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TAXATION
Govt creates legal complications by taxing export processing zone

Govt creates legal complications by taxing export processing zone

The Finance (Supplementary) Bill 2021 or the mini-budget is about to create a legal dilemma for the federal government as for the first time goods being produced at the Export Processing Zone (EPZ) would also…

TAXATION
List of Items that will face a price hike after approval of supplementary budget 2021

List of Items that will face a price hike after approval of supplementary budget 2021

The federal government presented the supplementary finance bill 2021 before the Parliament for withdrawal of General Sales Tax (GST) exemptions and proposed imposition of 17% tax on nearly 150 items on Thursday. According to the…

UPDATES
Tarin hints at upcoming mini budget under an agreement with IMF

Tarin hints at upcoming mini budget under an agreement with IMF

Adviser to the Prime Minister on Finance and Revenue Shaukat Tarin on Friday said that the government is bringing a ‘mini budget’ next week under an agreement with the International Monetary Fund (IMF). Shaukat Tarin…

UPDATES
Cabinet to abolish Rs350b tax exemptions

Cabinet to abolish Rs350b tax exemptions

ISLAMABAD: The federal cabinet will approve the Tax Laws (Fourth Amendment) Bill to abolish Rs350 billion tax exemptions and restore the standard 17 per cent rate of general sales tax (GST) under the terms agreed…

BUDGET
No new taxes But exemptions will be withdrawn in mini budget, Tarin says

No new taxes But exemptions will be withdrawn in mini budget, Tarin says

Adviser to the Prime Minister on Finance and Revenue Shaukat Tarin on Friday said the government will not impose any new taxes in the upcoming ‘mini budget‘, but it will withdraw some tax exemptions given…

BUDGET
Tax Incentives granted under tax laws third amendment ordinance 2021

Tax Incentives granted under tax laws third amendment ordinance 2021

Within third month of passage of Finance Act, 2021, the Government felt the need of introducing amendments in the Tax Laws. These amendments are primarily directed towards broadening of tax base besides providing concessions to…

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Important tax exemptions and tax credits withdrawn in Finance Act 2021 are given below: Tax credit for person employing fresh graduates.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.…

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.…

BUDGET
Taxes on Salaries and Pensions: FBR Issues Clarification

Taxes on Salaries and Pensions: FBR Issues Clarification

Federal Board of Revenue (FBR) issued a clarification on a news published in the daily Express Tribune, in its issue dated 14th June, 2021 regarding budget proposals on taxation of salary income. FBR explained that the…