Shabbar Zaidi chairman FBR resign rumors
Feb 11, 2020
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Top Taxpayers in Pakistan
Feb 08, 2020
Top Tax Return Service Providers in Lahore Pakistan
Feb 04, 2020
08Feb
Top Taxpayers in Pakistan
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
04Feb
Top Tax Return Service Providers in Lahore Pakistan
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.
11Jan
Good News for Traders
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 ...
09Jan
Federal Tax Ombudsman (FTO) Toke suo Moto notice on pending amnesty scheme cases
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:
09Jan
Last Date for Submission of Tax Returns 2019
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
04Jan
Registered Manufacturers Disallowed Sales Tax InPut Tax Adjustment On Sale to Unregistered Buyers
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- ...
01Jan
Implementation of “Tax Law Second” Amendment Ordinance to Prevent Currency Smuggling
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 |
25Dec
Happy Birth Day Qaid
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
23Dec
ICAP CAF Examination Result Statistics
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
16Dec
FBR Extended Last Date for Filling of Income Tax Returns 2019
| 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
16Dec
Extension in Last Date By FBR In Filling of Income Tax Return
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, ...
10Dec
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. 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 ...
07Dec
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 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
02Dec
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 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 ...
29Nov
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 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.
20Nov
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 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 ...
19Nov
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 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
14Nov
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 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 ...
13Nov
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 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
12Nov
RETURN FILING HITS A NEW PEAK
| 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 ...
12Nov
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
11Nov
FBR Guidelines About Sales Tax Returns
| 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 ...
08Nov
IRS Body expressed reservations Plan to Make New Revenue Authority
| 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, ...
07Nov
Tax Approved on imports of used vehicles and changes in payment of duty
| 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 ...
05Nov
Taxpayers Interaction Restricted to Bar Code Based Communication
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 ...
03Nov
Pakistan Revenue Authority Replaces FBR
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 ...
02Nov
Who Should File Income Tax Returns In Pakistan
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 ...
01Nov
PM Imran Updates WB President on Economic Reforms
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 ...
31Oct
FBR Extended Date for Submission of Tax Return
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
31Oct
31 OCTOBER 2019: LAST DATE OF INCOME TAX RETURN FILING
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 ...
31Oct
The Stock Market Ended 36 Points Due to Tight Band Trading
KARACHI: The stock market ended 36 points lower on Wednesday in tight band trading. The Pakistan Stock Exchange (PSX) benchmark SE 100 index closed at 33,761 points, while it was down 33 points to close at 33,798 points. Analysts at Arif Habib Limited said the KSE 100 Index opened on a positive note, but repeated the overall trend yesterday. The index traded between +154 points and -127 points in a narrow band, which ended yesterday’s session -36 points. It was announced to host quarterly results today, but failed to give a positive impression on the stock price at large. Finally, HASCOL announced the issuance of 400% rights, which caused some hesitation, closing the session near the stock price LDCP. Cement and steel sectors again showed sales pressure, though some key stocks like Mughal, ASTL, DGK, MLCF saw the session as positive. The technology sector once again saw the highest trading volume with 17.2 million shares, followed by engineering (16.8 million) and cement (15.9 million). In the script, WTL received $ 13.3 million, followed by Unity (7.5 million) and MLCF (7.1 million). Sectors that contribute to performance include O&GMC (+35 points), Tobacco (+31 points), Fertilizers (-39 points), Miscellaneous (-31 points), Bank (-30 points), Power (-21). Points). The volume dropped again from 225.1 million shares to 129.8 million shares (-42% DOD). The average trade value also fell 8% to US $ 32.1m, which is US $ 34.8million. Stocks that contributed significantly to volume include WTL, Unity, MLCF, HASCL and ASTL, which increased ...
31Oct
Finally Traders Call Off Countrywide Strike After Reaching Agreement With Govt
Traders Call Off Countrywide Strike after signing an 11-point agreement with the government on Wednesday. The strike, which began on Tuesday, was against taxation and against the submission of a CNIC copy for buying and selling goods up to Rs 50,000. The Prime Minister’s Adviser to the Treasurer, Dr. Abdul Hafeez Shaikh, accompanied by Federal Board of Revenue (FBR) Chairman Shabbar Zaidi and PTI Leader Jahangir Tareen, announced the deal at a press conference in Islamabad. ۔ As per the agreement, the condition of purchase of Rs.50,000 for Computerized National Identity Card (CNIC) will remain intact but any action against the violation has been suspended till 31st January 2020. The two sides agreed that traders with a turnover of Rs100 million a year would have to pay 0.5per cent of turnover instead of 1.5per cent business and the same traders would not become withdrawal agents. Electricity bill limit has been increased from Rs.60000 to Rs.1.2 million for registration in sales tax register. Under the deal, the government also agreed to revise the turnover tax rate for low-profit areas. In this regard, the review will be made after consultation with the Traders Committee. The two sides also agreed to resolve the jewelry issues on a priority basis and to consult their associations. Withholding tax will also be reviewed upon renewal of brokers license. The adviser also announced that under the agreement, the government would set up a special cell in FBR, Islamabad to solve the problems of the traders immediately. The ...
30Oct
AFTER TALKS FAILURE, TRADERS PROTEST MARKETS STILL SHUT DOWN ACROSS PAKISTAN
Trader Protest – Most businesses in Lahore, Karachi, Peshawar and Quetta are closed against the “unfair” tax levied by the government. LCCI appeals strike if district administration fails to convince traders Karachi traders observe partial strike after traders’ bodies found differences Islamabad traders regret the government’s apathy, saying ‘4.1 million registered businessmen have been ignored’ LAHORE / KARACHI / Islamabad: Traders from across the country staged a shutter down strike in protest of “anti-business measures” by the federal government this fiscal. Traders demand that unfair tax be withdrawn, especially value added tax on traders According to media reports, the strike was partially successful in Karachi, while its success rate in Peshawar was 98 percent, while Lahore and Quetta were behind at 90 and 95 percent respectively. It is worth mentioning here that the traders and traders based in Karachi made a nationwide call for a shutter down strike about three weeks ago, but after the government’s negotiations, it was suspended. However, the prime minister’s visit failed to convince the businessmen of Karachi when he refused to withdraw CNIC’s terms for sale and purchase activities. Punjab: Most areas of Lahore remained closed during the day. Shutdown strike was witnessed in areas including Hall Road, Mall Road, Liberty Market, Bedian Road, Ferozepur Road, Safra Bazar and Jail Road. However, some shops were open and were served to customers on those roads. The Lahore administration and businessmen tried to negotiate, however, the city administration failed to convince the protesting businessmen. The strike in ...
27Oct
Stats of Submitted Tax Returns 2019
Stats of Submitted Tax Returns 2019 Recently Chairman FBR (Federal Board of Revenue). Mr Syed Shabbar Zaidi tweeted to explain that the no of Taxpayers submitted tax returns 2019 are increasing massively. Mr Shabbar Zaidi meanwhile shared a table showing stats of submitted tax returns of 2019. The stats where taken from PRAL organization responsible for the online matters of FBR. Statistics shows the results up to 25th October 2019. The more taxpayers expected to increase in coming days as last date for submission of tax returns is due as at 31st October 2019. Shabbar Zaidi Tweet Mr Shabbar Zaidi highlighted and explained the stats along with comparisons with previous tax year. Along with no of taxpayers submitted tax returns in tax year 2019. The statistics clearly shows that how people are taking interest, in submission of tax returns for tax year 2019. The comparison shows that last year about 585,209 Peoples submitted tax returns. Up to now no of taxpayers submitted tax return for tax year 2019 is 918,027. Difference with 2018 submitted tax returns up to now is 332.818. The status of returns filed is as under as reported by PRAL. pic.twitter.com/DYAfzJfI3Z — Syed Shabbar Zaidi (@ShabarZaidi) October 25, 2019 It is clear now that no of tax returns are increasing day by day. But most important thing is that either tax revenue is increasing or not. Documentation of economy is always need of the hour. Which now government and FBR is already targeting. But ...
24Oct
Government Extend FBR Tax Return Last Date to 31st Oct 2019
FBR Tax Return Last Date FBR is one of the most effective government department which deals in Tax related matters all over Pakistan. Recently, the government extends FBR tax return last date to 31 Oct 2019. You have an opportunity to pay your tax on time. Otherwise, in case of any late submission of tax you have to pay fine of it. Submit Your Tax Return Before Last Date, 31st Oct 2019 | If you are experiencing any tax issue then feel free to Contact Us | www.globaltaxconsultants.pk | www.Taxasaan.com [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 #Who_Needs_Tax_Return_Submission #FBR #Tax_Return_Due_Date Related A
21Oct
FBR Going to Implement new Refund Policy to consumption based refund policy rather than an input based In Textile Sector |
Textile industry of the country has raised the red flag on new change unfolding that the refund system has been moved to a monthly sales tax return on input based system. This system is just unacceptable, as it will erase out the liquidity for the industry amounting to Rs300 billion as the same amount to remain stuck with the government all the time. And if the new system is allowed to continue, the industry will be destroyed because of the non-availability of the liquidity. This has been communicated by APTMA in its letter written on Monday (October 17, 2019) to Mr Razzak Dawood, Adviser to Prime Minister on Commerce, Textile, Industry & Production and Investment. APTMA wants his intervention for elimination of the new change in tax refund mechanism as consumption based refund policy is detrimental for the industry. Adviser to APTMA, Shahid Sattar told The News that the new change in the refund system will ensure the liquidity amounting to Rs300 billion will continue to be with the government all the time as under new system, refunds claims will be submitted only when the export of the textile products is taken place. This is to deprive the industry of liquidity of Rs300 billion all the time as the industry will have nothing to spend on industrial activities. This will ruin the industry. APTMA letter written to adviser to prime minister also available with The News says that the refund system has been moved to a consumption based refund policy ...
18Oct
FBR Launched Urdu Version of Website |
FBR Launched Urdu Version of Website | Federal Board of Revenue (FBR) Chairman Syed Muhammad Shabbar Zaidi on Thursday inaugurated the Urdu version of FBR’s website. FBR’s Facilitation and Taxpayer Education (FATE) Wing Member Mustafa Sajjad Hassan and FATE Chief Tehmina Aamer briefed the chairman about the features of the Urdu website. The senior officers of the revenue board, including Nausheen Javed Amjad, Seema Shakil, Jawwad Awais Agha and Zubair Bilal, were also present on the inauguration. According to an FBR statement, the Urdu version of the website has been launched to facilitate the taxpayers on issues pertaining to income tax, sales tax, customs and FBR Maloomaat. The Urdu version contains special features that would act as useful reservoirs of information regarding taxation and customs. With the launch of the Urdu website, people would not only be able to file their complaints in Urdu but would also be able to seek responses to their queries in their national language. The website would enable the people to read the tax and customs laws and rules, SROs and circulars in Urdu. “چیئرمین ایف بی آر سید محمد شبر زیدی نے فیڈرل بورڈ آف ریوینیو کی اردو ویب سائٹ کا افتتاح کر دیا۔ اردو ویب سائٹ کا اجراء ٹیکس گزاروں کو ہر طرح کی سہولت فراہم کرے گا۔ ممبر فیٹ مصطفی سجاد حسن اور چیف فیٹ تہمینہ عامر نے چئیر مین ایف بی آرکو اردو ویب سائٹ کی خصوصیات سے آگاہ کیا۔ اس موقع پر ادارے کے سینئر افسران ممبر ایڈمن نوشین جاوید ...
17Oct
How to become Active Taxpayer, Tax Filer, | Tax Return Submission in FBR | Pakistan | NTN Register |
Law was changed to become active taxpayer through finance act 2019 whereby the submission of tax return after due date will be allowed and status will be activated in FBR but after the payment of surcharge as described by law , which is Rs 20,000 for private limited companies , Rs 10,000 for association of persons and Rs 1,000 for individuals , return for the tax year 2018 will be submitted as per usual procedure , then PSID (Tax Challan) will be prepared for the payment of surcharge and after payment of it the status will be automatically changed to active taxpayer. If the bank account holder is minor child then his parents , guardians or the person who is depositing the amount the amount in minor child’s account should me Active Taxpayer, and then impact of it on the minor’s account will also be as active taxpayer. If there is a joint bank account then at least one signatory should be filer. In case the new regulation is after 30th June 2018 then that person or business will be automatically added in active taxpayer list. Taxasaan.com https://web.facebook.com/Globaltaxconsultants #FBR #Active_Taxpayer_List #Global_Tax_Consultants_Lahore_Pakistan_Near_Me #Active_Filer #Federal_Board_Of_Revenue #Tax_Experts #Tax_Reviews #Near_Me #Tax_Return #Tax_Year_2018 #Tax_News #Practical_Tax_Courses #Minor_Child_Bank_Account #Joint_Bank_Account #New_Tax_Registration #Corruption_Free_Pakistan #Shabbar_Zaidi #How_To_Become_Active_Taxpayer
17Oct
Mobile Device Registration & Tax with PTA and PTA’s Blocking System’s (DIRBS) | PTA & FBR Mobile Tax & Registration With PTA|
About DIRBS objective is to ensure a healthy growth of mobile device ecosystem in Pakistan. DIRBS will ensure use of legal devices on the mobile networks. The import, use, and growth of legal devices will improve the quality of mobile service to consumers, preserve network resources of the mobile operators, provide better security and ensure the protection of intellectual property rights. PTA will make sure that only type approved and legal devices are operational over mobile networks in the country. Frequently Asked Questions (FAQs) – DIRBS Q1. Can I bring one mobile phone into Pakistan without payment of duty/taxes? Ans: No. Recently Baggage Rules have been amended vide Finance Act, 2019 whereby facility for bringing duty/taxes free mobile set has been withdrawn w.e.f. 01.07.2019. Hence duty and taxes will be paid on that mobile phone. Q2. If I bring more than one Mobile Phone, do I need to pay duty/taxes? Ans: No exemption of duty and taxes is available on any mobile even if the passenger is bringing only one mobile. Q3. Do I have to pay duty/taxes on a mobile phone which I have been using in Pakistan after returning from abroad? Ans: If local SIM is used in the mobile then it will require registering the IMEI of the mobile with PTA after payment of duty and taxes. If the same is not registered with the PTA within sixty (60) days of the insertion of local SIM in the mobile then the mobile set will be blocked and ...
17Oct
Trainees Required Not Employees |
We Required for our Firm Trainees not Employees. Candidates must have passion for leaning Tax, Corporate, Audit, IT etc. Minimum B.Com Stipend 10,000 Minimum 6 Month Agreement with 2 References Timing 9 to 5:30 Client Duty possibility also. Computer skills must. Good English. Good Communication Skills. Upload your CVs Here ! https://www.globaltaxconsultants.pk/upload-documents/
16Oct
India again fails to get Pakistan blacklisted by FATF |
The Pakistani delegation currently visiting Paris met with the representatives of different member countries and organizations of 39-member Financial Action Task Force (FATF) to secure support for foiling the Indian bid to get Pakistan in the blacklist. The Pakistani authorities are confident that everything is under control, as China, Malaysia and Turkey have assured them of all out support in case India or any other country presents a resolution getting Pakistan into the blacklist. So far, even the GCC countries and Saudi Arabia have supported Pakistan. Top official sources told this reporter that the FATF’s ongoing meeting would continue till October 18 [at Paris] during which a final decision would be made. Ahead of the FATF’s review meeting, the findings of Joint Working Group (JWG) were shared with the Pakistani authorities, showing Islamabad to be largely compliant on 10 points, partially compliant on another 10 points, and noncompliant on seven, mainly related to proscribed organisations on account of investigation, prosecutions and conviction from court of law. More: Pak steps against terror, graft praised at FATF meeting The five-member Pakistani delegation led by Minister for Economic Affairs Hammad Azhar participated in the review meeting along with top military officials including DG Financial Monitoring Unit, and a Foreign Office representative. All stakeholders were unanimous and on the same page as they worked hard to comply with all 27 points within the envisaged deadline and made good progress. Authorities are confident that the FATF will not give a new action plan. It could ...
16Oct
A Step by Step Guide for Registering a Construction Company in Pakistan |
Starting a new business is always a daunting task. Apart from worrying about the capital, the day-to-day operations and setting up an office, you also need to register it with various regulatory bodies as well as tax authorities. If you’re planning to register a construction company in Pakistan, you will be required to go a step further than most other businesses in order to obtain proper licensing. Therefore, in order to make the process easier for you, here’s a complete step-by-step guide on the construction company registration procedure in Pakistan. How to Register a Construction Company in Pakistan The construction company registration process in Pakistan is divided into three parts: Registration with the Securities and Exchange Commission of Pakistan Registration with the Federal Board of Revenue Registration with the Pakistan Engineering Council Each of these procedures involves a number of steps with different requirements. In order to start a construction business, you first need to register your company with the Securities and Exchange Commission of Pakistan. Then, you have to register your company with the Federal Board of Revenue and apply for the National Tax Number (NTN). Once you have fulfilled all of these requirements, you will need to register the company with Pakistan Engineering Council to finally start working as a contractor. You can also register your construction company in Pakistan with the Association of Builders and Developers of Pakistan, more commonly known as ABAD. However, it is not mandatory. Registration with the Securities and Exchange Commission of Pakistan ...
16Oct
Latest Draw Result of Rs.15,000 Prize Bond Held on 1st October 2019 |
DRAW OF Rs.15,000/- PRIZE BOND HELD AT MUZAFFARABAD Draw No.: 80th Series : COMMON DRAW Date : 01/10/2019 ——————————————————————————————– First Prize of Rs. 30,000,000/- 392299 ——————————————————————————————– Second Prize of Rs.10,000,000/- Each 742432 687378 479714 ——————————————————————————————– Third Prizes of Rs.185,000/- Each (1696 Prizes) 001689 036826 060676 090847 119989 153590 189105 217968 241826 265481 299654 001694 037141 060716 094093 120411 154081 189192 218407 241862 266463 299874 002200 037615 061502 095254 121402 156272 189445 218797 242645 268316 300518 002819 038685 061683 097361 121730 156477 189512 219580 242735 268349 301046 003395 038973 061848 098433 121887 157484 189674 220022 243363 269217 301715 003589 039537 062617 099504 122948 158149 190960 220573 244661 270370 303787 003622 039966 064458 099806 123159 158204 191845 220854 245696 270534 304577 003978 040107 065147 099987 123327 158749 193167 221027 247023 270537 304711 004210 040902 066445 100513 123782 159250 193303 221826 247205 271660 305793 005571 040928 066754 100804 124139 160517 193604 221896 248158 271680 306550 005834 041231 067080 101853 124259 160765 193710 222176 249642 272968 307158 006339 042125 068578 101987 125239 161252 193749 222413 249678 273152 307435 006658 042346 068633 102244 126537 161375 194256 222475 249874 273468 308483 007809 042589 069133 102722 126700 161775 194274 222496 250692 273865 308646 008058 042902 069173 102819 126788 162342 194642 222627 250999 274271 308756 008489 042943 069630 103006 128987 162781 195287 222649 251355 275896 309736 008919 043175 070303 103847 129677 162951 195784 222872 251856 276289 311713 008962 044726 070362 103997 129761 163267 196260 223718 251964 276375 312755 009692 045297 070472 104375 130478 163845 196681 223780 252266 276805 ...
15Oct
Everything You Need to Know About Tax on Property in Pakistan |
when buying a property, the seller and the buyer both agree to show less value for the purchased property on the sales deed, just so they can pay less taxes. Withholding tax is to be paid by the buyer and Capital Gains Tax is to be paid by the seller. Now you may ask what these taxes are and how many kinds of property taxes there are in Pakistan. We will discuss all of these in great detail. DIFFERENT TYPES OF PROPERTY TAXES IN PAKISTAN Following are the different types of property taxes in Pakistan: Capital Gains Tax (CGT) Capital Value Tax (CVT) Stamp Duty Withholding Tax or Advance Tax Paying property taxes is like going to the dentist. It is important although you aren’t really happy about it. However, if you are trying to find a way of not paying property taxes, you might get into deep trouble with Federal Board of Revenue. FBR receives information – every bit of detail about your income, the investments you have made and real estate transactions. In short, all kinds of details pertaining to money matters. FBR will take some time in matching up your income with the filed tax returns and if there is a disparity, they will send you a notice or they will charge you a penalty fee or they might freeze your assets. With new policies and developments taking place, there is good news for overseas Pakistanis wanting to tap into Pakistan’s real estate market. The government has ...
14Oct
FBR Issued 300 Tax Notices to Jewellers |
FBR (Federal Board Of Revenue) Issued tax notices to more than 300 Jewellers of city LAHORE. In first phase these notices has been issued to the jewellers of area of Gulberg, Defence Housing Authority (DHA) and cant area. These notices were issued from the FBR for the registration in sales tax.Taxpayers have been given time under the law to get them registered under the sales tax, and for this purpose procedure and relevant law has already been given under the sales tax act 1990. Previously, powers were given to the FBR and FIA TO investigate the matter. The FTO asked the Federal Board of Revenue (FBR) and Federal Investigation Agency (FIA) to initiate inquiry against all the officers, departments and importer/exporters involved in misuse of import-cum-exports’ facility in respect of gold, jewellery and other precious metals resulting in massive loss of revenue to national exchequer. The sale proceeds shall be realized within 120 days from the date of export and the commercial banks shall ensure that sale proceeds are repatriated in full within 120 days; otherwise, commercial banks shall inform State Bank of Pakistan (SBP) as well as to TDAP. The FTO observed that during special audit, the Directorate General of Internal Audit detected serious regularities of Model Customs Collectorate (MCC) Peshawar, MCC (Export) Port Qasim, Karachi, MCC Islamabad and MCC Preventive Lahore. The Federal Board of Revenue (FBR) is all geared up to launch a drive against those jewellers that are in possession of undeclared gold.
14Oct
Tax Chargeable on Income from Property |
The rent received or receivable by a person during a tax year is chargeable to tax under head of income from property. The FBR issued Income Tax Ordinance, 2001 updated June 30, 2019 and explained the taxability on income from property under Section 15. Section 15: Income from property Sub-Section (1): The rent received or receivable by a person for a tax year, other than rent exempt from tax under this Ordinance, shall be chargeable to tax in that year under the head “Income from Property”. Sub-Section (2): Subject to sub-section (3), “rent” means any amount received or receivable by the owner of land or a building as consideration for the use or occupation of, or the right to use or occupy, the land or building, and includes any forfeited deposit paid under a contract for the sale of land or a building. Sub-Section (3): This section shall not apply to any rent received or receivable by any person in respect of the lease of a building together with plant and machinery and such rent shall be chargeable to tax under the head “Income from Other Sources”. Sub-Section (3A): Where any amount is included in rent received or receivable by any person for the provision of amenities, utilities or any other service connected with the renting of the building, such amount shall be chargeable to tax under the head “Income from Other Sources”. Sub-Section (4): Subject to sub-section (5), where the rent received or receivable by a person is less ...
13Oct
Third Schedule to the Sales Tax Act 1990 in which items are charged sales tax at Retail Price
Following is Third Schedule to Sales Tax in which consumer items are mentioned for collection of sales tax on the basis of printed retail price: • Fruit juices and vegetable juices. • Ice Cream. • Aerated waters or beverages. • Syrups and squashes. • Cigarettes. • Toilet soap • Detergents • Shampoo • Toothpaste • Shaving cream • Perfumery and cosmetics. • Tea • Powder drinks • Milky drinks • Toilet paper and tissue paper • Spices sold in retail packing bearing brand names and trade marks • Shoe polish and shoe cream • Fertilizers • Cement sold in retail packing • Mineral/bottled water • Household electrical goods, including air conditioners, refrigerators, deep freezers, televisions, recorders and players, electric bulbs, tube-lights, electric fans, electric irons, washing machines and telephone sets. • Household gas appliances, including cooking range, ovens, geysers and gas heaters. • Foam or spring mattresses and other foam products for household use. • Paints, distempers, enamels, pigments, colours, varnishes, gums, resins, dyes, glazes, thinners, blacks, cellulose lacquers and polishes sold in retail packing • Lubricating oils, brake fluids, transmission fluid, and other vehicular fluids sold in retail packing. • Storage batteries excluding those sold to • Automotive manufacturers or assemblers • Tyres and tubes excluding those sold to automotive manufacturers or assemblers • Motorcycles • Auto rickshaws • Biscuits in retail packing with brand name • Tiles • Auto-parts, in retail packing, excluding those sold to automotive manufacturers or assemblers.
12Oct
online invoice system with shopping store chains across the country from November 01, 2019 : FBR
FBR has decided to implement online invoice system with shopping store chains across the country from November 01, 2019. The point of sale invoicing system is an online real-time system for documentation of sales tax connects the computerized sales system for large retail stores i.e. Tier-1 retailers to FBR’s system through internet. According to FBR the Tier-1 retailers are: (a) a retailer operating as a unit of a national or international chain of stores; (b) a retailer operating in an air-conditioned shopping mall, plaza or centre, excluding kiosks; (c) a retailer whose cumulative electricity bill during the immediately preceding twelve consecutive months exceeds Rupees six hundred thousand; (d) a wholesaler-cum-retailer, engaged in bulk import and supply of consumer goods on wholesale basis to the retailers as well as on retail basis to the general body of the consumers”; and (e) a retailer, whose shop measures one thousand square feet in area or more.”; The FBR said that retailers do not need to purchase any new machines to get linked with this system. “They can get linked by simply downloading an application in their existing machines,” The revenue body further said that a barcode or QR code automatically gets printed on the invoice generated through a sale by the retailer. Customers can verify the sales tax payment through the Tax Asaan Application. The FBR further said that the system helps retailers in automatic preparation of sales tax returns and thereby reducing their expenditure. The revenue body said that adopting the POS ...
12Oct
FBR to launch aggressive tax registration drive |FBR Issued Tax Notices for Voluntary Sales Tax Registration
سوئی گیس کے کمرشل میٹر رکھنے والے تمام دوستوں کو مطلع کیا جاتا ہے کہ ان کاروبار جتنی مرضی چھوٹی سطح پر ہو ان کے لئے سیلز ٹیکس رجسٹریشن لازمی ہے۔ اس سلسلہ میں ملک بھر میں سوئی گیس کے کمرشل صارفین کو سیلز ٹیکس رجسٹریشن نوٹس جاری ہونا شروع ہو گئے ہیں FBR to launch an aggressive tax drive from October 15 for registration of all industrial and commercial consumers. On Friday, by taking a social networking website Chairperson of FBR said,” All industrial and commercial consumers are necessarily required to be registered for tax purposes. FBR had been using persuasive modus operandi for the same. To achieve the desired results an aggressive drive will be undertaken from October 15, 2019.” Pakistan is aiming to achieve a massive task of collecting a tax of Rs5, 503 billion for the current year. So far, the collection of 963billion has been made by FBR the first three months. Although the desired target was 1,071 billion. Tax Notices has been started to issue to all those persons having commercial connections of Sui Gas to get them registered with sales tax. The notices have been issued under the tax provisions given in the sales tax act 1990 and the sales tax rules 2006. The persons who will fail to comply the notices, will not be given any further opportunity and will be registered compulsory under the section 14 of the sales tax act 1990. Further, any non compliance with the tax notices will ...
11Oct
Dubai Land Department is going to share details of Pakistani property owners: Shabbar Zaidi
Federal Board of Revenue Chairman Syed Shabbar Zaidi announced on Friday via Twitter that the country’s top tax authority has held “a very productive meeting” over October 9 and 10 with UAE officials on the exchange of information regarding property owners. “Dubai Land Department will instantly provide details of Pakistani owners of Dubai properties,” Zaidi wrote on Twitter. “Iqama abuse is also being handled.” Addressing a discussion forum on October 5, Zaidi had said that in the last 20 years, around $6 billion had been siphoned off on an annual basis from the country. Noting that this figure had been reported in the Supreme Court of Pakistan as well, he had described the flight of capital from the country was a serious matter. Zaidi is currently burdened with the difficult task of ensuring Pakistan meets a highly ambitious tax target for the ongoing fiscal year, and has vowed to go after tax cheats and evaders using all means at his disposal. Earlier his month, National Accountability Bureau (NAB) Chairman retired justice Javed Iqbal had expressed frustration over what he called ‘cold response’ from other countries with regard to providing legal assistance required to proceed against the suspects having off-shore holdings. “White-collar crime begins from Lahore and reaches Islamabad from where it goes to Dubai and other states and one fine morning we come to know that properties and farm houses have been made (by suspects) in Europe, the USA and Australia. When we approach these countries [they do not bother] ...
11Oct
FBR Changed the System of Revision of Sales Tax Return |
FBR Changed the System of Revision of Sales Tax Return | According to official letter written by PRAL (Pakistan Revenue Automation Limited) written to the chief commissioner Rawalpindi, dated September 23, 2019 whereby it has been clarified that system of revision of sales tax returns has been changed and now automatically revision request will be allowed in the system by the concerned officer of the income tax. It was explained in the letter that now manual request will not be required to be submitted in the tax office by taxpayer but it will be requested through online application in the already available system of FBR. The concerned officer will online review the matter of revision and will decide to allow or reject the case of revision of Monthly sales tax return. Once the concerned officer will satisfy he will allow the application and same will be available in the system of FBR to revise it by using the revision TAB. #Sales_Tax_Returns_Revision #FBR #PRAL
10Oct
Tax evading manufacturers, commercial importers supporting traders’ protest |
Tax evading manufacturers, commercial importers supporting traders’ protest A large segment of tax evaders in manufacturing sector and commercial importers are behind the traders’ protest in order to force tax authorities to withdraw condition of computerized national identity card (CNIC). The condition of CNIC has been introduced in order to identify persons in supply chain and plug leakages of revenue from manufacturing stage to end-consumers. In recent surveys of the Federal Board of Revenue (FBR) it has been identified that markets are flooded with goods from domestic and import sources and without payment of duty and taxes. Sources in FBR said that some manufacturers and importers were supplying unreported goods to such retailers, which sold to end-consumers without payment of duty and taxes. The traders do not want to become part of documented economy on the behest of manufacturers or commercial importers in order to shelter the tax evasion. In the past several measures were taken by the government to bring retailers into the tax net but all the times such efforts ended in a failure. The latest wave of protests by the trade community is another bid to force the FBR to bow down their demand. But this time, the FBR chairman, who is from private sector, is committed to bring traders into the tax net. The traders on Wednesday announced to observe a countrywide shutter-down strike on October 28 and 29, following the failure of talks with FBR officials. A protest demonstration was held by the traders against ...
10Oct
Shabbar Zaidi Warned Traders Over Fake and flying Invoices |
Shabbar zaidi chairman FBR Warned the traders of Lahore for having information regarding the fake and flying invoices prevailing in the markets. Mr shabbar Zaidi mentioned this in his recent tweet where he clearly mentioned that FBR has taken information of all such segments of the business community who are actively involved in this illegal act and warned them that such information and record against them will be produced soon and such persons or businesses who took park in these illegal issuing of invoices and taking illegals benefits will be prosecuted over the activities and will be taken harsh action against them. This message of the Mr chairman Shabbar zaidi is a very clear message to the traders who took part In the March in Islamabad in front of FBR headquarters against the new taxes of FBR over traders. Traders should now realise their responsibilities and should become part of the economy by agreeing with the FBR on a terms which is in benefit of pakistan as well as for them. #Shabbar_Zaidi #Lahore_Traders #Fake_Invoices
10Oct
Taxasaan.com | Coming Soon |
Our New Customized Website related to tax, named Taxasaan.com is coming soon !!! #Taxasaan.com
09Oct
Persons Required to Submit Tax Returns Under Income Tax Ordinance 2001 |
Following persons are required to submit their tax returns under the income tax ordinance 2001, — All registered taxpayers having National Tax Number (NTN). — Anyone charged to tax in the last two years. — Persons (salaried, businessmen and others) with annual income of Rs400,000 or more. — All companies (whose tax period ends between July 1 to December 31). — Owners of Land (500 square yards or more) or flat within municipal limits, cantonment or Islamabad Capital Territory. — Owners of Land (500 square yard or more) or flat (with covered area of 2000 square feet or more) in urban area. — Commercial or industrial electricity connection holders with annual bill over Rs0.5 million. — Owners of vehicles (1,000CC and above) — Welfare institutions or Non-Profit Organizations (NPOs) defined in Section 2(36) of Income Tax Ordinance, 2001. — Members of Chambers of Commerce and Industry or any trade or business association of any market committee or any professional body. –Resident individuals with foreign income of US $ 10,000 or more/having foreign assets of US$100,000 ore more. #Persons_Required_Submit_Tax_Returns #Global_Tax_Consultants
09Oct
Traders March against FBR in Islamabad | Due to unresolved matters of sales Tax with Traders |
Traders March against FBR in Islamabad | Due to unresolved matters of sales Tax with Traders | Previously the FBR has tried its best to resolve the differences of opinion between traders and FBR officials over the matters of rates of sales tax. The matter was previously initiated at may platforms of chamber of commerce and industries and with business communities in different cities, but traders did not agree over the terms of FBR. This situation has become severe and is not in favour of the pakistan revenue targets which are still less as compare to previous years because now registered taxpayers are increasing day by day but revenue is not increasing to such ratio. The current situation in Islamabad seems that traders do not want to settle their terms for payment of income tax and sales tax and moreover the requirement of registration with FBR. Ultimately FBR will impose tax and policies which they deem fit and will be implemented accordingly. #Traders #FBR #Islamabad #March
09Oct
POS Integration of Tier1 Retailers With FBR
The Federal Board of Revenue (FBR) has allowed retailers of textile and leather sectors to register their point of sales (POS) to avail reduced rate of sales tax.The FBR has offered retailers to register their outlets and link with FBR online system for real-time checking of sales and purchases, and avail sales tax rate at six percent instead of nine percent.The scheme was introduced through SRO 1360(I)/2018 for the supplies of finished fabric and locally manufactured finished articles of textile and textile made-ups and leather and artificial leather under SRO 1125(I)/2011 dated December 31, 2011. AN OVERVIEW The purpose of the document is to facilitate a Tier 1 retailer to understand how to do integration of invoice data sharing with FBR. The FBR’s software for Integration of Tier 1 Retailers will be installed on the same computer as POS. The FBR’s financial Computerized device will be integrated with the POS system and the Computerized invoice number will be returned to record the invoice. For further guidance on the integration of retail outlets with the board’s computerized system, please follow the Tier-I Retailers Sales Tax Rules, 2006 Chapter XIV-AA Online Integration of Tier-1 Retailers. STEPS FOR INTEGRATION POS will be integrated with FBR as per following steps. Install and Register each Point of Sale (POS) in FBR’s Computerized system from where to upload the data. Download and Install the software items from the FBR’s website Download and Install the software on the Retailers point of Sale computer. Taxpayer’s POS will ...
08Oct
Pakistan approves tax relief for Gwadar port, free zone |
Days before Prime Minister Imran Khan’s departure to China, Pakistan’s cabinet has approved legislative changes to address a longstanding issue of tax concessions for Gwadar Port and Gwadar Free Zone, removing a key bottleneck in the way of populating the industrial estate. The decision to amend the Income Tax Ordinance, Sales Tax Act and Customs Act was taken to address the three-year-old issue, which had been irritating China, but only after the push came from the National Development Council (NDC). The recently constituted NDC is chaired by the prime minister and Chief of Army Staff General Qamar Javed Bajwa is its member. The cabinet took the decision in its last meeting. After the cabinet’s approval, the government is expected to promulgate a presidential ordinance to bring these legal changes as the National Assembly is currently not in session. The new tax concessions will be limited to only the Gwadar zone as the government has been unable to finalise a tax incentive package for the prioritised Special Economic Zones (SEZs) that are being set up under the China-Pakistan Economic Corridor (CPEC). The prioritised SEZs are separate from the SEZs set up under the 2012 law. The government has also not yet been able to address grievances of domestic investors, who have invested billions of rupees in the SEZs on the promise of getting a 10-year income tax holiday under the SEZ Act 2012. As these industrial units are set to start production, the Federal Board of Revenue (FBR) has refused to ...
05Oct
FBR Issued Sales Tax General Order regarding the problems issued by the Registered Persons |
FBR Issued Sales Tax General Order regarding the problems issued by the Registered Persons | Federal Board of Revenue (FBR) has issued the Sales Tax General Order No. 106/2019 which states that keeping in view the problems reported by the registered persons in ensuring proper identity of the buyer to fulfill the requirements of reporting NTN/NIC of the buyer in terms of Section 23 of the Sales Tax Act, 1990. It is directed that the NIC/NTN of the buyer with respect to taxable supplies to an unregistered person shall be deemed to have been reported in good faith by the supplier provided that the tax invoice complies with the requirements of Section 23 (b) of the Act and the payments made by or on behalf of the unregistered purchaser of the amount of the tax invoice, inclusive of sales tax and applicable further tax is deposited into the suppliers declared business account, a FBR press release Friday said. Moreover, the NIC provided by the purchaser is found authenticated by NADRA. The order further states that the NIC/NTN provided is not of the employee of the seller or his associates as defined under Income Tax Ordinance, 2001. In this regard, the issuance of a Show Cause Notice to a registered person being a seller on account of any matter arising out of the NIC provided by a purchaser shall not be made without the prior approval of Member IR, FBR after providing an opportunity to be heard. #Sales_Tax_General_Orders #FBR #Registered_Purchasers #Global_Tax_Consultants ...
30Sep
Date Extended Up to 31st October, 2019 For Submission of Tax Return for Tax Year 2019 |
FBR (Federal Board of Revenue) has extended the due date for submission of tax return up to 31st October, 2019. The date has been extended for Salaried Persons, Individuals, Association of Persons (AOPs) and companies which were required to submit the tax return. The Companies which were required to submit the Statement up to 30th September, 2019, now are required to pay at least 90% of their tax liability up to 30th September, then they will be allowed extension in tax return. #Due_Date #Tax_Return #Companies #FBR #Extended
Shabbar Zaidi chairman FBR resign rumors
Chairman Federal Board of Revenue (FBR), shabbar zaidi regained today from his office according to media reports. But chairman FBR Shabbar Zaidi denied the rumors of his resign. He categorically denied the rumors of his resign and told to media in briefing that he is on leave due to his medical health and did not
Top Taxpayers in Pakistan
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
Top Tax Return Service Providers in Lahore Pakistan
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
How to Become Active Taxpayer & Filer in Income Tax, FBR | Benefits of Becoming Active Tax Filer
How to Become Active Taxpayer & filler in FBR | Active Taxpayer Benefits | How to Check Active Status | Here in this article we will discuss how to become active taxpayer & filer in FBR and what are the benefits of becoming active taxpayer & filer in FBR. What is Active Taxpayer List (ATL)
Good News for Traders
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
Federal Tax Ombudsman (FTO) Toke suo Moto notice on pending amnesty scheme cases
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
Last Date for Submission of Tax Returns 2019
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
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
Implementation of “Tax Law Second” Amendment Ordinance to Prevent Currency Smuggling
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
Happy Birth Day Qaid
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