New CMC regulations: FBR extends income tax filing deadline

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ISLAMABAD: SECP has notified Collateral Management Companies (CMC) Regulations, 2019 under the Companies Act, 2017 to promote warehouse receipt financing and electronic trading of agricultural commodities. Under these Regulations, any public limited company with a minimum paid-up capital of Rs. 200 million will be eligible for seeking permission of SECP to register as a CMC. A CMC, through its accredited warehouses, will provide storage and preservation services for a range of agricultural commodities.

In doing so, a CMC, through its electronic warehouse receipt system, will issue warehouse receipts which can be used by farmers/depositors of agricultural commodity for financing from financial institutions and trading of electronic warehouse receipt at the exchange. The CMC will play an effective role in the agriculture value chain by ensuring security of collateral stored in the accredited warehouse through its robust oversight mechanism.

Meanwhile, the Federal Board of Revenue (FBR) extended on Friday the deadline for filing of income tax returns for the year 2018 to August 9.  In Continuation of Circular No. 07/2019 dated 02.07.2019 and in exercise of the powers conferred under Section of 214A of the Income Tax Ordinance, 2001, the Federal Board of Revenue is pleased to further extended the date of filing of Income Tax Returns/Statements for the tax year 2018 for individual/AOPs and companies up to 9thAugust, 2019, reads a notification issued by FBR.

Earlier, on July 14, FBR had extended the last date for filing tax returns for the year 2018 till August 2. .  FBR chairman Shabbar Zaidi in a press release had urged the people to benefit from this opportunity and file their tax returns timely to avoid difficulties.

He said according to the Income Tax Ordinance, filing of the tax return is compulsory for those who own a house larger than five hundred square yards or a vehicle over 1000 cc. The chairman FBR said that according to Clause 181 AA of The Income Tax Ordinance 2001, it is imperative for the commercial and industrial gas and electricity consumers to become part of the Active Taxpayers List (ATL).

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