Pakistan: Pakistan Finance Act 2021 containing tax provisions passed by National Assembly
Description
Pakistan Finance Act 2021 containing tax provisions passed by National Assembly
The Pakistan Finance Act 2021 has been adopted by the National Assembly on 30 June 2021 and has received presidential assent. Its provisions will enter into force on the following day, on 1 July 2021. The Act contains, among other things, an expanded definition of IT services for income tax services, including e.g. cloud services, data storage services, software development, software design, web design, and web development services. In relation to sales tax, the Act contains an updated definition of an 'Online Market Place'.
Original sourceScope
Policy Area
Taxation
Policy Instrument
Taxation, nes
Regulated Economic Activity
cross-cutting
Implementation Level
national
Government Branch
legislature
Government Body
parliament
Complete timeline of this policy change
Hide details
2021-06-12
under deliberation
2021-06-30
adopted
Key regulatory dimensions
Regulated subjects
The businesses, government agencies or individuals affected by this policy or regulatory change.
producer / supplier
1
Type
Private organisation
Economic activity
cross-cutting
Category
All
Policy change by business practice
The detailed activities within the scope of this policy or regulatory change.
service (any type): sale
Regulatory tool
Subordination under gross receipts tax
Sanctions
Regulated subjects
1