Taxation Service

Income Tax, Sales Tax, Service Tax Individual, Partnership, corporate, trust Advisory for anyone subject to Pakistani tax system

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Auditing Services

Statutory Audit, Internal Audit & Compliance Audit Under the Framework of SECP, International standards on Auditing and Taxation Laws of Pakistan

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Business advisory

Finance function resourcing and outsourcing Accounting advisory services One stop liaison service to support local start-ups

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Taxation & adjudication

      • Income Tax
      • Sales Tax
      • Service Tax - All Jurisdictions
      • DRTE
      • Professional Tax
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Assurance Services

      • Statutory Audit
      • Internal Audit
      • Compliance Audit
      • Income Tax Audit
      • Sales Tax and service tax Audit
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Advisory Services

      • Finance Department outsource
      • CFO outsource
      • Bookkeeping
      • Financial Advice
      • Loan restructuring

Our Expertise

We are sure, we will be able to cater all your needs under one roof and will resolve all your matters in any applet forum till Supreme court of Pakistan. Our firm consist of

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Latest News - Taxation

SHC Declares Super Tax Intra Vires

 An appellate bench of High Court of Sindh comprising Justice Aqeel Ahmed Abbassi and Justice Abdul Malik Gaddi declared super tax as intra vires of the Constitution of Pakistan 1973 while dismissing more than 200 constitutional petitions and equal number of suits. Super tax was imposed on income of banking companies and persons having income…

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Persons not on ATL to pay advance tax on educational fee

Persons not appearing on Active Taxpayers List (ATL) are liable to pay advance income tax at the time of paying educational fee. Officials at Federal Board of Revenue (FBR) said that through Finance Act, 2020 the condition of paying advance tax under Section 236I of Income Tax Ordinance, 2001 on educational fee had been abolished…

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PSX to collect 3pc income tax on payments to non-residents

Pakistan Stock Exchange (PSX) is required to deduct/collect a reduced rate of three percent income tax on payment to non-residents. Officials of Federal Board of Revenue (FBR) said that amendment has been made through Finance Act, 2020 and various service providers are required to collect three percent income tax on payment to non residents. These…

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FBR to get CNIC details of unregistered persons making purchases above Rs100,000

Federal Board of Revenue (FBR) will get CNIC details of unregistered persons making purchases above Rs100,000 through monthly sales tax return for July 2020 to be filed by registered persons in August 2020. The registered persons are required to provide details of all those unregistered persons who made purchases above Rs100,000. The information of CNIC of…

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Tax slabs for salaried person for tax year 2020/2021 June 22, 2020

Following are the tax slabs for salaried persons to be applicable during tax year 2021 (2020/2021). S. No. Taxable income Rate of tax (1) (2) (3) 1. Where taxable income does not exceed Rs. 600,000 0% 2. Where taxable income exceeds Rs. 600,000 but does not exceed Rs. 1,200,000 5% of the amount exceeding Rs.…

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Banks to provide information of all recipients of profit on debt

The Federal Board of Revenue (FBR) to ask banks to provide information of all persons receiving profit on debt from July 01, 2020. To implement this an amendment has been introduced through Finance Bill 2020. According to explanation of the Finance Bill 2020 by EY Ford Rhodes Chartered Accountants, the Finance Act, 2013, introduced a…

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ECC decides to abolish regulatory duty on smuggling prone items

 Economic Coordination Committee of the Cabinet (ECC) has decided to abolish regulatory duty on smuggling prone items. In a meeting held on Thursday chaired by Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh also decided in favour of removal/reduction of regulatory duty on the smuggling prone items, including fabric, sanitary ware,…

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Senate recommends extending tax amnesty to construction sector till June 2021

Senate of Pakistan has recommended that tax amnesty i.e. immunity from explaining source of income for builders and developers should be extended up to June 30, 2021. The investment in the construction sector have been granted immunity from Section 111 of Income Tax Ordinance, 2001 and investor as an individual is required to open a new…

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FBR exempts various properties from attachment for tax recovery

Federal Board of Revenue (FBR) has exempted various properties from attachment for recovery from tax defaulters. The FBR issued SRO 353(I)/2020 through which the tax officials have been restrained from attaching certain movable properties of a defaulter for recovery of due taxes. According to the notification, the FBR officials may not attach assets for recovery,…

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Tax liability to be determined on whole year’s income: SC

The Supreme Court held that income tax liability is to be determined on the basis of taxable income that is derived or legally presumed to have been derived in a whole tax year and not any part of it. The judgment authored by Justice Faisal Arab, a member of three-judge bench said: “Even for the…

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Update - Local Corporate Regulatory Framework

ICAP requests for comments on Exposure Draft Technical Release ‘Accounting for Common Control Transactions’

ICAP vide Circular No. 6/2020 (dated June 08, 2020) has requested comments on exposure draft technical release ‘Accounting for Common Control Transactions ’ by July 8, 2020. The aim of the technical release is to improve relevance, reliability and comparability of financial statements with regards common control transactions. The exposure draft technical release establishes principles…

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ICAP issues circular on Auditor’s Report on Financial Statements of the Retirement Benefit Funds

ICAP vide Circular No. 5/2020 (dated May 15, 2020) clarifies that auditor of a retirement benefit fund should conduct audit in accordance with the International Standards on Auditing (ISAs) as applicable in Pakistan and issue a report on financial statements in accordance with the ISA 700 (Revised), Forming an Opinion and Reporting on Financial Statements.…

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Companies Amendment Ordinance 2020

Section Subject Change and its effect 2(33) Definition of Financial Statements has been altered Now all the statements required by IFRS are the requirements of the Companies Act as well. 2(49) Definition of Private company changed Legal glitch removed, no practical effect 2(66) Definition of Special Resolution Updated Now listed companies can hold a general…

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FASB proposes to delay leases and rev rec standards due to corona virus

The Financial Accounting Standards Board issued a proposed accounting standards update that would delay the effective date for one year for some private companies and nonprofits in applying its leases standard, and for franchisor businesses in applying the revenue recognition standard, because of the impact of the coronavirus pandemic. Earlier this month, the FASB board…

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Fresh Bank Notes on Eid-ul-Fitr 2020

The Currency Management Department of the State Bank of Pakistan (SBP) has issued a notification stating that Fresh Bank Notes will not be issued on the occasion of Eid-ul-Fitr 2020. Based on the notification issued a meeting was held by the COVID-19 committee chaired by the Director General Banking on 29 April 2020 where it was decided…

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Guidelines on cyber security framework for the insurance sector

The Securities and Exchange Commission of Pakistan has issued guidelines on cyber security framework for the insurance sector, providing principles to make the information technology systems of insurance companies and their partners secure and resilient. Cyber risk presents an evolving challenge for the insurance sector due to growing interconnections.

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IPASB publishes final pronouncement‘Improvements to IPSAS, 2019

The International Public Sector Accounting Standards Board (IPSASB) on January 30, 2020 published the final pronouncement titled Improvements to IPSAS, 2019. The pronouncement comprises of minor improvements to International Public Sector Accounting Standards in order to address issues raised by stakeholders. The pronouncement can be accessed on following link: http://www.ipsasb.org/news-events/2020-01/ipsasb- publint-improvements-ipsas-2019

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IFAC releases the second installment of educational series ‘Exploring the IESBA Code’

International Federation of Accountants (IFAC) on January 30, 2020 released the second installment of its educational series titled ‘Exploring the IESBA Code’. Each installment of the educational series focuses on a specific aspect of the IESBA Code using real-world situations in a manner that is relatable and practical. It aims to assist the readers in…

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IESBA proposes guidance to address the objectivity of Engagement Quality Reviewers

IESBA on January 30, 2020 issued the Exposure Draft (ED) titled Proposed Revision to the Code Addressing the Objectivity of Engagement Quality Reviewers for public comments. The ED includes proposed guidance on the application of the conceptual framework in the International Code of Ethics for Professional Accountants to address the topic of the objectivity of…

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IESBA proposes revisions to International Independence Standards

International Ethics Standards Board for Accountants (IESBA) on January 21, 2020 issued two Exposure Drafts (EDs) for public comments on: Proposed Revisions to the Non-Assurance Services Provisions of the Code Proposed Revisions to the Fee-Related Provisions of the Code The EDs are aimed at strengthening the non-assurance services and the fee-related independence provisions of the…

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Tax evasion is illegal however tax planning is perfectly legal. It pertain to execution of transaction in such a way that over all tax impact reduces. Contact us and we will guide you how it is done.

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