Business Agile Consultants

One Month Extension in Filing of Income Tax Return.

Sales Tax on Electricity Issued Resolved.

Budget Highlights

Budget FY23: Custom duty on agriculture machinery abolished to promote growth and investment in the sector.
Budget FY23: PKR 10 billion has been allocated for the improvement of climate projects.
Budget FY23: Sales tax on solar panels imposed by the last govt has been removed.
Budget FY23: PKR 202 billion has been allocated for Transport & Communications sector.
FY23 Budget: GDP target set at 5%.
FY23 Budget: Inflation target at 11.5%.
Budget FY23: Fiscal deficit to be targeted at 4.9% of GDP in FY23.
Budget FY23: Exports & Imports target at USD 35bn, & imports at USD 70bn, respectively.
Budget FY23: Current account deficit targeted at 2.2% of GDP as compared to 4.1% deficit of FY22.
Budget FY23: Remittances expected at USD 33.2bn in FY23 as compared to USD 31.1bn in the last year.
Budget FY23: PKR 3,950bn for debt servicing has been allocated as compared to PKR 3,144bn in FY22.
Budget FY23:Targeted subsidies at PKR 699bn.
Budget FY23: Total tax collection target at PKR 7,004 bn as compared to Tax collection of PKR 6,000 bn in FY22.
Budget FY23: Allocation for Benazir Income Support programme has been increased to PKR 364bn as compared to 250bn in the last year.
Budget FY23: PSDP allocation set at PKR 800bn.
Budget FY23: PKR 65 billion has been allocated to Higher Education Commission.
Budget FY23: PKR 21 billion has been allocated for increase in the production of crops and livestock.
Budget FY23: Youth employment policy program will be started for the fresh graduates of Pakistan with 25% women quota.
Budget FY23: Free laptops to be distributed on merit among students.
Budget FY23: PKR 40.5 billion DLTL claims to be released immediately by the FBR along with sales tax pending refunds.
Budget FY23: Industrial feeders have been exempted from load shedding.
Budget FY23: Nine Special Economic Zones to be established on CPEC route.
Budget FY23: Film makers to be given tax holidays for the next five years. Exports rebate will be provided on movies and dramas exports for the next 10 years.
Budget FY23: Distributors & film producers to be exempted from the imposition of 8% with holding tax. Along with this, Custom duty on import of machinery for the entertainment industry will be abolished.
Budget FY23: Sales tax on import of media and entertainment industry slashed to zero to promote media & entertainment industry.
Budget FY23: PKR 800bn has been set for PSDP in FY23 which has been PKR 1,000bn in 2018.
Budget FY23: PKR 136 billion has been allocated under PSDP for provinces, Azad Kashmir and Gilgit Baltistan.
Budget FY23: PKR 73 billion has been allocated for the Energy sector for the improvement in transmission, distribution & production of electricity. Under this allocation, PKR 12bn would be spent on Muhamand Dam.
Budget FY23: PKR 183 billion has been allocated for water and energy projects.
Budget FY23: PKR 202 billion has been allocated for Transport and Communication sector.
Budget FY23: To ease common man life under Sustainable Development Goals, PKR 70 billion has been allocated.
Budget FY23: PKR 51 billion has been allocated for Higher Education projects.
Budget FY23: To improve country's health system, availability of treatment, PKR 24bn has been allocated.
Budget FY23: PKR 10 billion allocated to combat climate changes.
Budget FY23: PKR 17 billion allocated for Information and Technology sector.
Budget FY23: PKR 11 billion has been allocated to improve agriculture productivity.
Budget FY23: PKR 20 billion has been allocated for the K-IV project.
Budget FY23: Minimum salary eligible for income tax has been increased to PKR 1.2 million as compared to PKR 0.6mn to facilitate salaried class.
Budget FY23: Income exempted for AOP, Business Individuals has been increased to PKR 0.6 million from PKR 0.4 million.
Budget FY23: Income tax on Behbood certificates, Pensioners account has been decreased to 5% from 10%.
Budget FY23: Fixed income and sales tax to be charged from small retailers. This tax will be collected through electricity bills. Amount PKR 3-10K.
Budget FY23: Initial 100% depreciation allowed for Industrial units as compared to 50%.
Budget FY23: Properties having value of PKR 25 million will have to pay 1% income tax on rental income which will be equal to 5% of the fair amount of the property. This tax will not be applicable for personal residence.
Budget FY23: 15% capital gain tax to be charged on immovable properties sold under one year holding period.
Budget FY23: Advance tax for filers for property transactions has been increased to 2% from 1%. And same has been increased to 5% for the non filers.
Budget FY23: Banking sector to be taxed at 42% from current taxation of 39%.
Budget FY23: Payments made through Debit, Credit, and Pre Paid cards to foreign country would be charged with 1% & 2% advance WHT for filers and non filers.
Budget FY23: Banks will provide cheap financing for the purchase of solar panels for households using less than 200 units of monthly electricity.
Budget FY23: 5% sales tax on tractors abolished to zero.
Budget FY23: Sales tax on import of Sun flower, Cannola, wheat, seeds has been abolished.
Budget FY23: 50 beds Not for Profit hospitals would not be charged with local utilities (free electricity, water & other facilities).
Budget FY23: Custom duty on agriculture machinery has been abolished.
Budget FY23: Custom and additional custom duties along 400 tariff lines have been rationalized.
Budget FY23: More than 30 pharmaceuticals API have been exempted from Customs duty.
Budget FY23: Tax evasion in the country is estimated to be PKR 3,000 billion.
Budget FY23: Salaries of Govt employees to be increased by 15%.

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حکومت نے شمسی توانائی کے لیے سولر پینل سستے کرنے پر غور شروع کردیا۔
آئندہ مالی سال کے لیے وفاقی بجٹ کل پیش کیا جائے گا جس میں مختلف ٹیکسز کی تجویز سامنے آرہی ہے تو کہیں عوام کو ریلیف دینے پر بھی غور کیا جارہا ہے۔
ایسے میں حکومت شمسی توانائی کے لیے سولر پینل پر ساڑھے 17 فیصد جی ایس ٹی ختم کرنے اور صارفین کو آسان اقساط پرسولر پینل دینے کی تجویز پرغور کررہی ہے۔
وزیر توانائی خرم دستگیر نے کہا ہے کہ آئندہ مالی سال سے ماہانہ 200 یونٹ تک بجلی استعمال کرنے والے صارفین کےلیے بجلی مہنگی نہیں کریں گے۔

Do you know non-filing of return till 30th September may result in Rs.1,000 fine per day and/or 2 Years of Imprisonment?

Contact us now to check for free if you are liable or not to file return.
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SECP provides final opportunity for filing of Form 45. For Corporate, Taxation or Advisory Services, Contact us at following for filing of Form 45:
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Happy Eid-ul-Adha
On this blessed occasion of Eid, Business Agile Consultants wishing you and your family joy, happiness, peace and prosperity! (Ameen)

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GOVT OFFICIALLY ANNOUNCES HUGE TAX EXEMPTIONS FOR 1000CC CARS
Benefits that were provided to the 850cc segment cars in Proposed Finance Bill 2021, have reportedly been extended to include 1000cc cars as well. The details of benefits are as follows;
• Reduction in the general sales tax (GST) rate from 17 percent to 12.5 percent for the locally assembled vehicles.
• The Federal Excise Duty (FED), which was previously 2.5 percent, has now been completely abolished.
• Value Added Tax (VAT) on the imports of Completely Knocked Down (CKD) kits for the vehicles has also been removed.
• Exemption of the imports of the Completely Built-up Units (CBUs) of vehicles from customs duty and regulatory duty in order to support the small vehicle segment.
• Unlike the concessions for the EV segment, the concessions for this particular segment are likely to be changed in the next fiscal year, as they are not yet a part of a long-term policy.

Our view:
This is a much needed and appreciable step by Government especially when most of the new automotive manufacturers are focusing on importing/local manufacturing high-end or mid-level cars.

Hopefully, Government will soon give special attention to check Bike prices as well where prices of bikes are being increased by Bike manufacturers even of 70cc Bikes where almost all parts are being made locally and, more importantly, the market is large enough to ensure that the economies of scale are available to local parts/motorcycle manufacturers.

All MTOs/LTOs/RTOs/CTOs will observe extended timings till 12 Midnight on Wednesday 30th June, 2021.

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Tax on domestic electricity consumption would apply at the rate of 7.5%, if the monthly bill exceeds PKR 25,000. However, collection would not occur if the name of the consumer appears in the Active Taxpayer’s List.

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BUDGET 2021-22*
*BULLET POINTS*
*11-6-2021*

1- Self Assessment Scheme to be revive
2- Third Party audit introduced
3- Automated based selection for audit
4- Income and expenditure based tax system to be introduced
5- Information technology to be used for non filers
6- No harassment by any official to tax payers
7- Salaried person no new taxes
8- GST net to be increased and all wholesaler and retailer will be brought in scheme
9- Prizes will be given to sales tax payees receipt owners
10- To introduce simple tax return form
11- Sales tax and FED changes introduced
12- Small business turnover tax increased to 10 Million rupees having tax credits
13- Cars upto 850cc car FED abolished and sales tax decreased to 12.5% and VAT abolished.
14- IT services, zero rated introduced
15- Locally Electronic cars sales tax decrease to 1%, VAT exempted, Fed exempted
16- Special Techonolgy zones will be introduced and for their related imports will be exempted
17- Telecom --- FED exempted, Sales tax from 17 to 165, Merchant discount abolished
18- Tier 1 Retailers ---price scheme introduced for POS schemes
19- INCOME TAX—Enquiry system will be abolished
20- Show cause time increase to 20 days
21- Third party audit is introduced to curtail powers of assessing officers
22- Automated system for Refund will be introduced
23- ADR again to be revive
24- WHT decrease by 40%
25- Direct and Indirect taxes is burden and making compliance difficult thereof
26- Documented sector is deducting 38 clauses and from this 12 clauses deleted
27- WHT deleted from banking transaction, Stock Exchange, Travelling, Mobile phone (decrease); Minerals, Credit Cards, etc.
28- Decrease in WHT in oil field , tourism, etc
29- Disposal of securities Capital Gain Tax is decreased to 12.5%
30- Individual and AOP turnover tax increased to 100 Million
31- Turnover tax Rate decrease to 1.25% of turnover
32- Installation of POS machine will get tax credit
33- Fix Tax Scheme for SME’s
34- Special tax regime for Manufacturers
35- One page tax return to be introduced for SME’s
36- Services from Banking channel receipts, tax to be lower down
37- Tax Credit on IT sectors under section 100C
38- Special economic zone, tax on turnover now exempted
39- Future commodities market reduced tax to 3%
40- Telecommunication sector as industrial undertaking
41- Many changes in Custom Act for cars below 850 cc, motorcycles, electronic cars, etc
42- Relief to textile sector
43- More than 300 Pharmaceuticals materials—custom duty exempt including syringes etc.
44- Leather industry material and dairy industry will get relief through changes in Tarriff
45- Increase in Regulatory duty on mobile rejected by PM
46- My car policy introduced
47- Minimum salary increase to rs. 20000/-
48- Government servant to be allowed 10% Adhoc Allowances
49- Pensioners will get 10% more
50- Many incentives for Stock Exchange, Housing, Autos, Agriculture, Health, Services, IT sector, Students, Individuals, Govt.. Servants, etc etc INTRODUCED

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Finance Minister Shaukat Tarin said on Sunday that rates for the salaried class will not be increased in the upcoming budget and vowed to bring to put tax evaders behind bars.
The finance minister said that the tax rates for the salaried class will not be increased and the government will use “innovative methods” to enhance collection in the next fiscal year 2021-22.

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Sources in Federal Board of Revenue (FBR) on Wednesday said that around 500,000 taxpayers who filed their income tax returns after due date had paid surcharge to appear on the ATL for tax year 2020.

The FBR issues a fresh ATL on March 01 every year on the basis of returns filed for the preceding tax year. The FBR issued ATL for tax year 2020 on March 01, 2021. This ATL carried 2.17 million names of taxpayers who filed their income tax returns by due date or those who filed their returns on the date which was extended by Commissioner Inland Revenue (CIR).

The updated ATL – on the basis of surcharge paid by those person who filed their income tax returns after due date – issued on May 10, 2021 is showing around 2.65 million names of active taxpayers.

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Bank timing revert back to normal office hours.

Punjab Revenue Authority has extended last date in payment and filing of Sales tax return for the period of April 201.

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For get your Income Tax Return filed, Contact us at:
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Happy Ramadan 2021!
Ramadan is the month to seek forgiveness for our sins. May Allah accept our prayers and pardon our wrongdoings. May the blessed month of Ramadan bring peace, health and prosperity towards the humanity. [Amen]

ISLAMABAD: The administrator general Zakat on Saturday issued the ‘Nisab of Zakat’ for the Zakat Year 1441-42 A.H at Rs.80,933.00/- (Rupees: eighty thousand nine hundred thirty-three only).

No deduction of Zakat at source shall be mentioned in column 2 of Serial No.1 of the first schedule of Zakat and Ushr Ordinance, 1980 is less than Rs. 80, 933.00/- (Rupees: eighty thousand nine hundred thirty-three only), on the first day: of Ramazan-ul -Mubarak, 1442 A.H as the “Deduction Date” likely to fall on 14th or 15th April 2021 (subject to appearance of moon) for deduction of Zakat from Saving Bank Accounts, Profit and Loss Sharing Accounts and other similar Account having credit balance of Rs. 80,933.00/- (Rupees: eighty thousand nine hundred thirty-three only).

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Manual Entry of provincial invoices for input tax credit of services in Annexure- A is disallowed from April 01, 2021 for the period pertaining to March 2021. This notification is available on FBR Portal.

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Bank Timings during the Holy Month of Ramazan 2021

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