Income Tax — Fixing the Loopholeson June 9, 2020Taxes are the primary source for the developing states to make their economy run so is the case with Pakistan. The dependency of Pakistan’s revenue on taxes is around 86 per cent, which includes both direct and indirect taxes. Generally, besides the revenue objectives of the state, taxes are imposed to counter the effects of […]
Taxing the digital economy in Pakistanon May 29, 2020When the world is transforming gradually into a digital economy, disregarding the brick-and-Mortar presence, with the physical assets rapidly moving to digital ones, it is the time when a developing country like Pakistan should start reevaluating the existing taxation laws by taxing the digital economy in the form of imposing Digital Service Tax [DST]. The […]
Taxation issues being faced by service sectoron May 12, 2020The persons rendering services have remained subject to taxation since beginning as this sector have been considered as generating significant revenues and earning high income from business. The Income Tax Ordinance, 2001 [the Ordinance] have taxed the income at source under section 153 of the Ordinance, where the prescribed persons making payments for services are […]