Maple Consultants

Trainee Recruitment Program - Winter 2022 under process. Everyone is encouraged to apply.

Budget 22-23 important points.

Federal Budget 2022-2023 Salient Features

Annual Budget for FY 2022-23 along with Finance Bill 2022 is scheduled to be presented in the National Assembly of Pakistan on Friday, the 10th June, 2022

Import Policy 2022

Career Opportunity

Tax Supervisor

Required ACCA (Affiliate or Finalist) / CA (Inter)
With at least one year of experience in Taxation and Accounts.

No of Post: 01
Location: Peshawar
Package will be offered in accordance with market rates and experience.

Employer Details.
Maple Consultants
Tax and Financial Advisers.

Drop your CV before 08 April 2022 .
[email protected]
[email protected]

Maple Consultants is now on WhatsApp.

16 thousands Government employees are reinstated by supreme court.

Benefits of NTN- National Tax Number
The National Tax Number (NTN) in Pakistan provides a list of benefits to the filers.
The major advantages of NTN include:

1. Getting an NTN makes a person enable to file annual Income Tax Return to the Income Tax Department of Pakistan.
2. As a businessman, it is really beneficial to have a valid NTN as NTN provides business strength to the business holders by providing a list of benefits and favors on banking transactions, vehicle purchasing and much more.
3. Businesses with an NTN number produce a sense of security to the clients. People are more comfortable and confident to do businesses with those individuals and companies who have an NTN number in Pakistan.
4. Being an NTN holder is the responsibility of every citizen of Pakistan. It shows a degree of patriotism towards country and also a way to eradicate corruption from the roots. Paying taxes to the government shows honesty towards homeland.
5. Many good clubs offer exclusive memberships and related benefits to those who are NTN holders in Pakistan.
6. Being an NTN holder, the income taxpayers can avail golden tax benefits and transaction discounts from the government authorities for their individual and business accounts.
7. Only those income taxpayers can get Government contracts that have a valid NTN number from FBR. They can also participate in various government auctions and tender businesses.
8. An income taxpayer with NTN can become the member of chamber of commerce and Industry to avail the associated benefits.
For the visa of the abroad, the income taxpayers and NTN holders are preferred.
9. An NTN holder can make contracts and do businesses with foreign companies and firms.
10. To become a complaint income taxpayer and NTN holder is considered as honest, noble and sincere step on national and international grounds. Even in foreign countries, NTN holders are given many relaxations.
11. Being a government servant or joining a public post becomes smooth for NTN holders who pay income tax to the FBR. Nobody objects or disqualifies their designation.

https://www.dawn.com/news/1653737

SBP allows dollar buying with e-Sahulat verification “The decision will help the market since people who really need dollars will not go towards the black market,” says analyst.

In order to file the income tax return for tax year 2021 to become filer, contact us.

In a major move to facilitate overseas Pakistanis, the Federal Board of Revenue (FBR) on Monday dropped all its departmental appeals immediately filed over the last over seven years on the interpretation of law pertaining to availing of exemptions on foreign remittances.

The controversy erupted when the FBR’s Inland Revenue Service field formations refused concessions in some situation on foreign remittances sent via Money Services Business (MCBs), Money Transfer Operations (MTOs) and Exchange Companies (ECs)—like Money Gram, Western Union and Ria France etc.

After this decision, overseas Pakistanis now can avail tax benefit on foreign remittances sent through MTOs, ECs and MCBs besides scheduled banks.

This facility is over and above the government decision to launch from Oct 1 the National Remittance Loyalty Programme, which allows redemption in cash of reward points earned by the overseas Pakistanis for sending money back home through official channels.
Under the Income Tax Ordinance 2001, the government has mentioned four conditions for claiming of benefits on for foreign remittances — the remitted amount is in foreign exchange; it is sent into Pakistan through normal banking channels; it is encashed by a scheduled bank in rupees; and a certificate is produced to that effect from such bank.

A detailed Income Tax Circular no. 5 of 2021 was issued to resolve the issue and facilitate the overseas Pakistani.

In this background, the FBR has decided to dispose of all cases of claim of foreign remittances by according lenient interpretation to the conditions stipulated under section 111 (4) of the ITO 2001.

The board has announced to withdraw immediately all departmental appeals filed on the stricto sensu interpretation of the law in order to win the trust of overseas Pakistanis and spare the public resources for more productive use elsewhere.
The FBR has also barred field formations from filing further appeals on the same issue.

A judgment of IR Tribunal in 2013 held that all these four conditions are mandatory for availing the facility.

But contrary to this, the State Bank of Pakistan in response to Federal Tax Ombudsman in 2019 has categorically took the position that foreign exchange remitted into Pakistan via MCBs, ECs and MTOs does constitute foreign exchange remitted through normal banking channels for all legal purposes.

In March this year, the FBR challenged the SBP position of legitimising remittances via MCBs, ECs and MTOs and equating them with scheduled banks as laid down in section 111 (4) of the ITO 2001.
On May 7, 2021, the SBP responded to all four questions of the FBR and observed that a taxpayer receiving home remittances vis MCB and ECs strictly fulfills all the conditions of set section 111 (4) (a) of the ITO 2001.

It said under the Foreign Exchange Regulations Act 1947, the SBP is the institution to attend to all matters pertaining to dealings in foreign exchange and securities and the import and export of currency.

The SBP further said the central bank is the frontline regulator of all foreign exchange moving into or outside the country is in the best position to decide as to whether the necessary legal requirements have been met or not of a particular transaction to be able to avail of the benefits cover under tax laws.

Overseas Pakistanis remitted record $29.4 billion during 2020-21, helping the country meet its widening trade deficit.

Instructions regarding Processing of Income Tax Refund Application-- TY 2020

FBR issues tax rates on immovable properties

The Federal Board of Revenue (FBR) has issued updated rates of withholding tax on sale and purchase of immovable properties under Section 236C and 236K of Income Tax Ordinance, 2001.

The withholding tax shall be one percent to be paid by seller of immovable property. The tax rate shall be increased by 100 percent i.e. 2% in case person is not on the Active Taxpayers List (ATL).

It will be minimum tax if property is acquired and disposed off within the same tax year; otherwise adjustable. Advance tax, under this section, is not collected if the immovable property is held for a period exceeding four years.

Similarly, a purchaser of property shall pay 1% of the transaction made on the basis of fair market value. The tax rate shall be 2% of the fair market value in case person is not on the ATL. Tax experts said any person responsible for collection of payment in installment shall collect the tax from the purchaser or allottee of the immovable property.

FBR clarifies service optimization of data center
The Federal Board of Revenue (FBR) has issued a clarification regarding in-progress service optimization activities at the FBR House Data Center.

The FBR has explained that the technical team is currently migrating services. The completion of this migration will result in the increased overall productivity of the FBR IT operations. This migration is necessary to facilitate the upgradation of the system in order to enhance the best services to our clients.
The stakeholders, who are being provided services from the data center, have been informed that there were unforeseen anomalies during the migration process, which has resulted in the unavailability of services, since early hours of the Friday night. The FBR team is ensuring restoration of services as soon as possible to keep the downtime to a minimum. This activity is expected to be completed in the next 48 hours.

The FBR regrets and apologizes for any inconvenience this may have caused and appreciates continued cooperation of the stakeholders.-PR

بڑے ریٹیلرز کو خودکار رسید تصدیقی نظام سے منسلک کرنے کے لئے ایف بی آر نے جنرل سیلز ٹیکس آرڈر نمبر 1 جاری کر دیا ہے۔ خودکار نظام کے تحت بڑے ریٹیلرز کو یکم اگست 2021 سے اس نظام کے ساتھ منسلک کرنے کا سلسلہ جاری ہے۔ نشاندہی کے بعد اس نظام سے منسلک نہ ہونے والے ریٹیلرز کی فہرست ایف بی آر کی ویب سائٹ پر اپلوڈ کر دی گئی ہے۔ 15 اگست تک خود کار نظام کے ساتھ منسلک نہ ہونے والے ریٹیلرز کے جولائی کے سیلز ٹیکس گوشواروں میں دائر کرنے والے ان پٹ ٹیکس کا 60 فیصد ادا نہیں کیا جائے گا۔ اگر کوئی ریٹیلر یہ سمجھتا ہے کہ وہ بڑے ریٹیلر کی فہرست میں نہیں آتا تو وہ 10 اگست تک کمشنر کو درخواست دے کر فہرست سے خارج ہو سکتا ہے۔ یہ فہرست ہر ماہ اپڈیٹ کی جائے گی اور جو ریٹیلرز اس فہرست میں موجود رہیں گے ان کے ان پٹ ٹیکس کا 60 فیصد سیلز ٹیکس ایکٹ 1990 کی شق 3 ذیلی شق 9 اے کے تحت مسترد کر دیا جائے گا۔

FINANCE ACT, 2021- EXPLANATION OF IMPORTANT AMENDMENTS MADE IN THE INCOME TAX ORDIANCE, 2001.

Maple Consultants updated their phone number.