AGL

فرعون نے پہلا ٹیکس مُردوں کو دفنانے پر عائد کیا تھا.

Federal Board of Revenue (FBR) has successfully developed and rolled out a new module in WeBOC system for Online Export Facilitation Scheme (EFS) Authorization Application. This facility can be availed by the exporters after getting registered in the WeBOC system. In this regard, a new feature for this purpose has been added in the WeBOC menu “Export Facilitation Scheme (EFS) / Export Oriented Unit (EOU) / Manufacturing Bond (MB)”. The license application, which is available in WeBOC system, is to be filled online by the respective traders/exporters. The online EFS application would be submitted to the relevant Customs formation where after initial scrutiny, it would be marked to Regulatory Authority who will further execute the approval process. In both the cases where license is approved either provisionally or finally it will be forward to IOCO or EDB for the issuance of analysis certificate and message will be sent to the trader/exporter.

An additional feature has also been introduced in the WeBOC system whereby the traders can apply online for the license of Common Export House. The Common Export House will provide facility of purchasing imported intermediary goods/raw material to SMEs as well as direct and indirect exporters.

The stakeholders that include SMEs, Exporters, Customs Agents and Ministry of Commerce immensely lauded the initiative as a tool that will provide the much needed lift to Pakistan’s industry and exports, in turn creating employment opportunities and earning foreign exchange for the country.

By launching EFS module, Pakistan has achieved an important milestone envisaged in the Trade Facilitation Agreement, 2017. This initiative will remove the bottlenecks faced by Small and Medium Enterprises in exporting their goods thus playing an effective role in improving country’s rating on World Bank’s Ease of Doing Business and Trading Across the Borders indices.

AGL AKRAM GONDAL LAW ASSOCIATES is one of
the pioneers of providing professional services in field of corporate and taxation to domestic and international clients since 1985.

Peter last date to file income tax return is 30th of September.

FBR issued Circular No. 04 dated 16.08.2021 regarding Amendment in Section 122 of the Income tax Ordinance 2001 inserted through Finance Act 2021.

FBR DATA being sold on the dark web.

FBR's data base hacked last night.

Tax rates on salary

For All Filer & Non Filer..

The State Bank of Pakistan has Reinstated(allowed banks to) the Fee on Inter Bank Funds Transfer

- the fee was waived to promote digital transactions in the wake of Covid, but is being reversed.
- there is no fee if the aggregate per month transfers are less than 25,000 per month per account
- if you go above that threshold the transaction fee is 0.1% of transaction value or Rs. 200 whichever is lower -

Finance Ministry Notification

Government decided to discontinue Rs. 15,000/- prize bonds. Investors have time till June 2021 to redeem these bonds. Currently investment in Rs15,000/- bonds is at Rs190billion.

Government has also decided to discontinue Rs7,500/- prize bonds. Investors have time till December 2021 to redeem these bonds. Currently investment in Rs 7,500/- bonds is Rs126billion

These bonds could either be encashed through Bank account (ABL, UBL, HBL, MCB, NBP, BAFL) exchanged into Premium PB of Rs. 25,000 or Rs. 40,000 or savings certificate could be bought.

حکومت پاکستان کے فائنانس ونگ کی جانب سے جاری نوٹیفکیشن میں بتایا گیا ہے کہ 15 ہزار روپے مالیت کے پرائز بانڈ ختم کردیئے گئے ہیں، جنہیں کیش کرانے کیلئے حتمی تاریخ 30 جون 2021ء مقرر کی گئی ہے۔

اور نوٹیفکیشن کے مطابق حکومت نے ساڑھے 7 ہزار روپے مالیت کے پرائز بانڈز کی فروخت بھی فوری طور پر روک دی ہے، جسے کیش اور پریمیئم بانڈ میں تبدیل کرانے کیلئے آخری تاریخ 31 دسمبر 2021ء مقرر کی گئی ہے.

It's a valid point

ISLAMABAD: The government has decided to abolish the requirement of submitting or updating taxpayers’ profiles by the registered taxpayers, in the next federal budget (2021-22).

Reliable sources told Business Recorder, Monday that the information of the taxpayers’ profiles was already available with the FBR's in the form of registration data, income tax returns, and wealth statements.

This is an additional burden on the existing taxpayers to seek the same information through filing of taxpayers’ profiles.

Taking into account the viewpoint of stakeholders, the government has seriously realised the situation and extended the deadline for submission of such profiles by June 30, 2021, to abolish the said provision, in the next federal budget.

Sources said that the government had directed the Federal Board of Revenue for extension in the deadline up to June 30th, 2021, for updation of taxpayers profile under Section-114A of the Income Tax Ordinance, 2001.

The extension has been granted to avoid imposition of penalty/surcharge on the taxpayers, who would fail to submit or update the taxpayers’ profiles by June 30, 2021.

Legally the names of the non-compliant taxpayers are required to be removed from the Active Taxpayers List for non-submission of taxpayers’ profiles.

Presently, if a person fails to furnish or update a taxpayer’s profile within the due date or time period as extended by the board under Section 214A, such person shall not be included in the active taxpayers’ list for the latest tax year ending prior to the aforesaid due date or extended date.

Upon filing or updating the profile, such persons shall be allowed to be placed on the active taxpayers’ list upon payment of surcharge Rs20,000 in the case of a company, Rs10,000 in the case of an association of persons, and Rs1,000 in the case of an individual.

To avoid penalty/surcharge on the taxpayers, the government has directed the FBR to take two steps, ie, (i) extend the date for filing of profiles up to June 30, 2021, and (ii); abolish the said requirement through an amendment in the Income Tax Ordinance 2001 through the next Finance Bill.

Taxpayer’s profile contains information relevant to income regarding bank accounts, utility connections, business premises including all manufacturing, storage or retail outlets operated or leased by the taxpayer, types of businesses, and such other information as may be prescribed by the board.

The condition for submission of the taxpayers’ profiles covers certain categories of taxpayers, ie, persons applying for registration, persons deriving income chargeable to tax under the head, “income from business”; income subject to final taxation; non-profit organisations, and any trust or welfare institution.

TAX RECOVERY THROUGH BANK ACCOUNTS SHOULD ONLY FROM UNREGISTERED PERSONS....

March 28, 2021...
KARACHI: Federal Board of Revenue (FBR) has been urged to restrict its powers of tax recovery from bank accounts on unregistered persons.

In its proposals for budget 2021/2022, Karachi Chamber of Commerce and Industry (KCCI) pointed out Section 140 of Income Tax Ordinance, 2001 that is related to recovery of tax from persons holding money on behalf of a taxpayer.

According to the law for the purpose of recovering any tax due by a taxpayer, the Commissioner may, by notice, in writing, require any person –

(a) owing or who may owe money to the taxpayer; or

(b) holding or who may hold money for, or on account of the taxpayer;

The chamber said that this provision and further access to information on bank accounts under other provisions of law, have been counter-productive and led to a flourishing cash economy. Many innovative ways have been evolved by businesses similar to block-chain and a local hundi system. Such provisions only affect the documented businesses while the entire undocumented sector is immune from such laws.

The KCCI said that access to bank accounts may only be limited to accounts of unregistered persons with unusually high amounts of transactions.

Commissioner should only be authorized to obtain information about the funds in accounts and to seek clarification as to the nature of transactions and sources of funds. Such persons may be brought into the tax-net.

The chamber said that it will:

1. Relief to the registered persons and restore confidence in banking system. Encourage official transactions.

2. Bring unregistered persons into the tax-regime.

3. Stimulate economic activities and growth. Increase bank deposits which may be used for lending to industry

Extension in date of furnished of Taxpayer's profile u/s 114A

Apne ghabrana nhi ha. Hum hain na 😊

The Federal Board of Revenue (FBR) has unearthed a mega scam involving Rs60 billion overseas transactions, made by a foreign company to 70,000 individuals, who did not mention those to the tax authority.

Investigations into the scam needed issuance of show-cause notices to 70,000 individuals. The exercise is likely to fetch about Rs10 billion taxes and expand the tax net, added the sources. The amount was sent by a company registered in the US, but it has no trace in Pakistan. Remittances were sent by engaging different 27 banks on the sale of different items and freelancer consultancy.

The FBR officials told this correspondent that out of 70,000 individuals, 45,012 were not registered with the FBR. And 17,985 had filed income tax returns with the FBR but did not pay any tax. They never showed any income from the international remittances. Other 12,618 individuals were registered with the FBR and had an NTN, but did not pay any tax, neither filed the Tax returns.

The investigation showed that a huge amount of Rs60,308,760,650 was disbursed to 75,615 beneficiaries using local banks in less than two-and-a-half years.

لائیو سٹاک (سوائے چکن، فش اور پرندوں ) پر انکم ٹیکس ودہولڈنگ اور باقی شقوں کا اطلاق ہو۔ فیڈرل بورڈ آف ریوینیو نے وضاحت جاری کر دی۔

amended sales tax rules to enable of arrears directly from bank account.

The FBR issued 234(I)/2021 to amend Sales Tax Rules, 2006.

Under the amendment Rules 210A to 210I of the Income Tax Rules, 2002 shall, mutatis mutandis, apply to Chapter XI of the Sales Tax Rules, 2006, for the purpose of recovery of sales tax arrears through

Good step to discourage own culture

Every taxpayer is required to file tax profile by December 31 otherwise name will be removed from Active taxpayers list and penalty of RS. 2500 per day will be levied subject to minimum penalty of PKR 10,000 in case of non-furnishing of such profile

PKR 20,000 in case of company;
PKR 10,000 in case of an association of persons; and
PKR 1,000 in case of an individual.

TAX YEAR 2020

EXTENSIONS APPLIED ONLINE For Further Extension HAVE BEEN GRANTED TILL 10/01/2021.

FBR has opened the Tab for Further Extension for those who has filed the Application for Extension Online Previously.

‏یہ معلومات FBR کی ویب سائیٹ پر آویزاں ہیں اور زیادہ تر ان لوگوں کے متلعق ہیں جو FBR سے دور ہیں جب وہ لوگ FBR کی ویب سائٹ پر آتے ہی نہیں تو یہ پیغام ان تک کیسے پہنچے گا؟

‎

FBR to Slap Massive Fines on Late Filers

The Federal Board of Revenue (FBR) has warned the 300,000 taxpayers (late filers) who had been granted an extension of fifteen days to file their income tax returns to proceed with filing them to avoid a penalty of Rs. 40,000.

Top FBR officials told Pak Revenue that it has been lenient in fulfilling taxpayers’ requests for an extension of the time period for the filing of income tax returns, and at least 300,000 taxpayers have utilized the facility to file the returns after the due date on 8 December 2020.

If they fail to file the returns within the extended period, the FBR will take action against them that will include the imposition of a penalty of Rs. 40,000 on each person.

“The late filers of income tax returns must file the returns within the extended period to avoid penal action”, high-ups in the FBR warned the taxpayers.

چالیس ہزار کے بانڈز کے خاتمے کے بعد اب حکومت نے پچیس ہزار روپے کے بانڈز بھی ختم کرنے کا اعلان کر دیا۔ کیا یہ معیشت کو دستاویزی بنانے میں مدد دے گا؟

Today, FBR has received record number of tax returns. Our online system is functioning smoothly and currently a large number of taxpayers are preparing return online and the numbers of returns are increasing quickly. If the trend continues, it is expected that total number of returns for the day may reach near 200,000.

انکم ٹیکس گوشوارے بنا بنا کر ایسا محسوس ہورہا ہے کہ آج چاند رات ہے اور ایک درزی جسے سارے کپڑے 12 سے پہلے سینے ہیں

ایف بی آر نے وضاحت کی ہے کہ انکم ٹیکس گوشوارے جمع کرانے کی تاریخ میں توسیع سے متعلقہ ایف بی آر سے منسوب خط جعلی ہے۔ تاریخ میں توسیع نہیں کی جائے گی۔

ایف بی آر نے تمام ذیلی اداروں کو ہدایت جاری کی ہے کہ وہ اپنے دفاتر میں انکم ٹیکس گوشوارے داخل کرنے کی تاریخ میں توسیع سے متعلقہ درخواستیں وصول کرنے کے لئے ہیلپ ڈیسک تشکیل دیں۔
چیف کمشنر کو تاریخ میں توسیع سے متعلق ایک درخواست کے ذریعے کئی ٹیکس گزاروں کو توسیع دی جا سکے گی بشرطیکہ ٹیکس گزار کا نام، شناختی نمبر، این ٹی این اور حدود کی نشاندھی کے بارے میں بتایا گیا ہو۔
گوشوارے داخل کرنے کی تاریخ میں توسیع کے لئے آن لائن درخواست بھی قابل قبول ہو گی۔
چیف کمشنرز کو ہدایات جاری کی گئی ہیں کہ وہ ٹیکس گوشوارے داخل کرنے سے متعلقہ تاریخ میں توسیع کی درخواستوں پر فراخ دلی کا مظاہرہ کریں۔

وزیر اعظم پاکستان کے سمگلنگ کی لعنت کو ختم کرنے کے ویژن کوعملی جامہ پہناتے ہوئے پاکستان کسٹمز نے فرنٹئیر کور اور بلوچستان پولیس کے تعاون سے کوئٹہ چمن ہائی وے پر واقع گاڑیوں کے شو روم پر آپریشن کرتے ہوئے چوبیس سمگل شدہ لگثری گاڑیاں ضبط کر لیں۔ ضبط شدہ گاڑیوں کی مالیت 120 ملین روپے ہے۔پاکستان کسٹمز نے سمگلنگ کے خلاف جاری آپریشن کو تیز تر کر دیا ہے تا کہ مقامی تاجر جو کہ قانونی تجارت کر رہے ہیں، کے مفادات کا تحفظ کیا جا سکے اور سمگل شدہ اشیاء کے معیشت پر منفی اثرات کو ختم کیا جا سکے۔

According to FBR last date to file income tax return is 8th December.

FBR says December 8 last date to file income tax returns Taxpayers with hardship cases may apply online for an extension, FBR says