LUXURY HOUSE TAX IN PUNJAB
Residential houses constructed after June 30, 2022, tax shall be levied at following rates: Location Category of Residential House Rate of tax In Lahore District… Read More »LUXURY HOUSE TAX IN PUNJAB
Home »
Posts
Capital Value Tax (CVT) – Finance Act 2022
The Finance Act, 2022 has enacted CVT in respect of the following: Motor vehicle held in Pakistan – engine exceeds 1300cc or electric vehicles, battery… Read More »Capital Value Tax (CVT) – Finance Act 2022
IFRS 17 – Insurance Contracts
S.R.O. 1715 (I)/2023.The Securities and Exchange Commission of Pakistan is pleased to direct that the International Financial Reporting Standard 17, issued by the International Accounting… Read More »IFRS 17 – Insurance Contracts
Circular No. 09 of 2023 – IFRS Sustainability Knowledge hub
The IFRS Foundation has launched the IFRS Sustainability knowledge hub to support use of the IFRS Sustainability Disclosure Standards from next year. The Hub went… Read More »Circular No. 09 of 2023 – IFRS Sustainability Knowledge hub
ST Returns not Mandatory for Software Exporters
An exporter of IT & ITeS is charged to concessionary final tax rate of 0.25% on export proceeds realized if such exporter is registered with… Read More »ST Returns not Mandatory for Software Exporters
Automatic issuance of exemption certificate u/s 152
For ease of doing business, automatic issuance of exemption certificate has been provided under sections 159 and 153 of the Ordinance. However, the same facilitative… Read More »Automatic issuance of exemption certificate u/s 152
Restriction on non-ATL persons to claim benefits of capital assets exclusion u/s 7E
Section 7E was introduced through Finance Act,2022 whereby every resident person is treated to drive, as income, an amount equal to 5% of the fair… Read More »Restriction on non-ATL persons to claim benefits of capital assets exclusion u/s 7E
Rationalizing Super Tax u/s 4C
Super Tax on high earning persons was introduced through Finance Act,2022 providing for graduated tax rates ranging from 1% to 4% on income slabs starting… Read More »Rationalizing Super Tax u/s 4C
Tax on issuance of bonus shares Section 236Z
The Finance Act has reintroduced tax on shareholders for any bonus share issued by a company. This law is applicable on both public and private… Read More »Tax on issuance of bonus shares Section 236Z
Amendments in the definition of Permanent Establishment (PE)
In order to enlarge the scope of definition of “Permanent Establishment” (PE), Finance Act 2023 has made amendment in section 2(41) of the Ordinance by… Read More »Amendments in the definition of Permanent Establishment (PE)