The NCCPL will collect the CGT for the period July 01 – July 31, 2021, on Friday, September 24, 2021, through the respective settling banks of the clearing members.
All clearing members have been asked to ensure the requisite amount in their respective settling bank’s account.
Necessary details and reports for the period have already been made available in the CGT System.
Further, the aggregate amount of CGT arising on the trading of future commodity contracts at the Pakistan Mercantile Exchange for the period July 01, 2021, to July 31, 2021, would also be collected from the Pakistan Mercantile Exchange on Friday, September 24, 2021.
Necessary details and reports for the period have already been made available.
Clearing Members and Pakistan Mercantile Exchange have been advised to verify the investor-wise details of capital gain or loss and tax thereon, if any, through reports/downloads.
In case of none or partial collection of CGT, necessary action would be taken in accordance with the Rules and NCCPL Regulations, it said.
ISLAMABAD: The single portal for filing sales tax returns – by registered taxpayers of federal and provincial tax authorities – is likely to start by next month.
181D. Business licence scheme.-(1) Every person engaged in any business, profession or vocation shall be required to obtain and display a business licence as prescribed by the Board.
(2) Where a person fails to obtain business licence under sub-section (1), the Commissioner may, in addition to and not in derogation of any punishment to which the person may be liable under this Ordinance or any other law, impose a fine of –
(a) twenty thousand Rupees, in case of a taxpayer deriving income chargeable to tax under this Ordinance; or
(b) five thousand Rupees, in all other cases.
(3) The Commissioner may, by an order in writing, cancel a business licence issued under sub-section (1) after providing an opportunity of being heard to the person, if –
(a) such person fails to notify any change in particulars within thirty days of such charge; or
(b) such person is convicted of any offence under any federal tax law.
(Disclaimer: The text of the above section is only for information. Team PkRevenue.com makes all efforts to provide the correct version of the text. However, the team PkRevenue.com is not responsible for any error or omission.)
The Federal Board of Revenue (FBR) in Pakistan has reinforced the requirement for businesses to prominently display their National Tax Number (NTN) at all places of operation, in accordance with Section 181C of the Income Tax Ordinance, 2001.
In a progressive move towards acknowledging and rewarding responsible taxpayers, the Federal Board of Revenue (FBR) has introduced the concept of a taxpayer honor card through an amendment to the Income Tax Ordinance, 2001.
The Federal Board of Revenue (FBR) has reported a substantial increase in the collection of Federal Excise Duty (FED) during the fiscal year 2020/2021, with the duty on cigarette sales leading the way.
The Federal Board of Revenue (FBR) has fortified its tax administration toolkit with Section 181A of the Income Tax Ordinance, 2001, which delineates the creation and regulation of the Active Taxpayers’ List (ATL).
The Federal Board of Revenue (FBR) has fortified its ability to gather information on incomes from industrial and commercial undertakings exempt from tax.
The FBR said it is contemplating reduction in number of withholding tax lines without compromising the documentation contribution of these taxes. “Nine withholding taxes have already been abolished and further reduction is under consideration,” the FBR said in a report..
The FBR aims at re-designing the tax system on ideal principles of taxation, which, inter alia, includes moving towards taxation of net profits under income tax and subjecting all taxable supplies to standard sales tax regime. The initiative involves removal of tax distortions, unnecessary exemptions, tax reductions, zero rating etc. Major guiding principles of tax policy include:-
Corporate income tax reforms—- removal of redundant tax credits, accelerated depreciation, exemptions, reduced rates, exemption from specific provisions etc. This aspect has already been completed by promulgation of Tax Laws (Second Amendment) Ordinance, 2021.
Personal Income Tax Reforms—- removal of unnecessary exemptions and rationalization of tax rates and reduction of tax slabs to simplify tax procedures for swift and hassle-free compliance.
Rationalization of minimum taxes— FBR is rationalizing presumptive and minimum tax regimes in an effort to realize revenue according to the actual potential of taxpayers.
Removal of procedural complications in tax compliance— Complexities in tax procedures are being removed in order to facilitate compliance.
Removal of anomalies in General Sales Tax on goods—- This involves removal of unnecessary exemptions, reduced rates, zero rating, special tax regimes. The broad guideline is that exemptions / concessions available to all goods except essential food items, health and education related goods are to be reviewed.
Sales tax harmonization —- FBR is pursuing sales tax harmonization with the provincial revenue authorities which includes common definition of goods and services, common minimum threshold, harmonized tax rates, single portal and single sales tax return. The initiative is-expected to complete in medium term.
Promoting ease of doing business— Cognizant of difficulties faced by taxpayers in making tax compliance, FBR is introducing such facilitating measures as making CNIC as the unique identifier for all taxes administered by FBR, harmonization of valuation table for immovable properties with provinces and establishing one-window operations at various compliance levels.
