Pakistan Revenue
ISLAMABAD: The Federal Board of Revenue (FBR) has been authorized to impose penalty on taxpayers who fail to declare their bank accounts. According to budget 2021/2022 commentary issued by KPMG Taseer Hadi & Co. the Finance Bill 2021 proposed a new definition of “business bank account” to mean a bank account utilized by the taxpayer […]
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KARACHI: The Sindh government on Tuesday announced a 20 percent increase in basic salary of all government employees. Sindh Chief Minister Syed Murad Ali Shah while presenting the provincial budget 2021/2022, said that the output of the government is directly related to the performance of every individual employee. For next financial year 2021/2022, the government […]
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KARACHI: Chief Minister Sindh Syed Murad Ali Shah on Tuesday presented provincial budget for fiscal year 2021/2022. The total outlay of the budget is Rs1.477 trillion with a deficit of Rs25.7 billion. The provincial government announced an increase of 20 percent in government employees and 10 percent increase in pension. Besides, minimum wage has been […]
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LAHORE: The Punjab government has granted an incentive in stamp duty worth Rs40 billion during fiscal year 2021/2022 to encourage new investment in construction sector. The provincial government announced incentives at the budget 2021/2022 that was presented on Monday. The provincial minister announced tax concessions worth Rs50 billion during the fiscal year starting from July […]
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LAHORE: The Punjab government has allocated Rs560 billion for Annual Development Plan (ADP) for fiscal year 2021/2022, which is 66 percent higher when compared with Rs337 billion of the outgoing fiscal year. The provincial government issued following details related to allocation for the development projects: Housing and Public Health Engineering Waste water treatment plant at […]
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LAHORE: The Punjab government on Monday presented a total outlay of Rs2,653 billion provincial budget for fiscal year 2021/2022, which is 18 percent higher than the outgoing fiscal year. Punjab Finance Minister Makhdoom Hashim Jawan Bakht presented the budget in the provincial assembly. He announced an increase of 10 percent in salary and pension of […]
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ISLAMABAD: A bunch of income tax exemptions and concessions has been proposed through Finance Bill, 2021, which will be implemented from July 01, 2021.
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ISLAMABAD: The Federal Board of Revenue (FBR) has introduced a significant amendment to the Income Tax Ordinance, 2001, through the Finance Bill, 2021, empowering tax officers to arrest individuals in cases of income concealment.
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KARACHI: The government has taken taxation measures on capital gains from disposal of immovable properties and introduced normal tax regime on gains on immovable properties above Rs5 million. According to commentary on budget 2021/2022 and Finance Bill, 2021 released by PwC A. F. Ferguson & Co. Chartered Accountants, under the existing provisions, gains on disposal […]
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KARACHI: A major shift in taxation on property income has been introduced through Finance Bill, 2021 and all taxpayers shall be subject to uniform taxation on net-income basis at the applicable rates. According to commentary on budget 2021/2022 and Finance Bill, 2021, by PwC A. F. Ferguson & Co. Chartered Accountants, at present, Individuals and […]
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