This Blog is written by Mr. Zeeshan Ali, Senior Associate Taxation and Accounting Services. Please read this blog and provide your valued comments. INPUT TAX AND OUTPUT TAX An important feature of the sales tax is the adjustment of input tax paid on purchases and imports, as a registered person has to pay sales tax only on [...]
This blog is written by Mr. Sachal Aftab, Associate Taxation Advisory Services. Please read this blog and provide your valued comments. Taxing Benami Benami is an Urdu or Hindi term denoting or meaning “without name” or “In no one’s name” or simply nameless. An old way of controlling the right to own, control or manage [...]
INTRODUCTION Khyber Pakhtunkhwa Revenue Authority (KPRA) issued Notification Ref: KPRA/G/2019/534-38 on March 15, 2019. This Notification has been issued in the backdrop of Twenty-Fifth (25th) Constitution Amendment Act 2018. COMMENTARY The attached notification by the KPRA dated March 15, 2019 grants exemption from provincial sales tax in Previously known as [...]
This Blog is written by Mr. Hussain Mehmood, Senior Manager Taxation Advisory Services. Please read this blog and provide your valued comments. Sales Tax Refund Bonds A new mechanism has been introduced vide Finance Supplementary (Second Amendment) Bill, 2019 for payment of sales tax refund through sales tax refund bonds. For the purpose of [...]
This blog is written by Mr. Hussain Mehmood Asif, Senior Manager, Taxation Advisory Services. Please read this blog and provide your valued comments. BENAMI TRANSACTION (PROHIBITION) RULES 2019 In the context of FATF restrictions and ongoing efforts of Government of Pakistan to curb Money Laundering and Terror Financing, Federal Board of Revenue issued Benami Transaction [...]
This blog is written by Mr. Habib Ullah Khan, Associate Taxation Advisory Services. Please read this blog and provide your valued comments. Exemptions from Income Tax under SRO 586(I)/91 Central Board of Revenue has given notification related to the exemption from Income Tax on certain services as well as on certain supplies. According to Statutory Regulatory Order [...]
Federal Board of Revenue has issued Circular No 2 of 2019 (ref: C.No.2(1)Contd/I.Tax/2018/36092-R on March 15, 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 March 31, 2019. The date of filing [...]
This blog is written by Mr. Awais Mumtaz, Senior Associate Audit and Assurance. Please read this blog and provide your valued comments. International Financial Reporting Standard – 2 Scope IFRS 2 applies to all share-based payment transactions, which are defined as follows: Equity-settled: in which the entity receives goods or services as consideration for equity instruments of [...]
Introduction Provincial Government of Baluchistan has issued Notification ref No.PAB/Legis; V (03)/2019, subject The Baluchistan Infrastructure Development Cess Bill, 2019 Commentary Baluchistan provincial Government has enacted “The Baluchistan Infrastructure Development Cess Act 2019 (Balochistan Act No III of 2019) having been passed by the provincial assembly vide Bill no. 03 of 2019 [...]
Introduction Federal Board of Revenue has issued SRO 326(1)/2019 dated March 11, 2019 Commentary The Federal Board of Revenue Government of Pakistan Revenue Division in exercise of powers conferred under section 61 of the Benami Transactions (Prohibition) Act, 2017 ( V of 2017) made Benami Transactions (Prohibition) Rules, 2019 [...]
