Finance ministry issues strategy for release of funds for development budget

Jul 8

Budget 2020-2021, Finance

Finance ministry issues strategy for release of funds for development budget

ISLAMABAD: The finance ministry on Wednesday issued strategy for release of funds for development budget during fiscal year 2020/2021. The undersigned is directed to refer to the subject mentioned above and to state that keeping in view the Public Finance Management Act (PFM) Act, 2019, the following strategy for release of funds relating to Development […]

by Mrs. Anjum Shahnawaz

Commissioner IR empowered to amend assessment without definite information

Jun 27

Taxation

Commissioner IR empowered to amend assessment without definite information

KARACHI: Commissioners of Inland Revenue have been empowered to amend assessment on the basis of best judgment and make dis-allowances without specific supporting evidence. According to interpretation of Finance Bill, 2020 by EY Ford Rhodes Chartered Accountants, the provisions of Section 122 of Income Tax Ordinance, 2001, since their inception have been the subject of […]

by Mrs. Anjum Shahnawaz

Cash withdrawal should be exempted from withholding tax; Senate recommends key changes in Finance Bill 2020

Jun 26

Budget 2020-2021, Taxation

Cash withdrawal should be exempted from withholding tax; Senate recommends key changes in Finance Bill 2020

ISLAMABAD: The Senate of Pakistan has recommended the government to abolish withholding tax on cash transactions from banks. In its key tax recommendations for finalizing budget 2020/2021, the Senate recommended that the government should abolish all kinds of withholding tax chargeable on cash transactions from banks. It recommended that instead of the proposed amendment in […]

by Mrs. Anjum Shahnawaz

Senate advises salary increase by 10 percent

Jun 26

Budget 2020-2021, National

Senate advises salary increase by 10 percent

ISLAMABAD: The Senate of Pakistan has recommended increase in salary of government employees by at least 10 percent for fiscal year starting July 01, 2020. As per the general consensus recommendations of the upper house after the debate on budget 2020/2021, it is recommended that salary of government employees should be enhanced at least 10 […]

by Mrs. Anjum Shahnawaz

Senate recommends tobacco must be treated as crop, exempted from duty/taxes

Jun 26

Budget 2020-2021

Senate recommends tobacco must be treated as crop, exempted from duty/taxes

ISLAMABAD: The Senate of Pakistan has recommended that tobacco must be treated as a crop and must be exempted from duty and taxes. In its recommendations to Finance Bill 2020, the upper house recommended the National Assembly that tobacco must be treated as a crop like wheat, maize, sugarcane etc. and must be exempted from […]

by Mrs. Anjum Shahnawaz

Tax collection target of Rs4.96 trillion for 2020/2021 achievable

Jun 25

Budget 2020-2021

Tax collection target of Rs4.96 trillion for 2020/2021 achievable

ISLAMABAD: Hammad Azhar, Minister for Industries and Production, has said that the tax collection target of Rs4.96 trillion assigned to Federal Board of Revenue (FBR) during next fiscal year is achievable.

by Mrs. Anjum Shahnawaz

Banks to provide information of all recipients of profit on debt

Jun 24

Budget 2020-2021, Taxation

Banks to provide information of all recipients of profit on debt

KARACHI: The Federal Board of Revenue (FBR) to ask banks to provide information of all persons receiving profit on debt from July 01, 2020. To implement this an amendment has been introduced through Finance Bill 2020. According to explanation of the Finance Bill 2020 by EY Ford Rhodes Chartered Accountants, the Finance Act, 2013, introduced […]

by Mrs. Anjum Shahnawaz

Tax deduction allowed on salary up to Rs25,000 paid in cash

Jun 24

Budget 2020-2021, Taxation

Tax deduction allowed on salary up to Rs25,000 paid in cash

KARACHI: The Finance Bill 2020 has proposed major changes related to tax deduction in order to provide relief to business community. Under the proposed amendments the threshold amount has been increased up to Rs25,000 for tax deduction in case salary is paid. According to interpretation of the Finance Bill 2020 by BDO Pakistan, the Finance […]

by Mrs. Anjum Shahnawaz

Senate committee rejects taxpayers profiling, real-time access to information

Jun 22

Budget 2020-2021, Taxation

Senate committee rejects taxpayers profiling, real-time access to information

ISLAMABAD: The Standing Committee on Finance, Revenue and Economic Affairs, in a meeting, has rejected new clauses of taxpayers profiling and real-time access to information. The committee strongly rejected the amendments to the taxpayers profile, appeal to appellate tribunal, offences and penalties and power to enter and search premises. Clauses related to real time access […]

by Mrs. Anjum Shahnawaz

Amendments to taxability on payments for goods, services and contracts

Jun 22

Budget 2020-2021, Taxation

Amendments to taxability on payments for goods, services and contracts

KARACHI: The Finance Bill 2020 has proposed changes to taxability on payments made for goods, services and contracts. According to explanation to amendments made to Section 153 of Income Tax Ordinance, 2001 through Finance Bill 2020 by BDO Pakistan Audit Consultancy and Tax Advisory Firm: (1a): The bill seeks to include toll manufacturing to be […]

by Mrs. Anjum Shahnawaz