AHF Tax & Corporate Counsel

Budget 2022-2023

In the federal budget, the government proposed to introduce a new section 7E, and to tax property worth more than PKR 25 million in aggregate. Whether or not their property is actually rented, it will be considered as rented property and it will be assumed that a person is receiving rent at 5% of the market value of the property. 20% tax will be charged on this 5% rent. One self-owned property, a self-owned business premise and agricultural land have been excluded.

AHF Tax & Corporate Counsel now takes appointments on their Page.

The Federal Board of Revenue has allowed the input tax credit against supplies of persons registered in Jammu and Kashmir and Gilgit Baltistan. In this regard, Notification 1064(1)/2021. has been issued:
https://download1.fbr.gov.pk/SROs/20218241782733832SRO1064of2021.pdf

download1.fbr.gov.pk

The Federal Board of Revenue has levied service charges at the rate of Rs. one per invoice issued through all points of sale (POS) integrated with the Board's computerized system for the real-time reporting of sales, which shall be collected by Tier1 retailers integrated with the Board's computerized system and deposited in a designated account along with monthly payment of sales tax and filing of the sales tax return.

AHF Tax & Corporate Counsel updated their phone number.

AHF Tax & Corporate Counsel updated their business hours.

We are pleased to inform you that the government has reduced sales tax from 7.5% to 5% five percent chargeable on food supplies made by restaurants and eateries on account of takeaway in the area of ICT.

The Federal Board of Revenue (FBR) and the Punjab Excise and Taxation Department (ET&NC) have signed an agreement to share citizen data. As per the MOU, FBR will receive information about vehicles, property, and professionals upon registration of the identity card. Similarly, data of guest houses, ginning factories, and other registered professionals will be available to Excise Taxation and Narcotics Control Punjab.

Securities and Exchange Commission of Pakistan has issued draft amendments to Limited Liability Partnership
Regulations, 2018.

Link to download: https://www.secp.gov.pk/document/draft-amendments-to-limited-liability-partnership-regulations-2018/?wpdmdl=40235

www.secp.gov.pk

The Khyber Pakhtunkhwa government has announced a tax relief package in order to mitigate the adverse impact of coronavirus. Sales tax on various services has been reduced significantly:

Link to download updated Schedule for revised sales tax rates:http://kpra.gov.pk/pages-files/second-schedule_2020-21.pdf

kpra.gov.pk

Securities and Exchange Commission of Pakistan proposed changes in Companies' further issue of shares regulations 2020:

Link to download draft amendments:
https://www.secp.gov.pk/document/draft-amendment-to-the-companies-further-issue-of-shares-regulations-2020/?wpdmdl=40155