SRB suspends sales tax registration of Turnotech for defaulting tax payment

Jun 22

Taxation

SRB suspends sales tax registration of Turnotech for defaulting tax payment

KARACHI: Sindh Revenue Board (SRB) has suspended sales tax registration of M/s. Turnotech (Pvt) Limited defaulting tax payment and non-compliance of filing monthly returns. In a notice the SRB said that M/s. Turnotech (Pvt) Limited had failed to comply with the following obligations: — To discharge the Sindh sales tax liability against the services provided […]

by Mrs. Anjum Shahnawaz

Inland Revenue offices to observe extended working hours on June 29 – 30

Jun 22

Taxation

Inland Revenue offices to observe extended working hours on June 29 – 30

ISLAMABAD: The offices of Inland Revenue have been directed to observe extended working hours on last two days of current fiscal year in order to facilitate taxpayers in payment of duty and taxes. In an office order issued on Monday, the Federal Board of Revenue (FBR) said that all Large Taxpayers Units (LTUs), Corporate Regional […]

by Mrs. Anjum Shahnawaz

FBR exempts duty, taxes on import of Remdesivir

Jun 22

Taxation

FBR exempts duty, taxes on import of Remdesivir

ISLAMABAD: Federal Board of Revenue (FBR) on Monday exempt duty and taxes on import of antiviral drugs for prevention of coronavirus. The FBR issued SRO 557(I)/2020 to exempt income tax on import of finished drug Remdesivir 100mg injection and injectable solution 100 mg vital. A new section 12D has been inserted to Section 148 of […]

by Mrs. Anjum Shahnawaz

Stock market gains 299 points after intra-day losses

Jun 22

Stock & Commodity

Stock market gains 299 points after intra-day losses

KARACHI: The stock market increased by 299 points on Monday after making recovery of intra-day losses. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 33,738 points as against 33,438 points showing an increase of 299 points. Analysts at Arif Habib Limited said that the market went down in the early part of […]

by Mrs. Anjum Shahnawaz

Senate committee rejects taxpayers profiling, real-time access to information

Jun 22

Budget 2020-2021, Taxation

Senate committee rejects taxpayers profiling, real-time access to information

ISLAMABAD: The Standing Committee on Finance, Revenue and Economic Affairs, in a meeting, has rejected new clauses of taxpayers profiling and real-time access to information. The committee strongly rejected the amendments to the taxpayers profile, appeal to appellate tribunal, offences and penalties and power to enter and search premises. Clauses related to real time access […]

by Mrs. Anjum Shahnawaz

Jun 22

Money & Banking

Rupee gains five paisas against dollar

KARACHI: The rupee gained by five paisas against dollar on Monday after some improvement in foreign exchange reserves was seen in the latest data. The rupee ended Rs166.59 to the dollar from last Friday’s closing of Rs166.64 in interbank foreign exchange market. The foreign exchange reserves of the country have increased by $70 million to […]

by Mrs. Anjum Shahnawaz

CGT on shares disposal to be collected on June 29

Jun 22

Stock & Commodity

CGT on shares disposal to be collected on June 29

KARACHI: National Clearing Company Pakistan Limited (NCCPL) on Monday said that Gain Tax (CGT) for the month of May 2020 will be collected on June 29, 2020. In a statement the NCCPL said that the aggregate amount of CGT arising on disposal of shares at Pakistan Stock Exchange for the period May 01, 2020 to […]

by Mrs. Anjum Shahnawaz

Tax slabs for salaried person for tax year 2020/2021

Jun 22

Taxation

Tax slabs for salaried person for tax year 2020/2021

KARACHI: Following are the tax slabs for salaried persons to be applicable during tax year 2021 (2020/2021). 1. Where taxable income does not exceed Rs. 600,000: the tax rate shall be zero percent 2. Where taxable income exceeds Rs. 600,000 but does not exceed Rs. 1,200,000: the tax rate shall be 5 percent of the […]

by Mrs. Anjum Shahnawaz

Amendments to taxability on payments for goods, services and contracts

Jun 22

Budget 2020-2021, Taxation

Amendments to taxability on payments for goods, services and contracts

KARACHI: The Finance Bill 2020 has proposed changes to taxability on payments made for goods, services and contracts. According to explanation to amendments made to Section 153 of Income Tax Ordinance, 2001 through Finance Bill 2020 by BDO Pakistan Audit Consultancy and Tax Advisory Firm: (1a): The bill seeks to include toll manufacturing to be […]

by Mrs. Anjum Shahnawaz

Finance Bill proposes significance amendments to income tax at import stage

Jun 22

Budget 2020-2021, Taxation

Finance Bill proposes significance amendments to income tax at import stage

KARACHI: The Finance Bill 2020 has proposed significant amendments related to income tax at import stage in Section 148 of Income Tax Ordinance, 2001 as it was described by BDO Pakistan Audit Consultancy and Tax Advisory Firm. Following are the changes proposed by the Finance Bill, 2020 in Section 148: 148(1): The bill seeks to […]

by Mrs. Anjum Shahnawaz