Pakistan Revenue
Pakistan Budget 2020–2021 outlines key fiscal measures, tax reforms, and development priorities aimed at economic recovery, growth, and stability.
ISLAMABAD: Finance Bill, 2020 has proposed many changes to taxation of property income for tax year 2021. According to commentary of PWC A. F. Ferguson Chartered Accountants, prior to amendments made through Finance Act, 2019, rental income of non-corporate persons was taxed on a presumptive basis not allowing any deductions and allowances. The Finance Act, […]
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ISLAMABAD: An automated scrutiny of income tax returns has been introduced to Income Tax Ordinance, 2001 through Finance Bill, 2020. For this purpose a new sub-section 2A has been inserted to Section 120 of Income Tax Ordinance, 2001 through the Finance Bill, 2020. The new sub-section 2A is as: “(2A) A return of income furnished […]
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ISLAMABAD: A Pakistan resident ship owning company shall pay tonnage tax of an amount equivalent to US 75 cents per ton, as proposed through Finance Bill, 2020. A new clause (c) has been inserted in Section 7A of Income Tax Ordinance, 2001 through Finance Bill, 2001 to levy the tax on resident ship owning company. […]
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ISLAMABAD: The main focus of the government during next fiscal year to pay back international loans of Rs2,900 billion, said Dr. Abdul Hafeez Shaikh, Advisor to Prime Minister on Finance, at post budget conference on Saturday.
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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 clause (30AC) to Section 2 of the Ordinance has been proposed to define IRIS “IRIS” means a web based computer programme for operation […]
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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 Finance Bill, 2020. Following are the key changes introduced through Finance Bill, 2020: Procedure to obtain advance ruling has been prescribed along with […]
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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 Finance Bill 2020: The definition of the term ‘industrial undertaking’ has been proposed to be expanded to include builders and developers for the […]
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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 Sales Tax Act, 1990 through Finance Bill, 2020: A person whose refunds or input tax adjustment is blocked will continue to be treated […]
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The Federal Board of Revenue (FBR) in Pakistan has been granted enhanced authority to access third party information and databases in real-time as part of a comprehensive strategy to identify new taxpayers and curb tax evasion.
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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 bill, which is as follow: “11C. Power of tax authorities to modify orders, etc.– (1) Where a question of law has been decided […]
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