AHF Tax & Corporate Counsel

15/06/2022

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.

08/10/2021

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:

08/10/2021

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.

11/06/2021

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.

11/06/2021