KARACHI: Passengers or crew members found involved in illegal trading of currency, gold or precious stones to be convicted with up to 14 years imprisonment along with huge amount of fine and penalty. According to explanation by EY Ford Rhodes Chartered Accountants, at present any misdeclaration by any passenger or crew member is treated as … Read more
KARACHI: The minimum tax on turnover has been proposed to impose on non-resident companies having permanent establishment (PE) in Pakistan. The amendment in Section 113 of the Income Tax Ordinance, 2001 has been proposed through Finance Bill, 2020. According to EY Ford Rhodes Chartered Accountants the Section 113 of the Ordinance levies minimum tax on … Read more
KARACHI: Federal Board of Revenue (FBR) will get access to information of all persons entering or leaving Pakistan from federal investigation agency and bureau of emigration for the purpose of broadening of tax base. As per the newly proposed amendment to Income Tax Ordinance, 2001 a new section 47(B) has been introduced through Finance Bill, … Read more
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 … Read more
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 … Read more
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 … Read more
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. While concluding discussion on the Finance Bill 2020-2021 in the National Assembly on Thursday, he said those who were considering the target as ambitious … Read more
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 … Read more
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 … Read more
KARACHI: The government has granted withholding tax exemption on transfer of foreign remittances to Pak Rupee accounts. But tax experts said that bifurcating transactions for banks may not be practical. Overseas Investors Chamber of Commerce and Industry (OICCI) said that currently withholding tax is applicable on certain banking transactions executed by the persons not appearing … Read more