Sumair Ahmad & Company Chartered Accountants

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18/05/2022



Through SRO 593(I)/2022 dated May 14th 2022, directed further amendments in SRO 337(I)/2022 relating to land valuation rates.

FAW Associates

04/03/2022


The Federal Board of Revenue (FBR) has identified 1,421 big retailers falling in the Tier-1 category who have not integrated their businesses with the Point of Sales (POS) system despite several reminders. FBR has allowed the identified Tier-1 retailers to get themselves integrated by March 10, 2022.

According to an FBR list issued on Thursday, most of these business outlets are located in Karachi, Faisalabad, and Peshawar regions.

According to details, 364 business outlets in Karachi have been identified as non-integrated with the POS system, while out of the total, 223 outlets are in Faisalabad, 170 in Peshawar, 118 in Bahawalpur, 109 in Sialkot, 85 in Multan, 59 in Lahore, 54 in Abbottabad, 51 in Sahiwal, 48 in Sargodha, 18 each in Quetta and Sukkur, nine in Islamabad, and six big business in Rawalpindi region.

Allowing the identified retailers to get integrated by March 10, the FBR has revealed that the procedure of exclusion from this list of 1,421 identified Tier-1 would apply as laid down in Para 2 of STGO 1 of 2022.

Upon the filing of Sales Tax Return for February 2022, for all notified Tier-1 retailers not having yet integrated, their input tax claims would be disallowed without any further notice or proceedings, creating tax demand by the same amount.

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04/03/2022


Tax amnesty scheme for industrial sector: Public office-holders, spouses, dependents barred
The government has decided to offer a 5% across-the-board tax rate and immunity to investors from the investigation about sources of investment
The Tax Amnesty Scheme for the industrial sector has barred public office-holders, their spouses, and dependent children from availing this scheme.
The President promulgated Income Tax (Amendment) Ordinance 2002 and inserted certain provisions for those who could not avail of this amnesty scheme. It stated that everyone would be eligible to avail this amnesty scheme except (a) holders of public office, their spouses and dependent children; (b) a public company as defined in clause (47) of Section 2 of this ordinance; (c) a person who has filed a declaration under the Voluntary Declaration of Domestic Assets Act, 2018, the Foreign Assets (Declaration and Repatriation) Act, 2018, or the Assets Declaration Act, 2019; (d) a person that has been declared a bank loan defaulter by a bank or a financial institution within the last three years; or (e) a director of a company who has been declared a bank loan defaulter by a bank or a financial institution within the last three years.
Further the provisions shall not apply to — (a) any proceeds of crime, corruption, money laundering and terror financing; (b) any amount which is subject of any departmental or court proceedings; (c) the investments made in following sectors, namely:– (i) arms and ammunitions; (ii) explosives; (iii) sugar; (iv) ci******es; 8 (v) aerated beverages; (vi) flour mills; (vii) vegetable ghee; and (viii) cooking oil manufacturing excluding extraction units
, , , ******es
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04/03/2022



Income Tax Ordinance Amended to Extend Industrial Package

President Dr Arif Alvi on Wednesday promulgated an ordinance to amend the Income Tax Ordinance 2001 to extend the promotion package for industry and encourage to in industrial undertakings out of their undisclosed assets.

The promotion package is laden with incentives for industrial promotion, revival of sick units and foreign investment in industrial sector.

Under the amnesty scheme, a general amnesty is given to all persons who will declare assets by paying a general tax rate of five per cent by investment in new industries. There will be complete immunity from the probe on amount of investment in new industrial units and expansion and of existing units.

The minimum investment threshold for availing the amnesty is Rs50 million and the industrial unit is to be set up as a company. It will be binding for new industrial units to start commercial production on June 30, 2024.

Proceeds of crime, corruption, money laundering and terror financing not eligible for amnesty

It was made clear that previous beneficiaries of amnesty schemes of 2018 and 2019 are not eligible to avail of this facility. Moreover, the bank loan defaulters in the last three years are also not eligible for the scheme.

It was categorically stated in the ordinance that any proceeds of crime, corruption, money laundering and terror financing will not be eligible. Similarly, any amount which is subject to any departmental or court proceedings is also not eligible.

The sectors which will not be eligible to avail of the amnesty scheme are and , , , ******es, aerated beverages, flour mills, vegetable ghee and manufacturing excluding extraction units.

As per details, the person will declare the amount of funds for investment in a new company and file a statement by Sept 30, 2022. The funds will be used for the purchase or import of plants and machinery for the construction of buildings and structures for the industrial undertaking.

The amount declared will be confidential and cannot be disclosed to any authority or court, the Federal Investigation Agency, or National Accountability Bureau by the Federal Board of Revenue. However, there will be no change of ownership of industrial undertaking prior to June 30, 2026. Moreover, there will be no disposal of assets prior to June 30, 2026.

Almost similar conditions were notified through the ordinance for availing the scheme for investments in existing industrial undertaking for modernisation.

Under the , an incentive has been provided to the companies acquiring ‘ ’ to revive them.
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28/02/2022


has reiterated that its National Sales Tax Return is fully functional. All Sales Tax Registered Persons must file their within the extended due date as no further extension will be granted. Likewise, they can file applications.

28/02/2022

ایف بی آر نیشنل سیلز ٹیکس ریٹرن بلا رکاوٹ کا م کر رہا ہے

فیڈرل بورڈ آف ریونیو (ایف بی آر) نے ایک مرتبہ پھر کہا ہے کہ سیلز ٹیکس گوشوارے داخل کرنے کیلئے قومی پلیٹ فارم مکمل طور پر فعال ہے اور ٹیکس گزاروں کا مزید وقت ضائع کیے بغیراس سہولت کو بروئے کار لانا چاہیے۔ یہ بات قابل ذکر ہے کہ نیشنل سیلز ٹیکس ریٹرن ("NSTR") ایف بی آر نے ان ٹیکس گزاروں کی سہولت کے لیے تیار کیا تھا جنہیں ایف بی آر اور مختلف صوبائی سیلز ٹیکس اتھارٹیز کو متعدد سیلز ٹیکس گوشوارے داخل کرانے تھے۔ کاروباری آسانی کو یقینی بنانے کے لیے جاری اس مہم کے تسلسل میں، اس اختراعی اقدام کا مقصد فائلنگ کے عمل کو آسان بنانا اور ڈیٹا انٹری کے عمل کو کم سے کم کرنا ہے۔ اسے کچھ خود خصوصیات کو شامل کرکے حساب کتاب کی غلطیوں کے خاتمے کیلئے ڈیزائن کیا گیا ہے۔



جنوری 2022 میں اس کے آغاز کے بعد کچھ ٹیکس گزاروں نے نئے گوشوارے داخل کرنے میں مشکلات پیش آنے شکایت کی۔ ان میں سے زیادہ تر مسائل ابتدائی طور پر سیکھنے کے عمل کی مشکلات اور نئے نظام کو سمجھنے کی وجہ سے سامنے آئے۔ اس لیے ہموار منتقلی کو آسان بنانے کے لیے، ایف بی آر کی جانب سے متعدد اقدامات کیے گئے ہیں، جن میں ٹیکس وکلاء کی آگاہی کے لیے مختلف ٹیکس بار ایسوسی ایشنز کے ساتھ باقاعدگی سے بات چیت، ویڈیو ٹیوٹوریلز اور ایف بی آر کی ویب سائٹ پر اکثر پوچھے جانے والے سوالات کو اپ لوڈ کرنا شامل ہے۔ مزید برآں آئرس میں ایک نیا "کمپلینٹ" کا ٹیب بھی شامل کیا گیا ہے تاکہ ٹیکس گزارایف بی آر ہیلپ لائن کے بجائے براہ راست اپنی شکایات درج کر سکیں۔ اس طرح رپورٹ کیے گئے تمام مسائل کا ازالہ کر دیا گیا ہے جبکہ ٹیکس گزاروں کی طرف سے تجویز کردہ اضافی نئی خصوصیات شامل کی جا رہی ہیں۔



اس قومی پلیٹ فارم سے مستفید ہوتے ہوئے دسمبر 2020 کیلئے داخل کیے گئے 159,503 ریٹرن کے مقابلے دسمبر 2021 کے ماہ کیلئے کل 161,379 سیلز ٹیکس گوشوارے فائل کیے گئے۔ نیشنل سیلز ٹیکس ریٹرن میں ابھی تک کوئی تکنیکی رکاوٹ سامنے نہیں آئی۔ لہذا، باقی تمام سیلز ٹیکس رجسٹرڈ افراد سے التماس کی جاتی ہے کہ وہ توسیع شدہ مقررہ تاریخ سے پہلے اپنے گوشوارے داخل کریں کیونکہ ایف بی آر کی جانب سے مزید کوئی توسیع نہیں دی جائے گی۔ اسی طرح ٹیکس گزاروں کو بھی ترغیب دی جاتی ہے کہ وہ اس ڈیجیٹل سہولت کو استعمال کرتے ہوئے بغیر کسی تاخیر کے اپنے ریفنڈز کی درخواستیں جمع کرائیں
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17/08/2021

SRB extended the due date of e-deposit of Sindh sales tax and e-filing of sales tax returns/ withholding statements for the tax period July 2021 upto 24th and 27th August 2021 respectively.
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17/08/2021

PRA extended the due date of payment of Punjab Sales Tax and filing of sales tax returns/ withholding statements for the tax period July 2021 upto 24th August 2021.

17/08/2021

FBR extended the last date of payment and submission of Sales Tax & Federal Excise Return for the tax period of July 2021 till 23rd and 24th August 2021 respectively.
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06/07/2021

FBR has imposed a WHT of 15% on filers and 30% on non-filers on the profit from saving certificates.

The withholding tax will apply to different National Savings Schemes (NSS) programs except for Bahbood Savings Certificates and Pensioner Benefits Account.

The FBR’s decision will put an additional financial burden on small NSS investors who are not on the active taxpayers’ list (ATL).

Around 99% of small NSS investors are non-filers because they do not exist on ATL as their annual profit is less than Rs. 500,000. However, they will be required to pay 30% on the profit from saving certificates each month irrespective of their investment limit.

Previously, the withholding tax was 10% for filers and 20% for non-filers on profit up to Rs. 500,000 while the withholding tax was 15% for filers and 30% for non-filers on profit exceeding Rs. 500,000.

Investment in NSS has been decreasing over time as CDNS recorded an outflow of Rs. 86 billion during the first nine months of FY 20-21 against the net inflow of Rs. 258 billion during the same period in FY 19-20.

One of the reasons behind declining NSS investment is that the government had suspended all kinds of institutional funds last July, resulting in the encashment of all maturing funds.

Another reason is the discontinuation of prize bonds of Rs. 40,000, Rs. 25,000, Rs. 15,000, and Rs. 7,500 which also resulted in heavy encashment.

01/07/2021



has uploaded the Income Tax Return Forms for Tax Year-2021.
Separate Return Forms for Salaried, AoP and Business Individuals have been uploaded.
The taxpayers can file their Income Tax Returns till 30th September, 2021.

FAW Associates

29/06/2021

‏فیڈرل بور ڈ آف ریونیو کے انٹیلی جینس اینڈ انویسٹی گیشن ان لینڈ ریونیو ڈیپارٹمنٹ کی طرف سے پلاسٹک کے شاپرتیار کرنے والے غیر رجسٹرڈ یونٹ کے خلاف سیلز ٹیکس ایکٹ 1990 کی شق 38 اور 40 کے تحت کارروائی کی گئی ۔
‏پلاسٹک کے شاپر کی فروخت پر سیلز ٹیکس عائد ہوتا ہے اور شاپر کے بنانے پر بجلی کی بھاری کھپت ہوتی ہے مگر کاغذات کی جانچ پڑتال پر معلوم ہوا کہ نہ ہی ان یونٹس نے ابھی تک سیلز ٹیکس میں رجسٹریشن کی ہے اور نہ ہی عائد ٹیکس ادا کیا ہے۔

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Faisal Town
Lahore
54000

Telephone

+923224206447

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