Pakistan Revenue
ISLAMABAD: The main focus of the government during next fiscal year to pay back international loans of Rs2,900 billion, said Dr. Abdul Hafeez Shaikh, Advisor to Prime Minister on Finance, at post budget conference on Saturday.
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ISLAMABAD: The Finance Bill 2020 has proposed to insert definition of IRIS to income Tax Ordinance, 2001. The Finance Bill 2020 proposed many changes to Section 02 of the Ordinance. A new clause (30AC) to Section 2 of the Ordinance has been proposed to define IRIS “IRIS” means a web based computer programme for operation […]
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ISLAMABAD: The government has announced major changes to Customs Act, 1969 through Finance Bill, 2020. EY Ford Rhodes Chartered Accountants highlighted the key changes to Customs Act, 1969 that are amended through Finance Bill, 2020. Following are the key changes introduced through Finance Bill, 2020: Procedure to obtain advance ruling has been prescribed along with […]
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ISLAMABAD: The government has brought massive changes to Income Tax Ordinance, 2001 through Finance Bill 2020. EY Ford Rhodes Chartered Accountants highlighted the major changes introduced to Income Tax Ordinance, 2001 through Finance Bill 2020: The definition of the term ‘industrial undertaking’ has been proposed to be expanded to include builders and developers for the […]
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ISLAMABAD: The government has proposed major changes to sales tax law through Finance Bill 2020 to be applicable from July 01, 2020. EY Ford Rhodes Chartered Accountants highlighted the major changes to Sales Tax Act, 1990 through Finance Bill, 2020: A person whose refunds or input tax adjustment is blocked will continue to be treated […]
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The Federal Board of Revenue (FBR) in Pakistan has been granted enhanced authority to access third party information and databases in real-time as part of a comprehensive strategy to identify new taxpayers and curb tax evasion.
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ISLAMABAD: The Finance Bill 2020 has proposed to amend Sales Tax Act 1990 and empower tax authorities to modify orders. A new section 11C to the Act has been proposed through the bill, which is as follow: “11C. Power of tax authorities to modify orders, etc.– (1) Where a question of law has been decided […]
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ISLAMABAD: The Finance Bill 2020 has made amendments to Customs Act, 1969 and made it mandatory for a person alleged of any offence is required to prove that property acquired by him is not from proceed of crime. The Finance Bill 2020 proposed to amend Section 187 of Customs Act, 1969. Following amendment has been […]
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ISLAMABAD: The Finance Bill, 2020 issued on Friday has proposed tightening customs law to prevent fiscal fraud on imported goods.
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ISLAMABAD: An amount up to Rs5,000 has been exempted in case minimum total duty and taxes on imported goods. An amendment to Customs Act, 1969 has been introduced through Finance Bill, 2020 issued on Thursday. Through the amendment the minimum duty and taxes that is not demanded by the customs authorities have been increased to […]
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