Corporate Investigations and Business Fraud Risk Services
Bookkeeping
Payroll preparation and related services
Processing high-volume transactions
Opinion and counseling on accounting matters
Designing and implementation of Accounting System including training of organization's accounting personnel
Drafting / compiling Accounting Policies and Procedures
Secondment / deputation of accounting personnel
Facilitating implementation of new computerized accounting system or shifting from existing one to a new one
Incorporation related services including drafting of Memorandum and Articles of Association
Preparation / submission of periodical returns as required under the Companies Act, 2017
Winding up of companies
Facilitating in foreign investment related matters including coordination with the Board of Investment and preparation/submission of required documents
Corporate Law Compliance Review
E-filing
Tax Planning and Strategy Development
Tax Registration
Obtaining Confirmations, Clarifications and Permissions From the Tax Authorities
Conducting Tax Audits
Preparation and Filing Income Tax Returns
Preparation and Filing Sales Tax Returns
Preparation and Filing Various Tax Statements
Preparation and Payment of Electronic Challan
Finalization of Tax Audit and Undertaking Representations
Securities and Exchange Commission of Pakistan via S.R.O. 345 (I)/2020, issued the following draft amendments in sub-rule 2 of Rule 4 of the Credit and Suretyship (Conduct of Business) Rules, 2018:
For the figure ‘80’, the figure ‘10’ shall be substituted;
And;
The words "less reinsurance in respect of a particular guarantee/bond" shall be omitted.
An amount of Rs.45 billion has been granted by the Federal Board of Revenue Pakistan as the cost of customs duty exemption and concession of customs duty on imports under free and preferential trade agreements.
According to official data of exemption and concessions against imports under Free trade Agreements (FTAs) and Preferential Trade Agreements (PTAs) during fiscal year 2019/2020 was Rs45.02 billion.
The breakup of concessions and exemptions is as follows:
An exemption has been provided of Rs.1.6 billion worth imports from SAARC countries under the SAFTA Agreement on the basis of SRO 12749i)/2006.
An exemption has been provided of Rs.26.85 billion on imports from China under Pak-China FTA on the basis of Table-I of SRO 659(I)/2007.
An exemption has been provided of Rs.6.911 billion under Table-II of SRO 659(I)/2007 on import from China under Pak-China FTA.
A general exemption has been provided of Rs.2.52 billion under SRO 1261(I)/2007 Table-I on import from Malaysia under PTA.
A general exemption of Rs.922 million has been granted under SRO 1261 (I) / 2007 Table-II on import from Malaysia under PTA.
A general exemption has been provided of Rs.3.64 billion under SRO 741(I)/2013 on import from Indonesia under Pak-Indonesia PTA.
A general exemption of Rs.1.77 billion has been granted under SRO 280(I)/2014 on imports from Sri Lanka under Pak-Sri Lanka FTA.
With the start of the next financial year on 1st July 2020, the Federal Board of Revenue Pakistan has started the preparation for the achievement of revenue collection target for the Fiscal year 2020-2021.
For the aforesaid fiscal year, FBR has massively increased the additional customs duty up to 7 percent with an effect from 1st July 2020.
For the purpose of levying additional customs duty at different rates of two percent, four percent, and seven percent, FBR has issued an SRO 572(I)/2020 on Tuesday.
The FBR provisionally collected Rs3.957 trillion for fiscal year 2019/2020. As per budget documents, the FBR has been assigned to collect Rs4,963 billion during the fiscal year 2020/2021, which is around 25 percent higher than the collection of fiscal year 2019/2020.
In the budget presentation, the government has declared this budget as tax-free as no tax or duty has been levied to provide relief to the masses in this pandemic.
However, as per the notification, an additional customs duty at two percent has been imposed on goods imported under tariff slabs of zero percent, three percent, and 11 percent.
Another rate of four percent additional customs duty has been levied on goods imported under tariff slab of 16 percent.
While, the rate of seven percent additional customs duty has been applied to goods imported falling under tariff slab of 20 percent or, above.
However, the edible crude oil that is subject to import at higher tariff slab, shall still be charged with an additional customs duty at the rate of two percent.
The FBR further said that additional customs duty would not be applicable to the goods imported under the concessionary regime for exporters.
Further, the additional customs duty shall also not be applicable to the contractors and services companies for offshore projects.
In Finance Bill 2020, the Rental income expense limit has been reduced to encourage under-reporting.
Presently, expenses incurred to the extent of 6 percent of rent chargeable wholly and exclusively for deriving rent are admissible as a deduction against rental income.
The proposal to reduce this limit from 6% to 2% has been made in the finance bill 2020.
As per the sayings of experts, further reduction in such a limit would deprive a taxpayer for claiming a legitimate expense incurred solely for deriving taxable income and would ultimately lead to higher tax payable by the taxpayer. The taxpayers might be encouraged to under-report their taxable income on the grounds that the legitimate expenses are disallowed.
Currently, property income derived by an individual or AOP is treated as a separate block and the income is subject to tax at specified slab rates.
However, as per Division I of Part I of the First Schedule, the individuals or AOPs having income from property that exceeds Rs.4 million per annum can opt to claim deductions under section 15A of the Ordinance and pay tax at normal rates.
The proposal in the bill is made to abolish such a limit of Rs.4 million and therefore an individual or AOP can now opt for claiming tax deductions and pay tax at normal rates irrespective of the amount of income derived from the property.
An amount of Rs.337 billion has been allocated by the Punjab Government as Annual Development Plan (ADP) for the next fiscal year in the current budget presented on June 15, 2020.
As per the sayings of the Finance Minister of Punjab Makhdoom Hashim Javan Bakht, it has been decided by the provincial government to not compromise on ongoing development projects.
The breakup of ADP allocation:
Rs.97.66 billion for social sector
Rs.77.86 billion for infrastructure development
Rs.17.35 billion for the production sector
Rs.45.38 for the services sector
Rs.51.24 billion for other sectors
Rs47.5 billion for special programs
Rs25 billion for public-private partnership (PPP)
Keeping in view the limited resources of the province, it has been decided by the government to include the private sector for raising finances.
For this purpose, a Public-Private Partnership Authority has been established in the province and mega projects of amount Rs.165 billion have been identified.