TaxTronix

05/02/2025

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✅ Accurate & Timely Sales Tax Returns
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23/01/2025

"Are you a business owner struggling to navigate the complexities of sales tax registration and filing?

We've got you covered! Our expert tax consultants can guide you through the process of registering for sales tax and filing your returns on time.

Avoid penalties and ensure compliance with our hassle-free services. Contact us to learn more and schedule a consultation! "

18/06/2024

Filer banne ke faide (Benefits of becoming a filer) in Pakistan include:

1. Reduced tax rates: Filers are eligible for lower tax rates compared to non-filers.
2. Exemption from withholding taxes: Filers are exempt from withholding taxes on various transactions, like bank interest and property sales.
3. Increased credibility: Filing tax returns enhances your creditworthiness and reputation.
4. Access to international travel: Filers are more likely to get their passports renewed and are less likely to face travel restrictions.
5. Priority in government tenders: Filers are given preference in government tenders and contracts.
6. Reduced scrutiny: Filers are less likely to face tax audits and scrutiny.
7. Carry forward of losses: Filers can carry forward business losses to offset future profits.
8. Refund of excess tax: Filers can claim refunds for excess tax paid.
9. Improved financial planning: Filing tax returns helps in better financial planning and management.
10. Compliance with laws: Filing tax returns ensures compliance with tax laws and regulations.

Remember, becoming a filer demonstrates your commitment to contributing to the country's tax revenue and enjoying the benefits that come with it!

15/06/2024

Sales Tax and FED payment date extend

13/06/2024

New tax of salaried person 2024-2025

13/06/2024

New Tax slab of salary individual

12/06/2024

*SRO 420 of 2024 - Draft Special Procedure for Small Traders and Shopkeepers (Tajir Dost Scheme)*

*Dear Members,*

Draft Special Procedure for Small Traders and Shopkeepers (Tajir Dost Scheme) has been issued by FBR vide SRO 420 of 2023 dated March 21, 2024. A total of seven (07) days have been granted for suggestions before it is finalised.

*Salient Features of the Scheme: *

The scheme will not apply to companies or units of national or international chain stores operating across multiple cities. Certain individuals or classes of persons excluded by the FBR are also not covered under this scheme.

The scheme is scheduled to be implemented from July 01, 2024 and it requires that all traders and shopkeepers apply for registration under Section 181 of the Income Tax Ordinance, 2001, or through designated online platforms such as the Tax Asaan app or the FBR portal, or through FBR’s Tax Facilitation Centers by June 30, 2024.

In cases of failure to apply for registration, the Commissioner is empowered to register them under Section 182 of the Ordinance.

Traders and shopkeepers would be required to pay monthly advance tax as a minimum tax on their income derived from businesses covered under this scheme. The computation of monthly advance tax for a tax year will be prescribed by the FBR.

For those whose computed advance tax is zero, a minimum annual advance tax of Rs 1,200 is mandated, excluding income exempted under any provision of the Ordinance.

The scheme provides for a 25% reduction in payment of advance tax if the remaining advance tax for the relevant Tax Year is paid in a lump sum before the due date or if income tax returns for the tax year 2023 are filed before the due date for the first monthly installment.

Monthly advance tax payments, effective from July 2024 are due on the 15th of every month.
Payments are to be made through a separate computerized payment receipt against the Payment Slip ID (PSID) generated by the ‘Tajir Dost’ module or through FBR’s portal.

The scheme is rolled out for six (06) major cities, consisting of Karachi, Lahore, Islamabad, Rawalpindi, Quetta, and Peshawar.

12/06/2024

Key Budget Proposals

INCOME TAX
1) Salaried Taxpayers
a. Income Tax Exemption to be maintained at Rs. 600,000 per annum
b. Slabs being revised

2) Exporters to be taxed under normal tax @ 29% (as against fixed tax @ 1%)

3) Capital Gain on Real Estate & Securities @ 15% for filer and 45% for non-filer

4) Withholding Income Tax on transfer of Immoveable property (separate tax rates for timely filer of return, delayed filer and non-filer)

5) Advance Income Tax to be collected from Non-filer Distributor, Wholesaler, Dealer and Retailer to be increased from 1% to 2.25%

6) Income Tax on registration of Motor Vehicles to be shifted from Engine Capacity to Value

SALES TAX
7) Sales tax on Textile and leather to be increased from reduced rate 15% to standard 18%

8) Standard 18% Sales Tax rate on Mobile phones

9) Sales Tax withholding regime for Bronze, Coal and Plastic scrap

10) Sales Tax exemption on Iron and Steel scrap

11) End of exemption for FATA / PATA newly merged districts

12) Default Surcharge rate to be changed from 12% to KIBOR+3%

13) Sales Tax to be charged at time of supply or the time when any payment is received by the supplier in respect of that supply, whichever is earlier

14) Best Judgment Assessment concept introduced in Sales Tax

15) Electronic sales invoicing to be made mandatory by all.

03/06/2024