Federal Board of Revenue has issued Circular No 4 of 2019 (ref: C.No.2(1)Contd/I.Tax/2018 on June 3, 2019 This Circular states that the The date of filing of Returns of Total Income/Statement of final taxation which were due on August 31, 2018, has been extended upto June 30, 2019. The date of filing of [...]
Commentary SECP issued circular # 8 of 2019, dated May 28, 2019 notified as amendments to the followings: - 1 – Clauses No. 1 and 9 of Circular No. 18 of 2015 dated May 15, 2015. 2 – Clause No. 1 of Circular No. 30 of 2017 dated November 24, 2017. [...]
Highlights of important fiscal proposals Income tax Corporate tax rate for companies is gradually reduced to 25% till tax year 2023 as tabulated below: Tax year Rate 2019 29% 2020 28% 2021 27% 2022 26% 2023 and onwards 25% Individual tax rate slabs have been revised in line with tax reforms package. Maximum [...]
This blog is written by Mr. Rizwan Abbas, Senior Associate Taxation Advisory Services. Please read this blog and provide your valued comments. Highlights of important fiscal proposals Income tax Corporate tax rate for companies is gradually reduced to 25% till tax year 2023 as tabulated below: Tax year Rate 2019 29% 2020 28% 2021 27% 2022 26% [...]
This blog is written by Mr. Rizwan Abbas, Senior Associate Taxation Advisory Services. Please read this blog and provide your valued comments. Highlights of important fiscal proposals Income tax Corporate tax rate for companies is gradually reduced to 25% till tax year 2023 as tabulated below: Tax year Rate 2019 29% 2020 28% 2021 27% 2022 26% [...]
INTRODUCTION SECP issued SRO No. 573 (I)/2019 dated May 23, 2019 to notify amendments in the Companies (further issue of shares) Regulations, 2018, COMMENTARY Through above said notification SECP relaxed the conditions for bonus issue by omitting the following clauses: - Regulation # 4(1)(iv) a listed company making bonus issue out of free [...]
This blog is written Mr. Awais Mumtaz, Supervisor Audit and Assurance Services. Please read this blog and provide your valued comments. When does audit planning take place? Naturally, it is reasonable to assume that planning occurs towards the start of an audit engagement. However, according to ISA 300, planning should not be seen as a discrete and [...]
This blog is written by Mr. M. Nabeel Ahmed, Senior Associate Taxation Advisory. Please read this blog and provide your comments. Broadening Tax Base Broadening its tax base is perhaps the most significant economic challenge facing Pakistan. After 70 years of existence, the country has less than two million income tax filers, one of the [...]
This blog is written by Mr. M. Zeeshan Ali, Assistant Supervisor Accounting Services. Please read this blog and provide your valued comments. Budgeting and Forecasting Businesses come in many shapes and sizes. There are small businesses that make giant buildings and big businesses that manufacture microscopic cells. The one factor that all businesses share in [...]
Introduction Punjab Revenue Authority issued Notification ref: PRA/2019/351 dated May 20, 2019. Commentary Punjab Revenue Authority (PRA) thoruhg the aforementioned Notification has extended the last date for depositing of Punjab Sales Tax and Filing of Sales Tax Returns / Statements up to May 30, 2019. Initially the last date for both [...]
