ANL 14.57 Increased By ▲ 0.06 (0.41%)
ASC 13.55 Increased By ▲ 0.25 (1.88%)
ASL 14.60 Increased By ▲ 0.60 (4.29%)
BOP 8.42 Increased By ▲ 0.05 (0.6%)
BYCO 6.50 No Change ▼ 0.00 (0%)
FCCL 18.10 Increased By ▲ 0.30 (1.69%)
FFBL 26.30 Increased By ▲ 0.30 (1.15%)
FFL 11.15 No Change ▼ 0.00 (0%)
FNEL 10.90 Increased By ▲ 0.18 (1.68%)
GGGL 15.25 Increased By ▲ 0.35 (2.35%)
GGL 31.80 Increased By ▲ 0.40 (1.27%)
HUMNL 6.21 Decreased By ▼ -0.01 (-0.16%)
JSCL 17.29 Increased By ▲ 0.29 (1.71%)
KAPCO 31.40 Decreased By ▼ -0.08 (-0.25%)
KEL 3.21 Increased By ▲ 0.01 (0.31%)
MDTL 2.27 Increased By ▲ 0.07 (3.18%)
MLCF 34.11 Increased By ▲ 0.31 (0.92%)
NETSOL 98.50 Increased By ▲ 1.25 (1.29%)
PACE 4.26 Increased By ▲ 0.04 (0.95%)
PAEL 23.15 Increased By ▲ 0.15 (0.65%)
PIBTL 7.60 Increased By ▲ 0.17 (2.29%)
POWER 6.65 No Change ▼ 0.00 (0%)
PRL 13.70 Increased By ▲ 0.20 (1.48%)
PTC 8.87 Decreased By ▼ -0.03 (-0.34%)
SILK 1.35 Increased By ▲ 0.05 (3.85%)
SNGP 40.71 Increased By ▲ 1.05 (2.65%)
TELE 16.43 Increased By ▲ 0.03 (0.18%)
TRG 86.85 Decreased By ▼ -0.55 (-0.63%)
UNITY 25.20 Decreased By ▼ -0.02 (-0.08%)
WTL 2.14 Increased By ▲ 0.04 (1.9%)
BR100 4,648 Increased By ▲ 129.03 (2.86%)
BR30 18,756 Increased By ▲ 479.17 (2.62%)
KSE100 45,228 Increased By ▲ 1113.34 (2.52%)
KSE30 17,522 Increased By ▲ 487.64 (2.86%)

Coronavirus
LOW Source: covid.gov.pk
Pakistan Deaths
28,709
524hr
Pakistan Cases
1,284,365
17624hr
0.48% positivity
Sindh
475,248
Punjab
442,950
Balochistan
33,479
Islamabad
107,626
KPK
179,928

ISLAMABAD: The government has decided to promulgate Tax Laws (Third) Amendment Ordinance, 2021, to introduce some procedural and legal changes in sales tax and income tax laws and rectify certain mistakes in the Finance Act 2021.

Sources told Business Recorder that the Tax Laws (Third) Amendment Ordinance 2021 will amend certain clauses of the Finance Act 2021.

The Ordinance may amend the Sales Tax Act 1990, the Income Tax Ordinance 2001, and the Customs Act, 1969.

According to sources, the government will withdraw 17 percent sales tax on fat-filled milk sold in retail packing under brand name. After promulgation of the Ordinance, fat-filled milk sold in retail packing under brand name would be subjected to sales tax zero-rating.

The Federal Board of Revenue (FBR) will also propose to change certain Pakistan Customs Tariff headings to rectify the errors in the Finance Act 2021.

Willful tax defaulters, non-filers: New policy to lay down third-party audit mechanism

Certain procedural changes have also been proposed in the Income Tax Ordinance 2001 and Sales Tax Act 1990.

The Tax Laws (Third) Amendment Ordinance 2021 would be promulgated after vetting from the Law and Justice Division, the sources added.

This would be the third taxes-related Ordinance during 2021.

The Tax Laws (Amendment) Ordinance, 2021 dated February 12, 2021 was related to the measures to facilitate non-resident Pakistanis to open non-resident Pakistani Rupee Value Accounts (NRVAs); imposed withholding tax (Rs50,000-Rs 200,000) on persons who sell locally-manufactured vehicles within 90 days of delivery of such vehicles and offered tax exemptions for the electric vehicles.

The Tax Laws (Second Amendment) Ordinance, 2021 was issued on March 24, 2021, which made a number of major amendments in the Income Tax Ordinance, 2001 including tax credits to certain categories of taxpayers.

Copyright Business Recorder, 2021

We love hearing your feedback, please help us improve by answering these few survey questions

Comments

Comments are closed.