nd March 2021, the Government of Pakistan had issued Tax laws (Second Amendment) Ordinance, 2021 in which tax exemption was withdrawn from export of IT services and IT enabled services and introduced 100% tax credits on export of IT services and IT enabled services subject to the fulfilment of some conditions.
The above amendment is also part of the current Finance Act 2021-22 and 100% tax credits are available on export of IT services and IT enabled services subject to the following conditions:

a) return has been filed ;

b) withholding tax statements has been filed, where the person is a withholding agent.

c) sales tax returns have been filed (if the person is required to file Sales Tax Return under any of the Federal or Provincial sales tax laws); and

d) eighty per cent (80%) of the export proceeds is brought into Pakistan in foreign exchange remitted from outside Pakistan through normal banking channels.

If a person is not eligible for 100% tax credits due to any reason then 1% tax under Section 154A shall be deducted from the amount received against the export of IT services and IT enabled services by banks. Additional tax will also be applicable on the basis of profitability of the business.

Following are the definitions of IT Services & IT Enabled Services as per Income Tax Ordinance, 2001:
Information Technology (IT) services include software development, software maintenance, system integration, web design, web development, web hosting and network design; and
IT enabled services include inbound or outbound call centers, medical transcription, remote monitoring, graphics design, accounting services, Human Resource (HR) services, telemedicine centers, data entry operations, cloud computing services, data storage services, locally produced television programs and insurance claims processing.

23/06/2021

The Federal Board of Revenue (FBR) has issued draft income tax return form for Tax Year 2021 to enable tax payers to file their returns from July 01, 2021.

The FBR issued SRO 730(I)/2021 to issue draft income tax return forms for salaried persons, business individuals, Association of Persons and corporate entities.

The FBR invited comments on the draft income tax return forms within seven days from the issuance of the SRO.

Last year the FBR had taken strict stance by not extending the last date for filing income tax returns beyond December 08, 2020 in case of salaried persons, business individuals and Association of Persons.

Further, it had also announced that the return filing for tax year 2021 would be started from July 01, 2021.

The last date for filing income tax returns by salaried persons, business individuals, AOPs and companies having special year is September 30. Meanwhile, the due date for filing income tax returns by corporate entities having normal fiscal year is December 31.

18/06/2021

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Please refer to PSD Circular No. 02 of 2020, wherein Banks/MFBs were advised to waive all charges for customers using their online fund transfer services including Intra and Interbank Fund Transfers (IBFT).

2. It has now been decided that Banks/MFBs/EMIs shall continue to provide free of cost IBFT services to their individual customers up to, at least, a minimum aggregate sending limit of Rs.25,000 per month per account/wallet. Hence, individual customers of Banks/MFBs/EMIs shall continue to send out as many free IBFT transactions as long as they remain within their monthly limit of Rs.25,000.

3. After the monthly limit of Rs.25,000 is exhausted, Banks/MFBs/EMIs may charge their individual customers, a transaction fee of 0.1% of the transaction amount or Rs.200, whichever is lower. However, Banks/MFBs/EMIs are encouraged to provide free of cost IBFT services to their customers to promote adoption of digital payments in the country.

4. All Intra Bank Fund Transfers as well as incoming interbank fund transfer services shall remain free of charge.

5. Banks/MFBs/EMIs shall ensure proper disclosure of charged and free IBFT amounts along with applicable fees to their customers by sending regular notifications through SMS, apps and email. After every digital transaction, the customer shall receive free of charge SMS on their registered mobile numbers intimating them about the transaction amount and the charges being recovered.

6. The above instructions shall come into effect from July 01, 2021.

7. With immediate effect, it is further advised that Banks/MFBs/EMIs shall not limit the number of fund transfer transactions on their customer accounts/wallets unless there are genuine concerns related to AML/CFT or frauds.