TAHSEEN REHMAN & CO.

AUDIT, ACCOUNTANCY, TAXATION AND CORPORATE CONSULTANCY

PHILOSOPHY & CULTURE

TRUST, UNDERSTANDING AND SOLID STUDIED SOLUTION PROVISION.
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About TRC

Tahseen Rehman & Co. is firm of Chartered Accountants providing high quality audit, accounting, taxation and consultancy services to small and medium size businesses across Pakistan.

TRC philosophy is based upon investing in a tradition of trust, understanding and solid studied solution provision. We at TRC stand firm in our belief that we are a family comprised of our clients and our personnel. By placing the clients’ interests first, they prosper. It is when our clients prosper that TRC prospers.

The team is led by Mr. Tahseen Bukhari who gels the entire spectrum of national and international experience in the domains of Finance, Audit, ERP Implementation, Management, Organization Development, Business Process Outsourcing and Systems Development. He holds Chartered Accountancy certification from the Institute of Chartered Accountants of Pakistan.

News & Updates

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Increase of 166% in Income Tax exemptions by the FBR

Despite the fact that there has been a massive shortfall in the revenue collection, income tax exemptions of Rs.378 billion have been granted by the Federal Board of Revenue Pakistan during the current fiscal year. These exemptions, as per percentage, are 166.2 percent higher than those granted in the last fiscal year.

As per the Pakistan Economic Survey 2019/2020 released on Thursday, income tax exemptions and concessions of Rs.378 billion have been granted by the FBR during the current FY. However, this amount was Rs.142 billion in the last FY.

The FBR granted around Rs212 billion as exemption from total income during the outgoing fiscal year. While another Rs104.5 billion concessions were granted as a tax credit. An amount of Rs36.43 billion was exempted for allowances.

It is worth mentioning here that a total of Rs.5.55 trillion was assigned to the FBR as a target for revenue collection for the current FY, but it was cut down to Rs.3.9 trillion due to the slowdown of the economy and COVID-19 pandemic.

However, the grant of exemption and concession fell 13.21 percent to Rs519 billion under the head of sales tax during the current fiscal year as compared with Rs598 billion in the last fiscal year.

Sales tax exemption of Rs255.84 billion on imports has been granted by the FBR.  An amount of Rs74 billion granted exemption/concession as reduced rates of two percent as per the Eighth Schedule of Sales Tax Act, 1990.

 As reduced rates of 10 percent under the Eighth schedule, an amount of Rs35 billion has been granted as exemption/concession

Under the Ninth schedule, Rs.23.15 billion sales tax concession on cellular mobile phones has also been granted.

Exemption of Rs54.87 billion on local supplies during the fiscal year 2019/2020 was also granted by the FBR.

The exemption and concessions under customs duty cost an amount of Rs253 billion to the revenue authority during the outgoing fiscal year, which is 8.58 percent higher when compared with Rs233 billion in the last fiscal year.

To the automobile sector, E&P companies and projects under CPEC, Around Rs95 billion has been granted as duty exemption/concession. While an amount of Rs87 billion granted as exemption and concessions under the Fifth Schedule of Customs Act, 1969.

The concessions granted under the Free Trade Agreement (FTA) and Preferential Trade Agreement (PTA) were around Rs45 billion during the current fiscal year.

The FBR allowed exemption and concession an aggregate amount of Rs1150 billion during fiscal year 2019/2020 as compared with Rs972 billion in the last fiscal year.

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