Regulatory Updates Of Pakistan

2021-09-07 09:49:07 FBR S.R.O1113(I)/2021 - Amendment in Notification No 111(I)/83 dated 12.02.1983 (Distt North Waziristan under section 11 of the Customs Act, 1969 Open / Comment

2021-09-07 09:48:38 FBR S.R.O1112(I)/2021 - Amendments in the Customs Rules, 2001 (rule 426 - user to obtain unique user identifier) Open / Comment

2021-09-07 09:45:52 SECP Conducts Webinar on Digital Onboarding for Capital Market Investors Open / Comment

2021-09-07 09:14:44 COVID19 Tracker
Infection rate clocks in at 6.34% as Pakistan records 3,316 new cases in last 24hrs out of 52,314 screenings. 3,270 people recovered fully while 98 people lost lives in a single day. Total active cases count stood at 92,315. Open / Comment

2021-09-06 12:07:10 Commodities Update Open / Comment

2021-09-06 12:06:52 یہ ان لوگوں کہ نام کی لسٹ ھے جنکہ ساتھ کسی بھی قسم کا کوئی پراپرٹی کی لین دین کرنے پر پابندی لگادی گئی ہے 1 اگست 2021 سے۔ جو بھی شخص یا ایجنٹ ان افراد سے لین دین کرے گا اسکو سزا اور جرمانہ کیا جائے گا۔

یاد رہے یہ قانون برائے رئیل اسٹیٹ، جیولرز اور سروس پروائڈرز کے لئے FATF نے بنایا ہے جسے پاکستان میں DNFBP کے نام سے ایک ادارہ ریگولیٹ کریگا۔

تمام رئیل اسٹیٹ ایجنٹ اس متعلق خود کو DNFBP پر رجسٹر کریگے اور اسکی ایپلیکیشن ڈاؤنلوڈ کریگے جس میں ہر کسٹمر کا NIC چیک کرنے کے بعد اسکے ساتھ لین دین کیا جائے گا اور ہر سودا مکمل ہونے کے بعد آفیشل قیمت کا Transaction Proof اور سیل ایگریمنٹ کا ریکارڈ کم از کم 5 سال تک ایجنٹ کو محفوظ رکھنا ہوگا۔ Open / Comment

2021-09-06 08:13:24 Let's celebrate Youm e Difa with pride and remember our heroes who sacrificed their lives for our prosperous future.

Pakistan Zindabad

readvisors Open / Comment

2021-09-06 07:42:07 Requirement of business bank account

Section 114A of Income Tax Ordinance, 2001 has made it mandatory for taxpayers to declare business bank account to the commissioner.

The Federal Board of Revenue (FBR) issued the Income Tax Ordinance, 2001 updated up to June 30, 2021. The Ordinance incorporated amndments brought through Finance Act, 2021.

Following is the text of Section 114A of the Income Tax Ordinance, 2001:

114A. Business bank account.— (1) Every taxpayer shall declare to the Commissioner the bank account utilized by the taxpayer for business transactions.

(2) Business bank account shall be declared through original or modified registration form prescribed under section 181.

Source: PakRevenue
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2021-09-06 07:41:44 Tax rates on immovable properties for 2021-2022

The Federal Board of Revenue (FBR) has issued updated rates of withholding tax on sale and purchase of immovable properties.

The FBR collects withholding income tax under Section 236C and 236K of Income Tax Ordinance, 2001.

WITHHOLDING TAX CARD 2021-2022

Tax rates under Section 236C of Income Tax Ordinance, 2001:

The withholding tax shall be one per cent to be paid by seller of immovable property. The tax rate shall be increased by 100 per cent i.e. 2% in case person is not on the Active Taxpayers List (ATL).

Every person registering, recording or attesting or transfer including local authorities, housing authorities, housing society co-operative society and registrar or properties shall collect the tax on behalf of the FBR from seller of immovable property.

It will be minimum Tax if property is acquired and disposed off within the same tax year; otherwise adjustable. Advance tax, under this section, is not be collected if the immovable property is held for a period exceeding four years.

Tax rates under Section 236K of the Income Tax Ordinance, 2001:

236K(1): A purchaser of property shall pay one per cent of the transaction made on the basis of fair market value. The tax rate shall be 2 per cent of the fair market value in case person is not on the ATL.

Every person registering, recording or attesting or transfer including local authorities, housing authorities, Housing Society, co-operative society and registrar or properties shall collect the tax on behalf of the FBR from the purchaser of the immovable property.

236K(3) Advance Tax on payment of installment in respect of purchase of allotment of immovable property where transfer is to be effected after making payment of all installments: the tax rate shall be one per cent to be paid by purchaser of immovable property. The rate shall be 2 per cent of the fair market value in case person is not on the ATL.

Any person responsible for collection of payment in installment shall collect the tax from the purchaser or allottee of the immovable property.

Source: PakRevenue
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2021-09-06 07:41:18 Recovery through property attachment, arrest taxpayers

Section 138 of the Income Tax Ordinance, 2001 empowers tax authorities to make recovery of outstanding amount through attachment of property or arrest of taxpayers, or both.

The Federal Board of Revenue (FBR) issued the Income Tax Ordinance, 2001 updated up to June 30, 2021. The Ordinance incorporated amendments brought through Finance Act, 2021.

Following is the text of Section 138 of Income Tax Ordinance, 2001:

138. Recovery of tax out of property and through arrest of taxpayer.— (1) For the purpose of recovering any tax due by a taxpayer, the Commissioner may serve upon the taxpayer a notice in the prescribed form requiring him to pay the said amount within such time as may be specified in the notice.

(2) If the amount referred to in the notice issued under sub-section (1) is not paid within the time specified therein or within the further time, if any, allowed by the Commissioner, the Commissioner may proceed to recover from the taxpayer the said amount by one or more of the following modes, namely:—

(a) attachment and sale of any movable or immovable property of the taxpayer;

(b) appointment of a receiver for the management of the movable or immovable property of the taxpayer;

(c) arrest of the taxpayer and his detention in prison for a period not exceeding six months; and

(d) as specified under clauses (a), (ca) and (d) of sub-section (I) of section 48 of the Sales Tax Act, 1990.

(3) For the purposes of recovery of tax under sub-section (2), the Commissioner shall have the same powers as a Civil Court has under the Code of Civil Procedure, 1908 (Act V of 1908), for the purposes of the recovery of any amount due under a decree.

(4) The Board may make rules regulating the procedure for the recovery of tax under this section and any other matter connected with, or incidental to, the operation of this section.

Source: PakRevenue
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