Bukhari Tax and Law Chamber

We are providing complete and comprehensive range of services ie
1. National Tax Number (NTN), General Sales Tax Number (GSTN)
2. Monthly, Quarterly and Annual Filing of Sales Tax, Withholding Tax and Income Tax Returns
3. Registration of Company (Single Member Company, Private Limited, Public Limited, Limited Liability Partnership (LLP) & Company u/s 42 of Companies Act, 2017)
4. Registration of Partnership Firm under Partnership Act, 1932.
5. Registration with Pakistan Software Export Board
6. Registration with Halal food authority
7. Registration with IPO (Trade Mark, Copy Right etc)
8. Registration of Branch in Pakistan of Foreign Company
9. Import & Export License (PSW etc)
10. Registration of NGO, Trust, Welfare Society etc
11. Registration with LCCI etc.
12. Registration with PRA, SRB, KPRA
Whatsapp # 0346-5359355

💢 اپنی کمپنی S.E.C.P اور F.B.R سے رجسٹرڈ کرائیں اور اپنے کاروبار کو قانونی تحفظ دیں
💢 اس کے علاوہ انکم ٹیکس ریٹرن،سیلزٹیکس ریٹرن ، لوگو اینڈ برانڈ رجسٹریشن کی رہنمائی انتہائی مناسب فیس کے ساتھ
👉Register Your Company Or Business FBR
👉Company Registration SECP
👉 Private Limited Company registration
👉LLP/SMC
👉 Foreign company registration
👉 Firm Registration/AOP
👉Import Export License registration
👉Chamber of commerce registration
👉Logo and trademark registration
👉DNFBP/ Property Dealers License
👉 Sale Tax Registration / GSTN
Salestax monthly filling
👉NTN Registration
👉Become a filer
👉Income tax/ Sales tax Return
👉 Tax Exemption Certificate
👉PEC Registration & Renewals
👉 NGO Registration
👉PSEB Certificate/ IT Company Registration
Call/WhatsApp for free consultation
Bukhari Tax and Law Chamber
📞 Phone: 03465359355 0333-7334498

Someone graduated at the age of 22, but waited 5 years before securing a good job.
Someone became a CEO at 25, and died at 50.
While another became a CEO at 50, and lived to 90 years.
Someone is still single, while someone from his school group has become grandfather.
Obama retired at 55 & Trump started at 70.
Everyone in this world works based on their time zone.
People around you might seem ahead of you & some might seem to be behind you.
But everyone is running their own race, in their own time.
Do not envy them.
They are in their time zone, and you are in yours.
So, relax.
You're not late.
You're not early.
You are very much on time.

Updated acts Issued by FBR

1. Sales Tax Acthttps://download1.fbr.gov.pk/Docs/20237418746219SalesTaxAct,1990withIndexupdatedupto30.06.2023.pdf

2. Federal Excise Duty Acthttps://download1.fbr.gov.pk/Docs/2023741871156937FEAct,2005withindexupdatedupto30-06-2023.pdf

3. Islamabad Capital Territory tax on service
https://www.fbr.gov.pk/Downloads/?id=88675&Type=Docs

download1.fbr.gov.pk

We are providing complete and comprehensive range of services ie
1. National Tax Number (NTN), General Sales Tax Number (GSTN)
2. Monthly, Quarterly and Annual Filing of Sales Tax, Withholding Tax and Income Tax Returns
3. Registration of Company (Single Member Company, Private Limited, Public Limited, Limited Liability Partnership (LLP) & Company u/s 42 of Companies Act, 2017)
4. Registration of Partnership Firm under Partnership Act, 1932.
5. Registration with Pakistan Software Export Board
6. Registration with Halal food authority
7. Registration with IPO (Trade Mark, Copy Right etc)
8. Registration of Branch in Pakistan of Foreign Company
9. Import & Export License (PSW etc)
10. Registration of NGO, Trust, Welfare Society etc
11. Registration with LCCI etc.
12. Registration with PRA, SRB, KPRA
Whatsapp # 0346-5359355

A Comparison of key economic indicators in last two years, based on Economic Survey 2023:

GDP growth:—
2022:— 6.1%
2023:— 0.29%

Industrial growth:—
2022:— 7.19%
2023:— -2.94% 🔻(negative)

Large scale manufacturing:—
2022:— 10.61%
2023:— -8.11%🔻(negative)

Total GDP:—
2022:— $383 billions
2023:— $341 billions

Exports:—
2022:— $28.83 billions
2023:— $21.2 billions

Remittances:—
2022:— $26.1 billions
2023:— $20.5 billions

Per capita income:—
2022:— $1765
2023:— $1658

FDI:—
2022:— $1.4 billions
2023:— $1.0 billions

Foreign exchange reserves:—
2022:— $8.4 billions
2023:— $4.2 billions

Service sector growth:—
2022:— 6.19%
2023:— 0.86%

Agriculture growth:—
2022:— 4.40%
2023:— 1.55%

Food inflation:—
2022:— 11.8%
2923:— 37.9%

Key deductions from Economic Survey of Pakistan 2023:—

■ Govt has missed all key economic indicators in financial year 2022-23, putting economy in a nosedive.

■ With only 0.3% economic growth & 38% inflation, economy has slipped into massive stagflation.

List of All Tax Measures Expected in Upcoming Budget

1. Tax on Undistributed Reserves
2. Continuation of Super Tax
3. Shift from Final Tax Regime (FTR) to Minimum Tax Regime (MTR) for Exporters
4. Asset Tax/Wealth Tax
5. Higher Tax on Non-Filers
6. GST at 18%
7. Tax on Agri Income
8. Increase in Valuation of Immovable Properties
9. Tax on Deemed Rental Income
10. Tax on Banks
11. Tax on To***co
12. Dollar Amnesty
13. Tax on Beverages
14. Subsidy Allocations
15. Promotion of Cashless Transactions at Petrol Pumps
16. Increase in Tax Rate for Commercial Importers
17. Fixed Tax Regime for Small Retailers
18. Disallowance of Input Taxes
19. Increase in Tax Rates for Sole Proprietors and Association of Persons
20. Revamping of Capital Gains on Immovable Property
21. Extension of Exemption on Property and Shares
22. Import Duties
23. Relief Package under BISP

ISLAMABAD: The Institute of Chartered Accountants of Pakistan (ICAP) has approached the government seeking amendments to the Federal Board of Revenue (FBR) Act and related rules/regulations for creating an effective independent and transparent tax administration through Finance Bill 2023.

In this regard, the ICAP has submitted its budget proposals (2023-24) to the Ministry of Finance for the next fiscal year.

“It is therefore necessary that the tax administration should not only be efficient but also be fairly independent – having either detached from, or less control of the government. It is recommended to convert the FBR into an autonomous body on lines similar to the State Bank of Pakistan (SBP) and the Securities and Exchange Commission of Pakistan (SECP),” ICAP added.

Following are the specific proposals in this regard:

(I); The FBR Act and related rules and regulations should be amended appropriately for improving the governance structure and making it highly autonomous, transparent and subject to accountability by independent external auditors and office of the Auditor General of Pakistan.

(ii); The FBR should operate and work with a corporate governance structure with a Board of Directors, vested with powers similar to the Boards of Public listed companies. Fifty percent of the Board members including Chairman FBR may be nominated by the government (Ministries of Finance, Law, and Commerce) and, the remaining fifty percent should be nominated by the established trade and professional bodies like OICCI, PBC and ICAP.

(iii); The FBR should be headed by an experienced qualified professional, who should be assisted by qualified and trained professionals having established knowledge and experience of accounting, taxation, law, IT, economy and business administration. For this purpose, full autonomy be given for remunerating the hired personnel and elevating and incentivizing them based on performance evaluated using a balance score card. (iv); An Internal Audit Department should be set up for conducting effective internal audits of FBR affairs and directly reporting to a Committee of Board members comprising government and non- government members.

The ICAP has further recommended that the amendments in the Constitution provided substantial fiscal and legal autonomy to the provinces for raising finance and enacting new laws. Following enactment and implementation of the service tax laws and labour laws by the provinces, businessmen, who have businesses located in more than one tax jurisdiction, are facing jurisdictional challenges and duplicate taxation leading to tax disputes. This is causing financial and operational hardships as number of challenges overtime has increased substantially.

It is strongly recommended to establish (preferably within FBR) a permanent cell or directorate which should be equally represented by nominees of the federal and provincial tax authorities to provide a common platform to the taxpayers for resolving jurisdictional issues and preventing duplicate taxation.

It is also recommended that one authority be empowered to collect all types of federal and provincial taxes for onward transmission to respective revenue authorities within the country without burdening the business entities and the provincial taxes should be consolidated specially the labour levies, eg, EOBI, SESSI, WPPF and WWF, etc.

Special attention may need to be given to tax implication arising on emerging e-business models and asset free web service providers who act as coordinator between supplier and buyer. Mechanism for sales tax and income tax application for such models should be placed for revenue generation, the ICAP added.

Copyright Business Recorder, 2023

Leading export by country:

🇦🇷 Argentina: Soybeans
🇦🇺 Australia: Iron
🇦🇹 Austria: Toxins
🇧🇯 Benin: Cotton
🇧🇷 Brazil: Soybeans
🇧🇩 Bangladesh: T-shirts
🇨🇦 Canada: Petroleum
🇨🇳 China: Electronics
🇨🇱 Chile: Copper
🇨🇮 Côte d’Ivoire: Cocoa
🇨🇺 Cuba: Ci**rs
🇩🇰 Denmark: Medicines
🇬🇹 Guatemala: Bananas
🇬🇾 Guyana: Drilling Platforms
🇪🇬 Egypt: Petroleum
🇪🇹 Ethiopia: Coffee
🇫🇮 Finland: Petroleum
🇫🇯 Fiji: Water
🇫🇷 France: Aircrafts
🇩🇪 Germany: Vehicle engines
🇮🇸 Iceland: Aluminum
🇮🇳 India: Petroleum
🇮🇩 Indonesia: Coal
🇮🇱 Israel: Diamonds
🇮🇹 Italy: Medicines
🇯🇵 Japan: Vehicle engines
🇰🇪 Kenya: Tea
🇰🇮 Kiribati: Tuna
🇲🇬 Madagascar: Vanilla
🇲🇾 Malaysia: Electronics
🇲🇼 Malawi: To***co
🇲🇻 Maldives: Fish
🇲🇽 Mexico: Vehicle engines
🇲🇩 Moldova: Sunflower seeds
🇲🇳 Mongolia: Coal
🇳🇿 New Zealand: Dairy
🇳🇬 Nigeria: Petroleum
🇰🇵 North Korea: Watch parts
🇳🇴 Norway: Petroleum
🇵🇰 Pakistan: Rice
🇵🇪 Peru: Copper
🇵🇭 Philippines: Electric circuits
🇷🇺 Russia: Petroleum
🇸🇦 Saudi Arabia: Petroleum
🇸🇬 Singapore: Electric circuits
🇿🇦 South Africa: Gold
🇰🇷 South Korea: Electric circuits
🇱🇰 Sri Lanka: Bras
🇪🇸 Spain: Petroleum
🇸🇾 Syria: Olive oil
🇸🇪 Sweden: Petroleum
🇨🇭 Switzerland: Gold
🇹🇷 Turkey: Petroleum
🇺🇦 Ukraine: Corn
🇦🇪 United Arab Emirates: Petroleum
🇬🇧 UK: Petroleum
🇺🇸 USA: Petroleum

Free consultancy. Ramazan offer.

Alhumdulilah.... Ramadan ahead.

Good read.

25% sale tax rate approved

Sales tax enhanced to 18%
Trickle down effect on poor.