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TWO CENTS ON SRO 350(I)
The Federal Board of Revenue has recently introduced amendments in the Sales Tax Rules, 2006 through the issuance of SRO 350(I)/2024 dated March 07, 2024. This newly introduced notification has taken the entire business community of Pakistan by storm.
THE ROLE OF TAXATION IN ESG
For years, financial reporting and decision making based on accounting numbers of a Company has been the way to go. However, the entire process of decision making and reporting has evolved over the years, especially as the world has started to realize the impending threat of global warming. Environmental, Social and Governance (ESG) Reporting and its role alongside financial reporting has now been the talk of the town for the past several years.
TAXING THE DIGITAL ECONOMY
“A revolution is not an event, but a process!” Mankind has witnessed several revolutions which have shaped the world we live in today. This revolution is the era of Internet / Digitization or as one might term it the era of “Digital Economy”.
TAXING FOREIGN RENTAL INCOME
Naturally, the earning of rental income from such properties situated abroad has given rise to the dilemma of whether this foreign source income would be taxable in Pakistan or not.
The Credibility Gap - Fiscal Deficit Vs. Trust Deficit.
Pakistan tax revenue to Gross Domestic Product (GDP) ratio, as per the economic survey 2019,during the preceding financial year, was a mere 13.9% along with an overall fiscal deficit of 4.9%.