Category: Budget
Finance Act, 2021: Taxpayers given three months to update business bank accounts
ISLAMABAD: Declaring business bank accounts has become mandatory from July 01, 2021 otherwise a monetary penalty would be imposed. However, taxpayers have been given to update their registration profile along […]
Third party to conduct audit of 15 million potential taxpayers: Shaukat Tarin
ISLAMABAD: Finance Minister Shaukat Tarin on Tuesday said that the government has decided to introduce the Universal Self-Assessment for engaging a third party approach to conduct the audit of 15 […]
National Assembly approves budget, finance bill 2021
ISLAMABAD: The National Assembly on Tuesday approved federal budget 2021-2022 and Finance Bill 2021. After over a two-week long debate, the National Assembly on Tuesday passed the federal budget with […]
National Assembly may pass Finance Bill 2021 on June 29
ISLAMABAD: The National Assembly will meet on Tuesday June 29, 2021 in which Shaukat Fayaz Ahmed Tarin, Minister for Finance and Revenue to move the Finance Bill 2021 with certain […]
Tax officials given arrest powers on concealment above Rs200 million; changes made to Finance Bill 2021
ISLAMABAD: The government has reviewed the proposal related to power of tax officials to arrest persons under criminal proceedings for concealment of income. The power to make arrest may be […]
FBR to confiscate goods without brand licensing
ISLAMABAD: Brand licensing has been proposed to make mandatory for manufacturers of specified goods. In failure to comply with it is proposed the Federal Board of Revenue (FBR) should be […]
Tax amendments made for income of salaried persons, individuals
KARACHI: The Finance Bill, 2021 has proposed certain amendments in Income Tax Ordinance, 2001 related to income of salaried persons and business individuals. According to a presentation made at post […]
Final tax regime allowed for export of services
KARACHI: The Finance Bill 2021 has proposed a final tax regime for export of IT and IT enabled services. According to commentary on budget 2021/2022 released by KPMG Taseer Hadi […]
Finance Bill proposes blanket powers to tax machinery: KTBA
KARACHI: The federal government through Finance Bill, 2021 proposed certain amendments in tax law, which will give blanket powers to tax machinery, said Zeeshan Merchant, President, Karachi Tax Bar Association […]
Finance Bill 2021: tax treatment of capital gain on disposal of immovable properties
KARACHI: The Finance Bill 2021 has proposed various changes to Income Tax Ordinance, 2021 to capital gain tax on disposal of immovable properties. In its commentary on budget 2021/2022, KPMG […]