S.A.F Associates

07/05/2023

Entire rental unit in Lahore, Pakistan. Enjoy a stylish experience at this centrally-located place. Place is only 10 minutes drive from Motorway, Lhr, isb, Multan. All famous restaurants ...

07/05/2023

14/06/2020

BUDGET 2020-2021
BULLET POINTS TAXES

1. POS of retailer business to increase
2. 14% to 12% sales tax on retailers
3. Hotel minimum tax decrease to 0.5% July to September
4. Fixed tax scheme introduced for Small and medium businesses
5. Export rebate, to direct transfer in business bank accounts
6. Raw Material fully exempt from custom duty to respective nature of businesses having 20000 items
7. Custom duty of 200 items in tariff line decrease
8. PRD to decrease
9. Poor people benefit --- corona—supplements etc to be exempted from duties and taxes
10. Custom official powers has been decreased
11. Inclusive of advance ruling methods in custom law
12. Unregistered sales tax person—CNIC condition from 50 thousand to one lakh
13. Covid19 sales items exemption period increased
14. 237 sro for relief extended for further 3 months
15. 11th schedule of sales tax to improve
16. Increase in FED in all type of ci******es and its articles increased to 100%
17. Caffeine items FED from 13 to 25%
18. Double pick up FED to be taxed as other vehicles
19. 17% sales tax on potassium chloride decrease
20. 14% sales tax decrease to 12% of big retailers
21. Wastage to fixed in manufacturing business
22. 12 schedule sales tax of VAT—manufacturers no sales tax
23. Cement sector decrease from 2 to 1.75 per kilo
24. If Appeal than reference can be made to following years
25. ADRC law to be change
26. STAY provision to be made in ADRC
27. FED law to be enhanced
28. Sales tax act 9th schedule mobile phone manufacture decrease in sales tax
29. E Audit / video link introduced for audit
30. Online sharing of assess data introduced
31. WHT Regime to delete 9 sectors (Education and marriage hall etc)
32. Commercial importer and manufacturer importing on raw material and machinery from 5.5 top 2% and 1%
33. Machinery examination certificate abolished
34. Aop and individual allowed expenditure to be claimed against property Income
35. Foreign remittances transfer from one bank to another – no tax on that
36. Tax Refund procedure – now changed – one centralized system introduced
37. 152 WHT of non resident for Hajj Companies
38. Advance tax abolished under section 231b and 234 on rickshaw and cars
39. Advance tax payment threshold increased
40. Exemption certificate through automation system
41. Schedule 12 Exemption certificate for advance tax to be produced by person who had already paid advance tax
42. RIET residential properties CGT period extended
43. Free Zone benefits also to be given modern developers
44. To simple law and business only for PE tax deduction to be made
45. Tax deduction under section 235 now fully adjustable
46. Inclusion in Active tax payer list, proper inquiry to be conducted
47. Automatic return process system to be introduce for any error in return if any
48. For and increase in data base and WHT 236V to be introduce
49. Non resident and resident tax should be same
50. Purchase and leased vehicle threshold to be same
51. Depreciation to be as per best international practice
52. NPO status per 2nd schedule section 100C condition to be strictly followed and only those NPO be there who benefits the community in general
53. 10% tax to be paid while filing appeal
54. Auto system advance tax to introduce through IRIS by 5th of every advance tax due date
55. CGT on Immovable property decrease from 5 years to 4 years
56. Non Resident- royalty, fees etc to be decrease.
57. FTR to be filed with section 114
58. Appeal fees increased
59. Section 165 WHT for bio annual now to be filed by 3 months instead of 6 months
60. Immovable taxation CGT from 8 to 4 years and every year decrease by 25%.

06/06/2020

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