Collectors’ power to determine customs values withdrawn

Jun 16

2019-2020, Budget, Pakistan Customs

Collectors’ power to determine customs values withdrawn

KARACHI: The government has withdrawn the power of Collector of Customs in determination of customs value on his own motion through Finance Bill 2019. The Finance Bill 2019 proposed to withdraw the powers of the collector of customs to determine customs valuations on his motion under Section 25A(1) and Section 25A(3) of Customs Act, 1969. […]

by Mrs. Anjum Shahnawaz

Non-ATL persons to pay double amount of withholding tax on prize bond winning

Jun 16

2019-2020, Budget

Non-ATL persons to pay double amount of withholding tax on prize bond winning

ISLAMABAD: The government has increased withholding tax by 100 percent on winning of prize bonds for persons not on Active Taxpayers List (ATL). Through Finance Bill 2019 the government has deleted the term ‘non-filers’ and imposed 100 percent withholding tax on persons not on the ATL, which contains names of persons file their returns by […]

by Mrs. Anjum Shahnawaz

Commissioners IR empowered to conduct audit of taxpayers every year

Jun 15

2019-2020, Budget, Taxation

Commissioners IR empowered to conduct audit of taxpayers every year

KARACHI: Commissioners of Inland Revenue have been empowered to conduct audit of a registered taxpayer every year after removal of restriction through Finance Bill 2019. Through Finance Act, 2018 a restriction was imposed on offices of the Federal Board of Revenue (FBR) under which they would conduct audit of taxpayers once in every three years. […]

by Faisal Shahnawaz

Commercial importers to file income returns after removal of FTR

Jun 15

2019-2020, Budget, Taxation

Commercial importers to file income returns after removal of FTR

ISLAMABAD: Commercial importers will require to file return of income and statement of assets to the tax authorities after the removal of final tax regime. Tax authorities said that the commercial importers would require to submit details of imports and source of payment for opening the letter of credit (LCs) through their returns. According to […]

by Faisal Shahnawaz

Finance Bill 2019: Revised CGT rates on sale of securities

Jun 15

2019-2020, Budget

Finance Bill 2019: Revised CGT rates on sale of securities

ISLAMABAD: The Finance Bill 2019 has proposed revised rates of Capital Gain Tax (CGT) on sale of securities under Section 37A of the Income Tax Ordinance, 2001. According to EY Ford Rhodes Chartered Accountants the rate card for levying tax on capital gains arising on sale of securities as referred to in Section 37A is […]

by Mrs. Anjum Shahnawaz

Finance Bill 2019: severe punishment proposed for offshore tax evasion

Jun 15

2019-2020, Budget

Finance Bill 2019: severe punishment proposed for offshore tax evasion

ISLAMABAD: The government has proposed severe punishment for tax evasion through Finance Bill 2019. According to commentary on Finance Bill, 2019 by EY Ford Rhodes Chartered Accountants, the country in the recent past had witnessed a lot of hue and cry in respect of undeclared assets / wealth accumulated and held abroad by resident of […]

by Mrs. Anjum Shahnawaz

Finance Bill 2019: CGT on immovable properties revamped

Jun 15

2019-2020, Budget, Taxation

Finance Bill 2019: CGT on immovable properties revamped

ISLAMABAD: The capital gain tax on the immovable properties has been revamped through Finance Bill 2019 in order to streamline taxation on gains at the time of sale of immovable properties. According to commentary of EY Ford Rhodes Chartered Accountants on changes brought in Income Tax Ordinance, 2001 through Finance Bill 2019, the taxation of […]

by Mrs. Anjum Shahnawaz

Finance Bill 2019: Money withheld of persons not appearing on ATL to be treated as unexplained

Jun 15

2019-2020, Budget, Taxation

Finance Bill 2019: Money withheld of persons not appearing on ATL to be treated as unexplained

ISLAMABAD: The government has taken harsh stance against persons having taxable income but not on the tax roll. In this regard the law has been introduced under which persons not appearing on the Active Taxpayers List (ATL) and their amount withheld on transactions will be treated as unexplained. Commissioners of Inland Revenue, Federal Board of […]

by Mrs. Anjum Shahnawaz

Finance Bill 2019: Law prohibits FBR officials from taking action against amnesty declarants

Jun 15

2019-2020, Budget, Taxation

Finance Bill 2019: Law prohibits FBR officials from taking action against amnesty declarants

ISLAMABAD: The officials of Federal Board of Revenue (FBR) have been restricted from taking any action against persons, who availed tax amnesty scheme 2019. The Finance Bill 2019 proposed to insert Section 120B to Income Tax Ordinance, 2001 to prohibit tax officials from taking any such action. The proposed law reads as follow: “120B. Restriction […]

by Mrs. Anjum Shahnawaz

Consumers allowed 5pc cash back of sales tax paid on retail purchases

Jun 13

2019-2020, Budget, Taxation

Consumers allowed 5pc cash back of sales tax paid on retail purchases

ISLAMABAD: Consumers have been allowed to get five percent cash back on the total amount of sales tax charged against purchases from retail outlets. Through Finance Bill, 2019 a major change has been introduced to Sales Tax Act, 1990 in order to widening the sales tax base and prevent sales tax evasion. The Finance Bill […]

by Faisal Shahnawaz