Regulatory Updates Of Pakistan

2021-09-20 07:36:00 Returns filed after due date not to get ATL status

Section 182A of Income Tax Ordinance, 2001 describes that a person failed to file the income tax return by the due date will not get status of Active Taxpayers’ List (ATL) until the payment default surcharge.

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 182A of Income Tax Ordinance, 2001:

182A. Return not filed within due date.—(1) Notwithstanding anything contained in this Ordinance, where a person fails to file a return of income under section 114 by the due date as specified in section 118 or by the date as extended by the Board under section 214A or extended by the Commissioner under section 119, as the case may be, such person shall—

(a) not be included in the active taxpayers’ list for the year for which return was not filed within the due date:

Provided that without prejudice to any other liability under this Ordinance, the person shall be included in the active taxpayer ‘ list on filing return after the due date, if the person pays surcharge at Rupees-

(i) twenty thousand in case of a company;

(ii) ten thousand in case of an association of persons;

(iii) one thousand in case of an individual.

“Explanation.—For the removal of doubt it is clarified that the provisions of this section shall apply from tax year 2018 and onwards for which the first Active Taxpayers List is to be issued on first day of March, 2019 under Income Tax Rules, 2002.; and

(b) not be allowed, for that tax year, to carry forward any loss under Part VIII of Chapter IV;

(c) not be issued refund during the period the person is not included in the active taxpayers’ list; and

(d) not be entitled to additional payment for delayed refund under section 171 and the period the person is not included in the active taxpayers’ list, shall not be counted for computation of additional payment for delayed refund.

Source: PakRevenue
--------------------------------------------------------
for News and Updates of Regulatory & Business Join "Regulatory Updates of Pakistan" by using this link: t.me/RegulatoryUpdatesOfPakistan

& for Real estate Join "Real Estate Updates of Pakistan" by using this link: t.me/RealEstateUpdatesOfPakistan

So hurry up
Don't wait, to get Updates Open / Comment

2021-09-20 07:35:30 Operator of online market place to withhold sales tax

The operator of the online market place has been made liable to withholding sales tax on sales of goods.

An important amendment has been made through Tax Laws (Third Amendment) Ordinance, 2001, which was promulgated on September 15, 2021 through a presidential order.

A new proviso has been inserted to Section 3 of the Sales Tax Act, 1990 to make an operator of market place to withhold sales tax.

The text of the new proviso is:

“Provided that in case of the online market place facilitating the sale of third party goods, the liability to withhold tax on taxable supplies of such party at the rates specified in column (4) against S. No. 8 of the Eleventh Schedule to this Act, shall be on the operator of such market place.”

According to the Eleventh Schedule of the Sales Tax Act, 1990, the online market place shall collect from persons other than active taxpayers the withholding sales tax at the rate of 2 per cent of gross value of supplies:

Provided that the provisions of this entry shall be effective from the date as notified by the Board [Federal Board of Revenue].

A new clause 18A was inserted to Section 2 of the Sales Tax Act, 1990 through Finance Act, 2021 to bring online market place under sales tax ambit.

The text of clause 18A is:

“(18A) online market place: includes an electronic interface such as a market place, e-commerce platform, portal or similar means which facilitate sale of goods, including third party sale, in any of the following manner, namely:–

(a) by controlling the terms and conditions of the sale;

(b) authorizing the charge to the customers in respect of the payment for the supply; or

(c) ordering or delivering the goods.”

Source: PakRevenue
--------------------------------------------------------
for News and Updates of Regulatory & Business Join "Regulatory Updates of Pakistan" by using this link: t.me/RegulatoryUpdatesOfPakistan

& for Real estate Join "Real Estate Updates of Pakistan" by using this link: t.me/RealEstateUpdatesOfPakistan

So hurry up
Don't wait, to get Updates Open / Comment

2021-09-20 07:35:02 FBR to stop gas, electricity of unregistered persons

Federal Board of Revenue (FBR) has been empowered to discontinue gas and electricity connections of any person who is making taxable supplies but not registered for sales tax.

An important amendment has been introduced through Tax Laws (Third Amendment) Ordinance, 2021, which was promulgated through a presidential order on September 15, 2021.

A new section 14A has been inserted to the Sales Tax Act, 1990 to empower the FBR to take such harsh step.

Text of the new Section 14A is:

“14A. Discontinuance of gas and electricity connections._ Notwithstanding anything contained in this Act or any other law for the time being in force, the Board [FBR] shall have power through sales tax general order to direct the gas and electricity distribution companies for discontinuing the gas and electricity connections of any person who falls in the following categories, namely:—

(a) any person, including tier-1 retailers, who fails to register for sales tax purpose, or



(b) notified tier-1 retailers registered but not integrated with the Board [FBR]’s computerized system:

Provided that upon registration or integration, as the case may be, of the above said persons, the Board [FBR] shall notify the restoration of their gas or electricity connection through sales tax general order.”

The Section 14 of the Sales Tax Act, 1990 has explained about the registration in detail.

The text of Section 14 is:

14. Registration.— (1) Every person engaged in making taxable supplies in Pakistan, including zero-rated supplies, in the course or furtherance of any taxable activity carried on by him, falling in any of the following categories, if not already registered, is required to be registered under this Act, namely:-

(a) a manufacturer who is not running a cottage industry;

(b) a retailer who is liable to pay sales tax under the Act or rules made thereunder, excluding such retailer required to pay sales tax through his electricity bill under sub-section (9) of section 3;

(c) an importer;

(d) an exporter who intends to obtain sales tax refund against his zero-rated supplies;

(e) a wholesaler, dealer or distributor; and

(f) a person who is required, under any other Federal law or Provincial law, to be registered for the purpose of any duty or tax collected or paid as if it were a levy of sales tax to be collected under the Act.

(2) Persons not engaged in making of taxable supplies in Pakistan, if required to be registered for making imports or exports, or under any provisions of the Act, or any other Federal law, may apply for registration.

(3) The registration under this Act shall be regulated in such manner as the Board may, by notification in the official Gazette, prescribe.”

Source: PakRevenue
--------------------------------------------------------
for News and Updates of Regulatory & Business Join "Regulatory Updates of Pakistan" by using this link: t.me/RegulatoryUpdatesOfPakistan

& for Real estate Join "Real Estate Updates of Pakistan" by using this link: t.me/RealEstateUpdatesOfPakistan

So hurry up
Don't wait, to get Updates Open / Comment

2021-09-20 07:34:32 Penalty up to Rs3 million for failure to integrate business

The Federal Board of Revenue (FBR) may impose up to Rs3 million as a monetary penalty upon persons for failure to integrate their businesses with the online system under Sales Tax Act, 1990.

An important amendment has been made through Tax Laws (Third Amendment) Ordinance, 2021, which was promulgated on September 15, 2021 through a presidential order.

Serial No. 25A has been added to Section 33 of the Sales Tax Act, 1990 to prescribe penalty for non-integration of businesses under the sales tax regime.

Text of the newly added Serial No. 25A of the Section 33 is:

25A. A person required to integrate his business as stipulated under sub-section (9A) of section 3, who fails to get himself registered under the Sales Tax Act,1990 and if registered, fails to integrate in the manner as required under the law and rules made thereunder.

Such person shall be liable to pay

(i) penalty of five hundred thousand rupees for first default;

(ii) penalty of one million rupees for second default after fifteen days of order for first default;

(iii) penalty of two million rupees for third default after fifteen days of order for second default;

(iv) penalty of three million rupees for fourth default after fifteen days of order for third default:

Provided that if such person fails to integrate his business within fifteen days of imposition of penalty for fourth default, his business premises shall be sealed till such time he integrates his business in the manner as stipulated under sub-section (9A) of section 3:

Provided further that if the retailer integrates his business with the Board [FBR]’s computerized system before imposition of penalty for second default, penalty for first default shall be waived by the Commissioner.”

The condition of making mandatory the integration of businesses has been introduced through sub-section 9A of the Section 3 of Sales Tax Act, 1990.

Text of the sub-section 9A of Section 3 is:

“(9A) Notwithstanding anything contained in this Act, Tier-1 retailers shall pay sales tax at the rate as applicable to the goods sold under relevant provisions of this Act or a notification issued thereunder:

Provided further that from such date, and in such mode and manner, as prescribed by the Board, all Tier-1 retailers shall integrate their retail outlets with Board’s computerized system for real-time reporting of sales.”

Source: PakRevenue
--------------------------------------------------------
for News and Updates of Regulatory & Business Join "Regulatory Updates of Pakistan" by using this link: t.me/RegulatoryUpdatesOfPakistan

& for Real estate Join "Real Estate Updates of Pakistan" by using this link: t.me/RealEstateUpdatesOfPakistan

So hurry up
Don't wait, to get Updates Open / Comment

2021-09-20 07:33:48 Tax Laws (Third Amendment) Ordinance, 2021 has been promulgated on 15th September 2021 through which certain amendments has been made under the direct and indirect tax laws. Our attached memorandum summarizes the significant amendments. We hope that you find it helpful in understanding the amendments. Open / Comment

2021-09-20 07:32:18 FinPocket Prime I Weekly Update
English I September 19, 2021
On Market Front Open / Comment

2021-09-20 07:03:40 Open / Comment

2021-09-19 19:31:44 Photo from Muhammad Danish Hanif Open / Comment

2021-09-19 11:59:14 روشن ڈیجیٹل اکاؤنٹ کیا ہے؟ اور اس اکاؤنٹ سے بیرون ملک مقیم پاکستانیوں کو کیا فوائد مل سکتے ہیں

بینک میں اکاؤنٹ کھلوانا ہو تو پہلی چیز جو ذہن میں آتی ہے وہ مطلوبہ کاغذات کا ایک سیٹ بنانا، فارم پُر کر کے اُس پر دستخط اور انگوٹھا ثبت کرنا ہوتا ہے اور بیرون ملک ہونے کی صورت میں قونصل خانے جانا اور مزید طویل مشقت برداشت کرنا شامل ہے۔

پاکستان نے ایک ایسی ہی سہولت متعارف کرائی ہے جس کے بعد آپ امریکہ، کینیڈا یا دبئی میں بیٹھ کر بھی کراچی، لاہور یا اسلام آباد میں اپنے گھروں کے بجلی کے بل اور بچوں کی فیس جمع کرا سکتے ہیں۔
یعنی اب آپ سمندر پار بیٹھ کر بھی پاکستان میں اپنے گھر کے مالی معاملات خود چلا سکتے ہیں۔
روشن ڈیجیٹل اکاؤنٹس کے ذریعے اب ’نان ریذیڈنٹ پاکستانی‘ یا بیرون ملک مقیم پاکستانی بینک برانچ، سفارتخانے یا قونصلیٹ جائے بغیر ڈیجیٹل اور آن لائن طریقے سے اکاؤنٹ کھول سکیں گے۔ یہ عمل صرف 48 گھنٹوں میں مکمل ہو سکے گا۔
صارفین اپنے اکاﺅنٹ کے لیے فارن کرنسی یا پاکستانی روپے یا دونوں کا انتخاب کر سکتے ہیں۔
ان اکاﺅنٹس میں فنڈز مکمل طور پر واپس منتقل ہو سکیں گے اور اس کے لیے کسی ریگولیٹری منظوری کی ضرورت نہیں ہو گی۔
خیال رہے کہ اس وقت 90 لاکھ کے قریب پاکستانی بیرون ملک رہ رہے ہیں اور وہ سالانہ اپنے خاندانوں کی کفالت کے لیے 23 بلین ڈالر ترسیلات زر پاکستان بھیجتے ہیں۔
اب اس روشن ڈیجیٹل اکاؤنٹ سے حکومت کے خیال میں ترسیلات میں مزید اضافہ ہو گا جس سے قرضوں کا بوجھ بھی کم ہو سکے گا۔

Source: SamaaTv
--------------------------------------------------------
for News and Updates of Regulatory & Business Join "Regulatory Updates of Pakistan" by using this link: t.me/RegulatoryUpdatesOfPakistan

& for Real estate Join "Real Estate Updates of Pakistan" by using this link: t.me/RealEstateUpdatesOfPakistan

So hurry up
Don't wait, to get Updates Open / Comment

2021-09-19 11:58:53 آبادکا اثاثے ظاہرکرنیوالوں کوٹیکس جمع کرانے کی اجازت دینے کامطالبہ

ایسوسی ایشن آف بلڈرز اینڈ ڈیولپرز (آباد) کے چیئرمین فیاض الیاس نے وزیراعظم عمران خان، وفاقی وزیر خزانہ شوکت ترین اور ایف بی آر چیئرمین محمد اشفاق احمد سے مطالبہ کیا ہے کہ ایسٹس ڈیکلریشن آرڈیننس 2019ء کے بعد اثاثہ جات ظاہر کرنیوالوں کو ٹیکس جمع کرانے کی اجازت دی جائے۔

چیئرمین آباد فیاض الیاس نے ایف بی آر کی جانب سے تمام ٹیکس دہندگان / افراد جنہوں نے 3 جولائی 2019ء کو ٹیکس جمع کرائے لیکن اپنے اثاثہ جات ظاہر نہیں کئے، کیلئے اثاثہ جات ظاہر کرنے کی تاریخ میں 25 ستمبر 2021ء تک توسیع کے فیصلے کو خوش آئند قرار دیا۔

انہوں نے اس فیصلے پر ردعمل دیتے ہوئے کہا ہے کہ آرڈیننس کے بعد بہت سارے افراد نے اپنے اثاثہ جات تو ظاہر کردیئے لیکن وہ 3 جولائی 2019ء تک ٹیکس جمع نہیں کراسکے۔

انہوں نے مطالبہ کیا کہ ایسے اثاثہ جات ظاہر کرنیوالے افراد کو ٹیکس جمع کرانے کی اجازت دی جائے۔ فیاض الیاس کا کہنا ہے کہ ایسے افراد کو ٹیکس جمع کرانے کی اجازت دینے سے ملکی خزانے کو اربوں روپے کا فائدہ ہوگا۔

چیئرمین آباد نے مزید کہا کہ حکومت کی جانب سے یہ اقدام ایف بی آر کا سال 2021-22ء کا ٹیکس وصولی کا ہدف 5800 ارب روپے پورا کرنے میں مددگار ثابت ہوگا۔

وزیراعظم عمران خان کی جانب سے ٹیکس ایمنسٹی اسکیم کے ذریعے تعمیرات کی صنعت کیلئے بھی خصوصی پیکیج کا اعلان کیا گیا تھا، اس کے بعد سے ملک میں تعمیراتی سرگرمیاں کافی عروج پر ہیں،
Source: SamaaTv
--------------------------------------------------------
for News and Updates of Regulatory & Business Join "Regulatory Updates of Pakistan" by using this link: t.me/RegulatoryUpdatesOfPakistan

& for Real estate Join "Real Estate Updates of Pakistan" by using this link: t.me/RealEstateUpdatesOfPakistan

So hurry up
Don't wait, to get Updates Open / Comment