This blog is written by Mr. Abdul Hafeez, Senior Manager Taxation and Corporate Services. Please read this blog and provide your valued comments. Reverse Charge Mechanism In many VAT systems that operate an invoice – credit method, the VAT on cross-border business-to-business supplies of services and intangible are collected by the reverse charge mechanism. This [...]
This blog is written by Mr. Atiq Ur Rehman, Senior Manager International VAT Taxation Services. Please read this blog and provide us your valued comments. THE HISTORY OF TAXATION Lets be honest. Nowadays Most people hate death and taxes. However both are inevitable. The question arises when did taxes began in history. The taxes have [...]
Important notification for all companies where any of the shareholder is not a natural person. Introduction Securities and Exchange Commission of Pakistan issued Circular 16 of 2018 ref: CLD/CCD/AML/FATF/Rec.24/2018 dated August 29, 2018. Commentary Section 453 of the Companies Act, 2017 and recommendations of Financial Action Task Force (FATF) requires up to date information [...]
This blog is written by Mr. Afzaal Baig, Associate Internal Audit Services. Please read this blog and provide your valued comments. Insurance Contracts Overview IFRS 17 establishes the principles for the recognition, measurement, presentation and disclosure of insurance contracts within the scope of the standard. The objective of IFRS 17 is to ensure that an [...]
Federal Board of Revenue has issued Circular 2 of 2018 dated August 31, 2018. Through this circular FBR has extended the date for filing the Return(s) including Salaried person Return under section 114 and FTR Statement under section 115 for the Tax Year 2018 to 30 September 2018. Please click below to view the Original Circular 2018831198139511Extensionindate
This blog is written by Mr. Usman Ghani, Associate Audit and Assurance Services. Please read this blog and provide your valued comments, Procedure of transfer of the Shares in Private Limited Company in the light of Section 76 of Companies Act 2017 and Section 12B The Companies (General Provisions and Forms) Rules, 1985 is as follows: No [...]
IT Return Workshop Presentation IT Return Workshop Example Handouts
This Blog is written by Mr. Ehtisham Sohail, Associate Taxation and Corporate Services. Please read this blog and provide your comments. How to register online to file your Income Tax Returns Being an income tax filer has its own benefits, and to attract greater number of people to file their taxes, the government has added [...]
This Blog is written by Mr. Bilal Hussain Malik, Associate Taxation Services. Please read this blog and provide your valued comments. Income from Property The chargeability of income under the head “Income from Property” is elaborated in Section 15 of the Ordinance. The said section states that “The rent received or receivable by a person [...]
