ACCA suggests imposing income tax on landowners

KARACHI: The Association of Chartered Certified Accountants (ACCA) has suggested the government to impose income tax at 7 percent on landowners to increase the agriculture share in the GDP. The ACCA in its proposals for budget 2021/2022 stated that agriculture (recently growing at 2.77 percent) has the potential to reach up to 55 percent of […]

by admin

ACCA, IMA global economic conditions survey released

Apr 26

Finance

ACCA, IMA global economic conditions survey released

KARACHI: The global economy is bouncing back in terms of confidence, orders, employment and spending, according to the latest ACCA and IMA Global Economic Conditions Survey (GECS). The survey of senior accountants and finance professional across the world recorded the biggest jump in economic confidence this quarter in the 12 years it has been running. […]

by Anjum Shah

Higher duty rates proposed for car, luxury items import

May 18

2019-2020, Budget, Taxation

Higher duty rates proposed for car, luxury items import

KARACHI: The Federal Board of Revenue (FBR) has been suggested to impose higher rates of duties on import of non-essential and luxury items in order to reduce current account deficit. Association of Chartered Certified Accountants (ACCA) in its tax proposals for budget 2019/2020 said that tangible measures should be taken to reduce the import burden. […]

by Faisal Shah

Sales tax rate in Pakistan highest in region: ACCA

May 17

2019-2020, Budget, Taxation

Sales tax rate in Pakistan highest in region: ACCA

KARACHI: Association of Chartered Certified Accountants (ACCA) has said that the existing sales tax rate of 17 percent in Pakistan is the highest in the region. The existing rate of Sales Tax at 17 percent is one of the highest in the region with an average of around 12 percent in Asia (15 percent in […]

by Faisal Shah

FBR advised making declaration of fund source mandatory for foreign remittances

May 14

2019-2020, Budget, Taxation

FBR advised making declaration of fund source mandatory for foreign remittances

KARACHI: Federal Board of Revenue (FBR) has been advised to make it mandatory the declaration of source of funds for foreign remittances. Association of Chartered Certified Accountants (ACCA) in its tax proposals for budget 2019/2020 recommended changes to Section 111(4) of Income Tax Ordinance, 2001 regarding foreign exchange remitted from outside Pakistan. The association recommended […]

by Faisal Shah

ACCA opposes tax amnesty, recommends enforcement on available information

May 12

2019-2020, Budget, Taxation

ACCA opposes tax amnesty, recommends enforcement on available information

KARACHI: Association of Chartered Certified Accountants (ACCA) Pakistan has opposed tax amnesties and suggested the tax machinery to use available information with proper enforcement. “Tax Amnesties without proper penal clauses had been a failure. With the strengthening of OECD, they should be done away with and focus should instead be shifted on using the organization’s […]

by Faisal Shah

ACCA suggests making FBR immovable property values in line with fair market value to stop asset undervaluation

May 9

2019-2020, Budget, Taxation

ACCA suggests making FBR immovable property values in line with fair market value to stop asset undervaluation

KARACHI: Association of Chartered Certified Accountants (ACCA) Pakistan has urged the Federal Board of Revenue (FBR) to bring the immovable property values in line with fair market values to discourage under-valued asset declarations. In its tax proposals for budget 2019/2020, the association said that there is a general tendency to undervalue assets leading to tax […]

by Faisal Shah