Mustafa Mirchawala’s Post

The Treasury has published a policy paper providing an update on the planned changes to the UK’s taxation of ‘non-doms’. The papers confirm that the government is committed to abolishing the non-doms remittance basis of taxation from 6 April next year and intend to replace it with a foreign income and gains regime. Diane Nettleton explores the changes to income tax, capital gains tax and inheritance tax for those affected: https://lnkd.in/eiUNmQun

FPCCI has discovered a massive Rs 50 trillion in untaxed money circulating within the country. To address this, the FPCCI proposes a 10% flat tax rate for tax evaders, potentially generating Rs 5 trillion in revenue for the Federal Board of Revenue (FBR) in one year and up to Rs 14 trillion in total. This could surpass the FBR's Rs 9.40 trillion collection for the fiscal year 2023-24. In 2021-22, only 13,958 taxpayers contributed 75% of the income tax revenue, highlighting major issues in Pakistan's tax system. #Pakistan #FPCCI #TaxEvasion #Economy #UntaxedMoney #FlatTax #Revenue #FBR #FiscalPolicy #TaxReform

The Pakistan Bar Council (PBC) has backed the Federal Board of Revenue's (FBR) proposal to limit cash withdrawals for non-tax filers. This move aims to curb tax evasion and promote financial transparency. The proposal restricts non-filers from withdrawing over ₹1 million in cash per month. The PBC argues this will encourage compliance and broaden the tax base. Tax experts believe this measure will help reduce the informal economy and increase revenue generation. The FBR aims to bring more individuals under the tax net. The proposal is part of the government's efforts to reform the tax system and achieve fiscal stability. By limiting cash transactions, the authorities seek to minimize opportunities for tax evasion. . . . #TaxReforms #FBRProposal #PakistanBarCouncil #FinancialTransparency #TaxCompliance #tribunetrends

The National Board of Revenue (NBR), to grant reprieve to individual taxpayers and boost private sector along with industrialisation, provided an estimated Tk 1,25,813 crore exemption on income and corporate taxes, which is 3.56 per cent of the country’s GDP. Of the figure, Tk 40,498 crore – accounting for 1.15 per cent of the GDP – is exempted at individual taxpayers’ level, while Tk 85,314 crore or 2.41 per cent of the GDP is incentivised at the corporation level. NBR’s income tax wing has prepared the data in a purview of rationalising tax expenditure for the upcoming budget to meet the $4.7 billion loan condition of the International Monetary Fund (IMF). Some rationalisation is likely to come up in the next budget for FY25. Link in the comment box. #nbr #income #tax #corporate #imf #budget #business #economy

Proposed changes include bringing all foreign assets held in trusts under UK IHT and eliminating 50% reduction in foreign income tax. Uncertainty persists on trust rules and UK IHT consultation details. Read our latest deep dive into Labour’s draft documents. https://lnkd.in/e4N2DJah

In the draft of the new tax code the Minister of Finance has propose a higher corporate income tax rate for second tier banks and the gambling insdustry. Dispate oposition from these sectors, citing concers about potential impact on the industry growth and the economy, the Minister of Finance emphasize that the improved tax administration will mitigate this risk. 👑 🤔 You might wonder why? The Ministry of Finance said, this is to ensure a fair contribution to the state. It appears that propaganda against the iGaming industry among the population have not been effective leading authorities to pursue this approach. 🚀

📢 Important Tax Update from the Inland Revenue Department Attention taxpayers! The IRD has issued a notice clarifying the income tax liability on interest or discounts derived from Treasury Bills and Treasury Bonds under the Inland Revenue Act, No. 24 of 2017 (as amended). Key highlights: 1️⃣ Interest or discounts from Treasury Bills or Bonds are exempt from income tax for: - Non-residents purchasing them via remitted funds. - Samurdhi community-based banks. 2️⃣ For all others, these earnings must be included in the assessable income for taxation, as they are not subject to Advance Income Tax (AIT) or withholding tax. Make sure your tax filings reflect these guidelines to ensure compliance! For more details, refer to the official notification by the IRD. Let's stay informed and compliant! #TaxUpdate #SLTaxation #IRD

📢 Important Reminder 📢 🔔 Deadline Alert: Revise your Income Tax Return (ITR) by 31st December 2024 to include any undisclosed foreign assets, income, ESOPs, or dividends! 🚨 Avoid heavy penalties: 💰 ₹10 lakh for non-disclosure of foreign assets. 📈 200% penalty on tax evasion. 📞 Need assistance? Contact us today and ensure compliance! Don’t wait till the last moment. ✅ Act now to stay stress-free! #IncomeTax #ITRRevision #TaxCompliance #AvoidPenalties

The rupee's average value without the IMF condition would have been Rs211.5 by the end of October, claims tax advisory firm Read: https://lnkd.in/d4FH_Asd

There is a mismatch in the US and UK taxation on receipt of carried interest from a partnership. This area is complex, but with strategic planning, there may be opportunities to minimise double taxation for dual US/UK taxpayers. Read our latest insight authored by Annabel Poon to discover more.