Definition of IRIS inserted to Income Tax Ordinance, 2001

ISLAMABAD: The Finance Bill 2020 has proposed to insert definition of IRIS to income Tax Ordinance, 2001. The Finance Bill 2020 proposed many changes to Section 02 of the Ordinance. A new... Read more »

Key changes to customs laws amended through Finance Bill 2020

ISLAMABAD: The government has announced major changes to Customs Act, 1969 through Finance Bill, 2020. EY Ford Rhodes Chartered Accountants highlighted the key changes to Customs Act, 1969 that are amended through... Read more »

Weekly Review: Positive sentiments may prevail on budgetary measures

KARACHI: The market may witness positive activities during next week due to budgetary measures taken by the government for revival of ailing economy. Analysts at Arif Habib Limited said that the market... Read more »

Major changes to income tax law made through Finance Bill 2020

ISLAMABAD: The government has brought massive changes to Income Tax Ordinance, 2001 through Finance Bill 2020. EY Ford Rhodes Chartered Accountants highlighted the major changes introduced to Income Tax Ordinance, 2001 through... Read more »

Highlights of major changes to sales tax through Finance Bill 2020

ISLAMABAD: The government has proposed major changes to sales tax law through Finance Bill 2020 to be applicable from July 01, 2020. EY Ford Rhodes Chartered Accountants highlighted the major changes to... Read more »

FBR empowered third party real-time access to information, database

ISLAMABAD: Federal Board of Revenue (FBR) has been empowered to real-time access to third-party information and database for identifying new taxpayers and preventing tax evasion. Through Finance Bill, 2020 new provisions introduced... Read more »

IR officers empowered to modify orders

ISLAMABAD: The Finance Bill 2020 has proposed to amend Sales Tax Act 1990 and empower tax authorities to modify orders. A new section 11C to the Act has been proposed through the... Read more »

Customs law amended related to burden of proof

ISLAMABAD: The Finance Bill 2020 has made amendments to Customs Act, 1969 and made it mandatory for a person alleged of any offence is required to prove that property acquired by him... Read more »

Concealment of currency, gold in baggage to be treated as smuggling

ISLAMABAD: The Finance Bill 2020 has made amendments to Customs Act, 1969 and defined any concealment of currency or gold in passengers’ baggage shall be treated as smuggling. In this regard amendment... Read more »

Law tightened to prevent fiscal fraud on imported goods

ISLAMABAD: The Finance Bill, 2020 issued on Friday has proposed tightening customs law to prevent fiscal fraud on imported goods. The bill proposed amendment to Section 32A of Customs Act, 1969 which... Read more »