The Issue of Kashmir is at a standstill in spite of Pakistan’s diplomatic efforts. The Indians are unwilling to talk, let alone solve this humanitarian crisis. Diplomatic Efforts Pakistan played well on the diplomatic front this time. The UN security council took up the issue, we contacted our allies, and the prime minister Khan has … Read more
FBR introduced a mobile app for the sales tax registration and payment of taxes. The app name is “Tax Asaan” and its available on both android and iOS. The app contains selected functionalities under Iris. You can log in through your Iris user name and password. Let’s dig into the app and see what functions … Read more
So you are about to receive a property as a gift. Wait for a moment because there are some restrictions ahead. Finance act 2019 now restricts tax exemption on gifts for family members only. The Reason Data analysis of previous tax years indicates too many gift transactions between non-family members. Yes, you were free to … Read more
FBR has introduced a special tax scheme for traders. The draft is open for the public and stakeholders, and later it will be put before the cabinet for approval. It will become law before the 30th of September. FBR states that the scheme is the result of thorough discussion and dialogue between FBR and trade … Read more
A new tax scheme for small shop owners is around the corner. FBR introduced small shopkeepers special procedure rules, and they will cover the tax year 2019. The draft is open for the public and stakeholders’ suggestions. Subject to cabinet approval, it will come into force. Let’s examine the draft to see how much tax … Read more
A new license scheme is underway to register every business and it will be a compulsory one. FBR proposed a plan for registration of businesses and added a new chapter XIIIA in the income tax rules 2002. The draft was open for the public for a week, and now they will send it to the … Read more
This week, India revoked article 370 and 35A of the constitution which granted the special status to the state of Kashmir. The decision followed by a complete lockdown of Kashmir. The decision escalated the tension between Pakistan and India and led to the suspension of bilateral trade, and the matter will boil up in the … Read more
The Asset Declaration Scheme 2019 is long over, and FBR is on a mission of sending notices and confiscating the “Benami” properties. There is confusion though amongst the folks who own a property or a vehicle if the said scheme applied on them or not. Put it in a simple question. Are you required to … Read more
Planning to purchase a property? Wait for a minute. Make sure your name appears on ATL. That’s the case for those willing to invest in real estate. A whole new tenth schedule has been added in the finance act 2019 which contains provisions regarding the persons who don’t appear in the active taxpayers’ list (ATL) … Read more