FBR, SBP to make procedure for tax payment on export of services

Jun 13

Budget 2021-2022, Taxation

FBR, SBP to make procedure for tax payment on export of services

ISLAMABAD: The government has imposed income tax on export of services and in this regard Federal Board of Revenue (FBR) and State Bank of Pakistan (SBP) will make procedure for payment of tax. According to budget 2021/2022 documents, the Finance Bill 2021 proposed a new section 154A for imposition of income tax on export of […]

by Mrs. Anjum Shahnawaz

Commissioners IR to issue amended assessment order in 120 days

Jun 13

Budget 2021-2022, Taxation

Commissioners IR to issue amended assessment order in 120 days

ISLAMABAD: Commissioners Inland Revenue have been bound to issue order in amended assessment within 120 days under Section 122 of Income Tax Ordinance, 2001. According to budget 2021/2022 documents, the Finance Bill 2021 proposed amendment Section 122 of the Income Tax Ordinance, 2001. The amendment proposed through Finance Bill 2021 in sub-section (9), for the […]

by Mrs. Anjum Shahnawaz

FBR allowed probe foreign income beyond past five years

Jun 13

Budget 2021-2022, Taxation

FBR allowed probe foreign income beyond past five years

ISLAMABAD: The Federal Board of Revenue (FBR) has been authorized to probe foreign income of a taxpayers beyond past five years as time limitation in this regard has been withdrawn through Finance Bill 2021. According to budget 2021/2022 documents, the Finance Bill 2021 proposed amendment to Section 114 of the Income Tax Ordinance, 2001. It […]

by Mrs. Anjum Shahnawaz

Turnover increased to Rs100 million for minimum tax levy

Jun 13

Budget 2021-2022, Taxation

Turnover increased to Rs100 million for minimum tax levy

ISLAMABAD: The government has increased threshold of annual turnover to Rs100 million from Rs10 million for imposing minimum income tax from July 01, 2021 onwards. According to Budget 2021/2022 documents, Finance Bill 2021 has proposed amendment to Section 113 of Income Tax Ordinance, 2001. The Section 113 after the proposed amendment is: Minimum tax on […]

by Mrs. Anjum Shahnawaz

Income tax credit allowed for real time reporting of sales

Jun 13

Budget 2021-2022, Taxation

Income tax credit allowed for real time reporting of sales

ISLAMABAD: The government has granted income tax credit for person who integrates the point of sales machine for real time reporting sales or receipt. According to budget 2021/2022 documents, amendment has been proposed to Income Tax Ordinance, 2001 through Finance Bill, 2021. A new section 64D has been proposed for the purpose, which states: “Tax […]

by Mrs. Anjum Shahnawaz

Finance Bill amends concealment of income definition

Jun 12

Budget 2021-2022, Taxation

Finance Bill amends concealment of income definition

ISLAMABAD: The Finance Bill, 2021 has proposed to redefine the concealment of income by including suppression of receipts liable to tax. According to budget 2021/2022 documents, the Finance Bill 2021 proposed to make amendment in the Income Tax Ordinance, 2001 regarding concealment of income. The proposed amendment explains concealment of income includes – “(a) the […]

by Mrs. Anjum Shahnawaz

Customs officials to get reward only after realization of duty, taxes

Jun 12

Budget 2021-2022, Pakistan Customs

Customs officials to get reward only after realization of duty, taxes

ISLAMABAD: The government has amended reward rules and announced that customs officials will get reward money only after realization of duty and tax involved in evasion cases. According to budget 2021/2022 documents, amendment to Customs Act, 1969 has been proposed through Finance Bill, 2021. The proposed amendment through the bill is as:“Reward to officers and […]

by Mrs. Anjum Shahnawaz

Importers to pay penalty up to Rs250,000

Jun 12

Budget 2021-2022, Pakistan Customs

Importers to pay penalty up to Rs250,000

The government has proposed amendments to the Customs Act, 1969, introducing monetary penalties for importers who fail to provide mandatory documents electronically.

by Mrs. Anjum Shahnawaz

Importers ID to be blocked for one year on contravening packing list

Jun 12

Budget 2021-2022, Pakistan Customs

Importers ID to be blocked for one year on contravening packing list

ISLAMABAD: Pakistan customs has been empowered to confiscate goods and block importers for one year on charges of contravening invoices and packing list inside container or consignment. According to budget 2021/2022 documents, the Finance Bill, 2021 proposed penalties for contravening invoices or packing list. At present if any person contravenes the requirement of placement of […]

by Mrs. Anjum Shahnawaz

Pakistan Customs authorized to license public, common and private warehouses

Jun 12

Budget 2021-2022, Pakistan Customs

Pakistan Customs authorized to license public, common and private warehouses

ISLAMABAD: Pakistan Customs has been authorized to appoint or license public, common and private warehouses for shifting of dutiable goods without payment of customs duty.

by Mrs. Anjum Shahnawaz