Tax Memorandum 2015 RHCO

Topics: Taxation, Taxation in the United States, Tax exemption Pages: 25 (9965 words) Published: June 8, 2015
Tax Memorandum 2015

FEDERAL BUDGET 2015-2016

Rafqat Hussain & Co.
Chartered Accountants

Head Office:

Islamabad Office:

81 Abu Bakar Block, Garden Town,
Lahore-Pakistan
T: +92 42-35864181, 35440481-2
F: +92 42-35864181
E-mail: info@rafqat.com
URL: www.rafqat.com

No 57, Street No 68, G9/3
Islamabad-Pakistan
E-mail: info@rafqat.com
URL: www.rafqat.com

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Website: www.rafqat.com

Email: info@rafqat.com

Tax Memorandum 2015

WITH COMPLIMENTS
To our Clients and Associates
We are pleased to summarize the important changes proposed in Finance Bill 2015, relating to Income Tax, Sales Tax, Federal Excise Duty, Customs Duty and Other Laws. For considering the precise impact of a particular change, reference should be made to the specific wordings in the relevant statute.

All changes through the Finance Bill 2015 are effective July 1, 2015, except for the amendments specified hereinafter in this memorandum. Effective dates of amendments through various notifications are also identified in the memorandum.

The memorandum contains the comments, which represent our interpretation of the legislation and we, recommend that while considering their application to any particular case, reference should be made to specific wordings of the relevant statues.

The proposals introduced in the Bill have to be approved by the National Assembly before they become effective. They should, therefore, not generally be acted upon without obtaining appropriate advice.

The memorandum can also be accessed on our website www.rafqat.com If you require any information or have queries with regard to the proposed amendments in the Finance Bill 2015, please feel free to contact us.

Rafqat Hussain & Co.
Chartered Accountants
June 05, 2015
Lahore

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Website: www.rafqat.com

Email: info@rafqat.com

Tax Memorandum 2015

Page Number

Budget at a Galance

4

Budget Highlights

5-7

- Income Tax
- Sales Tax
- Islamabad Capital Territory (Tax on Services)
- Federal Excise Duty

Significant amendments

8-23

- Income Tax
- Sales Tax
- Islamabad Capital Territory (Tax on Services)
- Federal Excise Duty
Common Provisions relating to fiscal Statutes

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24-25

Email: info@rafqat.com

Tax Memorandum 2015

BUDGET AT A GLANCE
Budget
Estimate
2014-15

Revised
Estimate
2014-15

Budget
Estimate
2015-16

Rupees in millions
Receipts -Summary
Tax Revenue Receipts
FBR Taxes
Direct Taxes
Indirect Taxes
Sub-total
Other taxes
Add: Non-Tax Revenue Receipts
Total revenue Receipts
Add: Capital Receipts
Total internal receipts
Add: External Receipts
Total internal & External receipts
Add: Public accounts receipt
Gross Federal Resources
Less Provincial share in federal taxes
Net Federal Resources
Add: Surplus from Provinces
Add: Privatization Proceeds
Add: Credit from Banking Sector
Total Resources
Expenditure -Summary
Current Expenditure
Development Expenditure

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1,180,000
1,630,000
2,810,000
319,210
3,129,210
816,294
3,945,504
484,259
4,429,763
670,610
5,100,373
270,528
5,370,901
(1,720,182)
3,650,719
289,289
198,000
227,906
4,365,914

1,109,000
1,496,000
2,605,000
305,180
2,910,180
1,042,293
3,952,473
392,911
4,345,384
692,687
5,038,071
287,579
5,325,650
(1,574,709)
3,750,941
141,562
17,774
402,373
4,312,650

1,347,872
1,755,834
3,103,706
314,515
3,418,221
894,524
4,312,745
485,068
4,797,813
751,511
5,549,324
254,269
5,803,593
(1,849,394)
3,954,199
297,173
50,000
282,941
4,584,313

3,527,414
838,500

3,558,328
754,322

3,615,274
969,039

Website: www.rafqat.com

Email: info@rafqat.com

Tax Memorandum 2015

Income Tax

BUDGET HIGHLIGHTS

 It is proposed that in case of individuals, CNIC issued by NADRA shall be used as National Tax Number from tax year 2015.
 One time super tax @ 4% and 3% for rehabilitation of...
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