Pakistan: Federal Budget 2020-21
On 12 June 2020, the Finance Bill 2020 was presented to the national parliament with several tax measures that would affect certain income tax, indirect tax, and customs provisions. The outlay of the budget is: Total revenues are projected at
See MorePakistan: Emergency tax measures in response to COVID-19 pandemic
On 24 March 2020, the Federal Board of Revenue (FBR) of Pakistan has declared emergency tax measures in response to COVID-19 pandemic. The key tax measures are following: The sales tax return submission deadline for January and February 2020 is
See MorePakistan publishes second amendment of tax laws ordinance 2019 in the official gazette
On 28 December 2019, the Federal Board of Revenue of Pakistan has published the Tax Laws (Second Amendment) Ordinance 2019 in the Official Gazette to amend the Income Tax Ordinance 2001 (ITO); the Sales Tax Act 1990; and the Customs Act 1969,
See MorePakistan: FBR approves the Finance Act 2019 with certain changes
On 30 July 2019, the Federal Board of Revenue (FBR) has issued a Circular No. 9 of 2019. The Circular contains important changes to the Income Taxation Act 2001 through the Finance Act 2019, which was published in the Official Journal on 30 June
See MorePakistan presents Budget for FY 2019-20
On 11 June 2019, the Finance Minister has presented the budget for the financial year (FY)2019/2020 to the parliament. The finance minister said that the total federal revenue was estimated at Rp6.717 trillion, 19% more than the previous year's
See MorePakistan: FBR publishes ordinance on the tax amnesty program for a voluntary declaration
On 16 May 2019, the Pakistani Federal Board of Revenue (FBR) posted online an ordinance on the tax amnesty program for a voluntary declaration of undisclosed assets, sales, and expenditures acquired through June 30, 2018. The Ordinance will
See MorePakistan approves the Finance Supplementary (Second Amendment) Bill, 2019
On 6 March 2019, the National Assembly has approved the Finance Supplementary (Second Amendment) Bill, 2019 aimed at amending tax laws. The major changes introduced to income tax laws are as follow: -For nonbanking sectors, the super tax is
See MorePakistan: Finance Supplementary (Second Amendment) Bill submits in Parliament
On 23 January 2019, Pakistan’s draft Finance Supplementary (Second Amendment) Bill, 2019 was submitted to the National Assembly. The finance minister clarified that, "This is not a budget, this is a corrective package aimed at addressing various
See MorePakistan: SECP publishes requirements for companies to maintain record of all related party transactions
On 2 October 2018, the Securities and Exchange Commission of Pakistan (SECP) has issued SRO 1194(I)/2018 to introduce Companies (Related Party Transactions and Maintenance of Related Records) Regulations, 2018. These Regulations are applicable on
See MorePakistan: FBR extends tax amnesty scheme period to 31 July 2018
On 7 July 2018, the Federal Board of Revenue (FBR) approved an extension in tax amnesty scheme till 31 July 2018. Previously an ordinance was sent to the president of Pakistan for approval of the extension. The deadline for filing amnesty
See MorePakistan enacts Finance Bill 2018
The Finance Bill, 2018 was passed by the government on 22 May 2018, with some amendments. The Bill provides for the implementation of the measures proposed as part of the 2018-2019 Budget. The main measures are summarized as follows: Corporate
See MorePakistan: Finance Minister presents the budget for 2017/2018
On 27 April 2018, the newly-appointed Finance Minister Miftah Ismail presented the 2018/2019 Budget to parliament. The following corporate tax measures are proposed in the Budget: Reduction in corporate tax rates: Reduce the corporate tax rates
See MorePakistan issues more draft amendments to CbC reporting requirements
On 9 February 2018, the Federal Board of Revenue (FBR) in Pakistan has published SRO no. 144(I)/2018, which provides more amendments to draft rules that establish transfer pricing documentation and country-by-country reporting rules for large
See MorePakistan: FBR publishes amendments to CbC reporting requirements
On 31 January 2018, the Federal Board of Revenue (FBR) in Pakistan has published SRO no. 99(I)/2018, which provides amendments to draft rules that establish transfer pricing documentation and country-by-country (CbC) reporting requirements for large
See MorePakistan: Government has withdrawn sales tax and customs duty on cotton imports
On 5 January 2018, the Economic Coordination Committee (ECC) of the Cabinet approved withdrawal of sales tax and customs duty on import of cotton effective from 8 January 2018. The ECC also granted approval for issuance of GoP Sovereign Guarantee
See MoreDouble tax treaty between Hong Kong and Pakistan enters in to force
On 24 November 2017, the Double Taxation Agreement (DTA) between Hong Kong and Pakistan was entered into force after the completion of ratification procedures on both sides. The agreement was signed on 17 February 2017 with providing the
See MorePakistan: FBR publishes rules for documentation and CbC reporting requirements
On 16 November 2017, the Federal Board of Revenue (FBR) in Pakistan has published SRO 1191(1)/2017, which includes chapter VIA to the Income Tax Rules of 2002. The new Chapter (VIA) identifies the reporting entities, clarifies the reporting
See MorePakistan: Ministry orders compliance with tobacco control laws
On 10 November 2017, the Ministry of National Health Services has requested to all federal secretaries and provincial chief secretaries to take steps for ensuring compliance of tobacco control laws in best public interest. The Secretary Health
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