Senate committee rejects taxpayers profiling, real-time access to information

Jun 22

Budget 2020-2021, Taxation

Senate committee rejects taxpayers profiling, real-time access to information

ISLAMABAD: The Standing Committee on Finance, Revenue and Economic Affairs, in a meeting, has rejected new clauses of taxpayers profiling and real-time access to information. The committee strongly rejected the amendments to the taxpayers profile, appeal to appellate tribunal, offences and penalties and power to enter and search premises. Clauses related to real time access […]

by Mrs. Anjum Shahnawaz

Amendments to taxability on payments for goods, services and contracts

Jun 22

Budget 2020-2021, Taxation

Amendments to taxability on payments for goods, services and contracts

KARACHI: The Finance Bill 2020 has proposed changes to taxability on payments made for goods, services and contracts. According to explanation to amendments made to Section 153 of Income Tax Ordinance, 2001 through Finance Bill 2020 by BDO Pakistan Audit Consultancy and Tax Advisory Firm: (1a): The bill seeks to include toll manufacturing to be […]

by Mrs. Anjum Shahnawaz

Finance Bill proposes significance amendments to income tax at import stage

Jun 22

Budget 2020-2021, Taxation

Finance Bill proposes significance amendments to income tax at import stage

KARACHI: The Finance Bill 2020 has proposed significant amendments related to income tax at import stage in Section 148 of Income Tax Ordinance, 2001 as it was described by BDO Pakistan Audit Consultancy and Tax Advisory Firm. Following are the changes proposed by the Finance Bill, 2020 in Section 148: 148(1): The bill seeks to […]

by Mrs. Anjum Shahnawaz

10pc tax payment mandatory for filing appeal before tribunal

Jun 21

Budget 2020-2021, Taxation

10pc tax payment mandatory for filing appeal before tribunal

KARACHI: Taxpayers shall require to pay 10 percent of tax demand while filing an appeal before Appellate Tribunal challenging the order of commissioner appeals. Deloitte Yousuf Adil, Chartered Accountants, said that a new requirement is proposed in the Finance Bill 2020 for filing of appeal before the Appellate Tribunal for challenging the order of Commissioner […]

by Mrs. Anjum Shahnawaz

Tax credit limit reduced by 50pc on charitable donations

Jun 21

Budget 2020-2021, Taxation

Tax credit limit reduced by 50pc on charitable donations

ISLAMABAD: The limit of tax credit has been reduced by 50 percent on amount paid in cash or in kind to charitable donations, sources in Federal Board of Revenue (FBR) said. The sources said that under the existing provisions of the last a person is entitled to tax credit on account of charitable donation paid […]

by Mrs. Anjum Shahnawaz

CGT on immovable properties reduced by 50 percent

Jun 20

Budget 2020-2021, Taxation

CGT on immovable properties reduced by 50 percent

ISLAMABAD: The capital gain tax on (CGT) disposal of immovable properties has been reduced by 50 percent in order to promote investment in construction industry. According to Deloitte Yousuf Adil, Chartered Accountants, the Finance Bill 2020 proposed reduction in tax rates by 50 percent on capital gains arising on disposal of immovable property. This is […]

by Mrs. Anjum Shahnawaz

Automated scrutiny of tax returns to end universal self assessment scheme

Jun 20

Budget 2020-2021, Taxation

Automated scrutiny of tax returns to end universal self assessment scheme

ISLAMABAD: The introduction of automated scrutiny of all income tax returns may end the Universal Self Assessment Scheme (USAS) in the country. The Finance Bill, 2020 introduced a major policy change under which the FBR to conduct scrutiny of all income tax returns. In contrast the existing USAS all the returns filed by taxpayers are […]

by Mrs. Anjum Shahnawaz

KCCI submits recommendations to rectify anomalies in Finance Bill 2020

Jun 19

Budget 2020-2021, Trade & Industry

KCCI submits recommendations to rectify anomalies in Finance Bill 2020

KARACHI: Karachi Chamber of Commerce and Industry (KCCI) has submitted its recommendations for rectification of anomalies in the Finance Bill, 2020. The KCCI in a communication on Friday with the Chairmen/Co-Chairmen of the Anomaly Committees formed by the Federal Board of Revenue (FBR), has pointed out anomalies in the Finance Bill 2020-2021 presented by the […]

by Mrs. Anjum Shahnawaz

Reduction in rental income expense limit to encourage under-reporting

Jun 18

Budget 2020-2021, Taxation

Reduction in rental income expense limit to encourage under-reporting

Presently, expenses incurred to the extent of 6 percent of rent chargeable wholly and exclusively for deriving rent are admissible as deduction against rental income. The Bill proposed to reduce the limit from 6 percent to 2 percent. The experts said that further reducing such limit would deprive a taxpayer for claiming a legitimate expense […]

by Mrs. Anjum Shahnawaz

FBR constitutes committees to remove anomalies in Finance Bill 2020

Jun 16

Budget 2020-2021, Taxation

FBR constitutes committees to remove anomalies in Finance Bill 2020

ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday constituted two committees for identifying and removing anomalies in the Finance Bill, 2020. The FBR issued two separate notifications for constituting the committees, which comprise FBR officials and representatives of business community. Chairman of the first anomaly committee is Saqib Shirazi of Atlas Group. The co-chairmen of […]

by Mrs. Anjum Shahnawaz