TAX INSIGHTS # 2 – APRIL, 2023
Welcome to our latest newsletter, packed with insightful updates and important information on Income Tax and Sales Tax in Pakistan. In this edition, we bring you the latest developments and changes in fiscal laws and regulations that will impact businesses and individuals. From the judgment of the Lahore High Court on section 7E to updates […]
TAX INSIGHTS – # 01 – MARCH, 2023
Welcome to our monthly issue of Tax Insights on the Income Tax and Sales Tax in Pakistan. This month, we present you important information on amendments introduced in fiscal laws through the Finance (Supplementary) Act, 2023, proposed changes in the Income Tax Rules, 2002, which focus on maintaining records of beneficial owners. In addition, we […]
Tax Supplementary Finance Act 2023
The Federal Government has introduced Finance (Supplementary) Act, 2023 (Bill) to amend certain laws relating to taxes and duties. The Act has amended the following fiscal laws: Sales Tax Act, 1990, Income Tax Ordinance, 2001, Federal Excise Act, 2005 The Act has received assent from the President on 23d February 2023 and has been published […]
Post-pandemic Asia Pacific: Taxation fast lanes and speed bumps
Post-Covid Asia Pacific recovery promises new opportunities for businesses. However, the need to replenish coffers, the changing international tax and geo-political landscape will pose challenges for tax regulators and tax leaders. On the back of an uncertain economic backdrop, an evolving digital economy and the growing climate crisis, governments and businesses face interrelated challenges. Tax […]
WTS Global International Corporate Tax Newsletter in 2022
It is our pleasure to present our WTS Global Newsletter International Corporate Tax (ICT). In order to keep you up to date, our WTS Global Newsletter International Corporate Tax (ICT) will therefore give you an overview of current developments in this sector, with a particular focus on changes in international tax law and country-specific tax law developments […]
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 The salient features of amendments proposed in Income Tax Ordinance, 2001 […]
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 […]
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 of […]