In continuation of our regular practice, we are pleased to present and publish our Newsletter for the month of FEBRUARY 2021. Please click on link mentioned below to access and study the KHILJI & CO, CHARTERED ACCOUNTANTS NEWSLETTER ( FEBRUARY 2021) https://khilji.net.pk/wp-content/uploads/2021/03/KCO-Newsletter-February-2021.pdf This Newsletter envisages following aspects: COMMENTARY ON SUPREME COURT [...]
INTRODUCTION Federal Government has approved exemptions in terms of Clause 75 of Part I of Second Schedule of Income Tax Ordinance, 2001 on profit on debt income on Eurobonds and International Sukuk issued under the Government’s medium term note program through Federal Board of Revenue’s S.R.O. 268(I)2021 and S.R.O. 269(I)2021 dated March 01, 2021. COMBINED [...]
AMENDMENTS TO THE ASSOCIATIONS WITH CHARITABLE AND NOT FOR PROFIT OBJECTS REGULATIONS, 2018 SECP vide Notification No. S.R.O.131 (I)/2021 dated February 01, 2021 made amendments to the Associations with Charitable and Not for Profit Objects Regulations, 2018, (afterwards referred as “Regulations”). Amendments relate to payment / entitlement of Meeting Fee for attending Meeting [...]
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 [...]
