Jul 5

Rupee weakens by 20 paisas on higher import payment demand

KARACHI: The Pak Rupee ended down by 20 paisas against dollar on Friday due to high demand for import and corporate payments. The rupee ended Rs156.95 to the dollar as compared with last day’s closing of Rs156.75 in nterbank foreign exchange market. During the week the local currency maintained recovery trend against the greenback after […]

by Mrs. Anjum Shahnawaz

Finance Act 2019: FED imposed on all imported vehicles

Jul 5

2019-2020, Budget, Taxation

Finance Act 2019: FED imposed on all imported vehicles

KARACHI: The government has imposed federal excise duty on all imported vehicles through Finance Act, 2019, which is inline with the levy of excise duty on locally manufactured vehicles. According to commentary on Finance Act, 2019 by PwC A F Ferguson Chartered Accountants, previously, excise duty was leviable only on imported motor vehicles/SUVs having engine […]

by Mrs. Anjum Shahnawaz

Finance Act 2019: CNIC condition for sales tax invoices applicable from August 01

Jul 5

2019-2020, Budget, Taxation

Finance Act 2019: CNIC condition for sales tax invoices applicable from August 01

KARACHI: The condition of obtaining CNIC number for unregistered persons at the time of supplies by registered person will be applicable from August 01, 2019. The condition has been proposed to be applicable from July 01, 2019 through Finance Bill 2019. However, through Finance Act, 2019 this condition now will be applicable from August 2019. […]

by Mrs. Anjum Shahnawaz

Finance Act 2019: Capital gain tax on immovable properties exempted on holding period above 8 years

Jul 5

2019-2020, Budget, Taxation

Finance Act 2019: Capital gain tax on immovable properties exempted on holding period above 8 years

KARACHI: The government has exempted the capital gain tax on immovable property where holding period is above eight years. The amendment has been brought through Finance Act, 2019 as it was proposed 10 years through Finance Bill 2019. According to commentary on Finance Act, 2019 by PwC A F Ferguson Chartered Accountants, prior to finance […]

by Mrs. Anjum Shahnawaz