Highlights of relief in duty, taxes for import, local supply of cars

Jun 16

Automotive, Budget 2021-2022, Taxation

Highlights of relief in duty, taxes for import, local supply of cars

KARACHI: The government has proposed relief in duty and taxes on import and local supply of motor cars up to 850CC in order to enable lower income group to purchase the motor vehicles. According to a commentary on budget 2021/2022 issued by KPMG Taseer Hadi & Co. Chartered Accountants, in recent years, the prices of […]

by Mrs. Anjum Shahnawaz

Additional withholding tax imposed on cars sold without registration

Jun 16

Automotive, Budget 2021-2022, Taxation

Additional withholding tax imposed on cars sold without registration

KARACHI: The application of withholding tax on cars / motor vehicles that are sold without registration shall pay additional withholding income tax. According to the Finance Bill, 2021 the withholding tax in addition to registration/transfer would be applicable and the same would be collected by the motor vehicle registration authority of Excise and Taxation Department […]

by Mrs. Anjum Shahnawaz

Telecom sector gets relief measures in budget 2021/2022

Jun 15

Budget 2021-2022, IT & Telecom

Telecom sector gets relief measures in budget 2021/2022

ISLAMABAD: The telecommunication sector has received several relief measures in the federal budget 2021/2022 that will help new investment in this sector. According to budget commentary released by KPMG Taseer Hadi & Co. Telecommunication is one of the largest service sectors of Pakistan contributing substantial revenue in the form of taxes on telecom services and […]

by Mrs. Anjum Shahnawaz

Penalty imposed for non-declaration of business bank account

Jun 15

Budget 2021-2022, Taxation

Penalty imposed for non-declaration of business bank account

ISLAMABAD: The Federal Board of Revenue (FBR) has been authorized to impose penalty on taxpayers who fail to declare their bank accounts. According to budget 2021/2022 commentary issued by KPMG Taseer Hadi & Co. the Finance Bill 2021 proposed a new definition of “business bank account” to mean a bank account utilized by the taxpayer […]

by Mrs. Anjum Shahnawaz

Sindh announces 20 percent increase in salary

Jun 15

Budget 2021-2022

Sindh announces 20 percent increase in salary

KARACHI: The Sindh government on Tuesday announced a 20 percent increase in basic salary of all government employees. Sindh Chief Minister Syed Murad Ali Shah while presenting the provincial budget 2021/2022, said that the output of the government is directly related to the performance of every individual employee. For next financial year 2021/2022, the government […]

by Mrs. Anjum Shahnawaz

Sindh presents Rs1.477 trillion budget for 2021/2022

Jun 15

Budget 2021-2022

Sindh presents Rs1.477 trillion budget for 2021/2022

KARACHI: Chief Minister Sindh Syed Murad Ali Shah on Tuesday presented provincial budget for fiscal year 2021/2022. The total outlay of the budget is Rs1.477 trillion with a deficit of Rs25.7 billion. The provincial government announced an increase of 20 percent in government employees and 10 percent increase in pension. Besides, minimum wage has been […]

by Mrs. Anjum Shahnawaz

Punjab allows stamp duty incentive worth Rs40 billion to promote construction sector

Jun 14

Budget 2021-2022

Punjab allows stamp duty incentive worth Rs40 billion to promote construction sector

LAHORE: The Punjab government has granted an incentive in stamp duty worth Rs40 billion during fiscal year 2021/2022 to encourage new investment in construction sector. The provincial government announced incentives at the budget 2021/2022 that was presented on Monday. The provincial minister announced tax concessions worth Rs50 billion during the fiscal year starting from July […]

by Mrs. Anjum Shahnawaz

Punjab allocates Rs560 billion for annual development program

Jun 14

Budget 2021-2022

Punjab allocates Rs560 billion for annual development program

LAHORE: The Punjab government has allocated Rs560 billion for Annual Development Plan (ADP) for fiscal year 2021/2022, which is 66 percent higher when compared with Rs337 billion of the outgoing fiscal year. The provincial government issued following details related to allocation for the development projects: Housing and Public Health Engineering Waste water treatment plant at […]

by Mrs. Anjum Shahnawaz

Jun 14

Budget 2021-2022

Punjab presents Rs2,653 billion outlay budget 2021/2022; salary and pension increased by 10 percent

LAHORE: The Punjab government on Monday presented a total outlay of Rs2,653 billion provincial budget for fiscal year 2021/2022, which is 18 percent higher than the outgoing fiscal year. Punjab Finance Minister Makhdoom Hashim Jawan Bakht presented the budget in the provincial assembly. He announced an increase of 10 percent in salary and pension of […]

by Mrs. Anjum Shahnawaz

Bill withdraws income tax exemptions, concessions under Second Schedule

Jun 14

Budget 2021-2022, Taxation

Bill withdraws income tax exemptions, concessions under Second Schedule

ISLAMABAD: A bunch of income tax exemptions and concessions has been proposed through Finance Bill, 2021, which will be implemented from July 01, 2021. According to commentary on budget 2021/2022 by PwC A. F. Ferguson & Co. Chartered Accountants, the following exemptions and concessions have been withdrawn through Finance Bill, 2021: Salary income of the […]

by Mrs. Anjum Shahnawaz