Economic Crisis and Tax Revenue Measures on January 1, 2023Ever since Pakistan has been created, we, as a nation, have never come out of the financial crises. There could be certain times when it got slightly improved, but most of the time, we have been struggling to improve our financial position. The primary causes of this could be political turmoil, war on terrorism, lack […]
Will the salaried class be taxed more? on June 21, 2021The salaried class of Pakistan has always played a pivotal role in contributing towards national revenue. Yet, this class has always remained a soft target for the stakeholders. The reason behind this strategy is that the tax collection for the salaried class is done majorly by employers under section 149 of the Income Tax Ordinance, […]
Withholding of taxes & related aspects on March 3, 2021The tax culture in the developing countries is not that much encouraging, due to which it has been observed that the taxpayers are reluctant to pay tax on the income they generate, which is generally termed as Income Tax. Even the taxpayers try to avoid obtaining registration under Income Tax laws. While, the tax from […]
How recent amendments in laws affect “Non-Profit Organizations”? on December 29, 2020There are many countries in the world where the citizens are generous in making contributions for charitable purposes. Fortunately, Pakistan is one amongst them, where people not only volunteer themselves for charitable works but also give hefty donations for such types of activities. To operate more in a regulated manner, the like-minded persons join hands […]
The construction package – an in depth analysis on September 22, 2020Where COVID-19 has created a lot of challenge for the industries to survive, it has at the same time threaten the economy of all the countries around the globe. The need for the state to keep its wheel of economy running under the locked down situations besides protecting the employment of the citizen is really […]
Income Tax — Fixing the Loopholes on 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 Pakistan on 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 sector on 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 […]