Dear Valued Client, NOTIFICATION NO: S.R.O. 1338(I)/2020 DATE OF ISSUANCE: 16th December, 2020 EFFECTIVE FROM: From date to be notified AMENDMENTS MADE IN: Sales Tax Rules, 2006 INTRODUCTION: Through this SRO, after chapter VIA in the Sales Tax Rules, 2002, new chapter VIB namely “Procedure for E-Audit” shall be inserted whereby procedure for conducting [...]
This blog is written by Mr. Daniyal Naeem. Please read this blog and provide your valued comments ACCOUNTING IMPLICATIONS OF THE IMPACTS OF COVID – 19 Context The World Health Organization proclaimed Corona Virus (COVID-19) to be a general wellbeing crisis on January 30, 2020. As at March 31, 2020, nearly the entire [...]
This blog is written by Mr. Haseeb Ahmad. Please read this blog and provide your valued comments HA BLOG 11112020 Introduction to business valuation The term valuation implies the task of estimating the value/worth of a security an asset or a business. The price that an investor is willing to pay would be related [...]
This blog is written by Mr. Sulaiman Khan. Please read this blog and provide your valued comments IFRS 16 Leases brings significant changes in accounting requirements for lease accounting, primarily for lessees. IFRS 16 replaces the existing suite of standard (IAS 17) and interpretations on leases Lessors The guidance relating to lessors remains substantially unchanged [...]
This blog is written by Mr. Waqas Haider Gondal. Please read this blog and provide your valued comments Default surcharge is a civil penalty to encourage businesses to submit their VAT Returns and pay the tax due on time. Value-Added Tax (VAT) A value-added tax (VAT) is a consumption tax placed on a product [...]
This blog is written by Mr. Daniyal Naeem. Please read this blog and provide your valued comments Sales Tax defined under Sales Tax Act, 1990 as: (a) the tax, additional tax, or default surcharge levied, (b) a fine, penalty or fee imposed or charged, and (c) any other sum payable under the provisions of this [...]
This blog is written by Mr. Muhammad Tariq Khan. Please read this blog and provide your valued comments SHOULD ACCOUNTANTS BE REPLACED? OR SHOULD THEY EMBRACE TECHNOLOGY? Outline Blockchain technology Money explained in context of Digital Currency Triple Entry Accounting Implications of Blockchain, Digital Currency, Triple Entry Accounting and Artificial Intelligence on Accounting, Audit and [...]
This blog is written by Mr. Haseeb Zaman. Please read this blog and provide your valued comments In Pakistan, as in many jurisdictions, a tax can be levied only by, or under, the authority of an Act of Parliament. While taxation of income (other than agricultural income) is governed by the Income Tax Ordinance, 2001 [...]
This blog is written by Mr. Muneeb Sultan. Please read this blog and provide your valued comments Indications of potentially suspicious transactions might include: A number of deposits and/or withdrawals just below the monitoring threshold in short succession (often on the same day) An excessive use of wire transfers Transactions with large currency or bearer [...]
This blog is written by Mr. Muhammad Mubeen Liaqat. Please read this blog and provide your valued comments INTERNATIONAL ACCOUNTING STANDARD; IAS-38 (INTANGIBLE ASSETS) Overview: IAS 38 Intangible assets briefly describe the accounting requirements for intangible assets, that are non- monetary assets, that are without physical substance and separately identifiable (either being separable or arising [...]
