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Pakistan Customs (FBR) has developed an automated facility in its indigenously developed WeBOC [Web-based One Customs] System to enable the small and medium enterprises (SMEs) to acquire imported input goods from a Common Export House for subsequent exports under the Export Facilitation Scheme, 2021.

FBR Weekly updates

· Commitment
https://www.fbr.gov.pk/commitment-shown-in-the-boardincouncil-meeting-to-collect-substantial-revenue-in-the-second-quarte/163198
· Single tax portal
https://www.fbr.gov.pk/fbr-develops-single-sales-tax-portal-to-facilitate-taxpayers/163195
· Clarification
https://www.fbr.gov.pk/fbr-issues-clarification-on-news-item/163197
· Timely return
https://www.fbr.gov.pk/fbr-urges-taxpayers-to-file-income-tax-returns-without-delay/163194
· Lord calls FBR chairman
https://www.fbr.gov.pk/lord-wajid-khan-calls-on-chairman-fbr/163196
· ST on petroleum https://download1.fbr.gov.pk/SROs/202110817102958315SRO1327OF2021DATED7.10.2021--CHANGEINRATEOFSALESTAXONPETROLEUMPRODUCTS..pdf
· Returns
https://propakistani.pk/2021/10/12/over-2-2-million-people-have-submitted-tax-returns-until-now/
· Subcommittee https://download1.fbr.gov.pk/Docs/2021101411101336853Constitutionofsub-committeeonTax(TAMA).pdf
· Discount on invoice https://download1.fbr.gov.pk/Docs/2021101415101919937ClarificationontheissueofdiscountonthestandardizedtaxinvoiceasperSRO1006(I)-2021.pdf

download1.fbr.gov.pk

IT Freelancers!
Income of IT services is not exempt but 100% Tax Credit for YT 2022.

100% tax credit introduced for certain class of
persons whose income was previously exempt
The Act has ratified amendment made by Tax Laws (Second Amendment) Ordinance, 2021 with certain modification. Income derived by the following were previously exempt under the respective clauses of the Second Schedule:
— Persons engaged in coal mining projects in
Sindh supplying coal exclusively to power
generation projects (clause 132B of Part I)

— Startups defined in section 2(62A) for the tax
year and subsequent two tax years in which the
startup is certified by the Pakistan Software Export Board (clause 143 of Part I)
— Persons deriving income from export of
computer software or IT services or IT enabled
services up to the period ending 30 June 2025 provided that eighty percent of export proceeds are brought back in Pakistan through normal
banking channels (clause 133 of Part I)

Now these exemptions have been omitted and tax credit to the tune of 100% has been introduced
subject to the following conditions:

Deductions allowed from Income from property for individual and AOP
>>>>>>>>
Income from property was historically taxed on net income basis for all taxpayers. The Finance Act 2016 brought amendment in this regime by taxing Individual and AOPs on gross receipts and only allowing companies to claim deduction for specified expenses.

Vide amendments in later tax year, Individual and AOP were entitled in the prescribed manner to opt for taxation on net income basis.

The Act has restored the original scheme for Individuals and AOPs to be taxed on net income basis as income from property across the board thereby allowing deductions as specified in section 15A.

The net income will now be taxed at the slab rates applicable as per income of the individual and AOP under Division - I of part 1 of the First Schedule.

CIR can attach bank account for tax recovery.

Financing for Renewable Energy
قابل تجدید توانائی کے لیے مالی اعانت۔

FBR develops Single Sales Tax Portal to facilitate taxpayers !

Currency Exchange Rules

i. Persons traveling to Afghanistan will be allowed to carry only USD1,000/- per person per visit with a maximum annual limit of USD6,000.

ii. Exchange companies will be required to conduct biometric verification for all foreign currency sale transactions equivalent to USD500/- and above and outward remittances. This requirement will be applicable with effect from October 22, 2021.

iii. Exchange Companies will sell the cash foreign currency and make outward remittances, equivalent
to USD10,000/- and above, against receipt of funds through cheque or banking channels only.

FBR Update !
· POS invoice https://download1.fbr.gov.pk/SROs/202110110104124427SRO1279-2021.pdf
· Fake FBR website
https://www.fbr.gov.pk/photo-shopped-fake-version-of-fbr-website/163193
· No further extension
https://www.fbr.gov.pk/no-further-extension-in-deadline-for-returns-filing-beyond-october-15-2021/163192
· Track and trace system
https://www.fbr.gov.pk/minister-for-finance--revenue-inaugurates-track--trace-system-of-fbr-at-jehlum/163191
· Prize
https://propakistani.pk/2021/10/04/fbr-to-announce-prizes-of-upto-rs-1-million-for-customers-of-tier-1-retailers/
· Invoice charges https://download1.fbr.gov.pk/SROs/202110110104124427SRO1279-2021.pdf
· Tier 01 order https://download1.fbr.gov.pk/Docs/20211061810427890STGONo.03of22.pdf

download1.fbr.gov.pk

Audit Policy 2019 (Current Notices)

FBR
· Tax evasion unearth
https://www.fbr.gov.pk/directorate-of-i--i-ir-lahore-and-multan-unearths-tax-evasion-of-rs-460-million/163177
· Currency smuggling
https://www.fbr.gov.pk/currency-smuggling-from-pakistan/163179
· E-Katechri
https://www.fbr.gov.pk/chairman-fbr-holds-ekachehri-in-fbr-hq/163184
· Chairman visits thorkham border
https://www.fbr.gov.pk/chairman-fbr-visits-torkham-to-assess-cross-border-trade-facilitations/163180
· FBR reach agreement
https://www.fbr.gov.pk/fbr-and-traders-reach-agreementtraders-postpone-protest-call/163183
· Notification – Customs https://download1.fbr.gov.pk/SROs/20219231195235751256(I)-2021.pdf
· ADR member https://download1.fbr.gov.pk/SROs/20219281294751212SRO1266of2021dated27.09.2021.pdf
· Tax collection https://download1.fbr.gov.pk/Docs/202192818938508482021-09-28(CollectionofDutyandTaxes).pdf
· No extension in return filing
https://propakistani.pk/2021/09/29/no-extension-in-the-date-of-filing-of-income-tax-returns-for-tax-year-2021/
· Extension in return filinghttps://download1.fbr.gov.pk/Docs/20219302092833482ExtensioninReturnFiling.pdf
· Historic revenue collection
https://www.fbr.gov.pk/fbr-registers-historic-revenue-collection-growth-of-383-in-first-quarter-of-current-financial-year/163189
· Notification – Customs https://download1.fbr.gov.pk/SROs/2021928159215021SRO1265-2021.pdf

download1.fbr.gov.pk

SBO updates

SBP
· DPC https://www.sbp.org.pk/press/2021/Pr-24-Sep-2021.pdf
· NIBAF https://www.sbp.org.pk/press/2021/Pr-27-Sep-2021.pdf
· Sukuk
https://www.sbp.org.pk/dmmd/2021/C16.htm
· Tax collection https://www.sbp.org.pk/press/2021/Pr-28-Sep-2021.pdf
· 100% cash margin https://www.sbp.org.pk/press/2021/Pr-30-Sep-2021.pdf
https://www.sbp.org.pk/bprd/2021/CL30.htm
· Extension of prize bond https://www.sbp.org.pk/CMD/2021/C3.pdf

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https://www.sbp.org.pk/bprd/2021/CL29.htm

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TAX GENERAL RULES

1- Income cannot be taxed twice

2- Expenditures/deduction can not be claimed twice

3- Income once taxed (come under tax net as an exempt income), will become wealth or cost of the taxpayers.

4- Capital receipts are exempt unless specifically taxed under law e.g. sale of the house, sale of jewelry, etc. but the sale of a personal car is a capital receipt and is not taxed under the law.

5- Revenue receipts are taxable unless exempt by the law. For example, are taxable pension and agricultural incomes are revenue receipts but exempt by law.

Page intends to promote awareness about Tax Laws. Professionals are welcomed to join as modrator

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