Advocates & Tax Consultants in Islamabad

Advocates & Tax Consultants in Islamabad Contact information, map and directions, contact form, opening hours, services, ratings, photos, videos and announcements from Advocates & Tax Consultants in Islamabad, Consulting Agency, Office No. 11, 1st Floor, Mohamadi Plaza, Nazim-ud-din Road, near D-Chowk, Blue Area, Islamabad.

A top tier management, legal and tax Consulting Firm in the heart of Capital Territory, committed to assist the foreign investors specifically CPEC investors regarding proposed business opportunities and related legal, corporate and tax matters.

https://www.moodys.com/research/Moodys-changes-Pakistans-outlook-to-stable-from-negative-affirms-B3--PR_410440*Rating Ac...
02/12/2019

https://www.moodys.com/research/Moodys-changes-Pakistans-outlook-to-stable-from-negative-affirms-B3--PR_410440

*Rating Action: Moody's changes Pakistan's outlook to stable from negative, affirms B3 rating*
02 Dec 2019

Singapore, December 02, 2019 -- Moody's Investors Service ("Moody's") has today affirmed the Government of Pakistan's local and foreign currency long-term issuer and senior unsecured debt ratings at B3 and changed the outlook to stable from negative.

The change in outlook to stable is driven by Moody's expectations that the balance of payments dynamics will continue to improve, supported by policy adjustments and currency flexibility. Such developments reduce external vulnerability risks, although foreign exchange reserve buffers remain low and will take time to rebuild. Moreover, while fiscal strength has weakened with higher debt levels largely as a result of currency depreciation, ongoing fiscal reforms, including through the country's International Monetary Fund (IMF) programme, will mitigate risks related to debt sustainability and government liquidity.

The rating affirmation reflects Pakistan's relatively large economy and robust long-term growth potential, coupled with ongoing institutional enhancements that raise policy credibility and effectiveness, albeit from a low starting point. These credit strengths are balanced against structural constraints to economic and export competitiveness, the government's low revenue generation capacity that weakens debt affordability, fiscal strength that will remain weak over the foreseeable future, as well as political and still-material external vulnerability risks.

Concurrently, Moody's has affirmed the B3 foreign currency senior unsecured ratings for The Second Pakistan Int'l Sukuk Co. Ltd. and The Third Pakistan International Sukuk Co Ltd. The associated payment obligations are, in Moody's view, direct obligations of the Government of Pakistan.

Pakistan's Ba3 local currency bond and deposit ceilings remain unchanged. The B2 foreign currency bond ceiling and the Caa1 foreign currency deposit ceiling are also unchanged. The short-term foreign currency bond and deposit ceilings remain unchanged at Not Prime. These ceilings act as a cap on the ratings that can be assigned to the obligations of other entities domiciled in the country.

Rating Action

What account holders info banks will share with FBR -
02/12/2019

What account holders info banks will share with FBR -

An agreement was reached in a meeting between Chairman Federal Board of Revenue (FBR) Syed Shabbar Zaidi and chief executives of commercial banks on November 27, 2019 at the Large Taxpayers Unit (LTU) here.

26/11/2019

-- S. 113 --- Turnover --- Meaning --- The term ‘Turnover’ defined in Section 113 has been given an exhaustive meaning by the Legislature and therefore, minimum tax is only leviable on business turnover only. Receipts of property income and profit on debt could not be taken as ‘Turnover’, hence, minimum tax is not applicable. No meaning could be ascribed to the term ‘Turnover’, which the legislature did not intend. For interpretation of statutes, words in the statute have to be read in plain meaning and no words should be added or deleted. There is no room for any further addition or intendment.
(b) Income Tax Ordinance, (XLIX of 2001) ---
--- Ss. 22 & 23 --- Deprecation --- Concept --- Concept of ‘Depreciation’ is of wider import. Depreciation referred to the fall in quality or value of the assets, which decrease in value after wear and tear, decay, decline in price. All assets used were subject to depreciation. Section 22 permits the depreciation allowance in computing the income arising from business or profession. The depreciation is allowed on any building, plant, machinery, furniture and fitting (termed as ‘Depreciable Assets’ under the Ordinance) of which the taxpayer is the owner. Taxpayer, being the absolute and bona-fide owner of the building (duly declared in the Balance Sheet and Depreciation Schedule), the perk of residence of which is given to employees so that they can effectively perform their duties, benefits the business as a whole and therefore the condition of 'Use' in business is also met. Therefore, a taxpayer is legally entitled to claim tax depreciation on building used for the accommodation of its employees.

21/11/2019

As per the normal practice, exchange gain on foreign currency is taxable as we are practicing the same in case of companies however there is a difference of opinion regarding the same for individuals as interpreted by reading the case law 1998PTD288.

Address

Office No. 11, 1st Floor, Mohamadi Plaza, Nazim-ud-din Road, Near D-Chowk, Blue Area
Islamabad
44000

Opening Hours

Monday 09:00 - 17:00
Tuesday 09:00 - 17:00
Wednesday 09:00 - 17:00
Thursday 09:00 - 17:00
Friday 09:00 - 17:00

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