Call for independent financial reporting body
The Audit Oversight Board (AOB) established under the SECP Act, 1997 to regulate audit profession in the country and the Accounting Standards Board (ASB) recently formed under the control of…
Need for financial reporting council
There is dire need to establish Financial Reporting Council (FRC) in Pakistan as an autonomous regulator to promote corporate governance and reporting to safeguard the interest of all stakeholders. The…
The 2014 Tax Reforms Commission
Taxes are levied by public representatives to find resources for public good. For recovery of taxes, detailed systems of laws, rules and regulations are laid. Statutes are framed by representatives…
Rectification’ under Sales Tax Act, 1990
Present phraseology of section 57 in the Sales Tax Act (Act) empowers officers of Inland Revenue, Commissioner, Commissioner (Appeals) and the Appellate Tribunal to rectify any mistake in an order,…
Yet another tax under Sales Tax Act, 1990
Sub-section (5) of section 3 of the Sales Tax Act (Act) empowers charging another specie of sales tax, up to 17% of value of supplies, in addition to tax levied…
Yet another tax under Sales Tax Act, 1990
Sub-section (5) of section 3 of the Sales Tax Act (Act) empowers charging another specie of sales tax, up to 17% of value of supplies, in addition to tax levied…
