This blog is written by Mr. Abdul Hafeez, Senior Manager Taxation Advisory Services. Please read this blog and provide your valued comments. AN IMPORTANT JUDGMENT OF SUPREME COURT OF PAKISTAN REGARDING PAYMENT OF CAPITAL VALUE TAX (CVT) Civil Petition No. 3224 of 2019 Capital value tax (CVT) has been imposed through section 7 of the [...]
This Blog is written by Mr. Sharif ud din Khilji, FCA, Partner/ Chief Executive, Khilji & Co. Chartered Accountants. Please read this blog and provide us your valued comments. ANOMALIES IN CONSTRUCTION AMNESTY SCHEME Industrial undertaking The construction sector entities are declared “industrial undertaking” only for the purpose of import of plant & machinery. Other sectors who fall [...]
This blog is written by Mr. Zahid Mehmood, ACA, FCCA, Partner, Khilji and Co. Please read this blog and provide your valued comments. In July 2014, the International Accounting Standards Board (IASB) issued IFRS 9 “Financial Instruments effective for annual periods beginning on or after July 01, 2018. In Pakistan, the Standard was adopted and [...]
This blog is written by Mr. Hussain Mehmood, Senior Manager, Taxation Advisory Services. Please read this blog and provide your valued comments. Non-Applicability of Invoking Provisions of Section 221 against an order Treated to have been issued under Section 120(1)(B) This blog is on the subject of a practice adopted by the FBR [...]
This blog is written by Mr. Muhammad Shafaat Ali, Assistant Manager Taxation Advisory Services. Please read this blog and provide your valued comments. Blacklisting and Suspension of Sales Tax Registration Section 21 of the Sales Tax Act 1990, and Rule 12 of the Sales Tax Rules, 2006 explained the blacklisting and suspension of sales tax registration. The Commissioner may suspend/black [...]
This blog is written by Mr. Ahmed Yar Khan, Senior Manager Audit and Assurance Services. Please read this blog and provide your valued comments Share Valuation Valuation of shares is the process of determining the fair value of the company shares. Share valuation is done based on quantitative techniques and share value will vary depending on the [...]
This Blog is written by Mr. Muhammad Kaleem Majeed, Manager, Taxation Advisory Services. Pleas read this blog and provide your valued Comments PROCEDURE FOR CHANGE OF RATE FOR SMALL COMPANIES IN IRIS “You don't get gushers of revenue by raising tax rates. You get it through expansion” The purpose of this blog is to explain the [...]
This blog is written by Mr. Ikram Ul Haq, BFP ACA – England and Wales, Manager Taxation and Accounting Services. Please read this blog and provide your valued comments. Income Tax and Sales Tax in FATA and PATA post 25th amendment to the constitution of Pakistan The purpose of this blog is to discuss exemption available [...]
This blog is written by Mr. Abdul Hafeez, Senior Manager, Taxation Advisory Services. Kindly read this blog and provide your valued comments. Up to tax year 2019 capital gain on sale of property was separately taxed on the basis of holding period of property as per following rates:. For immovable property acquired on or after [...]
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 [...]
