Nishtar & Zafar | Pakistan Law Firm | Tax, Corporate / Company Law, Energy Law, Telecommunication Law Specialist lawyers

GST to Rise by 1 Percent

The Finance Bill 2010 proposes to raise the General Sales Tax rate 1 percent to 17 percent. The proposal if enacted into law would come into force from July 1 17 percent. The proposal if enacted into law would come into force from July 1.

The Finance Bill 2010 proposes to raise the General Sales Tax rate 1 percent to 17 percent. The proposal if enacted into law would come into force from July 1 17 percent. The proposal if enacted into law would come into force from July 1.

Basic Income Tax Exemption Raised to Rs. 300,000

Pakistan’s proposed budget law seeks to raise the basic exemption from the income tax levy to Rs. 300,000 for all taxpayers. The current exemption is Rs 100,000 for non-salaried taxpayers, Rs. 200,000 for male salaried taxpayers and Rs. 260,000 for the female salaried taxpayers.

Pakistan’s proposed budget law seeks to raise the basic exemption from the income tax levy to Rs. 300,000 for all taxpayers. The current exemption is Rs 100,000 for non-salaried taxpayers, Rs. 200,000 for male salaried taxpayers and Rs. 260,000 for the female salaried taxpayers.

Gain on Equity Stocks to be Taxed

The Finance Bill 2010 seeks to levy capital gain tax on the gain from the sale of stocks within one year of their purchase at 10 percent if shares held for less than 6 months and 7.5 percent if shares held for more than six months but less than one year.

The Finance Bill 2010 seeks to levy capital gain tax on the gain from the sale of stocks within one year of their purchase at 10 percent if shares held for less than 6 months and 7.5 percent if shares held for more than six months but less than one year.

Sale of Cigarette Filter Rod Taxed @ Rupee 1

The budget proposes to impose Federal Excise Duty @ Rs. 1 per filter rod meant for using in cigarettes. The duty is imposed to bring into the tax net the unregistered persons engaged in the cigarette manufacturing

The budget proposes to impose Federal Excise Duty @ Rs. 1 per filter rod meant for using in cigarettes. The duty is imposed to bring into the tax net the unregistered persons engaged in the cigarette manufacturing

Companies to Get 5 Percent Tax Credit on Getting Listed

The closely held companies would get an income tax credit of 5 percent if the get listed on one or more stock exchange in Pakistan. The incentive would only be available in the year of such listing.

The closely held companies would get an income tax credit of 5 percent if the get listed on one or more stock exchange in Pakistan. The incentive would only be available in the year of such listing.

Areas Of Practice

Taxation

Taxation practice is the forte of our firm. With one of our partners' tax experience as presiding judge of the high court taxation bench and another partner's extensive experience as Assistant Commissioner and Deputy Commissioner of Income Tax with quality tax education from a top law school, we proudly present our services ranging from planning of a tax-efficient transaction to representing our clients before the Supreme Court of Pakistan. In addition to income and corporate taxation, our tax practice covers sales tax, excises, professional and trade taxes, property taxes, and other local-government taxes and levies.

Our tax practice services include: transaction planning and restructuring; periodic review of accounting process and procedures; review of final accounts for tax provision and computation; preparation of the return and its annexure; handling assessment proceedings; a ppeals from CIT to Supreme Court; liaising with the Central Board of Revenue for finding administrative solutions to the controversial issues and seeking advance opinion of ambiguous statutory provisions; tax-effective salary structuring; and assisting the clients in ensuring timely and cost effective compliance such as withholding taxes and filing of periodical statements.

Corporate

Our corporate practice covers a wide spectrum of sub-areas and activities both domestically and internationally. We advise clients on all corporate issues including incorporation, commencement, initial public offering, corporate governance, directors' liability, securitization, SECP Compliance and litigation, mergers and acquisitions, spin-offs, corporate finance, and stock exchange listing.

We also handle incorporation and compliance related issues including preparation of Memorandum and Articles of Association; filing annual, periodical, and occasional statements; representing clients before the regulatory, administrative, and judicial authorities; and filing international memoranda wherever necessitated by laws.

Energy

Our energy practice encompasses wide array of services covering legal and regulatory frameworks regarding hydroelectric, thermal, and renewable energy in the electric power sphere and exploration, production, import and transmission in the hydrocarbon arena for both onshore and offshore mining.

We represent our clients right from the early negotiations between them and the government authorities and advise them through the processes: Expression of Interest, Memorandum of Understanding, Letter of Intent, feasibility, power purchase agreement, tariff approval, negotiations and contracting with the bankers and financiers, EPC contracts and beyond.

In addition to the above three core areas we provide full legal services in the following areas as well:

Alternate Dispute Resolution: Arbitration, Mediation, Negotiation through internationally trained and accredited professionals

Intellectual Property: Regitration of IP rights; Enforcement of IP rights of our clients through governmental and judicial authorites; Compliance; Prosecuting IPR ingfringements including passing Offs

Aviation: Equipment Leasing, Equipment Purchase and sale, Traffic and overflight Rights, Tax Planning

Banking: Financial Derivatives, Hire Purchase, Lease Financing, Loans and Rescheduling, Recoveries, Repossession

Civil: Land and Property, Money Suits

Constitutional: Administrative Law Advice & Litigation; Human Rights Advocacyand Petitione; Writ Petitions

Contracts: Advice and Negotiation; Agreement Drafting; Contracts Vetting; Conract Enforcement; Prosecuting Contract Breach

Criminal: Accountability Proceedings, Corporate Crime, White-Collar Crime

IT and Communication: Computer Laws; Cyber Laws; Cyber Crimes, Software Licensing, Telecom and IT Contracts & Licensing

International: Investment into Pakistan; Public International Law; Private International Law; Treaties

International Trade: Contracting; Documentary Credit; Tariff Concessions; Enforcement of Trade Agreements; Anti-Dumping; WTO Disputes Resolution

Legislative: Drafting Laws and Statutory Rules; Advising Governments including Local-Government on Legal Enactments; Parliamentary Liaising

Research: Local Government; Political and Fiscal Devolution; Child Rights, Gender Issues, Corporate Governance, Public Policy, Institutional Reforms; Taxation

Links

	Supreme Court of Pakistan
	Lahore High Court
	Federal Board of Revenue
	Securities & Exchange Commission
	Sind High Court
	Board of Investment
	Institute of Law & Finance

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Pakistan Finance Bill 2010

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