New Indian Goods & Services Tax Law

Review of New Indian Goods & Services Tax Law in Pakistan's Perspective

As you may be aware, a new law for Value Added Tax (VAT) on Goods & Services has recently been introduced in India. The Constitutional Amendment Bill empowering the Centre & States to concurrently levy tax on supply of goods & services was passed by the Rajha Sabha (Upper House) on August 3, 2016 and by the Lok Sabha (Lower House) on August 8, 2016.
Our firm has prepared a brief note discussing salient features of the newly introduced Indian Law, together with an implied comparison with problems and laws as prevalent in Pakistan.

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Benami Transactions

Note on Benami Transactions (Prohibition) Act, 2016

The National Assembly's Standing Committee on Finance approved the draft of Benami Transactions (Prohibition) Act, 2016 on August 16, 2016. The draft Act has now been forwarded to the National Assembly for consideration. This note released by our Firm briefly covers the various aspects of the draft Act.

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Tax Memorandum

Memorandum on Federal & Provincial Finance Acts, 2016

This booklet contains notes and comments on the amendments made in the fiscal laws passed by Federal and Provincial assemblies of Sindh, Punjab and KPK as they stand on July 1, 2016. Balochistan Finance Act, 2016 is not covered by this booklet for the reason that the same is not yet available with us. Further, this booklet also contains comments on various SROs issued under the Federal fiscal laws.

Through various Memorandums released by our Firm during June 2016 on Federal and Provincial Finance Bills, 2016, we presented general comments, suggestions and effects of the various proposals made in the Finance Bills laid before the respective assemblies for their approval.

Notes and comments in the booklet provide views on certain matters which have generally been made with positive connotation, however readers are requested to seek specific opinions and views on contentious issues especially for the reason that executive field officers and at times even the appellate and judicial forums apply and interpret the laws on the basis of text, ignoring the intention of law.

For unsettled industry issues arising from the above amendments, we intend to separately approach the respective industries.

We consider that readers will find the booklet useful which contains our comments on amended provisions in sequential order and not in preference of importance. We thank the staff which has helped us in preparing this booklet.

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