MIRA Amends Thin Cap Rules
On 27 December 2018, the MIRA issued Ruling B68 which amends Thin Capitalisation rules issued by the MIRA via Ruling B64. Ruling B64, introduced back…
Entries by Husam Shareef
Ruling G47 Explains Types of Feminine Sanitary Products
On 10 December 2018, Tax Ruling G47 was published in the government gazette which amends Section 40 of the Goods and Services Tax Regulation. Following…
Feminine Sanitary Products Zero Rated
On 3 December 2018, the fifth amendment to the Goods and Services Tax Act was published in the Gazette, which introduced feminine sanitary products to…
Channel Licensing Fees Not Subject to WHT
On 24 October 2018, the Tax Appeal Tribunal decided, by way of majority decision, in favor of the Appellant, Medianet Pvt Ltd – the largest…
Basic Tax and Legal Considerations When Buying a Business
by Ali Naeem, Counsel Buying or selling a business is a complex transaction with many tax and legal variables to consider before you start negotiations…
Interest Paid to Lease Finance Companies Fully Deductible
On 8 November, the MIRA issued Tax Ruling B67 which deals with approved banks and financial institutions for BPT purposes. The new ruling, which supersedes…
New Conditions on Releasing Frozen Bank Accounts of Taxpayers
On 6 November, the MIRA published the second amendment to its Enforcement Policy, amending bank account release conditions, and introduced a new schedule for instalment…
MIRA Audit Assessment Nullified on Violation of Procedure
On 23 October 2018, a three member bench of the Tax Appeal Tribunal unanimously decided in favor of a taxpayer citing MIRA’s failure to follow…
Filing Tax Appeals and Objections: Important Considerations
by Ali Naeem, Counsel The Tax Administration Act (TAA) lays out specific procedures to go about when you disagree with a decision made by the…