Non-recognition of rules under income tax ordinance has been explained by the Federal Board of Revenue (FBR).
(more…)Author: Hamza Shahnawaz
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Non-arm’s length transactions under tax law
Section 78 of the Income Tax Ordinance, 2001 has been instituted to address non-arm’s length transactions. The Federal Board of Revenue (FBR) has provided clarity on this provision, which was updated up to June 30, 2021, through the Finance Act, 2021.
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Tax treatment on consideration against asset disposal
The Federal Board of Revenue (FBR) has provided clarity on the determination of consideration received by individuals on the disposal of assets through Section 77 of the Income Tax Ordinance, 2001, as updated up to June 30, 2021.
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Foreign exchange rates on August 19, 2021
KARACHI: Following are the exchange rates of foreign currencies in Pak Rupee (PKR) on August 19, 2021:
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Airlift secures $85 million in series ‘B’ financing
LAHORE: Airlift Technologies on Wednesday announced n $85 million Series ‘B’ financing led by some of the most iconic investors on the globe.
The financing marks the largest in the MENA region, co-led by Josh Buckley (Buckley Ventures) and Harry Stebbings (20VC). Other major participants included Sam Altman (ex-President YCombinator), Biz Stone (Co-founder at Twitter / Medium), Jeffrey Katzenberg (ex-CEO, Disney), Taavet Hinrikus (Founder/CEO at TransferWise), and Seve Pagliuca (Co-Chairman, Bain Capital).
The financing is about twice the size of the largest private company IPO in Pakistan’s history and the highest in the MENA region, bringing a number of implications for the country.
Airlift has set a new precedent that will bring world-class investors to invest in Pakistan. It will garner confidence that great technology and consumer products can be built in Pakistan, and that this region of the world has some of the best talents.
Airlift Express alone with its series B funding of $85 million has added 5 per cent to Pakistan’s FDI for the Fiscal year 2021. This financing round lays the foundations of a new dawn in Pakistan where technology startups alone can contribute to more than 10 per cent of FDI in the upcoming years.
The team at Airlift is on a mission to enable self-empowerment in the region by reducing individual dependency on others through safe, reliable, and affordable logistics solutions.
Airlift is building a platform for consumers, drivers, and small business owners to move consumer goods. With an agile supply chain, Airlift is best positioned to succeed and eventually create thousands of jobs within Pakistan.
Airlift is on a mission to create 200,000 jobs in Pakistan within the next five years.
Pakistan’s diverse talent base puts Pakistan on the global map – The team at Airlift is a true representation of the potential that resides within the country.
The team is an embodiment of relentlessness, hustle, and extreme ownership, which has built one of
Pakistan’s largest technology companies. This financing puts Pakistan on the global roadmap for technology entrepreneurship.
Usman Gul, Co-Founder and CEO of Airlift said, “A year ago, Airlift halted operations on the transit service and diversified into last-mile grocery delivery.
“Today, our team closed $85m in Series B financing to scale our delivery platform across continents. With this financing, we as Pakistanis must return to where we started from — fighting against the odds and staying true to our core values of hustle, teamwork, resourcefulness, and bias to action. If this is the journey of a thousand miles, we have taken only the first step.”
With the Series B funding, Airlift today, as a Pakistani-born startup is committed more than ever to revolutionize the retail industry by leveraging technology, and empower millions of people!
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Banking payment must for asset purchase
Banking payment has been made must for asset purchase by the tax authorities in a move aimed at promoting transparency and curbing tax evasion.
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Disposal and acquisition of assets under tax law
Disposal and acquisition of assets under tax law have been explained under Section 75 of Income Tax Ordinance, 2001.
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Foreign exchange rates on August 18, 2021
KARACHI: Following are the exchange rates of foreign currencies in Pak Rupee (PKR) on August 18, 2021:
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Rules to prevent double deduction under income tax law
In the intricate landscape of taxation, ensuring fairness and preventing duplicity is paramount. Section 73 of the Income Tax Ordinance, 2001, as updated up to June 30, 2021, serves this purpose by delineating rules to prevent double derivation and double deductions.
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Tax on income from ceased business
Section 72 of the Income Tax Ordinance, 2001 has outlined tax on income from ceases business. The Federal Board of Revenue (FBR) has incorporated these regulations into the Ordinance, ensuring that taxpayers understand the implications of income derived from a business, activity, investment, or other sources that have ceased.
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