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 [...]

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 [...]

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 [...]

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 [...]

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 [...]

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 [...]

Extension in Date for Filing of Sales Tax & Federal Excise Returns - Tax Period January 2020 & February 2020 Federal Board of Revenue (“FBR”) has announced extension in date for filing of Sales Tax and Federal Excise Returns in the wake of challenges posed by the COVID-19 (Coronavirus). According to FBR’s letter of 24’ [...]

In response to the effect of widespread COVID-19 (Coronavirus) pandemic on businesses, Securities and Exchange Commission of Pakistan (“SECP”) has issued Circular No.6/2020 on 22’ March’ 2020.  The Circular allows temporary relaxation from compliance to certain requirements of the Companies Act, 2017 (the “Act”) which include the following: The companies whose financial year has ended [...]