Finance Act, 2021: Taxpayers given three months to update business bank accounts

Jun 30

Budget 2021-2022

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 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 […]

by Mrs. Anjum Shahnawaz

Third-party to conduct audit of 15M potential taxpayers

Jun 29

Budget 2021-2022, Taxation

Third-party to conduct audit of 15M potential taxpayers

Finance Minister Shaukat Tarin announced on Tuesday that the government is set to launch Universal Self-Assessment, a third-party approach, for auditing 15 million potential taxpayers.

by Mrs. Anjum Shahnawaz

National Assembly approves budget, finance bill 2021

Jun 29

Budget 2021-2022

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 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 […]

by Mrs. Anjum Shahnawaz

National Assembly may pass Finance Bill 2021 on June 29

Jun 28

Budget 2021-2022, Finance

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 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 […]

by Mrs. Anjum Shahnawaz

Tax officials given arrest powers on concealment above Rs200 million; changes made to Finance Bill 2021

Jun 27

Budget 2021-2022, Taxation

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 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 […]

by Mrs. Anjum Shahnawaz

Jun 20

Budget 2021-2022, Taxation

FBR to confiscate goods without brand licensing

In a bid to enhance regulatory oversight and combat counterfeiting, the proposal to make brand licensing mandatory for manufacturers of specified goods has been put forward. In the event of non-compliance, the Federal Board of Revenue (FBR) is poised to be empowered with the authority to confiscate such items.

by Mrs. Anjum Shahnawaz

Tax amendments made for income of salaried persons, individuals

Jun 18

Budget 2021-2022, Taxation

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 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 […]

by Mrs. Anjum Shahnawaz

Final tax regime allowed for export of services

Jun 18

Budget 2021-2022, Taxation

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 & Co. currently, tax deduction on foreign proceeds from export of goods are taxed at 1 percent which is considered as final tax. The Finance […]

by Mrs. Anjum Shahnawaz

Finance Bill proposes blanket powers to tax machinery: KTBA

Jun 17

Budget 2021-2022, Taxation

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 (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 […]

by Mrs. Anjum Shahnawaz

Finance Bill 2021: tax treatment of capital gain on disposal of immovable properties

Jun 16

Budget 2021-2022, Taxation

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 Taseer Hadi & Co. Chartered Accountants said that taxation of gain on disposal Gain on disposal of immovable property is currently taxable on separately provided […]

by Mrs. Anjum Shahnawaz