ICAP Awards its Meritorious Students of Module A-D
Saturday, July 24, 2010
The Institute of Chartered Accountants of Pakistan recently awarded gold medals to its meritorious students of Modules A-D The excerpts from the interview of Muhammad Uzair Hashmi who secured the ICAP Gold Medal (Ameena Khatib Foundation) in Financial Accounting, and Ammar Ahmed who obtained the Kasbati Memorial Gold Medal for the outstanding performance in Modules C and D are as follows.
Talking about their career choice Uzair said ’’ Chartered accountancy is a perfect platform for those who want to achieve big things in life. Yes, it is a very demanding and challenging profession, but that is what makes it so interesting for me.
The fascination of numbers pulled Ammar towards Chartered Accountancy, elaborating further Ammar said ’I had been fascinated by numbers since boyhood. To go with that I have forever liked facing challenges and choosing difficult but rewarding courses of action. A feel of uniqueness, superior social repute, and a good source of bread & butter drew me to Chartered Accountancy
Both students were of the view that the effective mix of knowledge and skill enables students to compete globally, the best curriculum, extensive testing and a training system that gears the students with practical experience preparing them to face any challenges ahead provides Chartered Accountants international as well as local recognition.
Giving tips to the aspiring students they stressed on managing time, proper planning out of studies, dedication, remaining sincere with self and profession, wide coverage of syllabus along with extensive reading of reference books.
Speaking of their future aspirations both aim at qualifying in the minimum possible time, and wish to contribute towards the global repute of the Institute in order to attract and provide a platform to students worldwide.
Payment To Non Residents - Section 152
Friday, July 2, 2010
Every Person is required to deduct tax while making payment in full or part (including a payment by way of advance) to non-residents person on account of following nature of payments at mentioned rates.
Royalty or Fee For Technical Services:
- Tax @ 15 % - Covered under FTR
Execution of Construction Contracts including related contracts and services and advertisement services rendered by T.V. Satellite Channels:
- Tax @ 6 % - Covered under FTR
- Tax @ 5 % - Covered under FTR
- Tax @ 30 % - Covered under FTR
Circumstances when a person is not required to deduct tax @ 30% while payment to non-resident: When
- An amount is subject to deduction of tax under section 149, 150, 153,155 ,156 or 233;
- Written approval of the Commissioner provided by non-resident, that amount is taxable to a permanent establishment in Pakistan of the non-resident person;
- Amount is payable by a person who is liable to pay tax on the amount as representative of the non-resident person;
- Non-resident person is not chargeable to tax in respect of the amount.
Where a person claims to be a representative of a non-resident person in case of non deduction of tax @ 30%, the person shall file a declaration to that effect with the Commissioner prior to making any payment to
the non-resident person.
Can any person make payment of non-resident without deduction of Tax?
Yes, a person intends to make a payment to a non-resident person without deduction of tax, however before making the payment, he would furnish to the Commissioner a notice in writing setting out –
- (a) the name and address of the non-resident person; and
- (b) the nature and amount of the payment.
The Commissioner on receipt of notice shall within thirty days pass an order accepting the contention or making the order of deduction of tax.
Circumstances, where above mentioned notice is not required to be furnished:
Where payment is made on account of –
(a) an import of goods where title to the goods passes outside Pakistan , except an import that is part of an overall arrangement for the supply of goods, their installation, and any commission and guarantees in respect of the supply where –
- (i) the supply is made by the head office outside Pakistan of a person to a permanent establishment of the person in Pakistan;
- (ii) the supply is made by a permanent establishment of the person outside Pakistan to a permanent establishment of the person in Pakistan;
- (iii) the supply is made between associates; or
- (iv) the supply is made by a resident person or a Pakistan permanent establishment of a non-resident person; or
(b) educational and medical expenses remitted in accordance with the regulations of the State Bank of Pakistan.