This blog is written Mr. Shahwazir Safi, Senior Associate Taxation. Please read this blog and provide your valued comments. Filing of refund claim Monthly sales tax return filed by a claimant shall be treated as a refund claim once all the supportive documents including the requisite data in the format or software (RCPS), has been received. Provided [...]
This blog is written by Mr. Omar Rafeh Chughtai, Senior Associate Taxation. Please read this blog and provide your valued comments. IAS 1 Presentation of financial statements IAS 1 sets out the overall requirements for the presentation for financial statements, their minimum requirements and their structure. This standard also explains the general features of financial statements like [...]
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% [...]
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 [...]
This blog is written by Mr. M. Shafaat Ali, Assistant Manager, Taxation Advisory Services. Please read this blog and provide your valued comments. Income from Business- Inadmissible Deduction Income from business is a 3rd source of income from which a person can drive income. Income from business is chargeable to tax under section 18 of the Income [...]
This blog is written by Mr. Ijaz Ahmed Tajjak, Assistant Manager Audit and Assurance Services. Please read this blog and provide your valued comments. IFRS 15 Revenue from Contracts with Customers IFRS 15 replaces the following standards & interpretation. IAS 11 Construction contracts; IAS 18 Revenue; IFRIC 13 Customer Loyalty Programmes; IFRIC 15 Agreements for [...]
