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Federal Budget Outline 2020-21

A Bill to give effect to the financial proposals of the Federal Government of Pakistan for the year beginning on the first day of 01’July’ 2020, and to amend certain laws is presented before the National Assembly by Federal Minister of Industries. FINANCE BILL 2020 INCOME TAX ORDINANCE, 2001 The salient features of amendments proposed [...]

By |2020-06-19T09:36:22+00:00June 12th, 2020|

Prime Minister’s Stimulus Package for Construction Industry

1.      Foreword  The Prime Minister of Pakistan has announced a comprehensive relief / stimulus Package for the Construction Industry on 3’ April’ 2020 amidst COVID-19 Pandemic outbreak. The Package seeks to secure livelihood of the labor dependent on Construction Industry of the country, stimulating the economy and to shape access to affordable housing. The President [...]

By |2020-05-08T12:17:46+00:00May 8th, 2020|

Further Sales Tax Relief Measures amid COVID-19 Pandemic

Further Extension in date for Payment / Submission of Sales Tax & Federal Excise Returns. Tax Period Jan – 2020, Feb – 2020 & Mar – 2020   Tax Period March – 2020 The date for payment of Sales Tax and Federal Excise Duty for Tax Period March-2020 was originally 15’ April’ 2020. FBR had [...]

By |2020-05-13T10:40:12+00:00May 5th, 2020|

WTS COVID-19 UPDATES

Companies on a global level are faced with the effects of the globally spreading Coronavirus (COVID-19). The current situation poses huge challenges regarding labor issues, personal data processing, public health, contracts, corporate governance, tax obligations and sanctions-related matters. This raises substantial questions and concerns from a tax and legal point of view. Our experts from [...]

By |2020-04-14T17:35:15+00:00April 14th, 2020|

Tax Relief by Government of Balochistan amid COVID-19 Pandemic

Exemption from Sales Tax on certain Services The Government of Balochistan has announced exemption from the Balochistan Sales Tax on certain health related services during the period of COVID-19 outbreak. In this regard, Notification No. BRA/BSTS/12/2019 dated 07’ April’ 2020 has been issued by the Balochistan Revenue Authority [BRA], whereby Balochistan Sales Tax applicable on [...]

By |2020-05-08T10:17:57+00:00April 11th, 2020|

Tax Break by Government of Punjab due to COVID-19 Pandemic

Exemption from Sales Tax on certain Services The Government of Punjab (GOPb) has announced exemption from sales tax during the period of COVID-19 outbreak for nearly 40 service sectors. In this regard, Notification No.SO (TAX)1-110/2020(COVID-19) dated 2’ April’ 2020 has been issued by the Finance Department of GOPb whereby Punjab sales tax applicable on certain [...]

By |2020-04-10T10:32:55+00:00April 4th, 2020|

Regulatory Compliance Relief to Corporate Sector due to COVID-19 Pandemic

Securities and Exchange Commission of Pakistan (“SECP”) on 1’ April’ 2020 has issued Circular No.10/2020 to facilitate the listed companies‘ communication with shareholders, holding of annual general meetings and issuance of financial statements. Previously, on 22’ March’ 2020, SECP has issued Circular No.6/2020 relaxing compliance with certain provisions of the Companies Act, 2017 for private [...]

By |2020-04-10T10:26:16+00:00April 2nd, 2020|

Sales Tax and Federal Excise Extensions amid COVID-19 Pandemic

Extension in time for Payment of Sales Tax & Federal Excise Duty. Tax Period January – 2020 & February- 2020   Tax Period February - 2020 In continuance of its steps to redress the hardships faced by businesses during the COVID-19 pandemic outbreak, Federal Board of Revenue (“FBR”) has announced extension in date for payment [...]

By |2020-04-10T10:19:52+00:00April 2nd, 2020|

Singapore Budget 2020 – Relief From Global Uncertainty, Growing the Future Economy

Budget 2020 was delivered by Deputy Prime Minister and Minister for Finance, Mr Heng Swee Keat, to the Singapore Parliament on 18 February 2020. Known as the Unity Budget, Budget 2020 focused on: (a) ensuring that Singapore remains business competitive; (b) preserving jobs and helping businesses to mitigate the economic slowdown resulting from the twin [...]

By |2020-04-07T13:19:28+00:00March 30th, 2020|

Managing the impacts of COVID-19

Newsfeed Companies on a global level are faced with the effects of the globally spreading Coronavirus (COVID-19). The current situation poses huge challenges regarding labor issues, personal data processing, public health, contracts, corporate governance, tax obligations and sanctions-related matters. This raises substantial questions and concerns from a tax and legal point of view. Our experts [...]

By |2020-04-07T13:19:42+00:00March 30th, 2020|