BEST TAX

13/05/2021

Eid-ul-fitar Mubarak to everyone ❤️

10/09/2020

Last date for filling Income tax returns 2020 is 30th September 2020.

12/06/2020

BUDGET 20-21
BULLET POINTS

1- No new tax to give relief to people
2- Ahsas program to continue by increased budget
3- To improve tax collection
4- To decrease in govt. expenditure
5- To improve subsidy system
6- Poverty elevation program
7- Higher education budget increased
8- Measures taken to improve remittances
9- Kamyab Naujawan program budget introduced
10- To improve public services through E-governance
11- Artist welfare fund increase
12- Inflation to be decrease
13- FBI increase by 25%
14- To improve health services by ICT
15- To open smart schools
TAXES :
16- POS of retailer business to increase
17- 14% to 12% sales tax on retailers
18- Hotel minimum tax decrease to 0.5% July to September
19- Fixed tax scheme introduced for Small and medium businesses
20- Export rebate, to direct transfer in business bank accounts
21- Raw Material fully exempt from custom duty to respective nature of businesses having 20000 items
22- Custom duty of 200 items in tariff line decrease
23- PRD to decrease
24- Poor people benefits --- corona—supplements etc to be exempted from duties and taxes
25- Custom official powers has been decreased
26- Inclusive of advance ruling methods in custom law
27- Unregistered sales tax person—CNIC condition from 50 thousand to one lakh
28- Covid 19 sales items exemption period increased
29- 237 sro for relief extended for further 3 months
30- 11th schedule of sales tax to improve
31- Increase in FED in all type of ci******es and its articles increased to 100%
32- Caffine items FED from 13 to 25%
33- Double pick up FED to be taxed as other vehicles
34- 17% sales tax on potassium cholaride decrease

35- 14% sales tax decrease to 12% of big retailers
36- Wastage to fixed in manufacturing business
37- 12 schedule sales tax of VAT—manufacturers no sales tax
38- Cement sector decrease from 2 to 1.75 per kilo
39- If Appeal than reference can be made to following years
40- ADRC law to be change
41- STAY provision to be made in ADRC
42- FED law to be enhanced
43- Sales tax act 9th schedule mobile phone manufacture decrease in sales tax
44- E Audit / video link introduced for audit
45- Online sharing of assess data introduced
46- WHT Regime to delete 9 sectors (Education and marriage hall etc)
47- Commercial importer and manufacturer importing on raw material and machinery from 5.5 top 2% and 1%
48- Machinery examination certificate abolished
49- Aop and individual allowed expenditure to be claimed against property Income
50- Foreign remittances transfer from one bank to another – no tax on that
51- Tax Refund procedure – now changed – one centralized system introduced
52- 152 WHT of non resident for Hajj Companies
53- Advance tax abolished under section 231b and 234 on rickshaw and cars
54- Advance tax payment threshold increased
55- Exemption certificate through automation system
56- Schedule 12 Exemption certificate for advance tax to be produced by person who had already paid advance tax
57- RIET residential properties CGT period extended
58- Free Zone benefits also to be given modern developers
59- To simple law and business only for PE tax deduction to be made
60- Tax deduction under section 235 now fully adjustable
61- Inclusion in Active tax payer list, proper enquiry to be conducted
62- Automatic return process system to be introduce for any error in return if any
63- For and increase in data base and WHT 236V to be introduce
64- Non resident and resident tax should be same
65- Purchase and leased vehicle threshold to be same
66- Depreciation to be as per best international practice
67- NPO status per 2nd schedule section 100C condition to be strictly followed and only those NPO be there who benefits the community in general
68- 10% tax to be paid while filing appeal
69- Auto system advance tax to introduce through IRIS by 5th of every advance tax due date
70- CGT on Immoveable property decrease from 5 years to 4 years
71- Non Resident- royalty, fees etc to be decrease

72- FTR to be filed with section 114
73- Appeal fees increased
74- Section 165 WHT for bio annual now to be filed by 3 months instead of 6 months
75- Immoveable taxation CGT from 8 to 4 years and every year decrease by 25%

BEST TAX
EMAIL: [email protected]
CONTACT: 0330-3933393

01/01/2020

Extension in Income tax returns 2019 till 31st of this month. File your on time. For details contact us:
Contact number: 0330-3933393
Email address: [email protected]

31/10/2019

Extension in Income tax returns 2019. For filling your Income tax returns
Contact: 0330-3933393
Email : [email protected]

27/08/2019

Vehicle token tax concession @10% to end on Aug 31 | 100 per cent fine would be imposed after Due Date
National Tax Services

Six days are left to avail the token tax concession as the opportunity will end on Aug 31. citizens to avail the opportunity and pay token tax before expiry of the deadline.

23/08/2019

16/08/2019

FBR Further extended the date for submission of sales tax and federal excise return for the tax period of July 2019 |
- submission of annexure C 19-8-2019
- payment of sales tax 21-8-2019
- submission of sales and excise return 23-8-2019



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06/08/2019

Customers advised to pay sales tax only to registered suppliers — August 1, 2019

ISLAMABAD: Federal Board of Revenue (FBR) on Thursday said that sales tax can only be recovered from customer if the supplier is registered for sales tax purpose.

The FBR issued Sales Tax Circular No. 02 of 2019 and said that it was observed in many cases, suppliers of goods and services were charging sales tax on invoices/ receipts without identifying their sales tax registration number (STRN) on the ‘Invoices/Receipts’ issued to the customers. At times, National Tax Number (NTN) is indicated on invoices, to exhibit that the supplier is registered.

The FBR suggested customers to ask for invoices/receipts having STRN on the invoices/receipts on purchase of goods and services. “Sales tax can only be recovered from the customer if the supplier is registered for sales tax purposes, and reflects the STRN on the invoice/receipt issued to the customer.”

In other cases, the supplier is not entitled to recover sales tax from the customers. “Customers should beware of the same.”

The FBR said many suppliers were charging sales tax from customers without getting them registered under the sales tax regime. This practice is against the law and is liable to penal action. “This practice leads to increase in prices and undue enrichment of sellers without any deposit of tax with the government,” the FBR said.

Customers are suggested to seek invoice/receipts from suppliers with STRN on the invoices/receipts issued, if sales tax is charged on their purchases.

The FBR further explained that buyer is not required to provide his NIC in case of purchases from a person not registered for sales tax.

The FBR also clarified that in case of purchase of third schedule items, which are subject to sales tax on the basis of retail price and on which retail price along with sales tax is legibly and indelibly printed or embossed, the sales tax on the same is deposited by the manufacturer or importer. “In case of such items, STRN may not be required if the same are purchased from a retailer,” the FBR said.

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