ISLAMABAD: Finance Minister Shaukat Tarin on Tuesday said that the government has decided to introduce the Universal Self-Assessment for engaging a third-party approach to conduct the audit of 15 million potential taxpayers. Addressing the National Assembly, for approval of budget 2021-2022, he said: “the government has collected the information of these people from their electricity […]
ISLAMABAD: The National Assembly on Tuesday approved federal budget 2021-2022 and Finance Bill 2021. After over a two-week long debate, the National Assembly on Tuesday passed the federal budget with a total outlay of Rs 8.487 trillion, with around 19 percent additional allocations as compared to last year’s Rs 7.137 trillion. The Finance Bill 2021-22 was […]
ISLAMABAD: The National Assembly will meet on Tuesday June 29, 2021 in which Shaukat Fayaz Ahmed Tarin, Minister for Finance and Revenue to move the Finance Bill 2021 with certain amendments for approval from the house. A notification issued by the National Assembly Secretariat stated that the assembly will meet on Tuesday June 29, 2021 […]
KARACHI: The Finance Bill, 2021 has proposed certain amendments in Income Tax Ordinance, 2001 related to income of salaried persons and business individuals. According to a presentation made at post budget 2021/2022 webinar of Karachi Tax Bar Association (KTBA) the major changes proposed through the Finance Bill 2021, are: — Interest income above Rs5 million […]
KARACHI: The Finance Bill 2021 has proposed a final tax regime for export of IT and IT enabled services. According to commentary on budget 2021/2022 released by KPMG Taseer Hadi & Co. currently, tax deduction on foreign proceeds from export of goods are taxed at 1 percent which is considered as final tax. The Finance […]
KARACHI: The federal government through Finance Bill, 2021 proposed certain amendments in tax law, which will give blanket powers to tax machinery, said Zeeshan Merchant, President, Karachi Tax Bar Association (KTBA). Merchant was addressing at the post budget 2021/2022 seminar held on Thursday. “We at KTBA feel that the FBR is actively pursuing the policy […]
KARACHI: The Finance Bill 2021 has proposed various changes to Income Tax Ordinance, 2021 to capital gain tax on disposal of immovable properties. In its commentary on budget 2021/2022, KPMG Taseer Hadi & Co. Chartered Accountants said that taxation of gain on disposal Gain on disposal of immovable property is currently taxable on separately provided […]
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 […]
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 […]
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 […]