Someone posted CVT notice on a what’s app group, this prompted me to go through CVT law as my memory told me the CVT section is empty. So here are few points to remember:

·        The CVT law is part of Finance Act 2022 and its rules were issued in September 2022
·        Applicable on:
  o   1300cc +/ 50kwh+ vehicles; Applicable for a total of first 6 years; 10% depreciation allowed, (CVT Rate 1%)
  o   Foreign Assets (immovable & movable) of RESIDENT individual if the COST exceeds Rs. 100m – payable with income tax return (Every year); Rate 1% ; 1) if cost is known (Cost * Exchange rate on June 30 of relevant tax year) 2) If cost is not known (FMV * Exchange rate on June 30 of relevant tax year) ::: Meaning Value will keep changing as per Exchange rate every year

·        A separate FORM-A needs to be electronically filed on IRIS
·        12% Default Surcharge is payable in case of late payment
·        In Finance Act 2024, for ICT (Islamabad):
  o   Farm House Rs. 500,000 (2,000 – 4,000 square yards) and Rs. 1m if it exceeds 4,000 sq yards
  o   Residential Houses Rs. 1m  (1,000 – 2,000 square yards) and Rs. 1.5m if it exceeds 2,000 sq yards

I am new member of this forum and found it very informative not only for tax issues but for other corporate legal discussions. I have following questions to be advice by experts in this forum:
BACKGROUND
Services company name ABC Opco Ltd is private limited company. It also runs Registered Gratuity Fund (or Trust also duly registered with Commissioner Income Tax) for its employees with eligibility criteria of 4 years of continued services as permanent employee. In recent times it entered in equity sale agreement with XYZ Corp Ltd for selling of its 100% shares. Both companies are in same nature of business. The acquiring company has intent  to merge both companies into one company (say Merg Co). The acquiring Corp doesnot run gratuity program for its existing employees.
In this scenario I want to seek your guidance on following questions:
1.      What would be the status of ABC gratuity fund trust?
2.      Can Merg Co close gratuity fund or trust?
3.      Can Merg Co refuse to pay to fund for maintaining required balance according to actuarial valuation?
4.      Does Merg Co has right to appoint new trustees of fund?
5.      Does Merg Co can make changes in trust deed to amend fund contribution clause?
6.      In case of above, is only board of trustees of fund can authorize change in trust deed or consent of all the eligible members of the fund is necessary?
7.      Can Merg co freeze fund at any cut off date?
a.      In above case when members will be paid their respective amounts
b.      If paid on subsequently at time of termination of services, what will happen to profits on investments made by fund and how these will be treated (or allocated)
8.      In case it is decided to abolish trust altogether, what will happen to the funds available on cut off date and does member will?
a.      Be paid till cut off time on date of closing of fund
b.      If a. is applied, what would be tax implications for members, as this will be before termination of services of employee
c.      Any exemption option available to members or trust as whole
Please provide a legal opinion with references to applicable laws and regulations.

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Physical Shares have been discontinued for new companies. Now CDC / Book entries needs to be maintained for all (unlisted) companies through attached decision.

Circular For Records

Reasons for Extension as suggested by Mr. Asif are also attached.

As Received on Social Media. September 20, 2025

Procedure to Purchase Stamp Paper in Punjab

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We mistakenly claimed input tax in FBR returns for invoices that were already accounted for as input in SRB and PRA. The sales tax return with this incorrect input was filed about 20 days ago.
Now I want to revise the sales tax return. The revision window is open, but IRIS is not allowing me to de-link purchase invoices from Annex A. Instead, I noticed a column titled “Inadmissible/Non-Creditable Inputs.”
When I click on it, a window opens showing 100% of the sales tax value, with two options:

1. Enter the amount I want to treat as non-creditable.
   
2. Select one of four available reasons. The most relevant option seems to be “Related to Another Jurisdiction.”
   

My question: Is this the correct option to use in this situation, or is there a better approach? I need to revise two sales tax returns this way.

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