CGT on immovable properties reduced by 50 percent

ISLAMABAD: The capital gain tax on (CGT) disposal of immovable properties has been reduced by 50 percent in order to promote investment in construction industry. According to Deloitte Yousuf Adil, Chartered Accountants, the Finance Bill 2020 proposed reduction in tax rates by 50 percent on capital gains arising on disposal of immovable property. This is […]

by Mrs. Anjum Shahnawaz

Automated scrutiny of tax returns to end universal self assessment scheme

Jun 20

Budget 2020-2021, Taxation

Automated scrutiny of tax returns to end universal self assessment scheme

ISLAMABAD: The introduction of automated scrutiny of all income tax returns may end the Universal Self Assessment Scheme (USAS) in the country. The Finance Bill, 2020 introduced a major policy change under which the FBR to conduct scrutiny of all income tax returns. In contrast the existing USAS all the returns filed by taxpayers are […]

by Mrs. Anjum Shahnawaz

Weekly Review: Positive sentiments may prevail

Jun 20

Stock & Commodity

Weekly Review: Positive sentiments may prevail

KARACHI: Trading activities likely witness positive sentiments during upcoming week as political uncertainty may settle down, analysts said. Analysts at Arif Habib Limited said that the political noise is expected to settle down as the government is making efforts to mend ties with the coalition partners. Moreover, rise in international oil prices is expected to […]

by Mrs. Anjum Shahnawaz

KTBA advises FBR to suspend notices amid alarming rise in COVID cases

Jun 20

Taxation

KTBA advises FBR to suspend notices amid alarming rise in COVID cases

KARACHI: Karachi Tax Bar Association (KTBA) has advised Federal Board of Revenue (FBR) to suspend notices for various tax matters with immediate effect considering the alarming increase in cases of COVID-19 in the country. The KTBA in a letter to FBR chairperson sent on Friday, informed that the bar members were receiving notices issued by […]

by Mrs. Anjum Shahnawaz

Highlights of tax relief announced by Khyber Pakhtunkhwa for 2020/2021

Jun 20

Budget 2020-2021, Taxation

Highlights of tax relief announced by Khyber Pakhtunkhwa for 2020/2021

PESHAWAR: The Khyber Pakhtunkhwa government announced tax relief package in order to mitigate the adverse impact of coronavirus. Key points of the tax incentives to be granted during the next fiscal year. i. Sales tax on services (STS) will be reduced for over 27 categories. This will be an allencompassing reduction for sectors where the […]

by Mrs. Anjum Shahnawaz

Khyber Pakhtunkhwa presents Rs923 billion tax free budget for 2020/2021

Jun 20

Budget 2020-2021

Khyber Pakhtunkhwa presents Rs923 billion tax free budget for 2020/2021

PESHAWAR: The Khyber Pakhtunkhwa Government on Friday presented budget 2020/2021 with total outlay of Rs 923billion. The budget is a tax free and with an amount of Rs104 billion allocated for Annual Development Plan (ADP) for the next fiscal year. Provincial Finance Minister Taimour Salim Jhagra, while presenting the budget for financial year 2020-21 said […]

by Mrs. Anjum Shahnawaz