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 with business bank accounts up to September 30, 2021. According to the Finance Act, 2021 a new definition has been included in the Income Tax […]
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 million potential taxpayers. Addressing the National Assembly, for approval of budget 2021-2022, he said: “the government has collected the information of these people from their electricity […]
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 a total outlay of Rs 8.487 trillion, with around 19 percent additional allocations as compared to last year’s Rs 7.137 trillion. The Finance Bill 2021-22 was […]
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 amendments for approval from the house. A notification issued by the National Assembly Secretariat stated that the assembly will meet on Tuesday June 29, 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 restricted to concealment of Rs200 million and above, sources in Federal Board of Revenue (FBR) said. Through Finance Bill 2021, it is proposed to substitute […]
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 empowered to confiscate such items. FBR sources said that licensing of brand name has been proposed to make mandatory through an amendment to Sales Tax […]
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 budget 2021/2022 webinar of Karachi Tax Bar Association (KTBA) the major changes proposed through the Finance Bill 2021, are: — Interest income above Rs5 million […]
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 & Co. currently, tax deduction on foreign proceeds from export of goods are taxed at 1 percent which is considered as final tax. The Finance […]
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 (KTBA). Merchant was addressing at the post budget 2021/2022 seminar held on Thursday. “We at KTBA feel that the FBR is actively pursuing the policy […]
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 Taseer Hadi & Co. Chartered Accountants said that taxation of gain on disposal Gain on disposal of immovable property is currently taxable on separately provided […]