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TAXATION
Updated tax provisions for property rental income in budget 2021-22

Updated tax provisions for property rental income in budget 2021-22

Finance Act, 2013 shifted the property income (Property rental income) from fixed tax regime to normal tax regime for Individuals, AOPs and Companies. Finance Act, 2016 shifted it from normal tax regime to fixed tax…

BUDGET
Omission and merger of withholding tax provisions in finance act 2021

Omission and merger of withholding tax provisions in finance act 2021

Omission of withholding tax provisions There were 38 withholding tax provisions in the Income Tax Ordinance, 2001. This high number of provisions adds to complexity and creates undue burden of compliance on different withholding agents.…

UPDATES
Withdrawals of Tax Exemptions and Tax Credits in Finance Act 2021

Withdrawals of Tax Exemptions and Tax Credits in Finance Act 2021

Important tax exemptions and tax credits withdrawn in Finance Act 2021 are given below: Tax credit for person employing fresh graduates. First year depreciation allowance on specified assets @ 90% of cost of assets. Tax…

TAXATION
Updated Tax Exemptions and Tax Credits for the Financial Year 2021-2022

Updated Tax Exemptions and Tax Credits for the Financial Year 2021-2022

Income Tax Ordinance, 2001 provides for tax exemptions, tax credits, reduced tax rates, and reduction in tax liability. These tax exemptions are either based on specific type of taxpayers or for a particular time period.…

TAXATION
FBR Explains Changes in Minimum Turnover Tax

FBR Explains Changes in Minimum Turnover Tax

The minimum turnover tax of 0.75 percent would be applicable on the oil marketing companies, Sui Southern Gas Company Limited and Sui Northern Gas Pipelines Limited, Pakistan International Airlines Corporation and poultry industry from July…

BUDGET
Tax Experts disclosed FBR’s three budgetary proposals impracticable

Tax Experts disclosed FBR’s three budgetary proposals impracticable

Tax experts have termed Federal Board of Revenue’s (FBR) three budgetary proposals are not practicable. These includes 1- collection of withholding tax on domestic electricity bills, 2- sales tax from sugar on printed retail price…

BUDGET
FBR issues clarification on FMCG

FBR issues clarification on FMCG

Federal Board of Revenue (FBR) has clarified that the table prescribing tax rates for minimum tax on turnover basis has been substituted in the Finance Bill-2021 to provide relief to retailers of Fast Moving Consumer…

BUDGET
Govt decides to withdraw arrestment powers on concealment of Income

Govt decides to withdraw arrestment powers on concealment of Income

The government has finally taken the decision to remove all income tax provisions from the Finance Bill, 2021, relating to the powers of the Inland Revenue officers to arrest any person under the proposed Section…

UPDATES
Government Seeks to Impose tax on Suspicious Gifts transactions among Relatives

Government Seeks to Impose tax on Suspicious Gifts transactions among Relatives

The standing committee informed and proposed that an amendment is under way to streamline legality that deals with the tax structure of the gifts given to the relatives. “Provided that, if the capital asset acquired…

BUDGET
Political parties exempted in Budget from filing income tax returns and paying taxes

Political parties exempted in Budget from filing income tax returns and paying taxes

The government proposed to exempt all registered political parties of Pakistan from the obligation of submitting their annual income tax returns and wealth statements and other related record. Finance Bill 2021 presented on last Friday.…

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