INTRODUCTION Federal Board of Revenue vide S.R.O. 214(I)2021 dated 18th February 18, 2021 has revised the Chapter XVIB of Income Tax Rules 2002 relating to refund orders issued under Section 170(4) of the Income Tax Ordinance, 2001. The same were earlier inserted by SRO 1314(1)/2020 dated December 09, 2020. The new rules further streamline the [...]
Introduction The President of Islamic Republic of Pakistan has promulgated ‘Tax Laws (Amendment) Ordinance, 2021 which shall come into force at once from 11th February 2021. Please click below to read the complete commentary document. Tax Laws (Amendment) Ordinance, 2021 (Feb 2021) Please click below to read the Ordinance as promulgated: 20212141922722822Ordinance2021-compressed
KCO Newsletter January 2021
BALUCHISTAN REVENUE AUTHORITY (BRA) NOTIFICATION NO. BRA/BSTS/16/2020-21 Introduction Baluchistan Revenue Authority (BRA) issued Notification No. BRA/BSTS/16/2020-21 dated January 27, 2021 regarding BSTS exemption to Pak-China Friendship Hospital Gwadar. Commentary Baluchistan Revenue Authority, vide its aforesaid Notification, allowed exemption to Pak-China Friendship Hospital Gwadar from the Baluchistan Sales Tax on Services (BSTS) [...]
INTRODUCTION Federal Board of Revenue (FBR), Revenue Division, issued rules for tax treatment of goods supplied from tax exempt areas into taxable areas. In this regard the FBR issued SRO 96(I)/2021dated 26 January, 2021 to make amendment in Sale Tax Rules, 2006, through an addition of a new chapter “Chapter X-A: SUPPLY FROM TAX EXEMPT [...]
Federal Board of Revenue has issued letter to all Commissioners Inland Revenue (Appeals) to process all Income Tax Appeals pertaining to the tax years prior to 2014 manually. Please click below to read the original letter. FBR Instruction
Dear Valued Client, Introduction Ministry of Finance, Economic Affairs, Statistics & Revenue (Revenue Division) had issued Sales Tax Notification (S.R.O. 77 (I) /2021) dated January 21, 2021, whereby further amendments have been made in its Notification No. S.R.O. 495 (I)/2016 dated July 04, 2016 to include an explanation of the terms “IT Services” and [...]
Introduction The President of Islamic Republic of Pakistan has promulgated ‘The Income Tax (Amendment) Ordinance, 2021’, which shall come into force on and from first day of January 2021. PLEASE CLICK ON THE LINK BELOW TO READ THE COMPLETE COMMENTARY Tax Laws (Amendment) Ordinance, 2021 PLEASE CLICK ON THE LINK BELOW TO READ THE ORDINANCE. [...]
Ordinance Link 6460(20)Ex Gaz-I Commentary Link Ordinance Briefing (Jan 2021)
In continuation of our regular practice, we are pleased to present and publish our (Bi-Month) Newsletter for the months of NOVEMBER & DECEMBER 2020. Please click on link mentioned below to access and study the Khilji & Co, Chartered Accountants Newsletter (November & December 2020) KCO Newsletter Nov and Dec 2020 This Newsletter envisages following aspects: [...]
