Budget 2020-21 Pakistan
Audit & Reviews
- Statutory / External audit
- Special purpose audit (includes Donor Requested Audits),
- Review,
- Due Diligence,
- Internal control audits according to national regulations & international standards
- Agreed-upon procedures,
- Compilation of reports,
- Conducted Sales Tax Audits as appointed by the C.B.R / FBR (Federal Board of Revenue)
- Firm has also been appointed by Securities and Exchange Commission of Pakistan as inspectors to conduct specialized investigative audits about the affairs of the companies.
Budget 2020-21 Pakistan
BROAD PRINCIPLES OF TAXATION PROPOSALS
The proposals for the budget 2020-21 are mainly based on the following principles: –
- Least burden on poor and middle class
- Simplification of Taxation
- Covid-19 Response to ease the business
- E-audit
- Second phase of withdrawal of exemptions to further eliminate discriminatory tax exemptions and concessions.
- Expand the scheme of differential taxation for filers and non‐filers for penalizing non‐compliance without adding any further burden on the compliant.
- Customs tariff be rationalized to reduce both the number of slabs and the maximum duty rate.
- Reviewing tax laws and procedures to cut down on discretion.
- Removal of sector distortions in domestic taxes.
- Measures for broadening of the tax base and documentation of economy.
- Increasing the share of the direct taxes.
Audit & Reviews
- Statutory / External audit
- Special purpose audit (includes Donor Requested Audits),
- Review,
- Due Diligence,
- Internal control audits according to national regulations & international standards
- Agreed-upon procedures,
- Compilation of reports,
- Conducted Sales Tax Audits as appointed by the C.B.R / FBR (Federal Board of Revenue)
- Firm has also been appointed by Securities and Exchange Commission of Pakistan as inspectors to conduct specialized investigative audits about the affairs of the companies.
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TAX MEMORANDUM FINANCE BILL 2020-21
Fazal Mahmood & Company (Chartered Accountants) is pleased to present this tax memorandum, which is primarily aimed to help in understanding the impact of the Budget changes that are brought by the Finance Bill 2020-21 relating to Income Tax, Sales Tax Laws, Federal Excise Duty and Customs Duty. It is suggested that in order to understand the precise effect of a particular amendment, reference should preferably be made to the relevant wordings of the Act when passed. The bill was presented in the Parliament of Pakistan on June 12, 2020. Amendments and reshufflings are possible before its approval from National Assembly. It is suggested that changes should not generally be acted upon without first obtaining appropriate professional advice. This has always been a pleasure to be of service to our clients. It should neither be regarded as comprehensive nor sufficient for making decisions, nor should it be used in place of professional advice. The Firm does not accept any responsibility for any loss arising from any action taken or not taken by anyone using this publication.
Regards,
Fazal Mahmood & Company
Chartered Accountants
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