سیلز ٹیکس رجسٹریشن کے مرحلے کو آسان بنانے کے لیے نیا فارم فیڈرل بورڈ آف ریونیو کی ویب سائٹ پر آویزاں کر دیا ہے 14(1) (Form of Registration filed voluntarily through Simplified) (Sales Tax) uploaded on IRIS #SALESTAX #Simplified #Registration #easeofdoingbusiness www.globaltaxconsultants.pk #Global_Tax_Consultants_Lahore_Pakistan_Near_Me #Tax_Experts #Tax_Advisors
Federal Board of Revenue (FBR) has devised an improved system of issuance of Exemption Certificates under Section 148 of the Income Tax Ordinance-2001 particularly for the import of raw material and intermediaries used by industries. This intended system is to be based on Automated Risk Based Mechanism to reduce processing time and in issuance of exemption certificates thereby avoiding unnecessary delays costing the importers. In this regard and automated procedure has been planned for public/private limited companies and all other persons. The automated system will require submission of check listed information from the user. FBR has further devised a procedure which has to be adopted for issuance of exemption under Section-148 for import of raw material. Under the new procedure, the Commissioner will issue exemption certificate in case of public limited company within seven (07) days, in case of private limited company within ten (10) days and in case of all other persons within fifteen (15) days of filing of application through an automated system. If the commissioner fails to take action on the application within the above mentioned time limits, the system will issue exemption certificates to the taxpayer. However, such exemption certificate issued to all persons, except public limited and private limited companies, shall be provisional. The system will not issue exemption certificate if an assignment has been issued by the Commissioner within seven (07) days of filing of the application, CPR of discharge of tax liability is not available in the system, annexure to SRO 717(I)/2014 has ...
سیلز ٹیکس ریفنڈ 72 گھنٹوں میں- پانچ ایکسپورٹ انڈسٹریز: Sales Tax Refund to 5 Export Oriented Sectors- فیڈرل بورڈ آف ریونیو نے پانچ ایکسپورٹ انڈسٹریزTextile , Carpets, Leather, Sports Goods and Surgical Instruments کو 72 گھنٹوں میں سیلز ٹیکس ریفنڈ کرنے کے لئے نیا سسٹم FASTER (Fully Automated Sales Tax e-Refund) تیارکر لیا ہے جس کے تحت فیڈرل بورڈ آف ریونیو 72 گھنٹوں کے اندر RPO پراسس کر کے سٹیٹ بینک آف پاکستان کو ٹیکس پیر کے بینک اکاؤنٹ میں جمع کرنے کے لئے بھیج دے گا۔ #export #FASTER #FBR #TAXES #easeofdoingbusiness #exportorientedsectors #Global_Tax_Consultants_Lahore_Pakistan_Near_Me #Tax_Experts #Tax_Advisors www.globaltaxconsultants.pk http://download1.fbr.gov.pk/Docs/20196211262641364OpeningCDCaccountforSalesTaxRefundPaymentthroughBonds.pdf
فیڈرل بورڈ آف ریوینیو کا مراسلہ نمبر DO.NO1(1)DG(WHT)/102219-R جو کہ Dated 29-07-2015 میں وضاحت جاری کی گئی تھی کہ موٹر سائیکل اور آٹو رکشہ پر ودہولڈنگ ٹیکس عائد نیں کیا گیا (Extract below) اب دوبارہ وضاحت کی گئی ہے کہ انکم ٹیکس آرڈینینس 2001کے سیکشن 231بی اور 234کے تحت موٹر وہیکلز پر عائد کردہ ٹیکس میں کوئی تبدیلی یا اضافہ نہیں کیا گیا ۔ اس حوالے سے موٹر سائیکل اور آٹو رکشہ پر ودہولڈنگ ٹیکس عائد کرنے کی خبریں بے بنیاد ہیں ۔ البتہ جس افسر نے سندھ حکومت ایکسائز کو خط لکھا ہے اس پر محکمانہ کاروائی ھونی چاہیے۔ www.globaltaxconsultants.pk #auto #Rikshaw #taxes #FBR #Global_Tax_Consultants_Lahore_Pakistan_Near_Me #Tax_Experts #Tax_Advisors #Tax_Return
Most of the inflation is artificial | Public himself do not want to fight against inflation | Institutions also require to be strengthens | Businessman also take unjustified profit margins || www.globaltaxconsultants.pk |
www.globaltaxconsultants.pk | – No Jewellery in bulk & antiques – no more than 10,000 dollars – up to 5 years child 1,000 dollars – up to 18 years 5,000 dollars – annual limit imposed of 60,000 dollars – limit of Rs 3,000 Pakistani currency also imposed #New_Travel_Advisory_By_FBR #Dollars #Jewellery #FBR #Global_Tax_Consultants_Lahore_Pakistan_Near_Me #Tax_Experts #Tax_Advisors #Tax_Return
www.globaltaxconsultants.pk | Chairman FBR Syed Muhammad Shabbar Zaidi has requested all the Heads of Banks to provide information to FBR relating to Benami Accounts within fortnight. Chairman FBR in his letter has recalled the earlier meeting held with Chief Financial Officers of all Banks wherein it was agreed that all the banks will internally make an exercise seeking information from their account holders about the ‘Mandated’ or ‘Benami Accounts’ holders within their system. Chairman FBR hoped that requisite steps would have been taken by the banks to gather such information. Chairman has added that FBR is mandated to take action against Benami Accounts under the Benami Transaction (Prohibition) Ordinance, 2017. Chairman FBR has requested the banks to share with FBR all the gathered information in this regard, which shall be kept highly confidential. FBR has legal obligation under the aforesaid law to identify such assets. In his letter, Chairman FBR has stated that the best approach in this regard is mutual cooperation, voluntary compliance and close coordination between banks and FBR. چیرمین ایف بی آر سید محمد شبر زیدی نے تمام بینکوں کے سربراہان کو خط ارسال کر دیا ہے جس میں تمام بے نامی اکاونٹس کی تفصیلات پندرہ یوم میں فراہم کرنے کی درخواست کی ہے۔ بے نامی ایکٹ 2017 کے تحت ایف بی آر چاہتا ہے کہ بینک اپنے اکاونٹ ہولڈرز کے بے نامی اکاونٹس کی تفصیلات خود طلب کریں۔ ایف بی آر اکاونٹ ہولڈرز سے براہ راست رابطہ نہیں کرنا چاہتا تاکہ لوگوں کا ایف بی آر ...
Clarification issued by FBR regarding CNIC requirement for sale above Rs 50,000 | Introduced through Finance Act 2019 || www.globaltaxconsultants.pk – Ammendment has been made through the section 23 of the sales tax act 1990 and not in any other law, – this provision is only applicable on those who are registered in sales tax, – buyer does not need to be registered with sales tax, – above condition of issuance of sales tax invoice will not apply on buyer having purchase below Rs 50,000 and purchase is own non business use by the end consumer. #Sales_Tax #Registered #CNIC #FBR #Global_Tax_Consultants_Lahore_Pakistan_Near_Me #Tax_Return #Tax_Experts #Tax_Advisors
E-FBR New Virtual Setup | To end direct interaction between the FBR and the taxpayers | Totally automate registration, monitoring and tax payments || www.globaltaxconsultants.pk The Federal Board of Revenue is planning to implement the “E-FBR New Virtual Setup” to totally automate registration, monitoring and tax payments of the new taxpayers without any interaction with the tax department. A senior FBR Member told that the government is introducing reforms in the tax machinery to end direct interaction between the FBR and the taxpayers. A plan is under way to implement the “E-FBR New Virtual Setup” under which jurisdiction of the new taxpayers would be available with the FBR. The field formations would not be allowed to deal with these new taxpayers, whose jurisdiction has been assigned with the Board. Under the e-FBR setup, the FBR will not ask questions from the new taxpayers for 1 or 2 years unless some serious discrepancy has been detected through the automated system. Under a single portal, all the taxpayers would be provided a common platform and hyper link to file federal and provincial sales tax returns from next month. The FBR and provinces have agreed in this regard, he added. The FBR and provinces have agreed on an integrated sales tax return for filing though a single portal in future, official said. Federal Board of Revenue (FBR) Chairman Syed Shabbar Zaidi has already barred his field formations from conducting raids on any premises of any exiting taxpayer businesses without prior approval of the ...
State Bank of Pakistan allowed to Banks to do foreign currency business with public | www.globaltaxconsultants.pk The State Bank of Pakistan (SBP) has laid the foundation to eliminate exchange companies from the currency business by allowing banks and their entire branches to buy and sell foreign currencies with public across the country. The SBP on Saturday issued revised chapters of Foreign Exchange (FE) Manual providing details about the currency business while assigning the role of exchange companies to banks. Earlier, the banks were not allowed to sell or buy foreign currencies directly from public except for those having their own exchange companies. The SBP did not say anything regarding the existence or future role of exchange companies but feel threatened with the latest development. Under the headline of purchase of foreign currency notes from the public, the SBP said that all incoming persons — whether Pakistani or foreign national — can bring with them without any limit foreign currencies and other instruments against the submission of a declaration to the customs authorities on amount exceeding $10,000 or equivalent. “Such currencies or instruments may be freely purchased by the Authorised Dealers (banks) against payment in PKR. Authorised dealers may also purchase foreign currencies withdrawn by the account holders from their foreign currency accounts and from the walk-in-customers against payment in PKR subject to fulfilment of applicable AML/CFT regulations,” said the SBP. Banks were also told to ensure availability of foreign currencies to sell it to the public. It is the responsibility ...
Avail the another opportunity & Submit your tax return if Section 114 also applies on you | If you are experiencing the tax issue then feel free to contact us | www.globaltaxconsultants.pk [email protected] Call: 03334875413 WhatsApp: 03174632360 Office: UM 33, Zainab Tower, Model Town, Link Road, Lahore. #Global_Tax_Consultants_Lahore_Pakistan_Near_Me #Tax_Return #Tax_Experts #Tax_Advisors #PM_IK_Jalsa_In_USA www.iris.fbr.gov.pk www.e.fbr.gov.pk www.fbr.gov.pk
#وہ تمام گورنمنٹ ملازمین جو مالی سال 2018 میں 33،334 روپے یا اس سے زیادہ تنخواہ لیتے رہے ہیں انہوں نے 2 اگست 2019 سے پہلے اپنے انکم ٹیکس گوشوارے جمع کرانے ہیں۔ جمع نہ کرانے پر 40000 جرمانہ ہو سکتا ہے۔آن لائن بھی جمع کروائے جا سکتے ہیں ۔ Required Documents: 1۔ شناختی کارڈ 2۔ ایک سم جو اپنے نام پر ہو 3۔ بینک اکاونٹ مینٹیننس سرٹیفکیٹ ہو 4۔ گاڑی زمین یا کوئی اور اثاثہ، اس کے کاغذات یاد رکھیں کہ اگر آپ کو لگتا ہے کہ آپ ٹیکس جمع کروا رہے ہیں اور آپ کو اس کی ضرورت نہیں ہے تو یہ غلط ہے۔ گوشوارے جمع کرانا ضروری ہے۔ تو آج ہی اپنے گوشوارے جمع کروایں اور قومی ذمےداری پوری کرتے ہوئے جرمانہ سے بھی بچیں۔ www.globaltaxconsultants.pk #Annual_Tax_Return #Employees #Global_Tax_Consultants #Lahore #Pakistan #Near_Me #Tax_Experts #Tax_Advisors #Tax_Filer #Active_Status_FBR
PTI leader and former senior provincial minister Abdul Aleem Khan has challenged the income tax levy in LHC. Aleem approached the LHC against IR department of FBR for recovery of income support levy. MPA Aleem Khan through his counsel submitted that the recovery of income support levy is a violation of different laws and the Constitution. He pleaded that it is up to the provincial social welfare department to work towards the welfare of the public and after the 18th constitutional amendment the IR department has no authority to impose and recover a tax in the name of social protection. Counsel said the federal government did not have the authority to pass any legislation on the social welfare of the public at large. He further prayed that the Income Support Levy Act 2013 was introduced for a period of one year only and the parliament did not extend its tenure. He therefore, argued, the action of the FBR is a sheer violation of the Constitution. www.globaltaxconsultants.pk #Income_Support_Levy #FBR #Global_Tax_Consultants #Lahore #Pakistan #Near_Me #Tax_Return #Tax_Experts #Tax_Advisors www.iris.fbr.gov.pk www.e.fbr.gov.pk www.fbr.gov.pk
www.globaltaxconsultants.pk The Federal Board of Revenue has requested the Ministry of Power to refuse connections to income tax non-filers. Shabbar Zaidi in a letter to power minister has requested its help for the implementation of Section 181AA of Income Tax Ordinance, 2001, which stipulates that any application for commercial or industrial connection of electricity or gas shall not be processed and provided unless the person is an income tax return filer. Zaidi further told that FBR has extended the date of filing the return for TY18 to August 2. The chairman has requested power ministry to issue instructions to power distribution companies apprising them that it is mandatory to be on ‘Active Taxpayers List’ for every commercial and industrial electricity or gas consumer. #FBR #Sales_Tax #Tax_Filer #Registration #Active_Taxpayers_List #Pakistan #Global_Tax_Consultants_Near_Me #Tax_Advisors #Tax_Experts #Legal #Tax_Return #LESCO www.iris.fbr.gov.pk www.fbr.gov.pk www.e.fbr.gov.pk
www.globaltaxconsultants.pk Registration certificates have been introduced for distributors , and dealers which now will be used onward. Small traders will be charged fixed tax and it has been decided in a meeting with group of traders with government officials . Tax on cooking oil has not be increased and old rates will prevail on this industry. #Fixed_Tax #FBR #Dealers #Distributors #Global_Tax_Consultants_Lahore_Pakistan_Near_Me #Tax_Experts #Tax_Advisors #Tax_Legal_Consultants #Tax_Return #Tax_Registration #Active_Status #Active_Filer www.fbr.gov.pk www.iris.fbr.gov.pk www.e.fbr.gov.pk
www.globaltaxconsultants.pk A person who purchases immovable property having fair market value greater than Rs5 million through cash or bearer cheque then the person is liable to pay five percent of the value of immovable property as penalty. From tax year 2020 starting July 01, 2019 the purchase of immovable property has been prohibited through any bearer instrument or cash if its value is above Rs5 million. According to the FBR if a person commits offence than such person shall pay a penalty of five percent of the value of property determined by the Board under sub-section (4) of section 68 or by the provincial authority for the purposes of stamp duty, whichever is higher. A new section has been inserted in the Ordinance which provides that purchase of assets set as out below shall now only be made through a crossed cheque drawn on a bank or through a crossed demand draft or crossed pay order or any other crossed banking instrument – (a) Immovable property having fair market value greater than Rs05 million; (b) Any other asset having fair market value of more than Rs01 million. For the purpose of this section, the fair market value means the value notified by FBR under Section 68(4) of the Ordinance or the value fixed by the provincial authority for the purposes of stamp duty, whichever is higher. In the event, the transaction of purchase of the asset is not carried out in the manner prescribed above, such asset shall not be ...
Now FBR Will Issue Tax Exemptions Certificates through automated risk based system || Federal Board of Revenue (FBR) has devised an improved system of issuance of Exemption Certificates under Section 148 of the Income Tax Ordinance-2001 particularly for the import of raw material and intermediaries used by industries. This intended system is to be based on Automated Risk Based Mechanism to reduce processing time and in issuance of exemption certificates thereby avoiding unnecessary delays costing the importers. In this regard and automated procedure has been planned for public/private limited companies and all other persons. The automated system will require submission of check listed information from the user. FBR has further devised a procedure which has to be adopted for issuance of exemption under Section-148 for import of raw material. Under the new procedure, the Commissioner will issue exemption certificate in case of public limited company within seven (07) days, in case of private limited company within ten (10) days and in case of all other persons within fifteen (15) days of filing of application through an automated system. If the commissioner fails to take action on the application within the above mentioned time limits, the system will issue exemption certificates to the taxpayer. However, such exemption certificate issued to all persons, except public limited and private limited companies, shall be provisional. The system will not issue exemption certificate if an assignment has been issued by the Commissioner within seven (07) days of filing of the application, CPR of discharge of ...
www.globaltaxconsultants.pk The Government has raised taxes on People investing in National Saving Schemes, targeting both filers and Non-Filers. According to information, for non-filers the government has raised the withholding tax rate for investments up to Rs. 500,000 from 10 percent to 20 percent, while investment over the amount will be subject to 30 percent an increase from the current 17.5 percent. For tax filers, the applicable tax rate for yield up to Rs.500,000 remains unchanged at 10 percent, however on investments over the amount the applicable tax rate has been raised to 15 percent. It should be mentioned that National Saving Schemes have historically been safe haven for investors in a rising interest rate scenario as well as a good source of funds for the government. #Prize_Money #Prize_Bond #National_Savings_Schemes #Investment #Withholding_Tax #Increased #Global_Tax_Consultants_Lahore_Pakistan_Near_Me #Tax_Experts #Tax_Advisors #Tax_Return
www.globaltaxconsultants.pk | FBR sources said that the data had been obtained on the basis of withholding tax deduction by the property registrars. The sources said that the FBR was probing the lower values declared by the purchasers against the fair market values. The FBR is also probing those people who have such immovable properties where filing of income tax returns is mandatory. As per Section 114 of Income Tax Ordinance, 2001 following persons are required to annual income tax returns: — owns immovable property with a land area of two hundred and fifty square yards or more or owns any flat located in areas falling within the municipal limits existing immediately before the commencement of Local Government laws in the provinces; or areas in a Cantonment; or the Islamabad Capital Territory; — owns immovable property with a land area of five hundred square yards or more located in a rating area; — owns a flat having covered area of two thousand square feet or more located in a rating area. The sources said the FBR has been allowed to investigate transactions of past six years. The sources said that the FBR through Finance Act, 2018 notified Directorate General of Immovable Property for determination of fair market values and authorized this directorate with immense powers. The Directorate-General may, subject to the provisions and conditions as may be prescribed, initiate proceedings for the acquisition of property for the reasons to believe that any immovable property of a fair market value has ...
Notification Dated 09 July 2019 regarding Sale Tax and Federal Excise return m/o June-2019 to filed in July-2019 | Submission of Stocks Declaration by the taxpayers || www.globaltaxconsultants.pk #Sales_Tax_Return #FBR #Tax_Return #Global_Tax_Consultants_Lahore_Pakistan_Near_Me #Tax_Experts #Tax_Advisors
www.globaltaxconsultants.pk Lahore High Court (LHC) has disposed of various petitions wherein FBR’s Circular No 07 of 2018 was challenged with the prayer that a taxpayer who had paid tax under amnesty scheme may be allowed to file declaration under the Voluntary Declaration of Domestic Assets Act, 2018 and incorporate the assets in his books of accounts. It is reliably learnt that LHC has issued a written order and instead of declaring FBR’s Circular 07 of 2018 as illegal or allowing taxpayer to file declaration under the Voluntary Declaration of Domestic Assets Act, 2018 and incorporate the assets in his books of accounts, directed the FBR that amounts deposited for declaration of assets under the Act of 2018 shall be refunded without any condition within 15 days from the date of application for refund. Consequently, FBR’s stance vide Circular 07 of 2018 has been affirmed by the LHC. When contacted, tax lawyer Waheed Shahzad Butt who has challenged present the Assets Declaration Ordinance, 2019 before the LHC, told Business Recorder that for all practical purposes any tax amnesty means another financial National Reconciliation Ordinance (NRO). The government instead of entertaining any such scheme should seriously consider introducing ‘asset-seizure scheme’ to confiscate undeclared/ untaxed assets / wealth created from black/ undisclosed / untaxed money and make laws to bring back looted money. In case of recent order passed by LHC, it is stated by tax lawyer that schemes allowing something out of books should be interpreted strictly in favour of State instead ...
1000cc Vehicles and above | Huge electricity and gas bills | 1 kanal and more area houses | Parents paying fees more than Rs 200,000 | Notices under above conditions are already part of the income tax ordinance 2001 || www.globaltaxconsultants.pk #Tax_Notices #FBR #Vehicles #Electricity_Bills #School_Fees #Houses #Global_Tax_Consultants_Lahore_Pakistan_Near_Me #Tax_Experts #Tax_Advisors #Tax_Return
Bad News for Non Filers Having investment in national saving schemes | 30% withholding tax for investment above than Rs 500,000 and 20% for investment up to Rs 500,000 | Tax of 15% will be deducted for investment above Rs 500,000 for filers in FBR | Tax of 10% will be charged on filers having investment up to Rs 500,000. | www.globaltaxconsultants.pk | #Investment #National_Saving_Schemes #Increase #With_Holding_Taxes #Non_Filers #Global_Tax_Consultants_Lahore_Pakistan_Near_Me #Tax_Return #Active_Filer
www.globaltaxconsultants.pk | Through the Finance Act, the scope of “Resident Individual” has been enhanced to the extent to include the persons present in Pakistan; a. for a period of, or periods amounting in aggregate to, one hundred and twenty days (120) or more in the tax year; and b. in the four years preceding the tax year, has been in Pakistan for a period of, or periods amounting in aggregate to, three hundred and sixty‐five days or more, The introduction of this provision is based on the premise that foreign source incomes of non‐residents are not subject to tax in Pakistan. The provisions of becoming a non‐resident individual, by staying out of Pakistan for more than 183 days in a tax year, were being severely misused in order to avoid the taxation of Foreign Source of Incomes in Pakistan for avoidance of taxation under the Ordinance. #Resident_Taxpayer #Status #Revised #Budget #Global_Tax_Consultants_Lahore_Pakistan_Near_Me #Tax_Advisor #Tax_Experts #Tax_Return
www.globaltaxconsultants.pk | The FBR on June 21, 2019 issued proposed valuation of immovable properties located in 19 different cities of the country. The FBR had invited comments from stakeholders before implementing the new valuation from July 01, 2019. The tax authority a day earlier issued a notification stating that the proposed rates of immovable properties were under consideration and would be notified through official gazette, Therefore the prevailing valuations of immovable properties are remained applicable till the issuance of official notification for new rates. In order to document the real estate sector and boost the revenue collection the FBR in August 2016 issued its valuation of immovable properties for various cities of the country. The valuations were issued considering very low rate of District Collector (DC) rates fixed by the provincial government, which caused very low tax collection. On the other hand the fair market values are many times higher than the DC value. Initially in August 2016 the FBR valuation tables were even very lower than the fair market value. However, the revenue collection visibly increased under this head. Later in February this year the FBR revised upward the immovable properties valuation by around 20 percent to bring the FBR rates closer to the fair market value. Even this increase was lower than the fair market value and large sum of black economy is remained parked in this sector of the economy. Now the FBR has proposed significantly higher rates for immovable properties in 19 major cities of the ...
www.globaltaxconsultants.pk The owner of Benami property would have the legal right to challenge the order of FBR Benami Zones at the level of adjudication authorities, Federal Appellate Tribunal, High Courts and the Supreme Court of Pakistan. The confiscation of Benami properties by the government is a very lengthy process under the law and it may take years to complete the proceedings of the Benami cases. The entire process covers mainly three stages that would be handled by three different departments/authorities. FBR will act as a prosecution agency. At the first stage, Inland Revenue Officers of the FBR posted in the Benami Zones would issue notice to the owner of Benami property for provisional attachment of property for a period of 90 days; the attachment can be revoked or stayed by the Inland Revenue Officer. The commissioner Benami Zones can revoke their orders of provisional attachment of properties or issue an order of continuing provisional attachment. After provisional attachment of property, the Benami Zones would refer the matter to the adjudication authorities within a period of 60 days. The second part of the law would be dealt with by the adjudicating authority established for adjudication of Benami properties, which is not under the FBR”s administrative control or jurisdiction. Jamil Ahmed, a retired Pakistan Administrative Officer has been appointed as Chairperson of the Adjudicating Authority. Muhammad Tanvir Akhtar, a retired Inland Revenue Officer and Khaqan Murtaza, an officer of Pakistan Administrative Officer are appointed as members Adjudicating Authority. The adjudicating authority ...
Revised tax card has been posted here for the tax year 2020, here in this budget major Chnages have done by the government in the tax rates of salaried class, the exemption limit has been increased from Rs 400,000 to Rs 600,000 per annum and tax slabs has been increased also and higher tax rate has been charged at 35%. Tax on freight has also been increased from 2 % to 3 %. Moreover the tax on supplies and services is unchanged for filers and non filers. Consult-Compliance-Learn | Submit Tax Return Before 2nd August 2019 | Contact Us: www.globaltaxconsultants.pk | [email protected] | Call Us 03334875413 | Whatsapp 03174632360 Office No UM 33, Zainab Tower, Model Town, Link Road, Lahore. #Global_Tax_Consultants_Lahore_Near_Me_Pakistan #Tax_Advisors #Tax_Experts #Tax_Return #Tax_Amnesty_Scheme #Tax_Card_2020 #Active_Taxpayer #Inactive_Taxpayer #Filer #Non_Filer
Major reshuffle in Employees of FBR | www.globaltaxconsultants.pk | In a large-scale reshuffle, thousands of employees of the Federal Board of Revenue (FBR) across the country have been transferred to various departments as the board aims to meet its revenue targets for the new fiscal year, it emerged on Saturday. According to office orders issued by the FBR on Friday, as many as 2,154 employees of BPS-9 to BPS-16 have been shuffled in different cities. In Karachi, 726 officials of grades 9-14, working in the Inland Revenue Department, have been transferred. In Lahore, 565 employees of grades 9-15 have been transferred, while in the twin cities of Islamabad and Rawalpindi, 357 officials of grades 9-15 have been shuffled. Moreover, more than 500 officers and officials working in grades 9-16 in Regional Tax Offices of Abbottabad, Faisalabad, Gujranwala, Hyderabad, Sialkot, Sargodha, Sukkur, Peshawar, Sahiwal, Multan and Quetta have also been transferred. FBR Member Inland Revenue (IR) Policy Dr Hamid Ateeq Sarwar pointed to two major reasons behind the mass transfers and posting. He said the FBR wanted its employees who have been working in certain offices for a considerable period to gain the experience of working at other locations and in other jobs. Secondly, he said, the move is aimed at “breaking the connivance” between lower-level staff members and taxpayers in the areas where they are stationed. The reshuffle comes as the government has set an ambitious revenue collection target of Rs5.5 trillion for the fiscal year that began on July ...
www.globaltaxconsultants.pk Hafeez Sheikh demonstrated the results of the tax amnesty scheme just ended at 3rd July 2019 where he claimed that Rs 70 billion has been collected from such scheme and about 137,000 peoples availed the scheme. He also said that this scheme was the most fruitful scheme as compare to previous ones. He also said that 3,000 billion valued assets has also been declared under this scheme. #Tax_Amnesty_Scheme_Results #Income_Tax_Return #Tax_Filer #Active_Filer #Global_Tax_Consultants_Lahore_Pakistan_Near_Me
Overall Ranking In paying taxes in 2018 of Countries of the Region | Pakistan at worst stage, Only better than Afghanistan | www.globaltaxconsultants.pk In a current national scenario where on the basis of concealed incomes our institutions are active to punish the culprits, and government claims that they are doing better and improved things to enhance the tax base, it can not be forgotten that we are at very worst stage in a comparison with countries of the region, that we are only better than Afghanistan. Unfortunately being a tax consultant it has been observed that the reason behind the lack of interest of public in compliance to tax, is only that they have not been educated about the tax system of pakistan. Tax is not introduced at any stage to our younger generation in class rooms. That’s the reason that Tax authority and tax system is always criticised and very reluctant to do tax compliance. For instance in the recent days government introduced tax amnesty scheme under the ‘ Assets Declaration ordinance 2019’ , about which public was very confused that they should avail or not, because amnesties are always for concealed incomes and assets purchased from them and Benami transactions (prohibition) act 2017 was also passed to introduce the Benami Assets and concealed incomes and current amnesty should be named as ‘ Benami Assets Declaration ordinance 2019’, then public may easily understand what they should do. Rest of the non filers having assets they own should submit there ...
www.globaltaxconsultants.pk | Federal Board of Revenue (FBR) has strongly rebutted the perception that the rate of tax for token payment and registration of cars has been changed in the Financial Budget-2019. “After verification, it was noticed that this misperception was due to a typographical mistake which was rectified in the Finance Act-2019,” a statement issued by the FBR reads. “The rate of tax for token payment and registration of cars is the same that was charged in the previous year. There is no enhancement or reduction in the tax rate.” The FBR further stated that no tax has been levied on private cars on the basis of seating capacity. However, the people who have not filed tax returns will have to pay double tax than the people who are on the Active Taxpayer List (ATL). Any person who thinks he is not eligible to pay tax can inform the FBR beforehand so that he/she could be considered for exemption from payment of this additional tax, the statement concluded. #Cars #Token_Tax #Registration #Budget #FBR #Tax_Consultants_Lahore_Pakistan_Near_Me #Tax_Return #Tax_Amnesty_2019 #Tax_Filer #Tax_Advisor #Tax_Experts
www.globaltaxconsultants.pk | Federal Board of Revenue (FBR) has amended Sales Tax Rules 2006 to implement automated sales tax registration system. The FBR issued SRO 698(I)/2019 to amend Rule 5 of Sales Tax Rules, 2016. The amendment has been made in Rule 5 for sub-rule (2) to (9), the following shall be substituted, namely: “(2) The applicant having NTN or income tax registration shall, using his login credentials, upload following information and documents- (a) bank account certificate issued by the bank in the name of the business; (b) registration or consumer number with the gas and electricity supplier; (c) particulars of all branches in case of multiple branches at various locations; (d) GPS-tagged photographs of the business premises; and (e) in case of manufacturer, also the GPS-tagged photographs of machinery and industrial electricity or gas meter installed. (3) On furnishing above documents, the system shall register the applicant for sales tax. (4) After registration, the applicant or his authorized person shall visit e-Sahulat Centre of NADRA within a month for bio-metric verification. In case of failure to visit or failure of verification, the registered person’s name shall be taken off the sales tax Active Taxpayer List. (5) In case of manufacturer, the Board may require post-verification through field offices or a third party authorized by the Board. In case, the field office, during scrutiny after the registration, finds that any document provided is non-genuine or fake or wrong, it may request through the system, to provide the missing document, in fifteen ...
Zero Rating Facility on Gas, Electricity, Coal, Furnace Oil and Diesel Oil is withdrawn from 1st, July. 2019 | www.globaltaxconsultants.pk | Federal Board of revenue (FBR) has rescinded the zero rated facility previously available on the Gas, Electricity, Coal, Furnace Oil and Diesel Oil and now from the 1st July 2019 it has been implemented by the FBR via sales tax general order no 100 of 2019 dated 29th June 2019. #Zero_Rated_Facility_Withdrawn #FBR #Global_Tax_Consultants_Lahore_Pakistan_Near_Me #Tax_Amnesty_Scheme #Tax_Return #Date_Extended #Tax_Advisors #Tax_Experts
Conduct of hearings and restricted access of taxpayers to the offices and working areas of the LTUs & RTOs | FBR Issued Directions | In pursuance of international best practices to facilitate the taxpayers by minimising the contact between the taxpayers and tax collectors and to ensure transparency FBR has taken step to give a professional environment. www.globaltaxconsultants.pk #FBR #Tax_Return #Tax_Amnesty_Scheme #Active_Filer #ATL #Global_Tax_Consultants_Lahore_Pakistan_Near_Me
Government announced to extend the due date for declaration of assets under the ‘Assets Declaration ordinance 2019’ | Due Date is 3rd July 2019 Upto 5:00 PM. The amnesty scheme was introduced at 15th may 2019 via presidential orders and it was the second amnesty scheme in a year for the same tax year 2018. At the start after it was implemented the interest of the public was not satisfactory but from the government side the amnesty has been promoted a lot that common public took a lot of interest in this amnesty and in the last few days this increased a lot and that why Date has been extended for further 3 days. www.globaltaxconsultants.pk | #Tax_Amnesty_Scheme #Tax_Return #Tax_Filer #Global_Tax_Consultants_Lahore_Pakistan #Near_Me #Date_Extended #Tax_Advisor #Tax_Experts
Consult-Compliance-Learn | and get Benefits of Tax filer and to avoid any penalties and litigations, Amnesty scheme deadline is also 30th June 2019 under the assets declarations ordinance 2019 , the due date of amnesty scheme is not likely to be extended. Contact Us: www.globaltaxconsultants.pk | [email protected] | Call Us 03334875413 | Whatsapp 03174632360 Office No UM 33, Zainab Tower, Model Town, Link Road, Lahore. #Income_Tax_Return #Tax_Amnesty_Scheme #Tax_Consultants_In_Lahore_Near_Me_Pakistan #FBR #Assets_Declarations_Ordinance_2019 #Tax_Slab #Tax_Calculator #NADRA #Tax_Experts #Tax_Advisors
Rewards for identifying Benami Transaction Holders!!! FBR has offered to the general public to identify the Benami transactions and properties including bank accounts , and those who will identify will be given rewards from the FBR and names and identification of the whistle blowers will be kept secret. This step was taken by the FBR after issuance of the Benami transactions prohibitions Act 2017. #Rewards #Benami_Transactions #Whistle_Blowers #Tax_Return #FBR #Assets_Declarations_Ordinance #Amnesty_Scheme #Tax_Consultants_Pakistan #Lahore #Near_Me
www.globaltaxconsultants.pk | The total outlay of the budget was Rs7.022 trillion, focusing on fiscal consolidation, revenue mobilization, austerity measures and protection to the vulnerable segments of society. At the start of the proceedings, Minister of State for Revenue and Finance Hammad Azhar moved the motion to present the finance bill before the house for consideration and voting. After voice voting on the motion to introduce the bill, the opposition challenged the vote and asked the Speaker for a head count. One hundred and seventy six (176) members of treasury benches favoured the motion while 146 members of opposition opposed it. After passage of the motion with majority vote, Minister for Revenue introduced the finance bill which was passed by the house with a majority of votes. Members of National Assembly Shahida Rehmani, Abdul Qadir Patel, Shahid Khaqan Abbasi, Khawaja Asif, Shazia Marri, Marriyum Aurangzeb, Maulana Abdul Akbar Chitrali, Shehbaz Sharif, Rana Sanaullah, Qaiser Ahmed Sheikh, Sardar Ayaz Sadiq, Shagufta Jumani, Dr Nafeesa Shah, Syed Naveed Qamar, Ali Pervaiz, Shahida Akhtar Ali and others moved amendments in the finance bill. The amendments were related to changes in tax rates and finance bill, tax exemptions and abolition of interest on bonds While debating the amendments, Shahida Rehmani said the tax collected from Islamabad should be spent on the city for provision of drinking water and other basic facilities. She suggested changes in the income tax ordinance to benefit overseas Pakistanis who buy property abroad. Abdul Akbar Chitrali said taxes on those providing ...
||www.globaltaxconsultants.pk | The Oil and Gas Regulatory Authority (OGRA) on Friday recommended a decrease in the prices of petroleum products and forwarded a summary in this regard to the Petroleum Division. If approved, the price of petrol would go down to Rs111.91 per litre. For diesel, OGRA has recommended a decrease of Rs2.30 per litre. Similarly, the regulatory body has recommended cutting down the price of light diesel oil by Rs0.26. It has also suggested slashing the price of kerosene oil by Rs2.94 per litre. The new prices of petroleum and oil products would take effect from July 1. #Oil_Prices #Decrease #OGRA #Tax_Consultants_Pakistan #Lahore #Near_Me #Tax_Amnesty_Scheme #Tax_Return
Consult-Compliance-Learn | Submit Tax Return Before 30th June 2019 & get benefits of being Tax filer. Contact Us: www.globaltaxconsultants.pk | [email protected] | Call Us 03334875413 | Whatsapp 03174632360 Office No UM 33, Zainab Tower, Model Town, Link Road, Lahore. #Tax_Consultants_In_Lahore #Near_Me #Pakistan #Tax_Retun #Tax_Amnesty_Scheme
In the proposed Budget relief was withdrawn and following were bound to provide the CNIC, name, address and NTN of the withholdees in the withholding statements, – manufacture – distributor – dealer – whole sellers – Banking companies deducting tax on cash withdrawal and tax on profits. Now government has decided to extend the date up-to 1st August 2019 for implementation and after that all the above will provide and declare it. www.globaltaxconsultants.pk #Budget #Approval #CNIC #Tax_Consultants_Pakistan #Tax_Consultants_In_Lahore #Near_Me #Income_Tax_Return #Tax_Amnesty_Scheme #Tax_Filer
www.globaltaxconsultants.pk | The State Bank of Pakistan (SBP) has allowed the expatriates to continue operating their bank accounts in the country without biometric verification after proving their identity as Overseas Pakistanis in their local banks. This was revealed by Special Assistant to the Prime Minister on Overseas Pakistanis and Human Resource Development Sayed Zulfikar Abbas Bukhari in a tweet on Thursday. He expressed hope that the step would facilitate Pakistani diaspora living across the globe. Earlier, the SBP had asked Pakistani banks to register their all account holders through biometric verification in order to block fake bank accounts and to discourage money laundering and terror financing. #Expatriates #State_Bank_Of_Pakistan #Biometric #Verification #Bank_Accounts #Overseas #Pakistanis #Tax_Consultants_In_Pakistan #Lahore #Near_Me #Tax_Amnesty_Scheme #Tax_Return #Tax_Filer #Assets_Declarations_Ordinance_2019 #Global_Tax_Consultants_Lahore_Pakistan_Near_Me #FBR #PM_Imran_Khan
| Amnesty Scheme 2019 | Extension of Date for submission of Tax Return for the Tax Year 2018 || www.globaltaxconsultants.pk #Assets_Declaration_Ordinance_2019 #Tax_Return_2018 #Tax_Filer #Tax_Consultants_Pakistan #Lahore #Near #Tax_Amnesty_Scheme #Undeclared_Assets
www.globaltaxconsultants.pk | Federal Board of Revenue (FBR) has issued draft valuation of immovable properties for various cities, which will be applicable from July 01, 2019. The FBR issued the draft valuation tables for various cities for views and comments and asked the stakeholders to submit their input / feedback by June 30, 2019. The new revised rates are intended to be applicable from July 01, 2019. The FBR issued draft valuation of immovable properties of following cities: Abbottabad (http://download1.fbr.gov.pk/Docs/20196211962448795ABBOTABAD.pdf) Bahawalpur (http://download1.fbr.gov.pk/Docs/20196211963615981Bahawalpur.pdf) Faisalabad (http://download1.fbr.gov.pk/Docs/20196211963747300Faislabad.pdf) Gujrat (http://download1.fbr.gov.pk/Docs/201962119640481GUJRAT.pdf) Hyderabad (http://download1.fbr.gov.pk/Docs/20196211964338471HYDERBAD.pdf) Islamabad (http://download1.fbr.gov.pk/Docs/20196211964519161Islamabad.pdf) Jhang (http://download1.fbr.gov.pk/Docs/20196211964638401JHANG.pdf) Jhelum (http://download1.fbr.gov.pk/Docs/20196211964755211jhelum.pdf) Lahore (http://download1.fbr.gov.pk/Docs/20196211964916596lahore.pdf) Mardan (http://download1.fbr.gov.pk/Docs/20196211965148418Mardan.pdf) Multan (http://download1.fbr.gov.pk/Docs/20196211965311937MULTAN.pdf) Peshawar (http://download1.fbr.gov.pk/Docs/20196211965427826Peshawar.pdf) Rawalpindi (http://download1.fbr.gov.pk/Docs/20196211965546503Rawalpindi.pdf) Sahiwal (http://download1.fbr.gov.pk/Docs/2019621196575429SAHIWAL.pdf) Sarghoda (http://download1.fbr.gov.pk/Docs/20196211965814950Sargodha.pdf) Sialkot (http://download1.fbr.gov.pk/Docs/20196211965914656Sialkot.pdf) Gujranwala (http://download1.fbr.gov.pk/Docs/2019621196391665GUJRANWALA.pdf) Sukkur (http://download1.fbr.gov.pk/Docs/2019621206031171SUKKUR.pdf) #FBR_Property_Values #FBR_Property_Revised_Rates #FBR #Pakistan #Tax_Consultants_Pakistan #Lahore #Near_Me #Tax_Return #Tax_Amnesty_Scheme #Tax_Filer
FBR Made bank registered contacts and LC (Letter Of Credit) Mandatory for all export consignments from 25th June 2019 || www.globaltaxconsultants.pk | All export consignments based on letters of credit (LC) or contract will now have to submit bank registered contacts and LC from today (June 25) if they want clearance. The Federal Board of Revenue (FBR) has made the submission of bank registered contract and letter of credit along with goods declaration mandatory for the clearance of export consignment. All exporters who are currently exporting on letters of credit or on a contractual basis, will have to scan/upload bank registered contracts and letter of credit to the FBR in addition to the documents already required. This is in accordance with paragraph 3 of the Export Policy Order 2016 date April 18, 2016 read with section 155 M of the Customs Act 1969 and Foreign Exchange Rules and Regulations notified by the State Bank of Pakistan. All exporters have been directed by the board to ensure the submission of both documents posthaste. #Letter_Of_Credit #Banks #Exports #FBR #Tax_Consultants_Pakistan #Lahore #Near #Tax_Return #Tax_Amnesty_Scheme
Registration will be done Immediately after Submission of Documents | Visit & Verification will be afterwards || www.globaltaxconsultants.pk | Federal Board of Revenue has announced that the automated system for sales tax registration will be effective from 1st July, 2019.The following procedure is proposed and the same shall replace the one as prescribed in sub-rules (2) to (8) of rule 5 of the Sales Tax Act, 1990: The applicant having NTN/income tax registration shall, using his login credentials, upload following information / documents: (a) Bank account certificate issued by the bank in the name of the business (b) Registration / consumer number with the gas and electricity supplier (c) Particulars of all branches in case of multiple branches at various locations (d) GPS-tagged photographs of the business premises (e) In case of manufacturer, also the GPS-tagged photographs of machinery and industrial electricity or gas meter installed On furnishing above documents, the system shall register the applicant for sales tax. After registration, the applicant or his authorized person shall visit e-Sahulat Centre of NADRA within a month for bio-metric verification. In case of failure to visit or failure of verification, the registered person’s name shall be taken off the sales tax Active Taxpayer List. In case of manufacturer, the Board may require post verification through field offices or a third party authorized by the Board. In case, the field office, during scrutiny after the registration, finds that any document provided is non-genuine / fake / wrong, it may request through the ...
State Bank of Pakistan Issued Procedures for Encashment / Registration / Investment of Rs 40,000 Prize Bonds | Stoped to Encash / Sale / Purchase With immediate effect | Deadline Given as 31st March 2020 || No new prize bond can be now purchased, sold or encashed after 24th June 2019. However the prize bond holders have following options available, 1- conversion to premium prize bonds which will be registered , 2- replacement with special saving certificates and defence saving certificate 3- encashment at face value ( means not payment of cash against prize bonds but transfer of the amount of prize bonds in the bank account of the holders of bonds. Such registration can be done from the 16 no of designated filed offices of the state bank of Pakistan and authorised branches of the 6 commercial banks. www.globaltaxconsultants.pk | #Prize_Bonds #Encashment #State_Bank_Of_Pakistan #Tax_Consultants_In_Lahore #Tax_Consultants_Near_Me #Tax_Experts #Tax_Advisors #Pakistan #Tax_Return #Tax_Year_2019 #Tax_Card #Tax_Calculator #Tax-Consultants
is expected in view of the devaluation of Pakistani Rupee and an increase in international oil prices. According to details, the US Dollar increased by 6pc against the Pakistani Rupee in June, while the prices of US crude oil increased by $2, taking it to $56.65 per barrel. On the other hand, prices of British crude oil increased to $64.52. The federal government had earlier increased the prices of petroleum products before Eidul Fitr, as it decided to revise the prices of petroleum products upward for the month of June. The price of petrol was increased by Rs4.26, making it Rs112.68 per litre. The price of High-Speed Diesel (HSD) was increased by Rs4.5 to Rs126.82 per litre and that of Kerosene oil by Rs1.69 per litre to Rs98.46 per litre. #Tax_Consultants_In_Pakistan #Tax_Consultants_Near_Me #Tax_Consultants_In_Lahore #Tax_Return #About_Amnesty_Scheme #Tax_Experts #Tax_Experts #Tax_Calculator #Tax_Card
The Federal Board of Revenue (FBR) has decided to withdraw the baggage facility available to the incoming international passengers allowing to import one duty and tax-free mobile starting July 1, 2019. A member of Inland Revenue Policy, Hamid Atiq Sarver, informed Senate Standing Committee on Finance that 80% of the phones being sold in the market are those which are imported in violation of the baggage rules. These phones are imported due to the abuse of the baggage scheme. Considering the massive misuse, the FBR has decided to terminate the facility. Pakistan Tehreek-e-Insaf Senator, Ghous Mohammad Khan Niazi, proposed that the advance tax being collected from the subscribers of mobile phones should be withdrawn, terming it an injustice to the common man. The Senator proposed that abolition of 3% tax on the import of mobile phone should be reviewed as it is a good step for the generation of revenue and does not directly affect the lower income group. The FBR has merged duties and taxes on the import of mobile phones and proposed fixed slabs of taxes under the Finance Bill 2019 for different categories of mobile phones. #Mobile_Phone #Baggage #Tax_Free #FBR #Budget #Tax_Consultants_In_Lahore #Tax_Consultants_Near_Me #Pakistan
Tax Amnesty Scheme 2019 Failed to Attract the People | Only 250 People Up To know Availed It || WWW.globaltaxconsultants.pk Less than 250 Pakistanis have so far availed the tax amnesty scheme and paid a sum of about Rs 450 million in taxes. The asset legalizing scheme would expire on June 30. FBR Chairman Shabbar Zaidi categorically told the National Assembly Standing Committee on Finance on Tuesday that the scheme would not be extended beyond June 30 due to the start of the International Monetary Fund (IMF) bailout programme from July. #Tax_Amnesty_Scheme #FBR #Tax_Consultants_In_Lahore #Tax_Experts #Tax_Consultants_Near_Me #Tax_Advisors #Tax_Return #Tax_Filer #Income_Tax_Return #2018 #Tax_Consultants_In_Pakistan
Rates of Tax Amnesty Scheme 2019 | On Undeclared Assets, Expenditures, & Sales || Declaration under this Ordinance shall be chargeable to tax at the following rates: 1- All assets except domestic immovable properties (4%) 2- Domestic immovable properties (1.5%) 3- Foreign liquid assets not repatriated (6%) 4- Unexplained expenditure (4%) 5- Undisclosed Sales (2%) Conditions for declaration including repatriation – Any cash held in Pakistan as declared under the Ordinance is required to be deposited in declarant’s bank account and to be retained upto June 30, 2019. – The Ordinance does not require mandatory repatriation of foreign assets, however, foreign liquid assets not repatriated are required to be deposited in declarant’s foreign bank account on or before June 30, 2019. – Foreign liquid assets repatriated are required to be deposited into declarant’s own bank account in Pakistan or invested into Pakistan Banao Certificate or any foreign currency denominated bonds, issued by the Federal Government. We understand that the term “Foreign Liquid Assets” has to be construed as defined in the Previous Scheme; however, no enabling provision is available in the Ordinance. #Tax_Consultants_In_Lahore #Tax_Experts #Tax_Consultants_In_Pakistan #Tax_Filer #Income_Tax_Return #Tax_Year_2018 #Tax_Consultants_Near_Me #Tax_Amnesty_Scheme
FBR Chairman Shabbar Zaidi has said that one new thing in this budget 2019-20 is very rare that government has abolished non-filer regime while pursuing income tax laws. Shabber Zadhi talking with the media here at Planning Commission said that FBR has purposed that non tax filers should be allowed to buy or sell anything (vehicle or moveable/immoveable property) in the country because whenever they do any transition they will automatically enter into the data base of FBR. The taxpayer should be able to become a part of tax filer category within 06 minutes, he said and added ‘we are making online tax filing procedure simple and speedy’. He further said FBR is closely aligned with the NADRA and can exchange personal data of taxpayers with each other for sake of improvement and documentation of economy. He also said about 0.1 million companies are doing business in the country but they are not paying taxes. In amnesty scheme 2019, which will end on 30th June, the FBR is offering every individual or company that “they can pay 10 percent to 15% of their income and make their business bonafide”. #Tax_Consultants_In_Lahore #Tax_Experts #Tax_Consultants_In_Pakistan #Tax_Consultants_Near_Me
Banks provided the Data to FBR, as Committed Previously, 4 Million Bank Account Holders Data will be further analysed by FBR, More than Rs 500,000 transacted in a Year are suspected. FBR ready to send notices to suspected bank account holders. Business community registered as cottage industry and have Sui Gas and electricity connections and if not complying with tax authorities, will be noticed and they will no more avail the status of cottage industry. #FBR #Banks #Data #Transactions #Suspected #Bank_Account_Holders #Cottage_Industry #Tax_Consultants_Near_Me #Tax_Consultants_In_Lahore
Government has proposed amendment in the tax law to authorise FBR to raid homes of suspects | The amendments are in line with the FATF recommendations and will be made part of the finance act 2019 after approval from parliament || #FBR #Amendment #Suspects #Raid #Homes #Budget #Tax_Consultants_In_Lahore #Tax_Advisors #Tax_Experts #Tax_Filer #Tax_Return #2018 #Amnesty_Scheme_2019 #Tax_Calculator
FBR will collect 3% minimum value addition sales tax from July 1, 2019 on all imported goods into pakistan including raw materials and intermediary goods meant for use in an industrial process, which are subject to to customs duty except duty slabs of 16 or 20%. its further elaborated that such sales tax on value addition is currently a part of the sales tax special procedures and now it has been made part of the sales tax law. It is further clarified here that due to this change there is no revenue impact and no new tax has been imposed. However it is also clarified that rule 58 of the sales tax special procedures rules 2007 does not specify that “The value addition tax shall not be charged on the raw materials and intermediary goods meant for use in an industrial process which are subject to customs duty @ 16% or 20% ad Valorem under the first schedule to the customs act , this means that other customs slabs would now subject to 3% minimum value addition sales tax. #FBR #Value_Addition_Tax #Imported_Goods #Budget #Global_Tax_Consultants
Documents Required for Submission of Annual Income Tax Returns
DOCUMENTS REQUIRED FOR SUBMISSION OF ANNUAL INCOME TAX RETURN When working for tax return is started then first step is to get documents from the client and documents required for submission of annual income tax return depends on the type of taxpayer. Some documents are same for all type of taxpayers and some differ.
FBR Extended Date for Submission of Tax Return 2019
FBR Has currently extended the date for submission of annual income tax return for the tax year 2019. It’s last opportunity that FBR has given to taxpayers for submission of their tax returns within due date. Submit Your Tax Return Before the Last Date for Submission of Tax Return 16th December 2019 and avoid to
Penalties & Surcharge for Late Filers of Income Tax Returns
| Penalties & Surcharge for Late Filers of Income Tax Returns | • After Due date of December 16, 2019, for Submission of Tax Return for Tax Year 2019, FBR is going to start campaign against taxpayers, including doctors, hospitals, real estate, plazas and school owners. • People Who are living in a canal
FBR Extended Date for Submission of Annual Income Tax Return 2019 Up To 16th December 2019
FBR further Extended Date for Submission of Annual Income Tax Return 2019 Up To 16th December 2019, Vide circular no 16/2019 dated 29th November 2019. Last date for submission of annual income tax return has been further extended by FBR which was already extended up to 30th November 2019 previously by FBR. The extension in
Secp Alert Public Against Investing in Ponzi Schemes
| Secp Alert Public Against Investing in Ponzi Schemes | Islamabad: The Securities and Exchange Commission of Pakistan (SECP) on Tuesday warned the general public not to invest in fake investments and capital schemes that provide huge profits and unrealistic benefits to trap innocent people. Are promising The SECP said it was learned from the
Fbr Take Punitive Action Against Smuggled Vehicles
| Fbr Take Punitive Action Against Smuggled Vehicles | ISLAMABAD: The Federal Board of Revenue (FBR) has directed its field offices to identify smuggled vehicles and other items and take punitive action against all those involved in such crimes. At the behest of FBR Chairman Syed Shabbar Zaidi, the Customs Wing has issued instructions to
Prime Minister Constitutes a Committee to Solve Tax Challenges for Construction Industry
| Prime Minister Constitutes a Committee to Solve Tax Challenges | ISLAMABAD: Prime Minister Imran Khan on Monday constituted a committee to prepare proposals to address the federal and provincial tax challenges facing the construction industry. The committee will be chaired by New Pakistan Housing Authority Chairman Lieutenant General (R) Anwar Ali Haider. The Prime
SBP Takes Initiative to Boost the Exports and Manufacturing
| SBP Takes Initiative to Boost the Exports and Manufacturing | KARACHI: State Bank of Pakistan (SBP) has made changes to the regulatory system to facilitate advance import payment to the manufacturing sector. The State Bank on Tuesday invited the banks’ attention under the EPD Circular Letter No. 01, dated January 01, 2019, for which
| Return Filing Hits A New Peak | ISLAMABAD: 100% higher holding tax rate requirement for persons not included in the Acting Taxpayers List (ATL) is expected to result in the filing of new income tax declaration for the tax year 2018 till November 10, 2019 by 2.676 million Increased to the top. According to
ICAP Announced Result Today for Autumn 2019 for CAF level
Institute of chartered accountants of pakistan (ICAP) announced its result today for Autumn 2019 for CAF level. The papers of CAF classes were conducted in the month of September 2019. The result can be downloaded from the below given link. Result