Finance Bill, 2019: 10 years imprisonment for money laundering through foreign trade

Jun 16

2019-2020, Budget

Finance Bill, 2019: 10 years imprisonment for money laundering through foreign trade

KARACHI: The government has taken harsh stance on money laundering through foreign trade and proposed 10 years imprisonment for persons involved besides confiscating consignments. The Finance Bill, 2019 proposed Section 32C to the Customs Act, 1969 related to mis-declaration of value for illegal transfer of funds abroad. The Finance Bill 2019, proposed to insert a […]

by Mrs. Anjum Shahnawaz

Customs law amended to recover unpaid amount from exporters

Jun 16

2019-2020, Budget, Pakistan Customs

Customs law amended to recover unpaid amount from exporters

KARACHI: The government has put a check on exporters related to unpaid amount of duty and taxes at the time of export clearance and amended law to recover the same. Through Finance Bill 2019, it is proposed to amend Section 32(3)(A) of Customs Act, 1969 to apply this check on exporters. Sub-section (3A) of Section […]

by Mrs. Anjum Shahnawaz

FBR empowered to impose fee, service charges under Customs laws

Jun 16

2019-2020, Budget, Pakistan Customs

FBR empowered to impose fee, service charges under Customs laws

KARACHI: Federal Board of Revenue (FBR) has been empowered to impose service charges and date of determination of rate of import duty under Customs Act 1969. The Finance Bill 2019 has proposed delegation of powers from federal government to the FBR, which included: levy of fee and service charges; date of determination of rate of […]

by Mrs. Anjum Shahnawaz

Collectors’ power to determine customs values withdrawn

Jun 16

2019-2020, Budget, Pakistan Customs

Collectors’ power to determine customs values withdrawn

KARACHI: The government has withdrawn the power of Collector of Customs in determination of customs value on his own motion through Finance Bill 2019. The Finance Bill 2019 proposed to withdraw the powers of the collector of customs to determine customs valuations on his motion under Section 25A(1) and Section 25A(3) of Customs Act, 1969. […]

by Mrs. Anjum Shahnawaz

Non-ATL persons to pay double amount of withholding tax on prize bond winning

Jun 16

2019-2020, Budget

Non-ATL persons to pay double amount of withholding tax on prize bond winning

ISLAMABAD: The government has increased withholding tax by 100 percent on winning of prize bonds for persons not on Active Taxpayers List (ATL). Through Finance Bill 2019 the government has deleted the term ‘non-filers’ and imposed 100 percent withholding tax on persons not on the ATL, which contains names of persons file their returns by […]

by Mrs. Anjum Shahnawaz

Commercial importers to file income returns after removal of FTR

Jun 15

2019-2020, Budget, Taxation

Commercial importers to file income returns after removal of FTR

ISLAMABAD: Commercial importers will require to file return of income and statement of assets to the tax authorities after the removal of final tax regime. Tax authorities said that the commercial importers would require to submit details of imports and source of payment for opening the letter of credit (LCs) through their returns. According to […]

by Faisal Shahnawaz

Karachi Chamber highlights budget anomalies, urges rectification

Jun 15

2019-2020, Budget, Trade & Industry

Karachi Chamber highlights budget anomalies, urges rectification

KARACHI: President Karachi Chamber of Commerce & Industry (KCCI) Junaid Esmail Makda, while highlighting various Sales Tax and Income Tax anomalies unveiled in the Federal Budget 2019-2020, appealed Prime Minister Imran Khan, State Minister for Revenue Hammad Azhar and Chairman FBR Shabbar Zaidi to rectify all these anomalies on top priority prior to seeking approval […]

by Faisal Shahnawaz

Finance Bill 2019: Revised CGT rates on sale of securities

Jun 15

2019-2020, Budget

Finance Bill 2019: Revised CGT rates on sale of securities

ISLAMABAD: The Finance Bill 2019 has proposed revised rates of Capital Gain Tax (CGT) on sale of securities under Section 37A of the Income Tax Ordinance, 2001. According to EY Ford Rhodes Chartered Accountants the rate card for levying tax on capital gains arising on sale of securities as referred to in Section 37A is […]

by Mrs. Anjum Shahnawaz

Finance Bill 2019: severe punishment proposed for offshore tax evasion

Jun 15

2019-2020, Budget

Finance Bill 2019: severe punishment proposed for offshore tax evasion

ISLAMABAD: The government has proposed severe punishment for tax evasion through Finance Bill 2019. According to commentary on Finance Bill, 2019 by EY Ford Rhodes Chartered Accountants, the country in the recent past had witnessed a lot of hue and cry in respect of undeclared assets / wealth accumulated and held abroad by resident of […]

by Mrs. Anjum Shahnawaz

Finance Bill 2019: CGT on immovable properties revamped

Jun 15

2019-2020, Budget, Taxation

Finance Bill 2019: CGT on immovable properties revamped

ISLAMABAD: The capital gain tax on the immovable properties has been revamped through Finance Bill 2019 in order to streamline taxation on gains at the time of sale of immovable properties. According to commentary of EY Ford Rhodes Chartered Accountants on changes brought in Income Tax Ordinance, 2001 through Finance Bill 2019, the taxation of […]

by Mrs. Anjum Shahnawaz