Automatic issuance of exemption certificate granted

KARACHI: The Federal Board of Revenue (FBR) allowed automated issuance of exemption certificate in case commissioner delays in approval. Tax experts at PwC A F Ferguson Chartered Accountants said Clause (72B) contained in Part IV of the Second Schedule to the ITO 2001 allows a taxpayer to obtain a withholding exemption certificate from the concerned […]

by Mrs. Anjum Shahnawaz

SRB notifies sales tax exemption on services provided by restaurants, marriage halls

Jan 5

Taxation

SRB notifies sales tax exemption on services provided by restaurants, marriage halls

KARACHI: Sindh Revenue Board (SRB) has notified exemption of 13 percent sales tax on services rendered by restaurants and marriage halls. The SRB issued working tariff applicable from January 01, 2020. The service provided or rendered by restaurants and marriage halls are subject to 13 percent sales tax. The SRB said that services provided or […]

by Mrs. Anjum Shahnawaz

Jan 5

Taxation

Traders given tax incentives

KARACHI: Federal Board of Revenue (FBR) has allowed tax concession to traders to bring them into tax net. The tax concessions have been granted through Tax Laws (Second Amendment) Ordinance, 2019. Tax experts at PwC A F Ferguson Chartered Accountants said that pursuant to the agreement between representatives of federal government and trade bodies on […]

by Mrs. Anjum Shahnawaz

Taxpayers’ declarations to be checked for money laundering

Jan 5

Taxation

Taxpayers’ declarations to be checked for money laundering

ISLAMABAD: Financial Monitoring Unit (FMU) has been allowed to obtain information of taxpayers from tax authorities to check income tax returns and other declarations for money laundering and terror financing. The FMU has been granted access to taxpayers’ data through amendment introduced to Section 216 of the Income Tax Ordinance, 2001. The amendment has been […]

by Mrs. Anjum Shahnawaz