This blog is written by Mr. Saif Uddin Khilji. Please read this blog and provide your valued comments. In order to ensure correct reporting of sales by retailers and realization of due tax from them, FBR had prescribed electronic integration of points of sales (POSs) of all ‘Tier-1 retailers’. The retailers don't need to [...]
This blog is written by Mr. Sharif Uddin Khilji, FCA Chief Executive, Khilji and Co Chartered Accountants. Please read this blog and provide your valued comments. Principles of interpretation of Schedule of Provincial Sales Tax Laws The interpretation of schedules of Provincial Sales Tax Law and various entries in those schedules has remained a problem [...]
This blog is written by Syed Asim Habib, Senior Manager HR and Business Development. Analysis of Sugar Industry and Shortfall of Sugar Currently, Pakistan is termed as amongst top 20 countries in terms of area under cultivation of the sugar cane crop, and production, however, this top ranking takes a nose dive, when actual yield [...]
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Introduction Federal Board of Revenue (Inland Revenue Policy Wing) had issued Sales Tax General Order No. 1 of 2020 dated January 16, 2020, in order to remove difficulty arising from insertion of new sub-section in section 73 of the Sales Tax Act, 1990 through Tax Laws (Second Amendment) Ordinance, 2019. Commentary The [...]
This blog is written by Mr. Muhammad Waheed Iqbal, FCA, Partner Khilji and Co Chartered Accountants. Alternate Corporate Tax (113C) A new concept of Alternative Corporate Tax (ACT) was introduced through Finance Act, 2014. In this blog we will briefly discuss the important provisions relating to ACT. 1. ACT is applicable to the companies only. [...]
INTRODUCTION Federal Board of Revenue issued Informative Circular, wherein it has condone the time limit for filing of Annex-H for the tax period of July 2019 and August 2019 up to February 15, 2020. Annexure - H: In Sales tax return Annexure H is a summary of stock (i.e. details of opening, closing stock, stock [...]
KCO December 2019 Newsletter
2020111912045706TaxLaws(SecondAmendment)Ordinance,2019 (1) KCO50 Commentary (Jan 2020)
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