A Tax Consultants

20/06/2022

FBR Chairman Asim Ahmad Tuesday admitted that the International Monetary Fund (IMF) has rejected the Rs. 47 billion tax relief provided to the salaried class through the Finance Bill 2022.

20/06/2022

17/06/2022

Govt. Of Punjab issued notification for Minimum wages Rs. 25,000/- per month

17/06/2022

Through the Tax Laws (Third Amendment) Ordinance, 2021, payments made by a company for a transaction under a single account head exceeding Rs 250,000 other than through ‘digital means’ was made inadmissible, subject to certain exclusions. Due to challenges and practical difficulties in the implementation of the said provision, the FBR deferred its implementation from time to time till December 31, 2021.
Through Finance (Supplementary) Act, 2022 the effective date was deferred indefinitely till it is notified by the FBR.
The above provisions are now made part of the Finance Bill alongwith a proposal to enhance the limit of Rs 250,000 on a single account head to Rs 1 million.

17/06/2022

حکومت نے مجوزہ وفاقی بجٹ برائے 2022-23 میں تنخواہ دار طبقے کو فراہم کی گئی ٹیکس ریلیف کو واپس لینے کا فیصلہ

16/06/2022

The firm owes FBR Rs. 1 billion due to a sales tax delinquency, and the tax claim was made by LTO via an audit of the company's books

On Wednesday, the Enforcement Zone of the Large Taxpayers’ Office (LTO) in Islamabad seized Rs. 1 billion from Attock Refinery Limited for a sales tax default committed by the corporation.

According to credible sources, LTO Islamabad recovered a massive Rs. 1 billion via the attachment of bank accounts of Attock Refinery Limited in Rawalpindi.

The firm owes FBR Rs. 1 billion due to a sales tax delinquency, and the tax claim was made by LTO via an audit of the company’s books of accounts in accordance with Section 25 of the Sales Tax Act 1990.

LTO Islamabad discovered breaches of numerous sections of the sales tax legislation during the audit, and adjudication processes resulted in the passage of the Order, under which the claim for the evaded tax was raised.

Following the company’s loss on appeal, the whole tax demand of Rs. 1 billion was successfully recovered by bank attachment of the company’s bank accounts since the law allows for this method of recovery of any tax dues owed by a person registered in sales tax.

16/06/2022

The IMF had raised objections to reducing the income tax rates for the salaried persons “but we are trying to protect people”, who earned Rs200,000 a month from any additional burden, Federal Board of Revenue Chairman Asim Ahmad said during an informal talk with the media.

16/06/2022

Finance Bill proposed tax rates
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