In Recent Budget, section 236I of the Income Tax Ordinance, 2001 changed with an amendment in law. Under this changed law, active tax filers in FBR exempted from tax on educational fees. 5% Advance income tax exempted to add in amount of fees. To Read More (CLICK HERE). RELATED STORIES –How To Become Active Taxpayer & Filer In FBR -Withholding Tax Rates Updated Up to 30th June 2020 (Click to Download) -Documents Required For Submission Of Annual Income Tax Returns -Finance Act 2020 | FBR Budget Salient Features | Tax Year 2021 |
Withholding tax rates on sales made by manufacturers to retailers, wholesalers and distributors revised by FBR. Rates revised through amendment in Finance Act 2020. Revised Sections Under Income Tax Ordinance, 2001 a)- Section 236 G b)- Section 236 H c)- Section 236 HA TO READ MORE (CLICK HERE) RELATED STORIES -Changes in rates of withholding tax on sales to retailers, wholesalers, distributors -Applicable Withholding Tax Rates. Updated up to June 30, 2020 (DOWNLOAD) -How To Become Active Taxpayer & Filer In FBR
FBR announced deadline for retail stores to register with point of sale (POS) System to avoid heavy fines and this system will assist to end periodic assessments by the Federal Board of Revenue. It will also help retailers to prepare monthly sales tax returns without much hassle. When You downloads POS Invoicing System, it will print a bar code on acknowledgement receipt generated by the FBR. This POS system will upload the invoice data on the FBR’s servers at the same time on a regular basis. FBR warns major retailers to connect to point of sale system (POS) of FBR by August 31. All major retailers with chain stores and running businesses in air-conditioned shopping malls across the country…..To READ MORE (CLICK HERE). RELATED STORIES POS Integration Of Tier1 Retailers With FBR
The Pak-China Joint Chamber of Commerce and Industry (PCJCCI) took initiative. That Pakistani exporters of meat should establish close business relations with Chinese enterprises to explore the Chinese meat market. PCJCCI President Zark Khan, While addressing the Pak-China Think Tank meeting. he said, “After the outbreak of Covid-19, the demand for meat increased rapidly in china To READ MORE (CLICK HERE) RELATED STORIES -Pakistani exporters trying to capture Chinese meat market -How To Become Active Taxpayer & Filer In FBR
The Federal Board of Revenue (FBR) on Wednesday implemented FBR’s new tax regime for imported Items, rules for taxing imported goods. FBR introduced it through (Twelfth Schedule of Income Tax Ordinance, 2001) Schedule XII of the Income Tax Ordinance 2001. The FBR’s new tax regime for imported Items issued through SRO 715 (I) / 2020 for the implementation of new rates of taxes on the import of goods. The new 12th Schedule 2020 introduced by the Finance Act. To rationalize the tax on imports by shifting the rates from person specific rates to the goods specific rates. Such as………….To READ MORE (CLICK HERE) RELATED STORIES FBR implemented new tax regime for imported Items FBR explains amendments to federal excise law Registration Of Construction Company As Builder And Developer In FBR
The heads of all the welfare organizations informed that as per the instructions of the Government of Punjab, all such welfare organisations which registered with the Registrar of Joint Stock Companies Punjab should now register under the Punjab Charity Act 2018. For registration process CONTACT US (CLICK HERE FOR REGISTRATION) The deadline to apply online is 5 July 2020 to 15 August 2020. After that, institutions that are unable to register under the Charity Act 2018 will not able to operate and their registration with the Registrar of Joint Stock Companies will also be canceled. #PunjabCharityCommission #OnlineRegistrationOfTrust RELATED STORIES Punjab Charity Commission Registration Of Construction Company As Builder And Developer In FBR
Salient Features of Scheme for Builders and Developers Under Section 100D of Income Tax Ordinance 2001 • Fixed tax regime for builders and developers. • Tax liability computed on the basis of square feet/yard, payable in quarterly installments • New projects as well as existing incomplete project opt for the scheme upto 31.12.2020 • Projects registered with FBR online through IRIS portal • Existing incomplete projects have to self declare the percentage of completion of project on the relevant date • Projects completed by 30.09.2022. • Exemption from requirement of withholding tax on purchase of building material except cement and steel • Exemption from requirement of withholding tax on acquisition of services relating to construction except those from companies • Permission to incorporate ten times of fixed tax paid as income in the books of accounts • 90% reduction in fixed tax liability for low cost housing • Dividend paid by builder or developer companies shall not be liable to tax and there shall be no withholding on the payment of these dividends. حکومت کا اہم اقدامتعمیراتی شعبے کے لیئے تاریخ ساز ٹیکس مراعات۔ تعمیراتی صنعت کے چلنے سے چالیس دیگر صنعتوں کا پہیہ چلتا ہے اور لاکھوں افراد کے لیئے روزگار کے مواقع پیدا ہوتے ہیں۔ #GovernmentsIncentiveforConstructionIndustry#[email protected] @MoIB_Official pic.twitter.com/Adc4POAOOE — Govt of Pakistan (@pid_gov) July 12, 2020 Exemption from section 111 of the Income Tax Ordinance 2001, on investment made in new construction projects. • By individual if: • Money deposited in a new bank account upto ...
Tax is a key factor to economic development of every country. Governments of every country give targets to their Tax authorities every year. Taxes are not the sole sources of income of the countries. They invest in banking sector, run industries, issue shares and bonds, provide services and many other activities in addition to collection of taxes. Rates of taxes in some countries are less and in some it is high. It depends on the countries policies towards there public and also how much there institutions are strong to collect the taxes. Unfortunately, Pakistan is not in both factors. Our Collection is also not up to the mark and also tax rates on the luxury goods and corporate sector is not so high as compare to the rest of the world. Corruption is a main hindrance in Pakistan. In Pakistan, history and current rates of corporate taxes are as under:- According to First Schedule (Part 1) – Division II (RATES OF TAXES): 1)- The rate of tax imposed on the taxable income of a company for the tax year 2007 and onward shall be 35%. 2)- Provided that the rate of tax imposed on the taxable income of a company other than a banking company, shall be 34% for the tax year 2014. 3)- Provided further that the rate of tax imposed on the taxable income of a company, other than a banking company, shall be 33% for the tax year 2015. 4)- Provided further that the rate of tax ...
Finance Act 2020 | FBR Budget Salient Features | Tax Year 2021 | Industrial Relief Measures Exemption of additional custom duties on those tariff lines which are now @ 0% customs duty in tariff. Reduction of custom duty on 40 raw materials of various industries…………..READ MORE (Click Here) MORE STORIES Tax Payments In Installments. Taxpayers Can Pay Taxes In Installments.
PTI Government Big Incentive for Construction Industry In Pakistan The President of the SAARC Chamber of Commerce and Industry said that the massive package for the construction industry is a ray of hope at a time when the industry……………….READ MORE (Click Here) MORE STORIES Government To Present Over Rs 8 Trillion Budget Today Budget Speech
Calculation of Tax on Salary is an important calculation. All the Employers deduct every month tax on salary. Tax on Salary in Pakistan under the Income Tax Ordinance 2001 did not change by the current PTI government. It will remain same as per the previous tax year tax rates (Tax Year 2020). So, tax rates on salary in the tax year 2021 will remain same as per the tax year 2020. Budget has been passed as same provisions have been retained. While calculating the tax on salary you can use best salary tax calculator by clicking the below link. Click Here –> SALARY TAX CALCULATOR MORE Best Salary Tax Calculator Tax Calculator Pakistan
Noshin Javed resigns: Javed Ghani appointed new chairman FBR Nowsheen Javed removed from the post of Chairperson FBR, Javed Ghani appointed as the new Chairperson of FBR on temporary basis until the appointment of regular chairperson. According to sources, the Cabinet approved the appointment of Chairman FBR through a circulation summary. Noshin Javed appointed as Chairperson FBR on April 7, 2020. Three FBR chairmen removed during the PTI regime. Javed Ghani will be the fourth FBR chairman in the PTI era. Mr Javed Ghani is currently a Grade 22 officer of Pakistan Customs. Ghani was also a member of the FBR Board of Customs Policy. He will serve at the new appointment until the appointment of a regular chairperson appointed for the revenue service. Member operations, Dr Ashfaq Ahmed, and Additional Secretary Ministry of Finance Ahmed Mujtaba Memon may be appointed as regular chairperson of the FBR. RELATED NEWS Noshin Javed resigns: Javed Ghani appointed new chairman FBR Nausheen Javed Amjad appointed new FBR Chairman / Chairperson
Government is going to present his annual budget speech for the fiscal year 2020-2021 today. Currently, Government expected that budget will cover major areas related to managing of COVID-19 pandemic situation in Pakistan. Hammad Azhar will speech for budget for fiscal year 2020-21. He is currently Federal Minister for Industries and Production. In Budget government expected that budget will be for over Rs 8 trillion this year. Budget deficit at over 8% of GDP expected to announce. The Federal Bureau of Revenue’s (FBR) tax collections in the upcoming fiscal year expected at Rs 4.95 trillion and non-tax related revenue expected of Rs 1.2 trillion for the coming budget. #Budget2021 – #PTI government sets a Inflation target of 6.5%#Budget2020-21 #Pakistan #KSE100 #economy pic.twitter.com/WNihae3fMG — Capital Stake (@CapitalStake) June 12, 2020 For non filers tax rates expected to increase by the government. Due to Corona virus and lock down situation negative impacts are already on the GDP ratio. PTI Government expected that low income group of the society will be not be more taxed. However, new taxes and increase in tax rates expected on the businesses, non filers and luxury goods. RELATED NEWS How To Become Active Taxpayer & Filer In FBR Today’s outlook: Budget 2020-21 to be presented in National Assembly
Global Tax Consultants wishes you a very happy Eid Mubarak. Eid Ul Fittar is a blessing of Allah in the shape of Eid. After fasting of whole month. It is a day to include all the Under-Privileged in to your happiness. And helping them in whatever means to get will of God (Allah). We pray from Allah almighty to eliminate the pandemic corona virus from the world. And give patience to the shuhadas of KARACHI airplane crash. Also Read !! Eid in Pakistan Global Tax Consultants – About Us
Zafar Masud CEO Bank of Punjab Survived In Karachi Airplane Crash. A PIA plane crashed today in karachi. Airplane was on his way from Lahore to Karachi. Mr Zafar Masud is one of the survivors. Zafar is President & CEO Bank of Punjab. He is Former DG National Savings. Ex-Board Member NBP, SBP and Monetary Policy Committee. He is president and CEO of Bank of Punjab from April, 2020. He is also Member Board of Directors Quaid-e-Azam Thermal Power from Jul 2019 to Present. Member Board of Directors / Chairman HR Committee Port Qasim Authority from Mar 2019 to Present. Member Board of Directors / Chairman Budget Committe GADOON TEXTILE MILLS LIMITED (Part of YBG) from Mar 2019 to Present. Member Board of Directors TAF Foundation from May 2016 to Present. Member Board of Directors/ Chairman HR Committee Oil & Gas Development Company Ltd from May 2014 to Apr 2019. Director General National Savings (an attached Deptt. of Finance Division, Fed. Govt. Pakistan) from Aug 2016 to Aug 2018. Member Board of Directors/ Member Monitory Policy Committee/ Chairman Publication Review Committee State Bank of Pakistan (SBP) from Mar 2013 to Aug 2016. Managing Director & CEO/ Head of Southern Africa Barclays from Dec 2007 to Jul 2010. Senior Vice President & Country Business Manager (Corporate and Investment Banking) Dubai Islamic Bank from Nov 2005 to Dec 2007. SOURCE
Today result of CAF spring 2020 attempt announced by Institute of Chartered Accountants of Pakistan. This exam was held in March 2020. you can download and view the result via below link. CA PAKISTAN RESULT – CAF SPRING 2020 RELATED NEWS CA Pakistan Results ICAP
Dr Raza Baqir and International Monetary Fund (IMF) Reza Baqir Dr currently as a Governor State Bank of Pakistan. Baqir served as the IMF’s Mission Chief for countries like Romania and Bulgaria since January 2016. Dr Baqir appointed in the IMF’s European Department. He was Chief of the IMF’s Debt Policy Division for four years. Baqir responsibilities was to work on the design and implementation of IMF policies. Dr Baqir Raza designed debt and fiscal policies in many underdeveloped countries including Ghana, Cyprus, Jamaica, Ukraine, Portugal, and Greece. Baqir also represented the IMF in the Paris Club for many years. Baqir Raza employed at the IMF for about sixteen years. His positions included Deputy Chief of the IMF’s Emerging Markets Division and IMF Resident Representative to the Philippines. He also worked at the World Bank (In USA), the Massachusetts Institute of Technology ( In Cambridge), and the Union Bank of Switzerland ( In Switzerland). Date of Birth Of Dr Raza Baqir Dr Raza Baqir was born in Karachi Pakistan. Education Baqir Raza, Dr completed his graduation from Harvard University. He also completed PhD in economics from the University of California, Berkeley. Profile of Raza Baqir, Dr Reza Baqir has long experience of 18 years with IMF. He also served about 2 years with the World Bank. Dr Raza Baqir served as Head of the IMF’s Office in Egypt. He was also at the position of Senior Resident Representative. He also served in countries like Romania and Bulgaria. President of Pakistan Dr Arif Alvi ...
Ramadan Mubarak for 2020 to all Muslim brothers and sisters from Global Tax Consultants Lahore. By the grace of Allah almighty, Allah has given us another opportunity in the shape of holy month of Ramadan. To which we should thank to Allah almighty for his such blessing on us. In this holy month we all should pray more and more and take benefit from the blessings of this month. we should also remember to our those Muslim brothers and sisters which need us. We should take care of them. To bring happiness on the face of a man of Allah is a very big act of kindness which Allah guide us to perform. Always pray that Allah should give us strength to remember others. Zakat is type of tax in Islam. It’s a alternative to tax. Minimum Zakat is 2.5% on the unused wealth of a Muslim. It’s normally given in the month of Ramadan. We should give it to all those who need it. In this year corona virus has unemployed millions of people on this earth. So we should remember all of them in our prayers. Ramadan Mubarak again for 2020. click here for Ramadan Sehar and Iftar Timings 2020
Salary tax calculator for tax year 2020. Global Tax Consultants always try at every platform to provide the latest amendments in tax laws. As well as tax news, tax updates and also educate the people about the tax laws of pakistan. we developed a salary tax calculator in our Global Tax Consultants website. It will definitely assist you to calculate the monthly and yearly tax on salary for the tax year 2020 (from July 2019 to June 2020 ). we always update this salary tax calculator every year according to the current salary tax rates. It enables every Pakistani to understand the taxation on their salaries deducted by there employers. They also aware about any difference in deduction of tax by there employers. You can also try to check tax on your salary by clicking the below link. SALARY TAX CALCULATOR TAX YEAR 2020 Currently, Tax in salary increased by the government. Exemption limit this time on salary income is up to Rs 600,000 (Rupees Six Lac) per annum. No tax will apply if annual taxable income from salary does not increase from Rs 600,000. Previously this exemption limit was up to Rs 400,000. Exemption limit increased by the government but tax rates increased massively. What is Negative Taxation Now it is need of the hour in this critical situation of the whole world that government of every country should start applying ‘negative taxation’ in there countries. This term used many times for a taxation system where underprivileged given salary ...
FBR extended last date for submission of sales tax return March 2020 Federal Board of Revenue (FBR) extended today last date for submission of sales tax return for the March 2020. New date will be 30th April, 2020. It is important to mention here that last date for payment of sales tax will be 27th April 2020. Last date for submission of Annexure C was 10th April 2020. Whereas the last date for payment of tax was 15th April 2020. 18th April was last date for submission of sales tax return for the month of March, 2020. Federal Board of Revenue (FBR) has extended the last date of submission of sales tax return for the month of March under circular No.9(11)ST-LPE/Misc/2016 dated 18th April, 2020. This extension has been given by the FBR under the section 74 of the sales tax Act 1990 and section 43 of the Federal Excise Act, 2005. RELATED NEWS FBR implemented centralized system for payment of income and sales tax refunds
FBR launched centralized system for online payment of Sales Tax FED & Income Tax refunds INTRODUCTION OF THE SALES TAX / INCOME TAX / FED ONLINE REFUND SYSTEM OF FBR The Federal Board of Revenue (FBR) has just implemented and launched a fully centralized and automated system. For online transfer of Sales Tax, income tax and FED e-Refunds via FASTER system. It’s purpose is also to facilitate exporters for urgent issuance of sales tax refunds. FBR will adopt a predefined mechanism for transfer of amount of tax refunds. Where, after examination of data and verification by the system. Due refund amount shall be computed on the basis of predefined SOPs. FBR will generate refund payment order (RPO) of the refund amount and will electronically communicate direct to the State Bank of Pakistan for transfer of refund amount. State Bank of Pakistan will then within 72 hours of intimation from FBR will credit into the existing account (in the IRIS profile) of the taxpayer. MECHANISM OF TRANSFER OF REFUNDS BY FBR As a Centralized System for online payment of Sales Tax / FED / Income Tax refunds devised by the FBR. So FBR requested the taxpayers to update their information as available in the IRIS profile. Federal Board of Revenue (FBR) advised to the taxpayers to change the profile as soon as possible to avail the payment of online sales tax / FED / Income Tax refunds via using electronic transfer facility. Bank account details area in the iris profile system of FBR required ...
Dr Raza Baqir Governor State Bank of Pakistan message for taking bank loan. Governor State Bank of Pakistan recently gave a video Message. Dr Raza Baqir Governor State Bank of Pakistan message for taking bank loan. He explained all the terms and conditions of the loan. This loan facility offered by the state bank of pakistan for business community. For meeting the salary expense for next three months. TERMS & CONDITIONS OF THE STATE BANK OF PAKISTAN LOAN FACILITY ANNOUNCED Dr Raza baqir Explained that loan will be available at the mark up rate of @5% for inactive taxpayers. And @4% for active taxpayers in FBR. Loan will be available for full amount of salary expense of up to Rs 200 million. Above than 500 million 50% and between 200 million to 500 million 75% Of the salary expense. Its important to mention here that loan repayment will start after 6 months. It will be a total of 2 years Installments plan. Complete video message having all the information is available above. RELATED NEWS State Bank Introduced loan scheme for businesses to pay salaries State Bank Introduced Loan Scheme For Businesses Community
State Bank Introduced loan scheme for businesses community for payment of salaries and wages from April to June 2020. Such loan announced to facilitate businesses not to fire there employees until the coronavirus pandemic ends. If employers to whom such loans given does not lay off to there employees in these months. Such scheme will apply for payment of salaries to all types of employees either they are permanent, temporary, adhoc basis Or temporary basis. LOAN SCHEME TERMS & CONDITIONS The interest rate of this scheme is 5%. The interest rate for active taxpayers list will be 4%. Businesses with a 3 month wage and salary expense of up to Rs. 200 million will avail full amount of their expense. Those businesses with a 3 month wage and salary expense of greater than Rs. 500 million can avail up to 50% of their salary expense. Businesses in the middle category type will avail up to 75 percent of their 3 months’ salary and wage expense. HOW TO APPLY For Information follow the below given links http://www.sbp.org.pk/smefd/circulars/2020/C6.htm and http://www.sbp.org.pk/smefd/circulars/2020/C7.htm. You can also apply at the given email directly [email protected] or you may call at calling 021-111727273. List of complete procedures are available at the given link also http://www.sbp.org.pk/corona.asp. RELATED NEWS State Bank Introduced loan scheme for businesses to pay salaries Top Tax Return Service Providers In Lahore Pakistan Frequently Asked Questions (FAQs)- Prime Minister’s Youth Business Loans Scheme SBP introduces new refinance scheme to avoid layoff of workers
ICAP Pakistan issued revised schedule of examinations. Previously ICAP has issued many clarifications regarding the situation of corona pandemic and examination status of the ICAP students. As in recent communication ICAP said, “The novel coronavirus, since its first case reported in Wuhan China in December 2019, has made colossal and ever-lasting impact on the global operations and thus the global economy. Government of Pakistan has taken strict measures to contain the spread of the virus by enforcing social distancing. The Institute of Chartered Accountants of Pakistan is working tirelessly to develop mechanism and new online resources in response to the crisis.” The Institute of Chartered Accountants of Pakistan (ICAP) has now issued revised Examination Schedule for 2020-2021. Click here to see the revised examination schedule: REVISED SCHEDULE OF ICAP EXAMINATIONS #ICAPImportantAnnouncement RELATED NEWS ICAP Pakistan announced result of Writing Skills Test Result Spring 2020
Rate of minimum income tax section 113 income tax ordinance 2001 This section shall apply to a resident company [, an individual (having turnover of [ten] million rupees or above in the tax year or in any subsequent tax year) and an association of persons (having turnover of [ten] million rupees or above in the tax year or in any subsequent tax year)] where, for any reason whatsoever allowed under this Ordinance. It is sometimes also called turnover tax. RATES OF MINIMUM TAX UNDER SECTION 113 Rate of minimum income tax section 113 income tax ordinance 2001 are as under, 1)- @ 0.75% (a) Oil marketing companies, Oil refineries, Sui Southern Gas Company Limited and Sui Northern Gas Pipelines Limited (for the cases where annual turnover exceeds rupees one billion.) (b) Pakistani Airlines; and (c) Poultry industry including poultry breeding, broiler production, egg production and poultry feed production. (d) Dealers or distributors of fertilizer (e) person running an online marketplace 2)- @ 0.25% (a)Distributors of pharmaceutical products, fast moving consumer goods & cigarettes; (b)Petroleum agents & distributors who are registered under Sales Tax Act, 1990; (c)Rice mills and dealers; and (d)Flour mills. 3)- @.3% Motorcycle dealers registered under the Sales Tax Act, 1990. 4)- @1.5% In all other cases Source RELATED ARTICLE Tax payments in installments
Nausheen Javed Amjad appointed new FBR Chairman / Chairperson The Federal government on Monday appointed Nausheen Javed Amjad as new Federal Board of Revenue (FBR) chairman / chairperson The federal cabinet has approved the appointment of Nausheen Javed Amjad as an FBR chairman chairperson through the circulation summary. Her appointment came out after Shabbar Zaidi (ex-honorary chairman FBR) had gone on leave for an indefinite period due to health issues. BIOGRAPHY OF NEWLY APPOINTED CHAIRMAN FBR NAUSHEEN JAVED AMJAD Nausheen Javed Amjad, a BS-22 officer of Inland Revenue Service (IRS) had taken charge as acting chairman FBR during the leave period of Shabbar Zaidi in February 2020. Previously Nousheen Javed Amjad was working as Member Administration in Federal Board of Revenue (FBR). Also read: FBR Chairman Shabbar Zaidi says has not resigned, but may be unable to continue Back in February, Chairman FBR Shabbar Zaidi had denied speculations about his resignation from the top taxation office. Talking to ARY News, the FBR chief said that he was admitted at the hospital due to ill health. “I am not resigning from my post as chairman FBR. I have just not been performing my duties due to poor health,” Zaidi said. Apart from these, as FBR’s chairman, he had introduced the Asset Declaration Scheme, the most successful asset declaration program in the history of Pakistan. (04) Source RELATED NEWS Shabbar Zaidi chairman FBR resign Rumors according to media reports
ICAP Pakistan announced result of Writing Skills Test Result Spring 2020 Writing Skills Test | Result Spring 2020 ICAP has announced the result of Writing Skills Test for Spring 2020. Congratulations to all the candidates who have passed the test. Follow this link for complete result RESULTS #ICAP #Result #WritingSkillsTest MORE LINKS CA Pakistan Results
Here is a bad news for users of online taxi services. Provincial sales tax @4% approved on online taxi services by the government of Punjab. Government of Sindh also previously approved same tax. Committee on legislative business of Punjab cabinet allowed to impose 4% sales tax on services provided by many online taxi services working in private sectors, like Airlift, Uber, Careem, Daewoo Cab, Albayrak, Metro cab, Faisal Movers, Bookme, My cab Pakistan, iCab Pakistan and many more. Which Taxi App Works Better In Pakistan? Application of sales tax on taxi services in Pakistan will lead to increase of taxi fares. It is a bad news for online taxi services users. Because these online companies will shift the burden of sales tax on the app users of such online taxi services. Raja Basharat, Provincial minister of law headed the committee. It was 22nd time that committee was meeting regarding the above issue with the law minister. Harmonisation of Sales Tax Rates in all Provinces Different sales tax rates which are in consideration in different provinces of Pakistan should be unified and identical instead of charging it differently. There is a proposal from KPK government to impose 2% sales tax on online cab services, and if we compare it with other provinces then there becomes huge difference which needs to consider by other provinces also and try to reduce the rate of tax to avoid the burden on common person. The reduced tax rates on online taxi services will also attract ...
Tax payments in installments Commissioner of inland revenue has powers to allow payment of tax liability in installments instead of paying it at once. The tax is payable, including u/s 113 on the due date for furnishing the return of income for that year. When commissioner issues order of assessment or order of amended assessment. Commissioner issues notice of demand along with complete assessment. It orders to pay tax within a period of 30 days from the date of service of notice of demand. Provided that the due date for payment of tax payable under sub- section (7) of section 147 shall be the date specified in sub-section (5) or sub-section (5A) or first proviso to sub-section (5B) of section 147. Upon application from the taxpayer for tax payments in installments in written, commissioner may allow to pay the tax in installments under sub-section (2). The period of payment of tax in installments may vary according to the circumstances of the relevant case. If taxpayer is allowed to pay due taxes in installments then if any default is found in payment of taxes then it must be kept in your mind that total tax due at that time will become due immediately. Such balance amount then will have to pay in lump sum instead of installments. Taxpayer must also kept in mind that in case of grant of approval to pay due taxes in installemnts the commissioner inland revenue will not prevent himself from charging of default surcharge. Section 205 ...
Last date for submission of tax return 2019 extended till 28th February 2020. September 30, 2019, last date of filing of return, statements of final taxation for noncorporate taxpayers for TY 2019. FBR extended due date of September 30, 2019 and after many extensions, FBR further extended it upto January 31, 2020. Tax authority (FBR) further extended last date for submission of tax return 2019 till February 28th 2020. December 31, 2019 last date for submission of tax returns of corporate taxpayers for the tax year 2019. FBR previously made two extensions up to 31st January 2020 and now 28th February 2020. According to an income tax circular number 1 of 2020 issued by the FBR. In exercise of the powers conferred under Section 214A of the Income Tax Ordinance, 2001. The FBR extended the date of filing of Income Tax Returns/Statements for the Tax Year 2019. Up to now 2.73 million taxpayers submitted their tax returns for the tax year 2018. For the tax year 2019, currently 2.2 million taxpayers submitted their tax return. FBR targeted 3.3 million tax returns submission for tax year 2019. RELATED NEWS 1)- Top Taxpayers in Pakistan 2)- How to Become Active Taxpayer Filer FBR
The Federal Board of Revenue has recently provided a detailed list of the top taxpayers in pakistan. This data has been taken for the financial year 2017-18 for the top 50 taxpayers of pakistan. Out of such top 50 taxpayers 66% are from Karachi, a business hub of pakistan. Top 3 taxpayers are also from the city of Karachi. Out of such top 50 taxpayers, six taxpayers are from Lahore, three from Gujranwala and 2 from Islamabad. Out of the FBR’s list of top taxpayers, Saima Shahbaz Malik is the top taxpayer. She is one of the two women on the top taxpayers list. The other top taxpayers women is Mehwish Tapal of Tapal Tea. Prime Minister Shahid Khaqan Abbasi, Hassan Mansha, Syed Babar Ali of the Packages Group, Mian Umar Mansha and Mian Raza Mansha from Nishat Group, business magnate Arif Habib and Aftab Tapal of Tapal Tea, are popular names in the top taxpayers list. The list also provided top 50 corporate sector companies and KARACHI once again is on top with 21 companies. Islamabad and LAHORE with 16 and 9 companies respectively. The Oil and Gas Development Company OGDCL topped the list. United Bank Limited is second in the list. PM Imran khan invited the top taxpayers and were awarded them recently for their contribution in the development of pakistan. Related News Pakistan’s top tax payers Top Tax Return Service Providers In Lahore #TopTaxpayersInPakistan #HighestTaxpayersInPakistan #TopTaxConsultantsInLahorePakistanNearMe
Global tax consultants is a top tax return service providers in Lahore Pakistan. It’s a very reputable organization. Where along with tax services & consultancy many other related services are also provided. Additional Services include corporate, audit, accounting, trade mark registration, practical tax courses, Firm matters, accounting software, and digital marketing services. Top tax return service providers in Lahore Pakistan include many firms which are providing such services. We here are also providing tax return services very professionally.
The low tax rate for traders has been introduced which has brought a good news for traders, up to Rs 100 Million Turnover the government has reduces the minimum tax rate from 1.5% to 0.5%. The Federal Board of Revenue (FBR) introduced special features to highlight the changes to the Income Tax Ordinance 2001 of the Tax Laws (through Second Amendment) Ordinance 2001. The FBR has reduced the standard rate of tax under section 113 of the Income Tax Ordinance 2001 to less than 1.5 per cent, and 0.5 per cent of the taxpayer tax is involved in the affairs of businessmen of trading and whose annual turnover is up to 100 million during tax year 2020. FBR through Tax Amendment Ordinance reduces minimum tax under section 113 of the Income Tax Ordinance, 2001 from 1.5 percent to 0.5 percent for traders having turnover up to PKR 100 million. #Goodnews #taxnews #fbr #KLAPakistan #Tax#accounting pic.twitter.com/vKISXVVhuB — KLA Pakistan (@KLAPakistan) January 7, 2020 Traders having turnover up to 100 million and have already submitted their tax returns for the tax year 2018, can get benefit from the option that they may pay same tax or higher tax for the tax years 2019 and 2020 In addition, in the definition of a trader, both the retailer, and a distributor involved in the business of buying and selling goods have also been included. But distributors have excluded it from the scope of this amendment. Subsequently, for traders, being an individuals, and having turnover ...
Federal Tax Ombudsman (FTO) has taken suo moto notice in 11,000 cases related to tax amnesty scheme for tax year 2018, a tax bar said on Thursday. The Karachi Tax Bar Association (KTBA) in a notification circulated to its members stated that the office of the FTO had taken a Suo Moto Notice on the inordinate pendency in submission of 11,000 cases of Amnesties for the Tax Year 2018. The Motion Number is reported as No. 11/2020. The Suo Moto Notice has been taken on the representation made by the Pakistan Tax Bar Association (PTBA). A one paged complaint form has been shared to the members in this regard. The following is the complaint form:
FBR further Extended last date for submission / filling of tax returns for the tax year 2019 up to 31st Jan 2020 ! #FBRFurtherExtendedLastDateForSubmissionOfTaxReturn2020 #TaxReturn2019LastDate #TopTaxConsultantsLahorePakistan #TopTaxReturnServices #CharteredAccountantsServices
Registered Manufacturers Disallowed Sales Tax InPut Tax Adjustment On Sale to Unregistered Buyers About Second Amendment in section 73 of sales tax act 1990. (Registered Manufactures inadmissibility of sales tax input on sale to unregistered buyers above the limits given in amendment). The threshold available in the amended ordinance, provides limitations up to which supplies can be made to unregistered persons. This threshold is applicable on a “single buyer”, and “excess” of 10 million a month and 100 million a year will be inadmissible input tax. Such inadmissibility will be calculated in proportion to unregistered supplies above thresholds. This is just like and in addition to the inadmissibility of input tax on exempt supplies. Inadmissibility on the Basis of payment against supplies after 6 months. Question mark on the amendment : 1- instead of providing threshold for inadmissibility, there should be reduction in % percentage applicable for unregistered input sales tax adjustment on all types of unregistered supplies. 2- just like “below taxable limits” purchases, income tax above 75,000 is deducted and normally people avoid such taxation by providing different identities of suppliers. Same Here in this amendment This practice will create tax evasion and door for corruption will open. 3- burden of unregistered buyers in sales tax can not be forced on suppliers, no motivation for getting them registration because they will avoid such registration by giving identities of different unregistered persons 4- threshold should be fixed as a whole on all buyers instead of on individual basis. 6- ...
Implementation of “Tax Law Second” Amendment Ordinance to Prevent Currency Smuggling The government’s action, “Tax Law Second” amendment ordinance was implemented to curb the smuggling of currency and valuables. According to the details, the Federal Government has implemented the Tax Law Second Amendment Ordinance 2019 from December 26 to achieve the goals of the Financial Action Task Force (FATF). According to the ordinance, fine will be imposed on carrying more than 15 towlas of gold and more than $ 10,000 for preventing the smuggling of currency and valuables. In addition, $ 75,000 will be fined for carrying more than $ 20,000 abroad, and $ 150,000 will be fined for carrying more than $ 50,000. FBR spokesman says whether the ordinance will apply to Ian Ali or not? The court will decide. The draft of the ordinance has been sent to Parliament. He said that non-registered retailers will not receive more than one crore goods a year. Electricity bill of Rs 12 lakh has been declared mandatory for sales tax registration instead of 6 lakh annually. #TaxLawSecond #GovernmentBigActionAgainstSmuggling #DollarsSmuggling #NewOrdinanceToPreventSmuggling Top Tax Consultants LAHORE Pakistan | Tax Return Services LAHORE Pakistan |
Happy Birthday Quaid e Azam Muhammad Ali Jinnah. Founder of Islamic Republic Of Pakistan. He was a great hero and leader of pakistan. We must remember his sayings. Our young generation should follow what he said to us. Unfortunately he died so early after independence of Pakistan. But he left so many memories on his back which are real path for us. #HappyBirthDayQaid #HappyBirthDayJinnah #QaidDay #MuhammadAliJinnah #25thDecember
ICAP CAF Examination Result Statistics The institute of chartered accountants of pakistan announced its result of autumn 2019 CAF examinations in November 2019. CAF examinations under the body of The Institute of chartered accountants of pakistan are held twice a year which are called spring and autumn examinations. Current results of CAF are available on the website of the institute of chartered accountants of pakistan and are also available here. The results are available according to paper wise, how much students appeared in the exams and how much passed. The available information is given here, Related News The Institute of Chartered Accountants of pakistan
| FBR Extended Last Date for Filling of Income Tax Returns 2019 | FBR extended last date for filling of income tax returns 2019 up to 31st December 2019. It was previously extended up to 16th December by FBR. It’s fourth time that FBR has further extended the date. The reason for FBR’s extension of last date for filling of income tax returns up to 31st December 2019 is target of no of taxpayers submitted / filled their tax returns. Currently FBR has planned to achieve target of 3.5 million active taxpayers. Which still not achieved and expected to achieve, and that is the reason That FBR extended last date for filling Income Tax Returns 2019 up to 31st December 2019. It’s also a matter of fact that from the revenue point of view there is huge shortcoming in FBR’s revenue targets. Such is increasing say by day. FBR not Only focus on increase in no of taxpayers but also increase in revenue targets. RELATED NEWS Extension In Last Date by FBR For Filling Tax Return 2019 Documents Required for Submission of Annual Income Tax Returns
Today is last date and FBR has now two options regarding the extension in last date by FBR for filling of income tax returns for tax year 2019. 1.Either to grant further extension in last date by FBR for filling of income tax returns. OR 2.Collect late filing surcharge. The last date for annual filing income tax for tax year 2019, is December 16, 2019. The date for filing income tax returns by salaried persons, business individuals, AOPs & companies having special financial year was September 30, 2019. However, FBR granted, first extension on September 30, 2019, second on October 31, 2019 and third extension was granted on November 29, 2019. Normally FBR extends the last date up to mid of December every year. However, for the tax year 2018, the date was extended up to August 09, 2019 due to various reasons including the amnesty scheme launched during the time period. The sources said that FBR was eying to receive around 3.5 million income tax returns for tax year 2019 as it had received around 2.71 million returns for tax year 2018. According to a letter of PTBA, total return filing by November 26, 2019 for tax year 2019 was 1.6 million. So it is unlikely the FBR get around one million returns by December 16, 2019. If FBR eyes 3.5 million returns for tax year 2019 then the required number will be 1.8 million returns to be filed during the last extension or 16 days from December 01, ...
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. It is a very wrong perception among some taxpayers, and consultants that there is no need of bank statements. It’s categorically explained here that complete bank statements of all bank accounts of a taxpayer are required for preparation of tax working. It is required for preparation of bank analysis. You may say that complete accounting concepts are used for preparation of working of all taxpayers irrespective of type of taxpayers. Its a vey working practice among some consultants that they do not use accounting concepts in preparation of tax working. They should consider both the tax and accounting concepts in preparation of tax working. LAST DATE FOR SUBMISSION OF TAX RETURNS Currently last date for submission of annual income tax return is 16th December 2019. Which can be availed to avoid the heavy penalties and surcharge of non submission or late submission of annual income tax returns. Here some list of documents is given Which is required for preparation of tax working for submission of tax returns. List of Documents 1 CNIC Copy (for registration) 2- Login & Password of FBR (If Already Registered) 3- Residential Address 4- E-Mail Address 5- Mobile No (Never used ...
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 face the penalty and surcharge for non submission or late submission of tax returns. Filling your Tax Return within Due Date is also necessary because last year 16th December 2018 was last date to submit tax returns. By taking into consideration the precedent it is expected that no more date may be extended. If stats of the 2019 tax returns are analysed then it is expected that further date will be extended. Because still all the taxpayers have not submitted the tax returns nor their is much increase in new taxpayers as compare to previous year, which is tax year 2018. If you are experiencing any tax issue then feel free to Contact Us to submit tax returns within due date, www.globaltaxconsultants.pk | www.Taxasaan.com | [email protected] | Call: 03334875413 | WhatsApp: 03174632360 | Office: UM 33, Zainab Tower, Model Town, Link Road, Lahore Related News FBR Extended the Deadline for Submission of Tax Return for Tax Year 2019 Penalties & Surcharge for Late Filers of Income Tax Returns #Global_Tax_Consultants_Lahore_Pakistan_Near_Me #Tax_Return #Tax_Experts #Tax_Advisors #Who_Needs_Tax_Return_Submission #FBR #Due_Date
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 house, owns a 1000cc cars, pays a commercial bill of Rs 0.5 million must have to submit their tax Returns for the Tax Year 2019, and in case of salaried individuals if they are receiving a salary of more than 0.4 million annually. • After the deadline is over, Individuals, partnership Businesses and companies will have to pay Penalties and Surcharge to be included in the Active taxpayers list. Responsibility & Penalty for Non submitting tax Returns The deadline for filing income tax declarations is coming up on Monday (December 16, 2019), after the deadline ends the Federal Board of Revenue (FBR) will start Imposing Penalties & Surcharge for Late Filers of Income Tax Returns and further imposing a fine or Penalty of Rs 40,000 on peoples if they failed to submit their tax returns for the Tax Year 2019. Strict action is going to be started against taxpayers after due date of tax return especially doctors, hospitals, real estate, plazas and school owners. People who owns a canal house, which has 1000cc or more capacity cars, pay a commercial bill of Rs 0.5 million or more and receive annual salary of more than 0.4 million, they will ...
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 date was expected because currently FBR has not achieved its revenue targets and no of expected taxpayers. If date will not be extended further as at 16th December 2019 then penalty will be imposed on late filers @Rs 1,000 for individuals , Rs 10,000 for partnership businesses and Rs 20,000 for companies. Circular issued by FBR can be downloaded here, http://download1.fbr.gov.pk/Docs/201911292111352623IMG_20191129_210921.pdf According to the current stats and data available from the FBR it is unfortunate that FBR still has not achieved its revenue targets and is far away from the revenue levels of compared with the previous years. FBR is currently focusing the increase in no of taxpayers instead of what revenue they are generating. Which should also be considered and measures must be taken not only to increase the no of taxpayers but also revenue levels.
| 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 regulator that companies, such as Messrs. BH Online Jobs (SMC Private) Limited, Corporate Automobile (Private) Limited and Best Day Innovative Solutions (Private) Limited are engaged in unauthorized and suspicious business activities. The SECP has received numerous complaints that these companies are offering investment plans such as leasing / financing cars, motorcycles, houses and engaging in illegal banking business without legal authority. These activities are prohibited and contrary to the objections of their Memorandum Association. These companies entice people by offering high rate of return with low risk to investors. They market their schemes through local newspapers, social media, websites and pamphlets and more. The SECP has already initiated legal proceedings to consolidate these companies. In addition, the SECP has also received numerous complaints and queries regarding B4U, an organization. The company is collecting unauthorized reserves from the general public in the name of various investment projects. It has been clarified that “B4U Trade” is not registered with the SECP. The general public is careful about their own interests and is advised not to mislead them through such schemes. This warning is being issued to protect the interests of all stakeholders, who are currently dealing with ...
| 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 all of its field formations to transport smuggled goods through certification from the Forensic Science Laboratory. All forms used should be verified, excise and taxation registration database and customs clearance documents Field formations are further advised to initiate separate legal proceedings if such transport is smuggled or found with a tamper number. These directives will help greatly in eliminating the smuggling network that is being used to transport smuggled goods. According to the recommendations of the Prime Minister’s Steering Committee on Anti-Trafficking, Pakistan Customs is the most important anti-trafficking organization in the country, which has resulted in accelerated enforcement operations with other law enforcement agencies. More Read: SBP Takes Initiative To Boost The Exports Microsoft Updates Terms On Data Privacy During EU Probe Source
| 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 Minister was presiding over a high level meeting on restoration and development of the construction sector. The meeting elaborated on the challenges facing the sector. According to official news media, the Prime Minister highlighted the importance of the construction sector in promoting economic activities and said that the present government has given a lot of importance to this sector, which will help in understanding the scheme of five million housing units. ۔ Chief Minister Punjab Usman Bazdar, Chief Minister Khyber Pakhtunkhwa Mehmood Khan, Finance Minister Makhdoom Hisham Jawan Bakht, Housing Minister Mian Mahmood Al Rashid, Finance Minister Balochistan Zahir Ahmed Balidi, FBR Chairman Syed Shabbir Zaidi, board attended the meeting. Investment Chairman Syed Zubair Haider Gilani, Deputy Chairman Planning Commission Jehanzeb Khan, Lt. Gen. (R) Anwar Ali Haider, Chairman, New Pakistan Housing Authority and senior federal and provincial government officials. The Prime Minister said that promotion of the construction sector is the top priority of the government, since around 40 industries have been associated with it, besides the development of these industries, the construction sector will also create employment opportunities for the youth. ۔ The meeting discussed in detail various proposals for the provision of ...
| 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 importers up to $ 10,000 per invoice for import of raw materials and spare parts. Import payments are allowed only on their own use. To facilitate the manufacturing sector, the guidelines have been modified. “Authorized dealers are allowed to apply advance payment of up to $ 10,000 per invoice, or equivalent, on manufacturing concerns for importing raw materials and spare parts for their own use only. ” Authorized dealers are advised to ensure compliance with the above and other applicable regulatory guidelines, including paragraph 6 Chapter 2 of the FE Manual, which, among others, requires authorized dealers. , So that they satisfy themselves that the transaction will not be included and not designed for this purpose. Violation or theft of any of the provisions of the Foreign Exchange Regulations Act, 1947, or any rules, directions or orders contained thereunder. Read More FBR Guidelines About Sales Tax Returns LATEST ICAP RESULT FOR CAF LEVEL 2019 Source | Tax Consultant Company in Lahore | Tax Consultant Comapany in Pakistan | Foreign Remittances | Global Tax Consultants
| 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 the weekly ATL of the tax year 2018 issued by the Federal Board of Revenue (FBR) on Monday, the number of return filers increased to 2.676 million by November 10, 2019 as compared to the accumulation on November 03, 2019. Up to 2.667 million. Return filing has increased by 45.43% so far in the tax year 2018 compared to the 1.84 million return received by FBR for the tax year 2017. The offer of taxpayers in the ATL guarantees a lower rate of withholding tax on different transactions. The Tenth Schedule Income Tax Ordinance, 2001 was introduced by the Finance Act, 2019, under which people who were not included in the ATL even filed returns, to pay 100% more withholding tax amount. Be responsible for The FBR issues the ATL on the basis of the returns filed by the taxpayers on March 01 of each year for the corresponding tax year. Based on the returns filed for the tax year 2018, the FBR issued the latest ATL on March 01, 2019. Since the filing date for the tax year 2018 has been extended till August 09, 2019, the names of these return filers have been ...
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
| FBR Guidelines About Sales Tax Returns | ISLAMABAD: The Federal Board of Revenue (FBR) has issued directives to facilitate taxpayers in issuing sales tax refunds within 72 hours. The FBR issued the Consumer Guidelines for listing the stock position details of Annexure-H, file cell tax registered persons. This commitment is mandatory for the refund claimants and they can submit a statement within the specified tax period within 120 days from the date of filing the return. Other registered persons are encouraged to provide these details, the FBR said. The FBR advised sales tax enrollees to upload transaction transactions for the month, namely purchase, import and consumption. “Opening and closing balances are automatically calculated / calculated. The same goes with uploading Excel otherwise an object on the duplicate value will be created.” The opening and closing balance of sales tax returns should be linked to annexure-H, the FBR said. It is also advised that sales tax registrants be used / exported by the Annexure-H column during the month (use the domestic zero rate / export tax for a refund amount). The FBR advised sales tax enrollees to use domestic sales in relation to the output tax declared in lieu of a used / sold column (domestic tax payable) during this month. “Mark Invoice Input Tax Invoice – Related to SRO 490. Do not attach / claim to GD of imports and / and exports that have already been claimed or not relevant.” FBR said that credit brought forward from the ...
| IRS Body expressed reservations Plan to Make New Revenue Authority | KARACHI: The Inland Revenue Service Officers Association (IRSOA) Sindh chapter on Thursday expressed reservations over the reforms process that led to the Federal Board of Revenue (FBR) being transferred to the Pakistan Revenue Authority (PRA). More than 120 officers from all IRS cadres attended the meeting, discussing the situation arising out of the FBR controversial and unmanageable reform plan that would turn it into a PRA. The Officers Association meeting unanimously agreed that the IRS is supporting meaningful and transparent reforms aimed at creating a viable, automated and effective tax organization. However, officers expressed their concerns over the highly cautious and secretly approved baseless reform plans that were apparently developed by non-service elements. The statement said, “This is neither a detailed plan nor is it legal in the strict sense of constitutional and legal constraints in the country’s federal system. The IRS has the highest level of service and employment-related training for effective tax collection, given the country’s economic and economic realities, the statement said. Officials said the reforms aimed to create a controversial authority that could employ non-government employees, representing business communities and professional organizations, to avoid taxes and encourage tax evasion rather than taxation. Can encourage. This will frustrate the pace of tax collection which is very important for the defense and development of the country. The statement said that it would frustrate the documents and revenue collection by the IRS against anonymous transactions / properties, ...
| Tax Approved on Imports of Used Vehicles | ISLAMABAD: The government has approved changes in the payment of duty and tax system for the approval of used vehicles, which are allowed to be imported under three different schemes. The Cabinet Economic Coordinating Committee (ECC) on Wednesday proposed the import of used vehicles under the Commerce Division’s proposal for personal goods, accommodation transfers and gift schemes that require payment of duty and tax. Foreign exchange Pakistani nationals presented evidence of foreign remittance conversion in local currency by themselves or local recipients, and in managing foreign remittances required for payment of duties and taxes through local sources. Any kind of reduction is allowed when in such a situation. A decrease in the value of the rupee or the government raises the import duty and / or tax upon receipt of remittances and before filing good rallies, thereby reducing the amount of payable benefits and taxes received. Is. The ECC’s decision will help to clear the total 1017 vehicles currently trapped at the Karachi port as either no foreign shipments were received or PKR value was announced before entering or declaring the goods. The amount received was insufficient due to a reduction or increase in the rate. Apply duty in the Finance Act 2019. On another proposal of the Commerce Division, the ECC approved the ex post to the SRO issued by the Commerce Division on August 21, 2019, under which the implementation of the Standards on Imports of Solar PV Devices ...
ISLAMABAD: According to FBR Official taxpayers interaction restricted to Bar Code based communication. The Federal Board of Revenue (FBR) has banned Inland Revenue and Pakistan Customs officials from November 01, 2019 for direct contact with taxpayers. However, the FBR empowered officials to contact taxpayers in legal notices or to communicate with the QR code / bar code or any other code / method prescribed by law. On October 28, 2019, the FBR issued an official memorandum prohibiting the personal interaction of the taxpayers / businessmen. The FBR said that in view of the current perception of the FBR and to eliminate fraudulent communications from certain constituencies and to increase the confidence level of taxpayers. It has been decided that the FBR headquarters or its field No officer / officer of any form shall contact any taxpayer or businessman in any form, except for physical visits, telephonic / mobile calls, sms or e-mails etc. except when authorized to do so legally. Yes, in each case, there is to be a legal notice or official communication with the QR code. As per the bar code or any other code / method which may be prescribed under the law. “This policy will be effective from November 01, 2019, and any officer / officer involved in such activity shall be strictly bound by the Government Employees (E&D) Rules 1973, under the Government Employees (Practices) Rules, 1964. Action will be taken. ” These guidelines will apply to all FBR Inland Revenue (Income Tax, Sales Tax ...
Pakistan Revenue Authority Replaces FBR by Dec 31, 2019, sources told to media. The sources said that the FBR is going to reduce the workforce drastically. A combined vigilance and integrity wing will work. To bring the book to the money makers in both Customs and Inland Revenue Service (IRS). Sources said that Pakistan Revenue Authority replaces FBR will work to eliminate the corruption. It will also speed up the revenue collection. Further, according to media reports the top most feature of re-structured FBR (Proposed PRA) will to shift. And will transfer from the FBR to the Ministry of Finance. The sources further added that the primary feature of the restructuring is to reduce the ranks of top offices. The BS-21 officers currently governing two to three Collect-orates. The function of Directorates will to reduce to collectors and directors, the sources said, adding that the BS 20 officers will reduce to present post of additional collectors (ADCs). The sources said that the corrupt officers will not be able to get on to BS-20. Sources also confirmed that Pakistan Revenue Authority (PRA) under World Bank program will replace Federal Bureau of Revenue (FBR) into a single revenue collection body and for collection of all taxes. RESTRUCTURING Current structure of FBR is highly bureaucratic. Which does not commensurate with technology driven tax administration in vogue around the world. Sources also confirmed that the proposal recently circulated among concerned ministries and departments for vetting, while the Prime Minister Imran Khan has advised concerned ...
We are as a top tax consultant company brings a upto article for our viewer who do not know “Who Should File Income Tax Returns In Pakistan“. According To Law Procedure (Section 114). “Return of income. — (1) Subject to this Ordinance, the following persons are required to furnish a return of income for a tax year, namely:– 1[(a) every company;] 2[(ab) every person (other than a company) whose taxable income for the year exceeds the maximum amount that is not chargeable to tax under this Ordinance for the year; 5[ ] ] 3[or]] 4[(ac) any non-profit organization as defined in clause (36) of section 2; 6[(ad) any welfare institution approved under clause (58) of Part I of the Second Schedule;] 7[(b) any person not covered by clause 8 [(a), (ab), (ac) or (ad)] who,— i) has been charged to tax in respect of any of the two preceding tax years; (ii) (iii) claims a loss carried forward under this Ordinance for a tax year; owns immovable property with a land area of 1[five hundred] 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 2[;] ] 3[(iv) owns immoveable property with a land area of five hundred square yards or more located in a rating area;] 4[(v) owns a flat having covered area of two thousand square feet or more located ...
Look through this article to know how PM Imran khan updates WB president on economic reforms? ISLAMABAD: Prime Minister Imran Khan on Thursday appreciated the World Bank’s financial and technical support for Pakistan and reaffirmed the government’s commitment to strengthening the economy, transparency and good governance. Talking to World Bank President David Malpass, the Prime Minister said ease of doing business, increasing tax base, mobilizing domestic resources, foreign investment and financial reforms are among the top priorities of the government. He apprised the WB President of various measures initiated by the government to ensure the welfare of the youth, elimination of poverty and facilitation of housing sectors. Speaking on the occasion, Melpass said that the World Bank recognizes the government’s efforts towards economic change. Reduce costs, implement simplicity, and initiate reforms in key areas of the economy. He praised Pakistan for its outstanding development in the economic indicators despite global and domestic financial challenges. The WB President was accompanied by South Asia VP Hartwig Schafer, Equitable Growth, Finance and Institutions (EFI) VP Ceyla Pazarbasioglu-Dutz and World Bank Country Director for Pakistan Patchamuthu Illangovan. World Bank President David Melpass arrived in Pakistan earlier today and visited the Tarbela Dam. He was accompanied by Water Resources Minister Faisal Vawda. The president of the WB inspected the powerhouse of Tarbela Dam, Tarbela Hydel Power Station and Tarbela 4 Extension Hydropower Project. He praised the government for improving the water resources sector, including eliminating hiccups in the completion of the Dasu Hydropower Project and ...
According to a circular issued on Thursday, the Federal Board – FBR Extended the Date for Submission of Tax Return to 30 Nov 2019. Revenue has extended the date of filing of income tax declarations for the tax year 2019 or by November 30. The deadline for filing returns for the tax year 2019 ends on Thursday after a month extension. The circular states, “For tax year 2019, the history of the final tax total income / statements for the associations of individuals, individuals and companies has been further extended till November 30, 2019.” The deadline has been expanded amid the government’s efforts to bring more people into the tax net and document the economy. Why Submit Your Tax Statement Submitting tax statements may seem like a long, difficult and unnecessary process but it has to be taken advantage of. By submitting a tax statement you are entitled to: Lower tax on bank transactions Reduce taxes when buying property or cars Tax refund | FBR Extended Date Submission Return | More Articles: FBR Issued 134,848 Tax Notices to Unregistered Persons Stock Market Ended 36 Points Due To Tight Band Trading
31 October 2019: last date of income tax return filing. Read this article to know what difficulties will have to face to those who have not submit the income tax return. The FBR will launch raids and those who fail to file returns will be fined Rs40,000. The Pakistan Tax Bar Association has requested the FBR to extend the deadline for filing income tax declarations by December 31. The deadline given by the Federal Board of Revenue (FBR) for filing the income tax declaration will end today, October 31, after which the board will start raiding and impose a fine of Rs40,000 on these persons. Who failed to submit returns? Earlier, the FBR had extended the date of submission of income tax declarations / statements for individuals and the Association of Persons for the tax year 2019 till October 31, 2019. However, the Pakistan Tax Bar Association (The PTBA) has now appealed to the FBR to extend the date of filing of the Income Tax Declaration by December 31 as the filing of approximately 1.6 million returns cannot be made by October 31. In a letter sent to FBR chairman Syed Shabbar Zaidi, the PTBA said only 918,027 annual returns were filed by October 25, which is closer to 65 percent than the tax filed in 2018. ۔ It states that the return form of the 2019 draft was uploaded by SRO 951 on August 23, and the last return was uploaded to the IRIS on September 2 via SRO ...
Active tax filer exempted from tax on educational fees
In Recent Budget, section 236I of the Income Tax Ordinance, 2001 changed with an amendment in law. Under this changed law, active tax filers in FBR exempted from tax on educational fees. 5% Advance income tax exempted to add in amount of fees. To Read More (CLICK HERE). RELATED STORIES –How To Become Active
Withholding tax on sales to retailers, wholesalers, distributors revised by FBR
Withholding tax rates on sales made by manufacturers to retailers, wholesalers and distributors revised by FBR. Rates revised through amendment in Finance Act 2020. Revised Sections Under Income Tax Ordinance, 2001 a)- Section 236 G b)- Section 236 H c)- Section 236 HA TO READ MORE (CLICK HERE) RELATED STORIES -Changes in rates of
Draft annual income tax return forms issued by FBR for Tax year 2020
Draft annual income tax return forms issued by FBR for Tax year 2020 on Wednesday. For filing annual income tax returns tax year 2020. SRO No. 745(I)/2020 issued by FBR. Inviting comments from the stakeholders within seven days. From the date of issuance of the draft income tax return forms. The draft annual income tax
FBR announced deadline for retail stores to register with point of sale (POS) System to avoid heavy fines
FBR announced deadline for retail stores to register with point of sale (POS) System to avoid heavy fines and this system will assist to end periodic assessments by the Federal Board of Revenue. It will also help retailers to prepare monthly sales tax returns without much hassle. When You downloads POS Invoicing System, it will
Pakistani exporters interested in Chinese meat market
The Pak-China Joint Chamber of Commerce and Industry (PCJCCI) took initiative. That Pakistani exporters of meat should establish close business relations with Chinese enterprises to explore the Chinese meat market. PCJCCI President Zark Khan, While addressing the Pak-China Think Tank meeting. he said, “After the outbreak of Covid-19, the demand for meat increased rapidly in
The Federal Board of Revenue (FBR) on Wednesday implemented FBR’s new tax regime for imported Items, rules for taxing imported goods. FBR introduced it through (Twelfth Schedule of Income Tax Ordinance, 2001) Schedule XII of the Income Tax Ordinance 2001. The FBR’s new tax regime for imported Items issued through SRO 715 (I) / 2020
Punjab charity Act 2018 implemented for registration of charity organisations in Punjab Pakistan
The heads of all the welfare organizations informed that as per the instructions of the Government of Punjab, all such welfare organisations which registered with the Registrar of Joint Stock Companies Punjab should now register under the Punjab Charity Act 2018. For registration process CONTACT US (CLICK HERE FOR REGISTRATION) The deadline to apply online
Registration of construction company as builder and developer in FBR step by step guide
Salient Features of Scheme for Builders and Developers Under Section 100D of Income Tax Ordinance 2001 • Fixed tax regime for builders and developers. • Tax liability computed on the basis of square feet/yard, payable in quarterly installments • New projects as well as existing incomplete project opt for the scheme upto 31.12.2020 • Projects
Highest Corporate Income Tax Rates in the World, 2019
Tax is a key factor to economic development of every country. Governments of every country give targets to their Tax authorities every year. Taxes are not the sole sources of income of the countries. They invest in banking sector, run industries, issue shares and bonds, provide services and many other activities in addition to collection
Finance Act 2020 | FBR Budget Salient Features | Tax Year 2021 | Industrial Relief Measures Exemption of additional custom duties on those tariff lines which are now @ 0% customs duty in tariff. Reduction of custom duty on 40 raw materials of various industries…………..READ MORE (Click Here) MORE STORIES Tax Payments In